BusinessMirror May 08, 2019 by BusinessMirror

DOLLAR RESERVES UP BY $350M IN APRIL T

A TELLER at CityState Bank in Makati City counts dollar bills in this 2018 BusinessMirror file photo. NONIE REYES

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

HE country’s dollar reserves rose for the sixth straight month in April, as the Bangko Sentral ng Pilipinas (BSP) took advantage of the relative strength of the Philippines’s external position to rebuild its foreign-exchange reserves. The BSP on Tuesday reported that gross international reserves rose by $350 million to $83.96 billion, from $83.61 billion as of end-March. This is the sixth consecutive month that the GIR increased from its previous month’s level. The country’s GIR hit its lowest level in 2018 at $74.7 billion in October. Half a year later, the level was up by about $9 billion. The country’s GIR level is the foreignexchange holdings of the Central Bank in a given period. The GIR is a crucial component of the economy as it is often used to manage

the country’s foreign-exchange rate against excess volatilities. The GIR took a beating toward the end of the year in 2018 and hit seven-year lows, as the BSP battled to smoothen out volatilities, causing the local currency to weaken against the dollar. The drop in GIR also came at a time when sentiment was down due to the accelerating inflation, which peaked at 6.7 percent in October. The BSP said the GIR in April serves as an “ample external liquidity buffer” as it is equivalent to 7.4 months’ worth of imports of goods and payments of services and primary income. It is also equivalent to five times the country’s short-term external debt based on original maturity and 3.5 times based on residual maturity.

Bianca Cuaresma

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Wednesday, May 8, 2019 Vol. 14 No. 210

3% April inflation marks 16-mo. low despite polls By Rea Cu

@ReaCuBM

VEN though election-related spending started in March, the country’s inflation level remained on a downtrend, posting only 3 percent for April coming from 3.3 percent last March. The 3-percent inflation level for April 2019 is the lowest posted since January 2018 at 3.4 percent, making it a 16-month low. This was slightly below the median market forecast of 3.1 percent, and well within the Bangko Sentral ng Pilipinas’s (BSP) forecast of 2.7 to 3.5 percent for the period.

When asked if midterm election-related spending had an effect on the country’s recent inflation print, as campaign season for the local election kicked off last March, some economists explained that this provided little impact. They said national elections, which are not due until 2022,

may have more of an effect on the country’s inflation level. “Election spending appears to have been moderated by the realization that spending alone won’t assure desirable results. If it were presidential and vice presidential elections, the effect would have been greater [on inflation],”

“Election spending appears to have been moderated by the realization that spending alone won’t assure desirable results. If it were presidential and vice presidential elections, the effect would have been greater [on inflation].”—Terosa

University of Asia and the Pacific Dean of Economics Cid L. Terosa told the BusinessMirror in a text message. National Economic and Development Authority (Neda) Undersecretary Rosemarie G. Edillon explained that if there is ample supply to meet the demand in line with election spending, then chances are inflation will remain steady. See “Inflation,” A2

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

HE Department of Tourism (DOT) has targeted a 31.5-percent increase in visitor arrivals from the Middle East to 108,170 in 2019, with Saudi Arabia, the United Arab Emirates (UAE), and Kuwait accounting for the largest shares. This market, according to DOT Undersecretary for Tourism Development Planning Benito C. Bengzon, is projected to send 77,206 tourists from Saudi Arabia; 23,556 from the UAE; and 7,408 from Kuwait this year. “Shopping and sightseeing are the main activities of the tourists

By Bianca Cuaresma @BcuaresmaBM

HE further deceleration of inflation could steer the Bangko Sentral ng Pilipinas’s (BSP) near-term policy bias toward easing, economists said on Tuesday, after the Philippine Statistics Authority (PSA) announced the April price growth numbers. Following the PSA’s announcement that inflation in April settled at 3 percent, BSP Governor Benjamin E. Diokno said the rate was consistent with the Central Bank’s expectations that it will fall within the target range of 2 percent to 4 percent for 2019 and 2020. As such, Diokno said the latest inflation number will be weighed against the upside and downside risks at its next monetary-policy meeting to “ensure that the monetary-policy stance remains consistent with the BSP’s primary mandate of price stability conducive to a balanced and sustainable growth of the economy.”

PESO EXCHANGE RATES n US 52.0060

Among the upside risks Diokno mentioned are the continued increase in global crude oil prices and the possibility of a prolonged El Niño episode. The weakening global economic environment could also present downside risks to inflation, according to the BSP governor. The latest inflation data, according to JP Morgan Research Economist Nur Raisah Rasid, will likely prompt a rate cut from the BSP “sooner than later.” “Morgan had penciled in a cut on account of slower growth and a lower inflation trajectory this year. While our baseline call remains for a cut in the third quarter, this week’s monetary-policy decision has become a close call and will likely hinge on the Central Bank’s interpretation of risks around the growth outlook amid rising external uncertainties,” Rasid said. Similar views were echoed by local economists during the day. See “BSP,” A8

Manufacturing output dips in March

‘Silent recession’

See “Halal,” A8

BUSINESS NEWS SOURCE OF THE YEAR

‘Lower inflation in April may drive BSP toward monetary-policy easing’

from the Middle East,” he noted. “And among the main purposes of visit are for pleasure or vacation, business, and visiting friends and relatives.” THIS year’s projected arrivals are a turnaround from the 11.34-percent drop to 82,251 in 2018, which a DOT official attributed to a regionwide “silent recession.” In an interview with the BusinessMirror, Dakila F. Gonzales, head of DOT’s Office of Product and Market Development for the Middle East, explained that “Gulf Coast Countries [GCC] are committed to develop their respective local tourism industries

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‘Arabic speakers, halal food key to attracting more Mideast tourists’

The BSP attributed the rise in the country’s GIR to the inflows arising from its foreign-exchange operations, the national government’s (NG) net foreign-currency deposits and BSP’s income from its investments abroad. The GIR level in April could have been higher, but it was tempered partially by payments made by the NG for servicing its foreign-exchange obligations, as well as revaluation losses from the BSP’s gold holdings, due to the decline in the price of gold in the international market. Earlier, economists at the First Metro Investment Corp. and the University of Asia and the Pacific said the local currency is expected to remain at a “slightly weaker bias,” at around the 52 to 53 range in the second quarter, as the BSP rebuilds its GIR.

PHILIPPINE hotels, resorts and tour operators entertain buyers at the Arabian Travel Market held recently in Dubai. Among the main challenges in attracting more tourists from the Middle East are the Philippines’s lack of halal food and Arabic-speaking tour guides. CONTRIBUTED PHOTO

HE Philippines’s manufacturing output for March 2019 decelerated by 5.4 percent, as two industries posted double-digit reductions, data from the Philippine Statistics Authority (PSA) showed. Data released on Tuesday under the PSA’s Monthly Integrated Survey of Selected Industries (Missi), the country’s value of production index (VaPI) for March registered a decline of 5.4 percent coming from the 10.5-percent growth recorded in the same month for 2018. The reduction for the month was caused by sharp declines in three industries: food manufacturing at 20.3 percent, petroleum products at 13.2 percent and basic metals at 9.1 percent. See “Manufacturing,” A8

n JAPAN 0.4696 n UK 68.1227 n HK 6.6285 n CHINA 7.6907 n SINGAPORE 38.1556 n AUSTRALIA 36.3470 n EU 58.2571 n SAUDI ARABIA 13.8675

Source: BSP (7 May 2019 )

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BusinessMirror

A2 Wednesday, May 8, 2019

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DOLE inspecting outlets barring non-Chinese clients

By Samuel P. Medenilla

@sam_medenilla

HE Department of Labor and Employment (DOLE) on Tuesday said it is already investigating firms, particularly restaurants, which allegedly cater only to Chinese nationals.

However, it added that its inspection of such companies is only limited to these firms’ compliance with general labor standards, occupational safety and health standards, and work permits. “Actually, these establishments [are] already part of [the firms] we inspect. But we only look at their employment side. Like in the case of firms in Boracay which hire foreign nationals. So that is part of our mandate,” Labor Assistant Secretary Benjo M. Benavidez said in an interview.

Inflation. . .

He noted that checking whether such companies violate consumer protection laws is no longer part of their mandate. “It is the DTI [Department of Trade and Industry] which implements the Consumer Protection Act, and LGU [local government unit] when it comes to business permits,” Benavidez said. He said the Department of Justice (DOJ) may also participate in the inspection to check if the said foreign-owned companies are complying with the Anti-Dummy Law.

Continued from A1

“The campaign activities will increase demand, but if there is ample supply then inflation will still be tame,” Edillon told the BusinessMirror. For Asian Institute of Management (AIM) Associate Professor Emmanuel A. Leyco, the effects of election related spending can be better seen in terms of the country’s gross domestic product (GDP) growth instead of its inflation rate. “The effect of political spending may be seen in GDP growth rates, where more productive activities may have been stifled in favor of media spending,” Leyco told the BusinessMirror in a text message. According to former Dean of the University of the Philippines (UP) School of Labor and Industrial Relations (Solair) Rene E. Ofreneo, election-related spending may have had little impact on April inflation despite the number of people running for office, since some may have used imported products for their campaign materials. “Election spending, obviously, [has] limited impact on inflation, [despite the number of individuals running for office]. Maybe the election materials they used were all imported, and because of this, it has a limited impact on local production,” Ofreneo told the B usiness M irror. De La Salle University School of Economics Vice Dean Mitzie Irene P. Conchada also pointed out that election-related spending had little impact on the country’s inflation level for April as supply was able to meet demand for the month. “It might be a different story once the impact of El Niño hits in the next months,” Conchada told the BusinessMirror.

PSA reports

THE Philippine Statistics Authority (PSA) reported on Tuesday that the country’s inflation rate slowed down to 3 percent from 3.3 percent in March and 4.5 percent in April 2018. PSA Assistant Secretary and Officer in Charge Josie B. Perez reported that the main drivers for the decrease in inflation for April were the slowdown in the indices including: food and nonalcoholic beverages at 3 percent from 3.4 percent in March and 5.9 percent in April 2018; alcoholic beverages and tobacco at 9.9 percent from 10.8 percent in March and 20 percent in April last year; as well as that of housing, water, electricity, gas and other fuels with 3.2 percent—coming from 3.4 percent the previous month and from 3 percent in April 2018. The price of clothing and footwear also posted a decrease, settling at 2.4 percent from 2.5 percent in March and 2.2 percent in April 2018; furnishing, household equipment and routine maintenance of the house was at 3.2 percent from 3.4 percent in March and 2.8 percent last year; health, which settled at 3.7 percent from 3.9 percent the previous month and 2.8 percent in April 2018; and restaurant and miscellaneous goods and services at 3.5 percent, from 3.7 percent in March and 3.4 percent in April 2018. Indices that posted an increase for the month include: transport at 3.8 percent coming from 3.3 percent in March and 4.9 percent in April 2018; and communication at 0.4 percent from 0.3 percent in March and 0.3 percent last year. Recreation and culture remained at 3.1 percent for the month; education remained at negative 3.8 percent. Core inflation decelerated to 3.4 percent for the month coming from 3.5 percent in both March 2019 and April 2018. Food groups that contributed to the slowdown in inflation include: rice at 0.02 percent from 1.4 percent in March; corn at negative 3 percent from negative 2.4 percent; other cereals, flour, cereal preparation, bread, pasta and other bakery products to 3.6 percent from 3.7 percent; meat at 3.9 percent from 4.1 percent; fish at 3.3 percent from 4.8 percent; oils and fats at 3.4 percent from 3.8 percent; as well as sugar, jam, honey, chocolate and confectionery at 6.2 percent from 7.1 percent in the previous month.

Efforts validated—Pernia

“THE recent inflation reading validates our efforts toward stabilizing inflation so that the country’s buoyant economic growth, along with key reforms, remains unimpeded,”said Socioeconomic Planning Secretary Ernesto M. Pernia. This also brought down the year-to-date inflation to 3.6 percent, which is within BSP’s inflation target for 2019. Reflecting the trend of overall price increases, inflation in the National Capital Region slowed for the eighth consecutive month to 3.1 percent in April 2019. “The continued low inflation of rice can be attributed to the stable rice supply in the country, with more imported rice expected to arrive in the country as the Rice Liberalization Act takes effect,” Pernia added. He said, though, that the government should remain watchful of upside risks to inflation such as the ongoing El Niño phenomenon, possible increase in utility rates and volatility in international oil prices. “Given unstable global oil prices, the government should prioritize rolling out the second tranche of its social mitigating measures under the TRAIN [Tax Reform for Acceleration and Inclusion] law, such as the Unconditional Cash Transfer and Pantawid Pasada, especially now that the 2019 national budget has already been signed into law,” he said. Perez said the effects of election spending may be seen in the coming inflation reports after the April inflation print.

Glass. . .

Continued from A8

“A more appropriate instrument should have been used, like antidumping and countervailing instruments. The EU considers a safeguard is not appropriate in this case; [thus], [the] Philippines should terminate its investigation without delay,” he added.

The labor official made the clarification after Malacañang on Monday said it will instruct DOLE to investigate companies which discriminate against Filipino customers. This was in response to Sen. Panfilo Lacson’s concern over some restaurants in Muntinlupa, Makati and Pasay City which bar non-Chinese nationals. Lacson together with other lawmakers have expressed alarm over the rising number of foreigners in the country, which they blamed on lax immigration policies.

Meralco electricity rates to dip in May By Lenie Lectura @llectura

LECTRICITY rates of Manila Electric Co. (Meralco) customers for the month of May will go down to P10.2866 per kilowatt hour (kWh). From April’s P10.5594 per kWh, overall electricity rates went down to P0.2728 per kWh. This is a decrease of around P55 in the total bill of a typical household consuming 200 kWh. Meralco reported on Tuesday that lower charges from the independent power producers (IPPs) and power-supply agreements (PSAs) brought down generation charge to P5.5508 per kWh, a decrease of P0.0814 per kWh from P5.6322 per kWh last month. Cost of power from IPPs and PSAs decreased by P0.7544 per kWh and P0.5143 per kWh, respectively, in May due to the strengthening of the peso against the US dollar and lower fuel prices. About 98 percent of IPP charges and 72 percent of PSA charges are dollar-denominated. The price of natural gas from Malampaya, which accounts for about 64 percent of Meralco’s supply, decreased this month as a result of quarterly repricing to reflect lower crude oil prices in the world

‘Bikoy’. . .

Continued from A8

Senate probe

IN a post on his Twitter account on Tuesday, Lacson noted that “Bikoy has become a political—if not an election—issue.” He said “one of the goals of the hearing would be to bolster proposed legislation providing heavier penalties against perjury, especially before congressional investigations.” Lacson added, “Like it or not, Bikoy has become a political, if not an election issue. The Senate Committee on Public Order and Dangerous Drugs can schedule a hearing this week on one condition: Bikoy must personally present a sworn statement and his evidence to support his accusations.” He explained that an early hearing would provide the public a chance to see for themselves if the claims made by Bikoy have basis. “In fairness to those Bikoy linked to the drug trade, the hearing will allow the public to observe his demeanor and determine if his claims are true. And if his claims have basis, it will allow voters to reject those involved,” Lacson said, adding that the witness must provide documents to support his claims, for committee evaluation. Bikoy claimed Duterte family members formed the so-called Davao group while Bicol politicians formed the Bicol Quadrangle Group. The latter’s members allegedly include businessman Elizaldy Co of the acclaimed Misibis Bay in Albay, Thomas Enrile and Tess Rañola. Bikoy’s claims that certain parts of the high-end Misibis Bay resort were used for drug-related activities had earlier been refuted

In February Trade Secretary Ramon M. Lopez issued a notice of initiation for a preliminary investigation on whether to apply safeguard measure on clear and tinted float glass. He acted on a petition filed by Pioneer Float Glass Manufacturing Inc., the lone float glass maker in the Philippines, on the claim that its sales got seriously injured by the import surge between 2013 and

2017. Imports of clear float glass jumped from 2013 to 2016, and only fell in 2017 due to the antidumping measure enforced on Chinese clear float glass. Citing Customs data, the DTI said in a report that imports of clear float glass accelerated 646 percent in 2014 to 32,351 metric tons, from 4,337 MT in 2013, and further surged by 52 percent in 2015 to 49,289 MT.

market. IPPs and PSAs provided 43 percent and 45 percent of Meralco’s supply needs, respectively. Me a nw h i le, c h a r ge s f rom the Wholesale Electricity Spot Market increased by P3.5355 per kWh because of tight supply conditions in Luzon, resulting in seven instances of Yellow Alerts and seven instances of Red Alerts declared by the National Grid Corp. of the Philippines (NGCP) during the supply month. WESM provided 12 percent of Meralco’s supply needs. Transmission charge for residential customers decreased by P0.0808 per kWh due to higher system load factor. Taxes and other charges also decreased by P0.1106 per kWh. Meralco’s distribution, supply and metering charges, meanwhile, have remained unchanged for 46 months, after these registered reductions in July 2015. Meralco reiterated that it does not earn from the pass-through charges, such as the generation and transmission charges. Payment for the generation charge goes to the power suppliers, while payment for the transmission charge goes to the NGCP. Taxes and other public policy charges like the FiT-All rate are remitted to the government. because the resort features he mentioned in the video did not exist. On Monday, Advincula, claiming he was Bikoy, surfaced at the Integrated Bar of the Philippines (IBP), which allowed him to go on national media even though it had not yet assessed his claims. Meanwhile, Albayalde continued to question the identity of Bikoy. “Number one, we really can’t say if the one who came out yesterday [Monday] is the true Bikoy. Remember, he showed himself wearing a mask,” the PNP chief said at a news briefing at Camp Crame. Albayalde said they did checks on a Peter Joemel Advincula, and found out that he had been convicted of large-scale illegal recruitment and had served time (six years) at the national penitentiary. Albayalde also said that based on their ongoing verification, Advincula, a former seminarian, also has a pending estafa complaint before the National Bureau of Investigation. “What does this say about his character? Well, it appeared that he is good in committing estafa and in talking. You could just imagine you would be charged for large-scale recruitment. It only means he had fooled a lot of people,” he said.

Perjury

LACSON said the upcoming hearing may also provide “additional inputs on legislation against perjury, especially in congressional investigations,”recalling that he had earlier filed Senate Bill 253 to“protect innocent people from being wrongly jailed or having their reputations suffer because of lying witnesses.” Imports further expanded in 2016, this time by 19 percent, to 58,787 MT, before declining in 2017 by 29 percent to 42,029 MT. The DTI found this import jump “recent, sharp, sudden and significant.” Customs data also showed imports of tinted float glass swelled 274 percent in 2014 to 22,341 MT, from 6,005 MT in 2013, and ballooned 127 percent in 2015 to 50,974 MT.

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DA cites WB for development, gains in PHL agri-fishery sector

AGRICULTURE Assistant Secretary Lerey Panes presents the Development Aid Partner Award for Agriculture and Fisheries to Carolina Figueroa-Geron, lead rural development specialist, Agriculture Global Practice of the World Bank.

GRICULTURE Assistant Secretary Lerey Panes presented to Carolina FigueroaGeron, lead rural development specialist, Agriculture Global Practice of the World Bank, the Development Aid Partner Award for Agriculture and Fisheries at the recent Mission: PHL, the BusinessMirror Envoys&Expats Awards. In behalf of the World Bank,

Figueroa-Geron thanked the Department of Agriculture, saying “no award is sweeter than that bestowed to you by one’s direct and primary client.” She added that for many decades, the World Bank has been a proud partner of the Department of Agriculture and the Philippine government in the development and improvement of the agriculture and

fisheries sector “from the first irrigation projects that we [World Bank] have cofinanced with the Philippine government starting in the 1950s, to the agriculture diversification and rural development projects in the 90s and the 2000s.” “With this award, we will endeavor to continue to be your development partner of choice for the improvement of the lives of the Filipino farmers and fishers. And I would like to take this opportunity to thank our other partners in government for nominating World Bank in your respective endeavors. Thank you very much BusinessMirror, for this award,” Figueroa-Gerona said. Watch for the next round of Mission: PHL, the BusinessMirror Envoys&Expats Awards in 2021. Mission: PHL is the first and only recognition awards for the Philippines’s best partners in development cooperation. It gives due recognition to the development efforts of countries as represented by their embassies, as well as bilateral and multilateral development aid partners. Read updates on Mission: PHL in the BusinessMirror’s Envoys&Expats Section.

Editor: Vittorio V. Vitug • Wednesday, May 8, 2019 A3

Navy gets AW159 anti-sub choppers By Rene Acosta @reneacostaBM

HE Philippine Navy has strengthened its underwater monitoring and warfare capability following the arrival on Tuesday of Anglo-Italian-manufactured anti-submarine helicopters acquired under the ongoing modernization project of the military. However, Navy chief Vice Admiral Robert Empedrad said the AgustaWestland helicopters would still have to undergo inspection and official acceptance by a technical team and would be unveiled in the upcoming anniversary of the Navy. Empedrad said the arrival of the helicopters would greatly boost the capability of the military in antisubmarine warfare. “It’s a great leap on our capability because we will now have the ‘facility’ that can locate subsurface [objects like] submarines that passes our waters. We can now see them,” said Empedrad. The arrival of the helicopters fol-

lowed the signing in March 2016 by Department of National Defense (DND) of the P5.4-billion contract for the acquisition of the AW159 choppers with officials of the AngloItalian defense manufactured. The DND, then under Defense Secretary Voltaire Gazmin, had envisioned the AW159 to be home ported aboard the two brand-new frigates that the Navy will be acquiring from South Korea. One of the frigates is expected to be sailing for the Philippines late this month. AgustaWestland christened AW159 as a “Lynx Wildcat,” whose avionics included forward-looking infrared, 360-degree surveillance radar, electronic counter measures for self-defense, infrared suppression, anti-submarine warfare dipping sonar and a weapon management system complete with a heads up display. It is powered by a pair of LHTEC CTS800-4N series turboshaft engines that offers a maximum speed of 184 miles per hour with an opera-

tional range equal to 598 miles and up to less than five hours of flight time with optional fuel storage. The helicopter, which is already in the service of the British Navy, measures 50 feet in length with a rotor diameter of 42 feet. Its maximum takeoff weight is 13,200 pounds. The helicopter’s armament included machine guns for self-defense, air-to-surface guided missile, depth charges, anti-ship missiles and torpedoes. AgustaWestland said the chopper’s “integrated armament suite is developed to autonomously detect and engaged land- or sea-based targets, including those underwater.” Empedrad said the arrival of the helicopters would no longer blindside the Navy in its monitoring of the country’s subsurface activities, although he admitted that the choppers would not be enough to fully cover the country’s vast maritime waters.” But the handicap would be compensated by the planned equipage of Navy ships with sonar.

Wednesday, May 8, 2019

N. Korea tests new missile–and Trump’s resolve

OKYO—North Korea appears to have tested a new short-range missile—and President Donald J. Trump’s resolve to keep it from doing more of the same in the future. The test early Saturday was quickly played down by Trump and his top advisers, who noted it was not the kind of long-range missile leader Kim Jong Un has refrained from launching since 2017. But the sudden activity on the North’s east coast, complete with fiery photos of a purported bull’s eye out to sea, alarmed Washington’s regional allies and suggests that Kim’s missiles are improving even as the Trump administration wrestles with how to get him back to the negotiating table. Kim personally supervised the test of what experts believe was a short-range ballistic missile first displayed by North Korea at a military parade early last year, along with a drill involving 240 millimeter- and 300 millimeter-caliber multiple rocket launchers. There remains some uncertainty over what was tested. South Korea’s military reported that various “projectiles” flew from 70 to 240 kilometers (44 to 149 miles) before splashing harmlessly into the Pacific. The activity prompted the 35th Fighter Wing at Misawa Air Base in northern Japan to tweet on its official account—in all capital letters—“MISSILE INBOUND.” The tweet was soon followed by an all clear, and an “enjoy your Saturday.” Trump moved quickly to minimize the significance of the test on his efforts to strike a nuclear deal with North Korea, tweeting that Kim “knows that I am with him & does not want to break his promise to me.” Both leaders continue to claim they have a good personal relationship. But tensions have grown since they failed to make any deals during their most recent summit, in Hanoi in February. Kim and senior North Korean officials have since expressed open frustration with what the North claims is an inflexible and unrealistic posture at talks by Secretary of State Mike Pompeo and National Security Adviser John Bolton. UN Secretary-General Antonio Guterres believes North Korea’s recent launches only “increase tensions in the region” and calls for continued dialogue to advance peace and denuclearization of the Korean peninsula, UN Spokesman Stephane Dujarric said. Kim suggested last month that he intends to give Washington until the end of the year to change its negotiating strategy. If it doesn’t, he has warned, he will seek a different path. His position has created a dilemma for South Korean President Moon Jae-in, who has tried to act as a middleman. Seoul called an emergency meeting on Saturday of top officials at its presidential Blue House and urged North Korea to stop committing acts that would raise military tensions. But such calls ring hollow in North Korea since the South has decided to go ahead with joint military exercises with the US that the North sees as provocative. North Korea strongly condemned a drill of a South Korea-based THAAD air-defense system by US troops just two weeks ago. The North’s missile test also came just days after the United States tested its Minuteman III intercontinental ballistic missile from Vandenberg Air Base in California. Though such launches are planned well in advance and not directed at any specific country, they are seen by North Korea as highly provocative. North Korea last conducted a major missile test in November 2017 when it flight-tested an intercontinental ballistic missile that demonstrated the potential capability to reach deep into the US mainland. During the diplomacy that followed those weapons tests, Kim said the North would not test nuclear devices or ICBMs. The latest missile, which the North’s media referred to only as a “tactical guided weapon,” fell well below that threshold. It is believed to be modeled after Russia’s 9K720 Iskander mobile short-range ballistic missile system. The solid-fuel missile, first revealed in a military parade in Pyongyang, North Korea’s capital, in February last year, is designed to be maneuverable during flight to boost its accuracy and thwart interception. Experts noted that despite its physical resemblance, the North Korean missile may be a less capable version of the Russian Iskander, which can carry a nuclear warhead and strike targets as far away as 500 kilometers (310 miles). A less capable version is still a clear danger to US allies and American troops stationed in the region. AP

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US says it will raise tariffs after China reneges on vows P RESIDENT Donald J. Trump’s top trade negotiator said the US planned to raise tariffs on Chinese goods on Friday, accusing Beijing of backpedaling on commitments it made during negotiations. Still, the trade talks will continue and a Chinese delegation will visit Washington on Thursday and Friday, US Trade Rep. Robert Lighthizer told reporters on Monday in Washington. Amid those discussions, the Trump administration planned to increase duties on Chinese imports at 12:01 a.m. on May 10, he said. “We felt we were on track to get somewhere. Over the course of last week we have seen an erosion of commitments by China. That in our view is unacceptable,” Lighthizer said, adding that significant issues remain unresolved, including whether tariffs will remain in place. Standard & Poor’s 500 futures

fell on the news, along with tradesensitive stocks including Caterpillar Inc., Apple Inc. and Deere & Co. Semiconductor shares also declined. Yield on 10-year US Treasury fell six basis points to 2.47 percent on Monday, with most of the decline coming late in the New York day on the back of the tariff news. The dollar fell against the yen and maintained its decline in Asia-Pacific trading on Tuesday and held above lows from early Monday. The Chinese yuan resumed its slide, having recovered from some of its losses from the prior Asia session. China was “well prepared for other potential outcomes” of its trade talks

with the US, “including a temporary breakdown in talks,” the Global Times newspaper said in an editorial on Tuesday. The door wasn’t closed to talks even if the US raises tariffs, the newspaper said. Lighthizer and Treasury Secretary Steven Mnuchin told reporters on Monday that the Chinese backsliding became apparent during their visit to Beijing last week, but that they had been reassured by their Chinese interlocutors that everything would turn out. That changed over the weekend when China sent through a new draft of an agreement that included them pulling back on language in the text on a number of issues, which had the “potential to change the deal very dramatically,” Mnuchin said. At that stage about 90 percent of the pact had been finalized, he said, and the Chinese wanted to reopen areas that had already been negotiated. “We are not willing to go back on documents that have been negotiated in the past,” he said. Bloomberg News

Oil shakes off tariff woes as US sends warships to Middle East

I L held gains above $62 a barrel as heightened tensions in the Middle East overshadowed a US plan to raise tariffs on Chinese goods. Futures edged higher in New York after closing up 0.5 percent on Monday. The US is sending an aircraft carrier strike group and bomber force to the oil-rich region amid rising tensions with Iran, which has threatened to block the Strait of Hormuz. That buoyed crude prices, which were down more than 3 percent at one point on Monday, and outweighed news that the White House will raise

levies on Chinese goods on Friday, threatening the global growth outlook. Oil’s rally has gone into reverse in the last couple of weeks on speculation Saudi Arabia and other producers will pump more to make up for lost Iranian barrels. American drillers have also boosted output to a record and nationwide stockpiles climbed to the highest since September 2017. Meanwhile, the sudden deterioration in US-China trade relations are souring a demand outlook that had been improving over the last couple of months. “Oil prices got off the mat after geopolitical

tail risks took another notch higher,” said Stephen Innes, head of trading at SPI Asset Management. “With US browbeating stepping to the fore, oil prices quickly recovered from yesterday’s tumult.” West Texas Intermediate crude for June delivery rose 17 cents, or 0.3 percent, to $62.42 a barrel on the New York Mercantile Exchange at 12:42 p.m. in Singapore. The contract has lost around 6 percent since reaching the highest level in almost six months on April 23.

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Wednesday, May 8, 2019

UN report: Humans accelerating extinction of other species

EOPLE are putting nature in more trouble now than at any other time in human history, with extinction looming over 1 million species of plants and animals, scientists said on Monday. But it’s not too late to fix the problem, according to the United Nations’s first comprehensive report on biodiversity. “We have reconfigured dramatically life on the planet,” report cochairman Eduardo Brondizio of Indiana University said at a press conference. Species loss is accelerating to a rate tens or hundreds of times faster than in the past, the report said. More than half a million species on land “have insufficient habitat for long-term survival” and are likely to go extinct, many within decades, unless their habitats are restored. The oceans are not any better off. “Humanity unwittingly is attempting to throttle the living planet and humanity’s own future,” said George Mason University biologist Thomas Lovejoy, who has

been called the godfather of biodiversity for his research. He was not part of the report. “The biological diversity of this planet has been really hammered, and this is really our last chance to address all of that,” Lovejoy said. Conservation scientists convened in Paris to issue the report, which exceeded 1,000 pages. The Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) included more than 450 researchers who used 15,000 scientific and government reports. The report’s summary had to be approved by representatives of all 109 nations. Some nations hit harder by the losses, like small island countries, wanted more in the report. Others, such as the United States, were cautious in the language they sought, but they agreed “we’re in

trouble,” said Rebecca Shaw, chief scientist for the World Wildlife Fund, who observed the final negotiations. “This is the strongest call we’ve seen for reversing the trends on the loss of nature,” Shaw said. The findings are not just about saving plants and animals, but about preserving a world that’s becoming harder for humans to live in, said Robert Watson, a former top Nasa and British scientist who headed the report. “We are indeed threatening the potential food security, water security, human health and social fabric” of humanity, Watson told The Associated Press. It’s also an economic and security issue as countries fight over scarcer resources. Watson said the poor in less developed countries bear the greatest burden. The report’s 39-page summary highlighted five ways people are reducing biodiversity: n Turning forests, grasslands and other areas into farms, cities and other developments. The habitat loss leaves plants and animals homeless. About threequarters of Earth’s land, twothirds of its oceans and 85

percent of crucial wetlands have been severely altered or lost, making it harder for species to survive, the report said. n Overfishing the world’s oceans. A third of the world’s fish stocks are overfished. n Permitting climate change from the burning of fossil fuels to make it too hot, wet or dry for some species to survive. Almost half of the world’s land mammals—not including bats—and nearly a quarter of the birds have already had their habitats hit hard by global warming. n Polluting land and water. Every year, 300 to 400 million tons of heavy metals, solvents and toxic sludge are dumped into the world’s waters. n Allowing invasive species to crowd out native plants and animals. The number of invasive alien species per country has risen 70 percent since 1970, with one species of bacteria threatening nearly 400 amphibian species. “The key to remember is, it’s not a terminal diagnosis,” said report coauthor Andrew Purvis of the Natural History Museum in London. Fighting climate change and saving species are equally important, the report said, and working on both

environmental problems should go hand in hand. Both problems exacerbate each other because a warmer world means fewer species, and a less biodiverse world means fewer trees and plants to remove heat-trapping carbon dioxide from the air, Lovejoy said. The world’s coral reefs are a perfect example of where climate change and species loss intersect. If the world warms another 0.9 degrees (0.5 degrees Celsius), which other reports say is likely, coral reefs will probably dwindle by 70 percent to 90 percent, the report said. At 1.8 degrees (1 degree Celsius), the report said, 99 percent of the world’s coral will be in trouble. “Business as usual is a disaster,” Watson said. At least 680 species with backbones have already gone extinct since 1600. The report said 559 domesticated breeds of mammals used for food have disappeared. More than 40 percent of the world’s amphibian species, more than one-third of the marine mammals and nearly one-third of sharks and fish are threatened with extinction. The report relies heavily on research by the International Union for the Conservation of Nature, or IUCN, which is composed of biologists who maintain a list of threatened species. The IUCN calculated in March that 27,159 species are threatened, endangered or extinct in the wild out of nearly 100,000 species biologists examined in depth. That includes 1,223 mammal species, 1,492 bird species and 2,341 fish species. Nearly half the threatened species are plants. Scientists have only examined a small fraction of the estimated 8 million species on Earth. The report comes up with 1 million species in trouble by extrapolating the IUCN’s 25-percent threatened rate to the

rest of the world’s species and using a lower rate for the estimated 5.5 million species of insects, Watson said. Outside scientists, such as Lovejoy and others, said that’s a reasonable assessment. The report gives only a generic “within decades” time frame for species loss because it is dependent on many variables, including taking the problem seriously, which can reduce the severity of the projections, Watson said. “We’re in the middle of the sixthgreat extinction crisis, but it’s happening in slow motion,” said Conservation International and University of California Santa Barbara ecologist Lee Hannah, who was not part of the report. Five times in the past, Earth has undergone mass extinctions where much of life on Earth blinked out, like the one that killed the dinosaurs. Watson said the report was careful not to call what’s going on now as a sixth big die-off because current levels don’t come close to the 75-percent level in past mass extinctions. The report goes beyond species. Of the 18 measured ways nature helps humans, the report said 14 are declining, with food and energy production noticeable exceptions. The report found downward trends in nature’s ability to provide clean air and water, good soil and other essentials. Habitat loss is one of the biggest threats, and it’s happening worldwide, Watson said. The report projects 15.5 million miles (25 million kilometers) of new roads will be paved over nature between now and 2050, most in the developing world. Many of the worst effects can be prevented by changing the way we grow food, produce energy, deal with climate change and dispose of waste, the report said. That involves concerted action by governments, companies and people. AP

A6 Wednesday, May 8, 2019 • Editor: Angel R. Calso

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editorial

Insulating PHL from price shocks

HE Year of the Pig is turning out to be a very bad year for hog raisers in China. The spread of the dreaded African swine fever has brought China’s hog farming sector to its knees. Rabobank, a global leader in food and agriculture financing, projected that Chinese pork output could fall by 30 percent due to the ASF devastation. The current shortfall, Rabobank said, is already equivalent to the annual pork supply of Europe and is nearly 30 percent larger than the annual pork output of the United States. The havoc wreaked by ASF forced China to turn to other suppliers to augment its low pork stockpile. Aside from pork, Chinese traders are also currently buying other meat products from other countries. As China has the third-highest per-capita consumption of pork, the unprecedented spike in its purchases is now causing global food prices to accelerate. Prices of raw materials used in manufacturing animal feeds, such as soybean meal, could also go up as other meat suppliers are pressured to hike output. Unfortunately for the Philippines, signs do not point to the possibility that the problem will soon be solved. Alarm bells are ringing because the ASF has already reached Southeast Asia, with Vietnam and Cambodia reporting outbreaks in recent months. Vietnam, one of the world’s top pork consumers, is now scrambling to ensure that the virus will not find its way into more farms. Massive outbreaks will be disastrous not only to Vietnamese consumers but also to the global supply chain that is now absorbing the shocks caused by China’s hog problems. Manila must continue to intensify its ASF-prevention program. While measures initially undertaken by the Department of Agriculture have somehow allayed the apprehension of the local hog sector, stricter methods are needed. Airports now have footbaths and the DA is now tapping dogs that could sniff out meat products in the luggage of tourists. But the government has yet to set aside funds for other interventions that seek to protect the P200-billion hog industry from ASF (See, “BAI needs P84 million for ASF interventions,” in the BusinessMirror, March 29, 2019). There should also be no let up in government’s efforts to tighten its monitoring of imported goods. Raisers fear the disease because there is still no approved vaccine for ASF, unlike hog cholera. Experts in the United States said it would take 10 to 20 years to develop the ASF vaccine. Also, the World Organization for Animal Health warned that ASF can be transmitted through contaminated feed and fomites or nonliving objects, such as shoes, clothes, knives and equipment, due to the high environmental resistance of the virus. Thankfully, the Philippines remains free from the dreaded ASF. But we won’t be spared from the impact of the disease on the global food chain. Traders and meat processors have already warned that prices of local meat products could go up in the coming months as China is stepping up its purchases of pork, beef and chicken (See, “Prices of meat products seen increasing,” in the BusinessMirror, May 6, 2019). Until pork supply in China stabilizes, the economic giant will continue to cause disruptions in the international meat market. Protecting the domestic hog industry is the only way to ensure that the Philippines will remain insulated from price shocks caused by China’s global meatbuying spree. Since 2005

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Team Philippines vs modern slavery Susan V. Ople

SCRIBBLES

HE Philippines is the only Asean member in the Tier 1 category of nations with significant efforts in the fight against human trafficking, based on the 2018 Trafficking-in-Persons Report of the United States Department of State. We have held this distinction since 2016, and much of the work has been shouldered by the member-agencies of the Inter-Agency Council Against Trafficking (IACAT). What is IACAT? It is the body mandated by law to coordinate and monitor the implementation of Republic Act 9208 or the Anti-Trafficking in Persons Act of 2003, with the Department of Justice as the lead agency and head of the Secretariat. Among the IACAT members are the Departments of Foreign Affairs, Labor and Employment, Interior and Local Government, and of course, the Department of Social Welfare and Development as cochairman of the Council. Under the law, three NGO representatives for the women, child and overseas Filipino workers sectors would have to pass through a rigorous nomination process prior to being appointed to sit in the Council. The Blas F. Ople Policy Center was recently reappointed as the NGO representative of the OFW Sector in IACAT. During the time that then-Vice President Jejomar Binay was the presidential adviser on OFW affairs,

his presence ensured a dynamic IACAT because of the latter’s knowledge of the law and long experience as a local executive. I also remember how proactive the IACAT was during the time of Undersecretary Ric Blancaflor. Today, no less than Justice Secretary Menardo Guevarra has made the fight against human trafficking his own personal cause. During the 42nd Council Meeting, it was the secretary who convened and presided over the exhaustive discussions, bumping to the top of the agenda his concern over media reports on human-trafficking syndicates operating within our international airports. He ordered the National Bureau of Investigation to undertake a parallel investigation into reports about connivance between immigration and possibly airport personnel and human-trafficking syndicates. The Bureau of Immigration also has its own internal investigation in place.

Team Philippines represented by IACAT will undoubtedly make significant inroads in the fight against trafficking with Justice Secretary Guevarra at its helm. This week, representatives from the US State Department’s Office to Monitor and Combat Trafficking in Persons (J/TIP) and the Global Fund to End Modern Slavery are in Manila to visit the Ople Center as well as other NGO partners. On Wednesday, they will meet with Justice Undersecretary Emmeline AglipayVillar to discuss our country’s fight against human trafficking. Justice Undersecretary AglipayVillar, former congresswoman of the DIWA party-list, and wife of the hardworking Public Works Secretary Mark Villar, is doing an incredible job as the undersecretary in charge of IACAT. I have seen up close and personal her hands-on leadership style, shunning long meetings for sharp, clear actionable points arrived at by consensus. I deeply appreciate her instructions to the IACAT Secretariat to make sure that all referrals of cases involving overseas Filipino workers are acted upon and duly acknowledged. I have known her for quite some time and I know that her heart is in the right place. The DOJ is fortunate indeed to have her on board. Assistant Secretary George Ortha is the undersecretary’s wingman, and his knowledge of the law and inner workings of the criminal justice system has served IACAT well. When there is a legal conundrum, Ortha’s sobering voice places everyone on chill mode, knowing that the anti-

trafficking law and the Constitution are always there to be our guide. He is purpose-driven and quite an effective problem-solver, and always a patient listener. Executive Director Rudiger Falcis III, a former judge and deputy ombudsman, keeps the IACAT Secretariat on its toes, while monitoring the work of different task forces including the OFW Task Force and a reactivated Naia Task Force. In a recent workshop, Rocky (his nickname) Falcis underscored the need for IACAT member-agencies to get its act together, to work as a team, because the enemy—namely, human traffickers and their corrupt minions—are as brazen as ever in the pursuit of evil. Despite his formidable credentials, the executive director has an easy air around him, a ready smile and off-the-cuff eloquence that makes him instantly likable. IACAT Deputy Director Atty. Yvette Coronel is as efficient as ever, willing to work with multi-stakeholders to ensure that the IACAT is able to carry out its national strategic plan with broad-based support. Her operational and institutional knowledge of IACAT is deep, thus we often turn to her as the human memory bank of the Council. Soft-spoken and detail-oriented, Atty. Yvette’s dedication to the anti-trafficking cause defies description. As an interagency council, the IACAT may have its limitations but compassion, commitment and courage are not part of it. Today’s IACAT has what it takes to lead a formidable battle against modern-day slavery.

Trade talks founder on mistrust and arrogance

By David Fickling | Bloomberg Opinion

HE trade war is back on. President Donald J. Trump’s Sunday night tweet promising a fresh round of tariffs isn’t looking like the thought bubble some suspected. While the talks will go on and a Chinese delegation will visit the US later this week, levies will indeed go up on Friday, according to US Trade Representative Robert Lighthizer, due to what he characterized as China going back on its promises. “We felt we were on track to get somewhere. Over the course of last week we have seen an erosion of commitments by China. That in our view is unacceptable,” Lighthizer told reporters late Monday. In many ways, this isn’t very surprising. There has long been a tension between the sort of expansive economic changes that trade hawks like Lighthizer have wanted from China and the low-level agricultural purchases that Beijing was prepared to offer. The manifest mistrust between both sides has only inflamed that division. That lack of trust is clearly visible in the way things just blew up. In complex international diplomacy,

it’s hardly unprecedented for issues that had been taken off the table to come back into play—despite Lighthizer’s depiction of events. The maxim that “nothing is agreed until everything is agreed” is a mainstay of trade discussions for a reason. Every time a side wants to get a concession in one area, the other side will want to extract an offsetting benefit, and that can involve reopening topics that had been provisionally settled. At the same time, his frustration speaks to a long-standing complaint about China’s way of handling international negotiations. Too often, diplomats feel that commitments made in theory by Beijing

are never enforced in practice, an issue that’s manifested itself in areas as diverse as patents and opioid manufacturing. If you’re wondering why figures such as Lighthizer and Commerce Secretary Wilbur Ross have been making so much noise about how an agreement is enforced rather than the terms of the deal itself, it’s because they don’t think Beijing is very committed to carrying out its promises. Of course, mistrust is part and parcel of international relations. The thing that usually keeps it in check is that both sides see a benefit in coming to an accord rather than persisting with the status quo—and that may be the other thing that’s lacking in this case. Most negotiations can be characterized as either distributive, or integrative. In a distributive bargain, one player tries to extract as many concessions from the other without ceding anything in return. In an integrative one, both parties offer some give-and-take to come to a mutually acceptable result. Unless there’s a very sharp power disparity between the two sides, integrative

negotiations are generally the only ones that succeed. While Trump’s instincts seem to lean toward the distributive style, the agreements with South Korea, Mexico, and Canada that Lighthizer has produced to date have in fact been fairly small-scale, integrative accords. If the US has won concessions, they’ve been minor. The talks with China are different. While Washington has a long list of asks—on intellectual property, technology transfer, foreign investment, industrial policy, agricultural purchases, all the way up to the basic structure of the Chinese economy— it hasn’t really been offering anything in return, except for the removal of the tariffs it imposed at the start of the process. Indeed, on a separate track to the trade talks it’s been quietly making life more difficult for Beijing in a series of areas where China would like to see concessions—tightening up on investment in IP-intensive sectors, cracking down on national champions such as Huawei Technologies Co. and ZTE Corp., and restricting visas for Chinese students.

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Ensuring that businesses play hard

Asean Marine, Aviation and Goods in Transit insurance Atty. Dennis B. Funa

INSURANCE FORUM

Atty. Macario R. de Claro Jr.

COMPETITION MATTERS

VERYONE loves a good fight. Be it the exciting series between the Warriors and the Rockets in the NBA playoffs or the ultimate battle between the forces of good and evil in Avengers: Endgame, competition demands that both sides bring out their best performance, and most often, regardless of the outcome, the viewing public emerges as the winner. No one wants to spend hard-earned money and valuable time on a rigged match. In the business arena, competition is equally important. It incentivizes companies to offer consumers the best quality products and services at the best prices in all instances, and to prioritize innovation to secure long-term operational sustainability. Competition among companies can be best illustrated in a bidding process where companies enter into the competing business arena set up by the prospective client as they try to outbid each other in terms of product quality and prices. In both government and private business procurement, biddings increase the likelihood that clients receive the best value in exchange for their scarce resources. But what if the contending firms, instead of competing, coordinated their actions and manipulated the outcome of the bidding process for their own benefit? These actions refer to an anticompetitive conduct, which is called bid rigging. This is now a per se violation under Section 14(a)(2) of Republic Act 10667 or the Philippine Competition Act (PCA). Companies and individuals who commit this type of violation may be held administratively and criminally liable, regardless of intent. Common forms of bid rigging include cover bidding, bid suppression, bid rotation and market allocation. How do you know if bid riggers are ripping you off? There are red flags to watch out for. If some bidders, save for one or a few “designated winners,” suddenly increase their prices or submit bids that obviously do not meet your budget or quality specifications, cover bidding may be at work. Did some of your usual suppliers suddenly fail to bid or withdraw a previously submitted bid? This is a sign of bid suppression. Alternatively, there may be a constant set of bidders that seems to just take turns in submitting winning bids. Or there could be suppliers that unreasonably refuse to serve you or your whole geographic area. They might have bid rotation or market allocation agreements with their competitors. Bid riggers can be sophisticated, and there is no exhaustive list of bid rigging schemes. The examples above and all “other analogous practices of bid manipulation” are prohibited under Section 14(a)(2) of the PCA. Since the PCA grants the Philippine Competition Commission primary jurisdiction in the enforcement and regulation of all competition-related issues, including bid rigging, the PCC can initiate

Common forms of bid rigging include cover bidding, bid suppression, bid rotation and market allocation. How do you know if bid riggers are ripping you off? There are red flags to watch out for. investigations based on reasonable grounds. These investigations may be motu propio—on the PCC’s own initiative—or upon the filing of a verified complaint by an interested party, or upon referral by a regulatory agency. The PCC may impose fines and penalties up to P100 million for the first offense, between P100 million and P250 million for the second offense, and between P150 million and P250 million for succeeding offenses. The PCC can stop bid rigging by applying remedies, such as the issuance of injunctions and disgorgement of excess profits. Based on evidences, the PCC may file a criminal complaint against erring entities before the Department of Justice. If there would be probable cause found by the prosecutor, the corresponding information will be filed before the proper court which may impose criminal sanctions for bid rigging, such as imprisonment from two to seven years, and fines between P50 million and P250 million. The fine will be tripled if the bid rigging involves basic necessities and prime commodities as defined by Republic Act 7581 or the Price Act. Notwithstanding, however, the administrative and criminal penalties that may be imposed on erring entities for bid rigging, a participant may still be immune from prosecution or have the administrative fines reduced if said participant will avail himself of the PCC’s Leniency Program. Thus, if anyone suspects that any of the above anticompetitive conducts may have been committed, you may report this to the PCC immediately. Help the PCC keep an even playing field for business to ensure that the consuming public will always get their money’s worth. Commissioner Macario R. de Claro Jr., a CPA lawyer, has worked in companies in the fields of manufacturing, mining, telecommunications, real estate, and banking and finance prior to his appointment to the Philippine Competition Commission. A litigation and corporate lawyer, he once served as legal consultant to the Department of Environment and Natural Resources. He graduated from the De La Salle College with a BS in Commerce, Major in Accounting and earned a Bachelor of Laws degree from the Ateneo de Davao Law School.

SEAN insurers offering cross-border Marine, Aviation and Goods in Transit (MAT) insurance have been identified as servicing one of the three lines of insurance important to the development of Asean economies under the Asean Insurance Integration Framework (AIIF). The other two are: catastrophe reinsurance and reinsurance. In this regard, Asean member-countries have committed to “open” or to “liberalize” cross-border MAT insurance to further Asean insurance integration and to lower the costs to businesses. This was part of the seventh package of financial sector commitments under the Asean Framework Agreement on Services (Afas), which was ratified on June 23, 2016. This is seen as facilitating intra-Asean trade. The policy objective is obvious, as the MAT insurance sector is related to crossborder trade. The Asean Economic Community (AEC) was formally

launched on December 31, 2015, as a major milestone toward regional economic integration. Under the AIIF, MAT insurance has been defined as “insurance of risks comprising (a) international maritime shipping, commercial aviation and freight, with such insurance to cover one or both of the following: i) the goods being transported; ii) the vehicle transporting the goods and any liability arising therefrom; and (b) goods in international transit.” Likewise, under the AIIF, MAT insurance policy is defined as “a policy of insurance—a) upon vessels or aircraft, or upon the machinery, tackle,

Bloomberg Opinion

MERICANS’ trust in their government is abysmally low, according to both survey data and a more subjective reading of opinions about President Donald J. Trump and Congress. I hold a contrarian view: Trust in the actual operations of the government is pretty high, and the real growing mistrust is of each other. Consider first that the Trump administration’s record spending and deficits don’t seem all that unpopular, even among those who detest Trump or might favor different spending

priorities. No major candidate is campaigning on a platform of fiscal responsibility and restraint, and that is a sign of high trust in the government. Now consider the largest government programs. Medicare is one of them, and most Americans end up quite literally trusting their lives to it. It is a highly popular program, and there is even talk of “Medicare for All.” Such a radical reform probably won’t happen, but that is because it might cost a lot or cause people to lose their private insurance—not because Medicare is disliked. Even fiscal conservatives who oppose the current program as financially unsustainable recognize that the problem stems from

furniture or equipment of vessels or aircraft; b) upon goods, merchandise or property of any description whatsoever on board vessels or aircraft; c) upon the freight of, or any other interest in or relating to, vessels or aircraft; d) against damage arising out of or in connection with the use of vessels or aircraft, including third-party risks; e) against risks incidental to the construction, repair or docking of vessels, including third-party risks; or f) against transit risks [whether the transit is by sea, inland water, land or air, or any combination thereof] including risks incidental to the transit insured from the commencement of the transit to the ultimate destination covered by the insurance.” Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination. This covers marine cargo insurance and marine hull insurance. Air cargo insurance is a type of policy that protects a buyer or seller of goods being transported through the air. It reimburses the insured for items that are damaged, destroyed or lost. Nowadays, marine insurance is often grouped

with Aviation and Transit (cargo) risks, and in this form is known by the acronym “MAT.” The Asean objective is to allow an insurer domiciled and licensed to offer MAT insurance in its home jurisdiction to also offer such insurance to persons in the participating jurisdictions on a cross-border basis. However, there is no existing Philippine law that deals separately and specifically with cross-border MAT insurance. Under the existing Amended Insurance Code, a licensed nonlife insurance company can offer MAT insurance subject to compliance with the licensing requirements of the Amended Insurance Code. In other words, commercial presence in the country is required. Hence, a foreign company that seeks to transact MAT insurance business in the Philippines would need to have commercial presence in the Philippines. Once licensed, that insurance company can then request for the approval of a MAT insurance policy for distribution in the country. Dennis B. Funa is the current insurance commissioner. Funa was appointed by President Duterte as the new insurance commissioner in December 2016. E-mail: dennisfuna@yahoo.com.

Shortage of women is a risk for hate crimes Leonid Bershidsky

BLOOMBERG

NE often hears from people with far-right views that immigrants are a threat to “our women.” Now, there’s empirical confirmation that perceived competition for female attention is a key factor behind anti-immigrant hate crime. Rafaela Dancygier, Naoki Egami and Amaney Jamal from Princeton University and Ramona Rischke from Humboldt University in Berlin have published a paper in which they mapped German hate crime statistics onto the country’s mating market. They found the incidence of hate crime was higher in municipalities with a relative shortage of women, especially in those where there’s a surplus of low-earning men, who face the toughest competition for women. (As elsewhere, German women choose mates from at least the same social group as themselves, but preferably a higher one.) Intuitively, a correlation like this feels spurious. Men are more violence-prone than women, so places where men outnumber women should see more violence in general, including more hate crime. Besides, places where men earn little are often depressed industrial areas where immigrants can be unwanted competitors for jobs, cheap housing, social assistance and other scarce resources of which women aren’t necessarily the most important one. Finally, because women are supposed to be interested in more successful mates, it’s difficult to see poor, frequently unemployed, linguistically challenged refugees as strong competitors to local men. Yet, the research paper shouldn’t be dismissed for these reasons.

The intuition about more crime in areas with a surplus of men is incorrect. In 2016, a University of Utah study showed violence and criminality are in fact higher where men are rare. In such places, men are less likely to marry and settle down: They are spoiled for choice and subsequently more prone to misbehavior. Besides, Dancygier and collaborators were extra careful to control for other hate-inducing factors, such as perceived competition for jobs and benefits. Statistically, the relationship between heightened competition for women and hate crime still held. In addition to using hate crime statistics collected by the Amadeu Antonio Foundation and Pro Asyl, a data set that adds information from the news media and nonprofit organizations to official data from the German police, the researchers ran their own field study with 3,000 respondents. It confirmed that in areas with more men, and specifically with more low-earning men, male respondents were indeed the most worried about competition with immigrants for local women. And those who displayed the most such concern were also the biggest supporters of violence as a last resort in keeping away unwanted immigrants. Although the more than 1 million asylum seekers who have settled

Americans don’t trust their fellow Americans By Tyler Cowen

Wednesday, May 8, 2019 A7

Medicare’s popularity, and the willingness to spend more money on it. Medicaid traditionally has been less universally embraced than Medicare. Nevertheless, more and more states are jumping on the Medicaid expansion bandwagon, an indication of growing trust in the program and the ability of the government to finance better health care for people. Defense spending is another large part of the federal budget, and in polls Americans express a high level of trust in the military. Social Security is one program facing real confidence issues. Many Americans express uncertainty about whether they will receive their promised level

of benefits, with some justification, as there could be cuts in benefit trajectories. That does count as a real trust gap. Still, if you look at savings behavior, Americans’ aren’t showing many signs of panic. The US continues to have a lower household savings rate than most other OECD nations. Finally, interest rates on government debt have been remarkably low for years, probably the single best measure of trust in a government; less trusted countries such as Argentina and Turkey have to pay very high interest rates to borrow. The recent rise in US rates is due more to an economic expansion than to rising fears of default.

in Germany since 2015 are overwhelmingly poor and not yet well integrated, it’s quite conceivable that German men can see them as competitors. Conditioned for years to take a more modern view toward women and romance, some of them, especially those on the lower rungs of the social ladder, fear that German women will prove more responsive to the Middle Easterners’ more traditional masculinity. That, in turn, can prompt more violent behavior. Dancygier and collaborators wrote: In situations characterized by a mating market squeeze (e.g., due to a surplus of men) these opportunities are restricted, presumably even more so for men who rank low on the socioeconomic ladder. Engaging in anti-migrant violence may then be one outlet to express masculinity, in particular for males who are being challenged by refugees whose supposed “raw masculinity” is perceived as making them especially attractive to native women. There’s plenty of anecdotal confirmation for these findings in Germany. Dancygier and collaborators mentioned, for example, the unhealthy climate around “flirt coaches” who have attempted to train new immigrants from the Middle East and Africa in the rules of effective, and socially approved, interaction with German women. Some of these coaches have been forced to hire private security or ask for police protection because of threats from right-wingers. Right-wing web sites and socialnetwork accounts are full of worry about “migrants taking our women.” It’s often framed as concern about women’s safety in light of events like the December 31, 2015, mass attacks on women near the Cologne Central Station. Dancygier and collaborators, however, point out that this is likely a disingenuous spin on competitive reasoning: “Attitudes toward women among right-wing

extremists are usually quite misogynistic, and violence against women is not problematized. Tellingly for our account, when far-right forces present immigrant men as sexual predators, they frequently make possessive claims to ‘their’ women.” If the Dancygier theory is correct, that, of course, doesn’t mean other reasons for anti-immigrant violence aren’t valid. In Germany, as in other countries, the areas with significantly more men than women are predominantly rural and poor: It’s more often women than men who move to the cities from such places. Such communities often tend to be closed, even hostile to outsiders— and immigrants from non-Western cultural backgrounds stand out there more than they would in a big city. And there’s no way to exclude economic factors, the prevalence of hate-spreading social networks, the historical strength of far-right movements. But if Dancygier and collaborators are right, it challenges the often-expressed view (I generally hold it, too) that most immigration problems can be solved with strong, intelligent action on integration. Integrating new immigrant populations doesn’t fix the problem of competition for women—in fact, it may exacerbate it. If the mating competition aspect is indeed important, the German authorities made a mistake in sending immigrants to the country’s poorer rural areas, often those where they could be quickly housed in empty buildings. It would have been more expensive, but smarter, to house them where the male-female ratio was balanced. That mistake could eventually fix itself as more of the asylum seekers learn German and seek their fortunes in the bigger cities, but so far, it’s been creating tension in the country’s relatively poor post-Communist east and in small western towns.

So when you survey the actual activities of the US federal government, you find a lot of them seem to be remarkably well trusted. I would make exceptions for Obamacare (but only with some voters) and the so-called Deep State (again, only with some voters). It is striking that while people complain about the TSA and its procedures, they seem to think it is keeping air travel safe, and most Americans do not hesitate to fly. Even the complaints about the Deep State seem to come in partisan areas related to Trump, not the activities of the CIA and NSA in general. So why then do the polls show such low trust in the government? Maybe

it is that many of the visible personal manifestations of the government are trusted less. This trend is easiest to see with the extremely mixed and atypically low approval ratings for Trump. But this is not the same as low trust in the government per se. In reality, as people get older, they rely on the government for more and more. While that is indeed a form of trust, it also increases anxiety about those in charge, and their values and priorities. The higher level of anxiety exists precisely because there is, for better or worse, greater dependence. Don’t confuse the resulting nervousness with a lack of trust.

2nd Front Page BusinessMirror

A8 Wednesday, May 8, 2019

Senate probers set May 10 hearing on claims of ‘Bikoy’

By Butch Fernandez @butchfBM & Rene Acosta @reneacostaBM

EN. Panfilo Lacson confirmed late Tuesday that the Senate Committee on Public Order and Dangerous Drugs will likely open its initial inquiry on Friday (May 10) into allegations by a man claiming to be the whistle-blower “Bikoy,” implicating President Duterte’s family and his trusted aide, now senatorial candidate Bong Go, in the illegal drug trade. “The committee is sending out today a formal invitation letter to [Peter Joemel] Advincula through the Integrated Bar of the Philippines [IBP] since it was the last known link to him and they may have knowledge of how to relay the invitation to him,” Lacson said, adding: “The hearing is set on Friday at 9:30 a.m.” The senator said the initial hearing on the televised disclosures of Advincula, who claimed he was Bikoy in the widely shared video,

“will push through once Bikoy confirms his attendance with a sworn statement ready.” Lacson added that “ in the meantime, we are doing some background investigation and record check on him,” referring to Advincula. National Police chief Director Gen. Oscar D. Albayalde on Tuesday said their background check showed one Peter Joemel Advincula who served six years in prison after being convicted of large-scale illegal recruitment.

Manufacturing. . . The volume of production index for the month also contracted to 9.2 percent from the 11 percent reported in the same month last year, as the decline posted by eight industry groups brought down the overall VoPI for March. The industries which posted contractions are: food manufacturing at 17.3 percent, petroleum products at 17.2 percent, basic metals at 4.6 percent, furniture and fixtures

Continued from A1

with 25.5 percent, electrical machinery at 1 percent, nonmetallic mineral products at 5.7 percent, tobacco products at 3.8 percent and leather products at 1.9 percent. Meanwhile, the Value of Net Sales Index (VaNSI) posted a positive annual growth rate of 3.2 percent in March 2019 from 6.5 percent last year. Of the 20 major industry groups, 15

LOW PRESSURE AREA 125 KM WEST OF SINAIT, ILOCOS SUR as of 4:00 pm - May 7, 2019

PHL TO PROCEED WITH SAFEGUARD PROBE ON FLOAT GLASS IMPORTS By Elijah Felice E. Rosales @alyasjah

Earlier, Senate President Vicente Sotto III indicated that the senators will not readily open an inquiry into the allegations tagging Duterte’s family and Go as alleged beneficiaries of the lucrative illegal drug trade until Advincula comes up with evidence to back up his charges that Malacañang promptly played down as black propaganda. “If he [Advincula] wants the Senate to investigate, give us the proof,” Sotto said on Tuesday, indicating that probers need to first review the evidence before proceeding to open a full-blown inquiry. “Give us the documents. Submit to us the documents [and] we can have it investigated and then we will see if it merits holding a hearing or not,” Sotto added. Sotto said this is not the first attempt to discredit lawmakers or political personalities. He recently read a dud Facebook post that Sen. Emmanuel Pacquiao had been jailed. “Earlier today I read a Facebook post that Pacquiao has been jailed. Did you guys see that? Do we still investigate Manny Pacquiao?” Earlier, Lacson said his Senate

panel may yet call a hearing on Advincula’s allegations, if only to give those he named a chance to confront him, amid observations his supposed “bombshell” may be meant to swing the outcome of the May 13 polls. Albayalde said on Tuesday that Advincula was a convict who had served time at the New Bilibid Prison. Still, the PNP chief said they were cont i nu i ng to v a l id ate w he t he r A d v i nc u l a w a s t he same person who had served a six-year sentence on an illegal recruitment case, and whether he was the real guy in the video. Among others, the hooded Bikoy in the video named presidential son Paolo Duterte, presidential son-in-law Atty. Manases Carpio and former Duterte aide and now senatorial candidate Bong Go as allegedly involved in the illegal drugs trade. Go, who has been ranking high in preelection surveys, took off his shirt in a press conference on Monday to dispute Bikoy’s claim he had a dragon tattoo on his back, indicating his membership in a drug ring.

contributed to the rise in VaNSI, in which two-digit annual growth rates were observed in five major industry groups: wood and wood products at 46.3 percent, printing with 24.8 percent, furniture and fixtures at 21.9 percent, transport equipment with 20.9 percent, as well as beverages with 13.8 percent. The Volume of Net Sales Index (VoNSI), on the other hand, declined by 0.9 percent in March 2019 from a 7-percent growth in the same month last year. The slowdown in VoNSI may be attributed to

the decreases of 10 major industry groups, with machinery except electrical posting the highest decline of 28.8 percent; followed by furniture and fixtures at 21.3 percent and textiles with 11.7 percent, according to the PSA. Although contractions were recorded for the month under the Missi, the National Economic and Development Authority (Neda) said in a statement on Tuesday that it is optimistic that manufacturing production will be buoyed by stronger domestic demand and business optimism in the coming months. “We expect the figures to improve in the coming months as we see increase in demand during summer, given the rise in the number of local and foreign tourists, easing of inflation, and increase in election-related spending. Government spending on infrastructure and other government services is also likely to catch up,” said Socioeconomic Planning Secretary Ernesto M. Pernia. Rea Cu

Halal. . .

BSP . . .

Gains from ATM

See “Bikoy,” A2

Continued from A1

In a separate research note, Security Bank chief economist Robert Dan Roces said the BSP could resort to easing, albeit in a different form. “Monetary policy works with long and variable lags, and the ‘data-dependent’ BSP is surely scrutinizing the current impact of its monetary policy responses from late last year; domestic economic conditions have surely improved and thus gives the BSP room for easing,” Roces said. “However, liquidity is slightly tightening, and with tapering inflation and bank lending contracting, reductions in both the RRR [reserve requirement ratio] and policy rates may occur, but we think the precedence may be RRR first, then interest rates. The BSP might do this slowly, sort of testing the waters first, via RRR cut of 100 basis points,” the economist added. Given the BSP’s “forward-looking framework,” ING Bank Manila economist Nicholas Mapa said the Monetary Board is unlikely to decide solely on past data. Mapa said the officials will weigh expectations and inflation forecasts more heavily in their decision on Thursday (May 9). “With the inflation objective in hand and growth seeming to take a hit in the first half, it would be about time for the BSP to ease off the brakes from ‘crisis mode’ and finally nudge on the accelerator to zoom to faster growth,” Mapa said. In their last monetary-policy meeting in March, the Monetary Board decided to keep the interest rate on the BSP’s overnight reverse repurchase (RRP) facility at 4.75 percent, with interest rates on the overnight lending and deposit facilities also kept steady.

www.businessmirror.com.ph

HE Department of Trade and Industry (DTI) will carry on with its safeguard investigation on float glass imports, dismissing the European Union’s appeal at the World Trade Organization (WTO) to stop the probe. Trade Secretary Ramon M. Lopez said the DTI will continue with its assessment on whether to apply safeguard measure on float glass. He insisted the import surge over the past years can only be resolved through the imposition of a safeguard duty, not antidumping or countervailing measures. “The investigation carries on,” Lopez told the BusinessMirror. “Import surge is import surge. We are open [to EU’s proposal], but we have to weigh in the factors.” Lopez argued it will be difficult to launch an antidumping or countervailing measure. He said the former will require proof of difference between local and export prices, while the latter will need evidence that the import origin is subsidizing its float glass production. “We select the appropriate safeguard measure to apply. That is how it is. There are numbers that are showing this is an import surge, and we can investigate,” he said. “If we impose countervailing measure, we have to produce other

Continued from A1

promoting, pushing and subsidizing inter-regional travel of their nationals.” He added that European nations are also pushing hard to increase their tourist arrivals such that they are providing buyers “with incentives for luxury inbound travel.” He also traced the drop in arrivals last year to renovations by Philippine properties preferred by GCC nationals, thus “cutting [room] capacity” of these establishments. Some of these five-star resorts and hotels include Amanpulo and Pangalusian in Palawan, and Maxim’s Hotel in Manila. NONETHELESS, Gonzales expressed optimism that the market will bounce back this year, as tourism operators and resorts reported significant gains from their participation at last week’s Arabian Travel Market (ATM). In a separate interview, Jose C. Clemente III, president of Rajah Tours Philippines, said he and his colleagues were “extremely busy in the first two days,” with buyers looking for “beaches, mountains and greenery, and destinations with cooler temperatures. They also want luxury properties and services.” As such, his buyers were interested in Boracay, El Nido, northern Luzon, specifically, Baguio. For her part, Grace Felicitas Agatep, director of Sales and Marketing for Movenpick Resort & Spa, also noted an interest in buyers for Boracay, where her property is located. A key incentive for ATM buyers to choose Movenpick is the property’s cuisine, she said. “We are not halal-certified, but we can offer halal food.” While there is a strong interest in the Philippines, Clemente pointed out, the GCC market is now asking if there are “Arabic-speaking guides. The more educated ones speak English, like those from the UAE. But those who are requesting for these Arabic-speaking guides are mostly Saudis and from other GCC nations. It’s a new wrinkle.”

Wanted: tourism attaché

THIS, along with inadequate halal

50,974 MT The volume of tinted float glass imported by the Philippines in 2015 documents to prove there is subsidy. If antidumping measure, can we prove the local prices from the import origins are different from the export prices?” Lopez added. The EU last week asked the Philippines in a WTO meeting to end its safeguard investigation on float glass imports, saying it is not the appropriate measure in resolving the surge in the import of the commodity. In an e-mail to the BusinessMirror, a Geneva trade official said the EU recommended that the Philippines make use of another recourse in addressing the jump in float glass imports in recent years. The economic bloc said the country can utilize antidumping and countervailing instruments, as the import surge is largely coming from one country only. “One certain country is responsible for 85 percent of the import of float glass into the Philippines, and accounts for virtually the entire rise in imports since 2013; all other exporters combined account for less than 5 percent,” the Geneva trade official said. See “Glass,” A2

facilities and establishments, are the main challenges to attracting more tourists from the Middle East. “The main issue is really to be able to deliver the needs of the Muslim and Arabic tourists i.e., Halal food and Arabic speakers,” explained Clemente. “And maybe it’s about time the DOT opens an office [there] to cover the GCC. They cannot have just a market representative,” he said. “If we seriously want to engage the GCC market, the promotions of the DOT have to be organic. A market representative can only do so much.” Still, Gonzales said the entire delegation to the ATM “is confident that we will be able to swing the GCC arrivals toward an upward trajectory.” Aside from the mainstream GCC market, the private stakeholders are also targeting the expatriates and the Filipinos working there. “Philippine arrivals from both segments do not appear in the Philippine tourism arrival statistics, as we count not the residency but the nationality,” he averred. “In other words, although there was a decrease in Philippine arrivals from GCC, the business generated through our efforts in the region absolutely bore fruit, as seen in the arrivals of other nationalities residing in the Middle East.” Among these were Europeans, Indians, Sri Lankans and Filipinos residing in the Middle East as expats. Saudi Arabia remains the top source market for the Middle East, with 46,966 tourists accounting for more than half the total market arrivals last year. In the first two months of 2019, a large chunk of the tourists from the market were accounted for by Saudi Arabia (6,670); UAE (1,953); and Kuwait (1,110). There were 28 private travel companies, which joined this year’s ATM, up from last year’s 20 participants. The ATM is the leading global event for the Middle East inbound and outbound travel industry since 1994. Held from April 29 to May 1 at the Dubai International Convention and Exhibition Centre, the event last year attracted 39,185 travel industry professionals and visitors from around the world, and reportedly generated more than $2.5 billion in deals.

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In the ad material of Notice of filing of Application for Alien Employment Permits published on April 18, 2019, the Position of Mr. Yuan, Guibiao under AVIA MANAGEMENT GROUP INC. should have been read as Customer Service Representative (Mandarin Speaking) and not as published. 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

A4 A14 Wednesday, May 8, 2019

German firms keen on PHL renewable-energy projects

News

BusinessMirror

SEVEN German firms are eyeing to enter the Philippine market to take advantage of the governmentâ€™s shift to renewable energy (RE) and the growing demand for efficient power systems.

In a business forum on Tuesday, the German power firms presented their business portfolio to an audience of local firms in search for investment partners. Most of them are engaged in

renewable and efficient energy systems, of which many are providers of solar power technologies. Martin Henkelmann, executive director of the German-Philippine Chamber of Com-

www.businessmirror.com.ph merce and Industry, told reporters on the sidelines the firms will be new investment sources should they decide to pour in capital here. Elijah Felice E. Rosales

Editor: Efleda P. Campos

Companies BusinessMirror

Wednesday, May 8, 2019

LTG allocates ₧17-B capex on PNB stock rights offer

By VG Cabuag

@ villygc

T Group Inc. (LTG), the holding firm of the main businesses of tycoon Lucio Tan, on Tuesday said it will spend between P16 billion and P17 billion in capital expenditures (capex) this year, the bulk of which will be spent on the stock rights offer of lender Philippine National Bank (PNB).

LT Group President Michael Tan said P6 billion to P7 billion of this year’s capex will be spent on PNB’s P12-billion stock rights offer. The company normally allots about P10 billion a year in capex. “Going forward, we expect the bank to realize higher returns, create value for LTG, as well as contribute to a bigger share to LTG’s earnings,” Tan said after the company’s stockholders’ meeting. Developer Eton Properties Philippines Inc. will get about P2 billion of this year’s capex as it plans to construct more office buildings for business-process outsourcing firms to expand its leasing portfolio. “Eton should be able to continue its growth

momentum as more space is added to its leasing portfolio with the completion of its pipeline projects,” he added. “The rest of our businesses are not capital intensive, but more of regular operating expenses. The normal capex for the other subsidiaries is about P1 billion a year,” Tan said. The units include Tanduay Distillers, Asia Brewery and Fortune Tobacco which operates through PMFTC Inc., the combined company of Tan’s Fortune Tobaco Inc. and Philip Morris Philippines Manufacturing Inc. Tan said its tobacco business, which comprises about half of its revenues, will continue to be its main source of earnings, but faces challenges from smuggled tobacco and gov-

Ayala Land income up 12% to ₧7.3B in Q1 P

ROPERTY developer Ayala Land Inc. on Tuesday said its income rose 12 percent during the first three months of the year to P7.3 billion, from last year’s P6.51 billion. Total revenues were also up by 7 percent to P39.7 billion, from P36.97 billion, mainly as a result of the sustained performance of its property-development business, as well as a surge in commercial leasing revenues. “We continue to experience consistent growth in all our business lines. Notable was the strength of our commercial portfolio as the asset buildup over the last few years moved the business forward. Our development business also continues to grow in line with expectations, posting a healthy increase in reservation sales due the sustained demand from local and overseas Filipinos,” company President and CEO Bernard Vincent O. Dy said. Revenues from property development rose 4 percent to P26.1 billion, from P25.2 billion last year, as sales reservations grew 8 percent to P34.1 billion. The company’s commercial leasing business—which includes the operation of shopping centers, offices, hotels and resorts—generated total revenues of P9.2 billion, 19 percent higher than the P7.7 billion registered last year. Revenues from shopping centers grew 14 percent to P5.1 billion, from P4.5 billion due to the contributions of newly opened shopping centers, such as Ayala Malls Feliz in Cainta,

Circuit Makati, and Capitol Central, Vertis North and Cloverleaf in Quezon City. Office leasing revenues reached P2.2 billion, 27 percent higher than last year’s P1.7 billion on the back of contributions of its newly opened offices, such as Ayala North Exchange Towers 1 and 2, Circuit Corporate Center Towers 1 and 2, and Vertis North Corporate Center Towers 1 and 2. Revenues from hotels and resorts reached P1.9 billion, an increase of 25 percent from P1.5 billion last year with growing contributions from Seda hotels in Vertis North, Ayala Center Cebu and Lio in Palawan. The hotels and resorts business operated a total of 3,018 rooms as of March, made up of rooms from its international brand segment Seda Hotels, and resorts in El Nido and Lio, among others. The company also started developing Habini Bay, a 526-hectare estate in Misamis Oriental which will be anchored by the 104-hectare Laguindingan Technopark, an industrial park that will be managed by Laguna Technopark Inc. The company will also launch two new estates during the year to add to its existing roster of 26 large-scale, mixed-use properties across the country. The company spent P22.3 billion in capital expenditures for the quarter, the majority of which was for residential and commercial projects. VG Cabuag

Globe to catch up on capital spending for rest of 2019

ITH more than half of the year left to fully disburse its 2019 budget, Globe Telecom Inc. is catching up in terms of spending the remaining balance of its P63-billion capital expenditures (capex). Its 2019 capex is 45.5 percent higher than the P43.3 billion capex it spent last year. “First of all, capex is never enough because every forecast of data volume swift is up,” Globe Chief Technology and Information Officer Gil Genio told reporters during their First Quarter 2019 Media Briefing held recently at The Globe Tower in Bonifacio Global City in Taguig. “Every number that we put in terms of estimated total bandwidth is actually understated to something. So we’re always on a catch up mode with respect to capex.” Globe Chief Commercial Officer Albert De Larrazabal said there was a significant ramp-up in

capex in the fourth quarter of last year, and then a carry-on of that although not to the same extent. “If you look at our performance, you can see that has been quite strong. A lot of it has been driven by data. And so it is our intention to be able to spend that entire amount this year to be able to support the momentum,” he said, without citing the exact breakdown of capex for the next three quarters of the year. The Ayala-led firm reported it already used around P8.8 billion in capex from January to March 2019, representing 24 percent of its P36 billion combined service revenues. About 68 percent of the total spending for the first quarter of this year was used in data-related services. “The priority capex that we have, obviously, is supporting mobile data. That accounts for the largest chunk,” Genio said, without citing the exact figure of its share in the budget. Roderick L. Abad

ernment plans to increase taxes. “We are not against tax increases, but we believe the hikes should be moderate and predictable,” he said. “The continual price increases to pass on higher excise taxes may result in a further drop in industry volumes.” Meanwhile, Tan said it is too early to say if 2019 will be a good year for the firm as sales have been affected by the delay in the approval of the national budget which had resulted in lower consumer spending, but there may be knee-jerk reaction on higher water consumption due to El Niño.

Pilipinas Shell allots ₧2B-₧3B to build hydrogen facility in Batangas refinery

ILIPINAS Shell Petroleum Corp. (PSPC) is setting aside P2 billion to P3 billion from this year’s P6billion capital expenditure (capex) to finance the construction of a hydrogen manufacturing facility in its Batangas refinery. Of the P6 billion, P2 billion will be allocated for retail business, P2 billion to P3 billion for manufacturing and the remaining amount will be spent for its supply chain. In 2018, the oil company recorded P4.1 billion in capex. PSPC President Cesar Romero said during Tuesday’s press briefing that the hydrogen optimization project will allow its refinery to improve flexibility of its crude intake and product slate. “We are basically installing a hydrogen manufacturing unit because the availability of more hydrogen will allow us to process more advantage crude, more exotic crude. It’s not primarily intended to be a main capacity, increasing option, but it will yield some improvements in capacity, as well. But the primary intention is to increase crude flexibility because you need hydrogen,”

Romero said. The commissioning of the hydrogen facility is scheduled in the last quarter of 2020, with commercial operations in the first quarter of 2021. The oil firm closed 2018 with 1,084 retail stations nationwide. One Shell station pumps more than twice the volume of its closest capacity. Shell will maintain to put up an additional 50 to 70 new retail stations annually. The company said it will be more aggressive in looking for improvements and opportunities. Its P730-million bitumen production facility is considered its most significant investment last year. “We have roughly 40 percent to 50 percent of the domestic market for bitumen. Now, we can supply the demand of both domestic and international fronts,” Romero said. Shell posted a net income of P5.1 billion in 2018. It also posted a 29-percent increase in its cash flow from operations last year. The company attributes the increase to its effective working capital management, allowing it to cover capex and dividend payments. Lenie Lectura

Companies BusinessMirror

Wednesday, May 8, 2019

AC Energy eyes 2,000-MW RE projects in Asean region MUTUAL FUNDS

May 7, 2019

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 262.04 1.47% 2.03% 0.93% 3.89% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.6062 3.82% 11.18% 2.64% 11.48% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.0822 -1.04% 2.39% -0.18% 4.59% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9333 2.78% N.A. N.A. 4.81% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8681 4.53% N.A. N.A. 5.78% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.4739 2.99% 1.72% 0.73% 3.85% MBG EQUITY INVESTMENT FUND, INC. -A 126.05 10.36% N.A. N.A. 8.23% ONE WEALTHY NATION FUND, INC. -A 0.8738 1.63% -3.13% N.A. 4.97% PAMI EQUITY INDEX FUND, INC. -A 51.9397 4.27% 3.19% N.A. 5.56% PHILAM STRATEGIC GROWTH FUND, INC. -A 540.85 3.13% 1.97% 0.71% 5.07% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3118 4.48% 3.7% 3.47% 4.61% PHILEQUITY FUND, INC. -A 38.6202 4.6% 4.58% 2.87% 5.43% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0367 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.2617 4.83% 4.21% 3.08% 6.11% PHILIPPINE STOCK INDEX FUND CORP. -A 878.3 4.92% 3.88% 3.03% 6.01% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9293 6.32% 3.02% N.A. 7.91% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.3088 5.38% 4.15% 2.21% 6.16% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 1.0098 4.42% 3.87% N.A. 5.82% UNITED FUND, INC. -A 3.7113 5.7% 6.01% 2.85% 6.01% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 117.5301 5.28% 5% 4.1% 6.12% ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.0429 -4.05% 8.08% 1.79% 12.25% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2996 2.61% 9.3% N.A. 17.6% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.7167 1.32% -0.05% -1.55% 3.97% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.3024 0.27% 1.52% 0.53% 4.22% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6386 2.83% -0.17% -1.52% 3.73% GREPALIFE BALANCED FUND CORPORATION -A 1.3522 0.84% N.A. N.A. 3.67% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9188 3.8% 1.83% 1.23% 4.11% PAMI HORIZON FUND, INC. -A 3.6685 1.83% 0.41% 0.27% 3.94% PHILAM FUND, INC. -A 16.5772 2.95% 0.69% 0.36% 4.21% SOLIDARITAS FUND, INC. -A 2.1306 2.45% 1.92% 1.89% 2.81% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.8437 4.66% 1.96% 1.41% 5.27% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 0.9995 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 0.9986 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 0.9964 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9824 4.9% 1.98% N.A. 6.59% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03623 3.6% 0.58% 1.48% 2.78% PAMI ASIA BALANCED FUND, INC. -A $0.9931 -5.29% 4.16% -0.23% 6.08% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.7346 2.87% 6.74% 3.04% 12.88% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.0951 1.84% 3.92% N.A. 8.43% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 348.05 2.92% 2.05% 2.16% 1.36% ATRAM CORPORATE BOND FUND, INC. -A,1 1.8869 1.31% -0.2% -0.21% 1.49% COCOLIFE FIXED INCOME FUND, INC. -A 3.0264 5.46% 5.28% 5.26% 1.87% EKKLESIA MUTUAL FUND INC. -A 2.1631 2.48% 1.19% 1.85% 1.53% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.2682 2.35% 0.6% 0.99% 2.67% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6032 1.47% -0.74% 0.32% 2.48% PHILAM BOND FUND, INC. -A 4.0536 2.21% -0.43% 0.87% 3.41% PHILEQUITY PESO BOND FUND, INC. -A 3.6113 3.52% 1.01% 1.14% 2.68% SOLDIVO BOND FUND, INC. -A 0.921 1.42% -0.62% N.A. 3.18% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 2.8954 5.59% 1.43% 1.88% 4.68% SUN LIFE PROSPERITY GS FUND, INC. -A 1.6061 5.19% 0.93% 1.41% 4.3% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $454.95 3.03% 1.91% 2.81% 1.49% ALFM EURO BOND FUND, INC. -A Є216.17 1.46% 1.47% 1.56% 1.66% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1685 4.72% 1.63% 2.2% 3.79% 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 $1.7135 0.42% -1.16% 0.82% 1.38% 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 $1.0643 2.83% -0.59% -2.39% 2.57% PHILAM DOLLAR BOND FUND, INC. -A $2.2697 5.34% 0.69% 2.73% 4.54% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0583079 3.07% 1.23% 1.75% 2.33% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.9811 2.66% 0.05% 2.06% 3.8% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 122.74 3.55% 2.25% 1.82% 1.57% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0101 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.1992 2.93% 1.29% 0.82% 1.46% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2367 3.39% 2.53% 1.9% 1.45% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0247 2.1% N.A. N.A. 0.87% * - 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

By Lenie Lectura

@llectura

C Energy Inc. and The Blue Circle Pte. Ltd. (TBC) are committed to jointly build renewable-energy projects with around 2,000 megawatts of capacity across Southeast Asia, including 700 MW of RE projects in Vietnam. Both recently signed a shareholders’ agreement to jointly construct, own and operate the Mui Ne Wind Farm located at the Binh Thuan province, Southeastern coast of Vietnam. Construction for Phase 1 of the 40-MW wind farm will commence immediately with an estimated cost of $92 million, to be financed by debt and equity. The wind farm has an expansion potential of up to 170 MW. AC Energy accounts for over 62 percent of the economic ownership including its 50-percent direct voting stake. Project completion of the first phase is expected in the first half of 2020, in time for the new wind feedin-tariff deadline of November 2021. Vestas was awarded the contract to supply and install 10 V150-4.2 MW wind turbines, as well as a 10-

year AOM5000 energy-based service agreement. The Vestas V150-4.2 MW wind turbine is considered one of the highest-producing turbines in the industry and is thus expected to deliver a competitive cost of energy for the project. In November 2018, AC Energy through its subsidiary AC Energy International Holdings Pte. Ltd. acquired a 25-percent ownership of TBC, as well as coinvestment rights in TBC’s projects. TBC developed and constructed one of the first wind farms in Vietnam, Dam Nai JSC, while AC Energy owns and operates the first wind farm in Southeast Asia, North Wind Power. AC Energy is scaling up its RE investments and is an active participant in Vietnam’s RE sector.

Petron net income plunges 77% to ₧1.3B in Jan-March

ETRON Corp.’s net income in the first quarter of the year plunged 77 percent to P1.3 billion from P5.8 billion in the same period last year, mainly due to higher taxes and rising crude oil prices. Of the amount, P1.2 billion came from its Malaysian operations. Revenues declined by 4 percent to P124.6 billion in the first quarter of 2019, as the oil company recorded a 5-percent decline in volume for the Philippine operations following the implementation of the TRAIN law. A total of around P4.50 per liter in excise tax plus VAT are carried by fuel prices. On a quarterly basis, this increase translated to around P8 billion in excise taxes and P1 billion in VAT. Petron said this created a price advantage for importers since refiners maintain higher inventory in crude form, which is immediately taxed upon production. Importers, however, maintain inventories as

finished products which give them the advantage for at least 30 days. Compounding this challenge is the declining refining margins in the region, which penalized Philippine operations by P3.3 billion in the first quarter. The impact of the second phase of TRAIN and the rising crude prices also cut down consolidated income from operations by 45 percent to P4.9 billion. “Despite lower margins, efforts to manage risks and strengthen our presence in key areas were implemented to mitigate its impact. We remain focused on completing major expansion projects that will further cement our leadership in the industry. We fully understand that long-term growth will always be threatened by inherent risks, and these investments will ensure our continued growth and profitability in the future,” Petron President Ramon S. Ang said. Lenie Lectura

Garments exporter taps EDC to power Cavite facility

OP garments exporter Hamlin Industrial Corp., a subsidiary of the NST Group, has tapped the Energy Development Corp. (EDC) to supply power to its facility in Carmona, Cavite. “The NST Group is a proud Filipino company linking brands and manufacturers into creating clothes for world-class brands. We are happy to partner with EDC to step up our sustainability initiatives for our tenants that manufacture our garments for our buyers,” NST Apparel Director and Hamlin President Lawrence de los Santos said. The EDC will source power from its BaconManito geothermal project in the Bicol region to supply Hamlin’s requirements. “We believe geothermal power is a great fit for our business. It is a great complement to the biomass boiler we have on-site, which powers our air-conditioning systems, among

others, using waste materials generated from production,” de los Santos added. The NST Group also has production facilities in Portugal and China. The EDC is one of the world’s largest geothermal producers and the country’s leading renewable-energy company with an installed capacity of 1,471.8 megawatts. The EDC is a subsidiary of the First Gen Corp., the country’s largest clean-energy company, with a portfolio that included natural gas, geothermal, solar, wind and hydro. “We are happy to support businesses like Hamlin. Geothermal, for us, is the holy grail of renewable energy. It is clean, and it is baseload; hence, it is reliable and can run 24/7 without depending on the seasons,” EDC Head of Business Development, Marketing, and Trading Marvin Kenneth Bailon said. Lenie Lectura

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

May 7, 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 PBCOM PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK BRIGHT KINDLE BDO LEASING COL FINANCIAL FIRST ABACUS FERRONOUX HLDG IREMIT MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH

57.8 135.8 84 27.7 11.48 73.85 21.35 53.95 58.05 110.4 25.85 175 59.6 1.22 2.18 18.94 0.55 4.55 1.36 0.48 0.91 181

58.8 135.9 84.85 27.75 11.5 74 21.9 54 58.8 121.8 26 176 60 1.23 2.2 18.96 0.61 4.75 1.39 0.49 0.92 182.5

57.75 136.9 83.5 27.5 11.5 72.5 21.4 54 58.95 110.4 26.55 180 60.2 1.25 2.18 18.96 0.55 4.55 1.37 0.48 0.92 182.5

57.75 137 85.2 27.7 11.78 74.45 21.4 54.2 59 110.4 26.55 180 60.8 1.25 2.18 19 0.55 4.75 1.37 0.5 0.92 182.5

57.05 134.9 83.5 27.25 11.46 72.5 21.4 53.35 58.4 110.4 25.85 175 60 1.2 2.18 18.94 0.55 4.55 1.35 0.475 0.92 181

57.05 135.9 84.85 27.7 11.5 73.85 21.4 54 58.4 110.4 26 175 60 1.23 2.18 18.96 0.55 4.75 1.35 0.495 0.92 181

750 1822660 1761430 156700 807200 2283000 300 371040 940 100 5900 414580 8500 610000 8000 75100 52000 8000 56000 550000 1000 320

43137.5 247698073 148811689.5 4310295 9297472 168612291 6420 19992665 55300 11040 153790 73254988 511066 748660 17440 1424178 28600 36800 76280 268000 920 57995

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

1.38 35 0.245 21.2 76.8 380.2 22.2 6.25 4.56 1.67 11.82 44.5 6.85 15.36 15.24 5.6 10.78 7.54 117.5 0.77 34.9 304 9.13 15.28 1.24 13.7 1.6 4.8 0.128 161.3 1.37 2.5 67 2.46 5.55 15.9 9.2 13.54 22.05 9 0.93 1.1 1.89 1.59 3.3 43.6 2.56 10.36 1.71 5.68 1.22 27.25

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 FORUM PACIFIC GT CAPITAL HOUSE OF INV JG SUMMIT JOLLIVILLE HLDG LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PACIFICA PRIME ORION PRIME MEDIA REPUBLIC GLASS SOLID GROUP SYNERGY GRID SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES TOP FRONTIER WELLEX INDUS ZEUS HLDG

0.63 16.68 900 52.5 14.82 6.4 0.74 1.36 1.38 7.47 11.3 15.16 0.26 897 6.2 63.5 5.69 0.49 4.46 16.32 0.55 4.28 0.039 3.01 1.11 2.46 1.33 431 949 185.2 0.83 270 0.239 0.34

1.42 35.8 0.246 21.25 77.15 381.8 22.25 6.27 4.62 1.68 12 45.4 6.94 15.52 15.28 5.97 10.8 7.56 117.8 0.78 35 304.8 9.77 15.3 1.25 13.74 1.67 4.85 0.133 161.4 1.38 2.51 70 2.47 5.8 15.92 9.25 13.6 22.15 9.4 0.94 1.11 1.9 1.69 3.48 45.45 2.6 10.38 1.77 5.99 1.23 27.3

1.39 36.05 0.246 21.35 76.55 381 22.3 6.3 4.62 1.68 11.8 45.8 6.95 15.44 15.3 5.98 10.98 7.56 116.7 0.8 34.95 302.2 9.9 15.16 1.24 13.16 1.67 4.85 0.129 162.7 1.38 2.5 66.1 2.33 5.55 16 9.22 13.6 22.05 8.93 0.94 1.13 1.86 1.59 3.33 42.05 2.58 10.56 1.74 5.68 1.25 28.5

1.39 36.5 0.246 21.7 76.95 382.6 22.45 6.43 4.64 1.72 12 45.9 7 15.7 15.3 5.98 10.98 7.56 118.2 0.81 36 305.4 9.9 15.4 1.25 13.84 1.67 4.85 0.129 164.2 1.4 2.51 66.1 2.47 5.55 16 9.25 13.68 22.5 8.93 0.94 1.13 1.89 1.59 3.49 42.05 2.62 10.6 1.8 5.99 1.25 28.5

1.38 35 0.241 21.25 76.55 379 22.2 6.25 4.62 1.62 11.8 44.5 6.85 15.4 15.24 5.5 10.7 7.52 116.3 0.75 34.4 302.2 9.4 15 1.24 13.1 1.6 4.8 0.128 160.3 1.36 2.5 66.1 2.33 5.55 15.9 9.17 13.46 22.05 8.93 0.92 1.08 1.86 1.58 3.31 42.05 2.54 10.3 1.7 5.68 1.23 27.3

1.38 35 0.245 21.25 76.8 381.8 22.25 6.25 4.62 1.68 12 44.5 6.94 15.64 15.24 5.5 10.8 7.54 117.5 0.77 35 304 9.77 15.3 1.25 13.7 1.67 4.8 0.128 161.4 1.37 2.51 66.1 2.47 5.55 15.9 9.2 13.6 22.05 8.93 0.94 1.11 1.89 1.59 3.49 42.05 2.6 10.38 1.77 5.99 1.23 27.3

34000 1719100 900000 2698800 414030 135320 1997300 2087600 45000 10060000 21900 296000 84300 727000 680000 10200 13991300 1003300 436440 4343000 373100 726470 10700 598200 985000 2151900 53000 22000 1000000 1119490 5405000 803000 10 32513000 100 358300 951600 4005900 195600 300 329000 2510000 17000 11000 23000 400 6501000 758200 110000 400 177000 83100

46980 61017260 220380 57632910 31799951.5 51589808 44517070 13206290 207920 16869440 260420 13460580 585695 11335898 10377054 59209 151052380 7559521 51270176 3345740 13107300 220620942 101307 9105356 1228130 29247988 85510 106030 128010 181822179 7395310 2007950 661 78508150 555 5702330 8759011 54477824 4325405 2679 307340 2759190 31830 17470 76520 16820 16740860 7859914 188820 2334 218360 2308750

HOLDING & FRIMS 0.64 16.8 901 52.55 14.84 6.5 0.75 1.37 1.39 7.5 11.34 15.2 0.275 899 6.72 63.55 5.72 0.5 4.47 17 0.57 4.29 0.04 3.03 1.15 2.68 1.34 455 955 185.3 0.84 275.8 0.24 0.35

0.61 17.12 899 53 14.96 6.5 0.73 1.39 1.4 7.48 11.24 14.94 0.26 889 6.2 64.8 5.68 0.5 4.6 16.62 0.55 4.32 0.04 3.05 1.11 2.55 1.33 460 950 179 0.88 271 0.237 0.34

0.64 17.46 904 53 14.98 6.5 0.75 1.39 1.4 7.48 11.38 15.34 0.28 906.5 6.22 65 5.7 0.5 4.67 17 0.55 4.39 0.041 3.05 1.11 2.55 1.33 460 955 185.2 0.88 276 0.24 0.35

0.61 16.8 897 52.55 14.78 6.5 0.73 1.37 1.38 7.3 11.24 14.92 0.26 874.5 6.2 62.6 5.67 0.49 4.4 16.26 0.55 4.28 0.04 2.92 1.11 2.55 1.33 460 940 178 0.83 271 0.236 0.34

0.64 16.8 900 52.55 14.84 6.5 0.75 1.37 1.38 7.47 11.34 15.2 0.275 899 6.2 63.55 5.7 0.5 4.47 17 0.55 4.29 0.04 3.03 1.11 2.55 1.33 460 949 185.2 0.84 276 0.24 0.345

8892000 18700 304940 1916380 5887900 3000 208000 1427000 53000 371000 1157800 675600 1210000 63570 170000 565630 9200 43000 4937000 2832800 4091000 15341000 4900000 653000 11000 10000 30000 10 201150 752070 1633000 570 910000 17140000

5575210 318124 274443450 101034151.5 87577134 19500 152650 1955310 73200 2747662 13107672 10257828 330000 57139905 1054400 36170080.5 52316 21140 21938340 46504406 2250050 66040530 197800 1957960 12210 25500 39900 4600 190989125 137782444 1384070 156374 215850 5,916,550(

-44356168 -11827450 1247710 -686672 -24021996.5 2213997 -135420 -5546826 -183184 856968 6600 -9125 -2780 -16890875 47838110 -31071047 2442720 -37359840 -3280476 13860 459410 -991135 695 1426478 -22880 5550 75963732 -4791942 2901819 106860 3743225 -60487226 1098188 -537440 979684 -17955581 -2740 1870000 13531250 -480000 2163104 -1938910 105610 -1860 -0 -717040 2811210 225010 27296 -13876685 -6902656.5 -41144056 820566 -6324114 1422332 -1437915 -4384804.5 -1480540 5039736.0004 2211000 -9686700 13300 -1778910 10295573 -5508 1,325,150.0001)

PROPERTY

ARTHALAND CORP 0.76 0.78 0.78 0.78 0.76 0.77 285000 220330 -3120 AYALA LAND 46.95 47 46.3 47.5 46.3 46.95 9516200 447155790 -50840955 ARANETA PROP 2.25 2.28 2.2 2.31 2.13 2.25 1217000 2713220 BELLE CORP 2.35 2.37 2.39 2.39 2.34 2.37 452000 1065030 -101180 A BROWN 0.75 0.76 0.77 0.77 0.75 0.75 858000 644140 CITYLAND DEVT 0.88 0.89 0.88 0.88 0.88 0.88 58000 51040 CROWN EQUITIES 0.236 0.242 0.235 0.244 0.235 0.236 60000 14230 CEBU HLDG 6.4 6.45 6.32 6.45 6.32 6.45 2600 16445 CEB LANDMASTERS 4.72 4.74 4.77 4.78 4.67 4.74 715000 3378200 9480 CENTURY PROP 0.53 0.54 0.53 0.54 0.52 0.54 8061000 4248460 -10600 CYBER BAY 0.385 0.4 0.385 0.385 0.38 0.385 450000 172750 DOUBLEDRAGON 26.35 26.45 25.95 26.7 25.4 26.45 900900 23543145 2513855 DM WENCESLAO 11.1 11.16 11.28 11.28 11.06 11.18 521000 5764428 5530000 EMPIRE EAST 0.485 0.49 0.485 0.49 0.485 0.49 480000 233850 -9700 FILINVEST LAND 1.57 1.58 1.61 1.62 1.57 1.58 6558000 10387020 -7639520 GLOBAL ESTATE 1.34 1.35 1.35 1.35 1.34 1.35 1524000 2045790 -1350 8990 HLDG 14.3 14.36 14.24 14.44 14.2 14.3 491700 7017178 -475834 PHIL INFRADEV 1.7 1.71 1.67 1.72 1.67 1.71 803000 1365650 -178800 CITY AND LAND 0.79 0.82 0.78 0.83 0.78 0.82 11000 8950 MEGAWORLD 5.77 5.78 5.68 5.77 5.62 5.77 16203300 92964178 33359753 MRC ALLIED 0.36 0.365 0.365 0.375 0.36 0.365 14420000 5276000 227450 PHIL ESTATES 0.5 0.51 0.5 0.5 0.5 0.5 219000 109500 PRIMEX CORP 2.75 2.82 2.87 2.89 2.75 2.82 192000 538220 ROBINSONS LAND 23.8 24 23.35 24.15 23.35 23.8 1395500 33220265 -8445325 PHIL REALTY 0.45 0.465 0.45 0.465 0.43 0.45 1850000 836550 344150 ROCKWELL 1.98 2 1.99 2 1.98 1.98 22000 43610 SHANG PROP 2.99 3.02 3 3.02 3 3.02 11000 33020 STA LUCIA LAND 1.74 1.75 1.87 1.88 1.75 1.75 1099000 1982420 SM PRIME HLDG 40.05 40.3 40.05 40.3 39.75 40.05 4639400 185879850 -37491050 STARMALLS 6.79 6.8 6.83 6.84 6.8 6.8 81600 556678 -19836 SUNTRUST HOME 0.72 0.75 0.73 0.73 0.73 0.73 5000 3650 VISTA LAND 7.08 7.2 7.18 7.2 7.08 7.2 3126700 22330840 -10611609 SERVICES ABS CBN 19.32 19.38 19.32 19.36 19.3 19.36 50300 972242 GMA NETWORK 5.19 5.2 5.24 5.24 5.19 5.2 156300 812519 MANILA BULLETIN 0.56 0.57 0.58 0.58 0.56 0.58 360000 204380 GLOBE TELECOM 1989 1990 1868 1998 1868 1990 174715 343282015 232064775 PLDT 1253 1254 1230 1257 1220 1254 66855 83125080 2251680 APOLLO GLOBAL 0.043 0.044 0.043 0.043 0.042 0.043 15100000 644100 DFNN INC 6.6 6.92 6.6 6.62 6.6 6.6 162000 1069317 -660109 ISLAND INFO 0.124 0.125 0.123 0.126 0.123 0.124 1460000 181460 -47120 ISM COMM 5.55 5.58 5.47 5.6 5.47 5.55 1532200 8474506 326594 NOW CORP 2.11 2.12 2.18 2.18 2.09 2.12 4019000 8511930 -286500 TRANSPACIFIC BR 0.34 0.35 0.35 0.35 0.34 0.35 1960000 674400 -6800 PHILWEB 3.08 3.09 3.05 3.14 3.05 3.08 804000 2465190 2GO GROUP 12.5 12.6 12.62 12.66 12.5 12.6 5400 68092 ASIAN TERMINALS 15.6 15.86 15.6 15.6 15.6 15.6 1600 24960 CHELSEA 5.77 5.82 5.65 5.9 5.65 5.77 785400 4552522 11400 CEBU AIR 81 81.05 81.1 81.2 81 81.05 121480 9845415 -4730338.5 INTL CONTAINER 133.4 136.4 128 137.9 128 136.4 2525040 338049839 121758894 LORENZO SHIPPNG 0.78 0.8 0.81 0.81 0.78 0.8 27000 21500 -810 MACROASIA 21.6 21.65 21.45 21.8 21.35 21.6 282600 6090450 -161840 METROALLIANCE A 1.67 1.7 1.67 1.67 1.67 1.67 13000 21710 PAL HLDG 9.7 9.9 9.8 10 9.7 9.9 58700 585009 -5000 HARBOR STAR 2.71 2.72 2.77 2.8 2.71 2.72 1529000 4195780 ACESITE HOTEL 1.26 1.35 1.26 1.26 1.26 1.26 39000 49140 BOULEVARD HLDG 0.069 0.07 0.071 0.071 0.069 0.07 13500000 946490 WATERFRONT 0.7 0.71 0.71 0.72 0.7 0.71 2831000 1998940 CENTRO ESCOLAR 7.01 7.88 7.88 7.88 7.88 7.88 100 788 FAR EASTERN U 890 895 890 890 890 890 400 356000 IPEOPLE 10.92 11.38 11.4 11.4 11.3 11.38 1000 11338 STI HLDG 0.66 0.67 0.67 0.68 0.66 0.67 468000 313070 -64070 BERJAYA 2.56 2.64 2.65 2.65 2.5 2.64 396000 1008320 -30800 BLOOMBERRY 12.16 12.18 12 12.2 12 12.16 2477000 29969190 -22772600 PACIFIC ONLINE 3.35 3.44 3.58 3.58 3.29 3.35 412000 1400390 16800 LEISURE AND RES 3.97 3.98 3.84 4.01 3.84 3.97 2843000 11270610 -43170 MANILA JOCKEY 5.29 5.3 5.06 5.76 5 5.3 1707500 8805267 -1048 PREMIUM LEISURE 0.73 0.74 0.73 0.75 0.73 0.73 2322000 1700100 -136290 TRAVELLERS 5.63 5.65 5.62 5.64 5.62 5.63 2405500 13540054 -12827747 METRO RETAIL 2.96 2.97 3.29 3.3 2.97 2.97 34632000 105093990 -4637690 PUREGOLD 44.85 45.1 44.5 45.2 43.55 45 2412400 108230840 -38535715 ROBINSONS RTL 72.95 73 76.25 76.25 72.8 73 2050430 150819582 11421547.5 PHIL SEVEN CORP 114 118 113.8 114 110 114 305450 34811093 76445 SSI GROUP 3.26 3.27 3.09 3.29 3.04 3.26 13156000 41681630 -2900180 WILCON DEPOT 16.84 16.88 16.68 16.9 16.66 16.84 1646600 27712400 15427412 APC GROUP 0.4 0.41 0.395 0.41 0.395 0.41 340000 135950 EASYCALL 10.62 10.8 10.9 10.9 10.54 10.8 78000 833018 GOLDEN BRIA 410.8 414.8 395.6 419.6 395.6 414.8 2300 934522 617150 IPM HLDG 6.9 6.97 6.97 6.97 6.97 6.97 10000 69700 PRMIERE HORIZON 0.92 0.93 0.88 0.95 0.88 0.92 42516000 39267100 -1988220 SBS PHIL CORP 9.05 9.17 9.01 9.2 9.01 9.05 12600 115270 MINING & OIL ATOK 11.84 12.12 12.3 12.3 11.8 12.2 21600 259348 APEX MINING 1.26 1.27 1.27 1.29 1.26 1.26 1374000 1742320 -761240 ABRA MINING 0.0019 0.002 0.0019 0.0019 0.0019 0.0019 1000000 1900 ATLAS MINING 2.79 2.87 2.8 2.8 2.79 2.79 71000 198720 -2800 BENGUET A 1.26 1.38 1.26 1.26 1.26 1.26 35000 44100 COAL ASIA HLDG 0.29 0.3 0.285 0.29 0.285 0.29 360000 104350 CENTURY PEAK 2.87 2.88 2.9 2.94 2.86 2.88 1316000 3809950 194800 DIZON MINES 7.81 8.01 8.03 8.03 7.81 8.01 3400 26836 FERRONICKEL 1.6 1.61 1.53 1.62 1.53 1.6 49161000 77455850 1277530 GEOGRACE 0.236 0.24 0.243 0.243 0.235 0.242 1550000 366890 LEPANTO A 0.111 0.114 0.111 0.111 0.111 0.111 280000 31080 MANILA MINING A 0.0079 0.0085 0.008 0.008 0.008 0.008 1000000 8000 MARCVENTURES 1.05 1.06 1.04 1.07 1.04 1.06 122000 127210 NIHAO 1 1.01 1.01 1.01 1 1.01 10000 10030 NICKEL ASIA 2.39 2.4 2.38 2.41 2.36 2.4 1301000 3102540 334090 OMICO CORP 0.56 0.57 0.56 0.57 0.54 0.57 508000 279150 ORNTL PENINSULA 0.88 0.89 0.89 0.89 0.88 0.89 188000 166100 PX MINING 3.11 3.13 3.1 3.13 3.09 3.13 232000 719670 -65030 SEMIRARA MINING 23.55 23.65 23.4 23.75 23.3 23.65 1302500 30681465 11171250 ORNTL PETROL A 0.011 0.012 0.011 0.011 0.011 0.011 10400000 114400 ORNTL PETROL B 0.012 0.013 0.011 0.011 0.011 0.011 1000000 11000 PHILODRILL 0.011 0.012 0.012 0.012 0.011 0.011 900000 10600 PHINMA PETRO 3.56 3.69 3.57 3.57 3.55 3.56 21000 74850 PXP ENERGY 8.06 8.07 7.9 8.29 7.9 8.07 787900 6366210 406415 PREFFERED HOUSE PREF A 94.55 97.5 96.5 98.85 96.5 98.85 240 23183.5 AC PREF B1 467 474.8 474.8 474.8 467 467 950 444106 AC PREF B2 481.4 495 485 495 485 495 1040 504800 DD PREF 97 98.2 97.5 98.2 97.5 98.2 52010 5091186 FGEN PREF G 101 102 102 102 102 102 500 51000 GTCAP PREF B 940 955 960 960 940 955 1970 1889700 LR PREF 0.98 1 0.98 0.99 0.98 0.98 300000 295000 MWIDE PREF 101.5 102.9 101.5 101.5 101.5 101.5 1500 152250 PNX PREF 3A 100 100.5 100.5 100.5 100.5 100.5 10 1005 PNX PREF 3B 105.5 106 105 105 105 105 300 31500 PCOR PREF 2A 950 970 970 970 970 970 1080 1047600 SMC PREF 2B 75 75.5 75.5 75.5 75.5 75.5 50 3775 SMC PREF 2C 75.8 76 76.1 76.1 75.8 76 17650 1341941 1004220 SMC PREF 2D 71.25 71.5 71.25 71.25 71.2 71.2 4600 327526 SMC PREF 2F 73.7 73.75 74.7 74.7 73.7 73.75 28590 2108337.5 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

18.7 5.2

19 5.26

18.7 5.2

100 7600

1870 39520

WARRANTS LR WARRANT

1.94

SMALL & MEDIUM ENTERPRISES ITALPINAS 5.78 XURPAS 1.05

1.98

1.94

2.01

1.92

1.94

611000

1199450

5.79 1.06

5.3 1.06

5.85 1.1

5.22 1.06

5.79 1.06

5936900 5128000

33790310 5488990

86605 -1925290

EXHANGE TRADE FUNDS FIRST METRO ETF

118

118.4

118.2

118.4

118

118.4

4170

493041

-5910

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Wednesday, May 8, 2019

Govt outstanding debt in Q1 up 13.4% to ₧7.8T

HE national government has reported an outstanding debt of P7.802 trillion as of the end of the first quarter of 2019, higher by 13.4 percent from the P6.878 trillion reported in the same period for 2018, according to Bureau of the Treasury (BTr). Based on data from the BTr, the government reported an outstanding debt of P7.802 trillion as of end-March 2019, which expanded by 13.4 percent compared to last year’s P6.878 trillion.

The outstanding debt for the three-month period was higher by 4.7 percent compared to the endFebruary level of P7.451 trillion. “Of the total stock, 33.4 percent were sourced from external

markets while 66.6 percent were owed to domestic creditors,” the BTr said. Year-to-date, the debt of the government reported a 7-percent increase or P509 billion coming from the end-2018 debt level of P7.292 trillion. Broken down, domestic debt amounted to P5.196 trillion, showing a growth of 16.37 percent from the P4.465 trillion reported in 2018. This also posted a 6.1-percent increase compared to the end-February 2019 level of P4.898 trillion. “For the month, the increment in the level of domestic debt was caused by the net issuance of government securities amounting to P298.21 billion and the P430 million revaluation of onshore dollar bonds brought about by peso de-

preciation,” the BTr added. “Since the beginning of the year, domestic debt has increased by P419.96 billion or 8.8 percent.” The bulk of the domestic borrowings for the period went to government securities at P5.159 trillion, while loans only accounted for P948 million. In terms of the government’s offshore debt, this amounted to P2.605 trillion as of end-March 2019, which showed an increase of 7.95 percent compared to the P2.413 trillion last year. This is also higher by 2 percent compared to the previous month’s level of P2.553 trillion. “The higher external debt for the month was principally due to the impact of local currency fluctuation against the US dollar amounting to P42.42 billion

and net availment of foreign loans amounting to P11 billion. Meanwhile, net depreciation on third-currency denominated debt carved out P1.36 billion. External debt has increased by P89.79 billion or 3.6 percent from its end-December 2018 level,” the BTr said. The bulk of the government’s foreign debt went to external government securities amounting to P1.617 trillion, while loans for the period only accounted for P988.429 billion. Debt from external government securities as of end-March include US dollar bond at P1.355 trillion—which is the biggest; Japanese yen bonds at P120.498 billion; euro bonds at P11.447 billion; and, Peso Global Bonds at P129.679 billion. Meanwhile, the government’s

total guaranteed debt amounted to P479.667 billion which showed a contraction of 4.41 percent from last year’s P501.820 billion. Total guaranteed obligations increased by 1.3 percent compared to the end February level of P473.371 billion. “This was due to the net issuance of domestic guarantees amounting to P2.79 billion and currency fluctuations on both local and third currencies, which increased the peso-value of external guarantees amounting to P4.73 billion and P420 million, respectively,” the BTr added. “Meanwhile, net repayments on external guarantees trimmed P1.64 billion. From the end-December 2018 level, total national government guaranteed debt has decreased by P7.92 billion or 1.6 percent.” Rea Cu

DOF ordered to work faster Metrobank’s Q1 income rises 15% to ₧6.8B for Overseas Filipino Bank

VERSEAS Filipinos will still have to wait a little longer before accessing a policy bank dedicated to provide competitive financial products and services tailored to their needs. Everything depends on how fast the Department of Finance meet President Duterte’s order the DOF hastens the vetting process of proposed appointees for the board of Overseas Filipino Bank (OFB). More than a year after its launch, the OFB has yet to fully operate as there are some positions in the board that are still vacant. A campaign promise of Duterte, OFB is a policy bank dedicated to provide financial products and services tailored to the requirements of overseas Filipinos. The OFB was supposed to roll out its services in January last year but this was earlier postponed to April as Land Bank of the Philippines addresses concerns on the mandate of the newly created bank. Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said the President gave the order to the DOF during Monday’s Cabinet meeting after the Department of Labor and Employment (DOLE) raised the concern about the appointments on the board. Panelo said it is the President who will be making these appointments in the board but he has yet to do it as there is still a vetting process. “That is the reason it is still not operating,” Panelo said. “That is why he is asking to hasten the vetting process.” Moreover, Panelo said the govern-

ment cannot also be blamed in the delay of appointments since it is understandable that the government has always a lot of work to do. However, the delays also do not mean that the government is not prioritizing the establishment of the OFB, he said. “That’s still a priority,” Panelo added. “The OFW problems are always acted upon immediately by the President.” The Palace spokesman also vowed that as soon as the appointments are made, the bank can be operational. The OFB will soon offer a wide range of banking products from deposit loans and investments to remittance and payment services. The creation of OFB is also touted to strengthen the government’s presence in the remittance market and eventually lower costs of bank remittance. “As soon as there is an appointment with the three members of the board, it would be operational immediately,” he added. “There will already be a quorum.” Meanwhile, the DOF also said during the Cabinet meeting that it is also trying to make the OFB a digital one so that it will be easier for overseas Filipino workers to use their smartphones in all of their transactions. Last December, Labor Secretary Silvestre H. Bello III said he was informed by Duterte that the LandBank was still in the process of completing the composition of its “management group” for its operations. In September 2017, Duterte signed Executive Order 44, which turned over the control of the Philippine Postal Savings Bank to LandBank so it could be converted into the OFB. Bernadette D. Nicolas

Resource responsibility

E are all held accountable for something which we may or may not be the owners of. For example a driver is held accountable for a number or resources such as the vehicle he is tasked to drive, the time to complete his task, the fuel needed, and so on. Much like a homeowner who is responsible for the upkeep of his house, maintaining it in a safe and orderly condition, paying taxes, taking out insurance and many other things to maintain or even enhance the value of his property. In general, the goal of those tasked with resource responsibility is to preserve or enhance value and to be as efficient as possible. This means obtaining the maximum yield on a resource with minimum cost. This concept can be applied to both animate and inanimate objects. In our driver example, the inanimate object, of course, is the vehicle. In order to maintain or enhance the value of the vehicle, the driver needs to make sure he drives safely so as not to get into an accident, park properly so the vehicle is not vandalized or needlessly exposed to the elements, ensure that the vehicle undergoes preventive maintenance regularly and at the correct interval. Of course, to maximize utility of the vehicle and minimize the operating cost, the driver must also do more than just drive. The driver can be more efficient by using software such as Waze to go through the

FINEX FREE ENTERPRISE George S. Chua best route, and keep operating costs down such as fuel by driving properly and keeping the correct tire pressure. A homeowner is also the one primarily responsible for his home much like a CEO is primarily responsible for his company. The household will have animate resources in the form of contractual workers and regular employees. Contractual workers would perhaps be the security guard, repairman and the gardener, while the maids can be considered as regular employees. Since all of these workers cost money and have a specific task to perform, it is the responsibility of the homeowner/CEO to make sure that all these workers are qualified and competent to perform the tasks that are assigned to them. Aside from this, these workers need to be monitored to ensure that they are able to do their jobs satisfactorily and on time. Resource responsibility not only falls on

ETROPOLITAN Bank and Trust Co. (Metrobank) on Tuesday said its income rose during the first quarter of the year to P6.8 billion, which is a 15-percent growth from the P5.9 billion in the same period last year. It said the growth was driven by a double-digit increase in operating income on the back of loan growth and margin expansion, higher fee-based income and prudent operational expenditures. “The year is starting on the right track, with performance metrics showing expansion in existing income streams, improving productivity and, most important, quality growth,” Metrobank President Fabian S. Dee was quoted in a statement as saying. “We remain optimistic on the prospects of the economy, which should be supportive of the thriving banking industry,” Dee added. “Against this backdrop, we will continue to focus on key initiatives that will impact customer experience, efficiency, governance and sustain profitability for the bank.” At the end of the first quarter, total deposits stood at P1.6 trillion, with the bank’s CASA (current account, savings account) ratio was at 61 percent to total deposits. Loans and receivables grew 8.5 percent to P1.4 trillion, which was led by the commercial loan segment comprised of top corporate accounts, middle market, medium-scale enterprises and small businesses. Metrobank’s net interest margin for the period, likewise, attained notable improvement, rising 9 basis points compared to last year to 3.84 percent. Net interest income came in at P18.1 billion, posting a 12-percent growth yearon-year, and accounted for 74 percent of the bank’s total revenues of P24.6 billion. Noninterest income rose by 8 percent to P6.5 billion, which included a 9-percent increase in service fees and commissions to

the custodian or the one making use of the resources but also on the one making the decision or determining which resources are to be acquired and allocated. Oftentimes this important item is overlooked when the one tasked to produce an outcome is bypassed in the resource acquisition and allocation process. An example of this sad situation happens when the one tasked to generate the sales or revenues is not consulted or has no say in the product or service to be sold, has not input on the pricing and marketing plan, and the after-sales service people have a different set of priorities. Everyone in the organization should understand that all their actions should lead to increasing revenues or decreasing cost. The people doing the resource allocation should also realize that if they cannot identify the role and the concrete results of every single person on the payroll, as well as determining that all of the expenses or resources allocated that would lead to more sales or improve margins, then there is something wrong. Have a performance audit and get rid of those leeches that simply use up your valuable resources without the commensurate return, otherwise you put the entire organization at risk of failure. Comments may be sent to georgechuaph@ yahoo.com.

P3.1 billion, P1.5 billion in net trading and foreign-exchange gains and P1.6 billion in miscellaneous income. Fee-related revenues as well as trading income continue to benefit from increased customer business in fixed income and foreign exchange. On top of the bank’s notable

performance, its operating expenses slowed down to 10 percent, totaling P13.5 billion. Manpower-related costs accounted for P5.4 billion of the full amount, while the balance was spent on systems and process improvements, as well as continuous investments in information technology. VG Cabuag

News

BusinessMirror

Wednesday, May 8, 2019

www.businessmirror.com.ph

TUCP files ₧386-wage-hike bid in C. Visayas By Samuel P. Medenilla

@sam_medenilla

HE country’s largest labor group on Tuesday filed a new wage petition in Central Visayas for a P386 across-the-board pay hike. In a statement, t he Trade Union Congress of the Philippines (T UCP) sa id t he mini-

mum-wage rates in the region shou ld be ra i sed by t he re gional wage board to provide

₧313-₧386

Current range of the minimumwage rate in Region 7 for the needs, specifically food, of workers there. “ T he current minimum daily wage [in Central Visayas] only accords workers and their families nutr itiona l ly def icient sur v iva l meals such as instant nood les, canned sardines, tocino, longganisa,

No Comelec boycott, says Namfrel, as it shoots down ‘civil war’ talk

TS recent move to return to the Commission on Elections its citizens’ arm accreditation does not mean that the National Movement for Free Elections (Namfrel) has launched a boycott move against Comelec, its officials said on Tuesday. It also doused cold water on “loose talk”—supposedly being spread by certain camps in the south—of a possible failure of election or a civil war in case of serious disruptions in the conduct of the May 13 midterm polls. In a media forum at the Manila Hotel on Tuesday, Namfrel Chairman Augusto “Gus” Lagman vehemently denied that the watchdog is boycotting Comelec. “If Comelec will agree to our request for certain election-data access that we need to perform our work efficiently, then we are still open to working with Comelec on the Random Manual Audit [RMA], which is the main task given to us by the Comelec en banc resolution,”Lagman said.

“We have presented to Comelec our proposed Open Election Data Program, which we truly believe can greatly help Comelec in protecting the sanctity of this year’s midterm elections so that a clean, transparent and credible election may be achieved. We do not see anything wrong or detrimental to Comelec’s interest in our request. All is toward the pursuit of transparency, which will add to the credibility of our May 13, 2019, elections,” Lagman added. In the 1986 snap elections, some Namfrel volunteers who were involved in monitoring the historic snap elections figured in the PICC computer center walkout that preceded the 1986 Edsa People Power Revolution. In the same forum, Mata sa Balota Spokesman Dr. Michael Aragon warned that certain irresponsible talk of anarchy or civil war due to a possible failure of elections scenario has been loosely spread out, most especially in the south. “ We condemn

these loose talks on possible failure of elections or even a civil war that might emanate from issues involving the credibility of our upcoming elections this Monday. We believe this is far from the truth and will not happen, so we appeal to our people to rally behind the righteous intentions of Comelec for clean elections. We might not have a perfect Comelec, but it’s the only one we got to do the job, so as patriots and nationalistic citizens of the Philippines, let’s help our Comelec do its work toward a credible and peaceful midterm elections,” Aragon said. Also in the same forum, Namfrel’s National Treasurer and Information Technology Head Lito Averia requested Comelec to pursue transparency in the conduct of Monday’s elections. “ We are appealing to Comelec to uphold the principle of transparency in the midterm elections this Monday because this will add credibility to our country’s election process,” Averia said.

itlog na maalat, itlog at pandesal and ‘unli ’ rice,” TUCP President Raymond Mendoza said in a statement. “Forcing workers and their families to subsist on nutritiona l ly def icient mea ls for a long period will definitely have bigger repercussions for business, bigger costs to the gover nment and t he econo my if continuously ignored,” Mendoza said. Other factors TUCP cited to justify its new wage petition

Guiao wants harmonized devt plan for Clark

NGELES CITY—Comebacking former congressman Joseller “Yeng” Guiao will push for the creation of an integrated plan that will harmonize infrastructure, transport and economic programs that will benefit Clark and its surrounding communities in view of the developments inside this free port. “We need to plan ahead, thus there is a need to have a Metro Clark Urban Development Plan,” Guiao said in a recent media conference. “This will redound to better facilities, better future for residents of communities in and around Clark,” he added. “This means we already need to talk with members of Congress for the approval and funding of an integrated plan covering various aspects like transportation, infrastructure, economy among others,” he said. “We already need to talk about our expansion of our roads system, considering also the putting up of subways and rails like LRTs and MRTs. We need to have this tackled and approved in Congress,” he said. Guiao said he is proud of the growth taking place inside this free port, citing the development of the Clark International Airport, the establishment of sports facilities in the New Clark City and the ongoing construction of the railway system. As Pampanga First District congressman from 2013 to 2016, he is widely credited with sourcing the P2.9-billion funds that are now being utilized in the construction of new passenger terminal at the Clark airport. “I feel that we all can be proud of major contributions to these developments,” he said, while sharing his experience in lobbying various projects for Clark during his time in the Congress. Guiao also noted the suitability of Clark as a major sports hub now that it is about to host the upcoming Southeast Asian (SEA) Games 2019. “Our advocacy is for Clark to be a center of sports not only in Central Luzon but in the whole Philippines. The Southeast Asian Games is going to be hosted here in Clark. Of course, the facilities are not going to be exactly in Mabalacat and Angeles, but they will be within the Freeport Zone,” he said. Guiao, since the early 2000s, has advocated for transforming Clark into a center for sports development and sporting activities. He said the hosting of SEA Games in Clark will also help usher in more opportunities and developments for underutilized areas here. “The zone is already fully utilized, so the best way to put more facilities would be at the areas that are underutilized and where we want the next wave of progress to happen. We take note of this progress as developments in Clark take the shape of its intended use,” he said. Ashley Manabat

included the impact of the government’s tax reform policies on workers’ income and the rising prices of fuel. Last week, TUCP also filed a petition at the regional wage board in Metro Manila for a P710 across-the-board wage hike, citing the same reason. TUCP filed its new wage petition ahead of the anniversary date of the previous wage order in Region 7, which became effective on August 3, 2018. Under Republic Act 6727 or

the Wage Rationalization Act, regional wage boards are only allowed to process new wage petitions a year after their previous wage order took effect. The regional wage board may grant an exemption to this rule if it will declare a supervening condition in its jurisdiction due to a sudden increase in the prices of basic goods or services for a specific period of time. Cur rent ly, t he m inimumwage rate in Region 7 ranges from P313 to P386.

China opens doors for PHL teachers to learn Mandarin, teach English

HINA is opening its doors to Filipino teachers who wish to be trained in the Mandarin language or to teach the English language in China, according to Education Secretary Leonor M. Briones. Briones revealed the good news after she joined the recent visit of President Duterte to Beijing at the recent Belt and Road Forum. China, she said, is interested in hiring around 2,000 Filipino teachers to teach English to Chinese learners. The recruitment, which may happen within the year, will still have to undergo negotiations to ensure the quality, compensation, benefits and welfare of Filipino teachers who will be employed. Among those discussed initially was the enhancement of cultural and learning exchanges between the two countries, leading to action plans and agreements projected to benefit the education sector. Foremost of the proposed education exchanges is the expansion of the current training of Filipino teachers in Mandarin. “This has been going on in the past three years on a limited scale. What both countries want is an acceleration of this exchange because so far nearly 300 teachers have already been trained in the Mandarin language at the Confucius Institute here in the Philippines. They have formal lessons here, and then they go to China for exposure visits,” Briones stated. The prospective training expansion is expected to improve the teaching-learning process for Filipino students, specifically those in junior high school (JHS) who are taking Chinese Mandarin as an elective subject under DepEd’s decade-old Special Program in Foreign Language (SPFL) in public

schools. SPFL also offers Spanish, French, German, Korean and Japanese languages as elective subjects. The discussions also resulted in China’s proposed assistance to the education sector’s infrastructure requirements, particularly for technical and information and communications technology (ICT) equipment. “It will be more on scientific and ICT instruments because this is where we need assistance, but I was very specific when we had our talks with DFA [Department of Foreign Affairs] that it will not come automatically because these will have to be done within the ambit of our own procurement laws, which have to be complied with,” Briones remarked. Briones said, “it’s not only China [that] is looking for teachers to teach English abroad; Thailand is very much interested in our English teachers. Also, we prefer that this will be on a government-togovernment basis, along with the Philippine Overseas Employment Administration (POEA), because usually, if you go through agents on either side, it will be a primary burden to the teachers. We need to work on the details, how teachers will be chosen, qualifications and how will this be implemented.” In March, officials of DepEd and the Ministry of Education of Thailand convened to discuss the employment of Filipino teachers for the “English for All” project of the Kingdom of Thailand. The meeting on the proposed memorandum of understanding on the government-to-government hiring of Filipino teachers was a result of Briones’s side meeting with Thailand Minister of Education Teerakiat Jareonsettasin at the 10th Asean Education Ministers Meeting in October 2018. Claudeth Mocon-Ciriaco

ComVal counts on ‘bayanihan’ to make public-school kitchen, school building

AVAO CITY—Interior Compostela Valley province has adapted the Filipino cooperative spirit called bayanihan to construct school buildings in a remote village and to get the best design and construction of a public kitchen for the school feeding program in the province. The mini-kitchen concept in the public schools will be done through a contest not only to generate the best constructed kitchen but to ensure the best efforts would be given to its construction in the 34 public elementary schools located in places technically classified as “geographically isolated and depressed areas.” The construction of these minik itc hen wou ld be u nder t a ken through the program “Bayanihan Para sa Kalusugan-Kusina ng Kalinga (BPSK-KNK)” of the provincial govenment. Schools Division Superintendent Dr. Reynante Solitario said his office would help monitor the quality construction of the kitchen, where evaluators would consider the criteria of cleanliness and safety through the kitchen location, its surroundings, sufficient lighting and ventilation,

screened doors and windows, and sufficient signages outside the kitchen. The public kitchen will implement the province-wide school feeding program which Gov. Jayvee Tyron Uy started in January this year under his Universal Feeding Project. The construction this year would be done during the Brigada Eskwela period on the third week of May. The provincial capitol employees, meantime, will adapt the literal Bayanihan concept as they pool themselves into construction teams to build the school buildings in Sitio Putting Bato of Barangay Ngan and Sitio Side 4 of Barangay Mangayon, both located in the municipality of Compostela. Each place will have a two-classroom building. The employees will come from the Governor’s Office, Vice Governors’ Office, Sangguniang Panlalawigan Office, Provincial Environment and Natural Resources Office, Provincial Economic Enterprise Management Office, offices in the four Provincial Hospitals, and Provincial Disaster Risk Reduction Management Office. Manuel T. Cayon

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Coconut oil export volume seen rising by 2% this year

PHOTO FROM WWW.OFFICIALGAZETTE.GOV.PH

By Jasper Emmanuel Y. Arcalas @jearcalas

HILIPPINE coconut oil (CNO) exports this year could grow at an annualized rate of 2 percent in terms of volume as local manufacturers expect the United States and European countries to increase their orders. However, the outlook of producers on earnings from CNO— the country’s top farm export— remains bleak as world prices continue to stumble due to the

persistent global vegetable oil glut. United Coconut Association of the Philippines (Ucap) Executive Director Yvonne T.V. Agustin said her group expects to-

tal CNO shipments this year to reach around 970,380.06 metric tons in copra terms, 2 percent higher than the 951,353 MT recorded last year. “[We project the increase] despite the [current] global situation because we anticipate an uptick in demand from our markets due to low prices,” Agustin told the BusinessMirror in a phone interview. Agustin added that the US and European markets would remain the main buyers of Philippine CNO. The country fell short of hitting its shipment target of 1 million MT last year as it was only to export 951,353 MT due to plunging global CNO prices. Nonetheless, total CNO s h ipme nt s l a s t ye a r w a s 4.2 percent higher than the

FAO pitches global pact vs obesity, adoption of healthy diet standards

HE Food and A g r icu lture Organization (FAO) is pushing for a global pact against obesity and called on governments to establish rules and standards to promote healthy and nutritious food. FAO Deputy Director-General for Climate and Natural Resources Maria Helena Semedo noted that the move to more sustainable agriculture food systems entails changes in how people will grow, share, prepare and consume their food. “The world needs a global pact against obesity that embraces traditional and local foods. Adopting global healthy diet standards would also curb the proliferation of poor diets that have seeped into our modern lifestyles,” Semedo said in a statement. “We really have come a long way. But somehow, our own progress seems to be our downfall— we learned how to cultivate food, but the abundance of what is on our table is slowly killing us. Un-

healthy diets are the world’s No. 1 cause of disease, disability and death,” she added. Semedo underscored the importance of family farmers who, though often poor and food insecure, produce over 80 percent of the world’s food and manage three-quarters of the planet’s natural resources. FAO is drawing attention to their critical role in feeding the world as it prepares to launch the United Nations (UN) Decade of Family Farming later this month. The UN agency noted that innovation is the central driving force for achieving a world free from hunger and malnutrition. FAO said this does not only involve the use of new technology; instead, it can also relate to the use of new or existing products, processes or ways of organizing to increase effectiveness, competitiveness and resilience. At the fifth edition of the Seeds and Chips Summit, which will run until May 9 and brings together

more than 350 companies and organizations, the UN agency is showcasing several innovative solutions. These include a mobile app (FAWEWS) that helps farmers identify, monitor and manage Fall Armyworm—a devastating crop-eating pest. The app, currently being used by farmers in Sub-Saharan Africa and parts of Asia, doesn’t need internet or cell network and “speaks” 14 languages. Another innovation is a sterile insect technique—a nuclear technology that prevents insect pests from reproducing. SIT was used to eradicate the invasive Mediterranean fruit fly in the Dominican Republic, preventing potentially major food losses. During the kick off of the summit on May 6 in Italy, Semedo said agricultural innovation is a lynchpin that can radically transform food systems, provide agri-preneurship opportunities, and jobs for youth and rural women.

923,842 MT exported in 2017. The country’s CNO exports in the first quarter rose by 9.4 percent to 221,185 MT, from 202,164 MT in the January-to-March period of 2018, Ucap’s preliminary estimates showed. Agustin described the growth rate as “normal” as traditional buyers continue to purchase CNO from the Philippines need to meet their demand. However, Agustin disclosed that the value of total shipments in the three-month period declined by 50 percent year-on-year. “The global situation remains the same. Inventories in our major destinations are high and our loca l inventor ies remain high,” she said. The country’s export receipts from CNO last year fell by 31.1 percent to $1.112 billion, from $1.614 billion recorded in 2017, Philippine Statistics Authority (PSA) data showed. T he World Bank projected t h at globa l C NO pr ices t h is year would average $720 per metric ton, 27.78 percent lower than the average $997 per MT recorded last year. The projected plunge in global CNO prices could mean more losses for Filipino coconut farmers as it would result in steeper declines in domestic copra prices. The World Bank made the forecast following the global vegetable oil glut which is expected to persist in the short term as output “continues to look promising due to favorable growing conditions.” Ucap Chairman Dean A. Lao Jr. said lower CNO prices would mean lower copra prices, as domestic quotations track the movement of prices in the international market. The decline in CNO prices could also result in lower export receipts from the country’s top agricultural export commodity. “We are a low for [export] price and volume right now,” Lao told the BusinessMirror last month.

Editor: Jennifer A. Ng • Wednesday, May 8, 2019 B5

‘Modern inputs will help entice young Pinoys to go into agri’

OCAL crop protection firm Vast Agro Solutions Inc. (Vast) is keen on encouraging young Filipinos to take up farming via its modern planting techniques that seek to hike agricultural productivity. Vast-Crop Protection Brand Consultant Jeffrey Santos said the company wants to help farmers achieve optimal yield through the use of modern farm inputs, such as soil micronutrient boosters. Santos hopes that by introducing innovating farming solutions, young Filipinos, such as working Millennials, could realize that planting crops could also be profitable. “We want the farmers’ cost of production to be optimized, for it to be lower and to be competitive with imported rice. We want them to be competitive against other farmers in the Asean region,” he told the BusinessMirror in an interview on Tuesday. “With this modern method [of using soil micronutrient booster] we can increase our productivity and make the industry attractive to younger ones and make agricultural industries stronger,” he added. The firm’s Sachi Gold Soil Micronutrients Booster product is the lone farm input of its type being sold in the domestic market, according to Vast founder and President Jeremie S. Lo. Lo noted farmers have been so used to traditional farming methods and have overlooked the need to improve the health of their land. Farmers have become curative more than preventive in addressing crop issues such as pests, he added. He likened soil boosters to a human vaccine that could prevent illness. “Our farmers are traditional: if they see an insect, [they] apply insecticides; if there’s fungus, [they] apply fungicides,” Lo said. “What we are overlooking is that we have to resolve first the de-

pletion of soil nutrients to boost productivity. The health of the lands that our farmers are tilling and planting are already degraded as they are already decades-old,” Lo added. Sachi Gold, which Vast started to sell in 2016, is a semi-organic farm input that could correct soil micronutrient deficiencies and increase plants’ tolerance against biotic and abiotic stresses. Under the cost-benefit analysis by Vast, farmers would be able to reduce their expenses for pesticides and whatever additional costs they incur for using Sachi Gold would be offset by the increase in their income due to better yield, according to company officials. Documents provided by Vast showed that a farmer planting hybrid rice would earn an additional P11,512 per hectare when using the soil micronutrient booster as yield would increase by nearly 17 percent—from 10.2 metric tons per hectare to 11.93 MT. Upland farmers in Banaue rice terraces were able to hike their yield to 175 cavans per hectare to 35 cavans after using the product, according to Vast documents. Likewise, a patola farm in Sarangani was able to double its yield using the soil micronutrient booster, the company said. Vast is targeting to sell 10,000 cases (180,000 kilograms) of Sachi Gold this year as they seek to penetrate Visayas and Mindanao, which are home to a lot of rice and high value crops farmers, Santos said. The firm sold around 3,000 to 4,000 cases of Sachi Gold last year, which is already 10 times over what the firm sold in its initial release, company officials said. Jasper Emmanuel Y. Arcalas

B6 Wednesday, May 8, 2019

Honda soon to open in Las Piñas

ONDA Cars Philippines Inc. (HCPI), Honda’s automobile-business unit in the Philippines, breaks the ground of its 40th dealership on April 12. Honda Cars Las Piñas (HCLP) will operate full sales and service function and will be at KM 17 Real Street, Alabang-Zapote Road, Talon 2, Las Piñas City. Located along the main highway and nearby commercial area of Las Piñas, Honda brings its products and services closer and accessible to residents of Las Piñas. HCLP will offer Honda’s latest product lineup and complete vehicle-service facilities for general repair, preventive maintenance, and body and paint. HCPI and HCLP celebrated their partnership with the presence of HCPI President and general manager Noriyuki Takakura, HCPI dealer business division head Noel Barachina, and sales division head and

THIS YEAR’S WORLDBEX OFFERS MALAYSIAN TRADE, SERVICES TO CLIENTS

spokesman lawyer Louie Soriano, and Lica principals Rene Limcaoco and Tey Sornet. HCLP will be managed by Rizal Autozone Inc. group general manager Annee Pili. “We are truly honored to be given the chance to extend HCPI’s commitment of providing outstanding customer satisfaction through delivering innovative

products and services for every Filipino family.” Soriano said. HCLP is set to open by the second quarter of 2020. For more information on HCLP and other Honda products, visit www.hondaphil.com. In photo are (from left) Pili, Sornet, Limcaoco, Takakura, Barachina, Soriano and HCPI sales advisor Kokki Hattori.

Metrobank signs $300-M bilateral deal with ICTSI Global Finance BV

ETROPOLITAN Bank and Trust Co. (Metrobank) signed a $300-million seven-year bilateral term-loan facility with ICTSI Global Finance BV, guaranteed by International Container Terminal Services Inc. (ICTSI). Proceeds of the loan shall be used to fund capital expenditures and to refinance existing obligations. Metrobank sees the partnership as its way

of supporting ICTSI’s domestic nation-building and global expansion. “Not only does the ICTSI Group contribute to the national progress of developing economies, it also continues to enhance the image of Filipino companies as global contributors, with worldclass standards and a passion for environmental sustainability,”Caparas said. Closing the deal are Metrobank Executive

Vice President and institutional banking sector head Mary Mylene A. Caparas (second from left), and Senior Vice President and corporate banking group head Antonio R. Ocampo, Jr. (left), along with ICTSI Senior Vice President and global corporate head Christian R. Gonzalez (center), Senior Vice President and Chief Financial Officer Rafael D. Consing Jr. (second from right), and Vice President and treasurer Gigi T. Miguel (right).

HE Malaysia External Trade Development Corp. (Matrade), together with 18 Malaysian companies, participated in the Philippine World Building and Construction Expo (Worldbex) held at the World Trade Center from March 13 to 17, to promote Malaysian capabilities in construction and building materials in the Asean market. This year marked Matrade’s fif th participation in the exhibit. All participants were eager to promote quality and innovative designed products to visitors and potential buyers in the Philippines, as well as Asean and neighboring countries. Among the products promoted at the exhibit are façade, paints and coating, eco-friendly flooring deck, architectural decoration, sink and faucet, recreational products, water heaters, sanitar y wares, insulation materials, as well as cement products and construction machiner y. According to Rusiah Mohamed, direc tor of the Matrade construc tion and business ser vices sec tion, Malaysia’s par ticipation has proved to generate a lot of interest from develop ers, contrac tors, builders and architec ts to source for new innovative and technologically ef f icient building materials, for the construc tion industr y in the Philippines. The Worldb ex provided a strategic plat form for Malaysian companies not only to net work

with p otential buyers, but also an avenue to create awareness of high - qualit y and innovative Malaysian produc ts. Matrade trade commissioner based in Manila, Siti Azlina Ali Hanafiah said the Matrade has been actively pursuing opportunities in the construction and building materials. “This augurs well with the message by President Duterte to our prime minister last week, that the Philippines welcomes more participation of Malaysian companies in the country’s development. Malaysia is excited to share its expertise and innovative products,” she added. The Philippines has always been an important trade and investment partner for Malaysia. In 2018 the Philippines was Malaysia’s fifth-largest trading partner within Asean and fifth-largest source of foreign direct investment. Malaysian companies, including multinationals and SMEs, have strong presence in the Philippines, across various sectors. For building materials, trade bet ween Malaysia and the Philippines continues to increase. In 2018 expor ts to the Philippines grew 19.8 percent to $270 million while impor ts increased by 3. 5 percent to $2. 3 million. Major expor t of building materials were sawn timber and molding, manufac tures of metal, wood produc ts, iron and steel produc ts, and manufac tures of plastics.

WARRIORS-ROCKETS: IT’S ALL EVEN AT 2-2! H

By Kristie Rieken

OUSTON—James Harden and the Houston Rockets dug out of a 0-2 hole to even their Western Conference semifinals series with the Golden State Warriors after another game where they fought, scrapped and held off a late rally to get a victory. Harden scored 38 points and the Rockets got a 112-108 win on Monday night to even the best-of seven series at 2-2. “When you’re dealing with these guys, if you let Klay [Thompson] and Stephen [Curry] run around and shoot threes, you don’t have no chance,” Harden said. “The only chance we have is to be in to their bodies and make every shot that they take contested.” The Rockets were up by nine before the Golden State scored the next seven points, capped by a three from Stephen Curry, to get within 110-108 with 19 seconds left. Harden made one of two free throws with 11.5 seconds left. Kevin Durant missed a three after that. But the Warriors got the rebound and Curry also missed a three-point attempt before Golden State was forced to foul Chris Paul. “We got a couple of wide-open looks,” Durant said. “They just didn’t fall for us.” Paul made one of two free throws with 2.9 seconds left to secure the victory. Golden State Coach Steve Kerr was asked about the physical play of the Rockets, who have several players who are much stockier than his squad. “They’ve got a lot of middle linebackers on that team,” he said. “They’re sturdy and we’re like volleyball players, long and lean... everybody tries to be physical with us because they should. That’s the best way to try to beat us.” After losing the first two games of the series on the road, the Rockets head back to Golden State for Game Five on Wednesday night with momentum on their side after their overtime win in Game Three before Monday night’s victory. The Warriors got 34 points from Kevin Durant, who had 46 in the Game Three loss. Curry, who was criticized after shooting 7 for 23 in Game Three, got off to a good start, scoring 11 points in the first quarter. He cooled off after that, but finished with 30 points on 12 of 25 shooting. “I didn’t think we got great shots for much of the night,” Kerr said. “We’ve got to be more poised and that has to be a focus.” Eric Gordon added 20 points for Houston and PJ Tucker had 17 points and 10 rebounds. Despite two straight win, the Rockets still don’t think they’ve played their best. “We’ve got to be better,” Tucker said. “We’ve got to be more aggressive. We’ve got to pick it up.” Houston made 17 of its 50 three-point attempts, while the Warriors shot just eight of 33 from downtown with Curry making just four of his 14 attempts. The Rockets were up by nine after three and used an 8-2 run, with four points from Harden, to open the fourth and extend the lead to 101-86. Golden State used an 8-3 run, with six points from Draymond Green, to cut it to 104-94 midway through the quarter. Houston had a 10-point lead with about four minutes left before a 5-2 run, with a three from Curry, got them within 108-101. Green was shaken up when Harden inadvertently knocked him in the head on the follow-through after he made a 3-pointer that put Houston up 71-59 with nine minutes left in the third quarter. Green fell to the court where he remained holding the left side of his head for a couple of minutes. The Warriors called a timeout and he collected himself and remained in the game. The lead grew to 77-60 before Golden State got going.

ENVER—Earlier in the playoffs, he was drawing comparisons to Wilt Chamberlain. This week, it’s Magic Johnson. As the casual basketball fan—everyone, really—is finding out, Denver Nuggets big man Nikola Jokic has no direct comparison. The All-Star center is turning the National Basketball Association playoffs into his own grand stage with each tripledouble he piles up. He’s in his own unique universe, showcasing his versatility—despite his limited leaping ability. “Nikola Jokic is a great player because, you know why? He makes every one of his teammates better,” said Nuggets Coach Michael Malone, whose team is tied at two games apiece with the Blazers heading into Game Five on Tuesday in Denver. “He’s a basketball purist, if you will. He’s always going to make the right play.” The “pudgy” body and that awkward gait hardly fools anyone anymore. The lumbering 7-footer sees the court like a point guard, scores every way imaginable and is helping turn the Nuggets into legitimate contenders. The player nicknamed Joker recorded his fourth tripledouble of the postseason on Sunday night, just over 36 hours after playing 65 minutes in a quadruple-overtime loss to Portland. His name may be a bit of a tongue-twister—pronounced ni-KOLA YO-kitch—but it’s his game that truly ties teams up in knots. “It’s really tough to stop him because he’s not out there running super-fast, not jumping super-high,” Blazers guard Damian Lillard said. “Just a smart, crafty player.” He has MVP-caliber skills— passing, shooting, rebounding and decision-making. And he’s putting up numbers that has him in select company. On Sunday he helped Denver to a 116-112 win at Portland with 21 points, 12 rebounds and 11 assists. He’s the seventh player to register four triple-doubles in a single postseason, joining Chamberlain, Johnson, Oscar Robertson, LeBron James, Rajon Rondo and Jason Kidd, according to Elias Sports Bureau. There’s more: Jokic had 14 assists in his playoff debut against San Antonio on April 13 to join Chamberlain as the only two centers with 14 or more assists in a postseason contest. And more still: Jamal Murray and Jokic are the first teammates to register a 30-point game (Murray) and a tripledouble (Jokic) in back-to-back playoff contests since Kareem

Sports BusinessMirror

The Associated Press

| Wednesday, May 8, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

GOLDEN State’s Stephen Curry falls down after being bumped by Houston’s James Harden during the first half of Game Four of their second-round playoff series on Monday in Houston. AP

Is he Wilt? Is he Magic? No, he’s big man Jokic Abdul-Jabbar and Johnson in 1980, according to Elias. The 250-pound Jokic runs the court with almost a waddle and has been known to look at referees with such an astonished expression after a foul is called on him—or not called on his opponent. He repeatedly gets bumped in the nose. “More than anything, he makes me smile,” said Spurs Coach Gregg Popovich, whose team was eliminated by the Nuggets after Jokic had 21 points, 15 rebounds and 10 assists in that series-deciding Game Seven. “He has a lot of fun out there. He’s unorthodox and he doesn’t look the part. I’ve said it before—he’s kind of a tall, pudge guy out there with no real muscle definition. He doesn’t look athletic. He

doesn’t sprint up and down the court. He doesn’t jump out of the gym and then he kicks your butt.” Jokic sees the floor with a point guard’s vision—he bounced a pass through a Portland player’s legs for an easy lay-up—and has an array of shots to go with exquisite footwork and touch that makes him difficult to contain. He’s averaging 24.5 points, 12.5 rebounds and 9.3 assists in the playoffs. The question every coach keeps pondering is this: Take away his passing or his shooting? “Good question,” Blazers Coach Terry Stotts said. “He’s one of those players that you don’t know what to take away because whatever you take away he’s got something else.” AP

THE All-Star center Nikola Jokic is turning the playoffs into his own grand stage with each triple-double he piles up. AP

GIANNIS, BUCKS GO UP, 3-1

BOSTON’S Al Horford defends against Milwaukee’s Giannis Antetokounmpo. AP

OSTON—When Giannis Antetokounmpo picked up his fourth foul early in the third quarter of a tie game, the Boston Celtics sensed a chance to pull away. Instead, Milwaukee took control. Of the game, and the series. Antetokounmpo watched the Bucks bench open a double-digit lead, then returned with a dominating fourth quarter to finish with 39 points and 16 rebounds as Milwaukee beat Boston, 113-101, on Monday night to move one win from its first trip to the Eastern Conference finals since 2001. “If we’re honest with you, when Giannis and Khris [Middleton] go to the bench, you’re concerned,” Bucks Coach Mike Budenholzer said after his reserves outscored Boston’s 32-7 in the game and turned a 59-all tie into a 78-68 lead. “But you have confidence that that group can play.” George Hill scored 15 points—nine in the third quarter—and Pat Connaughton had nine points and 10 rebounds off the bench for Milwaukee, which outscored Boston’s bench 42-16 in Game Three. After sitting out the last 8:18 of the third quarter, Antetokounmpo scored 17 points with seven rebounds in the fourth to help the Bucks pull away. “It’s always hard to take out Giannis; let’s start there. But at the end of the day, we are conscious of trying to keep him fresh,” Budenholzer said. “It’s hard to find the words [for] what he does for our team, both ends of the court.

He’s special, but he’s very hungry. He wants more, and he’s playing that way.” The Bucks have won three straight since losing the opener of the best-of-seven series at home and can eliminate the Celtics in Game Five at home on Wednesday night. They have not reached the East finals since the ‘01 team of Ray Allen and Glenn Robinson fell to Philadelphia’s Allen Iverson and Dikembe Mutombo in seven games. “Good players, when they have an opportunity like this, they don’t waste it,” Antetokounmpo said. “At the end of the day, I’ve got to do whatever it takes to help my team win.” In what might be his last home game for the Celtics, Kyrie Irving scored 23 points with 10 assists. But he was 7 for 22 from the floor, including 1 for 7 from 3-point range. “Who cares? I’m a basketball player,” said the six-time All-Star, who can become a free agent this summer. “I’m trying to do it all. For me, the 22 shots I should have shot 30.” After leading all scorers with 26 points in Boston’s Game One blowout, Irving has made 19 of 62 shots and just 4 of 20 from 3-point range. He left the court with a few seconds remaining on the clock; many in the crowd had already headed for the exits, but a lone fan shouted at Irving, “Don’t leave!” “I know probably to the outside world we probably don’t stand much of a chance,” Celtics Center Al Horford, who scored 20. “We’re at a low point as a group, I guess that’s the reality. We’ll have to bring that fight to them on Wednesday.” AP

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Business

C2 Wednesday, May 8, 2019

LADIES, MEN OF TOUR CLASH IN SPLENDIDO

3 cars for aces at Forest Hills

BEVY of hole-in-one prizes—headlined by three cars—will be at stake in the 2019 Invitational of the Forest Hills Golf and Country Club which fires off on May 23 in Antipolo City. Three cars, one each from title sponsor Mazda Pasig—ANC Group, GAC Motors and Diamond Motors (Mitsubishi)—await the ace makers of the four-day tournament. Also at stake are Europe and Dubai tickets from Emirates, Australia ticket from Cebu Pacific, P250,000 cash from Taishan and Forest Hills, and Texas Eagle cart from Turf Co. Completing the line-up of items are GPS Tracker from Silicon Computers, Cobra F7 iron set with Puma bag from J-Ten Sports, according to Club Chairman Ferdinand T. Santos. “Aside from those mentioned, each player will receive a green fee voucher from Luisita Golf Club and a gift certificate from Elm’s Kapihan,” Santos said. Golforce Inc., Megaforce Security, City Advertising Ventures and Escala Tagaytay are presenting the event with Primer Group, the BusinessMirror and KLIO International. Cherrylume/Mileage Asia Corp., Fatima University Medical Center, CDO Foodsphere, YSA Skin Care Corp. and Mizuno are the silver sponsors.

Corpus, Barro lead jr am cast

ARL CORPUS and Laia Barro aim for top finish as they banner the early roster in the Philippine Junior Amateur Golf Championship (Match Play) slated May 14 to 18 at the Riviera Golf Club’s Langer course in Silang, Cavite. Corpus seeks to complete an unfinished business last year that saw him rule the Philippine Amateur Open match play tilt but settle for second in this event featuring the country’s leading and rising players in the ranks. But he expects a tough outing against a field teeming with talent, led by Leandro Bagtas, Paolo Barro, Joaquin Gomez, Josh Jorge, Masaichi Otake, Sean Ramos and Francis Lanuza. Registration for the five-day event serving as part of the PLDT Group National Amateur Tour is ongoing with the deadline for registration set on Friday at 12 noon. Fees are pegged at P3,000 for the Championship Division (boys and girls) and P2,000 for those vying in Special Division (boys and girls). For details, call the organizing National Golf Association of the Philippines at (02) 7065926 or e-mail ngap2009handicap@yahoo. com or Riviera Golf Club at 888-9089/09569366634. Barro, on the other hand, leads the early list of players in the girls’ side that includes Laurea Duque, Sofia Legaspi and Mariel Tee with Rianne Malixi, winner of NGAP’s Phl Junior Amateur stroke play and Phl Amateur Open match play, also expected to join and shoot for her third victory in the season. Others vying the boys’ division of the event sponsored by the MVP Sports Foundation, Cignal and Metro Pacific, are Zach Castro, Alexi Garzon, Korean Jung Jae Hyun, Santino Laurel, Lee Sang Min, Pierre Ticzon and Joachim Yu.

MARVI MONSALVE and Chihiro Ikeda showcase their skills in the Delimondo National Pro-Am.

top amateur Josh Jorge, and Villacencio will now team up with Roger Dale in the 54-hole tournament sponsored by Delimondo. Uy and Etter, on the other hand, try to anchor a team for the first time with the former, a one-time Junior World champion, launching her bid with brother Lanz, and the latter, who, as an amateur, placed second last year in a tandem with Jet Mathay, now pins her hopes with Joey Solis in the tournament put up by the International Container Terminal Services Inc. (ICTSI) to likewise showcase the amateurs’ talent and skills, and help prepare them for the big league. While the male pros will use the black tee markers, the lady pros will tee off from the white tees. That should make the P2.7 million event doubly interesting with the rolling, wind-swept and hazard-laden layout providing a true test for the 106-team field under the alternate shot format. The top 40 teams after 36 holes of stroke play will advance to the final round with

the pro champion set to pocket P500,000, and the amateur winner to receive merchandise and gifts. For details, call Jocelyn Duque at 0918-9515308 or at jocelynduque@pgt.ph. The lady pros should come into the event in top form, having competed in a series of tournaments in the LPGT with Uy placing second, Ikeda finishing joint fifth and Monsalve ending up seventh in the Royal Northwoods Classic two weeks ago. But they will be up against the leading campaigners in the PGT, headed by multi-titled Jhonnel Ababa, Jay Bayron, Zanieboy Gialon, Tony Lascuña and Elmer Salvador. Ababa will team up with Bobby Iñigo, Bayron with Mon Salazar, Gialon with Ian Dagatan, Lascuña with Moulay Rhounimi and Salvador with Oliver Gan. Tonlits Asistio and Judson Eustaquio, meanwhile, seek to reclaim the crown they won in 2017 but yielded with a joint ninth place finish last year won by the absentee tandem of Jobim Carlos and DJ Padilla. Meanwhile, at least six lady amateurs are also vying in the event, including Annyka Cayabyab, who will play alongside Nico Evangelista, Mariel Tee (with Cookie La’O), Marianne Bustos (with James Ryan Lam), Bernice Olivarez-Ilas (with Rafael Parra), Nicole Abelar (with Marcos Pastor) and Sunshine Zhang (with Dino Villanueva).

TRUMP AWARDS WOODS HIGHEST CIVILIAN HONORS W

ASHINGTON—President Donald J. Trump awarded golfer Tiger Woods the nation’s highest civilian honor on Monday, describing the 43-year-old as a “true legend” who transformed golf and then fought through years of injury to return to the sport’s summit. Trump awarded Woods with the Presidential Medal of Freedom. He’s the fourth golfer to earn that distinction and certainly the youngest. While Woods dominated the sport for more than a decade, he won his first major in nearly 11 years at last month’s Masters Tournament, a comeback that captivated the sporting world. “Tiger was back on top,” Trump declared during the Rose Garden ceremony. If there were a Mount Rushmore for golfers, Woods would almost certainly be on it. He ranks second in Professional Golfers Association (PGA) Tour wins and in major tournament victories. But the president’s decision to award the nation’s highest civilian honor to Woods also raised scrutiny about whether the president

PRESIDENT Donald J. Trump describes Tiger Woods as a “true legend” who transformed golf and then fought through years of injury to return to the sport’s summit. AP

Jopson lifts Filipino pride in North Pole

ADIES Philippine Golf Tour (LPGT) campaigners Marvi Monsalve, Chihiro Ikeda, Gretchen Villacencio, Daniella Uy and Alex Etter get the chance to slug it out with the men of the tour, all hoping to draw the best from their respective amateur partners in the Delimondo National Pro-Am unfolding on Thursday at the Splendido Taal Golf Club in Laurel, Batangas. Monsalve, who tied for 13th last year with amateur standout Mikha Fortuna, has tapped a new partner in Laia Barro, one of the mainstays of Team The Country Club, while Ikeda has linked up with

OYETTE JOPSON became the first Filipino to finish the grueling FWD 78 North Marathon last April 16 near the North Pole. A triathlete and financial wealth officer by profession, Jopson told a press conference on Tuesday at the Manila House at the Bonifacio Global City that running—and topping— the subzero race is beyond her wildest imagination. Being the first Filipino to accomplish

should be boosting the profile of a business associate of The Trump Organization. Trump understood the importance of Woods comeback to golf and its fans, tweeting shortly after the Masters win that he was awarding Woods the medal because of his “incredible Success & Comeback in Sports [Golf] and, more importantly, LIFE.” Trump has been using Woods’ cachet to attract fans to his properties for decades. Trump got Woods to show up at his Taj Mahal casino in Atlantic City, New Jersey, a day after the golfer’s first Masters victory in 1997. The place was mobbed. Two thousand fans showed up as Woods walked down a 320-foot red carpet, some of them storming steel barricades to get a closer look. Trump has also struck business deals with Woods. Golfers at Trump’s club in Doral, Florida, can stay at the Tiger Woods Villa. At a ribbon cutting ceremony in 2014, Woods lavished praise on the future presidential candidate, calling changes he made to the club “phenomenal.” In Dubai, Woods designed an 18hole course to be managed by The Trump Organization. Ethics officials have criticized Trump for not selling off his assets completely and holding the money in a blind trust. Instead, he set up a trust to hold his assets, handed day-to-day management responsibilities to two sons and hired an ethics lawyer to vet business deals. Trump can draw money from the trust and can benefit if his properties increase in value. “You have to ask whether it’s his true belief Tiger Woods deserves this award or whether he’s doing it to help his business,” said Jordan Libowitz, communications director at Citizens for Responsibility and Ethics in Washington, a left-leaning public policy group. Christopher Devine, an associate professor of political science at the University of Dayton, said Trump may have a business angle, but when he stacks up Woods’s

accomplishments against other recipients, he believes Woods deserves it. “If President Obama or Hillary Clinton had given the award to Tiger, no one would have batted an eye,” said Devine, who has studied the history of the award, established in 1963. President George W. Bush presented the Medal of Freedom to Arnold Palmer and Jack Nicklaus. Obama presented it to Charlie Sifford, sometimes referred to as the “Jackie Robinson of golf.” Woods noted that he named his son after Sifford. “He was like the grandpa I never had,” Woods recalled. Devine also noted that previous presidents have presented the award to supporters and political donors. For example, Obama awarded the Medal of Freedom to Bruce Springsteen, who performed in concerts to support Obama’s election efforts. He also awarded it to his vice president, Joe Biden. Woods was joined at the ceremony by his mother, Kutilda; daughter, Sam Alexis, 11; son, Charlie Axel, 10; and girlfriend Erica Herman. Woods’s father, Earl, passed away more than a decade ago. Woods’s longtime caddie, Joe LaCava, also attended. Woods became emotional as he spoke of his parents, and he thanked those who have supported him over the years, saying, “You’ve seen the good and bad, the highs and lows, and I would not be in this position without all of your help.” The Presidential Medal of Freedom is given to individuals who have made “especially meritorious contributions to the security or national interests of the United States, to world peace, or to cultural or other significant public or private endeavors,” according to the White House. Presidents have complete discretion over whom they honor with the medal. Some athletes and sports champions have resisted visiting the Trump White House because of their differences with the president. Rick Reilly, who wrote a book about Trump’s golfing entitled Commander in Cheat, said Woods has brought golf to people of color all over the world, while Trump has promoted it as a sport for the rich. He said Woods has not been one to take stands on political issues, but should have declined the award in this case. “I can see how it would be hard to resist, but I still think it’s hypocritical to do it,” Reilly said. AP

such task makes it more special for Jopson. “The whole journey was incredible, to be chosen to represent the country is truly an honor,” Jopson said. “Having to train in the tropics and race on ice in subzero condition was really an amazing experience.” Jopson is not new to tough competitions—she topped the 2016 Ironman 70.3 Philippines Elite category, clocking four hours, 10 minutes and 59

seconds in the 42-kilometer race to also finish third overall. FWD backed Jopson’s campaign along with other extreme athletes from Hong Kong, Singapore, Japan, Vietnam and Thailand. The race was held in Longyearbyen, which is part of the Arctic Circle. FWD brought the runners to extreme winter conditions, with all the participants hoping to conquer the course

PETRA KVITOVA is the most successful women’s player in the tournament with 28 wins and six losses.

Defending champ Kvitova outlasts French in Madrid Open netfest

ADRID—Defending champion Petra Kvitova defeated Kristina Mladenovic, 6-3, 7-6 (5), to reach the third round of the Madrid Open on Monday. The second-seeded Kvitova outlasted Mladenovic by winning the last three points in the tiebreaker to close out the match in nearly two hours. “I’m glad I won the tiebreak. That is my kind of issue sometimes, but overall it was pretty tight,” said Kvitova, who is seeking her fourth Madrid Open title. “I fought hard in the end.” She was in control until losing her serve midway through the second set, letting the French qualifier back into the match. “Those two games when I was down 5-4 and 6-5 was very intense on my serve and I’m glad I didn’t give her the chance, which was my strength, I think,” Kvitova said. Kvitova had seven aces at the “Magic Box” center court en route to her eighth straight win in Madrid. She is the most successful women’s player in the tournament with 28 wins and six losses. Her other titles in the Spanish capital came in 2011 and 2015.

NM Roque tops Open category in Cebu chessfest set over ice and paved roads. FWD Philippine President and Chief Executive Peter Grimes knew that Jopson was a perfect representation of the country’s character of courage. “Her experience as a triathlete and her sheer determination to succeed despite the challenges along the way makes her the perfect representative for the Philippines,” Grimes said. Ramon Rafael Bonilla

Mladenovic was the runner-up in Madrid in 2017. Kvitova will next face wild card Sorana Cirstea or former No. 4 Caroline Garcia. In other second round matches, seventh-seeded Kiki Bertens defeated Jelena Ostapenko, 6-4, 6-3, to stay on track to make it to her second straight final in Madrid, while eighth-seeded Sloane Stephens got past Victoria Azarenka, 6-4, 2-6, 6-2. Ashleigh Barty needed three sets to beat Danielle Collins. On the men’s side, Marin Cilic beat Martin Klizan, 6-4, 2-6, 7-6 (0), while Karen Khachanov edged Jaume Munar, 6-4, 6-7 (5), 6-3. Gael Monfils defeated Andreas Seppi, 6-3, 6-1, and Richard Gasquet ousted Alejandro Davidovich Fokina to set up a second-round matchup against Roger Federer, who is making his return to clay-court tournaments after two seasons. Three Americans advanced to the second round: Frances Tiafoe beat Nikoloz Basilashvili in three sets, Taylor Fritz got past Grigor Dimitrov in two tiebreakers and Reilly Opelka defeated Pablo Carreno Busta 7-6 (5), 6-4. Fritz will face top-seeded Novak Djokovic on Tuesday. AP

ATIONAL Master Merben Roque tallied 6.0 points in seven rounds to rule the Open division of the Second Glicerio “Asing” Badilles Memorial Chess Tournament held over the weekend at the Gaisano Town Center in Moalboal, Cebu. Joselito Loquez placed second with 5.5 points and Allan Salientes was third with 5.0 points. Jerry Badilles, meanwhile, topped the category for local players with 5.5 points followed by Ninovic Cantila and Vivencio Delgano who both scored 5.0 points. Reduard Contaoi dominated the Kiddies division with 5.0 points. Don Chloe Tigley also finished with 5.0 points but was relegated to second place after the tie-break was applied. Carlo Gutang (4.5) was third. The seven-round Swiss system tournament was organized by Poblacion East Moalboal Barangay Captain Julius Tarongoy and Jun Sandalo in honor of the former Chess Olympian.

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Wednesday, May 8, 2019 C3

AGNOLIA tries to move closer to clinching the all-Filipino trophy when it guns for a 3-1 lead against San Miguel Beer in Game Four of their Philippine Basketball Association Philippine Cup best-ofseven Finals series on Wednesday at the Smart Araneta Coliseum. The Hotshots booked a masterful 86-82 win in Game Three on Sunday to turn the momentum in their favor. In the Philippine Cup last year, Magnolia also won the series-opener but lost steam and bowed four straight times to hand San Miguel its fourth straight all-Filipino trophy. San Miguel fought back in Game Two for a 108-101 victory, but the Hotshots learned their lessons and took Game Three to break the memory of their misfortune last season and lead the series, 2-1. The Governors’ Cup champion Hotshots and the reigning titlists clash at 7 p.m. Mark Barroca led the assault for Magnolia with 22 points, while Ian Sangalang and Rafi Reavis hung tough against June Mar Fajardo, and tallied 17 and 16 points, respectively.

MARC BARROCA and Ian Sangalang are again expected to provide the ammo for the Hotshots.

FALCONS CLOBBER GENERALS F

By Rick Olivares

LASHING stifling defense and startling depth, Adamson University beat Emilio Aguinaldo College (EAC), 89-65, in the Filoil Flying V Preseason Cup on Tuesday at the Filoil Flying V Centre in San Juan. EAC led in the early goings, 13-8, behind the sorties of JP Maguliano, Marwin Taywan and Renz Gonzalez. But Adamson University’s Papi Sarr and rookie AP Manlapaz each scored four points in an eight-point swing to take the lead, 17-15. After two lead changes, the Falcons took a 21-19 advantage after the first period. EAC continued to play tough defense and forced Adamson University to three 24-second shot-clock violations. The Generals—when they went to their bench—struggled with shots. A turnover by Phillip Martin and two missed free throws by point guard CJ Cadua further hurt when Jerrick Ahanmisi converted on a lay-up and a triple. What was a two-point deficit had ballooned to nine and eventually 14 when blue-chip recruit, Arron Fermin, out of Arellano University, exploded for 10 straight points including two triples for a 40-26 count. The Soaring Falcons led by as many as 34 points, 71-37. Aaron Fermin topscored for the Falcons with 21 points with Ahanmisi adding 17, including three triples. Manlapaz notched 12 while Papi Sarr added 11 points. “I think that when Aaron gets in real game shape he will be able to contribute more,” noted Adamson University Head Coach Franz Pumaren, who is in his fourth year at the helm of the San Marcelino-based squad. “We also shuffled our lineup to see how we respond to certain situations,” Pumaren said. “We started our camp only April 9 and we still have a long way to go.” Marwin Taywan was the only General in double digits with 10 points. In the Juniors Division, Lyceum of the Philippines University engaged Adamson University in a three-point shootout in the fourth period before prevailing, 90-83. Lyceum knocked down four triples in the payoff quarter with Yuki Omandac accounting for three straight triples with the last coming at the 4:36 mark that gave the Junior Pirates a 77-74 lead. Adamson University, however, kept in step and fired six triples of its own. John Barba scored a game-high 35 points for Lyceum, while Edzel Montano added 16. Yuki Omandac accounted for 15, and Mac Guadaña chipped in 13 including six assists. Adamson University’s sensational 16-year-old rookie Matt Erolon, out of Dumaguete, scored 22 points with six triples. JP Timbancaya added 14 while Carl Miranda tossed in 11. University of Perpetual Help defeated Jose Rizal University, 74-67, in the other juniors game and De La Salle Zobel turned back San Beda, 53-25, in an 11-under duel.

MAGNOLIA EYES

3-1 LEAD VS. SMB “We keep on believing that we can survive,” Hotshots Head Coach Chito Victolero said. “It’s all about the mental toughness of this team.” “Hopefully we can sustain this in the series,” he added. Sticking to their game plan of relentless defense in all four quarters, Magnolia maimed San Miguel’s offense and limited the Beermen to below 100 points. It worked with Sangalang and Reavis locking down on Fajardo, who bled for his 17 points. Arwind Santos tried to rescue the Beermen and registered 19 points, but his effort, along with Terrence Romeo’s 15 points, went to waste as Magnolia’s defense in the waning moments didn’t waver when San Miguel tried to sway the result.

San Miguel Head Coach Leo Austria also pointed his wards’ poor shooting in Game Three. The Beermen only shot 28 of 85, or only 32 percent from the field, compared to the slightly better shooting clip of the Hotshots at 36 percent. Magnolia controlled the boards, 71-46, 28 of which were offensive rebounds that gifted the team 22 second chance points. These numbers worried Austria as they scramble to find answers for Game Four. “They defended our big men, we’re also not able to shoot from the perimeter,” Austria said. Chris Ross struggled with seven points on a two of 10 shooting, same with Marcio Lassiter who only chipped in six points in a two of nine clip. Ramon Rafael Bonilla

DUTERTE ORDERS RELEASE OF 30TH SEA GAMES FUNDS P By Bernadette D. Nicolas

RESIDENT Duterte has directed the release of funds for the country’s hosting of the 30th Southeast Asian Games (SEA Games). Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said the order was given by the President on Monday night’s Cabinet meeting attended by Philippine Southeast Asian Games Organizing Committee (Phisgoc) Chairman Alan Peter Cayetano. Panelo said Cayetano also raised the political issues surrounding the SEA Games hosting and was asked whether the President will step in any time or issue an executive order to resolve the issues surrounding the SEA Games hosting, including the legality of the organizing committee. “That is already okay because the President has already issued a directive to release the funds needed,” Panelo said. It is not yet clear though how much was authorized to be released but Cayetano has since said

HOWING the Filipinos’ world-class hospitality is one thing, and winning the overall championship in the coming 30th Southeast Asian Games is another. While he expects Filipinos to be gracious hosts during the 11-day sports extravaganza, Rep. Mikee Romero is calling on all national athletes to train as hard as possible and play their hearts out during the competitions to have a bigger chance of winning the overall championship. “We can achieve a SEAG double if we will win also the overall championship for the first time since 2005,” Romero said. “With the way our officials are doing their jobs I’m sure we will have a successful hosting of the biennial meet.” “That way we will have a double celebration,” said Romero, who was the godfather of the Philippine basketball team that won gold in the 2007 SEA Games in Ratchasima, Thailand. The last time the country hosted the region’s most awaited sporting event was in 2005, and the Filipino athletes stood tallest at the close of

Ateneo, FEU seek volley Finals berth

TENEO and Far Eastern University (FEU) clash in a sudden death on Wednesday to determine which gets to face University of Santo Tomas (UST) in the University Athletics Association of the Philippines Season 81 women’s volleyball Finals. The fourth-seeded Lady Tamaraws negated the twice-to-beat advantage of their foes when they stunned the top-seeded Lady Eagles, 10-25, 25-23, 25-22,12-25,15-8, on Saturday to force a rubber match. The knockout match is set set at 3:30 p.m. at the Filoil Flying V Centre in San Juan City. UST locked in the Finals through a thrilling 25-19, 25-19, 20-25, 23-25, 15-10 victory over dethroned titlist De La Salle on Sunday. The Lady Eagles topped the eliminations with a 12-2 won-loss record for a twice-to-beat bonus in the semifinals. But that didn’t matter as FEU had other plans and played solid ball the entire match. Heather Guino-o tallied 17 points on eight kills, four blocks and five aces, while Jeanette Villareal added 10 points for FEU. Lady Tamaraws Head Coach George Pascua told his wards to stay focused despite the huge momentum they gained over the Lady Eagles. Ramon Rafael Bonilla

that the approved budget from the Department of Budget Management is P5 billion—even though the proposed budget for the hosting by the Phisgoc was P7.5 billion. Because the P5 billion allocated for the SEAG hosting is short of Phisgoc’s estimated cost, Cayetano was earlier quoted in reports as claiming that the DBM had expressed willingness to give another P500 million. He also earlier said the Department of Public Works and Highways has also committed P300 million. Nonetheless, the Phisgoc reported that the SEA Games-related construction will be completed by end-August. The country will host 56 sports and 528 events to more than 10,000 athletes, and more than 1,000 international and local media during the November 30 to December 11 Games. The Games will be held in various venues in Luzon—San Juan (La Union), Clark, Subic, Metro Manila and Tagaytay City.

PRESIDENT Duterte finally orders the release of the funds for the hosting of the games set from November 30 to December 11.

PHL athletes urged to go all out in biennial games the competitions after winning 113 gold medals, 26 better than Thailand. The owner of NorthPort team in the Philippine Basketball Association, Romero is also the chairman of the country’s biggest polo association, which is out to contribute at least three gold medals to the

country’s cause in the SEA Games. Romero also lauded the move of the Philippine SEA Games Organizing Committee for launching the volunteer program, noting that it will greatly help foreign athletes, coaches and spectators. The volunteers will be deployed

in various venues in Tarlac, Subic, Bulacan, La Union, Tagaytay and Manila. “Let us embrace the bayanihan spirit so that they will know how gracious we are as hosts,” said Romero, who headed the shooting team to the London Games in 2012.

P.O.C.-MAX’S OLYMPICS CAMPAIGN

The Philippine Olympic Committee (POC) and Max’s Group Inc. seal an agreement called Go All In for Gold for the country’s campaign in the Tokyo 2020 Olympics. Shown above are (from left) Max’s Group Inc. Directors Cristina Trota-Gacia, Carolyn Trota-Salud, Dave Fuentebella, Jim Fuentebella, and President and CEO Robert Trota; and POC President Ricky Vargas, Secretary-General Patrick Gregorio, Communications Director Ed Picson, Head of Marketing Dinah Remolacio and General Manager Arturo Aro. ROY DOMINGO

ETRON will still be a strong force to be reckoned with when it competes in the Philippine Superliga All-Filipino Conference next month. Shortly after successfully defending their Grand Prix title, Head Coach Shaq de los Santos declared they still have enough talent to fill the void to be left by Stephanie Niemer, Katherine Bell and Princess Gaiser. Niemer and Bell were instrumental to the Blaze Spikers’ Grand Prix success. The dynamic duo emerged as the league’s most explosive imports with Niemer being hailed as Most Valuable Player and Bell as Best Outside Spiker. Gaiser is tipped to quit volleyball to chase her dream of becoming a doctor. They will be replaced by Far Eastern University libero Buding Duremdes and open spiker Chin Basas, as well as University of Santo Tomas ace Sisi Rondina. The three, however, are still competing for their respective schools in the playoffs of the 81st

AL MENDOZA alsol47@yahoo.com

THAT’S ALL

June Mar’s atonement tonight? WAS Rafi Reavis the main San Miguel Beer problem in Game Three? It would appear that way. Reavis reaped praise from a public that quickly applauds heroism the minute it sees one. And why not? Reavis scored 16 points and grabbed 10 rebounds in a Sunday show seemingly designed this time for a Magnolia theater. That was a double-double dig that could not have possibly come from a player deemed a senior citizen already in the nation’s No. 1 basketball league. Add the fact that Reavis reduced the firepower of June Mar Fajardo, San Miguel’s bulwark of domination. But, uppps, in fairness, Reavis had partnered with Ian Sangalang in muffling Fajardo’s guns in Game Three. After firing 35 points in a San Miguel Game Two victory that evened the best-of-seven series in the Philippine Basketball Association (PBA) Philippine Cup Finals at 1-1, Fajardo was limited to just 17 points in Game Three. And Reavis was chiefly responsible for Fajardo’s huge dip in points-production, triggering an 86-82 Magnolia victory and a psychological 2-1 edge going to tonight’s Game Four. Who said 41 makes one an old fogey in the PBA? A 17-year veteran with 11 crowns across his name, Reavis seems to get better with age—as in vintage wine. If there’s one shaming that stood out in San Miguel’s Sunday loss, it was Reavis’s containment of Fajardo. Palpably outplayed and defanged in Game Three, Fajardo has to rebound tonight if only to prove that he is worthy of receiving yet again a record sixth Best Player of the Conference award shortly. In one sense, his towering stature has been the sorry state that Fajardo finds himself in—by a tweak of nature. At 6-foot-10 (his mother swears he is 6-foot11), Fajardo is tied to a throne—fate’s cruel gift as seen by vodoo-wodoo practitioners. So that, if he misplays his role of destiny, he gets crucified. His being the league’s genuine man mountain can be more of a deadweight than a passport to fame and glory. In only his first six years in the league, Fajardo has already won a record five MVP plums. Did he throw those away with his lackluster peformance in Game Three? I say lackluster because how can a scarred, weary and skinny 41-year-old impose his will on a 29-year-old strongman that is, admittedly, the PBA’s only certified giant both in bulk and height in a league of lilliputians? Thus, if there’s atonement to be done tonight, it can only be through Fajardo’s authorship. Sorry, but it’s another assigned role that Fajardo just can’t shy away from. Like SpiderMan, the friendly guy in the neighborhood. Can Reavis rev it up again? THAT’S IT If only for the record, SMB Coach Leo Austria is gunning for his seventh PBA crown in nine conferences, and Magnolia mentor Chito Victolero second straight title after winning the Governors’ Cup, the PBA’s third and last conference in 2018. In their duel for the PBA Philippine Cup last year, Austria’s Beermen prevailed, 4-1.

Petron remains strong force in future tourneys VOLLEYBALL players and officials grace the forum on Tuesday. They are (from left) Marinerang Pilipina’s Seth Rodriguez, Ronald Dulay, Jed Montero and Chiara Permetilla,Superliga President Dr. Ian Laurel and Petron’s Shaq de los Santos, Mika Reyes, Remy Palma and Rhea Dimaculangan. ROY DOMINGO

University Athletic Association of the Philippines women’s volleyball tournament. “Actually, we already have a list of players to add. These players are just ‘simple’ players,” said de los Santos during the weekly Philippine

Sportswriters Association Forum at the Amelie Hotel-Manila on Tuesday. “Sisi Rondina, Buding Duremdes and Chin Basas are already on our list. We will activate them in the All-Filipino,” de los Santos added.

Also gracing the forum presented by San Miguel Corp., Tapa King, Amelie Hotel and the Philippine Amusement and Gaming Corp. were members of Marinerang Pilipina, a team that is set to debut next conference.

INTL FEDERATIONS RAISE TOKYO 2020 CONCERNS I

NTERNATIONAL federations have urged Tokyo 2020 to find solutions to address concerns over the sport presentation and transportation plans for next year’s Olympic Games. The two areas were among the key concerns during the General Assembly of the Association of Summer Olympic International Federation (ASOIF) in Gold Coast, Australia. World Sailing chief executive Andy Hunt had led criticism of preparations at last year’s General Assembly in Bangkok. While admitting that improvements had been made, Hunt stressed several areas still required solutions over operational readiness, accommodation and provisions for athletes at venues. “Some of the issues I raised have been resolved, but 12 months on key issues remain open,” he told the General Assembly. “Firstly, operational readiness of the Organizing Committee for the both the test events and the Olympic Games, given that in many cases the test events are being delivered by third parties and not the Organizing Committee.” “We are concerned as to how you will gain any delivery expertise this year, when you have outsourced the delivery of the test events to third-party agencies,” he said. “Additionally, the lines of accountability between the Organizing Committee and the agencies do not appear to be clear. “Accommodation remains a major concern, the hotels appear overpriced and Tokyo 2020 do not appear to have secured enough reasonably priced accommodation, particularly in satellite venues. “We are also extremely concerned about the service levels being proposed for athletes at venues. “For example in sailing, not hot food for the athletes in the venues, a lack of shade and water provision and medical services not matching athlete needs. These matters need to be urgently addressed and rethought.” Hunt’s concerns over the cost of accommodation were reiterated by the International Triathlon Union, which was among a group of world governing bodies to express concerns over sport presentation at the Games. ASOIF Executive Director Andrew Ryan had outlined that Federations had been impacted by “massive budget cuts over the look of the Games”. He warned that outdoor sports could be particularly impacted by the cuts of up to 80 percent of the budget for sport presentation. The International Judo Federation revealed they had approved a brand identity for the Games in January, but the proposal had since been changed. “What we have received now is less than a third, and it is shockingly poor,” Larisa Kiss, director of the IJF Presidential office, told the meeting. “We understand the budget cuts, but we find this slightly exaggerated, and we do not want to be in the same situation as Rio 2016 when the look was quite cheap.” International Tennis Federation Chief Operating Officer Kelly Fairweather urged organizers not to view sport presentation as a cost. “The spectator experience is so, so important,” Fairweather said. “I would urge you not to look at this as a cost. You spend all this money on construction and getting the Games ready, then cut budgets at the last minute. Tokyo 2020 was requested to have more collaboration with international federations and not adopt a one size fits all policy for sport presentation, due to their individual needs. “We have counted on the assistance of the Tokyo Metropolitan Government,” said Hide Nakamura, Tokyo 2020 Games delivery officer. “Because of some restrictions, we now cannot count on their money. In addition, some of our

Sports

| Wednesday, May 8, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

INTERNATIONAL Olympic Committee Sports Director Kit McConnell warns there’s a need for Tokyo 2020 to become very clear on their “issue-resolution processes” after International Federations complained about cuts to event presentation.

organizing committee think of it just as a decoration. But we understand it is not just a decoration but a very important part of the Games.” “We will have discussions with the Tokyo Metropolitan Government and IOC [International Olympic Committee] to discuss the look of the Games,” he said. “We have always been an athlete-first Games. We ensure the service level for the athletes.” Tokyo 2020 also acknowledged not everyone in their Organizing Committee had experience of staging sport events and promised they were working to integrate international staff to aid the process. IOC Sports Director Kit McConnell warned there was a need for Tokyo 2020 to become very clear on their “issue-resolution processes” and use the processes to escalate issues when necessary. Organizers revealed special task forces had been established to handle heat counter measures and transport. Tokyo 2020 is set to conduct transport and traffic tests this summer in collaboration with the Tokyo Metropolitan Government. Some International Federations have seen their venue capacities reduced in order to ease the flow of transport throughout the Japanese capital during next year’s Games. Insidethegames

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US Soccer denies gender discrimination charges

BACKED BY GB’S RICHEST MAN, KIPCHOGE EYES SUB-2-HR RUN O

XFORD, England—Eliud Kipchoge has funding from Britain’s richest man for a bid to break the two-hour marathon barrier later this year. The fastest marathon runner of all time announced plans for the record attempt during a visit to the track in Oxford where Roger Bannister ran the first sub-four-minute mile 65 years ago on Monday. “I want to unlock that thought that there are limitations in the human being,” Kipchoge told The Associated Press at the Iffley Road track. “There are no barriers when you believe in yourself and try and trust in what you are doing.” The 34-year-old Olympic champion has gained the trust of Jim Ratcliffe, who founded chemicals group Ineos and is estimated by London-based Sunday Times Rich List to be worth £21 billion ($28 billion). Ratcliffe spent the London Marathon earlier this month in the pace car watching Kipchoge win the event for a record fourth time. London is where Ratcliffe hopes the Kenyan runner will in September or October be lowering his world-record marathon time of two hours, one minute and 39 seconds—set in Berlin in September—to under two hours. Kipchoge made an attempt at the Monza motor racing circuit in Italy in May 2017, falling 26 seconds short across 26.2 miles (42.2 kilometers) around an oval track in a time not sanctioned by the International Association of Athletics Federations, because of variables such as pacers entering mid-race and drinks being given to runners via mopeds. This time a parklands circuit could be favored over a road circuit because Ratcliffe anticipates needing dates in London on three consecutive weekends being set aside to ensure the conditions are optimal for Kipchoge. “If we have it in London it would need to be an iconic location that fulfils the performance criteria that’s flat and has a good surface,” Ratcliffe said after posing with Kipchoge in front of a clock that read “1:59.00.” According to Ratciffle’s vision, the ideal situation for the attempt would involve a circuit of 2 to 3 kilometers, and a crowd. “It’s one of those great challenges in the sporting world to try and break two hours,” for the marathon, Ratcliffe told the AP. “If he does succeed it’ll be very inspirational for people. He’s the finest marathon runner the

world has ever produced and I think he’s still getting better.” This is the latest foray into sports for Ratcliffe, who has taken over the Team Sky cycling outfit and renamed it after Ineos. “We worked for 25-30 years in business, and it’s quite successful,” Ratcliffe said. “We can afford to do this, and why shouldn’t we really? We’re putting a modest amount in our terms into sport. I think they are good endeavors. We enjoy it and we can.” MARATHON world-record holder Kenya’s Eliud Kipchoge and Britain’s richest person Jim Ratcliffe pose for photographers next to an image of British athlete Roger Bannister, who in 1954 ran to become the first person ever to break the fourminute-mile barrier, at the Iffley Road Track, in Oxford, England, on Tuesday. AP

There is also a risk. Ratcliffe said he has conducted due diligence into the athletes he is now funding in cycling and athletics—two sports that have grappled with doping issues. “We probe quite deeply into that,” Ratcliffe said. “I have no interest in cheating.” Neither does Kipchoge. “This is the time to prove to the whole world that you can run in a positive way,” Kipchoge said, “and in a clean way and actually make history.” AP

THE United States’s Allie Long (20) blocks Mexico’s Renae Cuellar’s (21) path to the goal during the second half of their international friendly in April last year in Jacksonville, Florida. AP

HE US Soccer Federation (USSF) has formally denied allegations of gender discrimination made by players of the US women’s national team. Twenty-eight members of the current women’s player pool filed the lawsuit on March 8 in US District Court in Los Angeles under the Equal Pay Act and Title VII of the Civil Rights Act, alleging “institutionalized gender discrimination” that includes unequal pay with their counterparts on the men’s national team. The USSF filed its answer on Monday, about one month before the Women’s World Cup. The USSF claims every decision made “with respect to the conduct alleged in the complaint was for legitimate business reasons and not for any discriminatory or other unlawful purpose.” The federation has maintained the differences in pay are the result of different collective bargaining agreements that establish distinct pay structures for the two teams. Those agreements are not public. US Soccer also maintained in the response that any alleged differences in pay between the men’s and women’s national teams were not based on gender, but “differences in the aggregate revenue generated by the different teams and/or any other factor other than sex.” “There is no legal basis for USSF’s claim that it is anything other than a single employer operating both the men’s and women’s teams—who face drastically unequal conditions and pay under their shared employer, said Molly Levinson, a spokeswoman for the national team players who filed the lawsuit. “The USSF cannot justify its violation of the Equal Pay Act and Title VII by pointing to the teams’ separate collective bargaining agreements or any factor other than sex. Even as the most decorated American soccer team in history, USSF treats the women’s team as ‘lessthan’ equal compared to their male colleagues. We look forward to a trial next year after the World Cup.” The USSF and the women’s team agreed in April 2017 to a collective bargaining agreement through 2021 that gave the players higher pay and better benefits. The federation claims the allegations do not rise to the level required for punitive damages because there is no evidence of malicious, reckless or fraudulent intent to deny the players their rights. The lawsuit brought by current national team players is an escalation of a long-simmering dispute over pay and treatment. Five players filed a complaint in 2016 with the US Equal Employment Opportunity Commission that alleged wage discrimination by the federation. The lawsuit effectively ended that EEOC complaint. AP

God of the cosmos

EAR God, in Your wisdom You have created all things good. Awed by the majesty of life we sing our praise: God of salvation, hear our prayer. Inspire theologians, scripture scholars, religion teachers and preachers to their proclamation of Your word. Lead pregnant women to find the health care and support they need. Rescue children who are abused, youth at risk, neglected or orphaned. May God animate our hearts to sing with inexpressible delight the praises of the Lord, throughout time and eternity. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life

HARRY AND MEGHAN LOVE STORY TAKES NEW TURN: A BABY BOY D3

BusinessMirror

Wednesday, May 8, 2019

GCASH BREACHES 50K QR MERCHANT MARK

Facebook bans ‘dangerous individuals’ cited for hate speech

By BarBara ortUtay The Associated Press

AN FRANCISCO—After years of pressure to crack down on hate and bigotry, Facebook has banned Louis Farrakhan, Alex Jones and other extremists, saying they violated its ban on “dangerous individuals.” The company also removed right-wing personalities Paul Nehlen, Milo Yiannopoulos, Paul Joseph Watson and Laura Loomer, along with Jones’s site, Infowars, which often posts conspiracy theories. The latest bans apply to both Facebook’s main service and to Instagram, and extend to fan pages and other related accounts. Decried as censorship by several of those who got the ax, the move signals a renewed effort by the socialmedia giant to remove people and groups promoting objectionable material such as hate, racism and antiSemitism. Removing some of the best-known figures of the US political extreme takes away an important virtual megaphone that Facebook has provided the likes of Jones, Yiannopoulos and others over the years. But it does not address what might be done with lesser known figures and those who stay on the margins of what Facebook’s policies allow. Critics praised the move but said there is more to be done on both Facebook and Instagram. “We know that there are still white supremacists and other extremist figures who are actively using both platforms to spread their hatred and bigotry,” said Keegan Hankes, senior research analyst for the Southern Poverty Law Center, which tracks hate groups in the US. Dipayan Ghosh, a former Facebook executive and an Internet policy expert at Harvard, said the ban isn’t as big a step as Facebook appears to be painting it—it’s just enforcing its existing policy. “There will always be more purveyors of hate

speech that try to come on these platforms,” he said. “Will advocates have to push year after year just to get [a handful of] individuals off? At this rate it seems likely. And this doesn’t address the problem of what happens at the margins.” Facebook has previously suspended Jones from its flagship service temporarily; this suspension is permanent and includes Instagram. Twitter has also banned Loomer, Jones and Yiannopoulos, though Farrakhan, the leader of the Nation of Islam long known for provocative comments widely considered anti-Semitic, still had an account on Thursday. So did Watson, who rose to popularity as editor-at-large at Infowars and has nearly a million followers on the site. Facebook said the newly banned accounts violated its policy against dangerous individuals and organizations. The company says it has always banned people or groups that proclaim a violent or hateful mission, or are engaged in acts of hate or violence, regardless of political ideology. It added that when it bans someone under this policy, the company also prohibits anyone else from praising or supporting them. In this case, though, the company said people can speak positively about the six banned individuals as long as what they’re saying otherwise complies with Facebook policies. For years, social-media companies have been under pressure from civil-rights groups and other activists to clamp down on hate speech on their services. Following the deadly white nationalist protests in Charlottesville, Virginia, in 2017, Google, Facebook and PayPal began banishing extremist groups and individuals who identified as or supported white supremacists. A year later, widespread bans of Jones and Infowars reflected a more aggressive enforcement of policies against hate speech. But Facebook instituted only a 30-day suspension (though Twitter banned him

permanently). It is not clear what events led to Thursday’s announcement. In a statement, Facebook merely said, “The process for evaluating potential violators is extensive and it is what led us to our decision to remove these accounts today.” Last month, it extended its ban on hate speech to prohibit the promotion and support of white nationalism and white separatism. It had previously allowed such material even though it has long banned white supremacists. Asked to comment on the bans, Yiannopoulos e-mailed only “You’re next.” Jones reacted angrily on Thursday during a live stream of his show on his Infowars web site. “They didn’t just ban me. They just defamed us. Why did Zuckerberg even do this?” Jones said, referring to Facebook CEO Mark Zuckerberg. Jones called himself a victim of “racketeering” by “cartels.” “There’s a new world now, man, where they’re banning everybody and then they tell Congress nobody is getting banned,” he said. Watson, meanwhile, tweeted that he was not given a reason and that he “broke none of their rules.” “Hopefully, other prominent conservatives will speak out about me being banned, knowing that they are next if we don’t pressure the Trump administration to take action,” he wrote. Farrakhan, Nehlen and Loomer did not immediately return messages for comment. Harvard’s Ghosh said kicking off individuals with big followings, such as Jones, goes against Facebook’s commercial interest. “As soon as they kick Alex Jones or Laura Loomer off their platform, it immediately ticks of a huge number of people,” he said. n The Associated Press Writers Tali Arbel in New York and Michael Kunzelman in Silver Spring, Maryland, contributed to this story.

THE use of QR for mobile digital payments is very popular in various emerging and developed economies. In China, for example, mobile digital payments account for over half of the country’s total transaction volumes. In the Philippines, the use of the said technology is still in its nascent stage, and has yet to see an explosion in usage today. Despite this, GCash, operated by Globe Fintech Innovations Inc. (Mynt), sees the value of setting up as many QR-enabled merchants as possible, as it believes that the future of mobile digital payments lies on innovative technologies. “QR payments provide security and convenience to both merchants and their customers. Our thrust as a mobile wallet is to acquire as many merchant partners as possible—even micro-entrepreneurs such as taho vendors—to future-proof us from the expected boom in usage,” said JM Aujero, vice president for merchant solutions. Already, GCash has breached the 50,000 merchant mark in the first quarter of 2019, a huge milestone for the company that introduced this technology first in the Philippines in 2017. “We want to be as pervasive as our partner Ant Financial in China. QR is the future of payments, and we are committed to lead in this arena here in the Philippines,” he said. The QR technology of GCash is far reaching, spanning from Luzon to Visayas and down to Mindanao, including popular tourist destination Boracay. This particular technology is empowering micro, small, and medium enterprises (MSMEs) to adopt into the digital arena. Aside from giving them access to millions of customers, the QR payments solution of GCash allows merchants to enjoy auto-sweeping of their daily transactions into their account. It likewise provides a better performance evaluation of the business, as the system provides for QR transaction reports, which allows enterprises to study and analyze their transactions real time. Cash handling issues are also addressed through the QR payments system. GCash offers merchants no set up fees, a huge customer base, lower rates than most debit and credit cards, a chance for increased marketing, and access to periodic reports to oversee their business performance. “Merchants and social sellers can leverage on the ubiquity of GCash in the Philippines, as well as benefit from this simple, cost-effective and secure alternative to cash,” he said. GCash is embarking on a battle against cash to capture more users this year, and the need to increase the number of merchants in the GCash platform only continues to be more pronounced. The GCash QR payments solution, he explained, is supportive of the Bangko Sentral ng Pilipinas’s goal of reducing cash payments and increasing the share of noncash transactions to 20 percent of the total volume by 2020. “Our aggressive stance in fighting for more QR-enabled merchants stems from the fact that everyday, more and more GCash users onboard the platform. Use cases for QR payments also continue to sprout,” he said. “With Ant Financial as our partner, we are well-equipped to deliver the best QR experience in the Philippines. Ant Financial will also help us in strengthening our hold while massively scaling up our QR reach in the country,” he said.

BancNet enhances InstaPay with real-time payments technology BANCNET, the national clearing switch operator for InstaPay, a real-time retail payments system in the Philippines, will tap into Mastercard’s expertise and the next-generation real-time payments technology of Vocalink (a Mastercard company) to provide InstaPay users with improved services, better data capabilities and stronger security features. This partnership will enable BancNet to leapfrog several generations of payments technology and bring the country to the forefront of state-of-the-art innovations in account-based real-time payments. Mastercard will operate the infrastructure through a regional payments hub in the Asia-Pacific region using the leading-edge ISO 20022 messaging format, which streamlines communications across financial institutions, provides enhanced transaction data for mitigating risk, and facilitates compliance with regulatory requirements, among other purposes. With such an infrastructure, BancNet will be able to offer more seamless and secure

services to its members. The BancNet and Mastercard collaboration is expected to further propel the adoption of InstaPay. This initiative will support Bangko Sentral ng Pilipinas and the payments industry’s shared vision of accelerating digital payments to 20 percent of all payment transactions in the country by 2020. Cezar P. Consing, president of BancNet Inc., says “BancNet’s use of Mastercard and Vocalink’s technology will turbocharge InstaPay and lay the foundation for the growth of cashless payments in the Philippines. BancNet is excited to adopt this state-of-the-art technology and to contribute to the digitalization of our country.” While InstaPay mainly supports personto-person (P2P) payments today, use of the Vocalink technology will extend InstaPay’s reach to encompass broader consumer payments, the government and commercial payments. Furthermore, this technology will enable a more intuitive customer experience

PRESENTATION of the plaque of appreciation by BancNet and Mastercard to the Bangko Sentral ng Pilipinas for its continuing support: (from left) Nestor Tan, chairman, BancNet; Cezar Consing, president, BancNet; Chuchi Fonacier, deputy Governor, Bangko Sentral ng Pilipinas, and Ari Sarker, copresident, Mastercard, Asia Pacific.

by allowing fund transfers with the use of easy-to-remember proxies such as mobile numbers and e-mail addresses. The transaction

volume across InstaPay’s network grew 54 percent between the end of 2018 and March 31, underscoring the speed at which the market is

embracing digital transformation. “With InstaPay, we see greater empowerment of both the public and private sectors. Greater efficiencies of electronic payment channels will also bring about an accelerated velocity of payments, increasing economic activities,” says Bangko Sentral ng Pilipinas Deputy Governor Chuchi Fonacier. Ari Sarker, copresident for Asia Pacific, Mastercard, says, “Mastercard has enduring partnerships with governments and companies in the region, and is committed to helping them realize their digital ambitions, enabling connected commerce for everyone. The Philippines has a growing tech-savvy population, a flourishing digital economy, and access to an increasingly integrated regional trading network, all of which fuel a wide range of opportunities for digital transformation. Mastercard is excited to be a trusted partner in supporting the government’s vision of driving financial inclusion for the Philippines by accelerating digitalization.”

Pet Corner BusinessMirror

Wednesday, May 8, 2019

www.businessmirror.com.ph

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Stephen Amell, 38; Enrique Iglesias, 44; Melissa Gilbert, 55; David Keith, 65. HAPPY BIRTHDAY: Know what you want before you decide to discuss your plans. Preparation will be the key to your success this year, so don’t try to whizz your way to the top without strategy and structure in place. Positive changes will take place if you have patience, integrity and the know-how when dealing with people critical to your advancement. Your lucky numbers are 4, 17, 22, 25, 32, 41, 44.

ARIES (March 21-April 19): Don’t push your luck when dealing with someone who is in a higher position. Listen and learn. You’ll make a good impression and be given more responsibility. A business trip will lead to greater opportunity. Romance will improve your personal life. HHHH

Pet heatstroke is not a joke

S the country welcomes the summer season, pet owners must make the necessary preparations to ensure that their four-legged pals are ready to face the heat. In countries where the temperature goes beyond 30 degrees in the summer, owners must be vigilant to ensure that their pets don’t experience heatstroke, which often leads to more serious health issues or even death. Committed to educating the Filipino pet community on nutrition and proper pet care, the Pet Food Institute (PFI) shares tips on how pet owners can avoid heatstroke. SIGNS OF HEATSTROKE ONE of the most important things pet owners must know about heatstroke would be its symptoms. The common symptoms include heavy panting, weakness or collapsing, vomiting or bloody diarrhea, seizures, excessive drooling, staggering and unconsciousness. If pets are exhibiting any of the following, immediately bring them to the nearest veterinary clinic. HOW TO AVOID VETERINARIANS remind pet owners that there

are several ways to prevent their pets from overheating, like taking their pets to the groomers to get a trim. However, these are the easiest ways for pet owners to help their pets beat the heat, or help lower their pet’s body temperature if they are displaying symptoms of heatstroke: 1. TAKE A DIP. Going out for a quick dip at the nearest pool or lake is a great way for owners to bring down their pets’ body temperature. However, pet owners must also remember that a sudden drop in body temperature is bad for their pets because it may cause them to overheat which can damage their organs. Hence, pet parents must slowly guide their pets into the water in order to gradually cool them down. Those who live far away from pools or lakes may choose to give their pets a quick bath. This, too, is a great and simple way to bring their pet’s temperature down. 2. USE A WET BLANKET. The goal for any pet owner during the summer is to avoid exposing their pets to anything that would cause their body temperature to rise. If pools and lakes are inaccessible, they may opt to use a wet blanket to cool down their pet. Owners can do this by simply grabbing a towel

or a piece of cloth, run it under some water and keep it in the freezer, then place it on their pet’s head or neck in order to decrease their furry pals’ body temperature. 3. KEEP THEM HYDRATED. Veterinarians remind pet owners that water is important to dogs and cats because it not only provides them with the nutrients they need to properly function, but it also hydrates them—an important element needed in order to avoid heatstroke. WHAT TO DO PET heatstroke is not a joke; it is a serious emergency. If left untreated, it will lead to fatal results such as death. If owners suspect their pet is overheating, immediately follow the steps above to help lower pet’s body temperature and contact your veterinarian. PFI is committed to informing pet owners about pet nutrition and proper pet care to keep pets healthy and happy. Through its local initiative, the Well-Fed, Well-Nurtured campaign in partnership with the Veterinary Practitioners Association of the Philippines, PFI seeks to advocate responsible pet ownership to the ever-growing Filipino pet community. n

FROM left: Farmers Market Property Manager Corazon Annabelle de Leon, 2016 Asia’s Best Female Chef Margarita Fores, CARA President Nancy Cu Unjieng, and CARA Treasurer Gem Faisan during the ceremonial turnover of the check held at the Farmers Market’s Dampa section.

said Fores. “I think that this event today is the biggest proof that we love cat and dogs, and we love the fact that they are here at the Araneta Center. They make the center such a happier place for the people that come and go through it. This is probably the busiest commercial center in Metro Manila, and we want people to feel that pets are welcome and most especially here at Farmers Market,” Fores added. Many commercial districts deal with the

TAURUS (April 20-May 20): What you accomplish on your own will put you in a good bartering position. Issues concerning institutions, government agencies and medical facilities should be handled with transparency. Physical action is encouraged if you want to reach your goal. HHHH

GEMINI (May 21-June 20): Think before you respond or act. You’ll be inclined to agree to something you shouldn’t. Excess will lead to a problem with the person you share your responsibilities with. Concentrate on nurturing important relationships. HHH

CANCER (June 21-July 22): Channel your energy in a positive direction. Open up to someone you care about, and build a closer bond. Give-and-take will help you accomplish your goals. Choose peace and love over arguing and an emotional meltdown. HHH

LEO (July 23-Aug. 22): Set boundaries when dealing with people who are unpredictable. Listen carefully, and be on guard to counter any negativity that comes your way. Look for ways to improve your health, looks and your appeal. Romance or networking should be a priority. HHH

VIRGO (Aug. 23-Sept. 22): Your involvement in trade shows, seminars, business trips and meetings will give you the advantage when it comes to work, educational pursuits and advancement. HHHH

LIBRA (Sept. 23-Oct. 22): Tread carefully when dealing with matters of an emotional nature. Look for a way to keep the peace, and to use your intelligence and charm to get others to pitch in and help. Don’t reveal family secrets. HH

SCORPIO (Oct. 23-Nov. 21): Learn as you go. Experience is the spice of life, and integrating who and what you know with what you want to learn will give you a broader outlook regarding what’s possible. HHHHH

Araneta Center, CARA care for ‘palengcats’ THE Araneta Center Inc. (ACI) does right by the stray cat population in the center, beginning with the “palengcats” found in Farmers Market, by teaming up with CARA Welfare Philippines for a TNR (Trap/Neuter/ Return) program, the only method proven to be humane and effective in controlling feral cat population. ACI, through the Farmers Market management, donated P25,000 to CARA for the program and would also go a long way in supporting the group in its expenses. The contract-signing and ceremonial turnover of the check, held at the market’s Dampa section, was spearheaded by Margarita “Gaita” Fores, 2016 Asia’s Best Female Chef, who is known for her Market Tours in Farmers Market. “We really are so happy this morning that we are finally officially inking this relationship with CARA. I’ve done quite a number of things with CARA—we’ve always done fund-raisers with them but I think this one talaga, it tugs at the heart. Medyo I’m getting emotional dahil this is home for me,”

population of stray animals, mostly cats and dogs, in their areas. Working with a group like CARA is a win-win situation for Araneta Center and allows the establishment to treat the animals with compassion while ensuring they are not a burden to operations. “Caring for the palengcats is just one way Araneta Center is widening the scope of its Pet Pals program, which has introduced us as a pet-friendly destination,” noted Marjorie Go, Araneta Center Inc.’s marketing manager. “Many people are calling out

establishments for not being responsible for the stray population in their area, but that takes time and a lot of effort. This is one way we are making sure we are stepping up.” With Pet Pals, pet owners can now bring their fur-babies to Gateway Mall, Ali Mall, Farmers Plaza, and into select stores and other parts of the center, provided that they have secured the Pet Pals ID. Pet Pals, likewise, encourages responsible pet ownership by requiring them to keep their fur-babies on a leash while they are walking, carrying them while riding escalators and elevators, and cleaning after them. Earlier this month, Pet Pals visited PAWS in Quezon City with the 2019 Binibining Pilipinas candidates. Pet Pals, likewise, donated about 150 kilograms of cat food to help supplement PAWS’s supply. On May 18, Araneta Center is also holding a pet-centric event in line with Pet Pals, dubbed “Pet-errific,” and is inviting all pet-lovers to join the summer-themed pet gathering.

SAGITTARIUS (Nov. 22-Dec. 21): You’ll be torn between what you should do and what you want to do. Refuse to let anyone meddle in your affairs or pressure you into doing something you shouldn’t. HHH

CAPRICORN (Dec. 22-Jan. 19): Personal improvements can be made. A change of attitude will help you clear up a problem you have with someone. Winning over people will be easier if you can offer something for their time or trouble. HHH

AQUARIUS (Jan. 20-Feb. 18): Stay active, and keep your plans rolling forward. The busier you are, the easier it will be to avoid unpredictable situations. Don’t reveal your secrets, private information or passwords. Personal improvements can be initiated. HHHHH

PISCES (Feb. 19-March 20): Problems at home or at work will surface if you let your emotions take over. If you overreact or make assumptions, you will end up looking bad. Put your energy into helping others and finding unique ways to use your skills. HH BIRTHDAY BABY: You are responsible, engaging and cerebral. You are private and compassionate.

‘alternate route’ BY GARY LARSON The Universal Crossword/Edited by David Steinberg

ACROSS 1 “Welcome” site 4 Big cheese 8 Office chair wheel 14 Family card game 15 Milky-white gem 16 Sounds of laughter 17 Old computer storage device 19 They’re often followed 20 Gave out 21 Home with an ocean view 22 Custodian’s collection 23 Hog heaven 26 Elliot of the Mamas and the Papas 28 Colorado native 29 Hurt 32 Kind of range or limit 33 Wither away 37 Robert Frost poem that hints at the starred answers 41 Certain Scandinavian 42 Accomplished 43 Serengeti grazer 44 Grazing ground

5 Poetic tributes 4 47 The Birdcage costar 52 Cupid’s counterpart 56 Online finance company 57 Trailing the field 59 Hit the jackpot 61 Caramel-filled candy bar 62 V-8, for one 63 Where Eve met Adam 64 Manage, with “out” 65 Anne Rice vampire 66 ___ a soul 67 Dorm event planners, briefly DOWN 1 Elevator tunes 2 Star of Asian cuisine? 3 “Turvy” opener 4 Tennis great Bjorn 5 Voices a view 6 Command for renaming a file 7 Snow day rides 8 Comedian Margaret 9 Make fizzy 10 Jewish meal with bitter herbs

1 “Ta-da!” 1 12 Strange 13 “Clear everything” button 18 Make out 24 Often-mocked ‘80s car 25 Leave in, editorially 27 Commotion 29 DOJ division 30 Vital force of Chinese medicine 31 Clucking farm female 32 “Go on...” 33 In bad faith 34 Alias letters 35 Hideout 36 Famous last word 38 Mideast’s Gulf of ___ 39 Radio feature 40 Driver’s aid? 44 Cause of weird weather 45 Iroquois tribe 46 Blackjack table figure 47 Staircase post 48 Without a roommate 49 Ice-grabbing tool

0 Daily crossword solving, e.g. 5 51 Some commercial writers 53 More rare? 54 Major Japanese port 55 Eye sores 58 Designer label letters 60 Receive

Solution to yesterday’s puzzle:

Show BusinessMirror

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Harry and Meghan love story takes new turn: A baby boy By Gregory Katz & Mstyslav Chernov The Associated Press

INDSOR, England—The improbable love story between an American actress and a British royal took the best of all possible turns on Monday with the arrival of a healthy baby boy. The as-yet-unnamed baby arrived less than a year after Prince Harry wed Meghan Markle in a spectacular televised event on the grounds of Windsor Castle that was watched the world over. Meghan is now the Duchess of Sussex, but she still does things her own way: The couple bucked royal tradition by declining to say where the baby was born and opting not to come out to pose with the newborn just hours after the birth. Instead, an obviously overjoyed Harry emerged to tell the world—via its waiting TV cameras—that a baby had been born. It marked a moment the nation is likely to remember as a once-troubled boy undone by the death of his mother Princess Diana in 1997 car crash seemed giddy in his embrace of fatherhood. “This little thing is absolutely to die for,” the ginger-haired, bearded prince said. “I’m just over the moon.” The baby weighed 7 pounds, 3 ounces (3.26 kilograms) at birth and was born at 5:26 am (0426 GMT; 12:26 am EDT). Harry said their son was a little bit overdue and that had given the royal couple more time to contemplate names. Harry promised that more details—such as the baby’s name—will be shared in the coming days. Harry and the palace didn’t immediately provide details on whether the baby was born at a hospital or if it was a home birth. The royal couple had earlier said they wanted to keep details private. The infant is seventh in line to the British throne and is the eighth great-grandchild of 93-year-old Queen Elizabeth II, Britain’s longest reigning monarch. It is a satisfying moment for the queen as the monarchy grows in popularity in part because of public affection for Harry, his older brother Prince William, and their two wives, Meghan and Kate, the Duchess of Cambridge. Harry, the 34-year-old son of Prince Charles, said he was present at the birth. “It’s been the most amazing experience I could ever have possibly imagined,” he said. “How any woman does what they do is beyond comprehension. “We’re both absolutely thrilled and so grateful for all the love and support from everybody out there. It’s been amazing, so we just wanted to share this with everybody,” he said. Word that the baby had been born was withheld while senior members of the royal family, including the queen, were told. Princess Diana’s family was also informed. Buckingham Palace said minutes before 2 pm that Meghan had gone into labor (in fact the baby had already been born) and Harry emerged less than an hour later to announce the birth in person. Harry’s dramatic announcement, and his obvious pleasure, sparked cheers among royal fans and well-wishers who had gathered outside the imposing

BLIND SPOT BRUCE C.

RUDE GUY

THE model-turned-actor and his then-girlfriend, a beauty queen, broke up only recently but he is apparently dating again. He was spotted at a movie premiere with a model-influencer who also recently split from her longtime boyfriend, also a modelinfluencer. They reportedly split after she caught him cheating on her. Anyway, what surprised netizens about the date was that the model-turned-actor was seen talking to other guests but he never even tried to introduce the model-influencer to the people he was chatting with. Has the model-influencer moved from being the cheated to becoming a rude person? That really is too bad because she is one of the nicest people in the business.

NEW OFFER

BRITAIN’S Prince Harry speaks at Windsor Castle, Windsor, England, on May 6, after his wife Meghan, the Duchess of Sussex gave birth to a baby boy. It is the first child for Harry and Meghan, who married a year ago. AP

grounds of Windsor Castle hoping to hear the news. “Cheers to the newborn baby boy! Hip hip hooray!” said 64-year-old John Loughrey, popping open a bottle of sparkling wine. He was clad in head-to-toe Union flags and royal family memorabilia to mark the occasion. Some people in Windsor said it would provide a welcome respite from the continuing political stalemate over Brexit. Londoners Pam and Keith Jonson said the news will provide a boost to peoples’ spirits. “You can tell by people around,” Pam Jonson said. “Lifts everybody a bit. Definitely. With all that’s been going recently. It’s nice uplift actually.” Buckingham Palace said Meghan’s mother, Doria Ragland, was also with her daughter and was overjoyed with the baby’s arrival. Harry said he planned to make another announcement, probably in two days’ time, “so everyone can see the baby.” It’s expected they will pose for a family picture at that point. The arrival of a boy was something of a surprise because Britain’s legal bookmakers several weeks ago stopped accepting bets on the baby’s sex because so many people had placed bets on the baby being a girl. Bookmakers came to the conclusion that the rumor the baby was a girl must have been based on some

type of leak from a person in the know. Meghan has brought something new and different to the royal family. She is an American who enjoyed a successful career in show business before joining “the firm,” as the royals are known to many. The child will be eligible for dual citizenship, but Harry and Meghan have not said whether they plan to apply for American status. Harry has long spoken of his desire to start a family. He had several serious relationships, but they collapsed in part because of the pressure of constant press scrutiny, leading Harry to vow to protect Meghan from intrusive reporting. He has complained publicly about a racist undertone in coverage of Meghan, who has a white father and an AfricanAmerican mother. Harry and Meghan recently moved from central London to a secluded house known as Frogmore Cottage near Windsor Castle, 25 miles (40 kilometers) west of London. The move is seen as reflecting a desire for privacy as they raise their first child. It also separates Harry and Meghan from William and his wife Kate, who had been living in the same compound at Kensington Palace in central London with their three children—Prince George, Princess Charlotte and Prince Louis—the new baby’s cousins. n

GMA DEBUTS P63-MILLION STATE-OF-THE-ART NEWS SET, TECHNOLOGY FOR ELECTION COVERAGE HOME to the country’s most credible broadcast news organization, media giant GMA Network debuts a P63-million news set in time for GMA News and Public Affairs’ Eleksyon 2019 coverage on May 13. The network’s multimillion investment covers the acquisition of state-of-theart equipment and the latest in media technology that promises more engaging and compelling content for today’s viewers. GMA News’ 360-degree set, which is designed to provide zero overshoots, features two Barco video walls, LED floor, LED video wall and nine LFD monitors. In addition, augmented reality executions enable GMA News to effectively illustrate content for better consumption. Further setting the stage for innovation, the new set also sees a fully functional second floor. “In this age where viewing habits continue to shift, we are committed to make our news delivery relevant to the everchanging world of media consumption,” shares GMA Senior Vice President for News and Public Affairs Marissa L. Flores. “We wanted a world-class set, with functionalities that will help us tell our stories better, and what better way to launch it than during our Eleksyon 2019 coverage.” The new set and lighting are designed by US based company FX Design Group, which is known for their use of cutting-edge technology in projects for many of the world’s top broadcasters, such as CNN, NBC, ABC, CBS, ESPN, CCTV, The

Wednesday, May 8, 2019

FROM left: GMA First Vice President for News Grace de la Peña-Reyes; GMA Senior Vice President for News and Public Affairs Marissa L. Flores; FX Design Group Sr. Project Manager and Lighting Designer Sarah Yates; GMA Network Chairman and CEO Atty. Felipe L. Gozon; FX Design Group CEO and Creative Director Mack McLaughlin; and GMA Sr. AVP for News Programs and Specials Michelle Seva.

Golf Channel and CNBC. FX has won numerous awards including Emmys, Promax BDAs, and four Newscast Studio Set of the Year awards. “It’s a breakthrough, kind of worldwide, not just Southeast Asia,” FX Design Group CEO and Creative Director Mack McLaughlin said about his firm being tapped by GMA for this innovation. “I think it’s going to be amazing—to launch a project of this size especially leading into the elections,” he adds. GMA Network will also utilize

the Oscar-award winning Mad About Technology Towercam Twin Peek camera in the new set. The robotic overhead camera has been used in films, such as The Grand Budapest Hotel, Casino Royale, the Harry Potter films and The Help. At the same time, the network will use stYpe’s RedSpy, an optical camera tracking system that will allow immersive graphics executions not just inside the studios but outdoors, as well. stYpe is a recipient of an Emmy award in 2016 for Best Technical Studio, as well as

the IBC 2017 Innovation Award for Content Creation and the Judge’s Prize. Last year, GMA invested P154 million on a Newsroom Automation System through a MOA signing with Vizrt. The NAS enables GMA News to have an integrated workflow by allowing its news teams to produce reports faster, and with more details and background information matched with precise video materials and sound bites. GMA is the first channel in the Philippines to go with Vizrt.

THE actor, despite the decline in his popularity and the loss of many endorsements, is doing well in making movies. He is shooting a movie right now and his management just received an offer to do another with a singer-actress. This is a good thing because we heard the actor is heavily in debt due to all the watches, cars, jewelry and designer items he bought when he was popular. He also has many expenses as he supports his family and has many fans on his payroll. These people are used to the days when the actor still earned a lot of money.

CRAFTY ACTRESS

SO the actor and the young actress are still in the getting-to-know-each-other phase despite having shared, uhm, certain intimacies during a recent trip abroad. The actress reportedly really made an effort to show the actor that she is wife material. The actor is known for liking women who serve their men. His immediate past girlfriend had to hibernate when they were still together. Let’s put it this way: The guy is a good actor and friend, but isn’t so nice in the romantic department.

NOT SO NICE

IN the battle of the sisters-in-law, people are so quick to blame the sister of the other girl’s husband for being at fault. While it is true that the sister is quite a character, the wife of the actor-husband is also something else. People who have worked with the wife know that she is not polite or respectful. In fact, those who have worked with her know better than to do it again, unless specifically requested by their clients. Poor husband, he’s caught between loyalty to his family and love for his wife.

Joe Jonas and Sophie Turner get married in surprise wedding LAS VEGAS—Joe Jonas was already having a big night: reuniting with his brothers for their band’s first performance at an awards show in a decade and announcing their upcoming tour. But his night became even more memorable when, in a Game of Thrones-like twist, the 29-yearold heartthrob married actress Sophie Turner in a surprise ceremony on Wednesday in Las Vegas. After the Billboard Music Awards, the couple and some of music’s biggest stars went to Chapel L’Amour inside A Little White Wedding Chapel, where an Elvis impersonator officiated their much-anticipated wedding. Turner’s publicist confirmed the nuptials. The 23-year-old bride walked down the aisle as country singers Dan + Shay performed their hit “Speechless.” Diplo, a DJ, livestreamed part of the ceremony on Instagram, including the couple reciting their vows. “I promise you, I will never leave you. I will love and trust you, all the days of my life,” they said. “In sickness and in health, forever and ever.” After they were pronounced husband and wife, Jonas and Turner posed on a pink Cadillac. Jonas’s brothers, Nick and Kevin, served as his groomsmen. Their wives, Priyanka Chopra and Danielle Deleasa, also attended the wedding. Notably absent from the ceremony was Turner’s best friend and Game of Thrones costar Maisie Williams. Turner had previously said Williams would be a maid of honor in her wedding. It is unclear if the couple is still planning a summer wedding in France which Jonas had talked about previously. They started dating in November 2016 and Jonas proposed to Turner, who plays Sansa Stark in the HBO drama series, in October 2017. Their Las Vegas wedding was in stark contrast to Nick Jonas and Chopra’s December nuptials, which featured three days of festivities in India. AP

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Wednesday, May 8, 2019

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Lifelong learning for personal development SUI GENERIS CARLO ATIENZA

biblisko@gmail.com LOCKTON Philippines executives, CEO and President Victorio Valledor, Chairman and Vice President Elfren Cruz and COO Manuel Quijano, launched the Legacy Awards as a way of giving back and celebrating the company’s 25th anniversary.

Lockton Philippines launches first Legacy Awards to mark 25 years LOCKTON Philippines, one of the country’s leading insurance and risk-management providers, is celebrating its 25th anniversary with the launch of the 1st Lockton Philippines Legacy Awards (bit.ly/2Jp6G94). Established in 1994, Lockton Philippines has been developing and managing insurance programs for companies from a wide range of sectors such as power, energy, education, food, transportation, businessprocess outsourcing (BPO), and infrastructure, among many others. The company is an affiliate of Lockton Companies Inc., the world’s largest privately held insurance brokerage firm with over 90 offices in different countries. With its thrust of helping make businesses better, Lockton Philippines is turning its attention to an issue that has had an increasingly significant impact on industries and communities—environmental risk. “Though it does not immediately come to mind when talking about business risks, the reality is that the environment poses some of the biggest threats to industries,” says President and CEO Vic Valledor. “Similarly, the way businesses operate has the same huge impact on the environment. Solutions that lessen their environmental impact will also help in effectively dealing with the risks that this brings.” The Lockton Philippines Legacy Awards is designed to recognize action research initiatives that promote responsible and efficient use of resources, and help bring positive change in the way people look at protecting the environment. And who better to involve than the ones who will be most affected by what is accomplished in the present. According to Valledor, “We want to engage the next generation of minds, nurturing the ideas that can refine local business practices and promote better livelihood. It’s a wonderful way to celebrate our anniversary—giving college students a chance to represent their school and bring their big ideas to a national stage while helping protect the environment.” The awards program requires participants to submit an evaluative, investigative, and analytical action research proposal that presents better practices for businesses to operate. It is open to teams of three to five Filipino college students, currently enrolled in a BS or BA program in any Philippine tertiary education institution. Each team is required to have one faculty adviser who is duly recognized by the school. Nino Sauler, Lockton Philippines AVP and head of the awards program committee, says, “Knowing that conditions and environmental concerns, as well as corresponding solutions may vary in different areas, we’ve opened the competition to colleges and universities nationwide.” He continues, “We particularly want to reach schools in the provinces— those that haven’t had the opportunity to join competitions such as the Legacy Awards.” To further encourage participation of more schools outside the big cities, the Lockton Philippines Legacy Awards is selecting winners from Luzon, Visayas, and Mindanao, aside from the overall Grand Prize winner. Cash prizes up to P300,000 are to be awarded to the student group, faculty advisor and the school. Participating teams also have the opportunity to win special awards, which focus on indigenous communities and marine conservation. Lockton Philippines Legacy Awards’s deadline of submission of entries is on September 2. All winning entries will be announced in October, with the possibility of collaborating with partner companies to have the winning proposals implemented. “There are many powerful ideas out there that are waiting to be heard and recognized. The 1st Lockton Philippines Legacy Awards aims to encourage college students to share their thoughts and work on issues that matter for the environment now and especially in the future,” Valledor concludes.

RECENTLY finished watching the second season of The Great Canadian Baking Show, a franchise of the immensely popular The Great British Bake O�f, where amateur bakers engage in spirited competition to whip up the best bakes for nothing more—and nothing less—than the prize of being declared champion of the baking show. In the second season, it was a man at the tail end of middle age, Vancouver resident Andrei Godoroja, who emerged as champion. What is surprising about him is on top of winning the baking show at age 58, he is also a sailor, a software engineer, a skier and an opera singer. This made me realize that the possibilities of what we can do with our lives are endless if only we are willing and commit ourselves to it. And what made him successful in all his endeavors was his passion for learning and making himself better. One thing we can learn from him is it is never too late to learn something new. Be it in our work or in our hobbies, there will always be something you can learn and improve. When I jumped careers from being an academic to being a corporate trainer, I had to sacrifice a lot of things. It surprised me that being a teacher actually pays better than being a trainer but I thought then that what I will learn will become far more valuable than the pay. And it did. I learned so many things in two years about corporate training that I went on to become a supervisor and then a manager. I am glad I made that career jump because it forced me to get out of my comfort zone and learn as much as I could. What also helped me in developing myself was the learning environment provided by my team and my leaders. We would hold regular team meetings where each one got to present what they did well in their work and showcase their innovation. It forced me and the team to look at the latest trends and see how we could incorporate those in our work. We realized our tools were only limited by our imagination and we had yet to exhaust all the functionalities of our tools. It also kept us on our toes on what was current and we got to share best practices to make our work easier. This not only helped us become better at what we do, but it also helped us bond together as a team. And when things get especially difficult, we turned to our industry leaders. My previous director let us scope projects and negotiate on our own. She said it would help us grow better and give us a pulse of the organization’s direction and needs. Because of her tutelage, my team and I were able to build learning materials and modalities which helped our clients beyond what we would normally do. This proved to the organization my team had more to offer than the usual training materials but also alternate learning experiences beyond the classroom and desktops. There were a few hiccups along the way but she was also there to support and defend us especially when clients were being difficult. We learned a lot from her. If you want to grow and continuously learn, you also need to find yourself a good leader who will bring out the best in you and mentor you. And even if you think you have not accomplished anything yet, teach others. Your experience is an invaluable asset to others. There are people in your

Your personal and career development depends largely on your willingness to learn new things. Once you stop learning, you also stop growing. team who will benefit from what you know and help you master your craft. When I was still a workgroup lead, I had to teach somebody how to manage his own projects. I had a template I would use to monitor my projects and when I was teaching someone else how to use it, I realized there were some things I could have done better. To the one I was teaching, it was already good as it was. But when I looked at it closely, I recognized that it needed some fine-tuning. Teaching others helps you look at things in a new light, and it helps you understand the intricacies of your processes and make them better. And speaking of making things better, start your

own continuous improvement project. Look for better ways of doing things in your office or in your home. One of the things I introduced to the team was using learning videos in a new way which I discovered in one of the forums in an online community for e-learning developers. Users will watch a video, which will then stop and ask you a question. Choose the correct answer and the video will continue; choose the wrong answer and you have to do it all over again. I used this method in a video on how to set up a projector. This also became one of the highlights of a training program for trainers. This and other improvements go a long way in helping make learning engaging and at the same time, such help your career move forward. Your personal development does not have to stop and end in the classroom and at your work stations. There are new ways of learning which you can take advantage of—your mobile phone for one. While stuck in traffic, you can use an app which can help you learn a new language, or read new trends in your field, or even listen to podcasts or watch a talk. The Internet is replete with resources you can take advantage of in your idle time. The key here is to find something that will interest you so it will not feel like work. You learn something new and have fun at the same time. Your personal and career development depends largely on your willingness to learn new things. Once you stop learning, you also stop growing. And your growth depends on how much time you are willing to invest in learning. So tell me, what new thing have you learned lately? n

‘BPrecise’ awareness campaign launched HYPERTENSION represents a major burden in Asia and in many parts of the world. This disease comes with a high prevalence rate and, unfortunately, poor levels of awareness and control in many countries. Hypertension is also the leading preventable cause of premature deaths worldwide, afflicting an estimated 1.4 billion people in 2010, and contributing to 10.5 million deaths each year. By 2030, it is estimated that almost 23.6 million will die from cardiovascular diseases. The Philippine Society of Hypertension (PSH), a 2000 plus-strong association of health providers from various disciplines committed to the diagnosis, management, treatment and prevention of hypertension, has partnered with Omron Healthcare in an effort for better guided hypertension treatment. Bannering the important message of keeping constant tabs on one’s blood pressure, this “BPrecise” partnership is centered on the pursuit of accuracy in home blood pressure (BP) monitoring. Home BP monitoring is a complementary tool to clinic BP measurements and ambulatory BP monitoring. It can help identify masked hypertension and improve treatment adherence by allowing patients with hypertension and their

family members a more active role in the management of the disease. Omron (www.omronhealthcare.com.ph) has led the way in its advancement, allowing people to make a conscious effort and take necessary measures in preventing heart disease and strokes. An organization that is fully dedicated to help realize healthy and comfortable lives for people around the world, Omron Healthcare provides a wide range of health- and medical-care products for households and professionals. It boasts of creative technologies and equipment that serve as the perfect partner of medical-care providers. Omron monitoring gadgets are the only such instruments clinically validated as accurate and reliable measures of blood pressure by the PSH, thus serving as relevant guides in hypertension treatment. The brand’s automated BP monitoring devices provide an easier and more convenient way for patients to do their self-measurement compared to the standard mercury sphygmomanometer. And with self-measurement and home monitoring of blood pressure now recommended by most guidelines for BP management, digital BP monitoring devices have become the practical and less-prone-to-error option.

BusinessMirror E1 | Wednesday, May 8, 2019 • Editor : Tet Andolong

THE Seasons Residences

Federal Land applies Japanese quake vibration control technology to upcoming BGC project By Roderick L. Abad @rodrik_28

Contributor

ONSIDERING that the Philippines is prone to earthquake and other seismic activities being located in the Pacific Ring of Fire—the recent of which were the 6.1 and 6.5 magnitude tremors that jolted Zambales and Eastern Samar, respectively, on April 22 and 23— Federal Land Inc. (FLI) is employing anew the state-of-the-art damper systems of Philippine Nippon Steel (PNS) to its upcoming mixed-use project called The Seasons Residences at the Grand Central Park in Bonifacio Global City, Taguig. In partnership with Japan-based conglomerates Nomura Real Estate Development Co. Ltd. and Isetan-Mitsukoshi Holdings Ltd., this lifestyle center is FLI’s second project after the Grand Hyatt Manila—also in BGC—to use the shock absorber solution, not only as part of its goal to marry Japanese innovation and design with the Philippines’s unique brand of community, but also ensure the comfort and safety of end-users in times of such natural calamities. “This earthquake-proofing technology that safeguards actually the buildings are what the Japanese are well-known for. So we decided to introduce that technology to this project as well,” FLI Executive Vice President Cathy C. Ko said during their media briefing held recently at The Seasons Residences’s showroom in BGC. “Again, we didn’t have to do this, but we wanted that extra safeguard for our future residents.” To date, dampers are among the biggest innovations throughout the history

of building and construction industry. They are highly utilized in response-controlled structures worldwide, mitigating the potential impact of earthquakes and typhoons. “Dampers can be used for dissipating vibration like seismic and wind demand,” explained PNS Advanced Steel Technology Inc. (Nippon Steel Engineering Group) General Manager Keisuke Sugihara. Nippon’s vibration control devices are more commonly known as viscoelastic coupling dampers (VCDs). While there is no specific height requirement to use them, they are proven effective for structures, especially high-rise ones, whenever there is small ground shaking or strong wind. “Every building whether low-, mid- or high-rise needs to be designed to resist earthquake,” Ove Arup & Partners Hongkong Ltd. Managing Director Raul V. Manlapig said, while citing that it applies more in tall buildings simply because a lot of energy is required to shake them

DAMPER System

VISCOELASTIC materials

during a seismic occurrence. Under typhoons and earthquakes, buildings vibrate back and forth, deforming VCDs in an outrigger configuration. Multilayers of high-damping material are sheared, transferring vibrational energy safely into heat. “We are using fourth-generation [Viscoelastic or VE] material. This is the most durable and highest-performing damping material,” boasted Sugihara. “In addition, VE material has a usable life well beyond 50 years. So it means product life is longer than the building itself.” Using VCDs, per the executive, brings more savings as it decreases upfront construction cost and materials caused by reduction of seismic and wind demand. Performance-wise, he said that it improves earthquake protection and increased safety, lessens damage under all levels of earthquake loading, enhances occupant comfort under wind loads, and improves building resilience and business continuity. What’s more, it’s 100-percent maintenance-free, he added. First applied in the then World Trade Center in the United States, around 40,000 of Nippon Steel’s VE dampers are now being used in over 250 buildings globally, including the world’s tallest towers Tokyo Skytree and Taipei 101. For The Seasons Residences, a total of 256 panels of VCD from PNS will be installed in four condominium buildings, from 42 to 51 story, comprising this project. Thirty-two of which will be attached to the outrigger flag walls of Tower A, whose ongoing construction is due for completion by 2023. The next three buildings will have 32, 64 and 128 panels, accordingly. Each of them is scheduled to be finished two years apart, starting 2025. Though expensive, FLI, a member and one of GT Capital Holdings’s property arms, is open to roll it out to future development projects if needed, according to Ko. She said: “Each project would have a different design or shape of a building. So we actually assess what is best. But definitely all our projects are designed with the comfort, protection and safety of our future residents in line.”

Business

E2 Wednesday, May 8, 2019

Poblacion: An urban innovation challenge Amor Maclang

FIRST DIBS IN REAL ESTATE

HE regeneration of Poblacion has become a passion project for many, including myself. The renewed interest in Poblacion in terms of urban planning happened because in spite of the area’s popularity as a go-to place for hanging out and having fun, there are issues that need to be addressed in order for it to further thrive as the hippest place in the Metro. A couple of weeks ago, I wrote lengthily about the plans that are afoot in the regeneration of Poblacion. A major part of this initiative is the holding of a pitch fest aimed at drawing out the most creative and innovative ideas that can help in the Barangay Poblacion project.

The ULI Challenge

AT the center of the Poblacion urban revitalization efforts is the Urban Land Institute. ULI is a nonprofit research and education organization with offices in Washington, D.C., Hong Kong, London and Frankfurt. Its mission is to provide leadership in the responsible use of land and

in creating and sustaining thriving communities worldwide. ULI spearheaded the Urban Innovation Challenge in which entrepreneurs, professionals and innovators were invited to propose innovative solutions to the challenges of Poblacion. These challenges, which are common to many rapidly urbanizing communities, include the lack of affordable housing solutions, pollution, safety and security, traffic congestion and parking deficiency, and gentrification. The pitchfest ran in conjunction with the efforts of ULI’s Technical Assistance Panel (TAP), an all-volunteer group of experts that will

GEORGE ROYECA, head of Regulatory and Public Affairs (left), and Angeline Tham, CEO (center), of motorcycle ride-hailing and delivery app Angkas award Robi del Rosario of Uproot Urban Farms, the winner of the Urban Innovation Challenge pitchfest held at the Urban Land Institute’s Real Estate Technology Summit.

be offering advisory services to the Poblacion initiative. ULI conducted the Urban Innovation Challenge in partnership with the Manila Angel Investors Network (MAIN), the largest network of committed independent and private investors in the country. The participants of the Urban Innovation Challenge had to address certain defined pain points. For instance, navigation and infrastructure pain points include traffic congestion, lack of parking, walkability and access to public transit. Crime pain points include safety and security, noise management, crime reduction, and drug abuse. Environmental pain points include pollution, solid waste management and flooding. Economic pain points, in turn, include security of tenure, ease of doing business, affordability and rising rent, unemployment and poverty, informal settlers, and other obstacles to tourism. Sociocultural pain points are those that involve community displacement as well as the failure to preserve identity and cultural traditions. The last one is particularly important since Poblacion is regarded as the cultural and heritage district of Makati. Serving as judges to the final round of the challenge are Angkas Head of Regulatory and Public Affairs George Royeca, Dwayne Samarista of the Makati Museum and

ROBI DEL ROSARIO, the Urban Innovation Challenge winner, presents his idea, the Uproot Urban Farms. His business model allows locally grown food to be accessible to customers and businesses in Poblacion.

Cultural Office, and AECOM Vice President for Strategies and Development Sylvester Wong. Royeca and Wong also took part as members of the ULI Technical Assistance Panel.

Uproot: Solving access to food, tourism

DURING the ULI Philippines Real Estate Technology Summit on April 4, the Urban Innovation Challenge participants delivered their pitches in front of the judges and all the participants of the summit. After thorough deliberations, Uproot Urban Farms by Robi del Rosario was named the winner. The project aims to establish urban vertical farms that grow a huge diversity of specialty crops for the benefit of restaurants, hotels and households in Poblacion. Carrying the slogan “No Filipino should be hungry,” Uproot Urban Farms has both B2C and B2B elements, catering to individual buyers and establishments that need fresh produce for their business. Carrying the belief that the future of food will grow in local communities across Poblacion, the Uproot project aims to address the problems of access to food, particularly fresh vegetables in the densely populated Barangay Poblacion. Moreover, the Uproot Grow Hubs will also help entice people from other cities to visit Poblacion and buy their fresh produce there, thereby also enhancing

AN artist’s composite of an Uproot Grow Hub in Poblacion

the district’s food tourism. On the average, fresh leafy green vegetables lose up to an average of 70 percent of their nutritional value even before reaching your dinner plate. Uproot Urban Farms’s proposed premium-quality, pesticidefree, non-GMO greens are grown in indoor, vertical farms right at the heart of Poblacion, thus ensuring fresher vegetables for the community. It is hyperlocal at its best. The best thing about Uproot in the context of the Poblacion regeneration, however, is that it focused on pain points that are often overlooked by urban planners who prioritize the more obvious issues of traffic, parking, overpopulation, and safety and security. While mobility issues in Pobla-

cion are being seriously considered by transport experts like Angkas, other pain points also need to be addressed. For this, the Uproot truly deserves merit for focusing on what many did not. In fact, Uproot Urban Farms’s innovative concept can be implemented not only in Poblacion, but in any city here in the country, paving the way to democratizing food for every Filipino.

The future is regeneration

THE Poblacion regeneration project admittedly still has a long way to go. The good news is that things are coming together, stakeholders are chiming in, investors are seriously considering, and champions such as ULI, AECOM, Angkas, and a few other experts are doing their share.

Horizon Land rolls out development across Metro Manila and Cavite Horizon Land led the groundbreaking of Florida Sun Estates’s Orlando Model House Cluster showcasing its three house models—the 131-sqm two-story single detached unit, Madison; the 126-sq-m two-story single attached unit, Lauren; and the 86-sq-m Bungalow unit, Holly. These horizontal homes comprise Florida Sun Estates’s 29,123-sq-m Orlando phase, completing the final piece of the development’s six phases includ-

ing Miami, Jacksonville, Tampa, and its walk-up condominiums, Oriental Garden Residences. Shortly after, Horizon Land began the construction of Sarasota, which is the amenity area of the Orlando phase. Sarasota incorporates the clubhouse, swimming pool, a basketball court and a play area. All of these developments are master-planned communities ideal for families, young professionals, retirees, business own-

ers or immigrants—different types of homebuyers seeking to settle in a safe and well-designed neighborhood while staying close to the city center where business hubs, educational institutions, medical facilities, as well as commercial and industrial establishments abound. These presents a wide range of home options to match varying needs and preferences. www.federalland.ph

ARTIST’S perspective of Florida Sun Estates’s Sarasota Amenity Area

RIVEN by its vision of reimagining the country and commitment to nation-building, prime real-estate developer, Federal Land, through its master brand, Horizon Land, is fast-tracking its developments in Pasay, Manila, and Cavite to fulfill the high demand for quality homes in these emerging areas. In the Bay Area, Macapagal Boulevard, Pasay City, Horizon Land continues the construction of Palm Beach West, a four-tower resort-inspired residential community. Early this year, the development celebrated the concrete pouring ceremony for the fourth tower, Baler. Palm Beach West is within Federal Land’s sprawling 40-hectare mixed-use development, The Metro Park, which is home to resort-style condominiums, commercial build-

ings, as well as lifestyle centers for shopping, dining and recreation. Matching the charm and tropical vibe of its location, Palm Beach West features a warm and relaxed design, and family-friendly amenities and facilities. Its four 18-story towers are nestled on a 7,937 square meter parcel of land, housing a total of 912 units. Baler will have 236 units comprised of studio, one bedroom, two bedroom and three bedroom variations. The entire community is integrated via a podium and basement designed to give residents access to the commercial establishments to be built at the ground level. The Baler Tower is set for completion in 2022. In Manila, Horizon Land is set to complete its eight-tower condominium situated in a 2.1-hectare land in Paco, Manila-Peninsula

Garden Midtown Homes. A special ceremony was held recently to mark the groundbreaking and construction kick off of the development’s last tower—Mimosa. Mimosa Tower stands 20-stories high and features 240 units. While located in the midst of one of Manila’s most bustling areas, Peninsula Garden Midtown Homes offers tranquil garden dwellings in a safe, gated community and enough space for relaxing and bonding with loved ones. The Mimosa Tower is targeted to be fully constructed by 2021. Construction is also in full swing for Florida Sun Estates, a Mediterranean-inspired integrated community in General Trias Cavite, combining clustered house and lots, walk-up condominiums, as well as a commercial complex. Recently,

LANDLITE PHILIPPINES SUPPORTS EARTH HOUR As part of its commitment to sustainability and environmental consciousness, Landlite Philippines Corp. joined the World Wildlife Fund Philippines in celebrating the Earth Hour 2019 at the Circuit Event Grounds. LPC provided LED flashlights used by representatives from the Boy Scouts of the Philippines to form the connection icon. Photo shows LPC and WWF brand ambassador Marc Nelson with some representatives of the Boy Scouts of the Philippines. For more information, visit http://www.landlitephilcorp.com.

sMirror

Wednesday, May 8, 2019 E3

BPOs upgrading to more prestigious office spaces

BPOs doing high-value work are now upgrading their office spaces and seeking premium buildings like Milestone at Fifth Avenue distinguished by an impressive lobby and finishes, and an impressive location

N the last decade, a new breed of office buildings designed primarily for efficiency and functionality has become the legacy in key Philippine cities of the business-process outsourcing (BPO) industry which has been a consistent growth driver of the country’s office sector. At Bonifacio Global City, the traditional BPO office template is currently being challenged by Milestone at Fifth Avenue, a pre-certified

LEED Gold building offering efficiency, as well as the prestigious finishes and designs required by multinational and local firms. The

THE pre-certified LEED Gold building offers efficiency and the prestigious finishes, designs and address required by multinational and local firms.

20-story building’s main entrance is on BGC’s most prominent thoroughfare, Fifth Avenue, where Google, Coca-Cola and Procter & Gamble are headquartered. Recently certified as a Peza building, Milestone at Fifth Avenue will soon be completed and is now attracting numerous inquiries from BPOs doing back office work or shared services. According to Phillip Anonuevo, executive director of Leechiu Property Consultants (LPC), BPOs doing high-value work are now upgrading their office spaces in a bid to keep their work force engaged and loyal. In keeping with its high-prestige address near BGC’s high-end residential apartments and landmark

buildings like the Philippine Stock Exchange, Shangri-La at the Fort and Net Lima, Milestone at Fifth Avenue will be distinguished by an impressive lobby and premium retail spaces at its ground floor. At the same time, it will be able to meet the highly efficient standards of BPOs by offering extra-large floor plates typically measuring 2,164 square meter (sq m) “You could call it a hybrid building since it appeals to two distinct office markets with disparate needs and requirements,” said Anonuevo. Jo Abellanosa, LPC manager, disclosed that large floor plates mean a firm can comfortably assign more people to a floor and maximize common spaces like pantries, conference

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360 cassette. One of the main criteria is to highlight Samsung 360 Cassette’s modern design and superior performance in terms of cooling and energy efficiency. Divided into two categories (office lobby and restaurant), the competition demonstrated how the Samsung 360 Cassette can be applied to work in different design concepts. Camille Ann Ponciano won for the office lobby category, while Luis Albert de Jesus took home the gold for restaurant. “A modern workplace no longer sacrifices comfort for formality. Living in a tropical country, it’s important to achieve proper cooling, natural ventilation and light. When I saw the 360 Cassette, I was amazed at how sleek it was designed, especially with the black series,” Ponciano said. “It has been hard to find cassette-type ACs that can easily be incorporated into our designs.” Comfort is the main priority especially when designing communal spaces like dining and office areas, said restaurant category winner de Jesus. “The idea of the design revolves around the ability of the 360 Cassette to provide a wider coverage of cooling as compared to the traditional cassette-type AC. With this

advantage, I was able to provide partitions within the dining area, as well as visual and sound privacy among the diners without compromising cooling levels. The 360 Cassette’s cold-draft free cooling also provides a wider variety of seating options. Redefining ceiling design with its innovative circular model, it can be installed in a corporate setting, as well as in an expressive environment, due to its appearance.”

Through this partnership, Samsung reaches more businesses and organizations, aiding them in maximizing technology for workplace productivity. The brand is in its continuous pursuit of engineering solutions that will have an impact on consumers. For more information on the Samsung 360 Cassette and other system air-conditioners, visit https://www.samsung.com/ph/ air-conditioners/.

Mariwasa broadens tile and design options

MARIWASA provides after-sales support for the Luxurio Porcelain Tiles through Tyler the “Professional Tile Installer,” who can assist customers on their questions and concerns about Luxurio Porcelain Tiles and installation procedures.

large floor plate was made possible by the fact that Milestone at Fifth Avenue’s footprint covers two backto-back lots—one fronting Fifth Avenue, and the other fronting Fourth Avenue. “Acquiring properties that allow such floor plates is a feat and the reason why there are only two properties in BGC with this feature.” Milestone at Fifth Avenue also offers two lobbies, eight passenger elevators, multiple telco providers and VRF air-conditioning. It will also offer energy and cost saving features by using LED lights and by utilizing double-glazed curtain walls that allows natural light to come in but repel heats. With these features, Milestone at Fifth Avenue earned a pre-certified LEED Gold status.

Kansai Paint Philippines Inc. introduces new president

SAMSUNG PARTNERS WITH U.A.P.

RADITIONAL office setups are slowly becoming a thing of the past as more businesses become more creative and flexible. In this time and age, function and design are brought together to provide convenience and foster collaboration among professionals. Samsung understands how technology can reshape work spaces and redefine ways of working. This is what they had in mind, with their latest innovation in air-conditioning, the Samsung 360 Cassette. It is the world’s first true circular cassette, which can seamlessly blend with any interior space. It also features a unique bladeless design to provide cold-draft free air-conditioning. This reduces hot and cold spots providing users with ultimate comfort. To showcase this state-of-the-art product further and the talents of Filipino architects, Samsung partnered with United Architects of the Philippines (UAP) District B3, the integrated and accredited organization for industry professionals. The collaboration yielded ArchiFuture, a design competition that challenges participants to reimagine a future workplace with the use of Samsung

rooms and the like. “Buildings with smaller floor plates would mean less people on a floor and perhaps more space assigned to pantries and meeting rooms, and higher costs,” she said. Executives of LPC, the exclusive leasing agents of Milestone at Fifth Avenue, further point out that multinationals highly appreciate the large floor plate of the property. In fact, the building’s anchor tenant will be taking up 25 percent of the 28,263 sq m gross leasable area to consolidate its work force currently spread out in several office towers. They will be able to house more company divisions in one place and to create better synergies among them, said Abellanosa. Anonuevo said that the building’s

ARIWASA Siam Ceramics Inc., the country’s leading ceramic tile manufacturer for more than 50 years, offers the latest in-demand quality porcelain tile in the market, the Luxurio Porcelain Tiles. Popular and widely adopted by an increasing number of architects, designers and contractors, Luxurio Porcelain Tiles combine classic beauty and durability to match any construction and renovation requirements. Luxurio tiles can be expected in more homes and establishments as more leading developers trust Mariwasa’s Porcelain Tile brand. Generating a strong visual impact with interior choices requires materials that perfectly convey one’s style. With Luxurio, consumers can choose from a wide range of timeless, modern and minimalist tile designs for different requirements and applications. Besides being

easy to clean and maintain, the Luxurio tiles are durable enough to withstand heavy foot traffic, even in commercial areas. Mariwasa President Jakkrit Suwansilp shared, “We’ve built our brand and reputation on delivering uncompromising quality with each product and service. Homeowners, builders, contractors and all our other customers can expect the same with the Luxurio Porcelain Tiles, which combine great aesthetic, durability and easy handling to suit different requirements in residential or commercial applications.” Staying true to its commitment of ensuring customer satisfaction in every product, Mariwasa meticulously checks its Luxurio Porcelain Tiles, making sure that they are “Quality assured by Mariwasa.” Luxurio Porcelain Tiles are available in leading home depots and tile shops nationwide.

ANSAI Paint Philippines Inc., one of the country’s growing paint suppliers, recently announced the appointment of Akiyoshi Watanabe as KPPI president and general manager. Watanabe takes over from outgoing President Takushi Yamamoto, who started his Philippine assignment in April 2015. Under Yamamoto’s leadership, the company saw steady growth in sales and client base. He also spearheaded the company’s foray into the Protective and Decorative paint business, which was bolstered by the KPPI partnership with Japanese contractors for the construction of the newly opened Bohol-Panglao International Airport. Upon his return to Japan, Yamamoto will assume the position of manager at Kansai Paint’s Kyushu Office. Taking over from Yamamoto at KPPI is Watanabe, who has been with Kansai Paint Japan for 15 years. A seasoned salesperson, Watanabe was last posted as assistant manager

of Sales at Kansai Paint’s Kyushu Office before his appointment as KPPI president and general manager, to be based in Laguna. During turnover ceremonies at the KPPI office, Yamamoto advised his successor to always “keep a healthy mind and body, and to take care of his family, including his new KPPI family.” Watanabe, meanwhile, said he was very eager to serve in the Philippines. “I am very proud to say that Kansai Paint is the No. 1 paint company in Japan, and with the support of our business partners and colleagues, I am hoping that we can also achieve the same here in the Philippines,” he added. Building on the plans and programs that Yamamoto had established, Watanabe also said he was looking forward to helping further boost Kansai’s Philippine business, as well as keeping KPPI employees well-motivated and happy. www.kansaipaint.com.ph

OUTGOING President Takushi Yamamoto (left) and Incoming President Akiyoshi Watanabe during the turn-over ceremony held at KPPI Office in Calamba, Laguna

Entrepreneur

E4 Wednesday, May 8, 2019 • Editor: Vittorio V. Vitug

BusinessMirror

www.businessmirror.com.ph

Zoho’s Commerce online platform boosts SME capability to meet customers’ needs

By Rizal Raoul S. Reyes

@brownindio

Females beat men in fintech field–KPMG

Contributor

OHO Corp., an Indian software development company that focuses on Web-based business tools and information-technology (IT) solutions, has recently unveiled the Commerce platform to enable online stores belonging to the small and medium enterprises (SMEs) respond more dynamically to local conditions of their target markets and be more competitive. Zoho Corp. Vice President and General Manager for the Asia-Pacific region Gibu Matthew, said the Commerce platform was developed to integrate 40 products tailored for e-commerce, which belong to the vertical group. “It is e-commerce but commerce because it combines digital and the brick-and-mortar characteristics of business.” The Commerce platform, he said, enables SMEs to customize their ecommerce platform to the conditions of their target market. The Commerce platform can perform sales and marketing, finance, e-mail and collaboration, IT help desk, human resources and customs solutions, enabling owners to perform all tasks by themselves. “By providing a default in your program, we are providing automatically a system that will respond to the needs of the market. You can actually personalize it [in a way] that

will enable you to provide the real customer experience to satisfy the buyers,” Matthew said. He said the Commerce platform also helps entrepreneurs reconcile bank statements so they can have an easier time in their financial transactions. “We also have an expensing solution that will monitor expenses of the company,” he said. “Since this is an online platform, you can easily find them with an e-mail ID. You could all put up the setup immediately, and put up the details of the product at once,” Matthew explained. Matthew said companies would have to shell out $20 per month for the use of the software. Interested companies can avail themselves of the software through the company’s web site. “That is the actual vision of the company for this product. Throughout this year, we will release new capabilities [for a] full blown commerce

ZOHO Corp. officials met with their clients to update them of its latest products. Inset photo shows Zoho Vice President and General Manager for Asia Pacific Gibu Matthew. He has been working for Zoho for more than 18 years, leading product management and marketing efforts for many of the company’s technical cloud and on-premise solutions.

solution,” he added. Meanwhile, ManageEngine, the IT management division of Zoho Corp., recently launched the cloud version of ServiceDesk Plus, its flagship IT service management solution, which now includes Zia, Zoho’s AI assistant as a virtual IT support agent. As far as the Philippines is concerned, Matthew said, the response so far of the market was good, registering triple digit growth. “We also get a warm reception from the business-process outsourcing [BPO] industry,” he pointed out. Matthew said clients from the BPO industry use the Zoho desk and the Zoho creator application for workflow processes. The tools will enable BPOs to develop a specific workflow for a specific need.

“Let’s take for example, you want to develop a shift schedule for people. You want to create an app for workers to manage their work schedule. As a result, we have developed a mobile

application that workers can easily download on their mobile devices,” Matthew said. Chennai, India- based Zoho Corp. was founded in 1996.

By providing a default in your program, we are providing automatically a system that will respond to the needs of the market. You can actually personalize it [in a way] that will enable you to provide the real customer experience to satisfy the buyers.”—Matthew

Bloomberg News

Airbnb spawned an ecosystem of start-ups that sweat the details

AVID KRAUSS had parlayed his Dallas condo into a successful Airbnb listing until one fateful weekend in 2014. Then, a couple of guests threw a party so loud it elicited more than a dozen noise complaints from neighbors, a police report and an angry letter from an attorney. His reputation in the building was so sullied he decided it was best to sell the unit— at a $30,000 loss. But Krauss, a former independent real-estate developer, wasn’t finished with Airbnb. His misfortune gave way to an idea for a device—“a smoke detector for noise”—that sends alerts directly to hosts’ phones when guests get too loud for too long. That way owners can intervene well before neighbors are disrupted or worse, the police are called. His company, NoiseAware, is just one of hundreds of start-ups that are riding the coattails of the home-share titan and its rivals, which include Booking Holdings Inc. and Expedia Group Inc.’s HomeAway, as demand for such rentals skyrockets. Over the past decade, Airbnb Inc. has transformed the travel sector by persuading millions of people to open up their homes to complete strangers. As the company grew, amassing more than 6 million listings in about 191 countries, it has spawned a whole ecosystem of start-ups that seek a piece of the booming market for private accommodations by helping to fill in the gaps that Airbnb and the others can’t or don’t address, like automating the check-in process and providing keyless entry around the clock. Some sell software that promises to calculate the perfect listing price or updates a property’s availability instantly. One company helps owners decorate—from furniture to bedding—to create that unique vacation-rental-unit vibe. “Everybody is sort of trying to solve a pain point,” said Simon Lehmann, who has worked in the travel industry and now runs AJL Consulting GmbH. “We have seen a massive amount of start-ups in this industry, massive verticalization, lots of money pouring in.” Since 2008, investors have poured about $14.6 billion into digital travel start-ups,

excluding the funding that went to Airbnb, according to a 2018 report by Phocuswright, which counts data through the first half of last year. The travel research company has identified almost 1,800 start-ups in the industry. Airbnb has evolved considerably since its founders famously rented out air mattresses on the floor of their San Francisco apartment in 2007. While millions of people have benefited from making extra cash by sharing their home or enjoying a more intimate experience when traveling to a new destination, the so-called alternative accommodations market suddenly isn’t so alternative. It’s big business. Booking has almost as many vacation home listings as Airbnb and even Google has gotten into the game, offering rentals from Expedia’s VRBO and HomeAway, among others. The world’s largest hotel company, Marriott International Inc., is also expanding in the homesharing business, bringing its own offerings to the US later this spring after already operating in a handful of European cities. People “started to realize that it’s actually

not that easy to be a property manager—handing over keys at three o’clock in the morning, answering complaints from the guest and making sure the guest’s experience is absolutely at its best,” Lehmann said. “So the business is getting more managed.” Lehmann estimates that now there’s an even split between private owners and managed owners, or those who oversee more than two properties and often more than 20, making it their full-time job. The trend is continuing toward more managed inventory, with the share of rentals by owners decreasing, Lehmann said. “Vacation rentals have been around forever, but they were always a little bit sleepy and a lot of the online distribution was kind of like bulletin boards,” said Seth Borko, a senior research analyst at Skift, a travel intelligence platform. “Airbnb has really changed all that.’’Such growth has created opportunities for other start-ups, too. Fulhaus Inc. designs and furnishes units for professional vacation rental owners. Its Haus-in-a-Box’ product offers a “complete furniture package specifically

INTECH firms with female founders are better investments. That’s the conclusion from KPMG, which surveyed 91 financial-technology companies in the UK, including nine where, at least, one founder was a woman. The report, published on Friday, showed that firms with a female founder have more than double the internal rate of return on average than peers where the initial entrepreneurs were all male. KPMG acknowledged some limitations to the study, saying one large female-founded firm, Londonbased Starling Bank Ltd., which has raised £233 million ($303 million), might skew the results. Still, it said the findings are important. “While the number of female founders or cofounders is low, the fact that they typically achieve a higher rate of return is a clear vote for more diversity,” Anton Ruddenklau, global coleader for fintech at KPMG, said in a statement. Given many start-ups are unprofitable, KPMG largely based its analysis on valuation increases from one funding round to another.

designed for the short-term rental market’’ and comes in several styles—including paradise, corporate and luxe—and includes a platform to let guests buy the items they like. Another platform, Operto, connects properties to a range of devices—including NoiseAware, digital locks, smart thermostats, lights and even carbon dioxide monitors that can help hosts calculate how many people are in a unit. Properly, one of several companies Lehmann has invested in, offers a platform for managing the cleaning, maintenance and other tasks required for preparing a unit before the next guest arrives. More than 60,000 properties are connected to the service, which also allows hosts and service providers to communicate about supplies that are running low, and damage left behind by guests. Customers are expecting much higher quality in their alternative accommodations, even in “the treehouse, the houseboat, whatever it might be,” said Properly Founder and CEO Alex Nigg. Guests want, at least, the clean white sheets that they expect at the hotel, and of course, the 24/7 check-in. As Airbnb, last valued at more than $30 billion, eyes an initial public offering next year, it’s also working to pivot its home-share service into a comprehensive travel platform, where vacationers can book flights, accommodations and tourist experiences. Partnering with a growing network of start-ups is one of the levers Airbnb plans to pull in order to succeed, said Chris Lehane, Airbnb’s global head of policy. It’s a “win, win, win for those plugged into the ecosystem.” NoiseAware’s Krauss definitely sees it that way. Despite the “mini-Coachella” party that cost him his condo, Krauss has become one of Airbnb’s “superhosts’’ and was honored at the company’s headquarters recently. He has hosted more than 5,000 guests. “My life has been way more committed to this damn concept of short-term rentals and Airbnb than I even knew,” he said. Bloomberg News

628 Bukidnon residents get DOLE livelihood grants in Q1

ALAYBALAY CITY—A total of 628 individuals received livelihood grants from the Department of Labor and Employment (DOLE) in Bukidnon for the first quarter of the year. Archibald Batica, DOLE-Bukidnon senior labor and employment officer who led Wednesday’s ceremonial turnover here, said the assistance is part of the DOLE Integrated Livelihood Program (DILEEP). DILEEP has a total allocation of P4.8 million for the first quarter of 2019 alone, Batica said, with the grants going to associations and individuals from the cities of Malaybalay and Valencia, and the towns of Kadingilan, Quezon, Maramag, San Fernando and Kitaotao. Batica said group projects that benefited from the grant include corn production, trading post and marketing, integrated vegetable and dried fish trading, meat shop and lechon processing project, and integrated foods and spices vending. Beneficiaries from various livelihood associations consist of parents of child laborers, Indigenous Peoples, vendors, marginalized and landless farmers, informal sector workers, women and farmers. Projects for individual beneficiaries include starter package for sari-sari store and other homebased livelihoods. PNA