BusinessMirror May 09, 2019

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

BusinessMirror A broader look at today’s business

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n Thursday, May 9, 2019 Vol. 14 No. 211

PHL readies road map for an ‘A’ credit rating ₧3B T

By Bernadette D. Nicolas

With just a notch away from the “A” level rating, BSP Deputy Governor Diwa C. Guinigundo said they are now embarking on an agenda called the “Road to A.” Guinigundo said the BSP and the DOF are eyeing to organize an

interagency committee that would formalize this road map.

“Such road map will evidence the buy-in and commitment of key economic and infrastructure officials to get our efforts properly credited to A before 2022 to help

The estimated savings of the Philippines—in commercial bond issuances—as a result of the latest credit-rating upgrade, according to National Treasurer Rosalia V. de Leon

further bring about more benefits to the economy and to our people,” he said in a Palace briefing.

Moving forward, Guinigundo said their goal is to sustain policy and structural reforms, which he said is one of the nonnegotiable keys to an upgrade aside from continuous engagement with the

.

Hanjin as base for Philippine shipbuilding: To be or not to be Rene E. Ofreneo

LABOREM EXERCENS

F

OUR months after it was declared bankrupt, the Hanjin shipyard, one of the world’s biggest, is still awaiting firm government decision on what to do with Hanjin’s 300-hectare sprawling facility in Subic.

Continued on A7

El Niño slashed crops production in Q1–PSA

By Bianca Cuaresma @BcuaresmaBM

A

See “RRR,” A8

P25.00 nationwide | 6 sections 46 pages | 7 DAYS A WEEK

See “Road map,” A2

RRR cut’s best timing is this year –PNB expert LOCAL economist on Wednesday flagged the risks of liquidity tightness in the country, saying the Bangko Sentral ng Pilipinas (BSP) ought to do something about the cash supply conditions in the country.

In a roundtable with reporters on Wednesday, Philippine National Bank (PNB) economist Jun Trinidad said a reserve requirement ratio (RRR) cut is most appropriate this year given evolving local dynamics, especially noting the need to fuel economic growth in the country.

“Without necessarily unwinding all that liquidity that the BSP has drained, they can provide additional liquidity support simply by trimming the reserve ratio,” Trinidad said.

In 2018, the BSP let out a series of policy rate hikes to the tune of 175 basis points to tighten conditions in the local economy in an effort to curb the then-rising inflation path.

Latest data showed that inflation already slowed down to 3 percent in April this year—a 16-month low—from its peak value of 6.7 percent in September to October last year.

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@BNicolasBM

HE Bangko Sentral ng Pilipinas (BSP) is looking to finalize— along with the Department of Finance (DOF) a road map next week to ensure a calibrated approach to the Philippines’s “active pursuit of an A level rating.”

The Philippines last week received its highest credit rating from a major ratings agency to date, as S&P Global Ratings announced that it is assigning a “BBB+” rating on the Philippines’s long-term sovereign credit rating.

2017 EJAP JOURNALISM AWARDS

By Jasper Emmanuel Y. Arcalas

T WICK A. VELOSO, Philippine National Bank president and CEO, briefs journalists during the PNB media engagement session at the Shangri-La Hotel in Makati City on Wednesday. At that roundtable with reporters, PNB economist Jun Trinidad said a reserve requirement ratio cut is most appropriate this year given evolving local dynamics, and the need to fuel economic growth in the country. NONOY LACZA

‘FTAs will shield PHL from trade war’

T

HE Philippines is keen on forging more bilateral freetrade agreements (FTAs) with several countries amid the intensifying trade tensions between the United States and China.

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo noted that arrange-

PESO EXCHANGE RATES n US 51.8960

ments such as the FTAs are viable alternatives that can help countries like the Philippines survive the trade war between the two economic giants.

Markets were rattled anew after US President Donald J. Trump recently threatened to raise tariffs on $200 billion worth of Chinese

goods. Trump also warned that he might slap a 25-percent tariff on another $325 billion worth of products from China.

“The problem there is if it escalates, this trade dispute escalates, everybody gets affected not just the Philippines, but everybody. This See “FTAs,” A2

@jearcalas

HE sustained expansion of the livestock and poultry subsectors buoyed the country’s first-quarter farm output, which grew at a slower pace as El Niño affected the Philippines’s major crops.

Data released by the Philippine Statistics Authority (PSA) showed that farm production in the January-to-March period rose by a mere 0.67 percent, slower than the revised rate of 1.08 percent.

The crops subsector’s output, which accounts for 52.71 percent of total agricultural production, declined 1.01 percent as El Niño slashed the output of 11 crops nationwide, the PSA said.

“Palay and corn production declined by 4.46 percent and 2.07 percent, respectively,” the PSA said in its report published on Wednesday.

“Production decreases were also noted among the major crops such as banana, pineapple, coffee, man-

go, tobacco, peanut, cassava, garlic and rubber,” it added.

Rice output fell to a three-year low of 4.416 million metric tons from 4.622 MMT last year, while corn production declined to 2.425 MMT from 2.476 MMT in the first quarter of 2018, PSA said.

The PSA attributed the declines in output to the adverse effects of the dry spell in rice and corn-producing regions including Cagayan Valley, Calabarzon, Mimaropa region, Western Visayas, Central Visayas, Zamboanga Peninsula and Northern Mindanao.

Agriculture Secretary Emmanuel F. Piñol said the farm sector’s performance in the first quarter is a “relief considering the effects of El Niño.”

“The decline [in crops production] was expected because of the drought which is why we are really pushing for the implementation of small and sustainable irrigation projects,” Piñol told the BusinessMirror via SMS. See “El Niño,” A8

n JAPAN 0.4707 n UK 67.8644 n HK 6.6124 n CHINA 7.6565 n SINGAPORE 38.0860 n AUSTRALIA 36.3843 n EU 58.0820 n SAUDI ARABIA 13.8390

Source: BSP (8 May 2019 )

News

BusinessMirror

Thursday, May 9, 2019

A2

‘Trade war, issues over tax perks to crimp PHL exports’ $9.8B

By Elijah Felice E. Rosales @alyasjah

U

NRESOLVED issues on tax incentives and shipping fees are making it difficult for exporters to rebound, as they expect receipts to contract in the next few months after the value of shipments fell by 2.5 percent in March.

Sergio R. Ortiz-Luis Jr., president of the Philippine Exporters Confederation (Philexport), said the export sector has yet to see the worst this year. He said local and international issues continue to hamper efforts of exporters to recover, as shipments yet again contracted at the end of the first quarter.

Data from the Philippine Statistics Authority (PSA) showed exports in March slipped 2.49 percent to $5.87 billion, from $6.02 billion during the same month last year.

As exports declined, imports rose 7.77 percent to $9.01 billion, from $8.36 billion, PSA data reported. This swelled the country’s trade deficit for March by 33.76 percent to $3.13 billion, from $2.34 billion.

Export receipts in the first quarter declined 3.13 percent to $16.36

billion, from $16.9 billion during the same period last year.

Imports expanded 4.68 percent to $26.17 billion, from $25 billion, according to PSA data. The country’s trade deficit after the first quarter ballooned to $9.8 billion, higher by nearly 21 percent from $8.1 billion during the same quarter last year.

Ortiz-Luis said the trade climate is not in favor of a rebound, especially with the United States and China in a stalemate over their tariff war.

The United States is planning to raise additional tariffs on Chinese goods on Friday, as talks between Washington and Beijing trade officials are in limbo over alleged backpedaling from the latter’s camp.

The economic standoff between the

The Philippines’s trade deficit in the first quarter of 2019

world’s largest economies is taking a toll on global shipments, such as on electronic products, which is Manila’s top export good.

“All of the economic factors are not in our favor. Agriculture is not doing well. Our electronics industry is hit hard by the trade conflict between the US and China. Our nonelectronic manufacturers are not increasing their production. Almost everybody is nascent, suffering from an economic issue, resulting in this slowdown,” Ortiz-Luis told the BusinessMirror.

Trade Secretary Ramon M. Lopez agreed with Ortiz-Luis, attributing the first-quarter exports decline to supply-driven issues heavily influenced by the trade conflict.

Electronic exports from January to March dropped 1.55 percent to $8.84 billion, from $8.98 billion during the same stretch last year. “[There have been] weaker orders in electronics, which accounts for 54 percent of total exports, affected by lower orders in other countries because of trade war concerns, and we are part of this global

value chain,” Lopez said in a text message to the BusinessMirror.

Ortiz-Luis also said exporting firms are not bringing in new investments and augmenting their production, as they await the fate of incentives that could be soon stripped away from them.

The government is moving to rationalize tax perks granted to firms in economic zones under the Tax Reform for Attracting Better and High-Quality Opportunities (Trabaho) bill.

Many semiconductor firms are apparently holding off their expansion plans, as they intend to move out of the Philippines should the government decide to lift their incentives.

The Philexport chief also blamed the unresolved issue of high shipping fees that exporters have long lamented as an impediment to trade. State agencies are crafting a joint administrative order regulating shipping charges, but have failed to promulgate it in time to meet their April deadline.

“We have a lot of problems on shipping fees, port policies and infrastructure that are all left hanging by the government. Couple this with the issue on economic zone firms and their incentives, [and] you will really have an unstable export performance. As long as this is the case, we see our figures in the negative,” Ortiz-Luis said.

BIR reiterates rules on teachers’ poll honoraria

By Rea Cu

@ReaCuBM

T

HE Bureau of Internal Revenue (BIR) said on Wednesday it had already issued a ruling last year on the imposition of a 5-percent tax on the compensation given to teachers who render service during elections.

In a statement, the bureau said BIR Ruling 759-18, issued in May 2018, makes clear when the honoraria and allowances of teachers and qualified persons serving as electoral board members are subject to withholding tax.

“If the annual taxable income

which includes the honoraria and allowances of teachers who will serve in the Electoral Boards does not exceed P250,000, such honoraria and allowances shall not be subject to income tax, and consequently to the withholding tax,” the BIR ruling said.

“Conversely, if the annual taxable income which includes the honoraria and allowances of teachers who will serve in the electoral boards exceeds P250,000, such honoraria and allowances shall be subject to income tax and consequently to the withholding tax on compensation,” it added.

The BIR added that teachers and qualified persons serving in the electoral boards will just have to execute and submit to the Commission on Elections (Comelec), prior to the release of the honorarium and allowances, a sworn declaration that their gross annual income does not exceed P250,000 in order to spare such from being subject to withholding tax.

Electoral board chairmen are given P6,000 by the government, while members receive P5,000 as honoraria for election services.

The bureau said copies of the 2018 BIR Ruling were already given

to the Comelec and Alliance of Concerned Teachers-Philippines (ACT).

On Monday, the ACT called on the BIR to recall the imposition of the 5-percent tax on poll service compensation for teachers who will work on election day, May 13.

Teacher-members of ACT also want the BIR to refund the previous deductions made to their honoraria and allowances in line with their election-related services, alleging that their tax refund for the services they rendered during the 2018 barangay and Sangguniang Kabataan elections was still unreleased.

No number coding for PUVs on May 10-14–MMDA

T

O ensure that enough public-utility vehicles (PUVs) are available to ferry voters who will be casting their ballots in the provinces on election day, the Metropolitan Manila Development Authority (MMDA) will suspend the Unified Vehicular Volume Reduction Program (UVVRP) or the number coding scheme for provin-

Road map. . .

Continued from A1

credit-rating agencies. “We have a long way to go, many more miles to travel. We don’t need a crisis or an international financial institution to tell us what to do. We shall be doing things for the sake of our people. If these efforts start bearing fruits that are good to eat, then the upgrade will just logically be a consequence,” he said.

Guinigundo pointed out that efforts must also be directed at addressing these issues: further increasing the country’s per-capita income, enhancing the country’s potential input, strengthening the external payments buffers, keeping prices stable, fortifying public finance and elevating governance standards.

“So all of these, I think, are priorities of the national government

cial buses on May 10 and May 14.

The MMDA said it expects a big number of people going to the provinces to vote.

The number coding scheme for all (PUVs and private vehicles) is automatically lifted on weekends (in this case, May 11 and 12), and on election day itself on Monday, May 13, MMDA said.

Meanwhile, the MMDA will be deploying traffic constables to direct traffic in roads near and around polling precincts in the metropolis.

When asked about the number of traffic enforcers who will be deployed, MMDA General Manager Jojo Garcia replied, “regular deployment.”

Aside from the polling centers

and schools in Metro Manila, traffic enforcers will also be deployed at the Commission on Elections main office in Intramuros, Manila, and the Philippine International Convention Center (PICC) in Pasay City, where the National Board of Canvassers will be doing its work in the senatorial race canvass. Claudeth Mocon-Ciriaco

in addressing these particular issues—not because we wanted another A or another upgrade, but because pursuing these very important reforms on various fronts will be useful to us, because we want to sustain our economic growth; we want to make sure that employment opportunities are available and to make a dent in terms of our efforts to reduce poverty in the Philippines,” he added.

Meanwhile, Finance Secretary Carlos G. Dominguez III stressed that the credit-rating upgrade is a direct result of President Duterte “choosing to invest his political capital wisely in difficult but gamechanging reforms” such as the Tax Reform for Acceleration and Inclusion (TRAIN) law and the Rice Tariffication Act. Dominguez, however, immediately pointed out that they did not pursue these reforms to get a better credit rating.

“This upgrade is the effect of pursuing ‘game-changing reforms’ that would lead to a flourishing economy and a more comfortable life for lawabiding Filipinos,” he said.

“The effect of a BBB+ rating may not be immediate, but it is very clear, it is a stepping stone to our goal of achieving and sustaining upper middle-income country status in the near future,” he added.

rating lower than BBB. “So with the BBB+, we’re able to throw the net far and wide, catch more fish into our pond of borrowing,” she said.

Even the private sector will also reap the benefit of lower cost of borrowing from the credit-rating upgrade, noting that the national government is considered as the benchmark for borrowing rates.

“So if we borrow at this level, even the private sector would also be reducing their own borrowing cost. So, what does it mean? Then they will be able to have more capital expenditures, produce more jobs,” she said.

“This is more inspiring for us because all the fruits of our labor are now producing results. And we are more challenged but, at the same time, more inspired to deliver more reforms, and at the same time, really make it up to the coveted A rating that we are all also aspiring for,” she added.

P3-B savings

NATIONAL Treasurer Rosalia V. de Leon also cited the potential benefits of the country getting this credit-rating upgrade, including generating savings of at least P3 billion for commercial bond issuances and attracting more foreign direct investments that would lead to more jobs.

Since foreign investors have stringent guidelines before investing, de Leon explained that they will not go to an economy with a credit

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It’s ‘all systems go’ for May 13 election duties, says DepEd

By Jovee Marie N. dela Cruz @joveemarie

T

E ACHER S a nd sc hoolpolling precincts are now ready for the May 13 midterm elections, the Department of Education (DepEd) said on Wednesday.

In an interview following a House of Representatives oversight meeting on DepEd expenditures, Education Undersecretary Nepomuceno Malaluan said 230,000 teachers will be deployed as members of the Electoral Boards and technical support personnel during the elections.

“We are all systems go [for Monday’s polls],” he said.

According to Malalua n, 36,0 0 0 sc hool s w i l l be used as pol l ing centers for the elections.

Earlier, DepEd said P50 million will be allotted for the maintenance and security of schools before and after elections.

Task force

T HE DepEd sa id Educ at ion Secretary Leonor M. Briones issued on May 2 Memorandum 52 establishing the 2019 DepEd Election Task Force and its operation and monitoring center

FTAs. . .

Continued from A1

is why the government is developing more and more FTAs,” Guinigundo told reporters in a news briefing in Malacañang on Wednesday.

The BSP official noted that Oxford Economics has indicated that the first instance of US-China trade war can be an advantage for the Philippines as local goods— not being taxed heavily—will be more competitive.

He said the Philippines is currently establishing more FTAs with its dialogue partners, such as South Korea, China and Japan, as well as New Zealand and Australia.

“Another work in progress is [an] FTA with Europe, so even if we are either affected by US or China, we have more options or alternatives. Because we can’t do anything with [the trade war],” Guinigundo said.

“The Philippines is just a small player. When the elephants are fighting, we will be affected so we might as well gather ourselves. We are small ants so let us help each other,” he added.

‘Serious problem’

FINANCE Secretary Carlos G.

‘Bikoy’. . .

Continued from A8

Sotto said he was leaving it up to Lacson to decide “what to do” with the Bikoy issue, as Lacson chairs the ongoing inquiry being conducted by the Senate Committee on Public Order and Illegal Drugs.

“I do not meddle [with committee inquiry],” Sotto told reporters, even as he noted observations that “definitely the witness is not credible, contrary to claims.”

He recalled that doubts were already raised earlier on Advincula’s credibility way back in 2016 when his Senate staff interviewed the witness “while serving time for estafa.”

This developed as Lacson confirmed that they cancelled Friday’s panel hearing where Bikoy was expecting to testify on his allegations.

in the central, regional and school/city division offices.

The memorandum said the task force will be established at the Bulwagan ng Karunungan, DepEd Central Office in Pasig City, starting at 1 p.m. on May 12 and will end operations at 5 p.m. on May 14.

It added that all regional and schools division officers of the agency are also authorized to create their respective task-force centers on the said dates.

The DepEd is one of the national agencies deputized by the Commission on Elections to ensure free, orderly, honest, peaceful and credible elections.

The Briones memorandum said the task force will ensure that teachers are provided with adequate information, technical and legal assistance in the performance of their duties on Monday.

Meanwhile, Briones reminded all DepEd officials and personnel not to intervene directly or indirectly in any election campaign or engage in any partisan political activity.

The DepEd also guaranteed payment of the honoraria, travel allowances and overtime payments of teachers who will serve this Monday.

Dominguez III called the US-China trade war a “serious problem” which will affect the Philippines.

“You know, we’re going to get affected by that [trade war] because a lot of our exports to China are parts of, let’s say, telephones or computers which are assembled in China and then reexported to the US,” Dominguez said.

“The Philippines is not a big trading countr y. Our exports are not very large. We rely more on domest ic i nvest ments to drive our GDP, as well as exports of services like our BPOs and exports of our manpower, which are not subject to these items; but there are industries that will definitely be affected,” he added.

The DOF chief said he will discuss with the Department of Trade and Industry the government’s contingency plans in case the US makes good on its threat to raise tariffs on Chinese goods.

Dominguez said economic managers want to know which industries will be affected before advising stakeholders on the possible actions they can take.

“So we’re just trying to evaluate, you know, exactly how they are going to be affected, especially the industries where there is a reexport component,” he said. Bernadette D. Nicolas “Wala na [No more hearing],” Lacson said, adding the committee already sent out notices that the hearing on Bikoy’s allegations was cancelled. “It does not make sense,” Lacson added.

The Senate chief prober indicated it was now up to the Executive Department, the Department of Justice, the National Bureau of Investigation and the Philippine National Police to undertake a deeper investigation “to find out if Bikoy was doing it ‘solo flight’ or there are other people behind him.”

Advincula surfaced on Monday morning at the IBP, reportedly accompanied “by nuns,” and somehow was given a platform to air his claims on national TV and on a Facebook livestream even though IBP officers had not yet vetted him. The incoming IBP president has ordered an investigation of how this happened.

The Nation BusinessMirror

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briefs PATENT, TRADEMARK APPLICATIONS ROSE NEARLY 13% IN Q1

APPLICATIONS for patents and trademarks in the first quarter increased nearly 13 percent, reflecting a growing intellectual-property (IP) culture in the Philippines.

The Intellectual Property Office of the Philippines (IPOPHL) disclosed in a report on Wednesday filings for inventions, utility models, industrial designs and trademarks in the first quarter rose 12.91 percent to 11,327, from 10,031 during the same period last year. It said this is indicative of both a rise in innovative capacity and business activity.

“This growth is the product of our expansion of satellite offices last year, launching three in 2018,” the IPOPHL said in the report.

“Our Bureau of Trademarks, likewise, implemented a trademark incentive program, which we believe aided the increase. In broader terms, our continued information, awareness and capacity-building programs, especially for research and development institutions and universities, for IP holders stoked this demand,” the IP body added. Elijah Felice E. Rosales

I.B.P. DROPS ‘BIKOY’ LIKE A HOT POTATO THE Integrated Bar of the Philippines (IBP) is now distancing itself from Peter Joemel Advincula, who claimed he is “Bikoy,” the hooded man who appeared in a series of online video titled “Ang Totoong Narcolist” linking President Duterte’s family and some associates in the country’s illegal drug trade.

IBP President Abdiel Dan Elijah Fajardo said in a news statement issued on Wednesday that the group, through its National Center for Legal Aid, has decided to decline Advincula’s request for legal assistance.

The decision to reject Advincula’s plea for legal assistance came after the IBP Davao chapter lambasted IBP national for allowing Advincula to hold a press conference at its headquarters in Pasig last Monday. Joel R. San Juan

COURT ISSUES H.D.O. VS. COP TAGGED IN KOREAN BIZMAN’S SLAY

AN Angeles City court on Wednesday granted the motion filed by the Department of Justice (DOJ) seeking the issuance of a hold departure order (HDO) against police colonel Rafael Dumlao III, who has been tagged as the mastermind in the killing of South Korean businessman Jee Ick-joo .

The justice department through Assistant State Prosecutor Juan Pedro Navera immediately sought the issuance of an HDO against Dumlao after Regional Trial Court of Angeles City Branch 56 Presiding Judge Irin Zenaida Buan allowed Dumlao to post bail due to the prosecution’s failure to prove that the evidence of guilt against the latter is strong.

“Acting on the urgent ex parte motion for the issuance of a hold departure order against accused P/Supt. Rafael Dumlao III, and the same being meritorious, said motion is hereby granted,” part of the court’s order said.

The court also directed the Travel Control Bureau of the Bureau of Immigration “to hold the departure of the accused from the country so as not to escape criminal liabilities pending the final determination of the case.” Joel R. San Juan

ARMY RECOVERS ANTIPERSONNEL MINES IN SULTAN KUDARAT THE Army’s 2nd Mechanized Infantry Battalion had safely recovered three antipersonnel mines in Sitio Kabanalian, Barangay Ilian, Esperanza, Sultan Kudarat, on Tuesday.

The recovery of the mines was brought about by the information relayed by a concerned citizen in the area regarding the presence of the bombs hidden in an abandoned hut.

The responding troops, while scouring the area, recovered the three anti-personnel mines weighing 29 kilograms each. Rene Acosta

Editor: Vittorio V. Vitug • Thursday, May 9, 2019 A3

Brace for another round of OFW job losses in Saudi, POEA warns

By Samuel P. Medenilla

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@sam_medenilla

ORE displacement of overseas Filipino workers (OFWs) and other foreign workers in the Kingdom of Saudi Arabia (KSA) looms as the Saudi government intensifies the nationalization of its work force.

In a news statement, the Philippine Overseas Employment Administration (POEA) said the Saudi government announced it would stop the renewal of residency permits for foreigners in 35 professions.

T he new Saud i polic y w i l l also lead to the termination of employment and deportation of

foreigners aged between 35 to 54 in the said categories.

“The move will give opportunity for young Saudi graduates to work in the Kingdom and end the prevailing unemployment crisis,” POEA said.

The new Saudi policy will cover the following professions: purchas-

ing officer; dealer of auto shows; information recorder; central commissar; housing supervisor; secretary; customer accountant; debt collector; written functions; tour guide; pharmacist; assistant pharmacist; medical secretary; financial references; administrative clerk; and relationship jobs.

The other affected occupations are storekeeper; prospecting; support staff; human-resources officer; personnel manager; receptionists; employees in employees units; treasurer; references to government departments; security guard; administrative manager; librarian; training manager; purchasing manager; bookseller; mail dispenser; and administrative assistant.

The new policy is an offshoot of the Saudi government’s measure last year to restrict 12 retail store categories to Saudi nationals.

The Saudi government has been trying to limit its dependence to foreign workers since 2017, when it started taxing dependents of expatriates staying in Saudi.

The initial amount of the tax is 100 Saudi Arabian Riyal (SAR).

It will increase to SAR 300 by July 2019.

Last year it also started imposing a SAR 400 monthly tax for every expat worker from companies, which have foreign workers outnumbering its local employees.

“The levy increased to SAR 600

in January 2019 and will increase to SAR 800 per month by 2020,” POEA said.

Based from POEA data, the number of deployment in KSA has been declining since 2016.

From 460,121 deployed OFWs in KSA in 2016, the count dropped to 433,567 in 2017.

POEA has yet to release its deployment data from 2018, but labor officials anticipate the decrease will continue in the coming years as the Saudi government still grapples with its economic woes.

The [Saudization] move will give opportunity for young Saudi graduates to work in the Kingdom and end the prevailing unemployment crisis.”—POEA

Atienza asks DOTr: Where’s the P450-M Pag-Asa seaport project? Low-grade steel proliferate in the Cordilleras–DTI H

By Jovee Marie N. Dela Cruz @joveemarie

OUSE Deputy Minority leader and Buhay Rep. Lito Atienza on Wednesday urged the national government to update Congress on its plan to build a P450million seaport on Pag-Asa Island to improve accessibility in the area.

The House official issued the statement amid the reported growing presence of Chinese maritime militia vessels around Pag-Asa, which has been occupied by the Philippines since 1970.

Citing the 2017 General Appropriations Act, Atienza said Congress gave P450 million in capital outlay to the Department of Transportation (DOTr) for the Barangay Pag-Asa Port Project.

At present, Atienza said, Pag-Asa has less than 400 residents, mostly fishermen and their

families. It also has a one-classroom primary school and a five-bed clinic.

The Pag-Asa island, which is part of the disputed Spratly Island, is now being guarded by a military detachment led by an officer with the rank of lieutenant.

Located 518 kilometers northwest of Puerto Princesa City, Palawan, Pag-Asa is a low-lying land mass surrounded by shallow coral ranges.

Pag-Asa is the lone barangay of Kalayaan, the country’s smallest municipality.

“We hope the DOTr is still pushing through with the project, which has become absolutely imperative for us to encourage more Filipinos to live on the remote island,” Atienza said.

“Now would be an excellent time for the DOTr to carry out the project, considering that the military is set to complete the construction of a beaching ramp on the island,” the lawmaker added.

The beaching ramp being built by the Department of National Defense (DND) is meant to expedite the delivery of construction equipment and materials after President Duterte in April 2017 ordered the reinforcement of Pag-Asa. The DND is initially focusing its efforts on paving the island’s crumbling 1.3-kilometer airstrip.

The entire Spratly archipelago is being claimed by China.

However, a tribunal of the Permanent Court of Arbitration in The Hague ruled in July 2016 that Philippine territories in the West Philippine Sea could not be overlapped by any possible entitlement of China.

The late strongman President Ferdinand Marcos established by presidential decree in 1978 the Municipality of Kalayaan over the Kalayaan Island Group under the Province of Palawan.

DFA: No Filipino hurt in PNG quake Comelec tracking reports of vote

By Recto Mercene @rectomercene

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7.2

HE Department of Foreig n A ffairs (DFA) has reported no Filipino was hurt following a 7.2-magnitude earthquake that struck Papua New Guinea on Tuesday, May 7.

“The Department of Foreign The magnitude of the Affairs reported that none of the approximately 36,000 Filipinos earthquake that struck in Papua New Guinea [PNG] were Papua New Guinea on hurt in the 7.2-magnitude earthTuesday, May 7 quake which hit East PNG around 7 a.m. on May 7,” a DFA statement read.

Philippine Chargé d’ Affaires Mary Grace Villamayor, who is stationed in the capital Port Moresby, said they are in touch with the Filipino community in the affected cities of Lae and Kokopo, including the Filipino Association in PNG. “No tsunami war ning was issued by the USGS [US Geolog ica l Sur vey]-linked Pacific Tsunami War ning Center,” Vil lamayor said.

PNG has a population of more than 8 million, based on the latest United Nations estimates.

The USGS identified the epicenter around 33 kilometers from the town of Bulolo. The earthquake was strong enough to be felt in Port Moresby, around 250 kilometers away.

She added that the embassy continuously monitors the situation and stands ready to provide the necessary assistance.

The latest news accounts from PNG said the earthquake has cut power supply and knocked items off shelves though there were no immediate reports of serious damage.

“The quake hit around 7:20 a.m. Tuesday [21:20 GMT Monday] 33 kilometers southeast of Bulolo, on the country’s eastern side, at a depth of 127 km. It was felt in the capital Port Moresby about 250 km away,” the report said.

The Philippines has an embassy in Port Moresby, which is also accredited to the Solomon Islands, Vanuatu and Fiji.

The Pacific Tsunami Warning Center said there is no tsunami threat because the earthquake was so deep.

“We have no reports as yet of serious damage,” Insp. Leo Kaikas, Bulolo police station commander was quoted as saying in a news wire report.

Staff at Bulolo’s Pine Lodge hotel said there was ver y minor damage from objects falling off tables, but nothing more serious.

buying in Caraga and ARMM

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HE Commission on Elections (Comelec) on Wednesday assured it is closely monitoring two regions for possible high incidents of vote buying for the midterm polls on Monday.

In a news conference, Comelec Chairman Sheriff Abas said they have received information of multiple vote-buying incidents in Caraga and the Autonomous Region in Muslim Mindanao (ARMM).

Based from their initial reports, he said, elections in both regions are now the most “expensive” nationwide due to the alleged rampant vote buying.

“That is why we will focusing our attention in these regions,” Abas said.

Comelec Commissioner Al Parreño said the trend started during the barangay and Sangguniang Kabataan elections last year.

“In the last two to three days it started again,” Parreño said.

Department of the Interior and Local Government (DILG) Undersecretary Jonathan Malaya said a possible reason for the increase is the desperation of candidates to gain an advantage in the elections.

“The vote-counting machines of Comelec have been proven to be tamper proof that is why politicians now resort to vote buying as the only way to rig the system,” Malaya said.

To address this problem, Comelec launched on Wednesday the “Task Force Kontra Bigay,” which aims to fast-track the processing of vote-

buying cases.

The poll body partnered with the DILG, National Bureau of Investigation (NBI), Philippine National Police (PNP), and the Integrated Bar of the Philippine (IBP) for the said initiative.

He explained the PNP and NBI will help them for case buildup, while the DOJ and IBP will help them in prosecuting those involved in vote buying for free.

DILG will help in the information drive for the campaign.

“With the creation of this task force, we know we will get the support of the Judiciary to expedite the process,” Comelec Law Department Assistant Director John Laudiangco said.

Laudiangco, who will be among those leading the task force, noted vote buying is one of the most difficult election offense to handle since complainants and witnesses are too afraid to file complaints.

As of Wednesday, the Comelec Law Department only has around 10 docketed vote-buying cases.

“They don’t know how to file their complaints. But this time, we are here to guide them,” Laudiangco said.

“Since we know we will have Judiciary support [through the task force], we believe this will help us expedite the process [for vote-buying cases],” he added.

Vote buying and vote selling are considered election offenses punishable with imprisonment, removal of right to vote and disqualification from holding public office.

Samuel P. Medenilla

By Elijah Felice E. Rosales @alyasjah

T

HE government has seized some P3 million worth of uncertified construction materials in the Cordilleras in what was seen as proof that the region is a hotbed of substandard products.

In a news statement issued on Wednesday, the Department of Trade and Industry reported it conducted a series of enforcement activities in the Cordillera Administrative Region (CAR) in the first week of April. The roundup is part of the DTI’s intensified monitoring efforts for the promotion of product quality, as well as consumer safety.

Headed by the DTI’s Fair Trade Enforcement Bureau Director Ronnel O. Abrenica, the DTI team confiscated a total of 12,820 pieces of construction materials, including rebars, angle bars and PVC pipes, amounting to over P3 million.

Out of the 29 monitored establishments in CAR, 16 stores were issued notices of violation (NOVs). They were charged for selling allegedly substandard and uncertified products that bear no Philippine Standard (PS) or Import Commodity Clearance (ICC) mark.

Abrenica said the establishments issued with NOVs were given 48 hours to submit their written explanation to the DTI as part of the administrative due process before the filing of formal charges.

The confiscation of uncertified products in CAR came after steel makers in April reported to the DTI that substandard steel are being sold in several hardware stores in Benguet, Mountain Province and Ifugao. The group found this out in the market monitoring and test buys it initiated early this year.

The Philippine Iron and Steel Institute said it confirmed with the Metals Industry Research and Development Center that there were really low-grade steel in the Cordilleras, many of which assessed to be underweight, with low elongation or undersized.

Trade Undersecretary Ruth B. Castelo said the DTI will “stop at nothing” in going after violators of consumer protection and product standard laws. She also appealed to buyers to always check the safety and quality marks of the products they purchase.

“The DTI will stop at nothing in tracking down unscrupulous businesses. The protection of consumers is our utmost priority, and we remain steadfast in our commitment. As the department continues to intensify its monitoring and enforcement efforts, we advise the public to remain vigilant when purchasing products, especially construction materials, [and] always look for the PS and ICC mark to be assured of quality and safety,” Castelo said in the statement.

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TheBroa

Business

Thursday, May 9, 2019

Cash, political will: Coessential tools vs

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By Cai U. Ordinario

@cai_ordinario

ADI, Fiji—The greenback may lead to greening the earth, so some believe. However, for experts at a conference here last week, money is just one of the weapons in this perennial contradiction of man against nature as the latter appears to have the upper hand.

At the 52nd Asian Development Bank (ADB) Annual Governors’ Meeting on this Pacific island, a panel of experts organized by the ADB Independent Evaluation Department (IED) raised the urgency in addressing climate change. The experts said Asia and the Pacific has a high exposure to climate change.

They said that from the start of the millennium up to last year, around 84 percent of the 206 million people on average affected by weather and other disasters globally each year were from the region.

These and other disasters equaled 7 percent of GDP from 2000 to 2018 in Pacific countries, far higher than in the sub-regions of Asia, which range from under 1 percent in East Asia to 6 percent in South Asia.

Among the highly destructive climate-related events were the 2016 Cyclone Winston in Fiji, causing estimated losses of 31 percent of GDP, and the 2017 Cyclone Pam in Vanuatu, causing damage equivalent to around 64 percent of GDP.

Billions in damages

BASED on assessments made by the United Nations Environment Programme (UNEP), the Philippines is one of the countries most vulnerable to natural disasters.

The National Economic and Development Authority (Neda) said the country incurred at least P388.74 billion worth of damage from disasters between 2011 and 2018.

A 2016 study by the stateowned think tank Philippine Institute for Development Studies (PIDS) titled “Economic Impact of Typhoon Ondoy in Pasig and Marikina Cities Using a Multiweek CGE Model Analysis” said disasters in the country affected 4 million to 6 million people annually.

The PIDS also cited data from the Center for Research in the Epidemiology of Disasters (CRED) and the International Federation of Red Cross and Red Crescent Societies that as of 2012, “almost 20,000 people have died, while 2.7 million people have been directly affected and 94 million indirectly affected by natural disasters from 1992 to 2011.”

The study found that the damage caused by extreme flooding in Pasig and Marikina cities due to Tropical Storm Ondoy in 2009 reached P22.54 billion, and 90 percent of the amount represented the loss of households and businesses located in Pasig City.

The Philippines ranked third overall in the Climate Risk Index (CRI) and scored 20.2, where the lower CRI score indicates a higher level of exposure and vulnerability to extreme events.

Between 1997 and 2016, an average of 860 Filipinos died every year due to extreme weatherrelated phenomena. This translates to 1 death for every 100,000 population. The country incurred economic losses worth $2.89 billion annually and this accounted for 0.6 percent of GDP during the period.

Using fund channels

ACCORDING to Finance Undersecretary Mark Dennis Y.C. Joven, the government taps several facilities to address climate change issues.

One of these is tapping its war chest.

Joven told the BusinessMirror the government spent P198 billion and around P278 billion in 2017 and 2018, respectively, for climate change and disaster risk mitigation projects.

The government is expected to spend less at P242 billion this year despite 2019 being an El Niño year.

Majority or 85 percent of these funds are allocated for the Department of Public Works and Highways (DPWH) for projects such as sustainable infrastructure.

The government has also tapped the $8-billion Climate Investment Fund (CIF), which aims to accelerate climate action by empowering transformations in clean technology, energy access, climate resilience and sustainable forests in developing and middle-income countries.

Based on its website, the CIF’s large-scale, low-cost, long-term financing lowers the risk and cost of climate financing. It tests new business models, builds track records in unproven markets, and boosts investor confidence to unlock additional sources of finance.

Six projects

OF the CIFs available, the Philippines was able to tap Clean Technology Funds (CTF) to finance six projects, five of which were cofinanced with the World Bank and one from the ADB. Based on the CIF website, it approved $134.48 million for the Cebu Bus Rapid Transit (BRT) project, the Philippines Manila BRT, Renewable Energy Accelerator Program (REAP), Renewable Energy Development (PHRED) project and the Sustainable Energy Finance program, which are all implemented with the World Bank. Also approved was the Market Transformation through Introduction of Energy Efficient Electric Vehicles (e-Trike) project, which is done with the ADB. There is also the Global Environment Facility (GEF), which extends financing to developing countries and those with economies in transition to meet the objectives of the international environmental conventions and agreements. GEF support is provided to government agencies, civil society organizations, private-sector companies, research institutions, among the broad diversity of potential partners, to implement projects and programs in recipient countries.

In the Philippines, the GEF extended grant financing worth $572.73 million for 111 projects.

Through the GEF, the country was also able to gain access to $4.71 billion worth of additional cofinancing with GEF agencies such as the ADB, World Bank, Food and Agriculture Organization, the UNDP, UN Industrial Development Organizations, and the GEF Secretariat.

Insurance vs. catastrophe

APART from these, Joven said a host of “hybrid” facilities are at the country’s disposal.

One such facility is the parametric insurance, which is funded through a parametric insurance that allows vulnerable LGUs to take out insurance for their protection in case disaster strikes.

In January, the World Bank, which finances the parametric in-

surance, said it is extending $390 million in insurance against major typhoon and earthquake events in 25 provinces. Under the program, the World Bank enters into an agreement with private reinsurers to provide coverage against disaster and severe weather impacts for national government agencies and the participating provinces.

The renewed policy is facilitated by the World Bank through a catastrophe swap, which provided the Philippine peso equivalent of $206 million in insurance. The panel of risk takers, selected through a competitive bidding process, also doubled under the renewed policy.

Risk takers were able to participate in the transaction either through a derivative contract or a retrocession agreement.

The Washington-based lender said insurance payouts are made when predefined parametric triggers are met. The Government Service Insurance System (GSIS) provides the parametric catastrophe insurance coverage. The insurance policy is designed to provide rapid liquidity in the face of disasters to the government, to enable rebuilding and recovery to commence.

New initiatives

THE World Bank is also supporting the Philippines in preparing a sovereign catastrophe bond to complement the existing insurance program by providing cover for more extreme events.

Apart from this, there are regional facilities such as the ADB’s extension of $5 billion to finance projects on the blue economy, ecosystem management, pollution control and sustainable infrastructure.

Bruce Dunn, director of the ADB Sustainable Development and Climate Change Department’s Safeguards Division, said the funds will be provided using various financing modalities such as lending, grants and bond floats.

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

The ADB said the “Oceans Financing Initiative” will leverage public sector funds to create investment opportunities able to attract financing from a range of sources, including the private sector. Technical assistance and funds from ADB and donors, along with innovative financing instruments such as revenue guarantees and credit-enhanced blue bonds, will be used to reduce project risks and make them “bankable.”

The initiative will be piloted in Southeast Asia in collaboration with the Asean Infrastructure Fund and the Republic of Korea.

The World Wide Fund for Nature, a longtime partner of ADB, will support the design and implementation of the financing initiative.

Extending loans

IN the Philippines, the ADB will also extend $100 million worth of loans to construct sustainable infrastructure, specifically greenways. The amount will finance the construction of six to seven elevated greenways in congested parts of Metro Manila.

ADB Southeast Asia DirectorGeneral Ramesh Subramaniam recently told reporters that the ADB and the Philippine government intend to complete at least one greenway by 2020. The first three locations for the greenways project, which is still being evaluated by the National Economic and Development Authority (Neda), will be North Edsa in Quezon City, Pasig City, and Taft Avenue.

Subramaniam said the models being used for the greenways are those found in Hong Kong, Kuala Lumpur and Seoul. He added that the ADB is also looking at Europebased designs. He said completing

aderLook

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Editor: Dennis D. Estopace | Thursday, May 9, 2019

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s catastrophic impact of climate change at least one greenway this year or next year would also serve as an example on how to do the succeeding greenways that will be built.

ADB Southeast Asia Department Deputy Director General F. Cleo Kawawaki explained that the greenways can be used by both pedestrians and cyclists. She said the ADB and the government are currently designing a structure to turn this into a reality.

Solving two problems

DESIGNING the greenways this way will ensure the structures solve two problems: road congestion and road safety, Kawawaki said. Traffic along major thoroughfares had cost the economy billions worth of lost economic productivity while road accidents have increased.

On top of these funds, Joven said the private sector also helps shore up climate finance. In February, ADB announced that it invested $20 million in the maiden climate bond issuance of AC Energy Inc., a wholly owned subsidiary of Ayala Corp. in the Philippines. This public listing is the first Climate Bond Initiative (CBI)-certified US dollar climate bond in Southeast Asia listed on the Singapore Stock Exchange.

ADB is an anchor investor in the 10-year tranche, contributing to a total issue volume of $410 million. Proceeds of the bonds will finance renewable energy projects in the Asia and Pacific region, including Vietnam, the Philippines and Indonesia.

This climate bond will be used to support AC Energy’s plans to establish and expand a regional presence in the development of clean energy projects in accordance with environmental best practice.

Strategy 2030

THE climate bond is ADB’s third and its first publicly listed climate bond.

In December last year, the ADB invested 5 billion Thai baht in B. Grimm Power Public Co. Ltd.’s maiden 5-year and 7-year climate bonds—Thailand’s first certified climate bond. In 2016, the ADB also extended a guarantee to support an issuance for the Tiwi and Makban geothermal power projects in the Philippines—the first climate bond in Asia.

This investment is in line with ADB’s new “Strategy 2030,” which mandates that at least 75 percent of the number of ADB’s committed operations support climate change mitigation and adaptation by 2030, with climate finance from its own resources reaching $80 billion over 2019-2030.

“Actually, there are a lot of facilities for climate financing, not only at the GAA [General Appropriations Act] level but at the international or multilateral level,” Joven told the BusinessMirror. “So I guess the idea is to come up with bankable projects and match these with the funding source.”

MELITAS/DREAMSTIME.COM

Maturity lacking

IF there are other global and regional funds that are being tapped by the Philippines, however, the Finance Department said they still have no knowledge about them, given these projects are not yet mature.

The DOF said these agencies are coming up with their own projects but encounter challenges such as administrative ones like lag times. But this does not mean that there are no climate financing options available for countries like the Philippines.

“The biggest challenge is really for climate change and disaster risk projects to deal with several departments and agencies,” Joven said. “So, determining who the lead is for a particular project—that’s a challenge.”

Efforts to improve the situation are being worked on, especially given that interest payments, especially those considered the most vulnerable to climate change, or the “Vulner-

able Group of 20” (V20), are finding it difficult to keep up with their financial obligations to address their climate change-related needs. The Philippines is a member of the V20.

In a recent study, UNEP said climate change is costing the V20 an additional $62 billion in interest payments alone, including $40 billion in additional interest payments on government debt paid over the past 10 years. Based on their model, it is estimated that the incremental debt cost for the V20 countries was almost $9 billion in 2016 alone. The report said countries with the higher degrees of climate vulnerability face higher sovereign borrowing costs.

Increasing threats

FINANCE ministers from the V20 group of vulnerable economies recently announced new financial instruments in collaboration with international partners at the Spring Meetings of the World Bank Group and International Monetary Fund to ensure continued global economic growth in the face of increasing threats from climate change.

The group aims to lower the cost of capital and unlock large capital inflows to climate-proof the economic development of at least 1 billion people living in some of the fastest-growing regions who are exposed to severe climate impacts.

The V20 has proposed the Accelerated Financing Mechanism (AFM) for Maximal Resilience and a 100-percent Renewable Energy Transition to upscale existing risk mitigation tools, guarantees and blended finance facilities, and a new menu of instruments within MDBs and other development banks for adaptation, resilience and renewable energy projects.

Another V20 instrument, the Sustainable Insurance Facility (SIF), intends to promote private-sector insurance uptake to address climate risks and promote low-carbon development. The V20 sees SIF as a tool that can crowd in investments in risk reduction, enhance credit access, and better manage public contingent liabilities related to infrastructure and social resilience.

“The government considers this as a priority because we are a member of the V20,” Joven said.

Responding to needs

WHILE all these funds are important in responding to the needs of those affected by disasters, Institute for Climate and Sustainable Cities (ICSC) Executive Director Renato R. Constantino said there is much more to climate finance than disaster response.

“The challenges, when it comes to climate finance, are multidimensional,” Constantino told the BusinessMirror on the sidelines of the ADB Annual Meeting in Fiji.

Constantino said this compels governments to look into various permutations in terms of financing that address not only disaster finance but mitigation and adaptation needs.

Disaster response is not the end all, be all of climate finance, according to Constantino.

Unfortunately, many countries, including the Philippines, spend more on disasters rather than mitigating them or adapting to climate change.

He, however, noted that the Duterte administration has been very responsive to the need to address environmental concerns, even more than the previous administration. He said the efforts to clean up Boracay and Manila Bay are at the top of the list as well as efforts to address mining concerns.

He added that the government’s efforts in terms of taxation, the implementation of a higher carbon tax, is commendable and certainly needed at this time given the commitments to keep global temperature increase to 1.5° Celsius in order to save more natural resources such as coral reefs.

Really concerned

BANGKO Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno agrees with Constantino, saying President Duterte has been very consistent about environmental issues. This did not only begin when he became President but was actually part of his campaign promises, Diokno said. He added this only shows the kind of political will that this administration has.

The six-month closure of Boracay, the country’s top tourist destination, was a testament to this political will. Tourism Secretary Bernadette Romulo-Puyat said the country lost around 500,000 tourists due to the closure of Boracay last year.

“Yes, grabe ang political will [of the President],” Diokno said, citing the Boracay closure and the Manila Bay clean-up.

“And we plan to fix other tourist destinations. We are very active on the ‘Green, Green, Green’ program,” he told the BusinessMirror. “We are financing green investments in all cities; that’s in the budget. In fact, we can use that to tap into [a] ‘Green Fund.’”

According to the chairman of the Monetary Board, the government “should be more active.”

The President is really concerned with the environment, especially the abuse of natural resources.

Overall goals

CONSTANTINO said there is a serious lack of planning when it comes to climate financing.

He explained that should funds be available at the speed and quantity that is needed, there is no clear long-term plan available that will help channel these investments into concrete projects leading to climate change mitigation and adaptation.

The horizon by which policymakers peg their planning efforts and policies is contingent upon human timelines, not geologic, Constantino said. He added the catastrophes that countries are experiencing today are a result of the failure of governments to address emissions three or four decades ago.

“If money flows tomorrow, on the scale and speed that you’d like, it will probably get stolen or dissipated or wasted because you don’t have plans that go beyond six years and that’s too short term when it comes to climate realities,” Constantino told the BusinessMirror. “You need to have plans that are… that see over several planning cycles; maybe at least three [planning cycles] or 18 years because the impacts are not short term.”

Further, Constantino said it is important to consider “slow-onset impacts.”

Slow-onset impacts, Constantino said, “take place without the drama of calamity.”

Reclamation, reality

DISASTERS, Constantino further explained, are episodic in nature and, as such, governments and multilateral development banks (MDBs) are more familiar with them. For instance, the onslaught of Supertyphoon Yolanda cannot be ignored given the scale of the catastrophe in economic terms and in lost human lives.

While there is no destroyed infrastructure to repair and dead bodies to count, slow-onset impacts have the capacity to change the face of the planet. These include rising sea levels that occur over long periods of time. The changes are as minute as paint peeling off of walls, Constantino said.

Given this reality and the fact that the Philippines is embarking on massive reclamation projects, Constantino said, is simply “worrisome.”

“This year is the 10th anniversary of Ondoy. Last year was the fifth anniversary of Yolanda and you can say Pablo, Sendong and all of that. Those are extreme weather events that are likely traceable to emissions that we failed to pre-

vent 30 years ago,” Constantino said. “So what for us is ‘History,’ is still ‘Current Affairs’ for [Mother] Nature. This is all linked toward a slower pace that is more attuned to nature.”

Backing wrong deal

CONSTANTINO said the government, particularly the BSP, should also evaluate how it considers climate finance. He said the BSP should take time to examine the efforts of commercial banks to finance environmentally harmful projects.

In a study by the Institute for Energy Economics and Financial Analysis (IEFA) and the ICSC, stranded coal asset cost is already being realized in Mindanao due to an oversupply of approximately 700 megawatts of coal and hydro.

The study found that between 2014 and 2016, stranded costs were conservatively equivalent to P3 billion or $60 million. This risk is not always taken into consideration by banks, the study said.

The study added that stranded asset risk across coal-fired electricity-generation sector is rising and is driven by an overbuild of coal-fired plants as well as a trend toward falling power prices. This is driven by the deflationary nature of renewables and accelerating policies on retail competition.

These trends, the study stated, may leave ratepayers at risk of having to pay above-market prices and may affect the ability to service debt and return prospects of the equity investor.

“It’s not within our powers to direct lending or, to say that, [the BSP orders that] you cannot lend to this,” Diokno, however, told the BusinessMirror in an interview at the sidelines of the 52nd ADB Annual Meeting here.

More hopes

FOR survivors like Janine Marie Soliman, the cost of climate change is very personal.

A decade ago, Soliman saw how water became deadly and dangerous when it inundated the second story of the newly built house of her grandparents in Provident Village, Marikina.

Her grandfather, injured by broken glass, stayed with them at their neighbor’s roof for 12 long hours.

Soliman and her twin sister fell ill with leptospirosis, forcing them to a two-week hospital stay.

Apart from their medical expenses, the cost to repair the damage to their new home came at a lofty price: P450,000.

The financial and psychological costs were also staggering.

But Soliman still considers herself lucky that despite the many deaths caused by Typhoon Ondoy, she and her family survived the tragedy and lived to tell the tale.

Her family has also upgraded their insurance coverage to include “Acts of God.” That move is recommended by a PIDS study, which said that, apart from the government efforts, households must also gird their loins when it comes to securing their future in the climate change era.

The PIDS study said city residents are willing to invest billions to reduce their exposure and vulnerability to adverse effects of extreme flooding.

The study estimated that residents in Pasig City may be willing to pay up to P13 billion for protection against the adverse effects of natural disasters such as Typhoon Ondoy. Marikina City residents, on the other hand, may have to pay a lot less for the same purpose, i.e., P2 billion.

“Rather than merely undertaking relief programs following a natural disaster, investing by local authorities in making the city less vulnerable to climate change shocks promises good returns,” the PIDS study stated.

A6 Thursday, May 9, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Saving lives when the Big One comes

T

HE video shared on social media showing how the ill-fated Chuzon supermarket in Porac, Pampanga, collapsed in a matter of seconds during a 6.1-magnitude earthquake that hit Luzon on April 22 is a graphic reminder that nobody is safe when a killer temblor strikes, particularly inside a weak building. Initial investigation conducted by a team from the Philippine National Police, Porac local government, and the Department of Public Works and Highways (DPWH) showed indications that the steel rebars used in the construction of the supermarket were of “poor quality.”

This prompted President Duterte to order all Chuzon supermarkets to stop business operations (there are other Chuzon supermarkets around Pampanga aside from the four-year-old structure that collapsed). The President said: “It would be good at this time to just give them the advice to stop, cease and desist doing business until their buildings’ structural integrity have been reassessed.”

Here’s something alarming: Civil engineer and UP Prof. Benito Pacheco said that a 2011 study showed that over 35 percent of low-rise residential buildings in Metro Manila and other regions may not be complying with government standards, because they were either “non-engineered structures” or were built according to much older, inadequate standards. With tall buildings, or those with more than 30 stories, he said more than 10 percent may be noncompliant, as well.

The recent temblor that flattened Chuzon also damaged an airport terminal at Clark Freeport and tested the integrity of tall buildings in Metro Manila. Citing the importance of checking the structural integrity of highrise buildings, Rep. Alfredo Abelardo “Albee” Bantug Benitez, chairman of the House committee on housing and urban development, and Rep. Winnie Castelo, chairman of the committee on Metro Manila development, called for a complete investigation of these structures. “There should be a thorough evaluation of all high-rise buildings to ensure that these are structurally sound and are not at risk should a catastrophic earthquake hit us in the future,” said Benitez.

Castelo, on the other hand, recommended the filing of charges against the manufacturers of substandard construction materials, such as steel rebars and cement, including those who deliberately mislabel construction materials “in connivance with government regulators.” He said: “We should zero in on the use of substandard steel products manufactured using the wrong process. These products pose great danger to life in our earthquake-prone country. In the event of a high magnitude earthquake, mislabeled and substandard steel materials can cause the foundations of buildings to crumble.”

The two solons called on the Department of Trade and Industry, and the DPWH to look into the manufacturing practices adopted by large local steelmakers who are reportedly supplying property developers steel bars that they claim are grade 60, but in truth are only grade 40 rebars. A grade 60 steel bar offers enhanced yield strength of at least 60,000 pounds per square inch under normal conditions. “Mid-rise buildings can use grade 40 steel bars, but not high-rise condominiums and commercial buildings,” they said.

With the rollout of the “Build, Build, Build” program and other private construction projects in urban centers and rural areas nationwide, government regulators must redouble their efforts to prevent the proliferation or sale of substandard and mislabeled construction materials, which may be inadvertently used in high-rise projects. God forbid, but when the Big One strikes, the life they save may be their own.

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BusinessMirror A broader look at today’s business

‘Lack of industrialization: Government’s failure’ John Mangun

OUTSIDE THE BOX

B

ACK in the late 1990s, a friend of mine owned a factory. A factory is a business where raw materials come in a door at one end. That raw materials pass through a system of technology, machinery and workers, coming out at another door as finished products.

I feel the need to explain what a “factory” is because some experts— often consultants of foundations and think tanks who talk about “industrialization” and “manufacturing”—do not seem to understand those terms. Along with those two words is a phrase most commonly associated—“government policy.”

When they speak, you almost see a vision of great belching smokestacks reaching to the sky, making coke from coal with shooting flames to smelt iron ore into steel. Also great complexes where thousands of workers produce automobiles from an assembly line once every two minutes or so.

My friend was part of the “industrialization” of the Philippines.

At one end, bleached raw cotton entered his factory, and every kind of thread—used to sew the lace on wedding gowns to repairing fishing nets—came out the other. In between were $2 million of equipment from a cotton gin and a carding machine where the roving was spun and twisted. The thread was then dyed, rinsed in caustic soda and then wound on to spindles or bobbins.

About 10 members of the 80-person work force—mostly women— worked in a separate section taking the bulk spindles and repacking the thread to retail consumer size.

Enrile lauds Philcoman’s advocacies

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Over time, the three-shift operation became two shifts, and then only one. A competitor or two of my friend eventually stopped manufacturing thread completely, as he also finally did. The financial reality was that importing raw cotton from China and manufacturing thread was a losing proposition.

It was profitable only to import finished thread from China in bulk and repack it into consumer sizes.

The 80-employee factory was reduced to 20 workers.

Those that believe that the government can and should control the economy are ignorant and clueless.

Yes, government policy can help or hinder, but it cannot change financial realities. The area south of Metro Manila used to be dotted with sport shoe and garment factories, which all used my friend’s finished threads.

When the production of those goods moved to China, so did my friend’s business. Back then, an amazing 90 percent of all Christmas ornaments from shiny globes to wooden “Santa in a sleigh” came from the Philippines. That product now virtually comes from China too.

Certainly, the Philippine government could have taxed the import of finished Chinese thread out of busi-

N

ATIONAL security and foreign affairs expert Juan Ponce Enrile, one of the strongest candidates running again for the Senate under the Pwersa ng Masa, has lauded the Philippine Council of Management (Philcoman), the country’s oldest management organization, for its various advocacies in helping rebuild the country.

In particular, Enrile lauded Philcoman for its strong stand against all forms of cheating during elections.

Enrile praised Philcoman for its nationalistic stand since 1954, and for its consistency in safeguarding the country’s socioeconomic interest through sound management.

Its other advocacies include the following: 1. Supporting Philippine industrialization: a. Encouraging the effective dissemination of nationalist industrialization policies to intensify Philippine Manufacturing Industries; b. Legislative lobbying against monopolies; c. Commercializing and marketing of Philippine inventions; and

d. Conducting business and management training for inventors.

2. Promotion of excellence in governance through effective implementation of ethical management and leadership in all aspects of Philippine society: a. Selection of Management Man or Woman of the Year; and b. Selection of Corporation of the Year.

3. Continuous development and innovation in the advancement of Philippine management principles, concepts and corporate values: a. Regular in-house and public training and seminars; b. Yearly National Management Congress; and c. Publications of business books,

newsletters, periodicals and management modules for schools, colleges and universities.

4. Strong support of national security issues, including environmental protection through climate adaptation and mitigation: a. Institute requisition, collection and distribution of donations either of cash or in-kind for disaster relief operations; b. Adopting denuded areas and implementing planting of trees in coordination with the Department of Environment and Natural Resources; c. Circulating reading materials for the enhancement of awareness in environmental protection; and d. Legislative lobbying against all types of environmental pollution in the form of solid, liquid and gas.

5. Small-business management and entrepreneurship empowerment: a. Viable project studies and training modules for urban poor livelihood programs; and b. Adopting a marginalized community and providing a livelihood program with complete business training, tools and microfinancing.

Philcoman was founded in 1954 by 10 associations and organized groups under the inspirational guidance of Dr. Lilian M. Gilbreth and Dr. Daniel M. Braum, (the latter was chief of the Training branch, US Government’s General Services

ness. But then the consumer would have had to pay significantly more for the product in return for protecting my friend’s business. And no government policy could have saved the Christmas ornament, sport shoe, or garment business.

I have another friend who is a health-care professional. A treatment device he uses nearly every day is imported from the United States and costs P30,000. He now buys a similar product with the same performance quality for P3,000, imported from China. The difference is, the US product lasts five years and the Chinese one wears out after one year. He saves 50 percent buying from China and would be a fool to do otherwise.

The “think tanks” will continue thinking—and complaining—about “government policy.” But they are like the person who says, “the Philippines should export more goods.”

But when I ask, “What goods should the Philippines export?” the conversation comes to an end.

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

Administration), both of whom were on extended assignment in the Philippines, providing also inspirational guidance. Dean Cesar H. Concio was the founder and the first Philcoman President serving until 1963.

Affiliated with the World Council of Management, Philcoman has chalked up a continuing series of achievements in its 65th year history. In fulfillment of its mission to propagate the principles and practice of scientific management in the Asian region, Philcoman has hosted two international management congresses, conducted strategic management seminars and held the effective program on negotiation and conflict management, among others.

Philcoman’s vision is the recognized nationwide partnership of people and businesses inspiring outstanding leadership and cultivating highly productive workplaces, while its mission is to provide management and leadership-development opportunities and related activities that meet the needs of members and contribute to the effectiveness of sponsoring organizations.

Philcoman, in coordination with other institutions, is dedicated to managerial excellence, personal and professional growth, and leadership development.

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

www.businessmirror.com.ph

Opinion

Otso Diretso

Shepherding the flock

BusinessMirror

Msgr. Sabino A. Vengco Jr.

Val A. Villanueva

BUSINESSWISE

‘O

NE whiff of corruption,” President Duterte warned government officials and employees at the start of his administration, “and you’re out!”

Strong but empty words. If true, why then is he endorsing senatorial candidates for the midterm elections on May 13 who are not only graft-tainted, but have in fact been convicted of corruption or plunder? Why does he have in his lineup those who have no genuine political platform and are unabashedly good only at making fools of themselves, singing and dancing, like mass media entertainment celebrities doing the rounds of provincial concerts? Why do many of his personal choices show of their lack of articulacy and mental acuity during their campaign sorties?

Duterte’s tirades against Otso Diretso (translated as “Straight Eight”) candidates—Magdalo Rep. Gary Alejano; reelectionist Sen. Bam Aquino; De La Salle University founding dean and human-rights lawyer Chel Diokno; former Bangsamoro Transition Commission member and Marawi civic leader Samira Gutoc; former Solicitor General Florin “Pilo” Hilbay; election lawyer Romy Macalintal; former Interior Secretary Mar Roxas; and former House Deputy Speaker Erin Tañada III—are bereft of legitimate issues about solving the country’s various problems.

He has instead resorted to maligning Chel’s physical appearance, accusing Pilo as gay and belittling the accomplishments of the rest. Meanwhile, Duterte’s bets are merely basking in the endorsement of a popular president, if surveys are to be believed.

The opposition candidates face a daunting task. With a fat election budget and the entire government machinery behind Duterte’s anointed ones, Otso Diretso are evidently the underdogs. They are relying on the assistance of their over 100,000 volunteers who are tirelessly conducting house-to-house pitches across the country, and navigating the social media to create awareness for the opposition slate. There has been a palpable groundswell for Otso Diretso, and their tack appears to have caught the interest of the public in support of the eight candidates’ respective advocacies.

They have elevated the campaign storybook back to decency and have refused to be drawn into a gutter war. They have expounded on key issues which touch on polarizing agendas: the death penalty; Chinafunded projects; the continuation of the TRAIN law; martial-law extension in Mindanao; the anti-political dynasty law; federalism; budget appropriations; and countless other legislative issues.

Still, they face a nation which appears still to be so enamored with Duterte. The public has just given his administration a new record-high net satisfaction rating of +72 in the First Quarter 2019 Social Weather Survey of the Social Weather Stations (SWS). The +72 rating (81 percent satisfied minus 9 percent dissatisfied), classified by SWS as excellent, beats the administration’s previous record of excellent at +70 in December 2017.

American financial services company Standard & Poor has just handed the Duterte administration something to gloat about. The

Philippines recently received its highest credit rating from S&P’s Global Rating, now at “BBB+,” two notches higher than the minimum investment grade of “BBB.” Against all odds, I am voting only for the Otso Diretso candidates, and urge my readers to do the same. I detest candidates who are patently unqualified for the job or are robotic boot lickers who will blindly agree to any and all actions of their principal, no matter how irrational or illegal they may be.

It is time for Filipino voters to look beyond celebrity or name recognition, physical appearance or the color of a candidate’s money. To be fit for membership to our country’s most self-exalted Legislative body is to be a person, not only of eloquence, good humor and energy.

Good senators must possess the intelligence and diligence to comprehend and familiarize themselves with the provisions of the bills being considered on the floor. It is their drive or instinct which will take them to the heart of crucial issues and enable them to contribute their full share to the making of national policy. They must be men and women of integrity, whose moral compass is neither broken nor missing. They must reject the confines of the narrow-minded concerns of their hometown or region, but instead serve the national interest. Their every decision should be fair, rational and ethical because their every move will have a direct impact on the lives of countless Filipinos.

While the term “opposition” means “resistance or dissent, expressed in action or argument,” the opposition slate is not running to sow discord, but to present contrasting views, if and when needed, in order to prevent faulty decisions.

The gallant eight candidates in the opposition slate would provide the intelligent, healthy debate and dissent that the Senate badly needs. Of the incumbent senators, I have observed that Bam Aquino has taken opposing stance not for the sake of being contrary, but to shed light on issues that need clarification and further study.

So, on Monday, I will be voting for only eight candidates for the 12 Senate seats. I do not plan to add one or two more candidates to my Otso Diretso choices, as some people are suggesting. Adding one other common candidates to the gallant eight would increase the possibility that one of them will be dislodged.

Instead, by voting straight eight, I will be depriving other candidates of my vote. Multiply my vote by the total number of voters who will flock to their respective precincts, and all Otso Diretso candidates will surely win.

I hope that the midterm election would be honest, fair and peaceful.

I wish that all Filipino voters would make smart and informed choices. I have always dreamt of a Philippines that would be truly free, prosperous and safe for future generations. Let us all make our vote count!

For comments and suggestions, e-mail me at mvala.v@gmail.com

ALÁLAONG BAGÁ

W

HAT is the new life engendered by the Easter victory of Jesus Christ? How will it transcend the dark clouds of evil? What is required of those who would be saved? The Fourth Sunday of Easter (John 10:27-30) brings us back to the selfportrayal of Jesus that was the basis of last Sunday’s account of the risen Lord telling Peter to take care of His flock like a shepherd.

Hearing and following THE Jews gathered around Jesus as He walked about the temple area on the Portico of Solomon and asked Him, “How long will you keep us in suspense? If you are the Messiah, tell us plainly.” Today’s narration contains the reply of Jesus. The problem was not that He had not told them, but that they did not hear because they would not believe Him. His deeds in His Father’s name do proclaim who He is. But they lacked faith and so could not hear Him. Shepherds and their flocks know one another. Just as by the distinct voice and call of a shepherd the sheep can know their own guardian, so also Jesus claimed that His sheep know

Bloomberg Opinion

C

LIMATE change is at the top of many American voters’ minds, as evidenced by a CNN poll last week that found “96 percent of Democrats and Democratic-leaning independents say it’s very or somewhat important for a presidential candidate to promise aggressive action” on the issue. At the same time, on the other side of the globe, “Promises to

fight the world’s most toxic air have made it to the manifestos of major political parties for the first time in Indian elections.” And in the UK, the Committee on Climate Change recently said the UK can “end its contribution to global warming within 30 years by setting an ambitious new target to reduce its greenhouse-gas emissions to zero by 2050.”

However, many governments—as well as a number of financial institutions—maintain faith in the need for

No political or military Messiah

THE nationalistic celebration of the Jews of the feast of the Dedication or “Hanukkah” (John 10:22), commemorating the victorious revolt led by John Maccabaeus in 164 BC (1 Maccabees 4:54-59) triggered by the desecration of the temple by Antiochus Epiphanes, might have stoked up at the moment the people’s messianic expectations. So their question “Are you the Messiah?”

had a distinctive ring of relevance to it. The people suffering under Roman domination were wishing for another arm-bearing leader who would lead them into a new political era. They would have readily offered themselves as fighters to a political Messiah. But Jesus had an entirely different understanding of His mission. He did not approve that any of His men should take up arms even in defense of Him (John 18:11).

He was a leader ready to suffer in expiation for others and to whom self-interest or survival was not a primary consideration. The kingdom he was establishing does not belong to this world (John 18:36).

It is kingdom of truth and of love, which is not borne of weapons of death and deception.

Jesus invited the people to assess Him on the hard facts of His own deeds, not just on the basis of some promises or political program wistfully welded together. His works in God’s name give testimony to Him, and He summed up His work in the image of the good shepherd (John 10:11), as God has been portrayed in the Old testament to be a caring, protective, compassionate shepherd (Psalm 23:1-4; Ezekiel 34:11-16). In so presenting His work and leadership as more than just political, Jesus was actually equating His work as

the messiah with the work of the Father (John 10:30). The people understood what Jesus was saying and they picked up rocks to stone Him for what they took to be a blasphemy (John 10:33).

Alálaong bagá, Jesus was the exemplary good shepherd precisely because He was willing to lay down His life for His sheep. “No one has greater love than this, to lay down one’s life for one’s friends” (John 15:13). In this primacy and rule of love, “dying for” is the hallmark of servant leadership in the Christian community. Jesus expected such pastoral love for His sheep from Peter (John 21:15ff—Third Sunday of Easter). Those who, lost in their own temporal or political agenda, do not recognize and follow Jesus as the shepherd-messiah do so because they are not sheep, as Saint John Chrysostom would put it.

They are not “of God” (John 8:47), nor “of the truth” (John 18:37). The necessary spiritual sensitivity and attunement can only flourish in a faith relationship with Jesus, not in some ideological or exclusive nationalist program.

Join me in meditating on the Word of God every Sunday, from 5 to 6 a.m. on DWIZ 882, or by audio streaming on www.dwiz882.com.

Hanjin as base for Philippine shipbuilding: To be or not to be

use the naval modernization and procurement budget for the Navy’s takeover of Hanjin? As outlined in the talk of Admiral Bacordo, the shipyard can be divided into three segments: one for the building and servicing of naval ships, another for the commercial ships, and the last for general business and administration. The Philippine creditor banks should sit down with the officers of the DND and the Philippine Navy, and help make the naval-commercial vision work.

Now what is the stand of the nonmilitary agencies of the government, the Department of Trade and Industry (DTI) in particular?

Sadly, it is not clear. This explains why four months have already elapsed and still there are no explicit government announcements on what it intends to do with the lumbering shipyard. Moreover, the position taken by the DTI appears very passive. The DTI champion for shipbuilding and iron and steel, Reynaldo Lignes, simply issued a vague statement that DTI shall follow the “national objective.” But this national objective has not been spelled out.

When DTI Undersecretary Ceferino Rodolfo showed up in the RTD, he announced that the government is pursuing a program of waiting for would-be investors. Very BOI indeed, that is announcing an area for priority investment areas and waiting for

would-be investors to come in and register and avail themselves of possible fiscal and other incentives in the select investment areas. He happily repeated the names of the countries and regions where interested shipbuilding investors are coming from—China, Japan, Europe and the United States. In particular, he cited the lobbying by one investor group from the United States, which, like the Philippine Navy, is interested in setting up a naval-commercial complex. This group is obviously competing with those coming from China, which may have noncommercial or geopolitical interests, as well.

The stand of the amiable Usec Rodolfo is a bit surprising. Surprising because he is known as one of the champions of the DTI’s new-found love for “industrial policy,” a policy neglected by the DTI in the neoliberal decades of the 1970s-2000s.

He is on top of the DTI’s National Comprehensive Industrialization Strategy and the DTI’s Manufacturing Resurgence Program.

The transformation of the Hanjin shipyard into a naval-commercial complex can very much be part of the country’s renewed industrialization drive. The late Sen. Leticia Ramos Shahani lamented that the Philippines, an archipelagic country, does not have a decent shipping and maritime industry, which, together with the missing steel industry, could propel the country to higher levels of industrial growth. Incidentally, these two industries—shipbuilding and steel—were among the leading industries that catapulted South Korea to the status of a developed industrialized country in a period of three decades.

In a study by Prof. Kyoung-ho Shin (Missouri State University) and Prof.

Paul Ciccantell (Western Michigan University), the two industries— steel and shipbuilding—greatly contributed to the accelerated growth of South Korea because these were closely linked to the overall development of other sectors of the economy.

They described these industries as

“generative sectors,” defined as follows: “Leading economic sectors that are simultaneously key centers of capital accumulation, bases for a series of linked industries, sources of technological and organizational innovations that spread to other sectors, and models for firms and for state-firm relations in other sectors.”

In short, the generative sectors are not only oriented to the export market but also linked to the domestic industry and state-guided domestic capacity-building programs such as skills development, technology acquisition, linkaging between big and small enterprises, and infra support modernization. Thus, they wrote, these sectors “became the catalyst and linchpin for a number of industries, such as automobiles, shipbuilding, containers, railroads, construction and appliances, which complemented each other in a virtuous cycle of economic growth over the last three decades.”

The concept of generative sectors is very much related to the proposal of the participants in the CIDS RTD, that is for the revived and transformed shipyard to help meet the requirements not only of the Philippine Navy but also of the domestic shipping industry, especially in the transport of goods and people between islands. How long have we been hearing complaints from the business groups on the high cost of transporting goods from Mindanao to Luzon and vice versa? How long have we been hearing complaints that domestic shipping is not only costly but also accident-prone because we are highly dependent on imported secondhand vessels from Japan and South Korea?

And don’t forget, the Philippines, once upon a time, was the foremost builder of ocean-going ships in Asia.

These were the galleon ships that transformed Manila into a transshipment center between Mexico and China. Can the Philippines regain this image, as Asia’s leading shipbuilder?

energy was the top choice.

That finding alone should make policy-makers interested in coal—and the international lenders who would finance any new coal-related development—pay attention. Nick Mabey, the cofounder and CEO of E3G, said as much in a tweet: “International investors in coal [and you know who you are] often claim that they are only funding the projects that countries want. So we asked

YouGov to pool the public in key recipient countries and it turns out they want clean energy not coal. There’s more to it than that, though. It’s worth unpacking the survey’s data further, as they offer the public’s clear preferences to policy makers and international investors.”

First, the public views coal as a low priority for foreign investment—and not just a low priority, but also much lower than either solar (the top priority in every country polled) or wind. In

no country is coal even close to either renewable technology.

Second, while the public associates foreign investment in coal as bad both locally and globally, it’s the local impacts that are perceived as more significant almost everywhere. Climate change and global warming are global, while air and water pollution are local. It’s those local impacts that are viewed more strongly in every country save the Philippines and Indonesia.

Dr. Rene E. Ofreneo

LABOREM EXERCENS Continued from A1

S

HOULD the government take over Hanjin and, together with the local creditor banks, transform it as the nation’s prime shipyard, meaning as the center for the production and servicing of the nation’s naval and commercial ships? This is what Vice Admiral Alexander Pama proposed in January.

Apparently, the Philippine Navy and the Department of National Defense (DND) have been supportive of the Pama proposal. In a recent roundtable organized by the UP Center for Integrative Development Studies, Rear Admiral Giovanni Bacordo pointed out that the proposed transformation of the Hanjin shipyard as a naval-commercial shipping complex for the country is very much doable based on the studies they have conducted and their assessment of similar successful naval-commercial transformation programs undertaken by Indonesia, Malaysia and other countries. Of course, such a program of transformation will also help strengthen the economic and military capability of the Philippines, particularly in defending our seas and in lessening our dependence on the two quarrelling giants: China and the United States.

But where to get the seed money for the rehabilitation of Hanjin? As we pointed out in a previous column, the Philippine military has a huge modernization budget amounting to P300 billion alone for 2019. Most of this goes to the Philippine Navy, which uses its budgetary allocations for the importation of new frigates, corvettes, offshore patrol vessels, strategic sealift vessels, etc., and for the repair of old and rickety naval boats in the naval shipyards of our neighboring countries. So why not

Coal’s future is in the people’s hands

By Nathaniel Bullard

Him and hear His voice and follow Him. He was sent to the world precisely so that everyone who believes in Him might not perish but might have eternal life (John 3:16). Faith in Jesus is indispensable.

Thursday, May 9, 2019 A7

an expansion of coal-fired power, one of the biggest contributors to global warming. A new survey shows the challenges that commitment will face within some major markets, and they will underpin any coal growth story.

The study, commissioned by think tank E3G, polled citizens in Indonesia, Pakistan, the Philippines, South Africa, Turkey and Vietnam on their preferences for foreign investment in the energy sector. In every country, renewable

2nd Front Page BusinessMirror

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www.businessmirror.com.ph

PHL to launch Euro bonds ‘very, very soon’

T

By Bernadette D. Nicolas

@BNicolasBM

HE Bureau of the Treasury may be able to launch the European bonds “very, very soon.”

National Treasurer Rosalia de Leon also hinted that the issuance may happen within the month after receiving “overwhelming interest” from foreign investors, including those in Europe, Asia, and US after

the Euro Roadshow.

“We are just watching closely market developments. And very soon, we may be able to launch the Euro bond issue,” de Leon said in a briefing.

They expect investors will continue to be very receptive with this issuance, she said, noting that these investors also deem it about time for the Philippines to go to market, especially after it received the highest credit rating in its history.

“They have been looking forward for the ROP [Republic of the Philippines bond] to come back to the Euro market because the last time we did was in 2006. And especially...in the middle of our roadshow, we had [an] upgrade,” she said.

“They have been following the

Senators cancel hearing; ‘Bikoy’ exposed as serial peddler of tales

By Butch Fernandez

S

@butchfBM

ENATE probers looking into supposed fresh allegations about key figures in the illegal-drug racket have stepped back, canceling a scheduled inquiry on Friday amid doubts raised about Peter Joemel Advincula, a.k.a.

“Bikoy,” the self-styled whistleblower who linked President Duterte’s family members and chief aide Bong Go to the trade.

Sen. Panfilo Lacson, whose committee had set Friday’s hearing and had publicly advised Advincula— through the Integrated Bar of the Philippines (IBP) where he first surfaced on Monday—to bring along sworn statements and evidence, said he scuttled the May 10 hearing after Advincula told media he will only appear at the Senate after the elections.

This, to Lacson, signaled that Advincula—or his handlers—only wanted the propaganda value of his

damaging claims, seen to affect voters’ choices in the May 13 midterm polls.

Lacson said his sense that Advincula might only be taking Senate probers for a ride was bolstered when he heard Senate President Tito Sotto’s revelations that Advincula, in December 2016, had sent him feelers from prison asking for help to make certain important revelations. Sotto told a forum at Senate on Wednesday that he then sent a key aide, “Hutch,” to visit Advincula—who was then serving time for largescale illegal recruitment—and get his sworn statement.

It turned out, Sotto recalled, that Advincula was claiming that former President Benigno S. Aquino III and Sen. Leila de Lima had links to drug syndicates. Sotto said he and his lawyer-aides assessed the situation and decided that Advincula was not credible.

With his new claims as Bikoy, who revealed the “real narcolist,”

FRONTAL SYSTEM AFFECTING NORTHERN LUZON as of 4:00 pm - May 8, 2019

it appeared Advincula is a serial peddler of stories, Sotto added.

‘Tirang tamad’

LACSON characterized Advincula’s new allegations as “tirang tamad [the work of a lazy person]” because he simply jumbled some of the details in his 2016 allegations in the affidavit he gave Sotto’s office, and his 2019 claims against Duterte’s family members and Go, who is rating high in senatorial surveys. “ Bi koy c h a nge d h i s t u ne along the way,” Sotto told reporters. “What’s the point? Let us investigate first.”

The Senate leader noted the series of Bikoy’s reported allegations but said he was not inclined to readily take them as fact, voicing suspicion that Bikoy’s expose “has to do” with the upcoming 2019 midterm polls “to discredit administration candidates in advance of the elections.”

See “Bikoy,” A2

Philippine narrative very closely.

They are aware [of] the tremendous strides we’ve had in terms of the reforms that we’ve done,” she added.

De Leon said this is part of the country’s diversification strategy of funding sources, especially for the infrastructure buildup.

Panda bonds

ON Panda bonds, meanwhile, de Leon reiterated that they have already received the approvals of regulators and they are looking closely at the renminbi onshore market.

Garbage sets sail for Canada May 15–Locsin

F

OREIGN Affairs Secretary Teodoro L. Locsin Jr. on Wednesday repeated his earlier statement that the Canadian garbage will be returned to Canada on May 15.

“Nope. Deadline for the garbage to be onboard the ship taking it away is May 15 and Canada and the Philippines are exerting all efforts to get that done,” Locsin tweeted when asked by a Canadian media entity whether “sensitive negotiations regarding the garbage issue is at an end.”

“If I may speak for the Canadian ambassador, I think it is best we keep things to ourselves until the garbage is loaded on time,” Locsin replied.

Locsin also denied allegations that there were 209 container vans from Canada that arrived at the Manila Port some six years ago.

“It is 69 containers more or less.

Let’s not include our f---ing garbage,” Locsin tweeted, adding: “and remember the Canadian garbage was imported by f---ing natives of ours.”

He said a Department of Finance (DOF) functionary was trying to delay the shipping out of the garbage, but did not name the person.

Since it was discovered that the garbage was not simply electronic refuse but contained diapers and other useless and health-threatening trash, Manila has filed diplomatic protests with Ottawa several times to get back their shipload of garbage. The Canadian government has maintained it had no hand in the shipment, saying it was a commercial transaction.

Last week, President Duterte threatened to sail to Canada and “dump their garbage there.”

In response, the Canadian Embassy in Manila vowed to work with the Philippines in ensuring that the waste shipment will be “processed in an environmentally responsible way.”

Many Filipinos on Twitter, meanwhile, cautioned their countrymen against using strong language to criticize Canadian Prime Minister Justin Trudeau, noting that overseas Filipino workers there send home remittances of more than $1 billion yearly, reputedly “the largest source of remittances by Filipino migrant workers.” Recto L. Mercene

RRR. . .

Continued from A1

Similarly, data from the BSP showed domestic liquidity—broadly measured as M3—grew only by 4.2 percent in March this year, significantly slower than the 7.1-percent expansion rate in the previous month.

A growing cash supply is often beneficial for an expanding economy such as the Philippines, as it provides fuel to the productive sectors of the country.

However, an excessively slow growth

“And if we see favorable pricing, then definitely, we will pull the trigger as well,” she said.

The recent credit-rating upgrade from S&P also solidified plans for the issuance of samurai and dollar bonds, said de Leon.

Meanwhile, Finance Secretary Carlos G. Dominguez III said they will still be issuing Marawi bonds after they start getting into the bigger expenditures for big construction projects. “We are going to time that. You know the Marawi expenditures right now are financed by

the GAA [General Appropriations Act], right? And we have enough funds for those at the moment.

When we start getting into the bigger expenditures, then we will be issuing the Marawi bonds,” he said.

“But, there has been a lot of work especially in providing housing and trying to settle—and water and sewage for the residents in that area already. So fortunately, we’ve been able to fund it from the GAA, and when we get to the real big construction project, that’s when we will be issuing the bonds,” he added.

R.C.B.C. NET INCOME IN Q1 UP 15% TO P1.3B

By Bianca Cuaresma @BcuaresmaBM

R

IZAL Commercial Banking Corp. (RCBC) on Wednesday announced a double-digit growth in its net profit in the first three months of the year, owing largely to strong growth in both interest and noninterest income for the period.

The bank posted an unaudited consolidated net income of P1.3 billion for the first quarter of 2019, or 15 percent higher than the P1.1 billion reported for the same period last year.

Net interest income of RCBC grew 10 percent to P5.3 billion in the first quarter of 2019, coming mainly from the growth in the average loan portfolio of key select markets. Loans to small and medium enterprises (SME) grew by 12 percent to P53.8 billion.

Meanwhile, consumer loans —which include mortgage loans, automobile loans and credit cards —increased by 12 percent to P106.9 billion. The bank’s gross outstanding

El Niño. . .

credit-card receivables accelerated by 31 percent to P22.3 billion for the quarter, with an active card base of 733,000, higher by 22 percent against the same period last year.

Noninterest income for the quarter increased by 71 percent to P2.9 billion, with the bank attributing the strong rise to stronger contributions in treasury-related and fee-based income. RCBC also reported that it booked P1.4 billion in trading and foreign-exchange gains and P1.1 billion in fee-based income.

“We have continued to build on balance sheet strength, with assets of P665 billion supported by P83 billion of capital, as we focus on growing our core business. The process for the merger of RCBC Savings Bank with RCBC is underway and is planned to commence in the second half of 2019,”RCBC President and CEO Gil Buenaventura said.

The bank recently issued a peso green bond amounting to P15 billion under its recently established green finance framework. The issuance was oversubscribed, tripling to P15 billion from the initial P5 billion.

INTERVIEWED by the Business-

Mirror, Piñol and economists said they expect the farm sector to perform better in the second quarter as the current El Niño episode will soon be over.

“The effects of El Niño are concentrated in crops and in the last two quarters. With that, I think we can look forward to a recovery,” Philippine Institute for Development Studies Senior Research Fellow Roehlano M. Briones told the BusinessMirror.

However, Briones noted that the lingering effects of the El Niño in the second quarter could prevent the sector from growing faster.

Economist Rolando T. Dy said the performance of the crops subsector in the first quarter is a sign that the government must encourage farmers to diversify crops and water use amid changing climatic conditions.

Dy said agricultural production in the second quarter may post flat growth or grow by only 1 percent year-on-year due to drought.

The PSA revised the growth rate of the country’s farm production in the first quarter of 2018 to 1.08 percent, from 1.47 percent to reflect changes in the output of some crops.

in M3 could be detrimental to the country’s overall growth, especially if it is not enough to fuel the productive activities in the economy.

While the liquidity backdrop could be a drag to overall growth this year, Trinidad said a cut in the country’s RRR could be an appropriate solution for liquidity conditions.

“The timing is just very appropriate for this year,” Trinidad said.

Well, you might say what about next year, medium-term. Yes, they can wait. It [will] not necessarily be like an El Niño impact on liquidity, but the point there

is that next year, you may not see this benign inflation situation if the economy continues to grow.” With “external macro risks...addressed hopefully soon, [and] the US-China trade conflict nearing its conclusion, then inflation may not be as slow as what we are enjoying,” he added.

The PNB economist forecasts a reserve cut of 1 to 2 percent on Thursday’s (May 9) meeting, with the policy rate easing starting in the second half of the year. In their March meeting, the BSP decided to keep all monetary-policy levers unchanged on their tame view on inflation.

Continued from A1

The output of the livestock and poultry subsector went up by 1.25 percent and 5.41 percent, respectively, on the back of higher demand for meat products.

Raisers were encouraged by the hike in the buying price of meat products, as a result of the expansion in the requirement of the hotel and restaurant industry.

The livestock subsector contributed 17.11 percent to the total agricultural production, while poultry output accounted for 16.74 percent, the PSA added.

Industry sources told the BusinessMirror that the expansion of livestock and poultry subsectors is “normal” as Filipinos’ consumption of meat products is increasing due to the improvement in their purchasing power.

PSA data also showed that the output of the fisheries subsector in the first quarter inched up by 0.97 percent year-on-year due to favorable weather conditions.

Outlook

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BusinessMirror

www.businessmirror.com.ph

In the ad material of Notice of filing of Application for Alien Employment Permits published on March 23, 2019, the name of applicant under NEW ORIENTAL CLUB88 CORPORATION should have been read as Mr. Zhang, Yan 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

BusinessMirror

www.businessmirror.com.ph S. No. 1531 H. No.8629

Republic of the Philippines

Congress of the Philippines METRO MANILA SEVENTEENTH CONGRESS THIRD REGULAR SESSION

Begun and held in Metro Manila, on Monday, the twenty-third day of July, two thousand eighteen.

[Republic Act. No. 11285] AN

ACT INSTITUTIONALIZING ENERGY EFFICIENCY AND CONSERVATION, ENHANCING THE EFFICIENT USE OF ENERGY, AND GRANTING INCENTIVES TO ENERGY EFFICIENCY AND CONSERVATION PROJECTS

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled: CHAPTER 1 GENERAL PROVISIONS

SECTION 1. Short Title. - This Act shall be known as the "Energy Efficiency and Conservation Act".

SEC. 2. Declaration of Policy. - It is hereby declared the policy of the State to:

(a) Institutionalize energy efficiency and conservation as a national way of life geared towards the efficient and judicious utilization of energy by formulating, developing, and implementing energy efficiency and conservation plans and programs to secure sufficiency and stability of energy supply in the country to cushion the impact of high prices of imported fuels to local markets and protect the environment in support of the economic and social development goals of the country;

(b) Promote and encourage the development and utilization of efficient renewable energy technologies and systems to ensure optimal use and sustainability of the country's energy resources;

(c) Reinforce related laws and other statutory provisions for a comprehensive approach to energy efficiency, conservation, sufficiency, and sustainability in the country; and

(d) Ensure a market-driven approach to energy efficiency, conservation, sufficiency, and sustainability in the country.

SEC. 3. Scope. - This Act shall establish a framework for introducing and institutionalizing fundamental policies on energy efficiency and conservation, including the promotion of efficient and judicious utilization of energy, increase in the utilization of energy efficiency and renewable energy technologies, and the delineation of responsibilities among various government agencies and private entities.

SEC. 4. Definition of Terms. - For the purposes of this Act, the following terms shall have the meanings below unless indicated otherwise: (a) Certified Energy Conservation Officer (CECO) refers to .a professional who obtains a certification as a CECO after demonstrating high levels of experience, competence, proficiency, and ethical fitness in the energy management profession, and who shall be responsible for the supervision and maintenance of the facilities of Type 1 designated establishments for the proper management of energy consumption and such other functions deemed necessary for the efficient and judicious utilization of energy under this Act; (b) Certified Energy Manager (CEM) refers to a licensed engineer who obtains a certification as a CEM after demonstrating high levels of experience, competence, proficiency, and ethical fitness in the energy management profession, and who shall be chosen by Type 2 designated establishments to plan, lead, manage, coordinate, monitor, and evaluate the implementation of sustainable energy management within their organizations; (c) Designated establishment refers to a private or public en tity in the commercial, industrial, transport, power, agriculture, public works, and other sectors identified by the Department of Energy (DOE) as energy intensive industries based on their annual energy consumption in the preyious year or an equivalent annual index; the amount of consumption is indicated in this Act and subject to adjustment by the DOE as it deems necessary; (d) Distribution utility refers to any electric cooperative, private corporation, government-owned utility, or existing local government unit (LGU) which has an exclusive franchise to operate a distribution system including those whose franchise covers economic zones; (e) Department of Energy (DOE) refers to the agency created through Republic Act No. 7638, otherwise known as the "Department of Energy Act of 1992", and whose functions were expanded by Republic Act No. 9136, otherwise known as the "Electric Power Industry Reform Act of 2001"; (f) Energy refers to all types of energy available commercially including natural gas (liquid natural gas and liquid oil gas), all heating and cooling fuels (including district heating and district cooling), coal, transport fuels., and renewable energy sources; (g) Energy audit refers to the evaluation of energy consumption and review of current energy cost to determine appropriate intervention measures and efficiency projects in which energy can be judiciously and efficiently used to achieve savings. It may refer t o a walk-through audit, a preliminary audit, or a detailed audit; (h) Energy auditor refers to individuals or entities cer tified by the DOE who have proven credibility and competence to conduct an energy audit: Provided, That the guidelines in the certification of energy auditors shall be developed by the DOE upon consultation with stakeholders; (i) Energy conservation refers to the reduction of losses and wastage in various energy stages from energy production to energy consumption through the adoption of appropriate measures that are technologically feasible, economically sound, environmentally-friendly, and socially affordable;

j) Energy Consumption and Conservation Report (ECCR) refers to the periodic report submitted to the DOE by Type 1 and Type 2 designated establishments, distribution utilities, and the transmission utility with regard to the National Energy Efficiency and Conservation Plan containing, among others, energy consumption, energy loss, and status of energy use: Provided, That the comprehensive contents of the report shall be specified by the DOE;

(k) Energy efficiency refers to the way of managing and restraining the growth in energy consumption resulting in the delivery of more services for the same energy input or the same services for less energy input; (l) Energy Efficiency and Conservation Office (EECO) refers to the office to be established in each LGU mandated to oversee and monitor the implementation of their respective Local Energy Efficiency and Conservation Plan (LEECP), which may be pal't of the planning and development office; (m) Energy Efficiency and Conservation Officer (EEC Officer) refers to the head of the EECO responsible for overseeing the implementation of the LEECP at the local government level, who may be designated from the existing personnel of the LGU; (n) Energy efficiency projects refer to projects designed to reduce energy consumption and costs by any improvement, repair, alteration, or betterment of any building or facility, or any equipment, fixture, or furnishing to be added to or used in any building, facility, or vehicle including the manufacturing and provision of services related thereto: Provided, That such projects shall be cost-effective and shall lead to lower energy or utility costs during operation and maintenance; (o) Energy end user refers to all individuals and entities which consume energy to include households, industrial and commercial customers, power plants, distribution utilities, and transmission utilities; (p) Energy labeling refers to the Philippine Energy Standards and Labeling Program (PESLP) which requires manufactulers to attach an energy label on their products to inform consumers about the energy pelformance and efficiency of the product; (q) Energy management refers to the process of designing and implementing an optimal program of purchasing, generating, and consuming various types of energy based on the end user's overall shortterm and long-term management program, with due consideration of factors including costs, availability, economics, and environmental impact; (r) Energy Service Company (ESCO) refers to a juridical entity that offers multi-technology services and goods towards developing and designing energy efficiency projects, delivering and guaranteeing energy savings, and ensm·ing cost-effective and optimal pelformance. Their services include energy supply and management, energy financing, technical engineering expertise and consultancy, equipment supply, installation , operation, maintenance and upgrade, and monitoring and verification of performance and savings. Their goods include lighting, motors, drives, heating, ventilation, ail: conditioning systems, building envelope improvements, and waste heat recovery, cooling, heating, or other usable forms of energy control systems; (s) Government energy efficiency projects refer to enelgy efficiency projects cal'ried out by all government departments, government-owned and -controlled corporations (GOCCs), state universities and colleges,

hospitals, and other instrumentalities of the government which have been evaluated and endorsed by the DOE for approval of the InterAgency Energy Efficiency and Conservation Committee (IAEECC) created under this Act; (t) Government Energy Management Program (GEMP) refers to the government-wide program to reduce the government's monthly consumption of electricity and petroleum products through electricity efficiency and conservation, and efficiency and conservation in fuel use of government vehicles, among others; (u) Local Energy Efficiency and Conservation Plan (LEECP) refers to a collaborative and multi-stakeholder comprehensive framework, governance structure, and programs prepared by the LGU for local energy efficiency and conservation with defined targets, feasible strategies, and regular monitoring and evaluation: Provided, That it shall be aligned with this Act and the NEECP.

(v) Local go uernment units (LGUs) refer to the government units created through Republic Act No. 7160, otherwise known as the "Local Government Code of 1991"; (w) Minimum Energy Performance (MEP) refers to a performance standard which prescribes a minimum level of energy performance for the commercial, industrial, and transport sectors, and energyconsuming products including appliances, lighting, electrical equipment, machinery, and transport vehicles that must be met or exceeded before they can be offered for sale or used for residential, commercial, transport, and industrial purposes;

(x) National Energy Efficiency and Conservation Coordinating Officer (NEECCO) refers to the person appointed by the Department of the Interior and Local Government (DILG) upon the recommendation of the league of LGUs from among all the EEC Officers of different local governments, who shall be responsible for integrating all the LEECPs; (y) National Energy Efficiency and Conservation Database (NEECD) refers to a centralized, comprehensive, and unified database on national energy consumption, the application and use of energy efficient and renewable energy technologies, and other critical and relevant information to be used for evaluation, analysis, and dissemination of data and information related to energy efficiency and conservation; (z) National Energy Efficiency and Conservation Plan (NEECP) refers to the national comprehensive framework, governance structure, and programs for energy efficiency and conservation with defined national targets, feasible strategies, and regular monitoring and evaluation: Provided, That it shall be aligned with this Act and shall be a result of a collaborative and multi-stakeholder consultative process: Provided, further, That it shall be regularly reviewed and revised as determined by the DOE; (aa) Philippine Qualifications Framework (PQF) refers to a n ational policy describing the levels of educational qualifications and sets of standru:ds for qualification outcomes. It is a quality assured national system for the development, recognition, and award of qualifications based on the standards of knowledge, skills, and values acquired in different ways and methods by learners and workers. It is an assessment-based qualification recognition which is competencybased and labor market driven; (bb) Transport vehicle refers to land, air, or sea vehicles conveying cargo or passengers, regardless of size or weight classification; (cc) Specific energy consumption refers to the energy consumption volume required per unit, such as production volume, sales amount, transportation kilometer, transportation tonne-kilometer, floor space, and such other indicators relevant to energy consumption; and (dd) Transmission utility refers to any private corporation or government-owned utility which has an exclusive franchise to operate the system of wires for the conveyance of electricity through a high voltage backbone line.

CHAPTER II ROLES AND RESPONSIBILITIES OF AGENCIES

SEC. 5. Implementing Agency. - The DOE shall be the lead agency in the implementation of this Act. It shall be responsible for the plannin g, formulation, development, implementation, enforcement, and monitoring of energy management policies and other related energy efficiency and conservation plans and programs. In addition to its existing mandate, the DOE shall also have the following powers and functions:

(a) Spearhead the creation and update the development of the NEECP in coordination with pertinent government agencies, LGUs, and private corporations and organizations;

(b) Develop a system of monitoring the implementation of the NEECP, including the targets that are established therein;

(c) Develop and maintain the NEECD, in coordination with and with the assistance of the Philippine Statistical Authority, to ensure efficient evaluation, analysis, and dissemination of data and information for enforcement, planning, and policy-making purposes;

(d) Lead the efforts to ensure compliance with the GEMP in accordance with the strategic direction provided by the IAEECC;

(e) Develop, impose, and review the MEP in consultation with the Department of Trade and Industry - Bureau of Philippine Standards, and pursuant to Chapter V, Section 14 of this Act; (f) Require manufacturers, importers, and dealers to comply with the MEP, and to display on the packaging and on their products the energy label showing the energy requirement and consumption efficiency of such products;

(g) Periodically review and reclassify designated establishments as defined under this Act and pursuant to its implementing rules and regulations (IRR); (h) Enforce and ensure compliance with prescribed ratings standards for energy performance in buildings and industries, in coordination with pertinent government agencies and LGUs;

(i) Support LGUs on matters related to energy efficiency planning and promotion, the preparation of their respective LEECPs, and its implementation through various local energy efficiency programs: Provided, That the DOE shall provide LGUs with templates for reports and updates;

(j) Coordinate with the NEECCO on the integrated LEECP to ensure its consistency and alignment with the NEECP;

(k) Consult with energy end users to develop the appropriate mechanism to effectively implement this Act: Provided, That such mechanism shall, as much as practicable, redound to the direct benefit of the energy end user;

Thursday, May 9, 2019 A13

with the DOE and other concerned agencies, draw up appropriate mechanisms to implement the fiscal incentives under this Act;

(h) Department of Environment and Natural Resources (DENR) The DENR shall, in coordination with the DOE and the DILG, establish guidelines for the accurate characterization of wastes arising from energy-consuming devices, equipment, fixtures, and other relevant items, including the end-of-life veh icles and its component parts: Provided, That such guidelines shall includ·e appropriate containment features and management of hazardous wastes, consistent with Republic Act No. 6969, otherwise known as the "Toxic Substances and Hazardous and Nuclear Wastes Control Act of 1990";

(i) Department of the Interior and Local Government (DILG)- The DILG shall, in coordination with the DOE, be responsible in ensuring compliance of all LGU s in implementing the provisions of this Act;

G) Department of Public Works and Highways (DPWH) The DPWH shall, in coordination with the DOE, be responsible for ensuring the implementation of the Guidelines on Energy Conserving Design· of Buildings and Utility Systems as an integral part of the National Building Code, Roadway Lighting Guidelines, and such other related guidelines as may be issued by the DOE, and in accordance with Republic Act No. 6541, otherwise known as the "National Building Code of the Philippines" and other related laws;

(k) Department of Science and Technology (DOST) - The DOST shall, in coordination with the DOE, be responsible for carrying out strategic research and development programs aimed at facilitating the development of new and alternative energy efficient technologies and the promotion thereof;

(l) Department of Trade and Industry (DTI) - The DTI, through the Bureau of Philippine Standards, shall, in consultation with the DOE, require manufactw·ers, importers, and dealers to comply with the MEP, and to display the energy label and the energy efficiency label showing the energy requirement and consumption efficiency of such products on the packaging and on the products themselves; (m) Department of Transportation (DOTr) - The DOTr shall, in coordination with the DOE and the DENR, be responsible for ensuring compliance of vehicle owners, manufacturers, and importers with the MEP for transport vehicles consistent with the specifications for all types of fuels prescribed under Republic Act No. 8749, otherwise known as the "Philippine Clean Air Act of 1999", and to display the energy consumption label in coordination with the vehicle manufacturers, transport industry associations, public transport groups, and nongovernment organizations. The DOTr shall also assist the DOE in the enforcement of and compliance with measures under this Act and its IRR relative to the energy consumption of the transport sector;

(n) Governance Commission for GOCCs (GCG) - The GCG shall incorporate energy efficiency as a factor in evaluating the performance of GOCCs;

(o) Government Financial Institutions (GFis) - The GFis shall set aside lending funds for energy efficiency projects at concessional rates of interest to attract private sector investments. The GFis shall, in collaboration with the Insurance Commission, ensure the availability of compatible guarantee or insurance products that would mitigate credit risks associated with energy efficiency investments in small and medium-sized enterprises and performance risks related to energy efficiency solutions developed by ESCOs, engineering companies, and other technology providers;

(p) Insurance Commission (IC) - The IC shall, in collaboration with the GFis, ensure the availability of compatible guarantee products that would mitigate the credit risks associated with energy efficiency investments in small and medium-sized enterprises and performance risks related to the energy efficiency solutions developed by ESCOs, engineering companies, and other technology providers;

(q) National Economic and Development Authority (NEDA) - The NEDA shall recognize the role of energy efficiency and conservation in national development;

(r) National Competitiveness Council (NCC) or its Successor Entity The NCC or its Successor Entity shall serve as the focal point for private sector involvement in the implementation of this Act in recognition of the potential of energy efficiency as a tool for improving the competitiveness of businesses in the country; (s) Philippine Statistics Authority (PSA) - The PSA shall, in coordination with the DOE, institutionalize the household energy consumption survey, the survey of energy consumption of establishments, and other surveys relating to energy supply, demand, efficiency, and conservation, and assist the DOE in the establishment of the NEECD as provided under this Act; and

(t) Technical Education and Skills Development Authority (TESDA) - The TESDA shall, in collaboration with the DOE, CHED, DOST, and other training and service institutions, develop training regulations for the certifications of energy managers and energy efficiency and conservation officers. It shall ensure the promotion of energy efficiency practices and renewable technologies through its TechnicalVocational Education and Training Programs. The TESDA shall implement skills training, assessment, and certification programs for mechanics, technicians, installers, and operators of energy efficient, as well as renewable energy systems.

SEC. 7. Role of LGUs. - The LGUs shall establish their respective EECOs headed by an EEC Officer as defmed in Section 4(1) and (m) of this Act. The LGUs through their respective EECOs and planning and development offices, with the assistance of the DOE and in coordination with the DILG, shall develop and implement their respective LEECP and incorporate these in their local development plans.

Furthermore, the LGUs shall assist the DOE in monitoring compliance with the obligations of designated establishments under this Act for input in the NEECD.

SEC. 8. Role of Energy End Users. - All energy end users shall use every available energy resource efficiently and promote the development and utilization of new and alternative energy efficient technologies and systems, including renewable energy technologies and systems across sectors in compliance with the declared policies of this Act. CHAPTER III INTER-AGENCY ENERGY EFFICIENCY AND CONSERVATION COMMITTEE SEC. 9. Inter-Agency Energy Efficiency and Conservation Committee. - An Inter-Agency Energy Efficiency and Conservation Committee (IAEECC) is hereby created to evaluate and approve government energy efficiency projects, as defmed under this Act, and to provide strategic direction in the implementation of the GEMP.

(l) Initiate and maintain collaborative efforts with the business sector, particularly the commercial, industrial, transport, and power sectors, to ensure compliance with this Act and broaden and enhance their efficient and judicious utilization of energy;

The IAEECC shall be composed of the Secretaries of the DOE, DBM, DOF, DTI, DOTr, DOST, DILG, and DPWH, and the Director General of the NEDA. The DOE Secretary shall serve as the IAEECC Chairperson. The Energy Utilization Management Bureau of the DOE shall serve as the IAEECC's Secretariat.

(m) Develop and undertake a national awareness and advocacy campaign on energy efficiency and conservation in partnership with business, academe, nongovernment organizations, and other sectors;

SEC. 10. Powers and Functions. - The IAEECC shall have the following powers and functions:

(n) Provide annual reports to both Houses of Congress, indicating, among others, the status of implementation of this Act at the national and local levels, cost effectiveness outcomes, and energy and environmental impacts, among others; (o) Impose and collect reasonable fees on accreditation and certification for services provided herein; and

(p) Perform such other powers and functions as may be necessary to attain the objectives of this Act.

SEC. 6. Role of Other Government Agencies. - All government agencies including GOCCs shall ensure the efficient use of energy in their respective offices, facilities, transportation units, and in the discharge of their functions.

In addition , the following agencies shall exercise the responsibilities and functions as enumerated hereunder:

(a) Board of Investments (BOI) - The BOI shall include energy efficiency projects, as defined in this Act, in the annual investment priorities plan entitled to incentives provided under Executive Order No. 226, otherwise known as the "Omnibus Investments Code of 1987", as amended, and any other applicable laws;

(b) Climate Change Commission (CCC)- The CCC shall collaborate with the DOE and other government agencies in establishing targets, determining strategies, and monitoring and recording all greenhouse gas emission reductions resulting from energy efficiency and conservation projects: Provided, That such targets and strategies are aligned with the NEECP;

(a) Prepare an annual assessment of opportunities for energy cost reduction in state-owned and leased buildings and facilities designated by the IAEECC: Provided, That each assessment shall be completed each year: Provided, further, That the assessment shall be made available to the public: Provided, finally, That the assessment shall include:

(1) Data for the preceding five (5) years on energy consumption and costs including anticipated energy consumption and cost projected for the next three (3) years for each state-owned and leased building and facility designated by the IAEECC;

(2) Energy conservation measures deployed in state-owned and leased buildings and facilities designated by the IAEECC during the preceding year;

(3) Evaluation studies of the cost reductions and other benefits realized through the deployment of energy conservation measures; and

(4) Energy conservation opportu nities based on audits, technical analysis, or other methods of determining such opportunities and associated energy saving operations and maintenance procedures and capital projects for each state-owned and leased building or facility designated by the IAEECC;

(b) Review all proposed capital projects and energy cost operating budgets of agencies designated by the IAEECC and recommend energy conservation measures which would reduce operating costs in stateowned and leased buildings or facilities;

(c) Provide any officer or entity of government, technical and consultative assistance concerning energy cost management or conservation;

(c) Commission on Audit (COA) - The COA shall recognize government energy efficiency projects, as defined under this Act, as goods, services, and consultancy services, consistent with government accounting and auditing rules;

(d) Annually recommend specific operations and maintenance procedure modifications and capital projects for state-owned and leased buildings and facilities designed to reduce energy consumption and costs;

(d) Commission on Higher Education (CHED) - The CHED shall integrate into existing engineering curricula appropriate courses related to energy management. It shall also promote energy efficiency measures in higher education institutions including state universities and colleges;

(e) Conduct surveys, audits, technical analysis, and other research or investigations related to government energy efficiency projects and the GEMP as may be necessary to support the preparation of the NEECP and the objectives of this Act;

(e) Department of Budget and Management (DBM) - The DBM shall give due preference to funding government energy efficiency projects, as defined under this Act, and incorporate energy efficiency as a factor in evaluating the annual performance of government agencies;

(f) Department of Education (DepEd) - The DepEd shall promote energy efficiency and conservation practices in its curricula;

(g) Department of Finance (DOF) -The DOF shall, in coordination

(f) Issue a report describing the status of government energy efficiency projects and the GEMP, listing obstacles to building energy efficiency improvement together with related recommendations for statutory change, and identifying opportunities for public sector energy cost reductions not addressed by this Act or the programs developed pursuant hereto; and

(g) Develop, after s tudy of existing or emerging energy conservation technologies, guidelines as may be necessary or desirable to aid the

work of the IAEECC in furtherance of the objectives of this Act.

SEC. 11. Government Energy Efficiency Projects. - Government agencies and LGUs are authorized to enter into different financial arrangements for energy efficiency projects following the procedures laid down in any of the following measures: Republic Act No. 9184, otherwise known as the "Government Procm·ement Reform Act''; Republic Act No. 6957, otherwise known as "An Act Authorizing the Financing, Construction, Operation and Maintenance of Infrastructme Projects by the Private Sector, and For Other Purposes", as amended

by Republic Act No. 7718; Republic Act No. 7160, otherwise known as the "Local Government Code of 1991"; the 2013 NEDA Joint Ventme Guidelines, as may be amended in the futme; the applicable LGU charter; related laws, rules, regulations; and other modalities.

CHAPTER IV CERTIFICATION FOR PROFESSIONAL COMPETENCY AND ACCREDITATION FOR PROFESSIONAL SERVICES SEC. 12. Certified Energy Conservation Officer and Certified Energy Manager. - A system for the certification and assessment of energy conservation officers and energy managers shall be established towards raising the professional standards of those engaged in energy management.

The CECO certification system shall be developed by the DOE and the TESDA. It shall be based on an approved scope of practice, a set of competency standards with a clear assessment and certification process, and a certification for the determined competency undertaken by the prescribed governance structure and quality assurance systems and aligned with the PQF and applicable international standards.

Towards this end, the TESDA shall conduct training, assessment, and certification of workers for PQF qualification Levels 1 to 5, and shall register Technical-Vocational Education and Training programs including that of nonprofit organizations and other private training institutions. The TESDA shall, in coordination with the DOE, develop guidelines for this purpose.

The CEM certification and assessment system for registered engin eers shall be established by the CHED. Towards this end, the CHED shall offer professional certificate programs for energy managers and shall, in coordination with the DOE and the TESDA, develop undergraduate, graduate, and professional certificate programs on energy management to ensme availability of competencies and skills required to promote and achieve the country's sustainable energy goals. The CHED shall, in coordination with the DOE, develop guidelines for this purpose.

SEC. 13. Certification of Energy Service Company. - The DOE shall strengthen the existing ESCO certification system to develop this service sector and to provide the market with a somce of technically and financially capable entities that can assist in the delivery of energy efficiency-related projects.

ESCOs applying for certification must demonstrate their technical and managerial competence to design and implement energy efficiency projects, including:

(a) Energy audits;

(b) Design engineering;

(c) Providing or arranging project financing;

(d) Construction management;

(e) Operations and maintenance of energy efficient technologies; and

(f) Verifying energy savings.

CHAPTER V ENERGY PERFORMANCE STANDARDS AND LABELING REQUIREMENTS

SEC. 14. Minimum Energy Performance. - The MEP for the commercial, industrial, and transport sector) shall be developed by the DOE, in consultation with relevant stakeholders, and guided by a cost-benefit analysis which shall be completed by the DOE with the assistance of the NEDA within one (1) year from the effectivity of this Act: Provided, That the adoption and enforcement of the MEP shall form part of the NEECP. The MEP for energy-consuming products through a particular product requirement under the PESLP shall also be developed by the DOE in consultation with relevant stakeholders involved in the manufacturing, sale, and use of the products covered. The DOE shall also develop the energy performance testing guidelines for all energyconsuming products to ensm·e compliance with the MEP.

All manufacturers, importers, distributors, and retailers of energyconsuming products shall comply with the MEP, subject their energyconsuming products to energy pelformance testing, and submit their respective product information to the DOE.

No manufacturer, importer, distributor, and retailer shall sell, lease, or import any energy-consuming product, unless the product complies with the MEP and the product or its package is labeled in accordance with this Act. SEC. 15. Energy Labeling for Products and Equipment. - The DOE shall prescribe energy labels for all energy-consuming products, devices, and equipment. Manufacturers, importers, suppliers, distributors, and retailers engaged in selling such products, devices, and equipment shall ensure that such energy labels are displayed accordingly, and shall provide information that shall assist consumers to make informed decisions on such products: Provided, That they shall ensure the integrity of the information submitted and made available to the public: Provided, further, That the DOE shall define the nature and scope of the information to be provided.

The DOE shall also develop and enforce a mandatory energy efficiency rating and labeling system for identified ener gy-consuming products, such as room air conditioners, refrigeration units, and television sets, to promote energy efficient appliances and raise public awareness on energy saving. The energy efficiency label shall, at the minimum, reflect the energy efficiency rating of the product, the monthly energy consumption based on a specified hour of daily usage, the brand name and product model, and the year the energy rating was issued: Provided, That the calculation method of the energy efficiency rating shall be made available to the public and shall be updated as often as necessary to ensure the integrity of the labeling system: Provided, further, That the calculation of the energy efficiency rating shall be contained in the Code of Practice on Energy Labeling of Products or other related issuance, which shall be updated r egularly by the DOE.

SEC. 16. Energy Product, Device, and Equipment Examination, Testing, and Verification. - The DOE shall regularly select ener gyconsuming products and their models for examination, testing, and verification. As such, the DOE may require any manufacturer, importer, supplier, distributor, or retailer of ener gy-consuming products, devices, and equipment to make available, at such place as the DOE may specify, such number of products as the DOE considers to be reasonably necessary for examination and testing under this section.

The DOE is hereby authorized to dismantle and examine the energy-consuming product, device, or equipment referred herein, to determine the product's energy efficiency. These products shall, upon completion of testing, be retm·ned by the DOE to the concerned manufacturer, importer, supplier, distributor, or retailer, unless the DOE has reasonable grounds to believe that a provision of this Act was violated and the product will serve as evidence of the violation.

The DOE may, subject to procurement laws and regulations, procure the services of or enter into an agreement or other arrangement with a qualified supplier or entity to carry out the examination and testing of energy-consuming products. The DOE shall, in the engagement of a qualified supplier or entity to carry out the examination and testing of energy-consuming products, follow the process and procedures laid down in Republic Act No. 9184, otherwise known as the "Government Procurement Reform Act'' and its revised IRR except when the engagement involves a contractual arrangement under a public-private partnership covered by Republic Act No. 6957, otherwise known as the "An Act Authorizing the Financing, Construction, Operation and Maintenance of Infrastructure Projects by the Private Sector, and For Other Purposes", as amended by Republic Act No. 7718, or through a joint venture agreement with private entities under a profit sharing scheme under the 2013 NEDA Joint Venture Guidelines, as may be amended in the futm·e.

SEC. 17. Fuel Economy Performance for Transport Vehicles. - To ensure fuel efficiency for transport, vehicle manufacturers, importers, and dealers shall comply with fuel economy performance labeling requiJ:ements set by the DOE with the assistance of the DENR and the DOTr. The vehicle manufacturers, importers, and dealers shall provide technical information on the fuel economy rating of the engine that will allow the consumers to make an informed decision in choosing the vehicles for their use.

The DOE shall develop and conduct fuel efficiency testing guidelines for the conduct of fuel efficiency tests to validate the information provided by vehicle manufacturers, importers, and dealers.

SEC. 18. Energy Performance for Buildings. - To ensure appropriate and effective implementation of energy efficiency and conservation for new and existing buildings for commercial and industrial use such as hospitals, educational facilities, exhibition centers, government offices, and military facilities, the LGUs shall implement the following measures in accordance with building permit issuances: (a) New building construction shall comply with the minimum requirements as specified in the Guidelines on Energy Conserving Design on Buildings issued by the DOE, in consultation with the DPWH, which may be revised to reflect new and emerging energy efficiency and conservation technologies: Provided, That state-owned buildings and facilities shall comply with the GEMP and such other guidelines issued by the IAEECC; and

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News

Thursday, May 9, 2019

BusinessMirror

PPCRV: Preparations for unofficial parallel count now completed

P

By Samuel P. Medenilla @sam_medenilla

REPARATIONS for the unofficial parallel count for the 2019 polls are now complete.

The Parish Pastoral Council for Responsible Voting (PPCRV) made the announcement during a media walk-through of its command center at the Pope Pius XII compound in Manila.

In an interview, PPCRV Media Director Agnes A. Gervacio they are now 100 percent ready to carry out their mandate after being able to field their target 300,000 volunteers.

“I believe we have been able to get 300,000 volunteers we have shipped 300,000 volunteer IDs and these are distributed already. We started doing that a couple of days ago,” Gervacio said.

She, however, said they will still need additional volunteers, especially to serve as encoders in their command center since it will be operated in shifts per day.

“We have 100 computers donated by AMA. We have three shifts of 100 volunteers so we have 300 a day here,” Gervacio said.

Priority assignments

DESPITE having a significant number of volunteers, PPCRV Chair Myla Villanueva said it is unlikely they will be tapped to replace the National Citizens’ Movement for Free Elections (Namfrel) as the lead

partner of the Commission on Election (Comelec) for the Random Manual Audit (RMA).

She said their focus will be on monitoring the conduct of the elections and doing the unofficial parallel count.

She said the bulk of their volunteers will be assigned to close to 87,000 precincts to serve as watchers and to man their voter assistance desks during the May 13, 2019 elections.

Namfrel declined Comelec accreditation for 2019 polls after the poll body did not approve the former’s proposed data-access program.

In a related development, other election watchdog groups are now keeping closer watch on the Commission on Elections (Comelec) with only a few days left before the 2019 midterm polls.

Good sign

DEMOCRACY Watch Philippines (DWP) commended Comelec for successfully minimizing the role of its controversial service provider Smartmatic.

With minimal chances of intervention from a third party service provider, Democracy Watch Philippines Secretary General Claudette Guevara said a higher public trust on the outcome of the 2019 polls is more likely.

“Smartmatic’s role has been steadily diminishing over the last few election cycles and has been relegated to just being the system vendor and support in this year’s mid-term elections,” Guevarra said.

“It’s encouraging to see the poll body all fired up to run the automated elections completely on its own,” she added.

DWP hopes Comelec will have better performance in holding the 2019 polls even without Smartmatic’s interventions.

“We call on the Comelec to accomplish 100-percent transmission in 24 hours,” Guevarra said.

MIAA mulls banning white taxis permanently at Naia

T

HE Manila International Airport Authority (MIAA) is considering permanently banning all white taxis at the Ninoy Aquino International Airport (NAIA), executives said Wednesday.

This came after another incident involving an erring taxi driver surfaced online. The driver allegedly victimized two vloggers (video bloggers) who hailed his taxi from NAIA. Apparently, the two were asked to pay for a flat rate instead of what was in the taxi meter, and were also asked for a luggage fee.

The management has started banning all white taxis at NAIA Terminal 1 since Monday, May 6.

“They (white taxi drivers) can drop off and pick up passengers at the departure area. However, they are not allowed to go there without carrying a passenger,” MIA A Media Affairs Division head, Jess Martinez, told the Philippine News Agency (PNA).

The two-minute loading and unloading policy should also be applied.

Martinez clarified that this ban is still on a trial period.

“We’d give it a trial for two weeks. We want to balance out things so the riding public would not have

a problem. Eventually, we would apply this (ban) at all terminals of NAIA,” MIAA General Manager Ed Monreal told reporters.

“MIA A would like to see if accredited transport and other operators which have permits from MIA A, such as Grab and UBE Express, would be capable of servicing the transportation needs of the passengers. If we find this okay, then all white taxi queuing lanes at the four terminals will be eliminated,” explained Consuelo Bungag, MIA A Public Affairs officer-in-charge.

Monreal, meanwhile, said incidents involving erring taxi drivers are recurring. Some of these drivers, he said, are using fake tariff rates that they claim were from MIAA and the Department of Tourism.

Erring taxi driver apprehended

AUTHORITIES on Wednesday apprehended the erring taxi driver reported by the two vloggers. He was identified as Jhumil Bule.

Airport authorities coordinated with the operator and with Taytay PNP, that led to Bule’s arrest.

Monreal also suggested that Bule’s driver’s license must be surrendered to the Land Transportation Office for revocation. PNA

Disqualification case filed against Jonvic Remulla

A

NOTHER high-profile disqualification case was filed before the Commission on Election (Comelec), this time involving Juanito “Jonvic” Remulla for allegedly vote-buying in Cavite.

A certain Efepania B. Sunico filed a petition at the Comelec Clerk of the Commission after Remulla’s camp engaged in the alleged illegal activity on May 4, 2019 in Bacoor, Cavite.

“It is respectfully prayed of this Honorable Commission that after due notice and hearing, judgement be rendered to . . . disqualify Juanito Victor C. Remulla (A.K.A Jonvic Remulla) as gubernatorial candidate for giving material consideration to influence induce or corrupt the voters (vote-buying),” Sunico said in her petition.

She also asked the Comelec to remove Remulla’s name from the official list of gubernatorial candidates in Cavite for the forth coming May 13 polls.

The 9-page petition said Remulla’s camp distributed brown envelops containing P200 peso bills to people, who attended Remulla’s political rally that day.

Sunico claimed she was able to document the in-

cident by taking pictures and videos of it using her mobile phone. She attached the said pieces of evidence in her petition.

As an additional proof, she claimed the Criminal Investigation and Detection Group-Cavite Provincial Field Unit (CIDG-Cavite PFU) conducted a surveillance and police activity related to the incident.

The CIDG operation supposedly resulted in the arrest of some of the persons involved in the alleged vote-buying activity.

Copies of the Joint Affidavit Coordination Form, Booking Sheets, and mug shots of persons involved and/or coordinators of respondent and photos of the brown envelopes with P200 bills were also included in the petition.

The petition was filed by Sunico’s legal counsel, Mynoa Sto. Domingo, on May 8, 2019.

In an interview, Sto. Domingo told reporters it took them four days after the incident to file the petition since they have to collate the necessary proof.

She also noted her client, who is not affiliated with Remulla’s rival candidates, still insisted on filing the case despite facing death threats. Samuel Medenilla

Editor: Efleda P. Campos

Companies BusinessMirror

Thursday, May 9, 2019

B1

FLI to spend ₧20B in five years to develop Clarkfield

T

HE Gotianun family-led Filinvest Land Inc. (FLI) will spend P20 billion in five years to develop its properties in the Clarkfield corridor in Pampanga.

as in the Clark corridor,” she said.

“As we break ground on Phase 1 of the Filinvest innovation and logistic park, we bring to New Clark City the same passion and clear vision our townships like Filinvest City stand on to build economically and environmentally sustainable platforms that enliven and enrich the lives of its locators, residents and visitors.”

Vicencio Dizon, president and CEO of the Bases Conversion and Development Authority (BCDA), said the development will not compete head-on with Clark Global City, a development led by businessman Dennis Uy, as that is more focused on aviation-logistics park.

The Filinvest development is more focused on the industrial park for the initial phases. It stands to

create up to 1 million jobs in about 25 years when the development matures. ”Filinvest is one of BCDA’s pioneer and integral partners in New Clark City, as we share the vision of creating opportunities in a modern, smart, and green metropolis. We look forward to seeing this new project come to life,” Dizon said.

In 2015, Filinvest was the lone bidder for the said development, then known as Clark Green City, which the Gotianun family will codevelop with the BCDA. The master plan includes 100 hectares for the industrial park, and the rest will be for mixed-use development complete with residential, office and institutional uses anchored by an innovation and logistic park. VG Cabuag

Josephine Gotianun-Yap, FLI president and CEO, said the amount includes its investments in New Clark City, a 288-hectare property in the former US military camp it is developing into an industrial estate and what it called a smart city.

“The investment of P20 billion is for all the different projects we have allocated for Clark’s corridor,” Gotianun-Yap said during its ground-

breaking ceremonies for the first phase of New Clark City, in the Capas, Tarlac, side of the sprawling property.

Aside from the development, it will also earmark for the Mimosa estate and the Clark International Airport.

“It will bring in a lot of employment because it will serve as an economic base of the New Clark City. Its primary purpose is to bring in a lot of jobs for the people of Capas, as well

New form of payment

First Gen eyes more partners for LNG project in Batangas

L

OGISTICS firm W Express has introduced a new service that will help make payments via its stores easier for customers.

Through ECPay, W Express can now accept and process payments for different services such as airline tickets, cable bills, credit-card bills and even government-related bills, among others.

It will also allow customers to top up their prepaid phone credits and their Autosweep or Easytrip RFIDs, both of which are used for toll payments.

“Providing our customers a onestop shop for bills payments, alongside our courier delivery services, is just one of our efforts in keeping with our philosophy of delivering with care and confidence,” W Express President Dawn J. Feliciano said on Wednesday.

The new service is now available in 82 Metro Manila and Luzon W Express branches. The company aims to offer ECPay in Visayas and Mindanao in June. Lorenz S. Marasigan

Bristol-Myers borrows $19B in year’s biggest bond deal in N. America

B

RISTOL-MYERS Squibb Co. sold $19 billion of bonds in the biggest corporate debt sale of the year as it looks to finance its $74-billion takeover of Celgene Corp. and create a cancer-drug giant.

The US company issued senior unsecured bonds in nine parts, according to data compiled by Bloomberg. The longest portion of the offering, a 30-year security, will yield 1.45 percentage points more than similar-maturity Treasuries, after initial talk of around 1.6 percentage points, said a person with knowledge of the matter, who asked not to be identified as the details are private. The bond sale drew orders of $67 billion, the person said.

The sale easily supplants AnheuserBusch InBev NV’s $15.5-billion January offering as the biggest this year. Bristol-Myers said it would take on $32 billion of new debt in addition to $20 billion of existing Celgene obligations to complete what will be the largest pharmaceutical merger in history, according to a January investor presentation. Its $33.5-billion bridge loan is among the 10 largest of all time.

Bristol-Myers is leading the charge for what’s expected to be a heavy supply month in corporate bonds. T-Mobile US Inc. and Fidelity National Information Services Inc. are conducting investor outreach ahead of potential jumbo M&A transactions, which may price in the coming weeks. Bloomberg News

By Lenie Lectura

F

@llectura

IRST Gen Corp. of the Lopez group will soon firm up a list of additional partners for its LNG (liquefied natural gas) project aside from Tokyo Gas. During the company’s annual meeting, First Gen President Francis Giles Puno said the company is working to achieve a Final Investment Decision (FID) by early 2020 or late this year for the LNG terminal, the groundbreaking of which is scheduled at the end of this month.

The FID will include decisions on “strategic partners” for the project.

“We anticipate that we will bring in more partners. In the meantime, between ourselves and Tokyo Gas, we want to proceed so the formal FID will entail a bigger, hopefully, a complete group of owners. But, in the meantime, between ourselves and Tokyo Gas, we will go and groundbreak already because we should continue the momentum,” Puno said.

Tokyo Gas will take a 20-percent participating interest in the FGEN LNG project.

“Right now, we have 80 percent, and Tokyo Gas 20 percent. But we don’t intend to own the entire 80 percent, we can go down to 50 percent, 51 percent,” Puno said.

First Gen Chief Commercial Officer Jon Russel said the company is in talks with foreign and local firms.

“We’re in advanced discussion with a number of entities. We will announce within the next few months.

We’re talking to many different companies from all nationalities. We will also very likely add partners, which should be from the Philippines,” he said.

The construction of the FGEN Batangas LNG terminal project, to be located in the First Gen Clean Energy Complex in Batangas City, will be completed in four years.

First Gen is currently finalizing the engineering, procurement and construction tender process. It will choose between Fluor-Global Engineering and Construction Co., and JGC Corp.

“It’s down to two bidders—Fluor or JGC. We hope we will make the decision in the next couple of months,” Russel added.

The company set aside $250 million in capital expenditure (capex) this year, the bulk of which was allocated to upgrade its geothermal assets under the Energy Development Corp. (EDC).

The EDC is a subsidiary of First Gen, reputed to be the country’s largest clean-energy company, with a portfolio that includes natural gas,

geothermal, solar, wind, and hydro.

“Some of it will be for projects, and then some will be for things we’ll do in the power plants like coolingtower upgrade. We’re just finalizing control-system integration for Tongonan, so it can sell ancillary. The investments will optimize the assets’ flexibility,” EDC President Richard Tantoco said.

First Gen is one of the biggest independent power producers in the country and the leading gas power-generation company in the Philippines with approximately 2,000 megawatts in operating gas assets composed of four gas-fired power plants—the 1,000-MW Santa Rita Power Plant, the 500MW San Lorenzo Power Plant the 414-MW San Gabriel Power Plant— and the 97-MW Avion Power Plant, all of which currently operate on Malampaya gas supply. “ The FGEN Batangas LNG Terminal Project is intended to serve the natural gas requirements of existing and future gas-fired power plants of third parties and FGEN LNG affiliates,” it said.

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

S.E.C. REGISTERS FIRST ONE-PERSON CORPORATION Securities and Exchange Commission (SEC) Commissioner Javey Paul D. Francisco (fourth from right) presents the certificate of incorporation of Smart Transportation and Solutions OPC to the incorporator, Arnulfo H. Divina (fourth from left), as witnessed by (from left): Commission Secretary Armando A. Pan Jr., CRMD Director Gerardo F. del Rosario, Commissioner Antonieta F. Ibe, CRMD Assistant Director Sampaguita RH Ladrido, Commissioner Kelvin Lester K. Lee and Commissioner Ephyro Luis B. Amatong.

SMIC income jumps 26% to ₧10.7B in Q1

By VG Cabuag

@villygc

S

M Investments Corp. (SMIC), the holding firm of the businesses of the Sy family, on Wednesday said its net income rose 26 percent during the first quarter of the year to P10.7 billion, from P8.5 billion in the same period the previous year.

Consolidated revenues went up by 15 percent to P109 billion, from P95 billion during the same quarter in 2018.

“We continued to deliver doubledigit growth to both our top and bottom line in the first quarter. Performance was strong across our businesses, particularly for our banks,” SM President Frederic C. DyBuncio said in a statement.

For the first quarter, banks accounted for 42 percent of SMIC’s consolidated net income, followed by property at 40 percent and retail at 18 percent.

Retail operations under SM Retail Inc., which consists of both food segments, such as SM Markets, WalterMart and Alfamart, and nonfood segments, such as the department store and specialty retail, reported a revenue growth of 13 percent to P79 billion in the first quarter, while net

income rose 5 percent to P2.7 billion.

Revenues from SM Retail’s specialty retail stores grew 13 percent to P19.6 billion.

As of end-March, SM Retail operated 2,385 stores comprising of 63 department stores, 1,388 specialty retail stores, 57 supermarkets, 53 hypermarkets, 194 Savemore, 52 WalterMart and 578 Alfamart stores.

The net income of SM Prime Holdings Inc., the shopping-mall operator, grew 16 percent in the first quarter to P8.8 billion as consolidated revenues rose 14 percent to P26.5 billion.

BDO Unibank Inc., the country’s largest lender, had a net income of P9.8 billion, a growth of 66 percent, due to the continued expansion of its core banking operations, recovery of trading gains to normal levels and strong results from bank fees and life-insurance premiums.

China Bank’s income reached P1.9 billion, 24 percent higher than the same period last year, driven by the continued robust growth of its core businesses. Its net interest income for the first quarter grew 12 percent to P5.9 billion, boosted by the 41-percent jump in interest revenues from loans.

Grab super app to bring more services to PHL

By Lorenz S. Marasigan @lorenzmarasigan

J

AKARTA, Indonesia—Grab is bringing the super-app reality in the Philippines through the introduction of new services that are geared toward “improving the quality of life” of Filipinos in different fronts, banking on an improved platform to cement its position as the region’s largest super app.

Grab Group Head of Product and Design Jerald Singh said his group will be introducing five new services and one service innovation in the Philippines throughout 2019 to “serve more of the Filipinos’ everyday needs,” aiming to provide “more value and greater convenience” to Grab users.

Soon, Filipinos will get to use Grab to book for their hotels, stream video content for free, purchase cinema tickets in advance, pay their bills and use a shared e-scooter service through the Grab app. These new services will sprout as tiles in the Grab app one by one throughout the year. `Today, for example, Grab users in the Philippines will see the Hotels tile in the platform. This allows users to book hotels and other commendations from Agoda and Booking directly from the app. While this sounds counterintuitive, Singh noted this “partnership” drives more value for the parties, as the two accommodations platforms will get to tap into the huge user base of Grab, while providing Grab with a new stream of revenue in the future.

“Once a hotel booking is made, Grab has a great advantage insofar as we are able to get our customers a ride directly to the hotel they booked. Within that experience, we can recommend options such as destination and even food,” he said.

Grab Platinum, Gold and Silver members can also redeem vouchers up to P500 for a minimum spend. Grab driver-partners will also get up to 9 percent off all Agoda booking requests.

Grab Platinum users can also gain access to Booking.com’s Genius program and enjoy 10-percent discounts and other benefits, and in the future, get more benefits such as free travel personal accident, flight delay insurance special ride offers, seamless payments through GrabPay, and earn GrabRewards points for every transaction.

Within this quarter, Grab users in the Philippines can also use the new videostreaming service from HOOQ within the Grab platform. This new service provides Grab users with 8,000 hours worth of ondemand videos they can stream anytime.

Likewise, Grab users can book for their SM

Cinema tickets in advance through the Grab app within the year through the Tickets tile in the Grab app. Soon, once partnerships have been struck, Singh said users may also book for their opera and concert tickets via Grab.

“We want to make sure that we bring partners that are best in class,” he said.

Aside from this, Grab users in the Philippines can also use their GrabPay accounts to pay for their bills for utilities such as electricity, water and telco bills.

Grab is also formally introducing GrabWheels in the Philippines, a service that essentially allows users to rent an e-scooter for a short period of time and park them in designated areas after use. Currently, GrabWheels is on beta mode in UpTown Mall in Taguig, and may be introduced in other areas, after being studied.

Grab is also introducing a new service innovation called GrabKitchen, a cloud kitchen service that brings multiple food and beverage brands in a central location to plug the “cuisine gaps” in specific areas.

This service innovation was first introduced here, uniting different Indonesian food found across its 13,000 islands in three different locations. This, Grab Indonesia Managing Director Neneng Goenadi said, has helped micro, small and medium entrepreneurs grow their businesses beyond their immediate storefronts.

This concept aims to provide merchantpartners an opportunity to expand their businesses and increase their income, while at the same time bringing more jobs to GrabFood riders.

GrabKitchen is a delivery-only service and is purely cashless.

“It is through partnerships that we have become the only true regional super app with multiple services in multiple markets. Last year, we announced GrabPlatform to supercharge our partnerships strategy, and we believe it has become a true differentiator in the region,” Singh said.

GrabPlatform enables the Southeast Asian super app to expand into new verticals quicker than it can on its own, and at the same time, empowers its partners to scale their business with its reach and assets.

In a nutshell, GrabPlatform works in two ways: It allows other digital services to be integrated into the Grab app, or GrabPay to be integrated into their payments option.

“With more than 500 GrabPlatform partners by the end of the year, we’re building an ecosystem that will truly be a force to be reckoned with, an ecosystem that valueadds and serves everyone on our platform.

Be it drivers, merchants, users or partners,” Singh said.

B2

Companies BusinessMirror

Thursday, May 9, 2019

PSE STOCK QUOTATIONS

May 8, 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 MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH VANTAGE

58.1 135.9 85 27.5 11.3 74 21.35 54.05 57.95 110.4 26 172.5 59.8 1.23 2.17 18.92 0.475 0.9 179 1.12

58.5 139.9 85.45 27.55 11.36 74.1 21.9 54.1 58.7 121.8 26.4 173 60 1.29 2.2 18.94 0.485 0.91 182.5 1.13

55.6 134.9 84.85 27.7 11.5 73.5 21.35 54 58.8 110.4 26 177.9 60 1.23 2.2 18.96 0.48 0.92 181 1.12

58.1 139.9 85.45 27.75 11.5 74.1 21.35 54.4 58.8 110.4 26.4 177.9 60 1.23 2.2 18.96 0.48 0.92 183 1.12

55.6 131.9 82.55 27.3 11.28 72.5 21.35 53.95 57.95 110.4 26 172.5 59.5 1.23 2.2 18.9 0.475 0.9 179 1.12

58.1 139.9 85.45 27.5 11.3 74.1 21.35 54.05 58 110.4 26 172.5 59.8 1.23 2.2 18.92 0.475 0.9 183 1.12

1110 2817350 1758580 272000 635400 2407690 500 545630 1640 50 2000 340900 3890 15000 1000 141300 590000 350000 500 15000

64216 380613726 146679360 7478475 7221830 176308766.5 10675 29537127 95243 5520 52560 59000444 232350.5 18450 2200 2675936 280600 315700 90080 16800

58100 34034121 -52367116.5 209445 -484890 -63509680.5 13413734.5 -2600 -4908277 -11357.5 1385724 -20020 -80930 -

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 CNTRL AZUCARERA CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT GINEBRA JOLLIBEE MACAY HLDG MAXS GROUP MG HLDG PEPSI COLA SHAKEYS PIZZA ROXAS AND CO ROXAS HLDG SWIFT FOODS UNIV ROBINA VITARICH VICTORIAS CEMEX HLDG DAVINCI CAPITAL EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE PHINMA TKC METALS VULCAN INDL CROWN ASIA EUROMED LMG CHEMICALS MABUHAY VINYL PRYCE CORP CONCEPCION GREENERGY INTEGRATED MICR IONICS PANASONIC SFA SEMICON CIRTEK HLDG

1.39 35.4 0.248 20 76.15 380 22.05 6.03 4.55 1.66 11.74 44.45 6.82 15.58 15 15.06 5.3 10.52 7.57 115.1 0.79 35.35 302.8 9.21 14.56 0.19 1.24 13.7 1.61 2.06 0.128 161.2 1.33 2.64 2.36 5.45 15.8 9.15 13.48 21.9 9.01 0.91 1.07 1.89 1.57 3.91 3.21 4.89 44 2.55 10.16 1.7 5.67 1.25 25.75

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV FJ PRINCE B 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 SOLID GROUP SYNERGY GRID SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES TOP FRONTIER WELLEX INDUS ZEUS HLDG

0.61 16.54 898 52.55 14.38 6.41 0.73 1.35 1.37 7.33 10.8 14.24 4.12 0.248 855 6.16 62.25 5.55 0.49 4.41 16.66 0.55 4.23 0.039 3 1.11 1.33 430.2 940 185.1 0.81 269.2 0.236 0.335

1.41 35.6 0.25 20.05 76.45 380.4 22.3 6.04 4.6 1.67 12 44.6 6.83 15.62 16.9 15.2 5.4 10.54 7.59 116.4 0.8 35.4 303 9.8 14.6 0.198 1.25 13.72 1.65 2.11 0.132 165 1.34 2.69 2.37 5.55 15.9 9.2 13.54 22 9.4 0.92 1.09 1.94 1.69 4.2 3.39 4.9 45.45 2.57 10.18 1.77 5.99 1.28 26.6

1.38 35 0.246 21.2 76.8 381.8 22.45 6.2 4.64 1.67 12 44.5 6.9 15.76 16 15.22 5.65 10.8 7.57 117.5 0.79 35 303.8 9.9 15.5 0.19 1.26 13.68 1.66 2.11 0.128 160.7 1.37 2.63 2.47 5.55 15.96 9.2 13.56 22.5 9.4 0.93 1.14 1.9 1.59 3.9 3.3 4.9 45.45 2.56 10.32 1.77 5.99 1.3 27.9

1.38 35.6 0.255 21.2 76.8 381.8 22.45 6.22 4.64 1.7 12.02 45.2 6.98 15.8 16.94 15.22 5.65 10.8 7.59 117.5 0.79 35.45 305 9.9 15.5 0.19 1.26 13.78 1.66 2.11 0.128 165 1.38 2.98 2.47 5.55 15.96 9.44 13.6 22.5 9.4 0.93 1.14 1.9 1.59 3.91 3.47 4.9 45.45 2.6 10.32 1.77 5.99 1.3 28

1.38 34.25 0.246 19.72 76 377.2 22.05 5.94 4.55 1.62 11.72 44.2 6.75 15.58 14.52 14.76 5.4 10.5 7.51 114.6 0.77 34.8 302 9.8 14.3 0.19 1.22 13.6 1.6 2.11 0.128 159.3 1.34 2.51 2.33 5.55 15.8 9.15 13.12 21.95 9.4 0.91 1.07 1.9 1.57 3.9 3.21 4.9 45.45 2.51 10.12 1.7 5.99 1.25 25.5

1.38 35.6 0.248 20 76.45 380 22.05 6.04 4.6 1.67 12.02 44.6 6.83 15.74 16.94 15.06 5.4 10.54 7.59 116.4 0.79 35.35 303 9.8 14.6 0.19 1.24 13.72 1.6 2.11 0.128 165 1.34 2.64 2.36 5.55 15.9 9.15 13.54 22 9.4 0.91 1.09 1.9 1.57 3.91 3.39 4.9 45.45 2.57 10.16 1.7 5.99 1.28 26.6

34000 1653800 9760000 3371600 49340 252450 1213000 9604500 36000 14328000 85400 322500 266400 223500 1800 506000 29700 10239400 1546500 94920 1110000 466800 947300 2100 2131700 320000 731000 3867400 31000 36000 290000 1149750 4096000 1596000 55031000 1900 580500 368600 710500 3800200 100 408000 1355000 10000 20000 22000 19000 108000 100 4699000 797100 93000 200 70000 155300

46920 57,772,075( 34,692,980.0004) 2428710 123000 68067346 -3644346 3778081 72119 95793196 -19817456 26865640 -14329325 58088804 -6238056 165030 23797960 22949.9999 1017512 14337530 -6529170 1813307 62091 3521474 1367942 27800 7604888 -4557822 162497 -123152 108744746 10841052 11665511 2141884 11003255 -6186521 866230 -15400 16330160 5526700 286891396 -42863836 20590 31259188 314260 60800 903900 144030 53112396 -9210792 51400 75960 37120 185959346 7169552 5538680 -1346540 4377610 -21600 132128800 38142540 10545 9210332 3374310 -9440 9565298 -1077042 83584545 -11074770 940 375000 1468350 7560 19000 31580 86000 62570 -0 529200 -509600 4545 12024560 683140 8116526 1122820 158740 1198 88490 4161525 -259140

HOLDING & FRIMS 0.62 16.86 901 53.05 14.4 6.5 0.76 1.36 1.38 7.4 10.98 14.26 4.95 0.275 865 6.19 65.8 5.78 0.495 4.45 17 0.57 4.29 0.04 3.01 1.15 1.38 455 966 188 0.82 276 0.241 0.34

0.64 16.7 904 52 14.52 6.5 0.74 1.37 1.39 7.47 11.38 15.3 5.18 0.27 890 6.2 63.5 5.72 0.5 4.5 17.1 0.55 4.29 0.04 3 1.11 1.33 455 948 185 0.86 274 0.24 0.345

0.64 17.04 904 53.05 14.8 6.5 0.76 1.37 1.39 7.47 11.38 15.56 5.18 0.28 891 6.2 65.8 5.75 0.5 4.5 17.1 0.56 4.32 0.04 3.01 1.11 1.38 455 966 188 0.86 276 0.243 0.345

0.6 16.5 887 50.8 14.4 6.4 0.73 1.35 1.36 7.21 10.8 13.5 4.95 0.246 855 6.17 61.35 5.72 0.49 4.37 16.54 0.55 4.22 0.039 3 1.11 1.32 455 928 182 0.8 270 0.236 0.335

0.62 16.54 901 53.05 14.4 6.4 0.76 1.35 1.37 7.4 10.8 14.24 4.95 0.275 855 6.17 65.8 5.75 0.495 4.41 17 0.55 4.23 0.039 3 1.11 1.38 455 966 188 0.82 276 0.236 0.335

12684000 34300 340900 1519110 12025000 102700 127000 4412000 828000 754200 4704600 1221500 300 180000 105560 75100 3056360 8000 146000 9926000 1543300 257000 28381000 3200000 1112000 1000 130000 50 274680 343440 1331000 520 1980000 11350000

7814690 573774 305401000 78880429.5 174450830 657326 94020 5978490 1132240 5499447 51624506 18070160 1508 48570 90902480 464481 192373682 45890 71770 43839920 25907534 141580 120673440 125000 3336020 1110 172090 22750 260651195 63641557 1085430 143440 468790 3851200

-14570 -42528880 -25448540.5 -73411872 313600 256190 695121 -25150266 696106 -55157300 -12012303 -5125180 6352172.0001 105600 -53246290 -120000 13300 -48296575 4811020 -2760 666400

PROPERTY

ARTHALAND CORP 0.76 0.77 0.76 0.76 0.76 0.76 166000 126160 ANCHOR LAND 9.87 11.2 11.2 11.2 11.2 11.2 5000 56000 56000 AYALA LAND 47 47.05 46.9 47 45.95 47 21210700 990462030 124212615 ARANETA PROP 2.22 2.23 2.29 2.29 2.21 2.22 298000 665530 BELLE CORP 2.36 2.38 2.35 2.42 2.31 2.38 906000 2159790 58570 A BROWN 0.74 0.75 0.75 0.75 0.74 0.75 1150000 853850 CITYLAND DEVT 0.86 0.88 0.87 0.87 0.87 0.87 20000 17400 17400 CROWN EQUITIES 0.234 0.24 0.235 0.242 0.234 0.24 1400000 328270 CEBU HLDG 6.32 6.4 6.32 6.4 6.32 6.4 1000 6360 CEB LANDMASTERS 4.71 4.74 4.74 4.75 4.6 4.74 1130000 5307900 2870390 CENTURY PROP 0.52 0.53 0.53 0.54 0.52 0.53 14302000 7490820 34610 CYBER BAY 0.38 0.395 0.385 0.385 0.38 0.38 1940000 737850 DOUBLEDRAGON 25.55 25.6 26.45 26.45 25.25 25.6 932000 23854975 -5423825 DM WENCESLAO 10.82 10.86 11.08 11.2 10.62 10.82 302400 3267978 EMPIRE EAST 0.485 0.49 0.49 0.49 0.485 0.49 250000 122100 EVER GOTESCO 0.125 0.134 0.125 0.125 0.125 0.125 910000 113750 FILINVEST LAND 1.55 1.56 1.57 1.58 1.54 1.56 18722000 29096650 -329820 GLOBAL ESTATE 1.32 1.33 1.34 1.34 1.32 1.32 1993000 2643200 8990 HLDG 14.32 14.4 14.3 14.48 14.02 14.4 1549200 21949588 -852134 PHIL INFRADEV 1.69 1.7 1.71 1.71 1.66 1.7 956000 1619730 653700 CITY AND LAND 0.79 0.8 0.78 0.78 0.78 0.78 10000 7800 MEGAWORLD 5.56 5.64 5.77 5.82 5.56 5.56 25254400 143,649,701( 5,986,490.0003) MRC ALLIED 0.345 0.35 0.37 0.37 0.345 0.345 21840000 7724350 -28300 PHIL ESTATES 0.49 0.5 0.5 0.52 0.49 0.5 13712000 6933160 -871400 PRIMEX CORP 2.75 2.77 2.84 2.87 2.65 2.77 658000 1795970 -2820 ROBINSONS LAND 23.6 23.85 24.45 24.45 23.1 23.85 1558700 36912025 -485040 PHIL REALTY 0.445 0.46 0.465 0.465 0.46 0.46 540000 250550 ROCKWELL 1.97 2 1.98 1.98 1.97 1.97 26000 51470 SHANG PROP 2.97 2.99 3 3 2.96 3 102000 303270 -9000 STA LUCIA LAND 1.75 1.78 1.78 1.82 1.71 1.78 4973000 8724020 SM PRIME HLDG 39.25 39.5 40.05 40.05 38.9 39.5 10024600 394237030 -201947610 STARMALLS 6.74 6.8 6.8 6.8 6.74 6.8 236200 1596348 SUNTRUST HOME 0.72 0.75 0.72 0.72 0.72 0.72 157000 113040 VISTA LAND 7.08 7.1 7.18 7.18 7.05 7.1 4417800 31365196 -4282766

SERVICES ABS CBN 19.14 19.2 19.38 19.38 19.14 19.14 48800 939974 GMA NETWORK 5.16 5.17 5.2 5.2 5.13 5.16 119600 617105 MANILA BULLETIN 0.54 0.55 0.58 0.58 0.53 0.55 1794000 984630 GLOBE TELECOM 1990 1999 1999 2000 1961 1999 130400 259904305 189751380 PLDT 1227 1245 1230 1248 1220 1245 91700 113324505 30550925 APOLLO GLOBAL 0.043 0.044 0.043 0.044 0.042 0.044 14400000 625900 DFNN INC 6.5 6.89 6.5 6.51 6.4 6.5 125000 811370 -650020 IMPERIAL 1.9 1.91 1.91 1.91 1.91 1.91 4000 7640 ISLAND INFO 0.124 0.126 0.123 0.125 0.123 0.125 380000 47270 ISM COMM 5.55 5.56 5.58 5.59 5.48 5.56 1312300 7247127 481778 NOW CORP 2.07 2.08 2.11 2.11 2.06 2.08 1442000 3009710 129320 TRANSPACIFIC BR 0.335 0.34 0.35 0.35 0.33 0.335 7000000 2348350 PHILWEB 2.94 2.95 3.08 3.08 2.95 2.95 1980000 5938970 2GO GROUP 12.24 12.4 12.6 12.6 12.3 12.4 7400 92530 -2520 ASIAN TERMINALS 14.8 15.88 15.7 15.88 15.7 15.88 2500 39340 CHELSEA 5.72 5.79 5.8 5.88 5.66 5.79 315300 1816176 -57300 CEBU AIR 81.05 81.1 81.05 81.1 80.9 81.05 83060 6729561.5 -173915 INTL CONTAINER 134 135 138.5 138.5 131.5 135 2836710 381671324 41937228 LORENZO SHIPPNG 0.75 0.79 0.8 0.8 0.72 0.79 540000 408770 -120900 MACROASIA 21.2 21.25 21.6 21.6 21.2 21.2 648800 13787090 698110 METROALLIANCE A 1.67 1.69 1.69 1.69 1.68 1.68 11000 18520 PAL HLDG 9.8 9.98 9.7 10 9.7 9.8 9400 93262 -13000 HARBOR STAR 2.59 2.6 2.72 2.72 2.57 2.6 4594000 12076890 840500 ACESITE HOTEL 1.26 1.36 1.26 1.26 1.26 1.26 5000 6300 BOULEVARD HLDG 0.069 0.07 0.069 0.07 0.068 0.07 25690000 1776520 DISCOVERY WORLD 2.05 2.13 2.05 2.05 2.05 2.05 3000 6150 GRAND PLAZA 10.04 10.98 10.04 10.04 10.04 10.04 100 1004 WATERFRONT 0.7 0.71 0.71 0.71 0.69 0.7 1874000 1305200 CENTRO ESCOLAR 7.11 7.47 7.01 7.67 6.96 7 15400 107855 IPEOPLE 10.98 11.38 11.4 11.4 10.94 11.38 2500 28340 STI HLDG 0.66 0.67 0.67 0.68 0.65 0.67 6230000 4128240 -3272400 BERJAYA 2.5 2.57 2.63 2.63 2.47 2.57 716000 1788600 -12810 BLOOMBERRY 11.68 11.7 12.04 12.04 11.58 11.7 14364200 167,899,504( 21,693,490.0003) PACIFIC ONLINE 3.27 3.38 3.32 3.41 3.27 3.38 155000 516130 -33590 LEISURE AND RES 3.79 3.8 3.99 4 3.77 3.79 1638000 6341680 35220 MANILA JOCKEY 5.3 5.35 5.34 5.49 5.08 5.35 290800 1538335 PH RESORTS GRP 4.2 4.48 4.43 4.48 4.32 4.48 23000 101830 PREMIUM LEISURE 0.69 0.7 0.74 0.74 0.69 0.7 21160000 14908890 -456090 TRAVELLERS 5.63 5.66 5.61 5.65 5.61 5.63 3630400 20484336 -5878546 METRO RETAIL 2.76 2.77 2.96 2.96 2.7 2.76 38567000 107134320 -25825750 PUREGOLD 44.25 44.75 44.9 44.95 44 44.75 753000 33376385 -6549055 ROBINSONS RTL 70.65 70.95 73 73 70.6 70.65 1707390 120953139 31414863.9999 PHIL SEVEN CORP 114 117 114 114 110 114 5950 677060 4800 SSI GROUP 3.18 3.22 3.26 3.26 3.12 3.22 12535000 40092560 13166050 WILCON DEPOT 16.48 16.5 16.88 16.96 16.24 16.48 2995300 49817592 7092528 APC GROUP 0.395 0.4 0.4 0.4 0.4 0.4 40000 16000 EASYCALL 11 11.1 10.98 11.32 10.8 11 98000 1078378 GOLDEN BRIA 398 408 413.4 414.4 397.2 408 3040 1227280 -55608 IPM HLDG 6.88 6.97 6.97 6.97 6.97 6.97 10000 69700 PRMIERE HORIZON 0.9 0.91 0.93 0.93 0.88 0.9 27337000 24565620 -1865230 SBS PHIL CORP 9 9.2 8.95 9.24 8.95 9.24 40200 362655 268774.9999

MINING & OIL ATOK 11.94 12.1 12.1 12.2 12.1 12.2 1300 15740 APEX MINING 1.25 1.28 1.26 1.28 1.25 1.25 2375000 2990330 -2591240 ABRA MINING 0.0019 0.002 0.0019 0.002 0.0019 0.0019 28000000 53300 ATLAS MINING 2.8 2.85 2.79 2.79 2.79 2.79 47000 131130 -117180 BENGUET A 1.25 1.27 1.25 1.25 1.25 1.25 21000 26250 COAL ASIA HLDG 0.285 0.3 0.29 0.29 0.29 0.29 50000 14500 14500 CENTURY PEAK 2.78 2.8 2.88 2.88 2.69 2.8 1905000 5218990 307100 DIZON MINES 7.77 7.96 7.9 8 7.76 7.98 2500 19722 FERRONICKEL 1.61 1.62 1.61 1.62 1.56 1.61 65967000 104504990 414220 GEOGRACE 0.234 0.239 0.243 0.243 0.234 0.239 1130000 266280 LEPANTO A 0.111 0.113 0.111 0.113 0.11 0.111 620000 68600 LEPANTO B 0.112 0.117 0.112 0.112 0.112 0.112 40000 4480 MANILA MINING A 0.0079 0.0085 0.0079 0.0079 0.0079 0.0079 1000000 7900 MARCVENTURES 1.02 1.06 1.05 1.05 1.02 1.02 1176000 1209850 -1134490 NIHAO 0.98 1 1.01 1.01 0.98 1 81000 80960 NICKEL ASIA 2.37 2.4 2.4 2.4 2.37 2.37 1010000 2404310 -330800 OMICO CORP 0.54 0.56 0.56 0.56 0.56 0.56 96000 53760 ORNTL PENINSULA 0.89 0.91 0.89 0.91 0.89 0.91 51000 45410 -910 PX MINING 3.07 3.08 3.1 3.13 3.07 3.08 503000 1552060 -61840 SEMIRARA MINING 23 23.05 23.65 23.65 22.1 23 3390400 76769365 33698340 ORNTL PETROL A 0.011 0.012 0.011 0.012 0.011 0.012 52500000 581000 ORNTL PETROL B 0.011 0.013 0.012 0.012 0.012 0.012 11100000 133200 12000 PHILODRILL 0.011 0.012 0.011 0.011 0.011 0.011 2600000 28600 PHINMA PETRO 3.56 3.67 3.57 3.67 3.56 3.67 21000 75610 PXP ENERGY 7.85 7.9 8.15 8.3 7.8 7.85 1127300 9006803 -341340.0001

PREFFERED

DD PREF 96.2 98 98.2 98.2 96.2 96.2 19380 1865669 SMC FB PREF 2 966.5 975 967 975 966 975 570 550810 FGEN PREF G 101.1 102 102 102 102 102 2420 246840 GTCAP PREF B 940 955 955 955 955 955 3010 2874550 LR PREF 0.97 0.98 0.98 0.98 0.98 0.98 141000 138180 -980 PNX PREF 3A 99 100.4 100 100.4 99.55 100.4 12700 1269635 PNX PREF 3B 105 106 106 106 106 106 230 24380 PCOR PREF 2A 970 995 970 970 970 970 2720 2638400 SFI PREF 1.35 1.75 1.32 1.32 1.32 1.32 67000 88440 SMC PREF 2B 75 75.5 75.5 75.5 75 75 110 8260 SMC PREF 2C 76 76.1 76 76.1 76 76.1 2010 152762 SMC PREF 2D 71.1 71.2 71.2 71.2 71.2 71.2 55430 3946616 SMC PREF 2F 73.7 73.75 73.75 73.75 73.75 73.75 3460 255175 SMC PREF 2H 72 72.9 72.9 72.9 71.8 72 62090 4514311 SMC PREF 2I 73.5 74.45 74.45 74.45 74.45 74.45 150 11167.5 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

18.6 5.2

18.7 5.27

18.7 5.27

18.7 5.27

18.6 5.27

18.6 5.27

295600 200

5527670 1054

WARRANTS LR WARRANT

1.9

SMALL & MEDIUM ENTERPRISES ITALPINAS 5.11 XURPAS 1.03

1.95

1.98

1.98

1.9

1.9

256000

490600

-

5.13 1.04

5.8 1.06

5.81 1.08

5.1 1.04

5.11 1.04

5021200 6607000

26671645 6957610

103528 -3076830

EXHANGE TRADE FUNDS FIRST METRO ETF

117.5

4329100 -

118.4

118.3

118.4

116.5

118.4

7920

928665

5849

www.businessmirror.com.ph

Financial supermarket has $80M in funding

G

LOBAL financial supermarket GoBear has announced $80 million in funding to date.

GoBear will use the funds to drive growth through product and technology enhancements, expand its partner network, and fill key roles.

Improvements to the platform’s search and match functionality will be made through two strategic approaches: partnerships with, and investments into other technology companies, to acquire access to additional key technology.

This funding was furnished by Walvis Participaties, a Dutch venture capital fund, and Aegon NV, a leading financial services provider.

GoBear is a financial supermarket whose purpose is to improve Asia’s financial health by making financial literacy, financial inclusion, and financial security attainable for everyone. GoBear has served more than 40 million users across Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

GoBear’s partners are leading financial institutions, banks and insurance providers.

Adrian Chng, CEO of GoBear, said, “Our latest round of funding will be invested in our priority areas of product, technology, senior management and technical talent.

We are also very interested in partnering with and/or investing in other technology companies who have developed exciting new technologies that will enhance our ecosystem and our ability to improve people’s financial health. Specific areas include customer onboarding and fulfillment solutions, personal financial management, alternative credit scoring, financial education, and investment platforms.” Opportunities in the region are being driven by several large, interconnected developments: world-beating economic growth, rapid urbanization, a fast-growing middle class and mobile everywhere; Asean’s digital economy is estimated to reach S$270 billion by 2025.

At the same time, many consumer products and services remain ill-

suited to this mobile generation, and cash transactions are the norm. The prevalence of a cash-based economy limits consumers’ financial access, because without a personal financial profile financial institutions cannot assess and price customers’ risk and evaluate product suitability.

“GoBear’s purpose is to improve your financial health. Filipino consumers are able to make informed choices across 14 personal financial product areas, including insurance, personal loans, deposits, and credit cards, in a simple and transparent way. Our users have the advantages of GoBear’s variety of products and financial partners, and its adept technology to search for appropriate financial solutions that match well with their personal objectives,” said Maria Rodriguez Java, country director, GoBear Philippines.

Java said, “GoBear has been offering innovation financial solutions in the Philippines for the past three years. We have over a dozen bank partners whose products match well with our current user demographics. As our customer base grows and develops, so will our product offerings. A few great things to note about the Filipino financial consumer—at least 68

percent of card and loan applicants that GoBear served are working moms, responsible for their household finances. It’s also interesting how young Filipino millennials are self-educating, considering and buying insurance products after using GoBear, from a simple travel insurance plan, to term health, motor or even life insurance. We are very excited about the positive outlook of the millennials.”

GoBear is actively recruiting for key talent across Asia in pace with its rapid expansion plans in the region.

“We are always looking for good talent and the Philippine office is currently looking for content, SEO, and digital marketing talent with strong data analysis and humanities skillsets, for internship, project-based or permanent posts,” Java said.

Listings are available on GoBear’s LinkedIn page.

Having commenced in Singapore since early 2015, GoBear is now in seven countries: Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

To date, the company has served over 40 million users searching for more than 1,800 personal finance products. GoBear is owned and operated

by Woodpecker Asia Tech Pte. Ltd.

PXP posts ₧7-M net income vs ₧8.4-M loss in Jan-March 2018

By Lenie Lectura @llectura

P

XP Energy Corp. on Wednesday posted a net income of P7 million from January to March this year as against a net loss of P8.4 million in the same period a year ago.

The turnaround was attributed to “higher other income,” partially offset by the increase in cost and expenses and marginally lower petroleum revenues.

Petroleum revenues declined by 3.1 percent to P29.7 million, resulting from a 12.5-percent higher volume offset by an 11.8-percent drop in crude oil price.

Consolidated cost and expenses stood higher at P46.9 million brought about by higher depletion cost in Service Contract 14C-1 Galoc following higher output, among other factors.

PXP Energy holds a 78.98-percent controlling interest in UK-based Forum Energy Ltd., which, in

turn, has a 70-percent stake in SC 72, an oil-andgas-exploration permit covering the Sampaguita natural-gas prospect in the Reed Bank, to the west of Palawan.

PXP said it will take guidance from the Philippine government in respect of any future activity in SC 72 and SC 75.

The company is mindful that the Malampaya gas resource, which supplies about 40 percent of Luzon’s power requirements, could be exhausted within the next decade. Therefore, it pointed out that the resumption of exploration in SC 72 is of national interest.

“The company remains hopeful the force majeure imposed on SC 72 and SC 75 will be lifted by the Department of Energy soon for the company to be able to resume exploration works in these SCs,” PXP said.

PXP is an upstream oil and gas company, with exploration and production assets located in the Philippines and in offshore Peru.

DNL income rises in 1st 3 months despite depressed consumer sentiment spillover

C

HEMICAL firm D&L Industries Inc. said its income for the first quarter of the year reached P748 million, a percent higher than last year’s P744 million as profits from its high-margin products reached record highs.

Revenues fell 8 percent to P5.87 billion for the three months ending March from last year’s P6.39 billion as prices of coconut oil declined. The company passes on price movements to its customers.

Coconut oil and palm oil average prices were down 43 percent, and 19 percent year-on-year, respectively. As a percentage of revenues, high margin specialty products (HMSP) reached an all-time high of 69 percent, from 63 percent last year.

“As a result, our gross profit margin reached 21 percent, an all-time high for the company,” said Alvin Lao, the company’s president.

“We saw negative consumer sentiment from last year spill over to the first quarter. This, combined with government underspending, affected our volume growth. However, macroeconomic indicators show the business environment will improve going forward,” Lao said.

Margins of the commodity segment, accounting for 31 percent of total revenues, stood at 12.7 percent, up 6.2 percentage points year-on-year. Its higher valued products had a margin of 25 percent, up by 1.3 percentage points from last year.

“This reflects the company’s efforts to consciously focus on margin-accretive commodity sales. However, given the nature of commodities, these double-digit margins are unlikely to

be sustained. Nonetheless, this segment remains a vital part of the company’s overall business, given the strategic role it plays in developing and growing the HMSP business,” the company said.

In terms of total volume that the company sold last year, it said the recovery was tempered by macroeconomic factors, such as the delayed passage of the 2019 national budget, that have continued to weigh down aggregate demand.

For the period, total volume for the company only grew by 2 percent year-on-year coming from a high base last year where total volume grew by 13 percent, way above the historical average growth of 7 percent.

“Looking forward, however, positive economic developments such as continued easing in inflation given the oversupply of key food items such as chicken, pork, fish and even coconut oil, anticipated ramp up in government and consumer spending, given the passage of 2019 budget and elections in May, and a more accommodative monetary policy, should all translate to a better growth for the economy in general,” the company said.

Exports as percentage of total revenues stood at 19 percent for the period, but in peso terms, export revenues declined by 19 percent, mainly due to lower commodity prices passed on to customers.

“The company remains optimistic that it will reach its long-term target export contribution of 50 percent. The ongoing construction of its new plants in export zones is expected to be completed in 2021,” it said. VG Cabuag

MUTUAL FUNDS

May 8, 2019

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 263.96 2.14% 2.28% 1.11% 4.65% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.619 4.84% 11.48% 2.88% 12.37% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.1015 -0.39% 2.55% -0.05% 5.09% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9382 3.02% N.A. N.A. 5.36% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8728 4.98% N.A. N.A. 6.35% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.4996 3.43% 1.88% 0.85% 4.33% MBG EQUITY INVESTMENT FUND, INC. -A 126.12 10.68% N.A. N.A. 8.29% ONE WEALTHY NATION FUND, INC. -A 0.8789 2.14% -2.95% N.A. 5.59% PAMI EQUITY INDEX FUND, INC. -A 52.2531 4.84% 3.39% N.A. 6.19% PHILAM STRATEGIC GROWTH FUND, INC. -A 543.85 3.65% 2.16% 0.88% 5.66% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3202 5.21% 3.92% 3.47% 5.28% PHILEQUITY FUND, INC. -A 38.8614 5.32% 4.8% 2.99% 6.09% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0423 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.2936 5.53% 4.42% 3.26% 6.75% PHILIPPINE STOCK INDEX FUND CORP. -A 883.65 5.62% 4.09% 3.21% 6.66% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9357 6.94% 3.25% N.A. 8.65% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.341 6.29% 4.4% 2.42% 6.95% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 1.0159 5.11% 4.08% N.A. 6.45% UNITED FUND, INC. -A 3.7285 6.37% 6.18% 2.99% 6.5% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 118.2631 5.99% 5.22% 4.28% 6.79% ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.0211 -6.3% 7.32% 1.39% 9.9% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2958 1.92% 9.2% N.A. 17.26% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.7238 1.77% 0.09% -1.45% 4.4% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.3102 0.68% 1.63% 0.6% 4.57% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6473 2.82% -0.06% -1.44% 4.07% GREPALIFE BALANCED FUND CORPORATION -A 1.3555 1.08% N.A. N.A. 3.93% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.924 3.96% 1.93% 1.32% 4.39% PAMI HORIZON FUND, INC. -A 3.6832 1.88% 0.55% 0.39% 4.36% PHILAM FUND, INC. -A 16.6362 3% 0.81% 0.46% 4.58% SOLIDARITAS FUND, INC. -A 2.1414 3% 2.09% 2% 3.33% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.8611 5.19% 2.11% 1.54% 5.74% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 1.0034 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 1.0035 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 1.0014 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.987 5.47% 2.14% N.A. 7.08% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03631 3.86% 0.65% 1.53% 3.01% PAMI ASIA BALANCED FUND, INC. -A $0.9811 -6.22% 3.73% -0.52% 4.8% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.7261 2.48% 6.66% 3.02% 12.63% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.0942 1.69% 3.89% N.A. 8.34% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 348.12 2.91% 2.06% 2.17% 1.38% ATRAM CORPORATE BOND FUND, INC. -A, 1 1.8872 1.25% -0.19% -0.23% 1.51% COCOLIFE FIXED INCOME FUND, INC. -A 3.0254 5.33% 5.27% 5.25% 1.84% EKKLESIA MUTUAL FUND INC. -A 2.1633 2.52% 1.19% 1.87% 1.54% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.2679 2.29% 0.6% 0.99% 2.65% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6033 1.42% -0.73% 0.28% 2.49% PHILAM BOND FUND, INC. -A 4.0573 1.83% -0.4% 0.89% 3.51% PHILEQUITY PESO BOND FUND, INC. -A 3.6144 3.61% 1.04% 1.16% 2.77% SOLDIVO BOND FUND, INC. -A 0.921 1.02% -0.62% N.A. 3.18% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 2.8954 5.52% 1.43% 1.86% 4.68% SUN LIFE PROSPERITY GS FUND, INC. -A 1.6058 5.1% 0.92% 1.38% 4.28% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $455.06 3.05% 1.92% 2.8% 1.51% ALFM EURO BOND FUND, INC. -A Є216.2 1.52% 1.48% 1.55% 1.67% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1691 4.79% 1.65% 2.22% 3.85% 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 $1.7136 0.5% -1.16% 0.8% 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 $1.0656 3.02% -0.55% -2.44% 2.7% PHILAM DOLLAR BOND FUND, INC. -A $2.2721 5.68% 0.72% 2.71% 4.65% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0583249 3.13% 1.24% 1.74% 2.36% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.9861 2.9% 0.11% 2.06% 3.97% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 122.75 3.53% 2.26% 1.82% 1.58% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0102 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.1993 2.9% 1.29% 0.82% 1.47% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2369 3.39% 2.53% 1.9% 1.47% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0247 2.08% 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

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

The World BusinessMirror

US-China trade fears unnerve investors, pulling shares lower

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ANGKOK—Shares skidded in Asia on Wednesday after the Dow Jones Industrial Average tumbled more than 470 points overnight amid mounting trade tensions between the US and China.

Japan’s Nikkei 225 index dropped 1.8 percent to 21,537.24, and the Hang Seng in Hong Kong sank 0.7 percent to 29,156.23. Australia’s S&P ASX 200 gave up 0.6 percent to 6,261.10.

The Shanghai Composite edged 0.1 percent lower after China reported its exports fell 2.7 percent in April.

A broad sell-off on Wall Street pulled the Dow 1.8 percent, or 473.39 points, lower on Tuesday to 25,965.09 as the US and China moved closer to an escalation of their already costly trade war.

The US and China have raised tariffs on tens of billions of dollars of each other’s goods in their dispute over US complaints about Chinese technology ambitions.

“The intensification of the trade war between the US and China sustains the negative spell on markets

with Asian risk assets poised for another bad day today,” ING said in a commentary. “Adding to the emerging market woes are political jitters in Turkey, South Africa and Thailand.”

Washington has accused Beijing of reneging on its commitments and is preparing to raise import taxes on $200 billion of Chinese goods to 25 percent from 10 percent on Friday, and to impose tariffs on another $325 billion in imports, covering everything the country ships annually to the United States.

On Thursday, representatives from both nations are scheduled to resume trade talks in Washington— a last chance to stave off those increases.

Encouraged by signals from both sides that progress was being made toward resolving a festering dispute over Beijing’s industrial policies, investors pushed the S&P 500 and the

Nasdaq to all-time highs last week.

A more dovish stance by the Federal Reserve and strong jobs and other data also raised hopes for a stronger economic outlook.

However, markets remain vulnerable to any reversals in the trade talks. This week investors have dumped shares of companies that bring in significant revenue from China, such as those in the technology and industrial sectors. Banks have also taken heavy losses.

“For a third straight session, investors are switching out of riskier assets and into havens such as government bonds, gold and the Japanese yen,” Jasper Lawler of LCG said in a research note.

Every sector fell. Utilities, normally safe-play holdings for investors, fared better than the rest of the market. Bond prices also rose as investors sought out other ways to reduce risk.

The S&P 500 index slumped 1.7 percent to 2,884.05. The Nasdaq composite, which is heavily weighted with technology stocks, fell 2 percent to 7,963.76, while the Russell 2000 index of small company stocks gave up 2 percent to $1,582.31. Major indexes in Europe also finished lower.

Trump’s threat of additional tariffs is forcing investors to reassess

those expectations. One measure of fear in the market, which tracks how much traders are paying to buy protection from price swings in the S&P 500, had its biggest jump on Tuesday in nearly seven months.

It remains low by historical standards, though, after earlier in the year dropping by more than half since the end of 2018.

It’s yet to be determined whether the brinksmanship tactics from the Trump administration will help or hurt the prospects of a deal getting done quickly, something that investors want.

“This is such a short period of time that it’s hard to speculate whether this will cause something to get done quickly or whether it will drag on for months,” said Scott Wren, senior global equity strategist at Wells Fargo Investment Institute.

In energy trading, benchmark US crude gained 47 cents to $61.87 per barrel in electronic trading on the New York Mercantile Exchange.

It fell 1.4 percent to settle at $61.40 per barrel on Tuesday. Brent crude, the international standard, rose 39 cents to $70.27 per barrel. It lost 1.9 percent to close at $69.88 per barrel overnight.

The dollar fell to ¥110 Japanese from ¥111.90. The euro weakened to $1.1201 from $1.1203. AP

Thursday, May 9, 2019

B3

Bomb targeting Pakistani police at Sufi shrine kills 5, injures 23

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AHORE, Pakistan — A powerful bomb exploded near security forces guarding a famous Sufi shrine in Pakistan on Wednesday, killing at least five people and wounding 23 others, police said.

Lahore police chief Ghazanfar Ali said the bombing appeared to target police officers outside the shrine, known as Data Darbar, where Sufi saint Ali Hajveri is buried. Hundreds of pilgrims were inside and outside the shrine when the blast took place, he said.

Sufism refers to a mystical strain of Islam that often involves reverence for local holy figures and shrines. Sunni extremists view Sufism with hostility and have carried out attacks on Sufi celebrations and shrines across the Muslim world.

TV footage showed a badly damaged police vehicle that authorities

said was the target.

“It seems police officers who were doing their routine duty outside the Data Darbar shrine were the target,” Ali said, adding that some pilgrims and passersby were among those wounded. He said the death toll could rise as some of the victims are in critical condition.

Raja Basharat, a senior provincial minister in the Punjab government, said police were still trying to determine the nature of attack, which might have been a suicide bombing.

Prime Minister Imran Khan condemned the bombing.

Pakistanis in large numbers visit the shrine, where a pair of suicide attacks in 2010 killed and wounded dozens of people.

Lahore is the capital of eastern Punjab province, which has seen similar attacks in recent years. AP

TRUMP PUTS DEAL-MAKING SKILL TO TEST WITH CHINA TRADE TALKS

IN this April 4, 2019, file photo, President Donald Trump meets China’s Vice Premier Liu He in the Oval Office of the White House in Washington. AP PHOTO/MANUEL BALCE CENETA

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ASHINGTON—As he cranks up the pressure on China in pursuit of a new trade accord, President Donald Trump is putting his deal-making persona on the line and injecting new risk into his bid for another four years in the White House.

Trump has raised the already-high stakes of this week’s talks between US and Chinese negotiators as he seeks to seal an agreement he can brandish on the campaign trail. The push to bring the talks with China to a conclusion comes as his administration gears up for a difficult fight in Congress over its new North American trade deal. Progress or failure on the twin agenda items stands to be a key selling point for his reelection, or a sobering verdict on his unpredictable stylings.

Already, the risks are mounting. Trade fears sent US markets sharply downward on Tuesday amid rising concerns about the China talks

resuming on Thursday. On Monday, US Trade Representative Bob Lighthizer said the Trump administration was prepared to raise import taxes on $200 billion worth of Chinese goods early on Friday.

Trump made protecting American manufacturers and farmers central planks of his 2016 candidacy, and his pledge to reverse the tide of globalization helped him win over voters in Democratic-leaning states like Michigan and Wisconsin. Now those groups Trump vowed to help are sounding the alarm about the impact of Trump’s protectionist measures on imports from China and other trading partners.

Despite Trump’s rhetoric to the contrary, tariffs are paid by US importers of foreign goods. Manufacturers dependent on foreign material, retailers and other importers have been charged more than $15 billion in the last year, according to federal data — though the

impact directly felt by consumers has been relatively minimal.

Dave Salmonsen, a senior director at the American Farm Bureau Federation, said the group is hopeful that the president’s threat of increased tariffs on Friday “is just part of the negotiating process.” He said that agriculture exports to China fell by more than half last year from $21 billion in 2017. “They’ve retaliated on almost everything we send,” he said.

Throw in retaliatory tariffs from Canada, Mexico and other nations, and the trade war contributed to a projected 16-percent decrease in farm income last year, according to a recent study from the Agriculture Department. The Trump administration ended up providing up to $12 billion in aid to farmers affected by the trade skirmishes.

Some Republican senators voiced concerns about the state of trade negotiations during a private lunch on Tuesday with Vice President Mike Pence.

“We’re not in a good way at all,” said Sen. Pat Roberts of Kansas, chairman of the Agriculture Committee.

“There’s a lot of feeling in the country that we’re being used as pawns in this whole business,” Roberts said, but added: “We will benefit tremendously if we get a good deal, so we’re hanging in there with the president.”

The vice president encouraged the senators to stick with Trump as he pushes China for a better deal.

Despite the political fallout back home, senators seemed intent on not breaking ranks with the White House at this crucial moment in the trade talks.

“Even though there’s some real issues in Wisconsin, there’s a great deal of support for what he’s trying to accomplish,” said Sen. Ron Johnson, R-Wis. “I don’t think anybody wants to undermine his negotiating position right now, and we’re all keeping our fingers crossed.”

Current and former Trump administration officials believe the US still has the most leverage in the talks, saying China needs access to the US market more than the reverse. And even if the talks don’t succeed for Trump, their hope is that voters are more likely to blame any pain on China, rather than the president.

Former Trump strategist Stephen Bannon wrote in The Washington Post that the president’s best political option is “not to surrender, but rather to double down on the tariffs — they have been highly effective in pressuring the Chinese without harming the US economy.”

“Certain Trump advisers inside and outside the White House are playing on the president’s well-earned pride in a rising stock market and a fear he might lose the Farm Belt to try to box him into a weak deal. But it is a decidedly false narrative that any failure to reach a deal will lead to a market meltdown and economic implosion,” Bannon wrote.

And there are indications that at least some Trump supporters are all for the president’s confrontation.

“Right now, because we have a strong economy and China has some issues with its aging population and a slowing economy, we’re in a position of strength to negotiate a better deal,” said Jeff Schulmeister, 52, a resident of the Detroit suburb of Macomb Township. “I think what he’s doing is the right thing to do, and I think it’s going to benefit the country.”

Trump will be traveling to Japan later this month after raising hopes for a new trade deal with Prime Minister Shinzo Abe. Meanwhile, his trade team is working to address concerns from Democratic lawmakers about a new trade agreement with Canada and Mexico. Democrats have said they want to make changes to the agreement before holding a vote to approve it. They want to take on protections for pharmaceutical companies, enhance labor protections and address concerns over enforcement. AP

Huawei CFO returns to court as China-Canada fallout grows

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UAWEI Technologies Co.’s chief financial officer is set to return to a Vancouver courtroom on Wednesday ahead of planned extradition hearings as deteriorating relations with China over her arrest exact a growing toll on Canada.

Meng Wanzhou is scheduled to appear for another preliminary hearing at the Supreme Court of British Columbia as her defense lawyers seek to discredit the US handover request and argue Canada improperly arrested her in December at Vancouver’s airport. Those matters must be dealt with first before extradition hearings can begin, her defense has said.

The main focus of Wednesday’s appearance, set for 10 a.m. Vancouver time, is to schedule subsequent court dates, includ-

ing those related to any legal applications that Meng’s team plans to bring forward ahead of extradition hearings, according to a statement from Canada’s justice department. There may also be discussions about administrative matters including minor bail amendments, it said.

China has accused Canada of abetting “a political persecution” against its biggest technology company and has demanded the release of Meng, daughter of billionaire Huawei founder Ren Zhengfei. Since December, China has detained two Canadians on national security grounds, holding them in secret jails. China also sentenced two other Canadians to death over drug charges, halted Canadian canola imports and last week suspended import permits

for two major Canadian pork exporters.

Meng, released on C$10-million ($7.4 million) bail in December—has been living with her husband and youngest daughter at one of the family’s two luxury homes in Vancouver, speaking regularly by phone to her father. She had indicated in bail hearings she would like to move from her house, valued at C$5 million, to her other C$13.3-million residence once renovations at the latter are complete.

The US accuses her of tricking banks, including HSBC Holdings Plc., into conducting transactions that potentially violated US sanctions on Iran. She faces multiple criminal charges, including fraud. Last week, US prosecutors filed a motion seeking to disqualify one of Huawei’s lead defense lawyers, James

Cole. Cole was the US deputy attorney general from 2011 to 2015, a period which coincides with when the Justice Department was collecting evidence in the fraud and sanctionsrelated case.

The politically explosive proceeding could take years, and history shows that if Canada follows the letter of its law, Meng will probably be extradited. That said, she appears to be gearing up for a legal offensive. In March, she sued the Canadian government for damages, saying that her constitutional rights were breached and that her arrest amounted to “false imprisonment.” Her lawyers have also cited comments by US President Donald Trump to argue that her case is politically motivated. Bloomberg News

IN this photo released by the official web site of the office of the Iranian Presidency, President Hassan Rouhani speaks in a Cabinet meeting in Tehran, Iran, on Wednesday, May 8, 2019. Rouhani said Iran will begin keeping its excess uranium and heavy water from its nuclear program, setting a 60-day deadline for new terms to its nuclear deal with world powers before it will resume higher uranium enrichment.

IRANIAN PRESIDENCY OFFICE VIA AP

Iran inches away from nuclear agreement amid US sanctions

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EHRAN, Iran — Iran’s president said on Wednesday that it will stop exporting excess uranium and heavy water from its nuclear program as stipulated by the 2015 atomic accord and set a 60-day deadline for new terms to the deal before it will resume higher uranium enrichment.

Hassan Rouhani’s address to the nation came on the anniversary of President Donald Trump’s decision to withdraw America from the landmark agreement. Rouhani said Iran wanted to negotiate new terms with remaining partners in the deal, but acknowledged that the situation was dire.

“We felt that the nuclear deal needs a surgery, and the painkiller pills of the last year have been ineffective,” Rouhani said. “This surgery is for saving the deal, not destroying it.”

The 2015 deal saw sanctions on Iran lifted in exchange for limits on its nuclear program. After the US withdrew from the accord it restored crippling sanctions on Iran, exacerbating a severe economic crisis.

Iran sent letters on Wednesday on its decision to the leaders of Britain, China, the European Union, France and Germany via their ambassadors in Tehran. All were signatories to the nuclear deal and continue to support it. A letter also was given to Russia. Iranian Foreign Minister Mohammad Javad Zarif was to meet on Wednesday in Moscow with his Russian counterpart.

“If the five countries join negotiations and help Iran to reach its benefits in the field of oil and banking, Iran will return to its commitments according to the nuclear deal,” Rouhani said.

However, Rouhani warned of a “strong reaction” if European leaders instead sought to impose more sanctions on Iran via the UN Security Council. He did not elaborate.

Zarif separately issued his own

warning from Moscow.

“After a year of patience, Iran stops measures that [the] US has made impossible to continue,” he wrote on Twitter. World powers have “a narrowing window to reverse this.”

Rouhani also said that if the 60 days pass without action, Iran will halt a Chinese-led effort to redesign its Arak heavy water nuclear reactor.

Such reactors produce plutonium that can be used in nuclear weapons.

There was no immediate response from the US. However, the White House said on Sunday that it would dispatch an aircraft carrier and a bomber wing to the Persian Gulf over what it described as a new threat from Iran.

Iran reached the deal with world powers in 2015. Western governments had long feared Iran’s atomic program could allow it to build nuclear weapons. Iran has always maintained its program is for peaceful purposes.

Under terms of the deal, Iran can keep a stockpile of no more than 300 kilograms (660 pounds) of lowenriched uranium. That’s compared to the 10,000 kilograms (22,046 pounds) of higher-enriched uranium it once had.

The US last week ended deals allowing Iran to exchange its enriched uranium for unrefined yellowcake uranium with Russia, as well as it being able to sell its heavy water to Oman. The US also has ended waivers for nations buying Iranian crude oil, a key source of revenue for Iran’s government.

Currently, the accord limits Iran to enriching uranium to 3.67 percent, which can fuel a commercial nuclear power plant. Weapons-grade uranium needs to be enriched to around 90 percent. However, once a country enriches uranium to around 20 percent, scientists say the time needed to reach 90 percent is halved.

Iran has previously enriched to 20 percent. AP

B4 Thursday, May 9, 2019

Remembering every ‘MOMent’shared

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OTHER’S Day is just around the corner! On May 12 Midori Clark Hotel and Casino is all set for a memorable and extra special “Celebrate MOMent: A Mother’s Day Buffet”.

Happening at Toscana from 6 to10 p.m., Celebrate MOMent features a special buffet, live entertainment and tokens made only for her. Priced at P1,500 net per head, this dinner buffet will feature a delectable international spread highlighting “Fiesta Mexicana”.

The whole family will surely enjoy an array of stations, from appetizers down to desserts. This buffet will fill your appetite with unlimited drinks, beer and wine.

In honor of someone so loving and exceptional, Midori Clark lets to eat moms for free!

Simply tag along three full paying

adults, bring a proof of “mombership”, such as birth certificate or family picture.

Plus, as a way for showing never-ending love, mom also receives succulents to add in her collection.

Extra treats to thy queen aren’t over here! Moms get a treat to Chan Spa and a “watermazing” experience at Aqua Planet.

With ample time left to make reservations, e-mail at restaurants@ midorihotel.com now!

MARRIOTT MANILA REDEFINES FAMILY BRUNCH THIS MOTHER’S DAY

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RUNCH doesn’t have to be limited to a plate of eggs Benedict, a bowl of fruits and a flute of mimosa.

Marriott Manila is redefining your brunch experience with its Sunday Brunch 2.0, the biggest buffet feast yet!

Launching on May 12—just in time for Mother’s Day—the hotel combines exquisite selection of Marriott Cafe, prime dishes of Cru Steakhouse and international flavors of Greatroom in one grand buffet.

Dive into flavorful dishes one after another, made by the hotel’s awardwining chefs. The options are endless and will surely satisfy every one, including the pickiest of eaters.

Start with Greatroom’s premium

Make mom feel royalty on her day at Widus!

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ELEBRATE the queen of your home this Mother’s Day with a memorable and relaxing family getaway at Widus Hotel and Casino.

Take the Wonder Woman of your life to a pleasurable staycation, away from the hustle and bustle of the city with room rates starting at P5,500 only. Rates are inclusive of an overnight stay, buffet breakfast for two, free Wi-fi access, and free use of swimming pool and gym amenities.

Spoil her even further when you treat her to a hearty Mother’s Day lunch buffet at Salt Resto for only P888 net per person. Live acoustic entertainment plus surprise treat await all dining moms.

For a more intimate fete, indulge on an exquisite dinner experience like no other with mom and the whole family at Peppers 21, the first and only fine-dining

steakhouse in Central Luzon, at the hotel’s roof deck.

Cap off the occasion on a sweet note with readily available pastries, savories and refreshments at the Widus lounge. Heavenly selection of luscious cheesecake are offered at only P250 net per slice.

For inquiries and reservations, visit www. widus.com.

grazing table filled with an array of cheeses and cold cuts. Pair that creamy Brie and savory prosciutto with fresh fruits, nuts, jams, honey, crusty bread and, of course, a glass of wine.

Then head on to the seafood bar where diners can find a premium crustacean selection. Diners can, likewise, request for their preferred dish cooked to order, either a simple garlic-butter prawns or the extravagant Lobster Thermidor with oozing creamy sauce and satisfyingly cheesy crust.

The Greatroom will also have an assortment of local delicacies to fix random cravings of piaya, bibingka, pili tart, peanut kisses and more, and quench your thirst with a variety of samalamig.

Moreover, for those who crave smoky flavors, the Greatroom also got that covered with an assortment of meats.

Give into flavor-packed marinated pork belly; sweet, spicy, and tangy barbecue pork ribs; moist chicken thighs; and briny tuna collar, among others.

T hen, head on to Marriott Café for a more impressive spread. As Marriott Manila’s allday dining restaurant, its extensive menu covers a lot of cuisines, from Filipino to Chinese to Indian to Italian. They even have their own salmon bar, from the classic smoked to the Nordic gravlax. Just grab a bagel, spread some cream cheese, a cured salmon of choice, and top it off with salty capers and fresh dill.

Seafood lovers would truly enjoy the Barrels of the Sea, a section where diners can have their seafood the way they want. Marriott Manila is known for using sustainable seafood, so every bite of that crab meat, a serving of that flaky baramundi fillet and a crispy portion of fried grouper are all guilt-free.

Marriott Café also serves decadent cakes and creamy gelato to perfection.

Various chocolates are also on the menu—probably the restaurant’s best sweets. Choose from an assortment of Swiss chocolate in various forms, like bars and truffles, with nuts, nougat or dried fruits.

When it comes to steak and everything meat, the Cru Steakhouse is the expert.

They serve only the best prime steaks, like the US-certified Angus beef. So expect perfectly cooked steak and ubeflavorful and -tender lechon with glorious crispy skin.

PairthosemeatswithCruSteakhouse’s signature black truffle risotto or the twice-baked cheddar-cheese potato.

Then, choose from the wine selection to complete the meal.

Enjoy all the food while also getting entertained with fun activities specially prepared for the guests. Kids can decorate their own pancakes with colorful frosting and toppings as a treat to their moms or to just satisfy their sweet tooth.

Magicians will also fill the dining space beyond extraordinary. Gifts and and special surprises await guests, plus the Marriott Manila’s claw machine will surely entertain kids and adults alike.

Diners can avail themselves of this special buffet feast at P3,288 net per person. The Sunday Brunch 2.0 starts at 11:30 a.m. and ends at 3 p.m. For reservations and inquiries, visit www. manilamarriott.com.

KITSHO CELEBRATES MOTHER’S DAY IN STYLE

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OTHER’S Day is a special moment at Kitsho, celebrating the love of all mothers in every form.

T he smorgasbord spread w i l l feature a varied selection of fresh fruits, salads, sashimi and sushi. The a la carte buffet, likewise, comes with an extensive menu. Simply tell the waiting staff all the dishes you want to sample, and they’d gladly have them prepared for you fresh!

The lunch buffet is priced at P1,356 while the dinner buffet is priced at P1,586.

Both meal prices are inclusive of VAT and service charge.

Diners may also partake of the specially prepared food pl atter (va lued at P2,888) that is loaded with shrimp tempura, sautéed

pork, salmon teppan, sauteed beef, fresh green salad and miso soup.

For this special occasion, guests get to enjoy Kitsho’s three-plus-one a la carte buffet promo, where every three diners get to bring their mothers for free. The special Mother’s Day set meal, on the other hand, is comprised of a piping hot bowl of miso soup, Hamachi nanben for appetizers, grilled chicken with ponzy sauce as main dish, Japanese rice and fresh fruits as a sweet ending.

And as gift/token for their special day, mothers will each receive a plate of crene puffs with chocolate toppings.

For reservations, simply get in touch with the restaurant’s trunk-line at (02) 994-36-23 or (02) 877-63-79.

‘I LOVE MOM’ AT TAAL VISTA HOTEL

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HIS Mother’s Day spend time with your mom and treat her like a queen to a special gastronomic buffet at Taal Vista Hotel’s all-day dining Veranda.

The upgraded Mother’s Day buffet lunch features mouthwatering dishes

your mom and family will love, such as pancit molo, freshly cooked spaghetti, penne and linguini at the pasta station, piping hot noodles and pancit of your choice at the noodles station, seafood skewers, chicken relleno, seafood paella, beef with broccoli

and mushroom, vegetable lasagna, extra crispy lechon belly and steamed fish mayonesa at the carving station, pepperoni, sardines, hawaiian and four-cheese pizzas at the pizza station, and much more. The Mother’s Day buffet lunch is priced at only P1,500 net, with 50-percent discount for kids aged 6 to 12, plus moms will get a special token.

For your Mother’s Day staycation, the rejuvenating and exciting Play and Stay room package is a memorable gift that your mom and family will cherish for a long time. The Play and Stay room package includes a relaxing Taal Vista Hotel staycation, entrance with ride all-you-can tickets at Sky Ranch for four, breakfast buffet for two adults and two kids at Veranda, plus 20 percent off on buffet lunch and dinner, all for as low as P8,980 net only.

For more i nfor m at ion a nd reservations, e-mail at reservations@ taalvistahotel.com or foodandbeverage@ taalvistahotel.com.

D

ORONTO—The Toronto Raptors came up with a new load management plan for Kawhi Leonard.

It was to make sure their star forward didn’t have to shoulder the entire offensive burden.

Leonard had 21 points and 13 rebounds, Pascal Siakam scored 25 points, and the Raptors used a balanced attack and a huge second quarter to rout the Philadelphia 76ers, 125-89, on Tuesday night and take a 3-2 lead in their Eastern Conference semifinal series.

Toronto can advance to the Eastern Conference finals for the second time in four seasons with a victory in Game Six at Philadelphia on Thursday night.

The Raptors lost in six games to Cleveland in the East finals in 2016.

If the 76ers can extend the series to a seventh game, it would be played in Toronto on Sunday night.

Leonard, who had scored 33 or more points in each of the first four games of the series, shot seven for 16 from the field and seven for eight at the line before checking out with 7:22 to play and Toronto up 103-73. He had four assists and two steals.

“Tonight was one of those games where we let

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ENVER—Paul Millsap is showing the young’uns how it’s done.

Millsap scored 19 of his 24 points in the first half on Tuesday night, sparking Denver’s 124-98 blowout of the Portland Trail Blazers that put the Nuggets on the verge of their first trip to the Western Conference finals in a decade.

The 34-year-old forward with nearly 100 games of playoff experience has injected some savvy into a series dominated by youth and emerging stars.

“It’s not his first time, you know? He’s been here before,” Jamal Murray said. “He’s showing everybody the ropes.... He does all the little things that can help us win games and sets the tone for us.”

Millsap is averaging 19 points and 9.6 boards in the best-of-seven series that the Nuggets lead 3-2 with Game Six coming up on Thursday night in Portland.

Gary Harris called Millsap “that calming factor” for a team making its first playoff appearance in six seasons. “He’s been huge for us this series. He’s been

THE 34-year-old Paul Millsap with nearly 100 games of playoff experience injects some savvy into a series dominated by youth and emerging stars. AP

Millsap helped the Nuggets turn in the first lopsided game of a series that was so evenly matched coming in that Denver held a cumulative scoring advantage of 464-462 and both teams had made the same number of free throws and 3-pointers.

The Nuggets never trailed and stretched a sixpoint lead after one quarter to 18 at the half and 28 heading into the fourth quarter. They led by as many as 31 before a parade of backups gave the starters some much-needed breathers.

Coming off a resounding Game Four win that followed that epic quadruple-overtime loss, the Nuggets were focused and efficient just as Coach Mike Malone promised when he said Denver wouldn’t dare let up and exhale at home after reclaiming the home-court advantage.

Whatever adjustments Blazers Coach Terry Stotts tried to make at the half didn’t take as the Nuggets outscored Portland 28-18 in the third quarter, and before long, the Blazers were thinking more about salvaging Game Six and hoping to regroup for a return trip to Denver in hopes of a different outcome.

“We’ve got two must-wins ahead of us,” Stotts said. AP

him rest a little bit, which is important,” Raptors guard Kyle Lowry said. “He had a big double-double, but he didn’t have to do everything offensively.”

Leonard scored 39 points in Toronto’s Game Four win on Sunday.

Lowry scored 19 points, while Danny Green shot five for seven from three-point range and finished with 17 points. Marc Gasol scored 11 points and Serge Ibaka had 10. All five Toronto starters scored in double digits.

“Kawhi still had a great game and the surrounding cast contributed,” 76ers Coach Brett Brown said.

The 36-point margin was the largest in Toronto’s postseason history, and marked Philadelphia’s worst playoff defeat since a 40-point loss to Boston in Game One of the 1982 Eastern Conference finals.

“The spirit, I thought, went away a little bit quicker than I’d wished,” Brown said.

Up by one after the first, the Raptors outscored the 76ers 37-17 in the second to take a 21-point lead, 64-43, at halftime.

“The second period is where it got away from us,”

Brown said. “I give Toronto credit, we didn’t have the answers for a few of their players and it snowballed.”

Ahead 92-70 at the start of the fourth, Toronto extended its lead to a game-high 40 points on a dunk

by Normal Powell with 2:24 remaining.

The Raptors shot 16 for 40 from three-point range, setting a franchise record for 3-pointers in a postseason game. They hadn’t made more than 10 in the four previous games this series.

“The three-point shot was punishing tonight,” Brown said.

Jimmy Butler scored 22 points and Tobias Harris had 15 for the 76ers, who have lost two straight after winning the previous two.

Joel Embiid scored 13 points and had eight turnovers. Embiid started despite missing the morning shoot-around because of flu-like symptoms.

“Offensively there was a rhythm to his game that was clearly out of synch,” Brown said. “He’s been in bed for two days.”

Embiid also battled illness in Games Two and Four.

“I know I’ve got to do a better job for us to win,” Embiid said.

Sixers guard Ben Simmons shot three for five and finished with seven points, seven rebounds and five turnovers.

Siakam scored nine points in the first and Lowry had eight as Toronto led 27-26 after one. Leonard had seven rebounds and five points in the first.

Ibaka needed three stitches to close a cut on his forehead after he was inadvertently elbowed by Leonard in the opening quarter. Ibaka returned to start the second and, despite a visible bump on his head, soon scored his first points by blowing past Embiid for a dunk.

Green scored nine points in the second, making three of Toronto’s four 3-pointers.

Toronto shot 12 for 21 in the second while Philadelphia shot six for 20.

Leonard, who missed six of his first eight shots, punctuated Toronto’s decisive second quarter with a powerful one-handed slam, driving into the paint from near center court and splitting a pair of defenders to throw it down with 2.6 seconds left.

“That was pretty impressive,” Siakam said. “Plays like that always give us energy.” AP

Balanced attack lifts Raptors against 76ers

THE Raptors make sure Kawhi Leonard doesn’t have to shoulder the entire offensive burden. AP

bringing it offensively, defensively and he helped us get off to a great start today.”

After Millsap got the Nuggets going with a dozen first-quarter points, Nikola Jokic took over from there, scoring 25 points and pulling down 19 rebounds, tying a team National Basketball Association (NBA) playoff high. Murray added 18 points to go with nine assists and zero turnovers.

Damian Lillard, who led Portland with 22 points, said it’s exhausting facing the waves of young sharpshooters the Nuggets send at you, starting with the fulcrum of Jokic and Murray running the pick-and-roll.

“And then when all else fails, you’ve got to guard Millsap,” Lillard lamented. “He’s a handful for guys to guard because he’s in the paint, he’s making face-up jumpers, he’s making threes. In transition, you’ve got to find him, and then he’s a monster on the glass.”

Leaning on Millsap’s experience and well-rounded game, he said, “is just something they can always go to, something they can always count on. So, it’s tough to deal with.”

Millsap, Jokic spark Nuggets’ blowout of Blazers in Game 5

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OLD COAST, Australia—The head of the International Boxing Federation has criticized International Olympic Committee (IOC) President Thomas Bach’s comments that Olympic officials could organize the Tokyo 2020 boxing tournament if the sport’s federation can’t get its affairs in order.

Bach said last weekend that the IOC wants the sport at next year’s Tokyo Games and is prepared to organize both the qualification and the competition if boxing’s troubled international governing body, the International Boxing Association (Aiba), loses its Olympic status over leadership and financial problems.

“Organizing a sports event is also not rocket science,” Bach told a meeting in Sydney on Saturday.

“So I guess we will be able to manage it in the end. It’s a very universal sport, so we want to have boxing on the program. If the case arises...we would have to make an effort then to have such a tournament.”

Aiba Executive Director Tom Virgets said Bach’s comments

The Associated Press

By Steve Moore

belittled the job of international sports federations.

“We’re very concerned about it,” Virgets said in an interview with SNTV on Wednesday. “We have concerns about it mostly for the athletes and for the programs.

“We’re in the best position to ensure a good quality games. I think Mr. Bach’s statement...is disappointing because I think we play a much more important role.”

Virgets said the Aiba had the institutional knowledge and “we understand the politics and all the behind the scenes things that take place.”

“We’ve spent a year and a half reforming and I think we’re in the best position because we have made all these corrective actions.”

Relations between the IOC and Aiba have been tense since Uzbekistan businessman Gafur Rakhimov was elected Aiba president in November, beating Kazakh candidate Serik Konakbayev.

The US Treasury Department has alleged Rakhimov has links to organized crime and placed him under sanctions. Rakhimov denies the allegations.

Aiba risks being derecognized next month after an IOC inquiry panel reports. An IOC board meeting on May 22 will receive the inquiry report and can decide on what to do about the Tokyo tournament. The June 24 to 26 can

then consider derecognizing the Aiba.

Until then, Aiba is banned from contacting 2020 Tokyo Olympic organizers. Virgets said he hopes an agreement can be reached between his organization and the IOC ahead of next year’s games.

“If the IOC will talk to me, we can find a win-win solution if that is legitimately what we’re trying to find,” he said. “And I think that’s the only way to resolve this issue because right now the IOC doesn’t trust what Aiba is doing [and] we don’t trust what they’re doing.

“We need to come together and have conversation.”

Italian Olympic Committee President Giovanni Malago, meanwhile, will lead the organizing committee if the Milan-Cortina d’Ampezzo bid wins next month’s vote to host the 2026 Winter Games.

Malago’s announcement on Tuesday came hours after a massive police operation in the Milan area resulted in 43 people being arrested—many of them public officials—for alleged corruption in assigning public construction projects to “Mafia-like” groups.

“If someone has made mistakes I don’t think it can affect the Olympic bid,” Lombardy President Attilio Fontana said.

Malago’s decision was made together with

representatives of Milan, Cortina, and the two regions.

“The IOC wants a representative from the sports world,” Malago said, adding a business manager would take on the role of CEO. While leading the organizing committee, Malago would remain president of CONI, with his current term ending in 2021. If reelected, Malago could remain CONI president through 2025 and the body said he could also remain organizing committee head through the 2026 Olympics.

Malago was also recently elected as an IOC member, a position that will last at least through 2029.

With Stockholm-Are the only other remaining bid, the IOC will vote on the 2026 host on June 24 in Lausanne, Switzerland.

Skiing great Alberto Tomba will attend the vote to promote the Italian bid. Also attending will be Olympic champions Sofia Goggia (downhill skiing) and Michela Moioli (snowboard cross).

Bid members will wear clothing designed by Giorgio Armani and theme music will be composed by Academy Award winner Ennio Morricone.

The Milan-Cortina candidacy takes full advantage of more flexible hosting rules provided by recent reforms from IOC President Thomas Bach.

BOXING CHIEF SLAMS BACH INTERNATIONAL Olympic Committee President Thomas Bach speaks at the Australian Olympic Committee annual general meeting in Sydney over the weekend. AP

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Liverpool ousts Barca in historic Champions League comeback

AS EVER ON CLAY

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IVERPOOL, England—Liverpool’s players had their hands on their heads, seemingly unable to comprehend their achievement.

One of them, James Milner, was in tears. When he wasn’t punching the air, Liverpool Manager Juergen Klopp stood in front of The Kop in full voice and just took it all in.

Just when Liverpool fans thought they had seen it all—the so-called Miracle of Istanbul in particular, but also those storied comebacks at Anfield against Saint-Etienne, Olympiakos and Borussia Dortmund down the years—along came another European night that just might top them all.

The Liverpool players faced a 3-0 deficit against Barcelona from the first leg of the Champions League semifinals. They faced the great Lionel Messi, perhaps in the best form of his life. They faced fatigue from a grueling Premier League title race with Manchester City and the absence of two of the team’s key forwards, Mohamed Salah and Roberto Firmino.

How to explain, then, a remarkable 4-0 win that sent Liverpool into a second straight Champions League final, 4-3 on aggregate?

“We know this club is a mix of atmosphere, emotion, desire and footballing quality,” Klopp said. “For me, this club has a big heart and tonight the heart was pounding like crazy. You could feel it all over the world.”

It took a goal of breathtaking quality— but also extraordinary cheek—to complete the greatest in a long line of famous comebacks by Liverpool, which is one win away from becoming European champion for a sixth time.

Euphoria had already engulfed Anfield when Liverpool, leading 3-0 and smothering Barcelona with its intensity, was awarded a corner in the 79th minute. Trent Alexander-Arnold, a 20-yearold right back, put the ball down in the quadrant and then turned around as if he was about to leave the kick to a teammate.

In an instant, he spun round again and whipped in a low cross that Barcelona’s players weren’t prepared for. Divock Origi was ready, though, and he swept home a finish from eight yards into the top corner for his second goal of the game.

Klopp was full of praise for the lucid thinking of Alexander-Arnold, the youngest player on the Liverpool team, and said he hadn’t even seen the corner being taken.

“Incredibly smart,” Klopp said, shaking his head. “Genius.”

It was only the third time in the history of the competition that a team rallied from three goals down after the first leg of a semifinal and progressed to the final, after Panathinaikos in 1970-71 and Barcelona in 1985-86. No team had done it in the Champions League era.

“When you have a collapse of this nature,” Barcelona Coach Ernesto Valverde said, “we will have a few horrible days ahead.”

For Barcelona, it was the second straight year that the team let a three-goal lead slip, having beaten Roma 4-1 at home in the quarterfinals in 2018 before losing the return leg 3-0 to go out.

As for Liverpool, given the opposition this display rivaled the comeback from three goals down against AC Milan in the 2005 Champions League final. AP

M FOR Sangmoon Bae, the reentry has not gone, as well as he would have liked. AP

Bae gropes for form after military service

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HARLOTTE, North Carolina—He was away from golf for two years, and his world ranking plummeted lower than it had been at any point in his career.

For Sangmoon Bae, the reentry has not gone, as well as he would have liked.

Bae started well enough at the Wells Fargo Championship until his five birdies were wasted by five bogeys, and he ended up missing the cut for the ninth time in 13 starts on the Professional Golfers Association (PGA) Tour this year. He knows the game that took him to 13 wins worldwide, including two on the PGA Tour and a spot in the Presidents Cup, is still in there.

“I think my game is a lot better than before.

My swing is better,” Bae said. “I’ve kind of lost my feel how to play golf. Not how to swing—I forgot how to play golf.”

Bae was in the final match at home in South Korea in 2015 at the Presidents Cup, and he flubbed a chip on the 18th hole that was the International team’s last chance to win the trophy. That was his final competition before he faced two-year mandatory military service.

He was the second-best player from South Korea in the world ranking (No. 88) going into the Presidents Cup. When he returned, he was No. 1,869 in the world.

Bae, who lost an appeal to extend his work permit to play golf, was in the Army with kids some 10 years younger than him.

“I wasn’t able to play there because I was a rifleman,” he said. “I had a five- or six-day holiday every month, but Korea is really cold in the winter. Five days is not enough to play and I was happy in that time to hang out with my family. I didn’t have to think about the military.”

He had never shot a rifle before he joined the Army.

“I learned. I was good at it,” he said with a laugh. “We didn’t shoot every day, it was more training. We had a lot of running, working out and military theory, so we studied. We wake at 6 a.m. every day, the same schedule.”

The food?

“Not as good as it is here,” he said with another laugh from the Quail Hollow Club

locker room.

The world ranking wasn’t a concern, it was keeping his job.

Bae said he had 27 events to try to earn back his card. He played 17 times and made five cuts but did well enough to get into the Web.com Tour Finals. After a tie for sixth in the second event at Canterbury, he won the Boise Open to secure his card.

“I made an 8-foot putt on the last hole, and that meant a lot,” he said. “That was a championship putt. That gave me a strong mind. It was like: ‘Oh, the game is back. I’m ready to play on the PGA Tour next year.’ I went to Napa—I had won that tournament—and had so much confidence.

But I didn’t play well that week.”

Bae said his mistake was not going to the Web.com Tour Championship after his win at Boise for a chance to win the postseason money title, which would have made him fully exempt for the year. Now, his priority depends on his performance, and his performance has been lacking.

One problem is seeing too many coaches.

Bae says he saw five or six coaches last year, some for only one session on the range.

“Too many swing thoughts,” he said. “I have better swing thoughts now—not millions, just a couple of them.”

He moved from Dallas to Las Vegas, where he said it was easier to practice at the TPC Summerlin. He also has found more entertainment in Las Vegas, and he has a group of friends for practice. That includes Women’s PGA champion Danielle Kang, her brother and Inbee Park and her husband.

He is in the field at the AT&T Byron Nelson this week, hopeful he can get it turned around.

Bae has made only four cuts in 14 starts this year and is No. 212 in the FedEx Cup standings. He needs to be in the top 200 to at least return to the Web.com Tour Finals. AP

Derby winner Country House out of Preakness due to illness

FLAVIEN PRAT on board Country House reacts after the 145th running of the Kentucky Derby. AP

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FTER being declared the winner of the Kentucky Derby by disqualification, Country House will not run in the Preakness because of illness, ending any chance of a Triple Crown attempt this year.

Trainer Bill Mott said on Tuesday that the long-shot winner of horse racing’s biggest event was no longer being considered to run in the second leg of the Triple Crown after it looked as if

Country House was getting sick. After the horse started coughing, which Mott called unusual, blood work showed he was harboring some sort of virus.

“Hopefully just rest and a little time is going to be what the doctor ordered,” Mott told The Associated Press. “Other than that, he doesn’t actually act sick. He’s kind of a big, tough horse, but there’s signs that things are not going in the

right direction with him.”

Country House was elevated to the winner’s circle at the Kentucky Derby in sloppy conditions on Saturday after Maximum Security was disqualified for impeding other horses. His absence at the Preakness means there won’t be a chance for the sport to have a Triple Crown winner for the third time in five years. Bob Baffert-trained Justify and American Pharoah have each won it since 2015.

Country House is the first Kentucky Derby winner not to enter the Preakness since Grindstone in 1996. Grindstone, who was found to have bone chips in one of his knees, was the first Derby winner to be retired immediately after that race since Bubbling Over in 1926.

Because of how the Kentucky Derby went, Mott said he and those around the horse were not as disappointed as they would’ve been under normal circumstances.

“I guess it’s been an unusual ride anyway,” Mott said of his first Derby victory. “I don’t think it hit any of us as hard as what it might have. I think we’re grateful to have the win we had and hopefully he bounces back for some races later on.”

Country House joins Maximum Security in skipping the Preakness.

The 1 3/16-mile Preakness is on May 18 at Pimlico in Baltimore. Though shorter than the Kentucky Derby, the race requires a quick two-week turnaround. Maximum Security owner Gary West didn’t want to burden his colt with the Triple Crown off the table. AP

ADRID—Roger Federer looked as comfortable as ever on his return to clay.

Showing no signs of rust after skipping clay-court tournaments the last two seasons, Federer cruised to a 6-2, 6-3 win over Richard Gasquet at the Madrid Open on Tuesday.

The fourth-seeded Federer needed less than an hour to win his first match on clay since 2016 and reach the third round in the Spanish capital.

“It feels good to be back on the clay,” Federer said. “I enjoyed it. Some of these rallies, where you get pushed to the side, you slide. You can play in a different manner than you do on the hard courts or the grass.”

The 37-year-old Federer skipped the clay season the last two years to make sure he was fit for the rest of the year. The 20-time Grand Slam champion is preparing to make his first French Open appearance since 2015. He has won two hard-court titles this season, in Dubai and Miami. He is a three-time winner in Madrid, with his last title in 2012.

The fourth-seeded Swiss converted his three break points and didn’t concede any to the 39th-ranked Gasquet at the “Magic Box” center court.

Gasquet was playing in his first tournament after enduring a going injury early in the year.

“I think Richard was also maybe a little bit hurt from his match yesterday, so it was nice seeing him back after so many months being away from the tour with injury,” Federer said.

“I think for both of us it was a special match being back here in Madrid.”

Earlier, top-ranked Novak Djokovic started with a 6-4, 6-2 win over Taylor Fritz. He broke the American’s serve once in the first set and twice in the second, conceding only one break opportunity.

The top-seeded Serb had seven aces and lost only two service points in the second set.

“I don’t think he was playing at his best today,” Djokovic said. “But I think it was a solid opening match for me in the tournament.”

Djokovic is seeking his second title of the year, and third overall in Madrid.

He began the year by winning the Australian Open.

David Ferrer extended his career

with a 6-4, 4-6, 6-4 win over Roberto Bautista Agut, setting up a second-round meeting with defending champion Alexander Zverev.

The 37-year-old Ferrer is retiring after the tournament.

“I want to be with my family and try to enjoy as much as possible the time that I have to play in this center court,” the Spaniard said.

“And tomorrow I have another opportunity and I’ll go out there to try to enjoy every single feeling that I might experience out there.”

Stan Wawrinka ended a three-match losing streak in Madrid by defeating PierreHugues Herbert, 6-2, 6-3.

“I felt good. It was a great match, a first great match,” Wawrinka said. “I have been playing good on the practice court, feeling really good, so it was important to start well today and I’m happy with the first match.”

Brazil Open champion Guido Pella upset 12th-seeded Daniil Medvedev, 6-2, 1-6, 6-3, while Fabio Fognini beat Kyle Edmund, 6-4, 6-3.

On the women’s side, top-ranked Naomi Osaka defeated Sara Sorribes Tormo, 7-6 (5), 3-6, 6-0, in the second round.

“I feel like in the first set, I got a bit lucky there,” Osaka said. “In the third set, I just, like, went zombie mode and then just thought of everything that I had to do to win and not necessarily the outcome.”

Third-seeded Simona Halep defeated Johanna Konta, 7-5, 6-1, while Caroline Garcia got past Sorana Cirstea, 6-4, 3-6, 6-1.

Fourth-seeded Angelique Kerber withdrew ahead of her second-round match against Petra Martic because of a right ankle injury. AP

SHOWING no signs of rust after skipping clay-court tournaments the last two seasons, Roger Federer cruises to victory at the Madrid Open on Tuesday. AP

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OHN DALY has been approved to use a cart next week in the Professional Golfers Association (PGA) Championship because of arthritis in his right knee that he says keeps him from walking more than six holes on the golf course.

He will be the first player to ride a cart in a major championship since Casey Martin in the US Open at Olympic Club in 1998 and 2012.

“I hope I don’t get a lot of grief from the fans,” Daly said in a telephone interview. “My knee is screwed. I had the meniscus cut out. I have osteoarthritis so bad...I can walk up a hill, I just can’t walk down one.”

The PGA of America said Daly applied to use a cart through its American with Disabilities Act policy and provided “the requisite information to allow for a review of his request by the PGA’s medical team.”

“The request was reviewed and approved,” the PGA said in a statement.

The PGA Championship starts May 16 at Bethpage Black, a notoriously tough public course—inside and outside the ropes—on Long Island. Daly has a lifetime exemption from winning the PGA Championship in 1991 at Crooked Stick as the ninth alternate. That’s when the golf world was introduced to his “grip it and rip it” game.

Now he’ll be gripping the steering wheel of a cart. A PGA spokesman said the 53-yearold Daly would be assigned a cart with no roof.

Martin, a former teammate of Tiger Woods at Stanford, suffers from Klippel-Trenaunay-Weber Syndrome, which restricts circulation in the lower portion of his right leg and made it virtually impossible for him to walk 18 holes a day over four rounds.

He had a single-rider cart when he qualified for the 1998 US Open and tied for 23rd, and he successfully sued the PGA Tour in a case that went to the US Supreme Court. Martin,

DALY APPROVED TO USE CART

JOHN DALY couldn’t walk more than six holes on the golf course because of arthritis. AP

Explosive muay action up on Friday

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PAIR of explosive muay world title fights takes to the grand arena of One Championship this Friday when Thai superstars Nong-O Gaiyanghadao and Petchdam Petchyindee Academy take on separate foes in the One Championship’s “Warriors of Light” card.

The two Thai superstars will be fighting

for the muay bantamweight and flyweight kickboxing world championship belts, respectively. Nong-O fights Japanese warrior Hiroaki Suzuki while Petchdam faces Algerian Elias Mahmoudi.

The fights will air live on ABS-CBN S+A, S+A HD and iWant Sports starting at 9:30 pm.

now the golf coach at Oregon, qualified for the US Open again in 2012 when it was at Olympic Club and missed the cut.

Daly, a two-time major champion, regularly plays the PGA Tour Champions, a 50-and-older circuit that allows for carts. He last played a tournament without a cart last September at the Omega European Masters in Switzerland on the European Tour.

He tried to get a cart for the US Senior Open last year in Colorado, and the USGA turned him down.

The USGA said the information Daly submitted with his request did not support a waiver to ride, and that Daly chose not to provide additional information to support his request.

The question now is whether he even makes it to the PGA Championship.

Daly tied for 27th last week at the Insperity Invitational in Houston, and withdrew from the Regions Tradition, the first senior major of the year, because of illness. He said he was suffering dizzy spells during the drive toward Alabama.

“Massive dizzy spells, and I’m diabetic now,” Daly said. “I was driving the bus from Houston, trying to make it to Birmingham, and pulled off the road six times.”

He says he made it to Philadelphia, Mississippi, and was playing the slot machines.

“The whole thing [stinks],” Daly said. “Florida sends me a handicap sticker when I’m there. It’s embarrassing. But I can’t walk more than six holes before the whole knee swells up, and then I can’t go anymore.”

Daly said he planned to see a doctor in the next few days about the dizzy spells, which he said used to affect his mother.

Daly was nicknamed “Wild Thing” when he first appeared on the PGA Tour as a rookie in 1991 for the way he played and lived. He won the British Open at St. Andrews in 1995, and the last of his five PGA Tour victories was in 2004 at Torrey Pines in the Buick Invitational.

He won the Insperity Invitational on the PGA Tour Champions two years ago. AP

One also prepared an explosive mixed martial arts (MMA) card on May 17 featuring lightweight world champion Shinya Aoki’s first defense against Singapore’s submission artist Christian Lee in “Enter The Dragon,” which will also air live on S+A, S+A HD and iWant Sports at 8:30 pm.

Filipino MMA fans could also look forward to the return of Geje “Gravity” Eustaquio to the cage, months after his defeat from Adriano Moraes, in the One Flyweight World Grand Prix

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NATIONAL PRO-AM UNFURLS

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ATENEO WINS!

ATENEO’S Madeleine Yrenea Madayag scores against Far Eastern University’s Czarina Grace Carandang and Heather Anne Guino-o. NONOY LACZA

By Ramon Rafael Bonilla

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TENEO finally displayed the groove it lacked in the previous game and frustrated Far Eastern University (FEU), 25-20, 21-25, 25-23, 25-14, to advance to the Finals of the University Athletic Association of the Philippines Season 81 women’s volleyball tournament on Wednesday at the Filoil Flying V Centre in San Juan City.

The Lady Eagles recovered from their recent mishap to send the Lady Tamaraws to the exit and arrange a best-of-three Finals duel against the University of Santo Tomas Golden Tigresses.

Game One of the Finals is set on Saturday at the Smart Araneta Coliseum.

“The important thing is the will and

heart of the players. They all worked hard and really pushed each other up,” Lady Eagles Head Coach Oliver Almadro said.

“But the mission is far from over. We will pray and trust the Lord, but of course we will work harder,” Almadro added.

Kat Tolentino did the heavy lifting for the Lady Eagles with her 19 points highlighted by 17 spikes, while Maddie Madayag and Ponggay Gaston each had significant contributions in denying FEU another try for a title run it lost to De La Salle last season.

FEU surprised the top-seeded Ateneo side with a 10-25, 25-23, 25-22,12-25,158 win over the weekend to force a sudden death.

Unwilling to let their guards down, the Lady Eagles immediately soared to a big start on Wednesday.

But the Lady Tamaraws wouldn’t surrender easily when they engaged the Lady Eagles in a tight second set behind Jerrili Malabanan.

Another close battle ensued midway in the third set, but the Lady Eagles sprung to a 6-2 run to grab the lead and never looked back.

Ateneo then went on a 12-4 rally behind Gaston’s heavy hits in the fourth set, until Tolentino sealed the match with a lethal smash off the arm of Malabanan.

Gaston and Madayag had 12 points apiece for the Lady Eagles, who are eyeing to regain the throne they last won in Season 77.

Malabanan finished with 18 points for FEU, while Heather Guino-o and Jeanette Villareal added 12 and 11 points, respectively.

TOTAL of 107 teams tee off shotgun style in two batches on Thursday, each seeking to come out strong for the momentum needed in such kind of a duel in the Delimondo National Pro-Am at Splendido Taal Golf Club in Laurel, Batangas.

Tonton Asistio and Judson Eustaquio are among those kicking off their drive at 6:30 a.m. on No. 9 with the longtime buddies out to reclaim the crown they won in the inaugural staging of the event at Mount Malarayat in 2017 but lost to absentees Jobim Carlos and DJ Padilla at Splendido last year.

Reigning Philippine Open champion Clyde Mondilla and regular partner Jeric Hechanova are also skipping this year’s event due to the former’s bum knee but the rest of the top players on the Philippine Golf Tour (PGT) are in the fold plus a mix of foreign aces and lady pros out to steal the spotlight from the fancied bets.

A stellar roster of amateurs are also eager to prove their worth in the 54-hole championship held under the alternate shot format with the pro winner to take home P500,000 out of the P2.7 million total pot staked in the event sponsored by Delimondo. The winning amateur will receive gifts and merchandises.

“It’s good that we have this kind of competition which also showcases the pros’ skills in team play and, at the same time, help prepare the amateurs gearing up for the pro ranks,” said multititled Tony Lascuña.

The former three-time PGT Order of Merit winner is actually in a slump but is confident

of contending this week in partnership with Moulay Rhounimi and hopefully snap the spell in the event put up by the International Container Terminal Services Inc. and organized

by Pilipinas Golf Tournaments Inc. Lascuña and Rhounimi will start on No. 1 with a curious mix of teams following suit, including Spain’s Marcos Pastor, who actually topped the PGT Q-School at Splendio last February, who will be with top lady amateur Nicole Abelar, PGA Asia leg winner James Ryan Lam with Marianne Bustos, veteran Jay Bayron with Mon Salazar, and multi PGT Asia winner Jhonnel Ababa with Vince Floro; Elmer Salvador with Oliver Gan, PGT titlist Dutch Guido Van der Valk with Kim Wan Soo, rookie pro Rupert Zaragosa with Jonas Magcalayo, Marvin Dumandan with Dan Cruz, and Rey Pagunsan with top amateur Aidric Chan.

Ladies PGT campaigners Chihiro Ikeda, Daniella Uy, Marvi Monsalve and Gretchen Villacencio also aim to steal the spotlight with partners Josh Jorge, Lanz Uy, Laia Barro and Roger Dale, respectively, while lady top amateurs Bernice Olivarez-Ilas, Sunshine Zhang and Annyka Cayabyab try to help anchor their bids of their pro teammates in Venezuelan Rafael Parra, Dino Villanueva, Nico Evangelista, respectively.

The other batch launches its bid at 12:30 p.m., including Phl Masters champion Jerson Balasabas with Marlowe Cortez, Omar Dungca with Carl Corpus, Zanieboy Gialon with Ian Dagatan, Joenard Rates with Ian Maceda, and Michael Bibat with Louie Aguinaldo.

Penong’s holds 5150 Triathlon on July 7 at Waterfront Davao

Blu Girls lose to Taiwanese, settle for fourth place

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HE Philippine Blu Girls faltered against Chinese Taipei, 10-0, to settle for fourth place on Wednesday in the Asia Cup Women’s Softball Championship in Jakarta, Indonesia.

The Philippines, however, accomplished its goal of gaining a spot to the World Baseball Softball Confederation Softball Asia/Oceania 2019 Qualifying Event for the 2020 Tokyo Olympics to be held in Shanghai, China, from September 24 to 29.

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HE Samahang Basketbol ng Pilipinas (SBP) unveiled a new logo that the federation sees as a symbol to manifest unity among the teams that represent the country in international tournaments.

A resemblance of a Philippine eagle with shades of the national colors, the three stars and the sun across its wings make up the new logo.

SBP President Alfrdo Panlilio said the federation decided to rebrand for a fresh take on its future endeavors.

“The rationale behind this is to signify the strength, discipline and the direction the federation is taking,” Panlilio said during the official launch of the logo on Wednesday just before the Game Four tip off of Magnolia-San Miguel Philippine Basketball Association Finals at the Smart Araneta Coliseum. “[Since] the first and original logo was introduced a decade ago, we thought of having a refreshed [logo], not only cosmetically but also structure-wise,” he added.

The official logo will be used on the “six pillars” of the SBP, especially on the men’s, women’s, youth and three-on-three teams.

The two other fields, the coaches’ and referees’ commissions, will use the SBP logo which also underwent minor refinements.

“We are putting accountability by refreshing our logo,” Panlilio said.

The three-on-three team of Coach Ronnie Magsanoc in the Fiba 3x3 Asia Cup set from May 22 to 26 in Changsha, China, will be the first to use the new logo. The Gilas Pilipinas logo was also redesigned to carry the SBP emblem.

Despite failing to book a return trip to the championship round, Amateur Softball Association of the Philippines President Jean Henri Lhuillier is proud of what the team has accomplished in the Asia Cup. “I am still happy with the result of our performance as we reached the primary objective of qualifying in the Olympic qualifying tournament in Asia/Oceania later this year, and we still have some time to work on our improvement

areas to do better in that event,” Lhuillier said.

The Filipinas are currently ranked 13th in the world and the Chinese Taipei team, which claimed the bronze medal, is ranked sixth.

World No. 2 Japan, meanwhile, outplayed No. 8 China, 9-2, to capture its fifth straight Asian championship and seventh overall title.

Finishing at fifth place in the 10-nation tournament was Korea followed by Indonesia, Hong Kong, Thailand, Singapore and India.

P NEW LOOK FOR SBP, GILAS

SAMAHANG Basketbol ng Pilipinas President Alfredo Panlilio (right) elaborates on the new logos along with Philippine Basketball Association Commissioner Willie Marcial. AP

ENONG’S Barbeque Seafood and Grill, Davao’s favorite barbecue house, holds its first 5150 Triathlon on July 7 at the Waterfront Hotel in Davao.

“This is an opportunity to show everyone that the company is focused on also promoting a healthy lifestyle,” Teresa Regis, who co-owns Penong’s with Vanessa Mae Uy Santos, told on Wednesday’s event launch at the Blue Room of the Ayala Triangle in Makati City.

Uy sees Penong’s partnership with the organizing Sunrise Events Inc. (SEI) as an opportunity “to show my support to my fellow athletes, as well as those who are athletes at heart.”

“Being part of Penong’s ever-growing family, I personally advocate a healthy and active lifestyle,” Uy said.

The 1.5-kilometer swim/40-km bike/10-km run race comes on the heels of SEI’s successful staging of the second Alveo Ironman, also in Davao, last March with the upcoming event to be held side by side with the Go for Gold Sunrise Sprint race.

The Sunrise Sprint events covering 750 meters of swimming, 20 kms of biking and 5 kms running, is designed for beginners, as well

as those who have graduated from the IronKids, the kid’s version of Ironman 70.3.

The race kicks off with the swim leg at the Waterfront’s beachfront where participants will tackle an L-shaped course in calm, clear waters of Pakiputan strait. The two-loop ride bike phase will be held at the Daang Maharlika Highway and back with the closing one-loop run event is also set at Daang Maharlika.

Before the Penong’s 5150 race, SEI will also stage the Century Tuna Ironman 70.3 presented

by Big Boss on June 2 in Subic Bay while the Regent Aguila Ironman 70.3 presented by Philam Vitality will be held on August 11 at the Shangri-La Mactan Resorts & Spa in Cebu.

Big Boss Cement will also make its first appearance as the Subic tilt’s presenting partner in the next three years. It will also field in a team headed by its Vice President and long-time triathlete Ishmael Ordonez.

“Big Boss Cement represents innovation and environmental conservation by producing super strong premier cement that is ecofriendly and it makes sense to partner with Ironman as both brands attest to the human will to endure and persevere,” said Ordonez.

Ramon Rafael Bonilla

200 bets vying in Oroquieta City netfest

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ORE than 200 entries, led by fancied Sydney Enriquez and Eric Tangub, slug it out in nine age group divisions, each aiming for top honors and ranking points in the Palawan Pawnshop-Palawan Express Pera Padala (PPS-PEPP) Oroquieta City national age-group tennis tournament which got going on Wednesday in Misamis Occidental.

But though they have reigned in the 16- and 18-under class in past PPS-PEPP tournaments, Enriquez and Tangub brace for a tougher outing this time with Jalia Elumba, Guia Bandolis, Judy Ann Padilla and Angel Repaja all coming into the Group 2 event in top form and ready to stop the Salug, Zamboanga del Norte, ace in the girls’ premier two categories.

So do the likes of Ashton Villanueva, Nash Agustines,

Ramon Rafael Bonilla

against Korean Kim Kyu Sung.

Former UFC fighter Sage Northcutt will also make his One debut against Brazilian Cosmo Alexandre.

Fight fans will be able to witness explosive kickboxing and muay masterclasses from the likes of Italian stallion Giorgio Petrosyan against Petchmorakot and Dutch striking master Nieky Holzken versus compatriot Regian Eersel in the other cards.

OFFICIALS and supporters of the first Penong’s 5150 Triathlon pose during the launch of the event at the Ayala Triangle in Makati City. They are Penong’s Marketing Officer Troy Requizo, Race Director Neville Manaois, liaison officer JJ Sarona, Penong’s Founder Theresa Regis, Sunrise Events Inc. General Manager Princess Galura, Penong’s CEO Vanessa Uy Santos, Accounting Manager Elizabeth Garcia and Vice President of Operations Henry Mahilom.

FAVORITES ADVANCE

Action in the Season 3 of Philam Life 7s Football League turns even more feverish at the McKinley Hill Stadium with Super Eagles and Ghana Football Club figuring a highly anticipated finals rematch after beating respective rivals recently. Ghana squeak past Bohemian SC, 1-0, and defending two-time champion Super Eagles beats Delimondo-Laro, 4-1.

BEST clinics get going in Ateneo

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Divo Pepito and Nilo Ledama, who are also out to put one over Tangub, from Tukuran, Zamboanga del Sur, in the boys’ 16- and 18-under play of the event presented by Dunlop and hosted by Gov. Herminia Ramiro.

Four divisions drew 32-player draws each, underscoring the popularity of the sport in this side of the Mindanao swing of the country’s biggest, long-running talent-search sanctioned by the Unified Tennis Philippines made up of PPS-PEPP, Cebuana Lhuillier, Wilson, Toby’s, Dunlop, Slazenger and B-Meg. “We thank the host city for helping us put up this huge field where we expect new faces to emerge,” Palawan Pawnshop President and CEO Bobby Castro said. “This should also inspire future hosts to encourage the youth to take part in our continuing effort to help discover future stars.”

HE Basketball Efficiency Scientific Training (BEST) Center’s Ateneo sessions fired off over the weekend with an impressive number of basketball hopefuls even as its volleyball clinics at the same venue are set to start this week.

The basketball clinics at the Ateneo college covered courts are for students in the Preparatory

TESSA JAZMINES tessa4347@gmail.com

PART OF THE GAME

Eagles, Tams and Tigers

SOMETHING feels a little different about the University Athletic Association of the Philippines (UAAP) Women’s Volleyball tournament this year. Why so?

Because the De La Salle Lady Spikers are not in the championship round for the first time in, heck, I can’t even remember. But the records say the Girls In Green have had the longest finals appearance streak in recent memory: 10 consecutive UAAP seasons. From Season 71 to Season 80, the Lady Spikers have managed to show up as consistently as the eastern sun in every UAAP women’s volleyball finals. In the league’s Final Four era, no other school has created that kind of an impact.

But wait. Let’s add Ateneo to the picture. Again, records say the Lady Spikers and the Lady Eagles have had the longest running finals match-up in the UAAP for the last 10 years.

From Season 74 to Season 79 (that’s 2011-10 to 2016-17), Ateneo and La Salle have disputed the UAAP women’s volleyball crown just between themselves.

With that in mind, we clearly understand why the University of Santo Tomas Lady Tigresses have adopted the battle cry Kami Naman for Season 81. UST, that university with the proud history of athletic achievements in various sports through the years, has not made it to the UAAP women’s volleyball finals for the past eight years.

Now it feels the planets have aligned to make them change their fortunes. Sisi Rondina and her younger back-up can smell it in the air. Destiny is an unstoppable force, and when it starts to move, the chips fall into place like in a scripted play. So even while they lost an important piece in Milena Alessandrini who suffered an ACL mid-season, Sisi and company have forged ahead and played like true tigresses, conquering left and right.

They did it the classical way too—one game at a time, which says a lot about their focus. Their big coup was lording it over La Salle in the knockout game for the twice to beat advantage.

Their biggest coup was dethroning the erstwhile champs—an immovable force, an unfailing, well-oiled machine—in one fell swoop to make the finals after a long, long time. UST has rocked contemporary UAAP history with that one win that ousted La Salle, and the whole Thomasian community is aroar.

UST is the proud owner of 16 women’s volleyball titles, if I’m not mistaken, through the years. UST last won the women’s volleyball crown in 2009-10 (Season 72). Since then it has not been very lucky. Now that wunderkind, Sisi Rondina has almost singlehandedly brought back her university to the brink of glory.

Thanks too to her hungry young tigresses who have joined the hunt with her, a new era has dawned for the Pontifical U. The UST Lady Tigresses have reconquered the women’s volleyball finals and are set to stamp their class all over the league.

But impressive though UST, La Salle and Ateneo have been in UAAP women’s volleyball in recent years, all of them will have to bow to the school that owns the most illustrious record in women’s volleyball since the early days of the UAAP. That would be Far Eastern University.

FEU has 29 UAAP women’s volleyball championship trophies in its trophy room. FEU Womens also has the longest Final Four appearance streak in the league—from Season 56 through 71.

It has 22 Final Four appearances total since the UAAP Final Four era began in 1993, two appearances more than La Salle (20), four more than UST (18), and 11 more than Ateneo.

At the time of writing, the FEU Lady Tamaraws are set to do battle with the Ateneo Lady Eagles at the Filoil Flying V Centre for the second finals seat and the right to face the resting Tigresses.

This promises to be a good fight, a fierce battle.

Last Saturday at the Mall Of Asia Arena, the Lady Tamaraws stunned the airborne Lady Eagles who held the twice to beat advantage. In typical FEU fashion, the Lady Tams played grounded, steady ball—unfazed by Ateneo’s tumultuous crowd and the early advantage that the Lady Eagles had over them. They just chipped away and bravely held on. FEU fans’ game tees probably said it best: they won’t be just Brave, they’ll be Great. And they were.

In their deciding game on Wednesday, May 8, however, the Lady Eagles will have their game face on, with sharpened talons and eagle eyes focused on the prize. There’s just too much pride and too much history for the Heartstrong Lady Eagles to let go of their rightful claim to the throne.

Something that slipped through their fingers last year as FEU moved up to take their place at centerstage.

That’s why this year they’ll be applying the old Ateneo response to the challenge at hand. And they’ll be out to topple the Tamaraws to face the Tigers in the finals.

But just like in the La Salle-UST game last Sunday, the question is whether the old order of a dominant La Salle and/or Ateneo will prevail in the UAAP finals this year. Or will there be a new scenario, a Morayta vs. España setto a.k.a. The U Belt Wars that will capture the imagination of volleyball aficionados?

In men’s volleyball, the FEU Tamaraw Spikers have already successfully banished Ateneo from the men’s finals this season.

(FEU Men’s Volley, by the way, has the longest championship streak in the history of the UAAP—from 1946 to 1947.) Will the Lady Tamaraws join their brothers in the finals, too?

Or will we see a Battle Royale between Bea de Leon’s army and Sisi Rondina’s charges on May 11 for Game One of the UAAP Women’s Volleyball Finals.

UST-FEU? Or UST-ADMU. Congratulations to the winners!

Masters, Levels 1 and 2 for nine to 11 years old and in Level 5. The clinics are from 8 to 11:30 a.m.

Levels 1 and 2 for 12 years old and above and Levels 3, 4 and 6 are held from 1 to 4:30 p.m.

The volleyball clinics will be for Levels 1, 2 and 3 and for Mastery.

The Malate Catholic School is also offering

volleyball clinics, according to Nic Jorge, founder and president of the BEST Center sponsored by Milo and supported by Chris Sports, Rain or Shine and SKLZ. Clinics at Starmall Alabang are also on for students as young as nine years old, as well as at the Christ the King Seminary.

Who can nominate?

Professional level: Entries may be submitted by any person or organization wishing to direct

the attention of the CMMA to a meritorious program, series, article, material and the like. A person or a company may submit more than one entry in each category. Entries need not be Christian and nominees need not be Catholics. All entries must be those media works released from May 2018 to April 2019.

Student level: All bona fide students enrolled in any of the participating schools, colleges and

universities within the school year 2018-2019.

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✦ Student CMMA Best Student Organ-Grade School Best Student Organ-High School Best Student Organ-College Best Short Film (documentary or narrative) Best TV Production (documentary or narrative) Best Student Public Service-Radio AD Best Student Public Service-Print AD Best Student Public Service-TV AD Best Literary Publication ✦ Serviam Award Individual Corporate/Institutional ✦ Pope John Paul II Award

✦ Internet Best Website Best Blog

✦2019 Jaime Cardinal Sin catholic Book Awards✦ I. Awards CATEGORIES ✦ Spirituality ✦ Ministry ✦ Theology ✦ Liturgy ✦ Youth ✦ Homiletics ✦ Inspirational ✦ Children

✦ Family Life ✦ E-books

II. special CATEGORIES 1. Lifetime Achievement Award

submit entries FOR CSCBA at: cardinal sin catholic book Awards secretariat c/o Jesuit Communications Foundation, Inc. Sonolux Bldg., Ateneo de Manila University, Loyola Heights, Quezon City Tel. Nos.: (632) 426-5971 loc 112 DEADLINE of submission: May 31, 2019 (With printing May 1, 2018-April 30, 2019)

For inquiries please write or call: The CMMA Secretariat Office: 5/F Dominga Building III, 2113 Chino Roces Ave., corner Dela Rosa Street, Makati City Tel. No.: 892-4779 g Telefax: 867-4026 E-mail: thecatholicmassmediaawards@yahoo.com Facebook: www.facebook.com/OfficialCMMA Starting March 18, 2019

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submission of entries FOR CMMA: Student— FEBRUARY 18 TO MAY 10, 2019 professional—February 18-May 17, 2019

God of compassion

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EAR God, Your Law of Love is our delight. In grace and joy we pray: Favor Your people, oh God. Teach us Your hidden wisdom and fill Your Church with every gift of the Spirit. Deepen the bonds of friendship within faith communities. Help Your Church to further recognize, foster and embrace the gifts of every person. May the peace of Christ dwell in our hearts richly, through faith and may God strengthen us to be ambassadors of reconciliation by the power of the Holy Spirit. Amen.

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

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

Life BusinessMirror

REELING: PRESENTING THE 42ND GAWAD URIAN NOMINEES D4

Thursday, May 9, 2019

D1

Iloilo, a place that stays with you always

By PAuLine Joy m. GuTierreZ

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OME has been many places for my mom over the years. When she was young, it was a family ancestral house in Quezon.

When she finished college and fell in love, it was the outskirts of a small town in Sierra Madre in Cagayan. When she had me, home was simply where she unpacked that last box.

Our little family eventually settled over time, but not her. She never stopped moving. It was more than just because of her job, she said, but it was the sense of excitement and anticipation as she flashed back to many different journeys, including those to destinations she has been to several times. So, when a colleague asked, “Have you been here before?” I paused before answering, “No,” and then, “but my mom is often here.”

This particular conversation happened on my very first trip to Iloilo, one that was limited to a two-day media coverage of the Banaag Festival in Anilao. On the last day of my assignment, as I was heading back to Manila, my mom was on her way to Ajuy for a humanitarian relief program.

She used to live there for a couple of years, but she comes back every now and then. Sometimes for work, often when she just needs some time alone. Between unpacking and packing for yet another trip, she asked me how Iloilo was for me. “It was quiet,” I said. She just nodded and replied, “Ayun talaga ang maganda ’dun.”

I never thought about it until only a couple of weeks ago when I was unloading my carry-on luggage as our Cebu Pacific aircraft landed at the Iloilo International Airport. As with my first visit, I was there for an assignment.

Iloilo is being positioned as the next big commerce and tourism hub in Western Visayas. In 2018 alone, some 44,000 visitors dotted the beaches in Islas de Gigantes in Carles, Ajuy, the city capital and the neighboring province of Guimaras during the Lenten season. Tourism influx in the province was recorded at different periods over the years, and the Provincial

Tourism Office (PTO) said the number of tourist arrivals has seen sustained growth.

As our small media group made its way to Courtyard by Marriott Iloilo aboard the tour bus, it’s easy to see why.

For one thing, the roads in Iloilo are clean and wide. Motorists stop at traffic lights even when no pedestrian is around. People actually pick up their trash, and driving around the city isn’t as stressful as you would experience it in most metropolitan highways. Public places are neither rowdy nor noisy.

More important, despite progressiveness, Ilonggos, who are among the most soft-spoken people I’ve ever met, continue to respect and care for their heritage.

There’s plenty to love in the City of Love. One just needs to know where to be.

The Iloilo Business Park (IBP), a 72-hectare mixed-use master-planned community development in Mandurriao, houses the Iloilo Convention Center (which recently hosted the Apec and Asean), 1, 700 sqm of residential development, and 9.7 hectares for hotels and a commercial district. There are two hotel properties in the vicinity: Megaworld’s Richmonde Hotel Iloilo which has 90 guest rooms to cater to businessmen and small corporate conferences; and Courtyard by Marriott Iloilo by Marriott International which has a total of 314 rooms and suites with a special focus on local and international tourists.

We stayed at both hotels for the duration of our trip, and both afforded our group a birds-eye view of the sprawling township just outside our floor-toceiling windows.

The first stop in our itinerary for the #VisitIloilo campaign was the Iloilo Museum of Contemporary Art (ILOMOCA), at the Casa de Emperador Building in IBP. The three-story museum occupies 3,000 square meter of space with five exhibit rooms. It is the first art institution in the Visayas and Mindanao region exclusively dedicated to showcasing modern works by award-winning Ilonggo artists, as well as pieces by acclaimed Filipino and foreign artists.

After going around the place, we proceeded to the city tour.

The capital itself is home to a collection of tourist spots and attractions, such as heritage sites and churches, and restaurants serving up authentic Ilonggo dishes. Not far from IBP is the Iloilo River Esplanade, the longest linear park and riverside boulevard in the Philippines; and then the Original Biscocho Haus, the iconic pasalubong center where tourists can buy the shop’s namesake product, biscocho.

Jaro, an independent city before and the largest of all the districts of Iloilo City, is the seat of the Roman Catholic Archdiocese of Jaro with its widely venerated patron Nuestra Señora de la Candelaria enshrined at the National Shrine of Our Lady of Candles. There’s also the Molo Church, or the Church of Saint Anne, which is popularly known as a feminist church because of the all-women ensemble of saints represented in 16 statues perched on the aisle pillars.

If one is hankering for heirloom dishes, there’s Camiña Balay nga Bato on Osmena Street in the Villa Arevalo District. The ancestral houseturned-restaurant cum museum is managed by the fourth-generation Camiñas, Luth and Gerard, who maintained the arquitectura mestiza design of the structure. It is now one of the many cultural attractions in the city. (While you’re at it, don’t miss out on their molo soup.)

Our second day was spent in the southern part of Iloilo. Unlike the capital which is home to information-technology and business-process outsourcing (IT-BPO) companies, the towns here mostly rely on the tourism economy, which entails preserving century-old churches, colonized buildings, and beaches and marine reserves especially in Guimbal, Miagao and San Joaquin.

There is a rising go-to spot in the municipality of San Joaquin, and that is the 14-hectare inland resort of Garin Farm. Also called Heaven on Earth, one of its popular attractions is “Pilgrimage: A Journey from Creation to Ascension.” Here, devotees climb a

terraced hill decorated with statues depicting biblical events. At the end is a meditation tunnel they have to go through before they are greeted by an all-white installation of angels with the holy trinity at its center.

South Iloilo has two important Augustinian churches: the Iglesia Parroquial de San Joaquin and the Miagao Church. The former, which shows the Battle of Tétouan in its pediment, was declared a National Cultural Treasure by the National Museum of the Philippines. On the other hand, the façade of Miagao (also called the Santo Tomas de Villanueva Parish Church) consists of an ornately decorated basrelief in the middle of two huge watchtower belfries on each side. It was declared as a Unesco World Heritage Site in 1993.

By the time we made our way back to the city, the sun had already disappeared on the horizon, but we still had to visit one more stop before calling it a day: Calle Real. Often referred to as the “Escolta of Iloilo,” the district and heritage zone is lined with several historic American-era neoclassical, beaux-arts and art deco buildings.

On the third day, we docked in Guimaras (formerly a sub-province of Iloilo) and headed straight to the National Mango Research and Development Center in Jordan. Mangoes in Guimaras are considered the sweetest in the world, and the center is planted with mango seedlings that are used for both research and production to meet export demand.

As our journey neared its end, I realized that all of this was a lot to take in for three days. Still, despite long hours in the bus, and long walks from here to there, I never once felt tired.

So, “why Iloilo?” It seems like a simple question, but the answer is a little more complex. My mom, as well as plenty of other people, kept on coming back because it was quiet there, like a second home that stays with you because those fleeting moments of calm remind you to slow down your pace when it’s easy to get caught up in the perpetual chase and rush of life. Steady and easy, just like how all things should be. n

D2

Thursday, May 9, 2019

Entertaining BusinessMirror

www.businessmirror.com.ph

z

Today’s Horoscope

GRILL-ROASTED Spice-Rubbed Chicken Drumsticks

By Eugenia Last

AMERICA’S TEST KITCHEN VIA AP

CELEBRITIES BORN ON THIS DAY: Steve Yzerman, 53; John Corbett, 57; Billy Joel, 69; Candice Bergen, 72.

HAPPY BIRTHDAY: Use your creative imagination when helping others; you will come up with a plan that will bring you recognition, hope and a chance to take part in something special. This is a year to work hard and to honor your beliefs, as well as strengthen your ties with the people who make you feel comfortable and offer the most encouragement. Your lucky numbers are 3, 16, 23, 27, 31, 38, 43.

a

ARIES (March 21-April 19): Sharing personal information is not in your best interest.

Someone will use your weaknesses to his or her advantage. Don’t let frustration lead to anger when taking the high road which will guide you to the place you are destined to be. HHH

b

TAURUS (April 20-May 20): Participate in functions that allow you to display your attributes. Your input will draw the attention of someone in a prime position. Don’t let the changes going on around you cause insecurity. Do your best and believe in yourself. HHHH

A foolproof way to make chicken drumsticks ultra-tender

By America’s Test Kitchen The Associated Press

W

ITH their built-in handles and small size, economical chicken drumsticks are tailormade for a cookout. So we decided to devise a foolproof way to roast them on the grill to ultratender perfection with nicely browned skin and wonderfully juicy meat.

We usually don’t brine fattier dark meat, but since we were roasting the drumsticks for a fairly long time in the grill’s dry heat we brined them first in salt water to help them retain their juices, as well as to season them. A light coating of spice rub also upped their flavor.

We set up a half-grill fire with two zones: on the cooler side we roasted the drumsticks beyond their usual doneness temperature of 175°F to 190°F, at which point most of their connective tissue had turned into rich gelatin and their skin had rendered gently.

Indirect grilling is largely hands off, but halfway through roasting we rearranged the drumsticks, moving those closer to the heat to the outside and those on the outside closer to the heat to ensure all of the drumsticks were done at the same time.

We moved them to the hotter side until the skin was nicely charred and crisp, which took only five minutes.

Before applying the spice rub, smooth the skin over the drumsticks so it is covering as much surface area as possible.

This will help the skin render evenly and prevent the meat from drying out.

GRILL-ROASTED SPICE-RUBBED CHICKEN DRUMSTICKS Servings: 6 Start to finish: 40 minutes plus 30-60 minutes brining 1/2 cup salt 5 pounds chicken drumsticks 1 recipe spice rub (recipes follow) Dissolve salt in 2 quarts cold water in large container.

Submerge drumsticks in brine, cover and refrigerate for 30 minutes to one hour.

Place spice rub on plate. Remove drumsticks from brine and pat dry with paper towels.

Holding one drumstick by bone end, press lightly into rub on all sides. Pat gently to remove excess rub. Repeat with remaining drumsticks. n FOR A CHARCOAL GRILL: Open bottom vent halfway.

Light large chimney starter filled with charcoal briquettes (6

quarts). When top coals are partially covered with ash, pour evenly over half of grill. Set cooking grate in place, cover and open lid vent halfway. Heat grill until hot, about five minutes. n FOR A GAS GRILL: Turn all burners to high, cover, and heat grill until hot, about 15 minutes. Leave primary burner on high and turn off other burner(s). (Adjust primary burner as needed to maintain grill temperature between 325°F and 350°F.) Clean and oil cooking grate. Place drumsticks, skin side down, on cooler side of grill. Cover and cook for 25 minutes. Rearrange pieces so that drumsticks that were closest to edge are now closer to heat source and vice versa.

Cover and cook until drumsticks register 185°F to 190°F, 20 to 30 minutes.

Move all drumsticks to hotter side of grill and cook, turning occasionally, until skin is nicely charred, about five minutes. Transfer to serving dish and let rest for 10 minutes. Serve.

BARBECUE SPICE RUB Makes about 1/3 cup 3 tablespoons packed brown sugar 1 tablespoon paprika 1 tablespoon chili powder 2 teaspoons garlic powder (You can substitute granulated garlic for the garlic powder, if desired) 3/4 teaspoon salt 3/4 teaspoon pepper 1/4 teaspoon cayenne pepper Combine all ingredients in small bowl.

JERK-STYLE SPICE RUB Makes about 1/4 cup.

If you can’t find whole allspice berries, substitute 2 teaspoons of ground allspice 1 tablespoon allspice berries 1 tablespoon black peppercorns 1 1/2 teaspoons dried thyme 2 tablespoons packed brown sugar 2 teaspoons garlic powder 1 1/2 teaspoons dry mustard 3/4 teaspoon salt 3/4 teaspoon cayenne pepper Grind allspice, peppercorns, and thyme in spice grinder or mortar and pestle until coarsely ground. Transfer to bowl and stir in sugar, garlic powder, mustard, salt and cayenne. n

c

GEMINI (May 21-June 20): Your confidence will wane if you let someone use emotional tactics to bring you down. Fight back by concentrating on making personal gains, as well as physical and intellectual improvements. Protect your passwords and your possessions. HH

d

CANCER (June 21-July 22): Put more time and effort into something creative or unusual.

A change of scenery or starting a hobby that has the potential to give you another source of income should be high on your to-do list. HHHHH

e

LEO (July 23-Aug. 22): Use your intelligence when faced with opposition or competition. What you know will be the best way to overcome a situation that is spinning out of control. Avoid excessive behavior or anyone who is acting unreliable or indulgent. HHH

f

VIRGO (Aug. 23-Sept. 22): A partnership will cause concern. Monitor interaction with someone you deal with regularly and take notes to ensure that you have reference to what’s being said, as well as promises made. HHH

SHAREABLE SWEET TREAT FROM DOWN UNDER

IT’S harvest season for grapes from the Southern Hemisphere which means the “Taste Australia” campaign is back to entice customers to try and buy beautiful, sweet and crunchy Aussie grapes.

Thanks to the diverse geology and unique microclimates across Australia, grapes are able to enjoy a long production window from November to May. Rich soils, warm summer days, cool nights, and long daylight hours create grapes with intensified sweetness and an eye-catching red, black or green color. A top tip when selecting green grapes is to choose a bunch with a golden tint, as this means they are sweeter in flavor.

Did you know Australian table grapes can be eaten straight from the bunch? There’s no need to peel or deseed, just simply rinse before eating and enjoy the taste of an Australian summer. This means grapes are the perfect addition to kids lunchboxes or a go-to snack at work to reenergize and hydrate active bodies, which is especially helpful when you live a busy lifestyle.

Grapes are a natural superfood and adding a serving to your daily diet will give you a much needed antioxidant boost. Grapes are packed full of phytonutrients, including polyphenols, anthocyanin, and resveratrol, which contribute to the protection to eye health and heart disease. Aussie grapes are particularly good for parents and grandparents as they are low GI food which helps stabilize blood glucose levels after a meal. As grapes contain 80 percent water and plenty of fiber, they also contribute to body hydration and help keep your gut healthy.

To taste the difference, head down to participating supermarkets, including Rustan’s, Shopwise, Wellcome, S&R, Robinsons and other major supermarkets, and enjoy seasonal red, black or green grape sensations.

g

LIBRA (Sept. 23-Oct. 22): A need for change may disrupt your personal life or relationships. Consider how friends and family will feel before you put your plans in motion. Don’t let an emotional incident lead to a mistake or argument you’ll regret. HHH

h

SCORPIO (Oct. 23-Nov. 21): Let your creative imagination run wild. Someone will impress you by offering a unique suggestion regarding the way you live or the plans you are considering implementing into your everyday routine. Forming a partnership will encourage you to move forward. HHHHH

i

SAGITTARIUS (Nov. 22-Dec. 21): You’ll be hankering for a change. Line up something that will challenge you mentally and physically; you will feel satisfied by what you accomplish. Back away from anyone using emotional tactics to take advantage of you. HH

j

CAPRICORN (Dec. 22-Jan. 19): An opportunity will spring up in an unusual manner.

Don’t shy away from a chance to try something new. Remain in control and refuse to let anyone push you one way or another. HHHH

k

AQUARIUS (Jan. 20-Feb. 18): Enact some changes to the way you live. Comfort and convenience will make your life better. Steer clear of anyone trying to push you to overspend or wanting you to get involved in something that is dubious or excessive. HHH

l

PISCES (Feb. 19-March 20): Emotions will be close to the surface. If you need help, ask for it. Refrain from making poor health choices or getting involved with someone you cannot trust. Stability should be your intent. HHH BIRTHDAY BABY: You are engaging, practical and reliable.

You are opportunistic and ambitious.

‘hue turns’ BY ROB GONSALVEZ AND JENNIFER LIM The Universal Crossword/Edited by David Steinberg

ACROSS 1 Not at home 5 NBC’s ___ Is Us 9 Discard 14 Sushi foundation 15 Ceremonial act 16 Word before “park” or “song” 17 Cuba, por ejemplo 18 Barely made, with “out” 19 Fabulous author?

20 Performance art trio touring in a red state?

23 Actor Mineo 24 Worn-out horse 25 Arid 26 Navy VIP 29 Clean a counter, say 32 Check-signing need 34 Beatles song about an underwater vessel played blues-style?

39 Like falling off a log 40 Homer’s bartender 41 Bit of a melody 43 Snoopy’s airborne nemesis in fading yellow newspapers?

48 Biol. or chem.

9 One of the Ivies 4 50 Here-there connector?

51 Donkey 54 In the envelope: Abbr.

56 Actress Longoria 58 Midwest baseball team wearing eye black?

64 Up, as the sun 65 With 26-Down, historic toolmaking period 66 Offended 68 Tehran resident 69 Prom rental, informally 70 Jacob’s twin 71 Airline with a triangular logo 72 Practice jabs, say 73 Underworld river DOWN 1 Talent agent Emanuel 2 Streak of smoke 3 Rights org. since 1920 4 Life span units 5 Lattice for vines 6 QB’s cue 7 Thing on a list 8 Accord or Altima

9 Stumble around 10 Moonstruck star 11 Put in a new lawn 12 Love, in Lyon 13 Full of energy 21 One of 16 in a chess set 22 Cabbage variety 26 See 65-Across 27 “Doggone it!”

28 Interweave 30 Large American cat 31 Black piano key material 33 ___, Pinta and Santa Maria 35 Places for pupils 36 Big head?

37 Sleepless in Seattle director Ephron 38 Famed British school 42 Wrap up 44 South Pacific region 45 Wedding band 46 Mrs. Roosevelt 47 Group of quail 51 Pungent 52 Hobbits’ home, with “The” 53 Rope fiber 55 Mattress springs

7 Fireplace remnants 5 59 It’s worth $0.01 60 “Get a ___!” (“Calm down!”)

61 2018 Cuaron film 62 Kick out 63 Dental image 67 Prom rental, informally

Solution to yesterday’s puzzle:

www.businessmirror.com.ph

Parentlife BusinessMirror

Thursday, May 9, 2019

D3

I vote for ‘glocal education’: Part II CLOCKWISE: A parent-initiated trip for Meagan, her friends and us parents to see the restoration of the Metropolitan Theater in Manila; Meagan at this year’s Art Fair with the photo of The Ruins in Talisay, Bacolod, which she visited in an out-of-school trip initiated by the CISV International; Meagan with her friends performing the Tinikling National Dance in Sweden; my husband, me and Meagan at Rizal Park.

MOMMY NO LIMITS

MAYE YAO CO SAY

mommynolimits@gmail.com

L

AST week I shared parts of my paper on my wish for a Philippine “glocal education.” This week, let me continue first with my new discoveries on colonial mentality.

Colonial mentality is defined as the perception of ethnic and cultural inferiority and a form of internalized racial oppression. The Philippines is definitely a country with a rich history of colonialism.

From the long Spanish rule and the deeply impactful American occupation, this Western influence has permeated through the Filipino language, media, beauty standards, and various other aspects of modern life.

In my research, I was fascinated to discover the existence of a Colonial Mentality Scale (CMS) from Piktochart that directly asks Filipinos if they exhibit signs of colonial mentality. These signs include: 1. Feeling of inferiority for being Filipino; 2. Feeling of ashamed and embarrassed for being Filipino; 3. Discriminating against less-westernized Filipinos; 4. Desiring lighter skin or other European physical traits; and 5. Denying, tolerating, or minimizing the historical and modern-day oppression of Filipino.

As I read through the list, the reality is hard to deny. This colonial mentality is even much evident in our education system, which is patterned largely after that of the United States. I hope that our national education can build a nation to be strong both economically and socially. For me, there are always two fundamental components to good education: the “hard” and the “soft” dimensions.

The hard part includes the tools—the subject matter and the physical institution. The soft part includes the “heart”—our “reason for being,” our core beliefs and our identity. The colonial mentality present in our education system promotes the tools but lacks the heart. We hone our craft, and then eventually choose a different “home” to utilize them.

When I heard from relatives and friends who did this, I discovered the roots to be two things. One, the craft they honed is far more sophisticated than local requirements. More than that, they would not be paid their worth. The second reason is for the future

of their family. There is a gnawing hopelessness over the vicious cycle the Philippines is in because of the corruption and political instability.

Related to the upcoming elections, will any politician push real effort to building a self-sufficient nation with a “heartful” education system? Or will politicians continue to prefer the personal satisfaction of corruption and the “denseness” of their voting public.

A glocal education is one that pushes for global competitive skills as well as strong awareness of national pride. As much as we know that higher education is that crucial stage to produce professionals that can compete in a global economy, it should be equally important to inject one’s possible future contribution to our country. As much as we should maximize the different availabilities of international education such as student mobility, faculty exchange and development, research collaboration, internationalizing curricula, or foreign language study, those agencies closer to our migrant

students and workers like the Department of Foreign Affairs or the Philippine Overseas Employment Administration can create information campaigns of our country’s long-term vision to one day be the strong and self-sufficient nation we are meant to be.

I hope for a curriculum that hones our “national identity” first as a Filipino, rather than one that exposes them to international cultures without having that crucial reference point. There is a new history book series for grade-schoolers, called the Halo-Halo series. This shows different aspects of Philippine history, especially the period in preHispanic times. Michelline Espiritu Suarez, one of the writers of this book, left me with an interesting challenge—most people think we were not an organized civilization before the Spaniards conquered us, but the truth is that we were. We had an organized system of government. We had culture as seen in our gold adornments. I remember her saying, if we only knew this, would we really give in to foreign influences so easily?

My father has always called the Philippines our home. He laid out the context early on that the business is our way to provide quality lives to the Philippines as best as we can. When I was younger, I had pegged my ambitions to live in the cosmopolitan cities like New York. But when I got the chance to work in Washington, D.C., for a while, I truly felt it was not home. It might be because of the “heartful” education I received from Poveda, Ateneo and later on the Asian Institute of Management, I made a choice to be a “man for others” in my own soil. I believe this has brought me to strongly believe, like all of the work force who chose to stay than migrate, that Philippines, for all of its flaws, is worth fighting and building for. Today, I try to impart this to my kids with the activities seen in the photos above.

So for this coming election, I hope we all vote for candidates who want a Philippine education system that builds first and foremost a “heart-strong” Filipino, as well as a globally competitive one.

Vote wisely, everyone. n

For a sumptuous Mother’s Day celebration TRUE, nothing beats the plain sentiment of “I love you, Mom” as a gift on Mother’s Day this Sunday, May 12. That is not to say the most important woman in your life won’t appreciate any of the sublime indulgences we have rounded up here for you to choose from.

CONRAD MANILA CONRAD Manila (bit.ly/2TUKvOF) celebrates all moms this Mother’s Day weekend, on May 11 and 12, with indulgent dining.

Inspired by recipes from moms all over the world, Brasserie on three indulges with a lavish buffet dining experience featuring sustainable and fresh ingredients. As an added treat, mom dines free in every group of five paying adults, and gets to bring home a special gift from the “Living Kitchen.” Mom’s Day Out at Brasserie on three is priced at P2,800 net per person, lunch or dinner buffet, on May 11 and 12.

China Blue by Jereme Leung’s Executive Chinese Chef Eng Yew Khor works the wok into the hearts of moms with a set menu fit for an empress. Take pleasure in a modern interpretation of authentic Chinese cuisine such as Steamed Sea Garoupa with Superior Soya Sauce, Sauteed Scallops and Stuffed Crab Claw with Citrus Leaf, Garlic, XO Sauce, and Wok-Fried US Beef, Black Bean and Chinese Old Sweet Vinegar, among others. The Mother’s Day Feast is priced at P33,888 net for 10 persons.

EASTWOOD RICHMONDE HOTEL ON May 12, Eastwood Café+Bar, Eastwood Richmonde Hotel’s (www.eastwodrichmondehotel.com. ph) all-day dining restaurant, prepares lunch and dinner buffets filled with delectable Spanish-inspired fare for a fun fiesta dedicated to moms. And to make it even more exceptional, mom gets her meal on the house with an amazing 4+1 deal where for every four guests paying the regular buffet rate, she gets to eat absolutely free.

Richmonde’s team of skilled chefs will take mom and the whole family on a culinary journey to the rich and exciting tastes of Spain with savory bites from

Buffet at Richmonde Café on May 12, featuring a filling spread of delectable dishes from around the country—from soups, salads, and starters like Sinigang na Salmon Belly sa Miso, Kinilaw na Tanigue sa Mangga, and Tinapang Bangus Ensalada; to mouthwatering entrées, carving, and divine desserts like Pinoy Sampler (grilled chicken and pork ribs), Inihaw na Pusit, Lechon Kawali and Pastillas Dulce de Leche Cheesecake. What’s more, Richmonde Café is giving a 4+1 deal just for mom. This means for every four guests paying the regular rate of P1,080 net, mom eats absolutely free. Those 6 to 12 years old get 50-percent off while children 5 years old and younger eat free of charge.

the selection of aperitivo that includes Fried Herring, and assorted tapas, and the assortment of main dishes like Organic Iberian Chicken, and Lengua Sevillana.

The spread will also feature a la minute cooking of Camaron, and two paella variants: Paella Negra and Paella Filipino, the latter made of sisig and pork belly.

Not to be missed is the dessert section with sugary delights like Canonigo and Brazo de Gitano. A glass of guyabano citrus juice and coffee or green tea are also included in the meal.

The Mother’s Day Buffet is priced at only P1,250 net per person. Children 6 to 12 years old get 50-percent discount and children 5 and below eat for free.

RICHMONDE HOTEL ORTIGAS CELEBRATE Mother’s Day with an exquisite overnight stay and a gustatory treat at Richmonde Hotel Ortigas (www.richmondehotels.com.ph).

Collect happy memories with mom and the whole family when you book a room or two from May 10 to 12. Rates for the Bed and Breakfast Package start at P3,799 net for a Deluxe Room, while rates for the Mother’s Day Deal, which include suite room accommodations, a 6-inch chocolate cake for mom, and breakfast buffet for two, start at P4,199 net for a Junior Suite. And the more people joining mom’s staycation, the merrier it will be because additional room-only bookings are discounted at only P2,000 net for a Superior Room and P2,200 net for a Deluxe Room. All room accommodations include Wi-Fi access and complimentary use of the Health Club’s gym and heated indoor pool. The Mother’s Day Deal and discounted rates for additional rooms are available only through direct hotel bookings via Room Reservations.

There’a also the Mother’s Day Filipino Lunch

F1 HOTEL MANILA MOTHER’S Day is a special day at F1 Hotel Manila (www.f1hotelmanila.com) with mom and the whole family. Treat her with the MOMentous Room Package perfect for family bonding and prepared especially for her at only P6,500 net per night in a City Suite, available until May 15. More pampering is in store for your mom as this promo is inclusive of a free one hour F1 signature massage, breakfast buffet for two persons, access to pool area and Wi-Fi. Furthermore, La Filipina will also be giving free loot bags for moms who will check-in on Mother’s Day, May 12.

DIAMOND HOTEL PHILIPPINES THE ultimate Mother’s Day weekend awaits this May 10 to 13 at Diamond Hotel Philippines (www. diamondhotel.com). Book a city getaway from May 10 to 13, and let mom take a breather or enjoy family fun. Rates start at P5,800 net for Deluxe Room accommodation, with a free foot reflex. Amp up the weekend vacation with buffet breakfast for two at Corniche, free Wi-Fi connection, 30-percent discount in all dining outlets (except in-room service, minibar and alcoholic beverages), 20-percent off on massage and laundry, access to the Health Club & Spa and swimming pool, and weekend shuttle

Continued on D4

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Show BusinessMirror

Thursday, May 9, 2019

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EDDIE GARCIA (standing) and Tony Labrusca (left) won Best Actor nominations for ML in the upcoming Gawad Urian.

MSO CONCERT AT MAKILING

THE Cultural Center of the Philippines, in cooperation with the University of the Philippines and Philippine High School for the Arts, brought the Philippine Philharmonic Orchestra, under the baton of Maestros Herminigildo Ranera and Yoshikazu Fukumura, to the UPLB Freedom Park in Los Baños, Laguna, for a free concert on May 4.

Titled Symphonic Sunsets at Makiling, the first part of the concert consisted of Overture on Philippine Folksongs (George Bernard Green), Selections from Les Misérables (arr.

Bob Lowden), Terre e Luna (Earth and Moon) arr. by Pipo Cifra, Eraserheads Suite (Ryan Cayabyab) and Bohemian Rhapsody/Queen medley. The second part included Gioacchino Rossini’s “Overture to La Gazza ladra,” Johann Strauss Jr.’s “Annen Polka” and “Emperor Waltz,” and Nicanor Abelardo’s “UP Naming Mahal” (arr. Edwin Lumanug).

Meanwhile, the Manila Symphony Orchestra (MSO) will perform on May 18, 5 pm, at the Tanghalang Maria Makiling of the National Arts Center in Makiling. The event is a symphonic concert of light classics and pops, affording audiences the rare experience of live orchestral music against the beautiful backdrop of sunset in the mountains.

For inquiries, call 832-3704 or 832-3706.

Presenting the 42nd Gawad Urian nominees REELING

TITO GENOVA VALIENTE

titovaliente@yahoo.com

CAROLE KING’S ‘BEAUTIFUL MUSICAL’ LEGACY TO INSPIRE NEW GENERATION

THE Tony, Grammy, and Olivier award-winning musical Beautiful: The Carole King Musical will make its Manila premier on June 14 at the Meralco Theater with the country’s most acclaimed theater stars, Kayla Rivera, winner of the David Foster Star Search, and Nick Varricchio, who previously appeared in Saturday Night Fever and A Chorus Line.

Beautiful: The Carole King Musical was nominated for seven Tony Awards including Best Musical. The musical will excite audiences with the inspiring story of a woman ahead of her time, and her remarkable journey from teenage songwriter to the Rock & Roll Hall of Fame. Carole King has firmly established herself as one of pop music’s most gifted and successful composers. She has won four Grammy awards and was inducted into the Grammy Hall of Fame.

Carole King’s life-changing success and her music will definitely stir joyous memories for those who grew up in the glorious era of the 1970s.

This musical features the classics “You’ve Got a Friend,” “One Fine Day,” “It’s Too Late,” “You’ve Lost That Lovin’ Feeling” and “Will You Love Me Tomorrow.” These timeless hits are the classics we never knew Carole King wrote but will surely capture people by surprise.

Many of today’s musical artists claim that they were influenced by Carole King’s music. Covers and samples of her songs can be heard across genres, spreading her sound throughout the music scene.

Directed by Bobby Garcia, who won three Aliw Awards and was recently inducted into their Hall of Fame, Beautiful: The Carole King Musical promises to offer real-life sentiment behind the music while uncovering the story of the exceptional Carole King.

Carole King’s music shaped a generation and will continue to shape next generations, too. After seeing this musical, you will only be listening to Carole King for days.

Beautiful: The Carole King Musical will run until July 7 at the Meralco Theater, Pasig City. Tickets are available at www. ticketworld.com.ph, or call 891-999.

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DDIE GARCIA and Anne Curtis earned double nominations in their respective categories as Best Actor and Best Actress.

Garcia is nominated for ML, where he plays the role of a retired Metrocom officer whose Alzheimer puts him forever in a martial law realm, and for Hintayan ng Langit, as a soul stuck in purgatory where he relives guilt and recriminations with his former lover. Anne Curtis’s portrayals for Buy Bust and Sid and Aya are recognized by the oldest and reputedly most prestigious film critics’ group in the country.

Eric Matti’s Buy Bust leads the nominees for this year’s Gawad Urian, with 1o nominations, followed

by Chito Roño’s Signal Rock with nine. The two films, both nominated for Best Picture, would have tied for the lead except that Buy Bust has two nominees for Best Supporting Actor in the person of Arjo Atayde, whose blond villain alters our notion of the contravida, and Victor Neri, a drug-buster with angst and rage, edging out Signal Rock for a mere one point. Two more films also garnered double nominations for Best Supporting Actor and Best Supporting Actress.

These are Citizen Jake for Nonie Buencamino and Teroy Guzman, and Ang Panahon ng Halimaw for Pinky Amador and Bituin Escalante.

ML, the title of which is an acronym for Martial Law, by Benedict Mique comes in with the third highest number of nominations—eight. These include a Best Picture nomination. Keith Deligero’s A Short History of a Few Bad Things and Lav Diaz’s Ang Panahon ng Halimaw are tied with seven nominations.

Four women filmmakers are nominated in two major categories. There is Denise O’Hara who directs Mamang, a tender and bittersweet rhapsody about a mother whose advancing memory loss keeps her going on despite what happens to her, with past becoming present, and the son who is there and not there. Irene Emma Villamor, whose elegantly quirky narratives in films that make her a voice to reckon with, is recognized for her work in Meet Me in St. Gallen for Best Director. For the same film, Villamor

is nominated for Best Screenplay. Dwein Baltazar with her cool Gusto Kita With All My Hypothalamus is nominated for Best Screenplay.

On the technical side, Carlo Francisco Manatad has three nominations for Best Editing in the following films: Meet Me in St. Gallen, Sid and Aya and Signal Rock. Manatad has already won the Gawad Urian for Best Editing with Sheron Dayoc’s Women of the Weeping River, which was Gawad Urian Best Film in 2017.

Teresa Barrozo has two nominations for Best Music for the films Mamang and Paglisan.

For Best Actor, Eddie Garcia remains the most senior of the crop, followed by Dante Rivero.

Dingdong Dantes joins Carlo Aquino and Christian Bables among the actors identified with commercial and mainstream films. Tony Labrusca, who has become a sensation of late, is nominated for the first time in the Gawad Urian.

Actresses from different generations, led by Perla Bautista (Kung Paano Hinihintay ang Dapithapon), will vie for Best Actress, one of the most hotly contested categories in the Gawad Urian. Bautista is joined by Celeste Legaspi (Mamang), Ai-Ai de las Alas (School Service), Marietta Subong, known as “Pokwang” (Oda sa Wala), Anne Curtis (Buy Bust and Sid and Aya), Glaiza de Castro (Liway), Bela Padilla (Meet Me in St. Gallen), Maribeth Fanglayan (Tanabata’s Wife), Iyah Mina (Mamu: And a Mother Too), and Nadine Lustre (Never Not Love You).

The nominees for Best Short Film and Best Documentary will be announced separately. The Gawad Urian will take place on June 18 at the UPFI Film Center.

Below are the nominees in the top categories: BEST PICTURE n A Short History of a Few Bad Things n Ang Panahon ng Halimaw n Buy Bust n ML n Signal Rock BEST DIRECTOR n Whammy Alcazaren, Never Tear Us Apart n Keith Deligero, A Short History of a Few Bad Things n Lav Diaz, Ang Panahon ng Halimaw n Alec Figuracion, The Eternity Between Seconds n Denise O’Hara, Mamang n Carl Joseph Papa, Paglisan n Chito S. Roño, Signal Rock n Eric Matti, Buy Bust n Benedict Mique Jr., ML n Irene Emma Villamor, Meet Me in St. Gallen

BEST ACTRESS n Ai-Ai de las Alas, School Service n Perla Bautista, Kung Paano Hinihintay ang Dapithapon n Anne Curtis, Buy Bust n Anne Curtis, Sid and Aya n Glaiza de Castro, Liway n Maribeth Fanglayan, Tanabata’s Wife n Nadine Lustre, Never Not Love You n Celeste Legaspi, Mamang n Iyah Mina, Mamu: And a Mother Too n Bela Padilla, Meet Me in St. Gallen n Marietta Subong (Pokwang), Oda sa Wala BEST ACTOR n Carlo Aquino, Meet Me in St. Gallen n Christian Bables, Signal Rock n Dingdong Dantes, Sid and Aya n Ketchup Eusebio, Mamang n Eddie Garcia, Hintayan ng Langit n Eddie Garcia, ML n Miyuki Kamimura, Tanabata’s Wife n Tony Labrusca, ML n Victor Neri, A Short History of a Few Bad Things n Dante Rivero, Kung Paano Hinihintay ang Dapithapon BEST SUPPORTING ACTRESS n Pinky Amador, Ang Panahon ng Halimaw n Bituin Escalante, Ang Panahon ng Halimaw n Cherie Gil, Citizen Jake n Daria Ramirez, Signal Rock n Nova Villa, Miss Granny BEST SUPPORTING ACTOR n Arjo Atayde, Buy Bust n Nonie Buencamino, Citizen Jake n Teroy Guzman, Citizen Jake n Joel Lamangan, School Service n Victor Neri, Buy Bust n Romnick Sarmenta, Kung Paano Hinihintay ang Dapithapon n Lou Veloso, Citizen Jake BEST SCREENPLAY n Dwein Baltazar, Gusto Kita with all my Hypothalamus n Lav Diaz, Ang Panahon ng Halimaw n Alec Figuracion, The Eternity Between Seconds n Paul Grant, A Short History of a Few Bad Things n Erik Matti and Anton Santamaria, Buy Bust n Benedict Mique Jr., ML n Rody Vera, Signal Rock n Irene Emma Villamor, Meet Me in St. Gallen

For a sumptuous Mother’s Day celebration conTinued From d3 service to Robinsons Place Manila, Intramuros and SM Mall of Asia. Book on the web site with the promo code MOMS19. A sumptuous feast is to be had at Corniche restaurant from May 10 to 12, for P2,880 net per person. Mom will delight in the banquet of dishes from around the world at the lunch or dinner buffet, especially when family and friends are there to make the feast full of laughter and conversation.

At Yurakuen, add flair to your Mother’s Day dining experience with an authentic Japanese lunch or dinner made noteworthy by its flavors and stylish presentation. Turn it into a family affair with set menus for groups of four for P9,600 net or groups of six for P13,600 net. One round of a standard beverage of choice is included in each set.

For a laid-back afternoon spread or a simple yet elegant evening repast, save a table at the Lobby

Lounge for the Mother’s Day three-course set menu priced at P1,680 net, punctuated with a glass of white wine. To make the occasion twice as special, all moms dining on May 12 will receive a complimentary slice of cake and a framed photo as mementos to remember their special day by.

DISCOVERY SUITES MOTHER’S Day is the closest moms get to a dayoff from a lifetime job, and Discovery Suites (www. discoverysuites.com) is all set to give them the most restful and delicious Mother’s Day treat.

Pamper mom with a relaxing staycation in a Junior Deluxe Suite at P5,500 net that comes with a complimentary set meal at Discovery Suites’ award-winning steakhouse, 22 Prime. The offer also includes: buffet breakfast for two at Restaurant 5; access to the swimming pool, fitness center and children’s playroom; high-speed Internet access for

multiple devices, and access to weekend Mother’s Day activities for children ages four to 12, on May 11 and 12, from 4 pm to 5 pm, at the children’s playroom.

This Mother’s Day staycation offer may be booked on or before May 13, valid for stays until May 13.

22 Prime has cooked up a delicious, hefty Mother’s Day Feast available until May 13. Enjoy your choice of for-sharing dish: Prime’s Tomahawk, Signature Steak Platter, or Grilled Mixed Seafood, plus soup and dessert, good for four people. Moreover, moms get a complimentary flower bouquet as an appreciation for her love, care and superhuman powers.

CRIMSON HOTEL SPENDING Mother’s Day at Café Eight of Crimson Hotel (www.crimsonhotel.com/manila) will be nothing short of amazing on May 12, with a Sunday brunch buffet spread filled with mom-centric dishes to be enjoyed with bottomless mom-mosas. As an

additional treat, all mothers get to bring home a limited-edition Crimson tote bag. The rate per person is P1,875+ inclusive of unlimited drinks. Moms eat for free if accompanied by at least four paying guests.

After the sumptuous brunch at Café Eight, take mom to a baking class with Crimson Hotel’s Executive Pastry Chef Ben Bourgeois. Chef Ben will hold a free baking class for the first 20 mothers who dined at Café Eight’s Sunday brunch on May 12. He will teach the participants how to make a Chocolate Soufflé and homemade Raspberry Sorbet. The session will start at 2:30 pm in the Private Dining Room.

For an afternoon pleasure, “donut” disappoint mom on Mother’s Day weekend and treat her to unlimited dainty pastries, savory treats and delectable donuts paired with soothing teas. This Tearrific Afternoon is available at the Lobby Lounge on May 11 and 12, from 3 to 5 pm. The rate for two persons is P850+.

Envoys&Expats BusinessMirror

www.businessmirror.com.ph | Thursday, May 9, 2019 E1

Diplomat demonstrates democracy at work in Israel

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By Recto L. Mercene

@rectomercene

HE State of Israel recently showed the world how to conduct an open, trouble-free, fully democratic election, as its citizens of voting age (18 years)—including those from abroad—participated in exercising their right of suffrage.

Ambassador to the Philippines Rafael Harpaz, being an absentee voter, casted his ballot early on April 4 inside Israel’s embassy in Taguig City, as officials there invited some members of the local media to observe the proceedings; one that is—as far as Israelis are concerned—an almost sacred and purifying experience.

Although this author had to compare his entry through the embassy’s security protocols as something akin to the proverbial “camel passing through the eye of a needle,” Tel Aviv’s envoy to the Philippines warmly welcomed him to his office.

“Walang problema, [no problem]”, he said, as he waved his arm while speaking in Tagalog when asked if yours truly could sit near the window.

That broke the ice of what was initially thought would be a tricky interview about the up-and-coming elections in Israel, and its relations with the Philippines in general.

Elections seem to be a timely topic, given that the Philippines is about to go through the same electoral activity in just a couple of days and choose its next set of legislators and local leaders in the next three years.

“This election means a lot for us,” he began, as he referred to his country’s collective choosing for their next prime minister (PM). “The general election for Israel’s April 9 absentee voting started in New Zealand, and will it end in Los Angeles and

San Francisco [in the United States]” as Harpaz explained the time differences among those places.

“We do the whole process, and we’re very proud of it.”

This holder of a Master’s degree (with distinction) in Diplomacy and Security Studies from Tel Aviv University made it clear that their elections are totally different from the Philippines: “We are voting for the election to the parliament [Knesset], and [it] is the one that elects the government and the PM.” According to Harpaz, there are 120 seats in their Parliament being contested by many parties, as the 20th Knesset is now ending its term. He volunteered that there are 40 different political parties vying for Parliamentary position.

The diplomat explained that the winning party would have to gather a coalition from among the other smaller parties. After that, the Knesset has to show a vote of confidence to the new government.

“The elections are not [yet] over the day after...The PM needs to negotiate so that he could build a coalition. It is fascinating. That’s the heart of democracy.”

“And [in Israel], it’s a big day for malls.” Apparently because, on election day, the government declares it as a holiday, and the people would have the chance to go shopping at the same time.

‘Democracy in action’

HARPAZ, who has a Bachelor’s degree in International Relations and Supplementary Studies from Hebrew University of Jerusalem, said a week after the elections and at the release of the official results, the president of Israel has a consultation with all the heads of the political parties that comprise the parliament. The president asks them who they think would be among the members of the Knesset.

(To be PM, one has to be a member of the parliament).

The Knesset is a 120-member unicameral parliament operating under a plenary session and through 12 standing committees. Its members are elected every four years in universal and nationwide elections.

For the sake of clarification, Harpaz said the president is the head of state, but the PM is the head of the executive.

“We have the Executive, which is the government; Legislative, which is the Knesset; and Judiciary, which is the Supreme Court.”

An absolute majority in the Knesset elects the president of Israel through secret ballot. From 1949 to 2000 the said leader was voted for a five-year term, and allowed to serve up to two terms in office.

Since 2000 the president serves a single seven-year term.

Harpaz said the president is the symbol of the state, and he sets the agenda for topics that are important, such as the environment and education.

The ambassador said usually, presidents have a political background: “From [the time of ascent to office], all of us respect the office’s authority—whether [the winner is a] Jew or non-Jew. [The highest elected official] has a very important authority, because s/he is the one that does the consultations, then appoints someone to build the government.

S/He also has the authority of giving amnesty.”

During the consultation, when members have chosen the PM, they are instructed to build a coalition in 28 days. If it fails to build one, the PM goes back to the president and asks for an additional 14 days.

“If after those 28 plus 14 days he couldn’t complete a coalition, the PM should tell the president: “I have failed; I can’t get the 61 votes to support me.” Then the president is entitled to appoint another member of the Knesset and gives him 28 days to go through the same process in choosing a PM.” “That is democracy in action,” Harpaz pointed out.

According to the envoy, 72 percent of Israel’s 9 million citizens (about 6.

3 million) are expected to cast their votes—“Which is one of the highest [ratios] among democratic countries all over the world. We are very proud of it. This, in a nutshell, is what the Israel elections are all about.”

The actual outcome of their electoral exercise was to reelect PM Benjamin Netanyahu for a fifthconsecutive term and beat the LikudGesher-Tzomet alliance. He had to rely on a coalition with the ultraOrthodox parties Shas and United Torah Judaism.

The April 9 elections had Netanyahu’s right-wing Likud party getting 35 seats out of a total of 120 in the Knesset. While Likud did not win an outright majority, the outcome is typical in Israeli elections, a news report said.

Netanyahu is now set to be the longest-serving PM in Israeli history—even longer than David Ben-Gurion, the country’s first, often described as “Israel’s George Washington.”

His victory was still in the future during this interview. Harpaz explained “the threshold to enter the parliament is 3.25 percent of the votes.”

Elections compared

VOTING in Israel is voluntary,

like in the Philippines, but in the former’s case, participation levels are extremely high. One need not register, but simply present a national ID. In the Middle East country, which has been fighting for survival from its hostile surrounding countries, important issues are debated about, like their relationship with their neighbors, which are all led by autocrats.

“Especially the Palestinians,” Harpaz emphasized. “Remember: We are the only democracy in the Middle East. All our neighbors have no elections.”

He said that until today, “there are demonstrations about the many economic issues, such as in education, social infrastructure and health.”

Harpaz said his country has very strict election laws, “and one of them is not to publicize the polls or surveys a few days before [the actual act of voting].”

“How long [does it take] before the results are known?”

“A few hours after following the exit polls that same night, but the official results will be [released] within a week,” Harpaz boasted, and then added, “It’s a legal process. Our elections are very clean and organized.”

Israel declares a day off on election day to encourage people to go out and vote. Those living in areas far from voting centers get a free ride to the area to cast their ballots.

The envoy said everyone in Israel has to vote in an address near his or her place of residence. On the other hand, those working for the government like soldiers fill up special envelopes that are collected later.

Despite its advances in technology, Israel still conducts manual elections.

“Israel is a start-up. We’re not automated. The issue is not [about] computers, I think. [One just has to] put a circle or an ‘X’ [on the ballot]... to pick a party—not the name of a person.”

This author’s curiosity was

piqued: “Was there ever a case when somebody tampered with the votes, or ran away with the ballot boxes?”

For a moment, the good ambassador seemed to have been caught off-guard by the novelty of the question. Not because their citizens practice such, but because—as deduced from his subsequent answers—they have never engaged in such deplorable acts.

“We are a democracy. You can’t [force an idea by stealing ballot boxes]. I don’t know how it is in the Philippines, but our elections are free [and] direct; you cannot force someone to vote.”

Probably aware of how elections are conducted in the Philippines, where various forms of coercion happen, and news of compromised ballot boxes are common.

Harpaz spoke eloquently instead of how his countrymen respect their country’s system of choosing their leaders.

“We have a lot of respect for your country, [but] this is our system. We tried to change it once in late 1990s, [where] we have a separate vote for the PM and one for the parliament.

It didn’t work.”

The Israeli diplomat said there’s a culture of debate going on during elections. “That is who we are.

We are country of debates, and I’m happy we have diverse opinions. I can vote one way, and my mother could vote for another. That is the way we think. Our state is 71 years old. This is going to be the 21st elections for our Parliament. We are quite inexperienced as a democracy, [but we are building our] country.”

PHL-Israel bilaterals

HARPAZ related that Israel is a country of immigrants. Since its inception in 1948, inhabitants comprise a mosaic of people with varied ethnic backgrounds, lifestyles, religions, cultures and traditions.

Continued on E2

Envoys& BusinessMirror

E2 Thursday, May 9, 2019

DOT chief, Israeli counterpart to boost two-way tourism

‘Vlogger’ recognized for promoting PHL tourism

ISRAELI and Philippine delegations

I

N her official visit to Israel, Tourism Secretary Bernadette Romulo Puyat paid a courtesy call on Israel Tourism Minister Yariv Levin.

Both discussed matters regarding direct flights of the country’s flag carrier to Israel, as well as signed a labor agreement which will allow up to 1,000 Filipinos to work in Israeli hotels.

Their countries took initiatives in encouraging tourism growth for both Filipinos going to Israel, and Israelis to the Philippines. Also present in the meeting were Ambassador Neal Imperial, Undersecretary Benito Bengzon Jr., Israel Tourism Director to India and the Philippines Hassan Madah, as well as embassy officials.

According to Levin, Israel had reached an amazing and historic record in 2018, with (more than) 4.12 million tourists arriving in Israel.

The minister said, “We have broken incoming tourism records, and this achievement is the direct result of intensive work that we are doing at the Tourism Ministry.”

He added, “This achievement is a result of a revolutionary change in marketing strategy, infrastructure development, opening direct routes from new destinations, and creating collaborations with some of the largest travel agents in the world. Incoming tourism makes a huge contribution to both Israel’s economy and its image.”

Statistics from the Israel Ministry of Tourism showed that a total of 28,600 Filipinos traveled to Israel in 2018, with a 31-percent increase versus the previous year.

TOURISM Undersecretary Benito C. Bengzon Jr. reads the citation in the Plaque of Recognition awarded by Secretary Bernadette Romulo Puyat and Ambassador to Israel Neal G. Imperial to “Nas Daily” for his viral videos promoting Philippine tourism. TEL AVIV PE

T TOURISM Secretary Bernadette Romulo Puyat and Israel Tourism Minister Yariv Levin

On the other hand, the Philippines achieved a growth of 16.61 percent in 2018 over the year prior with 20,343 Israelis visiting this country. Philippine passport holders can enjoy visa-free access to Israel for up to 90 days.

The Philippine delegation, headed by Romulo Puyat, visited Israel to participate in the Annual International Mediterranean Tourism

Market (IMTM 2019) in Tel-Aviv. As it steps up on its recent marketing activities, the Department of Tourism erected the biggest booth in the said event.

The IMTM 2019 is an annual tourism event that brought together professionals and service providers from the tourism industry, as well as introduced new attractions and tourist destinations. DFA

EL AVIV—Tourism Secretary Bernadette Romulo Puyat presented a Plaque of Recognition to vlogger and content creator Nuseir Yassin—better known by his online handle “Nas Daily”—for his one-minute videos featuring the Philippines, at a Philippine Night held on the sidelines of the 2019 International Mediterranean Tourism Market in Israel in February.

Nas Daily’s official Facebook page has 11 million online followers, with each of his videos receiving an average of 3 million views.

“With the increasing influence of social media on the travel and lifestyle choices of people, the viral videos of Nas Daily...have significantly brought the Philippines to the consciousness of travelers, particularly those who are search-

ing for new, multi-adventure destinations the Philippines [has to] offer,” said Tourism Undersecretary Benito C. Bengzon Jr., who joined Romulo Puyat and Ambassador to Israel Neal G. Imperial in presenting Yassin with the certificate.

Born in Northern Israel, Yassin quit a high-paying New York job in 2016 to travel the world and document his journeys, posting a single one-minute video every day for 1,000 days. His self-funded travels, which have taken him to destinations as far as Rwanda and Malta, eventually took him to the Philippines.

Yassin said that he has a special affection for the Philippines, calling it “the country I love the most.”

He thanked Romulo Puyat for the recognition, and revealed it was the first time he had received such an award. DFA

Diplomat demonstrates democracy at work in Israel Continued from E1

Today Jews comprise some 75.4 percent of the country’s population. The rest are nonJewish citizens, mostly Arabs (20.5 percent).

The official languages of the country are Hebrew and Arabic, but many other tongues could be heard in the country’s streets.

From elections, our conversations turned to bilateral relations.

Harpaz, who arrived in the country in August 2018, pointed out that Filipinos do not need a visa going to Tel Aviv.

Israel, he said, has all kinds of Jews from around the world. He disclosed that his grandparents came from Russia and Poland, while his wife’s family is from Iraq.

The good envoy spoke glowingly of President Duterte’s state visit to Israel in September 2018, where the Chief Executive signed several trade pacts, among others.

He said Israeli scientists have been teaching thousands of Filipinos for decades to help the latter engage in drip irrigation, farming, animal husbandry; solve its water problems; increase rice production; and train people to earn through high-value crop production.

“There’s also the transfer of water technology to make available potable waters in remote areas, and also security cooperation,” he added.

Harpaz also revealed that an Israeli company is drilling for oil and gas in the Sulu Sea. “We engage in [areas] of energy. We’re also looking to help clean Manila Bay, because we’re very advance in those issues.”

“Again, we’re a small country, but we try to see where we can cooperate,” he said by way of downplaying the role of Israel as a “David” against the Goliaths of the world.

Pinoys giving care

“I ALSO would like to mention the role that Filipino caregivers [play an important part] in our relations,” the envoy noted, and then added that Israelis are not allowed by law to have their own “yaya...as you call it?”

He said 30,000 migrant Filipino workers in Israel are in the caregiving industry, enjoying all the perks and privileges of Israeli citizens. “[Those] Filipinos are chosen and they are paid well. They are part of our society. We treat them fairly. They have their churches, schools, [and enjoy their own kind of] food.”

Harpaz claimed his country is now crafting a law to make our compatriots’ living conditions even better. “As you know, many Filipinos pay such huge placement fees just to go to Israel: up to $10,000 even more.”

He said the government tried to eliminate such, often demanded by recruitment agencies.

“Why do you pay so much to those companies that recruit them?” he inquired.

He said Duterte, during his visit, signed an agreement that waived a huge fraction of the placement fee, which had been reduced to $800.

“The Israeli government ratified it, and I think we’re just waiting for the Filipino side to ratify it in the near future. It’s very important.”

Invitation to the Holy Land

IN addition, he said Israel is opening up their tourism sector to allow Filipinos to work in the said industry.

“This is the ‘Holy Land’ of 9 million, and we had 4.2 million tourists in 2018. Everybody wants to go to there, so the first country that we signed with an agreement to open it for 1,000 people is the Philippines. We ratified it, and we are waiting for your side to [reciprocate] it.”

Harpaz, who was Israel’s former ambassador to Azerbaijan, Washington, D.C., in the United States, Sweden, Switzerland and Ivory Coast, said hopefully, flag carrier Philippine Airlines would soon mount direct flights to Tel Aviv. “I invite you all to come. Don’t wait for the direct flights, because the number of Filipino tourists to Israel has tripled during the last three years, and the number of Israeli tourists to the Philippines has doubled during the last two years.”

He said he talked to Tourism Secretary Bernadette Romulo-Puyat while she was on a visit to Israel recently, which was a follow up to the visit of the Israel Tourism Minister to Manila. (See story: DOT chief, Israeli counterpart to boost two-way tourism)

“It will be a wonderful opportunity to increase investments, cargo and tourism,” he gushed. “To have successful tourism relations, you need to have a direct flight and visa-free [entry],” Harpaz volunteered.

He then went on to say 250,000 Israelis visit Thailand every year because of direct flights.

PHL tourism treasures

THE Israeli diplomat said so many of his fellow citizens would come to the country if there were direct flights “because the Philippines is famous for family trips.”

“Both my children have come already, [and so did backpackers and honeymooners].”

On the flip side, he said so many Filipinos have come to see Jerusalem, Nazareth, the Dead Sea and the Sea of Galilee: “I see them walk all over in Israel,” he noted, then invited other members of the local media to include the Holy Land in their bucket list, which is also in those of every Filipino tourist.

Harpaz advised Filipinos to promote their tourist spots aggressively. Having been around the world, there are few places on Earth that could compare with the Philippines’s natural beauties.

“Amazing! It’s heaven!” he exclaimed. “I’ve been to Boracay. You have to appreciate what you have done [there]. I went to Bohol, Puerto Princesa, Davao, Cebu and Pampanga. You have a treasure as an amazing country. Keep it [clean] like you do now in Boracay. I’ve been all over the world and never saw anything like it.”

Finally, this author asked about the commonalities that bind Filipinos and Israeli together.

“Two things: Both the hearts of the Israeli and the Filipino societies are the family.”

“The other element is, you are such friendly people. Israelis are the same.”

&Expats

envoys.expats.bm@gmail.com | Thursday, May 9, 2019 E3

CULINARY ADVENTURES

Exploring authentic Indian cuisines

F

By Trisha Jean V. de Leon

OR most people, studying abroad is a life-changing experience, as international students have the opportunity to learn firsthand new customs and traditions, as well as explore new places.

Plus, living in a faraway country can give them a dose of independence and sense of responsibility.

Yet, at some point, one may long for the comfort of their home, especially during a stressful examination week or hectic semester.

Fortunately, there are these places in the Metro to remind them of their beloved homeland.

Flavours by Vana’s, for instance, is an Indian-themed restaurant offering traditional dishes that students on a budget can enjoy, as owners Sonia Mansukhani, Vedant Bhardwaj and Mandeep “Happy” Singh want to bring the rich flavors of Indian cuisine at an affordable price.

Bhardwaj even mentioned that he can relate to Indian students enrolled here in the Philippines.

“We would like to serve quality food at a cheap price. Since I am still a student here, I can feel the pain of not having enough money to [enjoy] Indian food.”

Force behind Flavours

LIKE many restaurateurs, Mansukhani—a media planner, and Bhardwaj—a pilot, are both foodies.

Despite coming from different backgrounds, they teamed up to create an authentic Indian restaurant here in Metro Manila.

When asked the reason they decided to put up the establishment, Bhardwaj remarked: “Just the love for food…that’s it. We want to serve economical Indian food for Indians and Filipinos to enjoy.”

Some entrepreneurs may con-

sider this trio a newbie in the gourmet world, but they have proven time after time that they can keep up with bigger restaurants, especially considering their low-cost yet quality dishes.

Both Bhardwaj and Mansukhani were also hands-on with the restaurant’s operations. They shared how they split the tasks to ensure their flourishing business runs smoothly.

Spreading, relishing the flavors

IN 2017 approximately 4,000 students from India came over to pursue their tertiary education or medical degrees. Apart from the relatively low tuition fee, the Philippines is one of the largest English-speaking countries (in terms of population), making it an ideal learning mecca for foreign students.

For Bhardwaj and Mansukhani, this growing trend of Indian students flying into the Philippines is their golden ticket to expand their business in Makati.

“All our branches are beside a school [with] Indian students. For instance, [one] school of medicine has 1,400 students. Basically, that’s our target market. Since we are there, people can enjoy quality Indian food at student rates,” said Mansukhani.

Although Flavours by Vana’s may still sound new for many “Makatizens,” it has actually been around in Northern Metro Manila for five years now.

“We opened our first branch in Valenzuela City. So, if you talk about the students, they are already aware

SONIA MANSUKHANI

VEDANT BHARDWAJ

of our presence and look for us,” Mansukhani pointed out.

Apart from the two cities, locals can also find their exceptionally good Indian food in Las Piñas City.

Medley of elements

POPULAR for its exotic ingredients, as well as unique taste and aroma, Indian cuisine combines spicy, sour, sweet and hot all in one plate. In fact, there are 20 to 30 basic spices that are used in many dishes, including coriander, turmeric and ginger.

To capture the original flavor, despite the localization of the

dishes, Flavours uses imported ingredients from India to make each dish more authentic.

“We can alter as much as we want, but we still want to preserve the original spiciness. We are also learning every [aspect of the] market,” said Bhardwaj.

According to Mansukhani, some Filipinos may find Indian cuisine too “strong” for their taste; thus, she thinks biryani is a hit among them.

The popular Indian dish basically consists of rice, which is a staple in the Philippines, and can be served with marinated chicken, egg, fish or

prawn with spices.

Apart from biryani, mutton curry, which has soft, tender chunks of lamb meat spiced with onion and tomato gravy, as well as laal maas, are some of their specialties.

Mansukhani also revealed that Flavours is a go-to place for Indians who want to enjoy homestyle quality food at an affordable price. They also provide delivery services for students who do not have the luxury of time to cook Indian dishes in their dorm or apartment.

“That’s our trademark. We offer a standard set meal for students, which

they can pay every month. This budget [is around] P75 pesos per meal, or P4,500 per month.”

Moreover, customers can enjoy Indian music during their Bollywood Night with world-class Mumbai jock DJ Torpedo.

Due to the success of Flavours in Metro Manila, both owners are planning to take their successful restaurant brand to Clark in Pampanga and Bonifacio Global City in Taguig.

It’s a good move for them to strike the iron while it’s hot—like the hallmark of the Indian food that they serve.

Aussie masterchef: Up close and personal

By Cesar M. Cruz Jr. | Contributor

C

ELEBRATED TV host, cookbook author, weekly food columnist, host of the awardwinning food and travel series Destination Flavour and 2010 MasterChef Australia winner Adam Liaw was recently in town on a mission to showcase the various high-quality products from the Land Down Under by way of his contemporary cuisine.

This was made possible through Taste Australia, a cultural program of the government of Australia through its embassy in the Philippines. It aims to introduce the commonwealth in the Southern Hemisphere to a great number of countries around the world.

The Philippines has been a major importer of Australian goods and agricultural products such as lamb, beef, dairy products, wine and snack food.

In an intimate audience with a handful of media practitioners late in April, this writer had the privilege of knowing the Australian MasterChef more than what meets the eye.

“Food is the best way to explain a culture, because it does not lie. It is a very accurate representation of what life is like,” Liaw stated, as he began his short talk, then went on to say: “Food is a constant, as everybody eats once or thrice a day. And what comprises those three meals [actually has a lot to do] about politics, geography and climate, [as well as a

CHEESE platter

MINI pavlovas

host of other elements].”

Nourishing relationships

THE masterchef revealed he does not write recipes for himself, as he already “lives and breathes” cooking. He claims not to just focus on classic dishes, as they are more of an academic exercise for him.

“The type of food you’ll cook in a competition is very different from what you will cook at home,” he pointed out.

Fortunately, Liaw holds a firm grasp of the way Australian families cook and dine in the comfort of their

THE Australian masterchef, during the interview

homes. He takes into consideration their needs when he writes a recipe, such as having limited time and working within a reasonable budget.

The Australian kitchen whiz is also well aware that people want food that are fresher and, at the same time, easier to prepare.

He cited that both Filipinos and Australians savor the goodness of home cooking, as it centers on “nourishing intimate relationships.”

When asked for Liaw’s favorite Filipino dish, his audience expected a usual automatic reply of adobo, or even sisig, as these dishes hold inter-

national acclaim. To our surprise, he is actually fond of Bicol Express, citing the distinctive umami from the confluence of coconut milk and shrimp paste.

Going even further, he has even made his own interpretation of the spicy dish with a few tweaking of ingredients.

Multicultural influences

UNBEKNOWNST to many, Liaw said, “Australian cuisine has a very strong Asian influence. It is ‘multicultural’ like that of American, Canadian and British cooking.”

ADAM LIAW

“The one thing you notice when you come to Australia is just how much Asian ‘touch’ there is across the board. Australians have a high level of familiarity with different offerings coming out from Asian kitchens.

They can tell the difference between food from the Philippines, Vietnam, Indonesia and Thailand,” the Australian MasterChef explained.

After the brief interview, everyone was privileged to witness Liaw in action for a live cooking demonstration of a signature dish: peppersteak spaghetti. He noted that it was something a kitchen novice can do

with confidence. The focus of his presentation was on the superior quality of ingredients, which are in the beef and pasta.

Guests got to sample Australian products that are already available locally, then proceeded to sample a sumptuous feast of pavlovas, mini meat pies, beef rissole sliders and Australian lamb, among many others.

On the other hand, every cocktail table in the area had its own serving of mouthwatering cheese platter. Wine, coffee and juices flowed aplenty, as well.

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EMBASSIES, EVENTS, ETC.

LOCSIN, U.A.E. DIPLOMAT Foreign Affairs Secretary Teodoro L. Locsin Jr. (left) received the United Arab Emirates’s Ambassador to the Philippines Hamad Saeed Al-Zaabi in a courtesy call on May 3. Locsin lauded the progress in the relations between the Philippines and UAE, then expressed his appreciation to the ambassador for the UAE’s various civic projects in the Philippines, including the construction of school buildings. DFA/NILO PALAYA

D.F.A. CHIEF RECEIVES SWISS ENVOY Locsin welcomed Switzerland’s Ambassador to the Philippines Andrea Reichlin in a courtesy call at the Department of Foreign Affairs on May 2. The DFA chief congratulated Reichlin on her successful and productive tenure in the Philippines since 2015, and wished her well on her new posting later this year. The secretary recognized her contributions as well as Switzerland’s commitment to the peace process as chairman of the Transitional Justice and Reconciliation Commission. They discussed the further deepening of Philippines-Switzerland bilateral relations and exchanged views on regional and international developments. For her part, Reichlin thanked Locsin for the smooth relations she and the Swiss embassy enjoyed with Philippine government agencies during her tenure. DFA/CLARK GALANG

COMBATING CLIMATE CHANGE Part of the Canadian Embassy in Philippines’s “What A Waste!” initiative to increase awareness

and address the looming problem of waste management in the country, Canadian Ambassador for Climate Change Patricia Fuller (second from left), Canadian Embassy Counselor and Senior Trade Commissioner Crista McInnis (second from right) and Ambassador of Canada to the Philippines John T. Holmes (right) chose the thesis of iACADEMY BS Animation alumni Alexandra de la Cruz and Ma. Isabella Parca (third and fourth from left, respectively) in the form of the short animated film Halimaw sa Basura. With them is iACADEMY School of Design’s faculty member Peter Brown (left). ROY DOMINGO

Faith tourism high on France’s agenda

T

HE Embassy of France to the Philippines and development tourism agency Atout France recently led a delegation of French tourism professionals in Manila and Davao late in April.

After three years of successful missions in the Philippines, Atout France and its partners Lourdes Tourism Board, Avignon Tourism Board, Chartres Tourism Board as well as French hotel chain The Original Hotels were in the country to touch base with the local media and travel sector specializing in Catholic pilgrimages.

During the road show, workshops and press gatherings took place in Manila and for the first time, Davao City.

France is the top tourism destination in the world, with 88 million visitors in 2017. The figure is estimated to have reached about 90 million in 2018. The tourism industry is a significant economic sector in the European country, contributing 8 percent of its gross domestic product, while helping create more than 2 million jobs.

To increase the number of Filipino tourists in France, its embassy in Manila implemented the delivery of visas within 48 hours after sub-

‘Mabuhay Germany’ reaches new heights

T

HE Ger m a n-Ph i l ippi ne Chamber of Commerce and Industry (GPCCI) reintroduces Mabuhay Germany 2019, with “New Heights” as its theme.

Happening on May 25 and 26 at the Bonifacio High Street Central in Taguig City, Mabuhay Germany 2019 will feature the most comprehensive display of German goods, services, innovation, tradition and culture.

Kids and adults can enjoy a variety of activities set by a range of exhibitors in their individual booths. Car enthusiasts will surely appreciate the display of Germanmade automobiles from several partners.

A new segment of the event is the Reverse-Trade Fair where companies may display materials they intend to procure. A wide range of activities,

from talks to company and institution presentations, to fun activities, will take place at the fair.

Stakeholders expect more than 10,000 visitors comprising of business executives, families, students and the general public.

Mabuhay Germany is a biennial event organized by the GPCCI that features German brands to the Filipino community. Since its foundation in 2008 GPCCI has promoted bilateral trade by supporting the market entry of German companies and represented Germany as a strong economic partner from Europe.

GPCCI strongly believes in upholding its mission to serve as a working platform for the German business community while promoting German companies, products and services.

ATOUT FRANCE’S Clarisse Bloner (from left), Corinne Laussu, Matteo Dell’Orto and Philippe Bonfiglio

mitting documents to VFS Global (France). This policy helped increase the number of visas issued by the consular section in Manila by 50 percent.

France has a wide variety of destinations to offer: from sandy

beaches with azure-blue seas, to snow-covered mountains and vast expanses of countryside. It is also home to some of the most important and well-known monuments in the world, as well as French gastronomy, which is listed as a Unesco

cultural heritage.

Focusing on spiritual destinations, France offers several major sites such as Lourdes, the birthplace of Saint Bernadette; Nevers, her resting place; Lisieux and Alençon, with their connections to Saint Theresa; Avignon, where the Pope’s palace was situated in the 14th century, and many more.

About the road show, Ambassador of France to the Philippines Nicolas Galey said, “This mission will highlight the beauty and diversity of the religious sites in France. Many are Unesco World Heritage landmarks and are very dear to Filipinos, as shown in the numerous heartfelt messages we received at the embassy after the tragic fire that engulfed parts of the iconic 850-year-old NotreDame Cathedral, for which we are very grateful.”

Recognizing the continuously rising importance of the Philippines

as a market in Asia, Atout France has already organized in the past six months two familiarization trips to France focusing on spiritual destinations: December 2018—Familiarization trip with five travel agents from Manila to discover historical and pilgrimage sites in Normandy, such as Lisieux, Alençon and Mont Saint Michel.

March 2019—Familiarization trip with three travel agents from Manila and one from Cebu in the South of France to sites such as Avignon, Saint-Maximin-La-SainteBaume, Saint-Gilles du Gard and Lourdes, among others.

Atout France is in talks to organize another one in the second semester this year. The goal is to allow travel agents in the Philippines to gain enough knowledge to create innovative packages and “quench the wanderlust of Filipino travelers.”

Muntadas’s ‘Methodology’ on spotlight A PUBLIC lecture, entitled “Muntadas: The Project’s Methodology” will discuss and interpret the decades-long works of Antoni Muntadas, a pioneer in the fields of highly politicized conceptual and media art from the 1970s onward on Tuesday, May 21, 3 p.m. at the School of Design and Arts (SDA) Cinema of the De La Salle-College of Saint Benilde SDA Campus.

Barcelona-born and now a New York resident Muntadas has delved deep into social and political messages and their unconscious adaptation. He has previously tackled issues such as the private versus public space in social framework.

ANTONI MUNTADAS JAIME VILLANUEVA/EL MUNDO

Aside from being a multimedia artist, Muntadas has, likewise, been a professor in Europe and the United States, particularly in the Massachusetts Institute of Technology for the Visual Arts Program. He is

currently part of the faculty at the University Institute of Architecture in Venice.

The Spaniard’s projects tap media such as photography, video, performance, multimedia installations, publications as well as public art, and have been exhibited in museums and festivals such as the 51st Venice Biennial, the Museum of Modern Art in New York, and the Museu de Arte Moderna in Rio de Janeiro.

Muntadas has been lauded with several awards, prizes and grants, including the Solomon R. Guggenheim Memorial Foundation, the Rockefeller Foundation, the National Endowment for the

Arts, the New York State Council on the Arts, the Premio Nacional de Artes Plásticas 2005, and the Premio Velázquez de las Artes Plásticas 2009 from by the Spanish Ministry of Culture.

Launched by the college’s Museum of Contemporary Art and Design and in partnership with the Embassy of Spain in Manila and Ateneo Art Gallery, the talk is free and open to the general public.

For inquiries and reservation, call (02) 230-5100 local 3837 or e-mail mcad@benilde.edu.ph.

The SDA Cinema is at the De La Salle-College of Saint Benilde Campus, Pablo Ocampo (Vito Cruz) Street, Malate in Manila.

Canada cites short animation in curbing climate change

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ART of its “What A Waste!” initiative to increase awareness and address the looming problem of waste management in the country, the embassy of Canada in the Philippines has recognized the thesis film Halimaw sa Basura of iACADEMY students.

“We are honored to be part of this very big initiative. We really wanted to use it for something

bigger; something that will help push the discussion about waste management and for people to better understand that this issue needs to be addressed,” said Maria Isabella Parca, one of the directors and producers of the film and a BS Animation Graduate (Class of 2018).

The Canadian Embassy’s Counselor and Senior Trade Commis-

sioner Crista McInnis introduced the animated film during the W hat A Waste symposium in March. The campaign aims to alleviate waste in Metro Manila, where 19 municipalities and 13.7 million residents generate an approximate 3,500 tons of household waste on a daily basis.

Said confab encouraged discussions highlighting a range of tech-

nological, social and circular economy solutions to manage waste.

The initiative will target key decision-makers such as city mayors, local government units and the Department of Energy, as they will meet with Canadian companies, experts, social enterprises and private Philippine companies to discuss and deploy their plans for waste management.