Businessmirror May 10, 2019

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

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Friday, May 10, 2019 Vol. 14 No. 212

Q1 growth a mere 5.6%, UMIC goal seen delayed

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By Cai U. Ordinario

@caiordinario

HE Philippines may not be able to attain upper middle-income country (UMIC) status by the end of the year given the economy’s lackluster 5.6 percent performance in the first quarter and major headwinds that could dampen growth and incomes this year.

Socioeconomic Planning Secretary Ernesto M. Pernia made this pronouncement during the news briefing on the National Income Accounts on Thursday. Pernia said, however, that the National Economic and Development Authority

(Neda) still needs to make the necessary computations, the country’s GDP growth prospects are not as rosy this year.

In the first quarter, the economy only grew 5.6 percent, slower than the 6.5 percent posted in the

same period in 2018. The growth is also the slowest in 16 quarters, or since the first quarter of 2015 when growth was at 5.1 percent.

“That [reaching UMIC status this year] is now ‘iffy’ because to achieve upper middle-income

6%-7% The government’s GDP growth target for 2019

country [status], we’re talking about GNI [gross national income], not GDP per capita. We’ll have to do some calculations if we can still reach $3,980 per capita by this year,” Pernia said.

Local economists such as Calixto Chikiamco said attaining UMIC status is really not in the cards for the Philippines this year or even in the next three to five years. He said it is important to note that economic growth under the Duterte administration has been declining.

See “Q1 growth,” A2

WITH INFLATION ENTERING 2% LEVEL IN ’19, B.S.P. CUTS RATES BY 25 BASIS POINTS

By Bianca Cuaresma @BcuaresmaBM

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HE Bangko Sentral ng Pilipinas (BSP) on Thursday eased its monetary-policy stance with a main policy rate cut, following an assessment of a further decline of both inflation and growth rates in recent months.

A 25-basis-point cut to its overnight reverse repurchase was made at its monetary-policy meeting, effective Friday, May 10—as broadly called for by markets for this meeting. The interest rates on the overnight lending and deposit facilities were reduced accordingly.

BSP Governor Benjamin Diokno told reporters that their decision to cut after several months of unchanged monetary-policy stance and aggressive rate hikes in 2018 was based on their assessment that the inflation outlook continues to be manageable,

production capacities.

The Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) said recent sporadic rains that occurred in the afternoon and in the evening is brought about by loc a l i zed t hu nder storms and should not be mistaken as the start of the rainy season.

Although sporadic rains are expected within the next two days, weather forecaster Jomaila Garrido said the rain can normally last up to an hour or two, not enough to raise the water level at Angat or La Mesa dam to ensure adequate raw water supply.

She explained that, while there are rains, these rains may not necessarily fall directly on the right watershed to increase existing water reserves at dams, such as La Mesa or Angat.

See “Water levels,” A2

PESO EXCHANGE RATES n US 52.0240

BUSINESS NEWS SOURCE OF THE YEAR

P25.00 nationwide | 5 sections 34 pages | 7 DAYS A WEEK

Despite rains, dam water levels still below normal W ATER levels at La Mesa Dam and Angat Dam remain below normal levels despite a spate of sporadic rains for the past few days.

As of 6 a.m. on May 9, the water level at La Mesa is 68.55 meters above sea level (asl). This is still below its normal level of 78 to 79 meters above sea level.

As of the same period, the water level at Angat is 174.78 meters. The minimum operating water level at Angat is 180 meters.

Angat Dam is the source of about 96 percent of water for Metro Manila’s close to 12 million population.

While the two private water contractors and agents of the Metropolitan Waterworks and Sewerage System (MWSS) are drawing water from Laguna de Bay, recent conditions such as the algae bloom—because of the warm weather—limit their water

2017 EJAP JOURNALISM AWARDS

with easing price pressures owing to the decline in food prices and improved supply conditions.

Inflation, according to BSP Deputy Governor Diwa Guinigundo, is projected to fall further than earlier expected for this year—with their forecast now at 2.9 percent, from the earlier 3-percent forecast about two months ago.

The deputy governor said the reduction in their inflation forecast was based on the lower actual monthly inflation in the first four months of 2019, the lower growth for the year, lower cash supply growth as well as the lower global growth for the year.

For next year, however, their inflation projection was scaled upward to 3.1 percent from the earlier 3-percent forecast—which Guinigundo attributed to increases in global oil prices and adjustments in jeepney fares.

See “Rates,” A2

NGCP on 24/7 mode for polls

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HE National Grid Corp. of the Philippines (NGCP) said on Thursday it will activate the 24/7 operations of its Overall Command Center (OCC) starting May 10 until May 16 as part of its preparations to secure power transmission operations and facilities for Monday’s midterm elections.

The grid operator has also put in place contingency plans to monitor and quickly address any grid disturbance.

May 13 has been declared a special nonworking day, but NGCP’s critical units, such as System Operations (SO) and Operations and Maintenance (O&M), remain fully staffed and operational. Line crews, AFTER heavy rains on Wednesday night, La Mesa Dam’s water level rose by a mere 0.10, from 68.45 to 68.55. NONOY LACZA

See “NGCP,” A2

n JAPAN 0.4725 n UK 67.6884 n HK 6.6280 n CHINA 7.6696 n SINGAPORE 38.1912 n AUSTRALIA 36.3544 n EU 58.2253 n SAUDI ARABIA 13.8731

Source: BSP (9 May 2019 )

News

BusinessMirror

A2 Friday, May 10, 2019

www.businessmirror.com.ph

Election code reform eyed to lift infra ban

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By Cai U. Ordinario

@caiordinario

MENDING the Omnibus Election Code is important in minimizing the impact of the ban on major infrastructure projects during election years, according to the National Economic and Development Authority (Neda).

Socioeconomic Planning Secretary Ernesto M. Pernia said the OEC should be amended to remove the ban imposed on infrastructure projects, which he calls an “oldfashioned” provision.

He made the pitch even as he lamented the Commission on Elections’s “inaction” on the Executive branch’s request for big-ticket priority infrastructure projects to be treated as exceptions to the ban.

Water levels. . .

Continued from A1

“These rains are brought about by localized thunderstorms and they can usually last one or two hours, not enough to increase the water level at La Mesa Dam or Angat,” Garrido said.

Garrido said the El Niño weather system continues to affect the Philippines, which means that the dry season may be extended up until June, or worse, July or August.

“We are still experiencing El Niño, that’s why we are not expecting enough amount of rains that can refill our dams,” she said in Filipino.

The water level at La Mesa dropped to a critical level in March this year, causing severe water service interruption that affected millions of customers within the East Zone Concession Area.

In the last two years, Manila Water, the concessionaire for the East Zone, was compelled to draw water from the La Mesa water reservoir to augment supply for its 6.8 million customers. Of the maximum daily water allocation for Metro Manila’s domestic water consumers, Manila Water is receiving 1,600 million liters per day of raw water from Angat, while Maynilad Water Ser-

Rates. . .

Continued from A1

Right policy point

Pernia said the removal of the ban would be “ideal” in order to ensure that infrastructure projects, which are necessary to grow the economy, would continue even during election years.

“That would be ideal. I don’t know why there should be a ban.

It’s old-fashioned,” Pernia told BusinessMirror on the sidelines of the National Income Accounts press briefing on Thursday. “There

BSP officials said the decision on Thursday was a made in a “right policy point” environment, with considerations to the country’s disappointing growth numbers in the first quarter of the year—which was announced earlier in the day.

“In deciding the stance of monetary policy, the Monetary Board noted the impact of the budget delays on near-term economic activity, but took the view that the prospects for domestic demand remain firm, to be supported by a projected recovery in household spending and the continued implementation of the government’s infrastructure program,” Diokno said, adding that the slower growth in domestic liquidity and credit require “careful monitoring” Growth for the first quarter of the year, as announced by the Philippine Statistics Authority (PSA) on Thursday, slowed to 5.6 percent—the lowest growth for the country in four years. Government officials blamed this on the budget delay.

While a rate cut is known to be supportive of an economy’s growth prospects, BSP officials said their decision on Monday is “independent” of the government’s budget issues and that the lower interest rate’s ability to support local growth is more of a “consequence” of their decision rather than the actual goal of the cut.

Asked if the BSP is prepared to continue cutting rates should inflation continue to fall and growth remains to be weak in the coming months, Diokno said: “We will continue to be data-dependent and we will review from time to time what the current situation is and what is the prognosis for the future not only domestically but also globally.”

vices Inc.—the concessionaire for the West Zone—gets 2,400 MLD. In a statement, Jeric Sevilla, Manila Water group head for Corporate Strategic Affairs, warned that the situation may actually get worse before it gets better.

“We welcome the rains that have been pouring over Metro Manila these past few days. But we cannot rest easy with it. First, the rains are still not sufficient to refill La Mesa Dam to its normal operating level of 78 to 79 meters. While the heavy rains last night added 10 centimeters to the level of La Mesa Dam, the level of 68.55 meters, as of 5 a.m., May 8, is still way below the critical level of 69 meters,” he said.

Sevilla said Manila Water needs continuous days of that much rain to refill La Mesa.

“Second, even if we are able to refill La Mesa, and we begin to draw water from it again to augment the still-deficient water supply, it is certain that we will encounter waterquality issues,” Sevilla added.

Since La Mesa is coming from subcritical levels, the soil that was previously submerged has since been exposed and may turn to mud Guinigundo also commented on the future of monetary policy: “Anything can happen, so the conduct of monetary policy will have to be done in a careful, very deliberate way. Don’t expect it to be very sharp, but it is going to be gradual and it is going to be data dependent.”

RRR next?

ASKED about their decision to cut the reserve requirement ratio (RRR) Diokno said there is no decision from the Monetary Board yet, that it is still on the table and that it will be discussed by the Monetary Board next week.

Several economists have been campaigning for a cut in the BSP’s RRR, especially after inflation had slowed to within target of 2 to 4 percent this year.

One of the latest economists to talk about the country’s RRR is Philippine National Bank (PNB) economist Jun Trinidad, saying the timing for a cut is appropriate for this year.

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.

Latest 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 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.

should be no election ban for infrastructure projects, especially in the regions where it is most needed.”

Neda Undersecretary for Planning and Policy Rosemarie G. Edillon also explained during the briefing that a review of the Omnibus Election Code is warranted given the many years that it has been in effect.

Edillon said many reforms that have been made in public financial management can act as checks and balances on various public construction undertakings. One such reform is the removal of lump-sum appropriations which have been replaced by line-by-line budgeting.

She added that amending the OEC is necessary now that the government has shifted to a cashbased budget. If a ban is imposed on infrastructure projects, these could be in danger of being delayed and not being funded because of the new system of budgeting, she explained.

The lifting of the infra ban is crucial “if we are really transitionwhen watered by rains, raising the level of the raw water’s turbidity, he explained. “We need to prepare for this eventuality because it takes time for water to return to normal turbidity levels,” Sevilla added.

Nonetheless, Sevilla assured customers within the East Zone concession area that, should this occur, Manila Water will continue to ensure that the water it distributes passes the stringent Philippine National Standard for Drinking Water (PNSDW), as set by the Department of Health (DOH).

Sevilla reported that Manila Water continues to make progress on its service recovery efforts. As of May 8, the company has achieved 98-percent water availability of at least eight hours at 7 psi, or at ground-floor level. It has also reached 72-percent, 24-hour water availability at 7 psi.

The company continues to work on various distribution solutions to address pocket areas of less than eight hours of supply. The Cardona Water Treatment Plant has been producing 50 million liters per day, and deep wells have augmented the Angat Water Supply with the production of 30 MLD. Cross-border flows are at 16 MLD. Jonathan L. Mayuga

Cash-based. . .

Continued from A12

spending will negatively impact on economic growth. He said government spending is a powerful stimulus to the economy because of the multiplier effect it can have on GDP growth.

“While we support the implementation of the cash-based budgeting system, the supervening circumstances such as the delay in the budget and the election season warrant an urgent review of the cash-based budgeting rules,” Pernia said.

“If the payment period and the budget validity are not extended, government agencies may decide to forgo implementing new programs and projects that are expected to take longer than seven months to complete inclusive of the procurement process,” he added.

As opposed to multiyear obligation-based budgeting, the annual cash-based budgeting “limits incurring obligations and disbursing payments for goods delivered and services rendered, inspected and accepted within the fiscal year.” This means that the extent of budget implementation is just one year.

Originally, the Department of Budget and Management (DBM) also proposed that the Extended Payment Period just be limited to three months after the fiscal year. However, this was extended further to six months after the House and the Executive met to resolve the budget impasse on the proposed 2019 budget of P3.757 trillion and agreed on a transitory cashbased system.

“That would be ideal. I don’t know why there should be a ban. It’s old-fashioned. There should be no election ban for infrastructure projects, especially in the regions where it is most needed.”—Pernia

ing into this cash-based budgeting where you are only given until the end of the year—so it is not even 12 months. It’s just until the end of the year to finish it, to finish the projects, then the payments. The projects should be finished and delivered and payments can be done, can be extended for another quarter. So I think that one should again be considered by the Comelec.”

Comelec inaction

PERNIA lamented, meanwhile, the Comelec’s “inaction” on the request of the economic team for an exception from the election ban for key

infrastructure projects.

The President’s economic team sought for an exception for 145 projects submitted for the 2019 General Appropriations Bill; the 603 from the Department of Public Works and Highways; and the 384 funded by official development assistance (ODA).

Pernia said the Comelec responded to the economic team regarding its request only on March 29, the start of the election ban. This despite the submission of the list of projects as early as February 18.

“These kinds of inaction on the part of other sectors in government are not going to be helpful. That’s why we always say the whole of government, the whole of citizenry is needed for a better performance of the economy and poverty reduction,” Pernia said.

In April, this newspaper reported that the implementation of bigticket infrastructure projects faced delays as the Comelec had asked for additional documents from econom-

ic managers before it could decide on their request for exemption from the public works ban.

Economic managers earlier sought an exemption from the public works ban, which took effect on March 29, to minimize the adverse impact of a reenacted budget on GDP growth this year.

If this is not granted, the country’s economy would have to contend with the triple whammy of a reenacted budget, El Niño and the possible delay in the implementation of 1,132 public infrastructure projects.

Neda OIC and Undersecretary for Regional Development Adoracion M. Navarro told the BusinessMirror that the agency is coordinating with the Department of Finance (DOF) and the Department of Budget and Management (DBM).

Navarro also said implementing agencies have been asked to submit the additional documents required by the Comelec.

Karina David’s wake from May 10-12

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HE wake for former Civil Service Commission (CSC) Chairman Karina Constantino-David, who died on Tuesday at the age of 73, starts on Friday, May 10 at 6 p.m. at De La Strada church

Q1 growth. . .

Continued from A1

Chikiamco said external headwinds such as the United StatesChina trade tensions, El Niño, high oil prices, and water shortage, could further complicate the country’s bid not only in terms of boosting economic growth this year but also the attainment of UMIC status.

He added that the agriculture and export sectors have also weakened and no amount of election spending this year will be able to help the country overcome this and other external headwinds. “ E conom ic g ro w t h u nd e r Duterte has been decelerating.

His administration’s economic plan is too dependent on government action,” Chikiamco told the BusinessMirror on Thursday.

“His BBB [Build, Build, Build] is [also] very short on accomplishments.” To address the situation, Chikiamco urged the President to “pivot back” to public-private partnerships (PPP) from official development assistance (ODA) and the General Appropriations Act or national budget.

What is difficult at this point, UnionBank Chief Economist Ruben Asuncion said, is the impact of slow economic growth on the country’s poor. He said slower growth would affect the country’s poverty-reduction targets.

The government aims to reduce poverty to 14 percent by 2022. In the first semester of 2018, the Philippine Statistics Authority (PSA)

NGCP. . .

Continued from A1

engineers, pilots, maintenance and testing, and other technical personnel are also strategically positioned in NGCP substations to respond to line trippings, should these occur.

“NGCP’s Integrated Disaster Action Plan prescribes these and other measures to ensure the readiness of all power-transmission facilities to be affected by emergencies or important national events. With its security and contingency preparations set, NGCP can ensure reliable powertransmission services before, during and after the election date,” it said.

The OCC will monitor grid dis-

in Quezon City, her family said.

She will lie in state there up to May 12, Sunday.

After Holy Mass is celebrated at 3 p.m., she will be brought to her final resting place at Loyola Marikina.

reported that the country’s poverty incidence rate slowed to 21 percent from 27 percent in the same period of 2015.

“Higher economic growth usually translates to lower poverty incidence especially with good targeted poverty-reduction policies.

At the end of the unneeded and unnecessary delay in the passing of the 2019 national budget are real people waiting for government to enable and help them get out of vicious poverty,” Asuncion said.

Pernia said the impact of the delay in the passage of the 2019 national budget, which is already being blamed as the reason for the lackluster economic growth performance in the first quarter, is one of the many external headwinds to be faced by the economy this year.

Constantino-David, daughter of nationalist historian Renato Constantino and wife of UP professor Randy David, had spent most of her life in government service.

THE President’s economic team said in a joint statement that were it not for the delay in the passage of the budget, the country’s GDP growth in the first would have been at least one percentage point higher. “[First-quarter] growth [was] disappointing. Blame it on the failure to pass the budget on time thus delaying spending; weak exports arising from deep structural problems—our reliance on low/value-added exports, mainly inputs, not finished products; the unaddressed structural problems in agriculture leading to low productivity and abetted by fixation on rice self sufficiency resulting in huge opportunity costs,” Action for Economic Reform Co-

ordinator Filomeno S. Sta. Ana III told the BusinessMirror.

Comparing the 2018 and 2019 first-quarter performance of the government, Government Final Consumption Expenditure weakened, growing only by 7.4 percent versus 13.6 percent in 2018.

Public construction contracted by 8.6 percent. This, the economic team said, affected projects such as the Department of Education’s repair and rehabilitation of school buildings.

“To reach the full-year growth target of 6 to 7 percent, the economy will need to expand by an average of 6.1 percent over the next three quarters. This target is still within reach, should the private sector sustain its current performance and the government be able to jump-start and speed up the implementation of its new programs and projects,” the economic team said in a joint statement.

Among the major economic sectors, Services recorded the fastest growth with 7 percent. Industry followed with 4.4 percent. Agriculture, Hunting, Forestry and Fishing expanded by 0.8 percent.

Net Primary Income from the rest of the world grew by 1.9 percent, resulting in the 4.9-percent growth of Gross National Income.

With the country’s projected population reaching 107.4 million in the first quarter of 2019, per-capita GDP grew by 3.9 percent. Meanwhile, percapita GNI and per-capita Household Final Consumption Expenditure posted corresponding growths of 3.3 percent and 4.6 percent.

turbances and the overall power situation per directive of NGCP’s Power Task Force Election (PTFE), a special team formed to ensure the security and reliability of the transmission network across the country during the elections. As early as March this year, the PTFE already set out with various activities in preparation for the coming election season.

NGCP is a Filipino-led, privately owned company in charge of operating, maintaining, and developing the country’s power grid, led by majority shareholders Henry Sy Jr. and Robert Coyiuto Jr. Meanwhile, the Manila Electric Company (Meralco) said it has more than 150 generator sets on standby on election day.

These generator sets intend

to provide basic lighting to polling and canvassing places in case of unexpected power interruptions. Around 300 floodlights will also be ready for deployment and use in case of emergencies, but Meralco also advises polling centers to bring backup lights, as well as extra precautions.

On May 13, Meralco will have on duty 300 responding crews, who will be working 24/7 to ensure that Meralco is prepared to respond to any eventualities.

Meralco announced that it has finished its inspection of polling and canvassing centers within its franchise area, and has made the necessary recommendations to the respective school and building administrators to address potential problems. Lenie Lectura

‘Disappointing’

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Comelec declares PDP-Laban and NP as ‘dominant’ parties

By Samuel P. Medenilla

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@sam_medenilla

HE Partido Demokratiko Pilipino-Lakas ng Bayan (PDP-Laban) and Nacionalista Party (NP) will be getting preferential treatment from the Commission on Elections (Comelec) after being declared as the two dominant national political parties for the 2019 polls.

In its resolution No. 10538, the Comelec en banc made the decision after both parties topped in the poll body’s point-based system in determining dominant parties in the forthcoming elections on Monday.

PDP-Laban got the highest points at 55.74, while NP came in second with 35.87 points.

As the dominant majority parties, both will, respectively, receive the following benefits: fifth and sixth copies of election returns (ERs), respectively, to be produced by the vote-counting machines; electronically transmitted precinct results; the seventh and eighth copies of the Certificates of Canvass (COCs), respectively; and be able to assign official watchers in every polling places and canvassing centers.

The other eight Comelec-accredited national political parties were declared as major political parties.

The Liberal Party (LP) ranked third with 27.63 points, followed by the Nationalist People’s Coalition (NPC) with 27.01 points.

Coming in fifth and sixth place, respectively, is the United Nationalist Alliance (UNA) with 18.97 points, and the Lakas-Christian Muslim Democrats (Lakas-CMD) with 17.88 points.

Workers and Peasants Party (WPP) was

ranked at seventh place with 16.35 points, Laban ng Demokratikong Pilipino (LDP) in eighth place with 16.11 points, National Unity Party (NUP) at ninth with 14.52 points and Aksyon Demokratiko at tenth with 12.25 points.

Depending on their ranks, these major national political parties, will get the ninth to 18th copies of ERs in every polling precinct, as well as the ninth to 18th copies of all COCs. They will also be allowed to deploy official watchers in every polling place and canvassing center.

Comelec was also able to announced the list of 12 major local parties.

These are Arangkada San Joseño Political Party for San Jose del Monte City, Bulacan; Asenso Manileño Movement for City of Manila; Bileg Party for Ilocos Sur; Hugpong ng Pagbabago for Davao region; Hugpong sa Tawing Lungsod for Davao City; Malayang Kilusan ng mga Mamamayang Zambaleño for Zambales; Partido Abe Kapampangan for Angeles City, Pampanga; Partido Navoteño for Navotas City; Serbisyo sa Bayan Party for Quezon City; Sulong Dignidad for Makati City; Unang Sigaw for Nueva Ecija; and Kabalikat ng Bayan sa Kaunlaran for National Capital Region.

The 19th and 20th copies of the ERs and COCs will be given to these major local parties in their respective areas.

Comelec ranked the said national and local parties based on their number of women candidates; ability to field complete slate of candidates; organizational structure; incumbent elective officials; and established reputation in previous elections.

Editor: Vittorio V. Vitug • Friday, May 10, 2019 A3

‘Dubious’ party-list groups, politicians to dominate midterm elections again

By Manuel T. Cayon

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@awimailbox Mindanao Bureau Chief

AVAO CITY—The election watch organization Kontra Daya has warned anew of partylist organizations that would likely get dominant votes to land many of their nominees to Congressional seats allotted to groups supposed to represent marginal sectors of society.

Their anticipated dominance would send no less than 35 would-be partylist representatives to Congress, but the Kontra Daya said that these dubious politicians hardly represent any of the poor sectors.

The Kontra Daya said it has conducted its own research showing these representatives of questionable interests currently enrolled as nominees of 25 party-list groups “that [1] have links to political dynasties or officials already elected in other positions; [2] represent special business interests; or [3] possess questionable advocacies and nominees.”

“What proves to be even more alarming is the prevalence of political dynasties in the party-list system. Given enough time, the party-list system has mirrored

other elected positions in government, where members of the same family take turns in running and occupying partylist seats,” it added.

Of the 25 party-list organizations, 12 have the distinct similar character of being the front of old political families, or families that have turned to politics for their main money-making ventures for their clan.

There were party-list groups of entrenched dynasties in Northern and Central Luzon, a party-list put up by a family whose leading political member was recently assassinated, a party-list of a sportsman whose siblings and a family member have capitalized on the name of the sportsman to win local government executive positions in recent elections,

and there are party-list groups of political families whose members have not fared well in recent elections.

There were also party-list groups of dynasties that were being backed by big business, or headed themselves by the top-ranking executives of electric cooperatives and energy companies, agricultural companies, mining and construction companies, real estate and resorts.

Some party-list groups were recently formed by allies of the current administration who capitalized on their position to field their brothers or sisters, or other clan members, in the electoral arena.

These groups may not have the overt backing of the administration but were still accredited in this year’s elections.

The Kontra Daya statement posted

by Danilo A. Arao, associate professor of the University of the Philippines College of Mass Communication, said these “dubious groups [were] likely to dominate party-list race again based on a [recent] Pulse Asia survey.”

“The Pulse Asia survey on party-list representatives conducted from April 10 to 14, which was released on May 3, showed that 76 percent of respondents have heard, read or watched something about the party-list system,” he said.

However, Arao added, “considering that party-list elections have been conducted every three years since 1998, the fact that about one-fourth of the respondents are not aware of the party-list system is alarming to say the least.”

A4 Friday, May 10, 2019 • Editor: Vittorio V. Vitug

Economy BusinessMirror

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DTI says export target on track despite Q1 slide

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By Elijah Felice E. Rosales

@alyasjah

HE decline in first-quarter exports failed to dampen the government’s long-term target of hitting $122 billion in receipts by 2022, as it eyes to boost shipments to economies the Philippines has preferential market access with.

In a news statement issued on Thursday, Trade Secretary Ramon M. Lopez said the government is working on diversifying not only the country’s export pie, but desti-

nations as well. In particular, the Department of Trade and Industry (DTI) is expanding promotional efforts for the shipment of new growth drivers for the export sector.

Survey marks young parents’ quest for family work-life balance

By Cai U. Ordinario

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@caiordinario

OUNG Filipino parents are keen on looking for better jobs in the next 12 months in their quest to achieve work-life balance and raise their families, according to Monster.com.

In its latest survey, Monster.com found that 62 percent of young men and 71 percent of young women were planning to look for new jobs within a year. This was especially true for new parents.

Abhijeet Mukherjee, CEO of Monster. com.­—APAC & Gulf, said this reflects a change in the times given that raising families and taking care of children no longer solely rest on women’s shoulders.

“It’s interesting to note that both men and women in the Philippines feel the same levels of concern around raising a family and managing work. Gone are the days when the pressure of childcare used to fall on mothers alone—men are now beginning to step up and take equal ownership of family needs, which is a necessary step towards building an equality-based workforce,” Mukherjee said.

The survey results also showed that 77 percent of Filipino professionals said they have flexibility at their workplace but 50 percent still feel challenged in terms of striking an appropriate work-life balance.

The results also showed that 40 percent feel inadequately compensated.

Especially for new parents, over half of mothers, or 56 percent and fathers or 53 percent, said they feel the pressure to provide for their family.

More men in the Philippines, around 54 percent, claim to worry about getting the right childcare support than women.

However, more women, or 64 percent, said they are only returning to work after having a baby only for financial reasons.

However, fathers acknowledged that the bulk of parenting load falls on women. Around 63 percent of male respondents recognized that their partners do most of the housework.

The data also showed that 61 percent admit their spouse spends significant time taking care of their children. With this, around 26 percent of men said their partners don’t have enough time to relax and unwind.

“This is a wake-up call for employers looking to retain their work force.

In a market that has typically been financially motivated, young parents are now seeking out nonmonetary benefits such as flexible working arrangements and more supportive environments with strong parental leave policies, so both partners can balance work and home life,” Mukherjee said.

Ahead of Mother’s Day, Monster. com surveyed more than 2,000 professionals across Singapore, Malaysia and the Philippines to understand the unique challenges and barriers both men and women face at work, particularly with regards to parental leave and work-life balance.

This survey was conducted for the third consecutive year as part of the #SheMakesItWork campaign in celebration and support of mothers in the work force, or returning to work after having children.

$122B The projected value of government’s export receipts by 2022

These products and services include office equipment, consumer electronics, motor vehicle and motor vehicle parts, high-value coconut products, forest products and wearables, audio visuals, health-care information management systems, software development and tourism related services.

Further, Lopez said the DTI is

exploiting existing trade deals the Philippines has, and is expanding the reach of exports to nontraditional markets. He argued nontraditional markets could play a crucial role in boosting shipments in the future. “[The] DTI is also maximizing opportunities under existing preferential trade agreements with the Asean, China, Japan, South Korea, India, Australia and New Zealand.

We are also promoting more products to the United States and the European Union to expand utilization of their [trade perk] schemes,” Lopez said in the statement.

“Trade promotional efforts are also being done on the nontraditional markets in Russia, Africa, Latin America and South Asia. These

markets are expected to experience high economic growths and, with their huge population, can provide for alternative export markets in the near future,” he added.

With action plans laid out, Lopez said the DTI is confident it can still hit its target of hitting the lower end of its 2022 export target of $122 billion to $130 billion.

“Notwithstanding, from the 2018 total export level of $89 billion, we remain confident that we are still on track in meeting our total export targets to reach a range of $122 billion to $130 billion by 2022. We expect a positive growth trajectory to set in in the subsequent quarters,” the trade chief said.

Figures from the Philippine Statistics Authority (PSA) showed that

exports in March slid 2.49 percent to $5.87 billion, from $6.02 billion during the same month last year.

As exports fell, imports increased 7.77 percent to $9.01 billion, from $8.36 billion, PSA data reported.

This ballooned 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 slipped 3.13 percent to $16.36 billion, from $16.9 billion during the same period last year.

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

DOF optimistic on higher GDP for the rest of 2019 SSS loans to member-borrowers

T

HE Department of Finance (DOF) remains optimistic that the country will still post a higher gross domestic product (GDP) print for 2019 on the back of the approved 2019 national budget which will enable the government to fast-track the implementation of its Build, Build, Build (BBB) infrastructure projects.

In a news statement issued on Thursday, Finance Secretary Carlos G. Dominguez III said that the government still expects the country’s GDP to finish stronger for the remaining quarters in 2019 as the budget bill has already been signed by the President, enabling the government to implement its catch-up plan to accelerate state investments.

“Economic growth is expected to finish stronger over the April-June period and for the rest of 2019 as the government puts BBB on the fast lane following the passage of the 2019 GAA [General Appropriations Act] and domestic consumption picks up amid cooling inflation,” said Dominguez.

The finance chief issued the statement after the Philippine Statistics Authority (PSA) reported that GDP growth for the first quarter of 2019 clocked in at 5.6 percent, lower than the 6.5 percent registered during the first quarter of 2018.

“The Duterte administration aims to offset the lower spending at the outset of 2019 resulting from the budget delay and the construction ban during the election season. Henceforth, we expect growth to pick up on higher state spending in continuance of last year’s upward momentum,” he added.

Dominguez also explained that he expects the domestic economy to expand at a higher clip for the rest of the year as inflation continues trending towards the official target range of 2 percent to 4 percent, apart from fast-tracking the spending on infrastructure projects.

Given the 2019 budget snag, he pointed out that the GDP growth of 5.6 percent in the first quarter was nonetheless a “decent expansion” that has kept the Philippines amongtheranksoftheregion’sfastest-growingeconomies.

“The budget impasse in the Congress during the year’s first three months had set off a spending cutback, which, in turn, stifled economic activity. Were it not for

“Economic growth is expected to finish stronger over the April-June period and for the rest of 2019 as the government puts BBB on the fast lane following the passage of the 2019 GAA [General Appropriations Act] and domestic consumption picks up amid cooling inflation.”

—D ominguez

the Senate-House deadlock over the 2019 GAB [General Appropriations Bill], which forced the government to operate on a reenacted 2018 budget for the entire first quarter, the economy could have received a tremendous boost from what should have been much higher state spending on infrastructure modernization and human capital formation at the onset of 2019,” Dominguez said.

As the Duterte administration was forced to put the originally planned 2019 disbursements on hold in the first quarter, he revealed that state spending fell by some P75 billion in that three-month period—based on an estimate of P1 billion per day—which meant “lost opportunity to fund new infrastructure projects, a setback aggravated by the public works ban this election campaign period.”

In March, for instance, Bureau of the Treasury (BTr) data showed that national government disbursement totaled just P287.3 billion, down by 8 percent or 25.7 billion from the same period last year, partly on account of the congressional delay in the approval of the 2019 GAA. The Development Budget Coordination Committee (DBCC) adjusted in March its GDP growth target for 2019 to 6-7 percent from the original 7 percent to 8 percent range, in line with the delay in the budget passage. Rea Cu

jumped 5.3% in 2018 to ₧30.5B

By Rea Cu

@ReaCuBM

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HE Social Security System (SSS) reported on Thursday that it was able to provide more than P30.5 billion in salary loans for the year 2018, benefiting over 1.8 million of its memberborrowers.

In a news statement, the state-run pension fund pointed out that the total amount of loans extended to member-borrowers represent an increase of 5.3 percent compared to the 2017 level of around P28.8 billion.

“The salary loan acquisition rose to 5.3 percent last year compared with the preceding year. We are glad that we are able to help more of our members on their financial needs in the form of salary loans,” said SSS President and Chief Executive Officer Aurora C. Ignacio.

Broken down, more than 166,000, or 9.22 percent of the 1.8 million loan releases, were through Union Bank of the Philippines’s (UnionBank) Quick Card, which almost tripled compared with the 55,835 releases recorded in 2017.

“Over the years, we have seen that more members opt to receive their salary loan proceeds through electronic means since they do not have to wait for their checks to be delivered to their houses or offices and go personally to the bank to encash the check. We have decided to further expand the program of salary loans through UnionBank Quick Cards by

allowing more kiosks in additional branches nationwide,” she added.

There are currently four SSS branches which already have UnionBank Quick Card kiosks, which include, Cubao, San Francisco Del Monte, Marikina, and Binondo, while branches that offer the SSSUnionBank Quick Card program are Diliman, Makati-Gil Puyat, Pasig Shaw, Makati-Ayala, Kalookan, Mandaluyong, Manila, Alabang, Bacoor, Biñan, Dagupan, Baguio, Cebu, Iloilo, Davao, and Cagayan de Oro. The SSS-UnionBank Quick Card program is included in the agency’s electronic service facilities which enable members to receive their salary loan proceeds in as little as three days upon loan application approval through automated teller machines. The program was implemented in 2015.

Members who wish to avail of the program must file their loan applications personally at the branches where UnionBank on-site kiosks are stationed.

“With the continuous increase of members availing of the SSS benefits and loan programs, we are committed to develop efficient and convenient options to better serve our members. But we would like to remind our members that these are loans that should be paid religiously and on time to avoid penalties and possible deductions in their final claim like retirement,” Ignacio said.

Malacañang declares House bloc petitions SC to nullify deal on Kaliwa Dam project with Beijing May 13 a special nonworking holiday

By Joel R. San Juan @jrsanjuan1573

By Bernadette D. Nicolas

P

@BNicolasBM

RESIDENT Duterte has declared May 13, Monday, a special nonworking holiday for the national and local midterm elections.

The holiday declaration was made by the President through Proclamation 719 signed on Thursday, May 9.

“Whereas, there is a need to declare Monday, 13 May 2019, a special nonworking holiday to enable the people to properly exercise their right to vote,” read the proclamation, a copy of which was released to Palace reporters.

It is not yet clear whether the President will also be declaring May 14, Tuesday, as a holiday following the proposal of the Department of Energy (DOE) to extend the holiday until May 14 to ensure that there would be no power interruption during the tallying of votes.

Nonetheless, the DOE has said during a recent Cabinet meeting that there will be a sufficient supply of power in Luzon, Visayas and Mindanao.

The government has also since been making preparations for the upcoming elections.

Malacañang said the Department of the Interior and Local Government, along with the Department of National Defense, already gave assurances that the Philippine National Police and the Armed Forces of the Philippines are ready to secure the 2019 elections.

Security forces are already deployed, especially in the election hot spots to prevent occurrence of any violence.

For its part, the Department of Education informed the Cabinet that the teachers who will serve in the election day will also receive honoraria and travel allowance.

Meanwhile, the Department of Foreign Affairs also mentioned that its department is expecting a higher voter turnout for Overseas Absentee Voting.

A

PETITION was filed on Thursday before the Supreme Court (SC) seeking the stop the government from enforcing its Preferential Buyer’s Credit Loan Agreement with China for the construction of the P18.7-billion New Centennial Water Source-Kaliwa Dam Project .

In a 51-page petition, former Bayan Muna party-list and opposition senatorial candidate Neri Colmenares, along with lawmakers belonging to the so-called Makabayan bloc, also asked the SC to eventually declare the deal as null and void for being unconstitutional.

The petitioners argued that the conf identia lit y c lause of the loan agreement under Article 8.8 violates the Filipinos’ constitutional right to be informed on foreign loans obtained or guaranteed by the government under Article XII Section 21 of the 1987 Constitution.

The said provision states that “Information on foreign loans obtained or guaranteed by the government shall be made available to the public.”

“For the GRP [Government of the Republic of the Philippines] to agree that said terms, conditions and standard fees be rendered ‘strictly confidential’ undermines the general welfare of the public who bears the burden of external debts incurred by the government,” the petitioners said.

The petitioners also argued that the agreement violates the const it ut ion a l preference to qualified Filipinos and existing procurement laws as the project is to be undertaken by a contractor preselected by China, in this case the China Energy Engineering Corp. Limited.

This, according to petitioners, is in violation of Section 10, Article XII of the Constitution, which states that “In the grant of rights, privileges, and concession covering the national economy and patrimony, the state shall give preference to qualified Filipinos.”

“In this kind of setup, where a Chinese contractor is preselected to implement the project, the government stands to lose millions, if not billions, in income tax collection,” the petitioners claimed.

The petitioners said it would be likely that the Chinese company

would only hire Chinese nationals as workers, leading to the displacement of Filipino workers.

Furthermore, the petitioners questioned the provision in the agreement which chooses the law of China as the governing law of the agreement and Hong Kong International Arbitration Centre (HKIAC).

The petitioners noted the said provision violates Article II Section 7 of the Constitution which mandates the government to take into “paramount consideration” the “national sovereignty, territorial integrity, national interest, and the right of self-determination.”

“By doing so, respondents swept aside the Constitution and gravely abused their discretion. It is clear that the choice of proper law of the loan agreement and the choice of tribunal are manifestly and grossly disadvantageous to the Philippines and one-sided in favor of China,” the petitioners argued.

The petitioners also asked the Court to order the respondents to provide them with certified true copies of all loan agreement and other related documents executed between the government and China.

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The Regions BusinessMirror

Mayor praises New Clark City as township project launched

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APAS, Tarlac—The groundbreaking of the Filinvest Innovation and Logistics Park (FILP) here on Wednesday prompted Mayor Reynaldo L. Catacutan to consider New Clark City as the “destiny” of Capas, Tarlac.

Catacutan said the project would reverse the image of this bucolic town as the last point in the tragic death march where a concentration camp for prisoners of war was established in April 1942.

But now, with the rapid development of the New Clark City (NCC) here, this town will soon become the bastion of countryside urban development and as envisioned by the government as a “green city,” which has placed this town on the map, not only in the Philippines but in the world, said Catacutan who also thanked Filinvest for its investment here.

In a joint venture with the Bases Conversion and Development Authority (BCDA), Filinvest’s real-estate subsidiary Filinvest Land Inc. (FLI) is seeking to develop a modern, smart and sustainable city within the Philippines.

The first phase involves a 64-hectare FILP to serve as the economic base of the city with completion targeted in the first quarter of 2020, with an additional 60 hectares expected to be developed within

three years thereafter.

“We have a vision of creating a modern, sustainable and smart city that we envisage will serve as an agent of change in shaping a stronger economy,” FLI President Josephine Gotianun-Yap said in her speech.

“We bring in to New Clark City the same passion and clear vision our townships like Filinvest city stands and are founded on,” Gotianun-Yap added.

She also noted the region’s 2018 gross domestic product (GDP) growth rate of 7.1 percent far outpacing the 6.2 Philippine GDP growth that year.

“It is truly with great honor that Filinvest can be part of New Clark City, BCDA’s historic milestone that the next generation will look back with gratitude and pride,” she added.

Gotianun-Yap said FLI believes the township stands to benefit from the government’s support for the project through the participation of BCDA as well as the benefits derived from being located in

FILINVEST Senior Vice President Francis V. Ceballos, Filinvest Group Head for Master Planning Catherine A. Ilagan, Filinvest Land Inc. President Josephine Gotianun-Yap, BCDA President/CEO Vivencio B. Dizon and Capas Mayor Reynaldo L. Catacutan hold the time capsule that was lowered into the site’s foundation. ASHLEY MANABAT

a Special Economic and Freeport Zone.

BCDA President and CEO Vivencio B. Dizon noted FLI’s pioneering spirit as the first investor of New Clark City even as early 2015.

“FLI 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,” Dizon said. “We look forward to seeing this new project come to life.”

Also present were Clark Development Corp. President and CEO Noel F. Manankil; Filinvest Group Head of Township Master Planning and President of Filinvest Alabang Inc. Catherine Ilagan; and Senior Vice President and Business

Group Head for Industrial Parks of Filinvest Land Francis Ceballos.

It was noted that the location of the FLI township has benefited from the construction of transport infrastructure, such as the Subic-Clark Tarlac Expressway and Clark International Airport, among others.

These and the government’s planned future transport links, such as the Manila-Clark High-speed Rail and the Clark-Subic Cargo Rail, which are expected to help bridge the distance between Clark and the Philippines’s major cities, as well as provide accessible inbound and outbound access for tourists and foreign investors. Ashley Manabat

Editor: Dennis D. Estopace • Friday, May 10, 2019

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SBMA sparks interest of Taiwanese investors

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UBIC BAY FREEPORT—The Subic Bay Metropolitan Authority (SBMA) is reaching out to more prospective investors from Taiwan following successful talks with business leaders in the recent Philippine Investment Forum held in Taipei.

SBMA Chairman and Administrator Wilma T. Eisma, who presented investment and business opportunities in the Subic Bay Freeport during the forum, said more Taiwan-based companies are now setting their sights on Subic, including two manufacturers that had so far committed a total of $9 million in investments right after the business meetings.

Eisma identified the two as FTI Holdings Group (Milagros International Inc.), which plans to invest $6 million in Subic and hire 600 workers within the year, and Grey Matter Industries Group, which had committed to invest $3 million and hire 200 workers.

Eisma said FTI designs, manufactures and sells luggage, fashion handbags and backpacks, apparel and apparel accessories, outdoor products and pet products, and accessories sold in the United States.

She said the firm’s chief auditor, Paul Lee, came over to Subic on April 30, or just four days after meeting SBMA officials in Taiwan, and inspected a prospective factory site in Subic’s Tipo area. Lee is expected to come back with other company officials next month to finalize the new business venture here.

Eisma said Grey Matter Industries is a company engaged in the manufacture of PET bottles, plastic films and other plastic products, and has already sent the SBMA a letter of intent on April 29.

SBMA Senior Deputy Administrator for Business Renato W. Lee III said more than 250 Taiwanese investors attended the April 24 to 26 Taipei trade road show organized by the Philippine Investment Promotion Plan (PIPP) in coordination with the Philippine Trade and Investment Center (PTIC) in Taipei.

He said the Philippine delegation showcased investment and business opportunities for Taiwanese industry players who are repositioning their strategy in light of the recent global trade and economic developments and conflicts among major global markets.

Eisma said six other Taiwanese firms expressed interest to locate in the Subic Bay Freeport. SBMA is now in touch with them to firm up investment plans here. Henry Empeño

A6

The World BusinessMirror

Friday, May 10, 2019

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US, Chinese negotiators resume talks as US tariffs on Chinese imports loom C

China’s yuan tumbles to lowest since January on trade war fear

W

ASHINGTON—US and Chinese negotiators are to resume trade talks just hours before the United States is set to raise tariffs on Chinese imports in a dramatic escalation of tensions between the world’s two biggest economies.

In Beijing, Chinese officials said on Thursday that they will retaliate if President Donald Trump goes ahead with more tariff hikes but offered no specific penalties.

The talks starting up again on Thursday were thrown into disarray this week after top US trade negotiator Rober t Lighthizer and Treasury Secretary Steven Mnuchin accused the Chinese of reneging on commitments they’d made earlier. In response to the alleged backsliding, the United States is raising tariffs on $200 billion in Chinese imports from 10 percent to 25 percent at 12:01 a.m. Eastern time on Friday.

The two countries are sparring over US allegations that China

steals technology and pressures American companies into handing over trade secrets, part of an aggressive campaign to turn Chinese companies into world leaders in robotics, electric cars and other advanced industries.

The setback was unexpected.

Through late last week, Trump administration officials were suggesting that negotiators were making steady progress.

US officials say they got an inkling of China’s second thoughts about prior commitments in talks last week in Beijing, but that the backsliding became even more apparent in exchanges over the weekend. They wouldn’t identify the specific issues involved.

A CONTAINER ship sails off the dockyard in Qingdao in eastern China’s Shandong province on Wednesday, May 8, 2019. China’s exports fell unexpectedly in April, adding to pressure on Beijing ahead of negotiations on ending a tariff war with Washington over Chinese technology ambitions. CHINATOPIX VIA AP

On Sunday, President Donald Trump took to Twitter to express frustration with the pace of the talks. “The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!” Trump tweeted, threatening to raise the tariffs. He also said he’d

go further and slap 25 percent tariffs on another $325 billion in Chinese imports, covering everything China sells the United States.

US officials are insisting that any deal be strictly enforced so that China lives up to its promise—something they say Beijing

has repeatedly failed to do in the past. Also unclear is what would happen to the US tariffs on Chinese imports. China wants them lifted; the US wants to keep tariffs as leverage to pressure the Chinese to comply with any agreement. AP

China vows retaliation if Trump raises tariffs B EIJING —R atcheting up pressure just hours ahead of talks in Washington, China vowed Thursday to retaliate if President Donald Trump goes ahead with more tariff hikes in a dispute over trade and technology.

Beijing will be forced to impose “necessary countermeasures” if the increases take effect on Friday as planned, the Commerce Ministry said. It gave no details of possible penalties.

Trump threw global financial markets into turmoil with Sunday’s threat to raise import duties on $200 billion of Chinese goods from 10 percent to 25 percent.

Trump complained talks were moving too slowly and said Beijing was trying to backtrack on earlier agreements.

“China deeply regrets that if the US tariff measures are carried out, China will have to take necessary countermeasures,” said a Commerce Ministry statement.

Stock markets fell for a third day on Thursday after the volley of threats reignited jitters about global economic growth.

If ta l k s brea k dow n and tar if f h i kes go a head, “r isk s of a f ina nc i a l ma rket col l apse, e xt reme r isk aversion a nd sha r p s l o w d o w n i n g l o b a l g ro w t h w i l l spi ke,” Ph i l ip Wee of DBS Group sa id in a repor t.

Japan’s market benchmark lost 1 percent and the Shanghai Composite Index shed 1.4 percent. Markets in Hong Kong and Seoul also retreated.

Before this week ’s acrimony, bot h sides sa id negot i at ions were ma k ing prog ress, wh ic h helped to stabilize financ i a l ma rkets. But econom ists war ned a dea l might be further away t ha n investors hoped.

Trump raised duties on $250 billion of Chinese imports starting in July over complaints Beijing steals or pressures companies to hand over technol-

ogy. That includes a 25-percent charge on $50 billion of goods and 10 percent on $200 billion.

Washington is pressing Beijing to roll back government plans to help Chinese industries become global leaders in robotics and other fields. The United States, Europe, Japan and other trading partners say those violate Beijing’s market-opening commitments.

American officials also want Beijing to reduce subsidies they say violate Chinese free-trade pledges and to narrow its multibillion-dollar trade surplus with the United States.

Beijing responded w ith penalties on $110 billion of A merican imports, but is r unning out of good s for t a r if f h i kes due to t he t wo cou nt r ies’ lopsided t rade ba l a nce.

Chinese authorities already have extended retaliation beyond imports by targeting operations of American companies in

China. Regulators have slowed down customs clearance for their shipments and delayed issuing licenses in finance and other industries.

Beijing has an array of other weapons including launching tax, anti-monopoly or other investigations that can hamper a company’s operations.

Chinese leaders see industr y development d irected by t he Commu nist Pa r t y as a pat h to prosper it y a nd g loba l i nf luence. T hey deny t heir pl a ns v iol ate B e iji ng ’s t r ade com m it ments but have of fered to c h a nge det a i l s t h at provoke t he most foreig n opposit ion.

“China is not afraid of conf lict,” said the Global Times, a newspaper published by the ruling Communist Party’s People’s Daily that is known for its nationalist tone. It said Beijing has measures in place to “minimize losses” for its companies. “ Ment a l ly a nd m ater i a l ly,

China is much better prepared than its US counterpart,” the newspaper said.

Despite such bluster, factories in Chinese coastal regions that serve the US market have been devastated. Industries including electronics that the Communist Party is promoting as China’s economic future have suffered declines of up to 40 percent in sales to the United States.

T hat has increased pressure on President X i Jinping , who pol it ica l a na lysts say is facing cr it ic ism w it h in t he r u ling pa r t y t hat he has fa i led to ma nage Tr u mp.

Chinese exports to the United States plunged 13 percent from a year ago in April and are off 9.7 percent since the start of 2019. Total Chinese exports sank 2.7 percent in April, well below forecasts of growth in low single digits.

Imports of American goods tumbled 26 percent. AP

HINA’s yuan slid to the weakest level since January, as investors confronted the impact of escalating trade war tensions and fresh signs of fragility in the economy.

The onshore yuan fell 0.4 percent—extending its decline this week to 1.1 percent—to 6.8105 per dollar as of 12:29 p.m. in Shanghai. The demand for bearish bets on the currency also climbed, as the offshore yuan’s three-month risk reversal spiked for a fifth session to the highest level since November.

The currency’s slump comes as US President Donald Trump declared Chinese leaders “broke the deal” he was negotiating with them on trade. Those comments come before talks that were already clouded by imminent tariff increases by the US and China’s threat of retaliation. Adding to strains on the sentiment, data released on Thursday showed China’s credit growth slowed more than expected in April, underlining the fragile nature of the recovery in the economy.

Investors mostly bought overseas currencies in the onshore market during morning hours, though some big Chinese banks took the opportunity to sell the greenback as the dollar advanced, according to six traders. The purchase of foreign exchange mostly came from banks’ proprietary trading desks, they added. Bank clients weren’t panicking about the weakness in the yuan, said the traders, who asked not to be named as they aren’t authorized to speak to the media.

“We reckon that the chance for US tariff hikes has been increasing to more than a 50-50 case for now,” said Ken Cheung, a senior currency strategist at Mizuho Bank Ltd., adding the yuan will slide to 6.9 if China retaliates. Beijing’s actions to stabilize the yuan will be closely watched from now, he added.

DBS Bank Ltd. is more bearish, with strategist Philip Wee saying the yuan could weaken to 7.2 a dollar, if the US levies a 25-percent tariff rate on $200 billion of Chinese exports. The currency may tumble all the way to 8.1 if the tariffs are implemented on the remaining $325 billion worth of Chinese goods, he wrote in a note.

Chinese shares also fell, with the Shanghai Composite Index sliding to the lowest level since February and the SSE 50 Index of large enterprises dropping for a second day.

Kweichow Moutai Co. and WuXi AppTec Co. retreated more than 4.2 percent in Shanghai.

Bloomberg News

Trade dispute with Washington a political challenge for China’s Xi

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EIJING—The tariff war between Washington and Beijing poses one of the biggest challenges yet for Chinese President Xi Jinping, potentially exposing his political vulnerabilities at a time when the Chinese economy is already slowing.

The US effort to win concessions from China on strategic industrial policies has put Xi’s own prestige on the line. It also has cast into question the ruling Communist Party’s social contract with the Chinese people: keeping authoritarian, one-party rule and ruling class privileges in exchange for delivering robust economic growth, better living standards and a higher global profile for China.

Chinese and US officials were due to resume talks in Washington on Thursday on the dispute over Beijing’s technology ambitions in

meetings overshadowed by President Donald Trump’s threat to raise tariffs further as of Friday.

Xi needs to balance standing firm against US pressure with the increasing urgency to reach a deal that would relieve battered exporters who have long underpinned growth and job creation, particularly outside the major cities.

“Xi Jinping is under a lot of pressure. If he is seen as succumbing to the threats, then he will be seen as weak and failing to stand up to the Americans,” said Willy Lam, a Chinese politics expert at the Chinese University of Hong Kong.

The stakes are high.

A failure to reach agreement in this week’s talks, the 11th round of negotiations so far, would be “deeply embarrassing and somewhat damaging,” for Xi, said Steve Tsang, director of the China Institute at London’s School of Oriental

and African Studies.

It would not be catastrophic, he said. However, “it would be a different story if a sustained and escalating trade war puts the Chinese economy in a tailspin and keeps it down over a year or two.”

Sometimes referred to as the “chairman of everything,” Xi is widely regarded as China’s most powerful leader in decades. He cleared a path to remaining in office indefinitely last year when he amended the constitution to remove presidential term limits.

He also has led a sweeping crackdown on corruption that netted several high-profile targets while fortifying the party’s presence at all levels.

Xi’s signature foreign policy strategy, the trillion-dollar Belt and Road infrastructure initiative, has racked up notable successes despite complaints that it

saddles participating countries with unsustainable levels of debt.

He also has led a major expansion of China’s military while adopting a more confrontational approach to relations with the US, Taiwan and countries with rival claims to territory in the South China Sea. That’s raised expectations among a highly nationalistic public and party and military hardliners that Xi will stand up to the US in the tariff conflict and others likely to follow.

China’s aggressive efforts to gain dominance in areas such as robotics and artificial intelligence lie at the heart of the dispute with the Trump administration, which highlights complaints by companies and governments over the forced transfer, or outright theft, of cutting-edge technology.

Underlying Xi’s great power is a sense of insecurity, reflected in the elaborate protective measures

he deploys and massive spending on domestic security that exceeds even the defense budget, Tsang said.

There is also great unease over the economy, which expanded at an annual rate of 6.4 percent in January-March, matching the previous quarter for the weakest growth since 2009.

Xi “must be acutely aware that his domestic critics hold him responsible for lack of success in the talks,” June Teufel Dreyer, an expert on Chinese politics who teaches political science at the University of Miami.

“His actions indicate that he fears dissent from the chattering classes, and social instability from the rest,” Dreyer said.

Perceptions of Xi’s leadership and his advisers’ handling of the trade dispute were not helped by a tweet by Trump on Sunday expressing frustration at the pace

of the trade talks and vowing to raise tariffs on $200 billion in Chinese products from 10 percent to 25 percent, and apply the tariffs to just about everything the US imports from China.

C h i n a’s Com merce M i n i s tr y said Thursday that Beijing would retaliate.

Early in Trump’s presidency, Xi appeared adept at handling his American counterpart. That tweet appeared to catch him off-balance.

“Now it appears that there is no clear policy response to Trump on the trade war, and that China seems on the back foot,” said Rana Mitter, a China politics and history expert at the University of Oxford.

“That may open up more space for other figures at the top to make it clear that their views still matter,” which could, in turn, could restrict Xi’s ability to rule as a “single, dominant voice,” Mitter said. AP

The World BusinessMirror

Editor: Angel R. Calso

Friday, May 10, 2019

A7

MAY EARNS REPRIEVE FROM TORIES AS TALKS WITH LABOUR GAIN NEW LIFE

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HERESA MAY earned a stay of execution from her Conservative Pa r t y a f t e r a ke y p a n e l o f lawmakers kept the rules on leadership challenges unchanged, as talks with the opposition Labour Party to find a compromise on Brexit gained new life.

The UK prime minister agreed to meet with the executive of the so-called 1922 Committee of Tory Members of Parliament next week to discuss her future, its chairman, Graham Brady, told reporters late Wednesday. The pledge comes two weeks after the panel urged the premier to set a clear road map for her departure. Brady also said he expects May to push for a vote on Brexit legislation within two weeks.

Later on, the government and the opposition Labour Party put out statements indicating progress in their talks to forge a consensus on Brexit. May’s office said both parties are acting “with seriousness” and plan to exchange documents, while Labour said in a statement “the negotiating teams are working to establish scope for agreement.”

Final decision

M AY is battling to get a Brexit deal approved by Parliament, which three times has rejec ted the agreement she brokered with the EU, forcing her into the discussions with Labour.

Th e p r i m e m i n i s te r h a s to l d h e r par ty she’ll go once that’s done. But that’s not enough for some of her backbenchers, who want to know when she’ll go even if she c an’t secure a deal that passes muster.

“We need to make sure we get a final decision soon,” said Nadine Dorries, a Conservative MP who has called for May’s departure. “Because everybody needs it.”

Tory MPs tried and failed to oust the prime minister in December, and under current leadership rules, they can’t challenge her again for a year.

But the rules can be changed by the 1922 Committee, which last month rejected doing so. The panel’s executive

stopped short of that line once again on Wednesday, according to two people familiar with the meeting.

The meeting broke up just as a new round of talks between May’s ministers and top opposition Labour Party officials began, as the UK’s two main parties try to find a common way forward on Brexit.

The discussions started more than a month ago, and so far no joint blueprint is in sight. But after Wednesday’s discussions broke up, both the Tories and Labour suggested progress.

‘Nail down’

“OVER the coming days there will be more meetings of the bilateral working groups and further exchanges of documents as we seek to nail down the details of what has been discussed,” May’s office said. The premier’s de facto deputy, David Lidington, earlier told reporters in London that the talks had been “difficult,” but constructive.

Labour’s statement that the teams will meet again next week as they seek scope for an agreement was more positive than recent pronouncements.

A f t e r Tu e s d a y ’s r o u n d o f t a l k s , t h e p a r t y ’s b u s i n e s s s p o ke s m a n , Rebecca Long-Bailey, had said “the government needs to move on its red lines.”

Labour wants the UK to be part of a customs union with the EU after Brexit, but May so far has refused to countenance an arrangement that would prevent Britain from striking its own trade deals.

US urges progress

B R A DY said he’d had t wo “good” meetings with May and had left with the impression that she’s likely to bring forward in coming days legislation to implement her Brexit deal.

“It is the intention to have a further vote probably on second reading of the Withdrawal Agreement Bill before the European elections take place,” May 23, “and hopefully in the much nearer future than that,” Brady said. “That’s my understanding.”

US shuts down dark Web marketplace; 2 Israelis charged

P

ITTSBURGH—A gateway to illegal marketplaces on the darknet has been shut down, the FBI announced on Wednesday, and two of its alleged operators have been arrested and accused of making millions of dollars in kickbacks for their services.

A grand jury in Pittsburgh returned indictments against the two Israelis on charges of money laundering conspiracy. They’re accused of receiving more than $15 million from the operation, which ran from October 2013 through this week, prosecutors said.

Both were arrested on Monday, one in France and the other in Israel.

The web site was identified as DeepDotWeb, accessible under a slightly different name on the darknet, part of the Internet but hosted within an encrypted network and accessible only with anonymity-providing tools.

DeepDotWeb provided users with access to marketplaces where vendors sold everything from illegal narcotics, such as fentanyl, heroin and crystal methamphetamine; to assault rifles, malicious software, hacking tools and stolen financial information.

US Attorney Scott Brady called DeepDotWeb “a one-stop information center for people who were trying to access the dark Web.” Many major cyber-crime investigations have taken place in Pittsburgh because they have some of the most experienced cyber-crime investigators in the US. The FBI has two cyber-crime units in the city.

The web site also provided reviews of marketplaces on the dark Web, as well as tutorials on how to use it, he said.

DeepDotWeb got kickbacks from purchases made from the web sites where it referred customers, prosecutors said.

Darknet marketplaces operate on the “Tor” network, a computer network designed to facilitate anonymous communication over the Internet.

Because of Tor’s structure, a user who wanted to visit a particular Darknet marketplace needed to know the site’s exact address. DeepDotWeb simplified this process by including pages of hyperlinks to various Darknet marketplaces addresses.

To conceal the source of the illegal proceeds, the two transferred the kickback payments from their DeepDotWeb bitcoin wallet to other bitcoin accounts and to bank accounts they controlled in the names of shell companies, prosecutors said. AP

May ’s officials have previously suggested they’d only bring forward the bill if they were confident Labour would allow it to progress to the next stage. If the legislation is rejected, the premier wouldn’t be able to try again without starting a new Parliamentary session.

One ally wants May to get on with Brexit: US Secretary of State Michael Pompeo, on a visit to London, told repor ters that President Donald J. Trump is “eager” to sign a new trade deal with the UK to “take our No. 1 trade relationship to unlimited new heights.”

“We’ve filed all the papers we can at this point; we’re ready to go,” Pompeo said. “But we can’t make progress on a new agreement until Brexit gets resolved—God speed and good luck.”

May had hoped to avoid holding European elections by striking a deal with Labour, but Lidington conceded on Tuesday that the vote will have to go ahead.

May ’s Conser vatives are holding a low-key campaign, and former UK I n d e p e n d e n ce Pa r t y l e a d e r N i g e l Fa r a g e’s n e w ve h i c l e, t h e B re x i t Par t y has surged in the polls.

Farage told IT V in an inter view on Wednesday that the par ty has had “several” big donations in the order of £100,000 ($130,000).

La b o u r Le a d e r J e re my Co r by n on Thursday will launch his party’s campaign for the vote railing against “the government’s incompetence and division on Brexit,” and pledging to bridge the divide between Remain supporters and Brexiteers, according to a statement from his office.

In a blow to the premier, former Tor y Chancellor of the Exchequer George Osborne suggested in an ITV interview that the newspaper he now edits, London’s Evening Standard, may not endorse the Conservatives in the European vote.

“It would be ridiculous if I didn’t vote Conservative,” Osborne said. “But that doesn’t mean the Evening Standard will necessarily be recommending a Conservative vote.” Bloomberg News

Trump’s Iran policy put to test as end to nuclear deal looms W

A S H I N G T O N — P r e s i d e nt Donald J. Trump’s Iran policy has been rooted in the idea that being tougher on Tehran would yield better results and perhaps even a new nuclear deal to replace the Obama administration pact that he pulled the US out of a year ago on Wednesday.

That strategy is now being put to the test as tension escalates between Washington and Tehran, even as both sides appear willing to negotiate an end to the standoff.

Iran threatened to enrich its uranium stockpile closer to weapons-grade levels in 60 days if world powers fail to negotiate new terms for the 2015 nuclear deal. It follows the Trump administration’s “maximum pressure” campaign of diplomatic and economic measures that have exacted a punishing toll on the Islamic Republic. The effort has been a success in the view of the president and senior officials of his administration.

“Because of our action, the Iranian regime is struggling to fund its campaign of violent terror, as its economy heads into an unprecedented depression, government revenue dries up, and inflation spirals out of control,” Trump said on Wednesday as he announced yet another round of sanctions, this time targeting the country’s metals industry.

The test is whether Iran will return to the bargaining table and agree to the new terms set by the Trump administration. The stakes couldn’t be higher, as shown by the US decision over the weekend to rush an aircraft carrier group and other military assets to the Middle East to confront an unspecified Iranian threat.

Democrats used Iran’s announcement as an opportunity to criticize Trump for

withdrawing from the deal. Sen. Chris Murphy, D-Conn., called it a sign of “blind, meandering, escalatory” foreign policy.

“Iran’s moves to restart their nuclear program are a direct consequence of the Trump administration withdrawing from the Iran deal,” said Murphy, a member of the Senate Foreign Relations Committee.

Despite Iran’s announced deadline to pull out of the remainder of the nuclear deal, there have been signs that Tehran is willing to talk. Foreign Minister Javad Zarif said during a visit to New York last month that he thinks Trump wants to deal but is trying an antagonistic approach at the direction of senior aides and Middle Eastern allies.

“Try the language of respect,” he urged him, pretending to address the president directly. “It won’t kill you, believe me.”

Trump himself says he’s ready to talk.

“We call on the regime to abandon its nuclear ambitions, change its destructive behavior, respect the rights of its people and return in good faith to the negotiating table,” he said in announcing the new sanctions.

Brian Hook, US envoy to Iran, told reporters at the State Department that the US laid out 12 demands last year for a new Iran deal and an end to the Trump administration’s maximum pressure campaign. They include an end to all uranium enrichment, ceasing all support for militant groups in the Middle East and the release of all US citizens detained in Iran on what the administration considers illegitimate grounds.

The United States, Germany, Britain, France, Russia, China and the European Union signed the 2015 deal with Iran, which lifted international sanctions in exchange for Tehran limiting its nuclear program,

including restricting uranium enrichment for 10 years.

On May 8, 2018, Trump pulled out of the agreement, which he called “the worst deal in history.” He said the accord should also have restrained Iran’s ballistic missile program and curbed Tehran’s malign activities in the region and support for terror networks. The administration then reimposed the sanctions on Iran that had been lifted when the agreement went into force.

The administration sees its move as a success. Deprived of much of its oil revenue, Iran cut its overall military spending by 28 percent after reaching a peak in 2017, Hook said. Inflation has risen in the Islamic Republic and the economy is in recession, forecast to shrink by 3 percent, while global oil prices haven’t budged even as Iranian crude has been largely taken out of the market, production at a historic low.

“We have made our focus around diplomatic isolation and economic pressure,” he said. “That policy is working.”

The other nations who signed the nuclear deal negotiated by the Obama administration have remained in the pact and have tried to provide Iran with enough economic incentives to keep the agreement alive.

Complaining that it has not reaped the economic benefits it expected from signing the deal, Iran on Wednesday threatened to enrich its uranium stockpile closer to weapons-grade levels in 60 days if world powers fail to negotiate new terms. Iran stopped its sale of excess uranium and heavy water as a first step—something required under the deal. In 60 days, if no new deal is in place, Iran said it would increase its enrichment of uranium beyond 3.67 percent, which is permitted by the accord.

“Zarif today is doing what Zarif does very well, which is setting the table for negotiations because I think the Iranians are now realizing that they may not be able to wait Trump out,” said Mark Dubowitz, chief executive of the Foundation for Defense of Democracies and a critic of the deal.

“The economy is in such bad shape and getting worse that they may experience a massive economic crisis before January 2021,” when either Trump starts a second term or a new American president takes office. “I think Zarif can’t wait to get back to the table,” Dubowitz said.

The heightened tension over Iran’s nuclear program comes just after the US dispatched the USS Lincoln aircraft carrier and bombers to the Persian Gulf in response to intelligence reports warning Iran was going to strike US assets, interests or allies.

Gen. Joseph Dunford, chairman of the Joint Chiefs of Staff, told a Senate appropriations subcommittee on Wednesday that intelligence threats the US began receiving last week “really intensified” by the end of the week. He said the US “sent some messages” to Tehran, but did not provide any details.

Traveling in London, Secretary of State Mike Pompeo issued a restrained response to Iran’s announcement. He said America “will wait and observe” what Iran does next. “They have made a number of statements about actions they have threatened to do in order to get the world to jump,” Pompeo said.

Tim Morrison, senior director for weapons of mass destruction under national security adviser John Bolton at the White House, was more critical of Iran’s threat to violate the nuclear deal. “Let’s be clear,” he said. “This is nothing less than nuclear blackmail.” AP

A8

Agriculture/Commodities

Friday, May 10, 2019 • Editor: Jennifer A. Ng

BusinessMirror

www.businessmirror.com.ph

DBM told to release budget for rice fund

By Jasper Emmanuel Y. Arcalas

T

@jearcalas

HE National Economic and Development Authority (Neda) urged the Department of Budget and Management (DBM) to immediately release the budget for the Rice Competitiveness Enhancement Fund (RCEF).

Socioeconomic Planning Secretary Ernesto M. Pernia told reporters in a news briefing on the first quarter GDP on Thursday that the RCEF will help farmers affected

by El Niño recoup their losses and improve agricultural output in the succeeding quarters.

“The budget for the RCEF should be released quickly so that they can make a dent in terms of mechanization of agriculture, and the other things that will benefit farmers and farm workers,” said Pernia, who is also director general of the Neda. “[These include research and development] and purchase of better seeds such as hybrid seeds. Those things should be made possible

with a quicker budget release for the RCEF,” he added.

Pernia made the recommendation as one of the measures to improve the performance of the farm sector which grew by 0.67 percent in the first quarter, slower than the revised rate of 1.08 percent last year.

This, he added, would help the Philippine economy expand within the government’s target as the agriculture, fisheries, and forestry (AFF) sector contributed only 0.1 percentage point to the first quarter GDP growth of 5.6 percent.

The output of the AFF sector in the first quarter grew by only 0.8 percent, slower than the 1.1 percent posted last year as production of the

A FARMER in Pangasinan is preparing to plant rice in this 2018 BusinessMirror file photo.

country’s major crops declined due to El Niño.

Neda Undersecretary Rosemarie G. Edillon told the BusinessMirror that the issue over the amount of budget that will be released for the RCEF this year has not yet been settled by concerned government agencies.

“I suppose that [budget] would be discussed at the higher levels,” Edillon said.

She said the Neda hopes that the Department of Agriculture (DA) and its attached agencies have already finalized the work programs that will be funded by the RCEF. “So as soon as the budget is released, the DA could use it already,” she added.

There has been confusion among government officials concerning the actual amount that should be

released by the national government for the RCEF this year.

The DBM is maintaining its position that the P5 billion released to the DA last December 2018 is already part of the RCEF. However, the DA refuted the DBM and argued that the P5 billion was for the national rice program.

Agriculture Secretary Emmanuel F. Piñol said recently that the

national government still owes rice farmers P9 billion this year for the RCEF after the DA returned P1 billion to the Land Bank of the Philippines and Development Bank of the Philippines.

The DA returned the P1 billion following the request of the Neda but argued it could not return the remaining P4 billion as the money has already been used.

Neda Assistant Secretary Mercedita A. Sombilla said the DBM has committed to provide the DA P5 billion for the RCEF by the third quarter this year.

While officials are trying to resolve the issues over funding for the RCEF, Pernia said the DA should continue extending production support programs to farmers to avert losses.

He noted that the weak El Niño being experienced by the country is expected to last until August.

“There is a need for more robust mitigation and adaptation plans to address water, food and energy security, as well as health and public safety in a more sustained manner,” he said.

“The longer-term solution is to build the resiliency [of the agriculture sector] which will require changes in production, processes, patterns and practices of the agriculture of sector,” Pernia added.

sets sights on boosting BPI unit places bet on agribusiness Siquijor farmers’ income via ‘healthy meat’ T T HE investment arm of the Ayala-led Bank of the Philippine Islands (BPI) Inc. is keen on exploring more opportunities in the agribusiness sector, which presents a huge potential for diversifying its portfolio.

“The agribusiness sector is underinvested, so there’s room for growth and improvement,” former BPI Capital Corp. (BCC) and current BPI Head of Corporate Products and Support Reggie Cariaso told the BusinessMirror in an interview. “[Plus food is] a basic need and we have and know many clients we could potentially partner with,” Cariaso added.

BCC ventured into agribusiness last year by acquiring a stake in Advanced Protein Inc., a waste

management firm that specializes in rendering business by turning meat by-products into animal feeds.

The venture into agribusiness, Cariaso said, is in line with the goal of BCC to expand its portfolio. He said the bank saw its foray into agribusiness could be profitable for BCC. “When we see opportunities to partner with some of our clients in sectors we like [and if it is under] the right structure, then we do it.

Investing in [agriculture] was a sustainable way of improving how agribusiness can be conducted in the Philippines,” he said.

“It had a lot of things that we like from a commercial bank standpoint: it is self sustainable, it is not a charity, this thing will make money.

Then we saw a lot of the economic advantages of these transactions,” Cariaso added.

He also noted that the back-end segment of agribusiness, which includes waste management, presents a lot of investment opportunities as firms tend to spend more on improving the efficiency of their production lines.

Cariaso cited as an example poultry firms that tend to overlook the fact that wastes and by-products, such as chicken feather, could be turned into something profitable.

“What we saw was an interesting way to recycle waste products into something more productive.

And these products could be created for feeds, to create protein meal,” he said.

“So now there is an alternative.

Instead of buying soybean meal for feeds, we could produce [a substitute] locally,” Cariaso added.

The BPI official noted that the poultry industry is one of the fastest-growing agribusiness segments due to the increasing demand of Filipinos for meat products.

The National Economic and Development Authority (Neda) said in 2014 that private-sector investments in agriculture will improve the competitiveness of the sector.

The Neda noted that constraints, such as the lack of infrastructure and high input costs, prevent small farmers from taking advantage of opportunities in cities and foreign markets. Jasper Emmanuel Y. Arcalas

Slaughterhouse test blitz ordered to stem China’s pig contagion

C

HINA stepped up efforts to control the deadly pig contagion ravaging its $128 billion pork industry, ordering mandatory testing for African swine fever at more than 10,000 slaughterhouses nationwide.

From July 1, abattoirs must routinely test all batches of hogs representative of the property from which they came. The order on Tuesday adds to a suite of measures that the Ministry of Agriculture and Rural Affairs has instituted to arrest an increase this year in the number of villages reporting cases of the viral disease.

Slaughterhouses must buy diagnostic equipment or arrange a third party to perform the tests, the ministry in Beijing said last month. By May 15, every slaughterhouse will be required to have a veterinarian present to supervise testing.

The tighter measures are aimed at safeguarding the food chain and environment from the virus, which isn’t known to harm people. The consumption by hogs of contaminated food waste has been implicated in the spread of the disease, which has reached 31 provinces and territories since August.

These are “important measures to cut off the transmission of African swine fever and lower the risk of further spread,” Vice Minister Yu Kangzhen was quoted as telling a conference on Tuesday.

Highly virulent

BLOOD is the most infectious source of African swine fever and

to render any virus noninfectious.

Swill-feeding

HOGS nearing market weight stand in pens at the Paustian Enterprises farm in Walcott, Iowa, on April 17, 2018. DANIEL ACKER/BLOOMBERG

one drop, or 0.05 milliliters, from an acutely infected pig may contain 50 million virus particles. Experimental studies have found that just one virus particle ingested in contaminated drinking water or fodder may be sufficient to infect a single pig.

Contamination of slaughterhouses and their surrounding environment by the virus can create reservoirs of the infectious agent that can be transmitted to exposed pigs and wild boars, the ministry said in a statement on April 30.

“Timely detection of the virus to eliminate hidden dangers is a must to prevent and control ani-

mal diseases and ensure product quality and safety,” it said.

Some abattoirs haven’t implemented disease prevention measures, Huang Baoxu, deputy director with China Animal Health and Epidemiology Center, told a conference in Beijing in April.

Pig blood was found to be discarded directly into sewers, potentially contaminating the environment after the government temporarily disallowed the use of the product in animal feed last year, Huang said.

The government permitted in January the use of blood in feed as long as the liquid is heat-treated

STUDIES of 68 outbreaks showed that almost half were caused by the spread of virus material on vehicles and on non-disinfected workers; a third were caused by feeding pigs contaminated swill or food scraps; and 19 percent were due to the transportation of infected pigs and meat products across regions.

Abattoirs which aren’t compliant with the testing requirement

by July 1 may be closed down. The agriculture ministry will release a list of all legally compliant pigslaughter enterprises by July 31, it said last month.

Still, many small and midsized abattoirs may not be able to afford the testing regimen. Meat packer groups are seeking government subsidies to support testing capabilities, which cost one large company operating 18 slaughterhouses ¥25 million ($3.7 million) to implement, an industry official said.

Sampling abattoirs is simpler than conducting surveillance on swine farms, of which China has some 26 million, most of which raise fewer than 500 hogs.

Chinese authorities asked food producers in late 2018 to trace the origins of their pork supplies after some products tested positive for African swine fever. Pork dumplings from a Chinese frozen-food producer Sanquan Food Co. were found with the virus in February, triggering a slump in the company’s shares. Bloomberg News

HE Bureau of Agricultural Research (BAR) and the University of the PhilippinesLos Baños (UPLB) have rolled out a project that seeks to help breeders improve the native strain of Siquijor beef so they can eventually export quality meat.

The BAR, an attached agency of the Department of Agriculture (DA), funded the UPLB-led project, “Commercialization of Philippine Native Cattle for Optimum Production of Siquijor Beef.” The project seeks to develop native beef grading standard, native beef cuts, and beef products and by-products.

In collaboration with the DARegional Field Office 7 and the Province of Siquijor-Provincial Veterinary Office, the project is employing various science-based interventions including data collection of animal performance, development of software for small hold native cattle production, planting of forage trees and legumes, and meat processing and product development.

Results of the sociodemographic analysis conducted by the group of Dr. Agapita Salces of the Institute of Animal Science-UPLB, showed that an average cattle farmer in Siquijor has three cattle per farm being raised in a land he owns through inheritance. The rate of technology adoption of cattle raisers in Siquijor is high due to the various support provided by the provincial government.

In the profitability analysis of the project, results showed that the investment cost for setting up a cattle enterprise will cost P22,555.51.

This comprised of cattle house, feeding, breeding stock (two young cattle: one male and one female), farm tools (drum, containers, pail and scythe). However, if the cost of land will be included the total investment cost will go up to P101,703.65.

The three-cattle operation in Siquijor is considered successful in increasing the income of the farmer. In terms of net income, results showed that a farmer could expect at least P1,000 increase monthly when he chooses to engage in the cow-calf operation in Siquijor.

A general assessment of the results showed that good cultural management practices employed by the raisers could not be translated into profit until problems in marketing are resolved. This is attributed to the lack of price stan-

dard in Siquijor.

In Siquijor, the cattle industry is hounded mainly by two aspects: production and marketing. A major constraint in production is affected by the dry season in Siquijor resulting in limited water supply, limited food supply and excessive heat that can affect cattle raising. The natural climatic condition and sloping topography of Siquijor greatly affect the feeding practice of farmers, especially during the dry season.

One of the interventions of the project was meat processing and product development through the conduct of training. One of the beneficiaries of the project was the Catulayan Community Multi-Purpose Cooperative wherein members were taught how to process and add value to their beef products. In 2017, 33 members of the Cooperative underwent the training in Siquijor. Dr. Maria Cynthia Oliveros, the project study leader, demonstrated how to process beef tapa, corned beef, burger patties and beef floss.

Meat processing was introduced to the members to increase their income and to promote the quality of native Siquijor beef. They were also taught how to look at fresh meat including the physical and chemical properties of meat to ensure its quality, tenderness of the meat during processing and storage, and even the correct meat cut.

Siquijor ranks second among the highest cattle-producing provinces in the country, next to Ilocos Norte.

The native cattle strain in Siquijor is the taurine type (Bos taurus) known to have genes for marbling making it competitive with the rest of the best beef cattle in the world.

Marbling is the white flecks and streaks of fat within the lean sections of meat. The degree of marbling is the primary determinant of quality grade in beef. Marbling has a beneficial effect on the juiciness and flavor of beef as it keeps the beef moist and succulent.

Bos taurus is a grass-fed type of cattle. Hence, the meat is lean and tender, and has moderately full flavor. This native cattle strain is suitable for Siquijor’s weather condition because it can tolerate the heat and it needs little water requirement.

It can easily adapt to the environment and is known to produce quality milk. Because Bos taurus is grass-fed, Siquijor’s locally produced beef is considered a “healthy beef.”

A10 Friday, May 10, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Bad vinegar?

Bad politics?

A

CCORDING to press reports: “Researchers from the Department of Science and Technology-Philippine Nuclear Research Institute [DOST-PNRI] used isotope-based analytical techniques to determine that from more than 360 brands of vinegar in the Philippines, 8 out of 10 are made from synthetic acetic acid”.

While no scientific studies have been conducted, is it possible that ‘bad’ vinegar is a cause of our sour politics?

Of course we are being sarcastic. But you have to admit that politics is probably as much a part of Filipino society as vinegar is a part of Filipino cuisine.

We looked into this synthetic acetic acid. It is produced from the carbonylation of methanol. That means methanol—which is an alternative name for wood alcohol—is chemically joined with carbon monoxide to produce this synthetic acetic acid. While all those terms sound pretty nasty, vinegar is basically acetic acid combined with water. However, as consumers, we should expect that the acetic acid that makes our vinegar comes from organic or plant-based fermentation rather than some “Frankenstein” chemical manipulation.

It is the acetic acid that makes “vinegar” vinegar. Commercially produced vinegar contains no less than 4 percent acetic acid. We examined the labels of the various vinegars we had in our cabinet. These included the common “white vinegar,” another which is “specialty” mass-produced product supposedly representing the cooking from a particular region, and a limited production craft vinegar.

The ingredients listed on each include cane vinegar, water, spices like garlic and peppercorn, some coloring, an emulsifier, and an antioxidant to reduce spoilage and extend shelf life. It is certainly possible that our limited pantry did not include any of the 80 percent of the 360 samples tested, which were adulterated.

We expect to read news accounts of people dying in India from drinking “fake” hard liquor. With a decadelong track record, we can assume that food products from China are not what they are supposed to be. In 2007, dogs and cats in the United States and Europe were literally dying from eating Chinese pet food. In 2008, it was found that 300,000 babies were victims and some 54,000 were hospitalized from baby formula mixed with melamine, used to make plastics.

However, there is no excuse for local producers of food products not to adhere to top standards. The press reports go on to say: “The results of the vinegar studies are being submitted to the Food and Drug Administration [FDA], and will hopefully serve as a basis for the development of a new Vinegar Standards of the Philippines. PNRI researchers are also developing isotope analytical techniques for use in detecting synthetic by-products in other condiments such as ketchup, fish sauce or patis, and soy sauce or toyo.”

In our opinion, there is no excuse for not telling the truth, the whole truth, and nothing but the truth about what goes into our food products. Production and labeling standards should be implemented as soon as possible.

There may not be any correlation between our vinegar and our politics after all. But any chance for a “Politics Standards of the Philippines”?

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Vote wisely: Sovereignty resides in you Manny F. Dooc

TELLTALES

U

NQUESTIONABLY, social media has taken a critical role in waging a political campaign to attract voters’ attention to participate in the electoral process and sway their decisions for or against a particular candidate or political party. A candidate for public office should be active on social sites if he or she wants to remain in the public consciousness.

The various social networks available, such as YouTube, Facebook and Twitter, provide a platform for politicians to connect to a great number of people that would otherwise be physically impossible to reach. This is so far the only affordable way for a candidate seeking a national office to propagate one’s political platform and program of government. If one desires to announce his vision of governance and elicit people’s reactions and views, social media can provide a platform to reach out to voters.

Many observers believe that this election will be won or lost depending on how effectively and adroitly a candidate can project himself and his platform most favorably to the public. As demonstrated in the previous election, social media by far is the most potent tool to achieve this end.

nnn

FORMER Vice President Joe Biden has finally announced his candidacy for the presidency of the US. At 76, he may be one of the oldest to seek the office, but his storied political odyssey makes him a frontrunner among the Democrat hopefuls. At age 29 he was elected a US senator and had to wait until he reached age 30 to be sworn into office. Less than two months after his election, his wife and baby daughter died in a car accident, which also left his two young sons seriously injured. Initially, he did not want to assume his position, as he wanted to be with his sons. “Delaware could always get another senator but my sons could not have another father,” he told his constituents. Without the prodding of elderly Senators Hubert Humphrey and Mike Mansfield, who called him

almost everyday, Biden would not have served in the Senate. After that, he was reelected six times more and became the longest-serving senator of Delaware until he was drafted as Barack Obama’s running mate in 2007. After retiring from active politics upon completing his term as Vice President of the US for two terms, why is he seeking the Presidency? I think he answered that in his much acclaimed memoir, “Promises to Keep,” which made it to the New York Times best sellers’ list, when he said: “I do have absolute faith in the heart of the American people. The greatest resource in this country is the grit, the resolve, the courage, the basic decency, and the stubborn pride of its citizens.”

I hope our politicians have the same motivation to serve our people. Biden’s transparency, perseverance, hard work, discipline and honesty are the bedrock principles and fundamental values that won him unequivocal support from the Americans.

Biden’s straight talk and candor set him apart from the traditional politicians who shun away from discussing real issues that will expose their paucity of ideas. In political campaigns, we should get rid of the song-and-dance routines that do not contribute to a meaningful and intelligent public conversation necessary to arrive at an informed decision.

Let’s not send clowns to Congress to attend to the affairs of the State.

nnn

I AM gratified that the Philippines has supported legally binding instruments on aging to protect the rights, needs and well-being of the elderly people. This was officially conveyed by our Deputy Permanent Representative to the United Nations in New York Kira Christianne Azucena, who expressed the Philippines’s commitment to advance the interests of older persons and reaffirmed our efforts to promote their human rights. I cannot agree with her more when she said, “Older persons deserve respect, dignity and the full enjoyment of their right. They deserve a special place in this journey where no one, especially not them, should be left behind.”

She also added that “the Philippine government makes every effort to address the challenge faced by older persons,” noting that when it is about aging, it is a race against time. I fully subscribe to that. As the late George Burns had said on his 100th birthday, “At my age, I no longer buy green bananas.” I am now heeding his example. nnn

A BOY caught a small bird, which he clasps in one of his hands. He asks his father, “Is the bird in my hand dead or alive?” The father thought for a while and then said, “The answer is in your hand?” Who should we vote for? Otso Diretso? Hugpong ng Pagbabago? PDP? Independents?

The answer is in your hand. Don’t let others tell you whom to vote.

Sovereignty resides in you.

A suicide rattles the corruption-stained political class in Peru

P

By John Quigley | Bloomberg Opinion

ERU’S former presidents are falling one by one and the Andean nation’s political class is teetering and spooked.

Opposition officials say Jose Domingo Perez, who is the face of the corruption investigation that’s implicated four former chief executives and dozens of lesser officials, is hounding their leaders. On Wednesday, the team to which Perez belongs charged Ollanta Humala and his wife with money laundering. Last month, Humala’s predecessor killed himself as police arrived, and another ex-president was placed under house arrest.

Even as prosecutors sort through a flood of evidence, lawmakers vow to make it harder to imprison uncharged suspects and some are calling for Perez to quit after exPresident Alan Garcia’s suicide. But ordinary Peruvians, weary of corruption and wary of previous efforts to remove Perez, wear his image on their T-shirts.

Across Latin America, lawyers and judges fighting self-dealing have become popular heroes. Guatemala’s former attorney general Thelma Aldana, who jailed the president, vice president and central bank chief, is a leading presidential candidate. Sergio Moro, who spearheaded Brazil’s investigation into continent-wide bribery by construction giant Ode-

brecht SA, became justice minister in January. Perez, a bespectacled 42-year-old with a meticulous courtroom manner, is top prosecutor on the team cleaning up Peru’s Odebrecht mess and has become the latest legal paladin.

Pent up

“THEY’VE won a lot of support, because people feel they express this very frustrated desire for justice,” said Hernan Chaparro, head of polling research at the Institute of Peruvian Studies. “Some might call it judicial populism, but they’ve ended up filling a vacuum of leadership.”

For more than a decade, Latin American governments handed Odebrecht billions to build airports,

highways, railways and dams, but the gold rush stopped after Brazilian federal police investigating tax fraud at a car wash stumbled onto the builder’s trail of graft. Odebrecht agreed with US authorities in 2016 to pay the largest corruption penalty ever, spurring other countries into action.

Perez’s team alone has opened more than 30 cases, and is gathering pace after prosecutors signed a plea deal with the company to gain access to testimony and documents about payoffs.

Paper trail

PROSECUTORS last month questioned the former head of Odebrecht’s Peru operations, Jorge Barata, and he detailed more than $40 million in campaign donations and kickbacks. His testimony, and the promise of 4,000 pages of evidence, may lead to further arrests. On Wednesday, Humala and his wife, Nadine Heredia, became the first Peruvian officials to be indicted.

Meanwhile, public approval of the attorney general’s office headed

by Zoraida Avalos surged to a record 38 percent from 25 percent a month earlier, in a poll published on April 28

by the Institute of Peruvian Studies.

Avalos has asked the government for money to expand the investigation team and relocated it from an office on a noisy downtown highway to a building opposite the Lima Stock Exchange. But since Garcia’s suicide, criticism is growing, and opposition parties are moving to curb pretrial arrests that prosecutors say prevent suspects from fleeing or impeding investigations.

Fatal investigation

MILAGROS SALAZAR, a lawmaker with Fuerza Popular, whose leader Keiko Fujimori was jailed in the probe, said Perez’s tactics led to Garcia’s suicide and he should resign.

“You can’t put someone in jail and then investigate to see what you find,” Salazar said. “This is political persecution.’’

Perez, who declined to be interviewed, has worked for years to achieve such notoriety and acclaim.

He was born and raised in Arequipa, a southern region whose inhabitants have a Texan-like reputation for pride and independence. Trained as a lawyer, he joined the attorney general’s office in 2005. In the southern town See “Quigley,” A11

www.businessmirror.com.ph

Opinion

The honor of labor

So much hope

BusinessMirror

Rev. Fr. Antonio Cecilio T. Pascual

Tito Genova Valiente

ANNOTATIONS

SERVANT LEADER

B

ROTHERS and sisters, on Labor Day the situation of our workers was given attention, and overall, Filipino workers are still facing many challenges.

In our nation, the call to increase the wages of employees continues at the face of the rising cost of commodities and services. Although many workers have benefited from the TRAIN law since this elevated the worth of wages imposed with taxes resulting to exemptions to income tax, this did not bode well in the positive change to minimumwage earners exempted from paying taxes. In truth, those who earn minimum wage are in danger because of the lack of funds they are able to take home, which worsened because of the rise of expenses. How about the laborers within the informal sectors of economy? They also work but without the benefits enjoyed by regular workers.

This is still the issue of contractualization, particularly in its form mainly known as endo or end-ofcontract. This endo comes from jobs requiring people to only work at a short span of time, usually six months, without any certainty of regularization after fulfilling their contracts. We remember there was an executive order presented by President Duterte last year that seemed to fulfill its promise in ending contractualization, but it was useless for labor movements and groups because it only repeats the restrictions of the law.

And the rise in the number of foreign workers in the Philippines, particularly those coming from China, is said to have taken jobs from Filipinos. During a hearing at the Senate in November, officials from the Bureau of Immigration admitted there are a lot of Chinese nationals given special working permits, enabling them to work as construction workers and cashiers, jobs that Filipinos who are looking for work are completely capable of doing.

Chinese businesses also sprouted in the country, and some of these

Quigley. . .

continued from A10

of Moquegua, he investigated Peru’s current president, Martin Vizcarra, for his role in instigating 2008 street demonstrations during which protesters held 50 police officers.

Rehearsing hearings

MANUEL BERNEDO, a Moquegua colleague, said Perez was diligent, persistent and prepared assiduously, often reciting arguments in his office the night before.

“He was always very bold in his investigations,” Bernedo said. “Some people said he went too far at times, but that was his character.’’

Perez studied for a master’s degree in public administration at Lima’s Esan business school in 2015, where he wrote a thesis on prosecuting corruption. He finished at the top of his class. “He was a serious, dedicated and reserved student,” said Prof.

Cesar Fuentes.

Perez joined the Odebrecht team in 2017 and quickly took on one of the thorniest cases: investigating Keiko Fujimori, daughter of former autocrat Alberto Fujimori and head of the biggest party in Congress. Perez accused her of laundering $1 million from Odebrecht through her 2011 presidential campaign.

Locked up

FUJIMORI denies the allegations, but in October, Perez secured an order to jail her and her inner circle for three years for attempting to sabotage his investigation. During a hearing, he read texts in which Popular Force lawmakers discussed

businesses take in fellow Chinese as their laborers. For example, from the industry of Philippine-based offshore gaming operations or Pogo and other businesses in need of workers who are fluent in speaking Mandarin, an estimated 250,000 Chinese workers are in the country.

It is clearly stated in our Constitution: “The State must have total protection for workers, whether domestic or overseas, organized and disorganized, and must establish the employment thoroughly with equal opportunities for employment for all.” Added to this, “The State must establish responsible use of Filipino Laborers,” meaning, Filipinos must be the first priority in having opportunities at working in their own country.

If the government gives enough focus on encouraging investors to provide long-term jobs and decent livelihoods to Filipinos, our fellowmen might even reconsider living here rather than working overseas.

There would be those who won’t need to have two jobs just to get by from expenditures because of low income. No one would need to hang by a thread just to be able to provide food for his or her family. And it won’t come to the point wherein around 10 million people, according to the SWS, won’t have jobs.

Brothers and sisters, much like the Catholic social teachings in Laborem Exercens, work is good for man because not only it nourishes and enriches the world given by God, but enables man to fulfill his humanity and through this, he becomes more human. Therefore, the loss of jobs violates the dignity of man.

Make it a habit to listen to Radio Veritas 846 Ang Radyo ng Simbahan in the AM band, or through live streaming at www.veritas846.ph and follow its Twitter and Instagram accounts @veritasph and YouTube at veritas846.ph. For your comments,

ways to discredit him and “give him a bashing.’’

The hearing made Perez a star.

Next came Garcia. Twice president, he had moved to Madrid after polling poorly in the 2016 race. He flew to Lima in November for questioning by Perez and was unexpectedly prevented from leaving for 18 months. Prosecutors say Garcia led a ring of corrupt officials during his second government, from 2006 to 2011, collecting bribes and helping Odebrecht win contracts that included a billion-dollar light-rail line. One former official confessed to receiving $1.3 million from the builder and delivering cash to Garcia, sometimes at the presidential palace.

Bloody morning

A COURT ordered Garcia’s arrest on April 17 along with eight others.

Police arrived at his home early that morning, but before they could arrest him, he shot himself. At a vigil, Alfredo Barnechea, a former lawmaker from Garcia’s Apra party, said Perez’s team was part of a “judicial mafia.”

Two days later, a detention order for former President Pedro Pablo Kuczynski was a tipping point. The 80-year-old was hospitalized for a heart condition when police came to handcuff him. Politicians from all sides said jailing him was going too far. Even Vizcarra said preventive prison now seemed the rule rather than the exception.

Prosecutors relented, requesting house arrest. But Apra lawmakers are preparing a bill to shorten preventive prison terms from as long as 36 months, and to enable the removal of judges who impose the measure too often.

Friday, May 10, 2019 A11

O

N the 13th of May, we will elect once more individuals, who we believe will and shall represent our interests and welfare.

On the way to being elected or chosen, these individuals court us so that we may give them our votes. On the way to being our representative, these persons with credentials we perceive to be extraordinary and above the average, will present themselves to us. They will dress up in such a way that they will be able to proffer, on the surface at least, personas that will appeal to us, awakening in us qualities that, whether we are aware of them or not, will make us subservient to the interests of these human beings.

These men and women are called “candidates,” a term that is derived from the toga the early candidates wore. They were candidatus or “whiterobed.” Our present-day candidatus are not wearing the pristine color of white but, in their speeches, they claim purity of hearts. If opening their chest to reveal hearts that beat for others can be done without the grace of death, all candidates will excavate from their torsos hearts so pure and brave, and souls so clean and bright so that we may be compelled to love them. The absence of color in their uniform is not the absence of evil.

For all our claims that politics is dirty, we vote into power candidates whose attributes, in our estimation, are immaculate. We hold on to our faith that whatever dirt is ascribed to our favored politician is a machination of the other party or parties, which we have long ago concluded to be stained with the crimes of the immoral.

The candidates for political position do their part in this guessing game of sustainable morality and uprightness: they are lofty in speeches, they are candid with their frailties.

We fall for their subscription to the club of the Fall of Man. We embrace the frankness as friendly. We never for a moment doubt that acceptance of flaws is an admission of weakness.

That lack of control about one’s faculties is now in the person in whose hands we have given our right and chance to live with decency, and die with even more meanings. On the other side, we see candidates that are also candid about their

For all our claims that politics is dirty, we vote into power candidates whose attributes, in our estimation, are immaculate. We hold on to our faith that whatever dirt is ascribed to our favored politician is a machination of the other party or parties, which we have long ago concluded to be stained with the crimes of the immoral. uprightness but we have already thrown our support to the lies that are easy to accept and to the truths, which may be mordant but acceptable nevertheless and convenient.

We blame the other side for not thinking about the people. We assume we are members of that clan that puts premium on the goodness of the human group. No amount of convincing can alter our belief. We have altered the horizon: the sun sets for us and we know it will rise as well for us.

In plazas and street corners, the theater of perspectives play on. There will be two sides, or even more, to any action we do for society. Politics will never allow us to cheer for the two sides. The human nature grants us to select one side.

Who says the good is given? During elections, the good is merely part of a newly constructed mall of commodities and accommodations.

The salespersons of persuasions are also the merchandizers of manipulations; the human resource managers of corruption are also the auditors and monitoring agents of political expediency.

So, we will elect them, they who,

we think, will be good. We elect them and yet we never can assume they will do what they are promising now. But there is an assurance: there is creativity in risk. Or without risk, there can be no creativity. All at once, art is made to rear its ugly head, the head of compromise.

The past elections have never been astute lessons. The past itself is a bumbling mentor. We are dumb not to remember, or even vaguely recall, that politics is, by nature, really the crime of the power against us. We never learn that no politician has ever been good to us.

The proof of this political pudding—please, let me mash up my metaphors and figures of speech—is in the eating, in seeing, in tasting, that no pudding in the past and in the present has ever been delectable and good for the health of the human group. Mixing further my metaphors, no hunger was ever assuaged by any pudding. What politics has made of puddings is to create hunger, and for established, well-schooled, wealthy liars to present false solutions to starvations.

Shall I ask you not to vote, not to choose anyone?

In the small and enchanting island of Ticao, a group of individuals residing in different places came

together for the arrival of a political party deemed the opposition. These people forming the group went out of their way to organize a moral and strategic support to the group. They all agreed to travel from their homes to the island of their birth or kinship so as to boost the morale of their candidates. An expression of gratitude from one of the leaders of the group whose campaigns they helped out was all they needed.

But, what if the candidates they will vote for do not fulfill what they have vowed to do?

I believe that group never entertained any thought of infidelity and betrayal on the part of their candidatus.

What should I tell them, that when we love persons and power, it does not really follow those persons and power—those persons with power, those persons in power—may not, in fact, may never have, in fact, considered us, the electorate, as the beloved?

And so, we turn to old books. I turn to Hobbes and borrow from him the concept that we abandon some rights, lay down our arms, and hope that some monsters fight for us, and battle other monsters that are ever hungry to gobble us up.

E-mail: titovaliente@yahoo.com

US and China are living in different universes

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By David Fickling | Bloomberg Opinion

AVE US and Chinese trade negotiators been meeting with each other in recent months, or with bands of convincing impostors?

You almost have to ask the question, because media reports about who “broke the deal” over the past week seem to have been filed from two different universes.

In a Reuters report published on Wednesday and attributed principally to three US government sources, the Chinese had been on the brink of an unconditional surrender before trying to wriggle out of it at the last minute. A nearly 150-page, sevenchapter draft had included binding legal language to change its legislation on intellectual-property theft, forced technology transfers, competition policy, currency manipulation and access to financial services, Reuters reported, alongside an enforcement regime similar to those imposed on troublesome countries like North Korea and Iran. Beijing tried to reverse all that in a series of last-minute edits, according to the report.

That backs up an earlier report by Jenny Leonard, Saleha Mohsin and Jennifer Jacobs of Bloomberg News citing people familiar with the matter saying that the Chinese went back on promises to include changes to its laws in the text of the deal.

An article in the Wall Street Journal, sourced to “people familiar with the thinking of the Chinese side,” had a vastly different read. President

Donald J. Trump’s tweets about his friendship with President Xi Jinping; praise of China’s economic stimulus; criticism of the US Federal Reserve; and positive statements about planned Chinese purchases of US soybeans—all were taken as evidence that Washington’s resolve was weakening along with its economy, according to the report. Beijing never had any intention of specifying which laws it was prepared to change to get a deal over the finish line, and didn’t take seriously hints from the US that time was running out, it said.

Such starkly differing interpretations of the same event aren’t all that unusual. There’s even a term for the phenomenon: the “Rashomon effect,” in reference to an Akira Kurosawa film in which witnesses give contrasting accounts of a murder. Still, the risks of such misinterpretation are a familiar hazard of diplomacy, especially in discussions between negotiators with different languages and cultural contexts, so it’s somewhat astonishing to see such a gap still yawning between the two sides after all the talking that’s been done over the past year.

What would a more realistic accord look like? As we’ve argued from the start of this process, the two sides are much more evenly matched than Washington’s negotiators ap-

pear to recognize—with the odds, if anything, likely to marginally favor China.

Factions in Beijing—including Premier Li Keqiang and Xi himself— have long favored reform around IP and inward investment that would meet many US demands. Indeed, in areas such as foreign investment and patent enforcement, legal changes are already quietly taking place away from the spotlight. But national pride, and a Communist Party ideology grounded in resisting unequal treaties in the name of free trade, mean that such shifts could never be seen to be done under duress.

As for the more expansive demands from Washington’s trade hawks around reducing the state’s role in the Chinese economy, those have always seemed delusional. A limited agreement, with a few commitments on agricultural and energy purchases dressed up in fancy language, always looked like the most credible path to a pact.

Why has this plain reality been so opaque to the political leaders in Beijing and Washington, leading them

to drastically miscalculate and overplay their hands?

One explanation is that the information flow among senior officials hasn’t been structured to communicate difficult realities to the top. In a well-functioning political system, the whims and pride of political leaders should be kept in check by honest advice that keeps their ambitions tethered to reality. When those ties are loosened, decision-making risks becoming lost in a fog of selfaggrandizement.

It’s hardly a surprise that this latter style is now prevalent in both Beijing and Washington. President Trump’s unwillingness to tolerate dissent is well documented, but even within China’s more inherently dysfunctional authoritarian leadership the centralization of power under President Xi has had a similar effect.

Still, it bodes ill for the prospects of the current round of talks starting Thursday. So far, we’ve only seen denial and anger from both sides; if we want to make it to a deal, we’ll likely have to go through a good amount of bargaining—and depression—first.

Such starkly differing interpretations of the same event aren’t all that unusual. There’s even a term for the phenomenon: the “Rashomon effect,” in reference to an Akira Kurosawa film in which witnesses give contrasting accounts of a murder. Still, the risks of such misinterpretation are a familiar hazard of diplomacy, especially in discussions between negotiators with different languages and cultural contexts, so it’s somewhat astonishing to see such a gap still yawning between the two sides after all the talking that’s been done over the past year.

2nd Front Page BusinessMirror

A12 Friday, May 10, 2019

2018 revenues from TRAIN law surpass government target

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By Rea Cu

@ReaCuBM

HE Department of Finance (DOF) has reported that revenues for the first year of implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) law surpassed the government’s target for the implementation of the measure in 2018.

In a statement issued on Thursday, the DOF’s Strategy, Economics, and Results Group (Serg) led

by Undersecretary Karl Kendrick T. Chua said that revenues attributable to the implementation of the TRAIN law reached P68.4 billion for 2018, which is 8.1 percent higher than the full-year target of P63.3 billion.

The Serg reported in a recent executive committee meeting that the largest gains for the year under the TRAIN were seen in tobacco excise, auto excise and documentary stamp tax (DST) collections. Personal income tax (PIT) collections were also higher than expected due to better compliance and an increase in the number of registered taxpayers.

Taken together, these highest gainers contributed around P51.5 billion of the P68.4-billion revenue from TRAIN, according to the DOF. The DOF said that auto excise tax revenues for 2018 was above target

by P6.2 billion, owing in part to higher purchase for vehicles, while DST revenue was also above target

by P4.7 billion in line with higher transactions value and better collection efficiency.

TRAIN revenue has far exceed-

ed its target, providing additional public resources for infrastructure and human capital development programs, the Serg report said.

The DOF has yet to provide the targets for end-2018 of the TRAIN law as well as its actual revenues.

Earlier, the DOF estimated that the implementation of TRAIN gave a combined P12 billion per month in additional income for the country’s individual taxpayers, most of them compensation earners, and in Unconditional Cash Transfers to the poorest households and senior pensioners.

Taxpayers with a net taxable income of P250,000 and below are exempted from paying PIT, while those earning less than P8 million annually also get PIT cuts under TRAIN. According to the DOF, Filipino taxpayers have reaped a cash bonanza of P111.7 billion in PIT cuts in 2018 with the implementation of the TRAIN law, which is the first package of the Duterte administration’s Comprehensive Tax Reform Program (CTRP).

In January, the DOF reported that revenue collections for the first three quarters of 2018 were slightly below target in line with

LOW PRESSURE AREA 925 KM EAST OF HINATUAN, SURIGAO DEL SUR INTERTROPICAL CONVERGENCE ZONE AFFECTING VISAYAS AND MINDANAO as of 4:00 pm - May 9, 2019

the implementation of the TRAIN law, as revenues reached P41.9 billion in the first nine months of the TRAIN’s implementation compared to its target for the period of P44.3 billion.

The revenue collections from the TRAIN law of P41.9 billion during the nine-month period met 94.7 percent of its programmed target for the same period amounting to P44.3 billion.

Broken down, collections from oil excise taxes hit P43.4 billion versus a P43.3-billion target; excise tax slapped on automobiles reached P12.2 billion versus a target of P11.6 billion; tobacco excise collections were P5.9 billion versus a P3.30-billion target; corporate income tax, P800 million, as against a P400-million target;

and DST, P49.1 billion versus P21billion target.

Meanwhile, revenue collections that failed to meet their respective target estimates under the TRAIN law include: sugar-sweetened beverages at P31.2 billion versus P43.3-billion target; other excise taxes, P2.3 billion versus P3.1-billion target; value-added tax at P3.6 billion versus P24.8-billion target; and financial taxes at P2.4 billion, versus P5.2-billion target.

The government also registered a P102.9-billion loss from the reduction of the PIT lower than its estimate of P108.7 billion; a loss of P3.7 billion from estate taxes from its P1.7-billion target; as well as a P2.3-billion loss from donors tax from its estimate of P1.3 billion for the period.

‘PILIPINO MIRROR’ BAGS TANGLAW AWARD For the second consecutive year, Pilipino Mirror won as Best Filipino Newspaper in the 17th Gawad Tanglaw Awards held on May 8, 2019, at the Museo ng Muntinlupa in Muntinlupa City. Pilipino Mirror Editor in Chief Rey Briones (second from left) and General Manager Jocelyn Siddayao (second from right) receive the award, which was also given to Pilipino Mirror in the previous year, from Dr. Ellen E. Presnedi (center), president of Pamantasan ng Lungsod ng Muntinlupa. Also in the photo are Pilipino Mirror Advertising and Sales Manager Cris Galit and Nora Bonogan. RUDY ESPERAS

‘Cash-based budgeting must stop temporarily’

www.businessmirror.com.ph

GROWTH IN TOURIST ARRIVALS SLOWS DOWN IN 1ST QTR 2019 TO 7.6%

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

T

HE substantial increases in inbound travelers from the People’s Republic of China and Taiwan have helped fuel the expansion in overall tourist arrivals in the Philippines for the first quarter of 2019.

Data from the Department of Tourism (DOT) obtained by the BusinessMirror showed arrivals from China grew by 24.87 percent to 463,804, and those from Taiwan rose by 30.11 percent to 77,908 in January to March 2019.

Some 2.2 million foreign tourists were welcomed by the country in the first three months of the year, up 7.6 percent from the same period in 2018.

This was a considerable slowdown, however, from the 14.8-percent increase in the first quarter of 2018, which enabled the country to reach an historic-high 2 million arrivals in that period.

In a news statement, Tourism Secretary Bernadette Romulo Puyat said the sizable increase in arrivals for January-March 2019 is an encouraging sign that Philippines tourism is on the right track. “The DOT is working on enhancing our tourism products and tourism infrastructure to entice tourists to choose the Philippines as their next destination,” she said.

She likewise noted that the rehabilitated Boracay Island, touted as a model of sustainable tourism development, has attracted a growing number of visitors since reopening last October.

The DOT chief also credited improved air connectivity between several Philippine destinations and the world, for the uptrend in tourist arrivals.

Romulo Puyat will have been one year on the job as tourism chief on Saturday, May 11. After her announced

appointment, Romulo Puyat had vowed to go over DOT contracts with a fine-tooth comb and to keep the “It’s More Fun in the Philippines” slogan.

(See, “New DOT chief vows to be tough on corruption; will keep ‘It’s More Fun in the PHL’ brand campaign,” in the BusinessMirror, May 10, 2018). She relaunched the brand campaign in Manila and Berlin earlier this year.

S. Korea still top source

MEANWHILE, South Korea remains the top source market for tourists, growing by 8.91 percent to 519,584 arrivals; followed by China; and the United States at 293,780 tourists (+3.1 percent).

The Japanese market, which came in fourth place, slipped by 1.88 percent to 177,769 in arrivals. Other source markets which posted declines in arrivals were Australia at 73,147 (down 1.2 percent); the United Kingdom at 53,402 (down 5.52 percent); and Singapore at 39,484 (down 11.07 percent).

DOT officials have yet to respond to queries on why arrivals from these traditionally strong markets dropped.

It was pointed out, however, that the Philippines has yet to appoint a marketing representative for Singapore.

Other major markets of the Philippines posted increased arrivals such as Canada at 72,352 (+2.63 percent); Malaysia at 37,651 (+1.51 percent); India at 36,275 (+9.93 percent); and Germany at 33,725 (+17.06 percent).

For March 2019 alone, substantial increases in arrivals were recorded for the top 12 markets such as South Korea (29.75 percent), China (38.31 percent), Taiwan (33.83 percent), and France (26.21 percent). However, these increases were overshadowed by dips in other markets such as the US (-1.27 percent); Canada (-1.68 percent); Australia (-8.36 percent); the UK (-20.7 percent); and Singapore (-6.28 percent).

DPWH’s Villar inaugurates 9.6-km bicycle-friendly bypass road in Bulacan

By Cai U. Ordinario @caiordinario

I

N order to avoid government underspending from ruining the chances of boosting the economy, the National Economic and Development Authority (Neda) called for the temporary suspension of the cashbased budgeting system under a reenacted budget.

In a briefing on Thursday, Socioeconomic Planning Secretary Ernesto M. Pernia said this can be the focus of an urgent review of the newly adopted cash-based budgeting process.

Pernia said reverting to obligationsbased budgeting under a reenacted budget would allow the government to continue spending funds beyond the one year and three months’ grace period provided for in the cash-based budget system.

“It would be prudent on the part of the authorities regarding budgeting [that] when there is a reenacted budget, we better lift or temporarily postpone the cash-based budgeting requirement so that government agencies will continue to implement the budgets beyond the one-year period, or one year and three months’ grace period which is provided for in the cash-based budgeting system,” Pernia said.

Pernia said extending the use of funds should be done for infrastructure and other expenditures such as Maintenance and Other Operating Expenses (MOOE) and even feasibility studies that take time.

He said any delay in government See “Cash-based,” A2

P

UBLIC Works Secretary Mark A. Villar, along with key Bulacan local officials, formally inaugurated on Thursday the Pulilan-Baliuag Diversion Road, a multiyear road project that broke ground in 2015 and was completed this year.

Villar, in a news statement, said that the completed road bypassed the congested sections of Maharlika Highway in the adjacent municipalities of Pulilan and Baliuag, resulting in shortened travel time.

Motorists headed to North Luzon Expressway may now use this alternate road that begins at Pulilan-Calumpit Road in Barangay Tibag, Pulilan, near the Nlex and ends in Daang Maharlika in Barangay Tarcan, Baliuag, Bulacan, traversing several barangays in Pulilan.

“The DPWH [Department of Public Works and Highways] is keen on constructing more bypass roads due to our continued desire not only to improve traffic flow but to ensure the safety of travel. We are also aware that transportation improvement projects like these

can affect the local economies of Pulilan and Baliuag, as well as the quality of life of the Bulakenyos,” Villar said.

The P509.694-million four-lane 9.6-kilometer diversion road was implemented by the DPWH Regional Office III. “We take exceptional pride in the completion of this project. Since this is essentially a diversion road, Bulakenyos no longer have to pass through Daang Maharlika. There is a newer, better, faster road travel alternative,” the DPWH chief said.

An additional feature implemented by Villar in the project was the inclusion of bike lanes, tackling the importance of pedestrian infrastructure in roads across the country.

“As part of DPWH[’s overall plan], not only is it our main goal to provide vehicular infrastructure, but pedestrian infrastructure as well—especially for those who do not have private vehicles of their own. This is why we aim to incorporate bike lanes in all our projects similar to what we did here in the Pulilan-Baliaug Diversion Road,” Villar said.

News BusinessMirror

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PHL joins historic 4-navy group sail in S. China Sea

S

By Rene Acosta

@reneacostaBM

IX ships from four navies—including the Philippine Navy—which are participating in the Asean-Plus Defense Ministers’ Meeting Maritime Security Field Training Exercise (ADMM-Plus MARSEC FTX) in Busan, South Korea have carried out a “cooperative” sail in the South China Sea. The cooperative sail by the BRP Andres Bonifacio (PS17) of the Philippine Navy, the JS Izumo and JS Murasame of the Japan Maritime Self Defense Force vessel, INS Kolkata and Shakti of the Indian Navy and the USS William P. Lawrence of the US Navy’s Pacific Fleet was carried out by the warships in international waters while on their way to Singapore for the second phase of the Asean maritime exercise.

The quadrilateral sail by the allies was the first in the history of the four navies, according to Lt. Maria Christina A. Roxas, public affairs officer of the Naval Task Group 80. 6, the PN contingent taking part in the regional exercise.

South Korea and Singapore are co-hosting the ADMM-Plus maritime training exercise.

“The group sail showed the active participation of the Philippine Navy as it strengthens its relationships with allies and partners in the Asia-Pacific region.

This gives us another opportunity to learn

“The group sail showed the active participation of the Philippine Navy as it strengthens its relationships with allies and partners in the AsiaPacific region. This gives us another opportunity to learn from likeminded navies.”—Trinidad

from like-minded navies,” Roxas quoted Captain Roy Vincent T. Trinidad, who is leading the Philippine Navy delegation to the exercise, as saying.

“Our bond of friendship with our regional partners is as strong as our commitment to maintain peace and stability in the region,” said Capt. Jerry Y. Garrido Jr., commander of the BRP Andres Bonifacio.

Roxas said the combined transit exercise deepened the partnership and fostered mutual understanding between the four navies. “As with other naval exercises, this activity is expected to validate the decades

of friendship, partnership and cooperative engagement that has been long established and observed between the Philippines, US, Japan and India,” she said.

Roxas said that before the cooperative sail, Commander Andrew J. Klug, commanding officer of the USS William P. Lawrence, said his team was excited to take part in the multilateral sail.

“Professional engagements with our allies, partners and friends in the region allow us the opportunity to build upon our existing, strong relationships, as well as learn from each other,” Klug said.

An official statement from the Indian Navy also said its sail with three other navies was aimed at “enhancing maritime cooperation, synergizing maritime engagements, sharing best practices and standardizing operating procedures.”

Rear Admiral Hiroshi Egawa, commander of the JMSDF Escort Flotilla Division One, said the Japanese Navy is proud to be part of the historic quadrilateral event in international waters.

“I am glad that JMSDF is part of this historic activity. I look forward [to] more engagements with our partners in the region,” the Japanese Navy commander said.

Roxas said that during the week-long transit, the ships carried out a series of training exercises and social interactions.

She said the four navies transited through the West Philippine Sea invoking the “freedom of safe navigation” in support of a rules-based “international system benefiting all countries.”

DENR cracks down on open dump sites near Manila Bay

By Jonathan L. Mayuga

T

@jonlmayuga

HE Department of Environment and Natural Resources (DENR) has started the crackdown against the illegal operation of open dumps near the shores of Manila Bay with the recent closure of an open dump site in Limay, Bataan.

The DENR, led by Undersecretary for Local Government Units Benny D. Antiporda, issued a cease-and-desist order against the municipal government of Limay, Bataan Province for operating an open dump in Barangay San Francisco de Asis I. The DENR official, along with the National Solid Waste Management Commission (NSWMC), earlier vowed to close open dumps within Manila Bay as part of the rehabilitation effort to restore of the bay.

According to the NSWMC, there are 27 open dumps within the Manila Bay area. Manila Bay covers a total of 190 kilometers coastline from Cavite to Bataan Province.

The establishment and maintenance of an open dump is strictly prohibited under Republic Act 9003, or the Ecological Solid Waste Management Act of 2000.

In a two-page order dated May 7, 2019, and signed by Antiporda, the DENR directed Mayor Lilvir Roque to “immediately cease and desist” from operating the dumpsite and “conduct immediate rehabilitation of the area.”

Roque and members of the Limay Municipal Council led by the vice mayor, Robert Arvin Roque was also summoned to Antiporda’s office at the DENR headquarters in Quezon City to present their immediate plan of action for the closure and rehabilitation of the dumpsite.

They were told to “bring the necessary documents, clearances, and other permits issued pertaining to the implementation of the disposal site.”

“Failure to appear in the said meeting and submit the required explanation would mean a waiver on your part and this Office shall resolve the case based on our records in accordance with the rules,” the order stated.

Section 37 of RA 9003 states that “no open dumps shall be established and operated, nor any practice or disposal of solid waste by any person, including LGUs, which constitutes the use of open dumps for solid

Jobseekers warned vs bogus jobs in Israel

T

HE Philippine Overseas Employment Administration (POEA) has warned aspiring overseas Filipino workers (OFW) against bogus hotel-based job offers in Israel.

POEA Administrator Bernard P. Olalia issued the advisory after some unscrupulous individuals started using their signed Memorandum of Agreement (MOA) with Israel for the temporary employment of Filipino workers in the Israeli hotel sector to illegally recruit jobseekers.

Citing the report of the Philippine Overseas Labor Office (POLO) in Tel Aviv, Israel, he said a certain Donfrank Yabes has been offering jobs in hotel and restaurants in Eliat, Israel via Facebook.

Olalia pointed out the said claims are false since they have yet to start the deployment of Filipino hotel workers in Israel. “The recruitment process is still on hold until internal procedures and guidelines are finalized and approved by both parties,” Olalia said in a statement.

POEA targets to complete the guidelines for the MOA within the year.

Under the MOA, only POEA will process the recruitment of Filipinos who would like to apply for hotel-related jobs in Israel.

“No private recruitment agencies or persons have been authorized to work on our behalf. Any offer of employment as hotel workers in Israel from third party, therefore, is considered illegal recruitment,” Olalia said.

Olalia urged jobseekers to disregard employment opportunities in hotels in Israel, especially those posted in social media. The labor official said people who would like to apply for legitimate hotel jobs in Israel, should instead register at their e-registration website at https://eservices.poea.gov.ph/.

Samuel Medenilla

wastes, is allowed.”

Under Section 48(9) of the same law, the establishment or operation of an open dump is prohibited and penalties await violators. Any person found violating the law for the first time, shall upon conviction, face a fine of P500,000, plus an amount equivalent to up to 10 percent of his net annual income during the previous year.

Administrative charges may also be filed against local and national government officials who fail to comply with and enforce the rules and regulations relative to RA 9003.

The order was served on May 8 to Roque’s office by DENR’s Bataan Provincial Environment and Natural Resources Officer (PENRO) Raul Mamac, Dinalupihan (Bataan) Community Environment and Natural Resources Officer (CENRO) Marife Castillo and staff members from the DENR’s Environmental Management Bureau in Region 3. Antiporda said the operation of the Limay dumpsite must be stopped to prevent it from reaching the nearby Manila Bay, which is currently undergoing rehabilitation.

Senate eyes tougher penalty on fake news purveyors

T

HE Senate leadership is eyeing the enactment of tougher penalties, including longer jail time, for perjury in what is shaping up to be a fresh effort to curb proliferation of purveyors of fake news.

Senate President Tito Sotto signalled in an interview Thursday that senators would move for the adoption of stiffer sanctions soon as Congress reconvenes regular sessions on May 20.

“We really need tougher sanctions,” Senate President Sotto said in Filipino, referring to existing penalty provisions for perjury cases penalized with four months and one day up to two years and four months under the Revised Penal Code.

Sotto recalled that this was one of the major bills that should have been filed earlier in the 18th Congress.

“Let’s strengthen the penalties for perjury so that those peddling what we call fake news will be deterred,” Sotto said.

“Aside from that, we also need to review the Witness Protection Program amid reports it is being abused, with witnesses suddenly turning around later ,recanting their previous testimonies.

“If you tell them ‘we will charge you with perjury,’they’ll say, so what? We only impose one month. They’ll just laugh at

us,” he added.

Sotto, however, found consolation in the Senate Rules. “The power of the Senate is even tougher than what’s contained in the Revised Penal Code Article 183, because under our rules you can be jailed for one year. We can detain you for as long as we have not adjourned.”

Sotto said the enabling legislation amending the Revised Penal Code would be included in the Senate priority agenda when sessions resume on May 20. “That’s one of the things we will prioritize. I think this early we can already draft it,” he said, adding, “while we can simply include it in the Senate Rules on perjury, it would be better to “amend the Revised Penal Code.”

A press statement issued by Sotto’s office added that under the RPC’s Article 183 covering false testimony in other cases and perjury in solemn affirmation, the penalty of arresto mayor in its maximum period to prision correccional in its minimum period shall be imposed upon any person, who knowingly makes untruthful statements.

Earlier, detained Senator Leila de Lima likewise filed Senate Bill 1359 proposing to raise the penalty for subornation or perjury to 12 years.

Butch Fernandez

Friday, May 10, 2019 A13

DepEd hiring 10,000 new teachers for 2019, govt allots P2.11-B budget

T

HE Department of Education (DepEd) said the agency is targeting to hire 10,000 new teachers this year.

During the recent joint meeting conducted by the House Committees on Appropriations and of Basic Education and Culture to assess the DepEd’s budget performance, Education Undersecretary Nepomuceno Malaluan said these new teachers will be deployed nationwide.

Of 10,000 new teacher items, he said 2,797 items are for kindergarten/elementary; 2,443 items for junior high school; and 4,770 items for senior high school.

Under the 2019 budget, the government has allotted P2.11 billion for this initiative.

The agency added that P20.3 billion was allocated this year to cover 1.3 million senior high schools (SHS) nationwide under the SHS Voucher Program.

Review

MEANWHILE, House Committee on Basic Education and Culture Member Rep. Florida Robes of

San Jose Del Monte urged the DepEd to review the average teacher-to-student ratio to improve the country’s teaching systems.

In the same hearing, Malaluan said there is an average of one teacher for every 29 elementary school students, one teacher for every 25 junior high school students, and one teacher for every 29 senior high school students for school year 2018-2019.

However, he said, that ratio indicates the national average, meaning, certain schools face an excess of teachers while others have deficiencies.

Malaluan added that contributing factors are the relocation and transition issues of placing teachers in underserved areas.

“It really requires our divisions to be able to reallocate teachers where there are excess [like in Metro Manila] and be able to deploy them to the areas where they need more teachers from the existing teaching force. But it’s also difficult for teachers to just simply move from one location to the other,” he said.

Jovee Marie N. Dela Cruz

A14 Friday, May 10, 2019

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Editor: Efleda P. Campos

SMC net income plunges 18% to ₧12.82B in first 3 months

C

By VG Cabuag

@ villygc

ONGLOMERATE San Miguel Corp. (SMC) on Thursday said its net income fell 18 percent during the three months of the year as its food group and Petron Corp. dragged the company, citing the new tax slapped by the government on fuels and higher material cost.

The company said its net income reached P12.82 billion for the three months ending March, down from P15.61 billion last year.

Sales rose 7 percent to P250.92 billion, from P234.34 billion last year.

San Miguel Food and Beverage Inc., the enlarged group of food, beer and liquor units, had a flat net income

of P7.36 billion from last year’s P7.3 billion. Income of Pure Foods, however, plunged 99 percent to just P11 million for the period from P1.36 billion last year.

Income of oil refiner Petron fell 77 percent to just P1.3 billion, from last year’s P5.78 billion. Revenues declined, but a narrower rate at P124.55

billion from last year’s P129.11 billion, or a drop of just 4 percent.

The company said its fuels and oils and food businesses were pulled down by volatile global oil prices and higher raw materials cost, respectively.

For its food business, the government’s lifting of special safeguard duties against import surges led to an industry-wide oversupply and a significant decline in poultry prices.

The rising cost of major raw materials—wheat, soybean meal, corn and cassava—was also a big factor, the company said. Petron lost 5-percent volume for its Philippine operations following the implementation of the TRAIN law.

By now, a total of around P4.50 per liter in excise taxes plus 12-percent VAT (value-added tax) are carried by fuel prices, it said.

On a quarterly basis, this translates to around P9 billion in excise taxes and P1.1 billion in VAT. The

Manila Water Q1 net income down by 27% to ₧1.23 billion

M

ANILA Water Co. Inc. posted net earnings of P1.23 billion for the first quarter of 2019, about 27 percent lower than the previous year’s record, following the severe water shortage last March and the subsequent imposition of financial penalty amounting to over P1.3 billion by government regulators.

On a group level, however, Manila Water revenues grew 8 percent to P5.1 billion, driven by a higher tariff in the Manila concession area and improved topline growth of its non-Manila concession businesses.

In a statement, Manila Water said the growth was partially offset by the voluntary, one-time Bill Waiver Program it was compelled to implement to compensate for the inconvenience experienced by its customers severely affected by the watersupply shortage.

Manila Water’s operating expenses reached P2.5 billion, up 39 percent from a year ago, driven by higher costs and expenses. A major driver of this increase was the provision of financial penalty imposed by the Metropolitan Waterworks and Sewerage System (MWSS) amounting to P534 million which the company has decided to pay.

The company was also ordered to allocate P600 million for the development of a new water source by the MWSS. In all, Manila Water net income margin for the period stood at 24 percent.

Excluding the effects of the water-supply shortage in the Manila concession, core net income grew 22 percent to P2.1 billion.

Meanwhile, Manila Water reported it continues to make progress on its service recovery efforts.

As of May 8, the company has achieved

98-percent water availability of at least eight hours at 7 psi, or at ground-floor level. It has also reached a 72-percent 24-hour water availability at 7 psi. The company continues to work on various distribution solutions to address pocket areas of less than eight hours of supply.

The Cardona Water Treatment Plant has been producing 50 million liters per day and deep wells have augmented the Angat Water Supply with the production of 30 MLD. Cross-border flows are at 16 MLD. Outside the Manila concession area, Manila Water Philippine Ventures climbed 7 percent to P174 million in the first quarter of 2019. Growth in this segment was led by MWPV’s business-to-business arm, Estate Water, which realized notable gains in its customer base through the takeover of new estates and key accounts.

Estate Water net income for the period stood at P93 million, 166 percent more than the previous year. However, other domestic subsidiaries such as Clark Water, Laguna Water and Boracay Water registered lower earnings for the period due to a slowdown in demand and higher operating costs.

Manila Water Asia Pacific, which houses Manila Water’s international investments in the region, more than doubled its earnings to P135 million with the full recognition of the acquisition of East Water in Thailand, coupled with additional income from MWAP’s industrial park water-supply operations at PT Sarana Tirta Ungaran in Indonesia.

The operating subsidiaries in Vietnam, namely, Thu Duc Water and Kenh Dong Water, registered lower income contribution due to lower demand. Jonathan L. Mayuga

OMICO CORP. CELEBRATES 50TH LISTING ANNIVERSARY

The Philippine Stock Exchange (PSE) hosted a bell-ringing ceremony for Omico Corp. (OM) to commemorate its 50th listing anniversary.

“As the company embarks on its next 50 years as a listed company, I am confident its officers and directors will steer Omico Corp. to even better opportunities and more profitable ventures,” PSE President and CEO Ramon S. Monzon (fourth from right) said. Joining him (from left): are OM Corporate Secretary Maria Elena F. Alqueza; OM Treasurer Ms. Juana Lourdes M. Buyson; OM President and CEO Anna Mei Nga Tia; OM Chairman Tommy Kin Hing Tia; PSE Director Alejandro T. Yu; PSE Treasurer Omelita J. Tiangco and Securities Clearing Corp. of the Philippines Chief Operating Officer Renee D. Rubio.

volatility in global crude prices also eroded refining margins by almost P3.3 billion in the first quarter, it added.

“The slowdown in these businesses is temporary. We are not taking them lightly and we’re seeing clear signs of recovery. We anticipate higher consumer spending from an improving economy, primarily the easing of inflation. The election season also usually brings us good results. We’ve implemented a good number of measures to recover lost ground and further strengthen our competitive positions in industries where we are in,” SMC President and COO Ramon S. Ang said.

“We’re off to a good start in terms of our volume and revenue performance. Our businesses are performing strongly despite the challenges, and we are confident that as it was in the past, we will overcome the impact of these economic challenges faced,” he said.

Friday, May 10, 2019

Shell Jan-March net income flat at ₧2.3B

By Lenie Lectura

P

@llectura

ILIPINAS Shell Petroleum Corp. (PSPC) on Thursday posted P2.3 billion in net income from January to March this year amid higher excise taxes and depressed regional refining margins.

The company said there was a 0.4-percent increase in earnings compared to the same period a year ago. Meanwhile, total volumes grew by 2 percent.

The strong performance of its marketing businesses and operational efficiency enabled the oil company to surpass the challenges and changes in the first quarter of 2019.

“We were able to overcome the challenges during the first quarter by leveraging on our integrated business, the strength of our brand and technical synergies with the Shell Group—ensuring that the actions we implement remain consistent with our

B1

overall strategy. Last quarter, we launched important campaigns to promote our world-class products and services. We are already seeing great results from these activities and we expect this to further improve our performance for the rest of the year,” PSPC President Cesar Romero said.

Despite the second tranche of excise tax increase, Shell maintained its premium fuel penetration and retail volumes. During the quarter, it launched new marketing campaigns promoting high-quality Shell FuelSave and Shell V- Power fuels.

While the quarter has been tough for the manufacturing business, as regional refining margins remained low, Pilipinas Shell continues to focus on keeping the refinery reliable and implementing cost-optimization projects to enhance its operational and financial performance.

Pilipinas Shell paid dividends of P3 per share on April 30.

B2

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Friday, May 10, 2019

PSE STOCK QUOTATIONS

May 9, 2019

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

56.05 133.9 82.5 27.45 11.2 72.6 13.44 54.1 58 26.6 170 59.8 1.2 2.16 18.9 4.53 1.37 0.47 0.9 180 1795

58 134 82.6 27.5 11.3 73.4 13.7 54.15 58.5 27 171 60.55 1.27 2.19 18.92 4.7 1.39 0.48 0.91 181.5 1825

58 137 84.5 27.55 11.4 73.8 13.72 54.1 58 26.4 172.6 59.8 1.2 2.27 18.94 4.58 1.35 0.475 0.93 182.6 1800

58 138.9 84.5 27.55 11.46 73.8 13.72 54.2 58 27.15 175 59.8 1.2 2.27 18.94 4.7 1.39 0.485 0.93 182.9 1800

58 133.9 82.5 27.35 11.18 72.6 13.72 53.7 57.95 26.4 169.3 59.8 1.2 2.16 18.9 4.55 1.35 0.47 0.9 179 1795

58 134 82.5 27.45 11.2 72.6 13.72 54.15 57.95 27 170 59.8 1.2 2.16 18.92 4.7 1.39 0.48 0.92 180 1795

200 7163620 1805830 86500 365800 5878860 4000 394190 640 101500 560020 50000 9000 57000 97200 18000 18000 450000 36000 1880 220

11600 961374413 149353608.5 2371185 4118584 428754450.5 54880 21285903 37119.5 2710370 95555988 2990000 10800 123450 1838696 82340 24780 214750 32940 338573 394975

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

1.38 34.4 0.25 20.75 76.6 373 21.55 6.01 4.4 1.77 11.68 43.9 6.8 15.2 15.02 5.3 10.6 7.53 114.5 0.76 35.3 302 14.42 0.19 1.22 13.7 1.61 4.8 2.11 0.128 160 1.25 2.53 60.5 2.37 5.45 15.84 9.1 14.42 22 9.07 0.91 1.06 1.91 3.93 4.77 2.44 10.14 1.71 5.88 1.25 26.1

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

0.65 16.02 889 51.2 13.58 6.45 0.76 1.34 1.35 7.25 10.52 14.32 0.25 845 6.17 60.7 5.55 0.49 4.46 16.88 0.55 4.2 0.039 3.03 1.07 1.33 940 195 0.84 2.39 272 0.237 0.34

1.41 34.5 0.255 20.85 76.65 377 21.7 6.02 4.41 1.78 11.98 44.6 6.83 15.68 15.06 5.5 10.62 7.56 115 0.78 35.4 303 14.48 0.198 1.23 13.72 1.64 4.86 2.2 0.134 160.1 1.26 2.59 87 2.38 5.87 15.96 9.13 14.48 22.1 9.4 0.92 1.07 1.95 4.2 4.9 2.45 10.16 1.76 5.99 1.28 26.8

1.41 35.6 0.249 20.3 76.25 378 22.2 6.05 4.55 1.68 11.98 44.85 6.95 15.74 15.04 5.65 10.8 7.52 116.4 0.78 35.45 300.4 14.5 0.19 1.23 13.7 1.61 4.8 2.11 0.128 164.8 1.34 2.87 87 2.37 5.45 15.9 9.15 13.5 22.15 9.4 0.91 1.07 1.9 3.91 4.9 2.57 10.14 1.7 5.88 1.26 27

1.41 35.6 0.26 21 76.8 379.8 22.25 6.1 4.55 1.78 12 44.85 6.95 15.78 15.3 5.65 10.8 7.56 116.4 0.79 35.5 303.4 14.78 0.19 1.24 13.9 1.64 4.8 2.11 0.128 164.8 1.34 2.87 87 2.47 5.45 15.96 9.15 14.58 22.7 9.4 0.91 1.09 1.95 3.91 4.9 2.57 10.24 1.78 5.88 1.29 28

1.4 34.5 0.249 20.05 76.25 373 21.55 5.99 4.4 1.67 11.68 43.9 6.79 15.44 14.84 5.3 10.46 7.5 113.8 0.76 34.6 300.4 14.3 0.19 1.22 13.64 1.6 4.8 2.1 0.128 159.8 1.17 2.52 87 2.35 5.45 15.82 9.1 13.46 22 9.4 0.9 1.02 1.89 3.91 4.75 2.44 10.12 1.7 5.88 1.25 25.8

1.4 34.5 0.255 20.85 76.6 373 21.55 6.01 4.41 1.77 11.98 43.9 6.8 15.68 15.02 5.3 10.6 7.53 114.5 0.78 35.4 302 14.48 0.19 1.23 13.72 1.61 4.8 2.11 0.128 160.1 1.25 2.53 87 2.38 5.45 15.96 9.1 14.42 22 9.4 0.91 1.06 1.95 3.91 4.85 2.45 10.14 1.76 5.88 1.29 27

41000 2133500 8050000 4341900 166540 336990 1419200 2192100 105000 31863000 54600 164200 97300 759200 686100 21000 7326100 759300 193600 572000 151900 745640 922000 1930000 653000 2470200 118000 52000 34000 10000 1156860 16795000 345000 10 20817000 200 233900 112800 9945300 4076900 100 271000 4088000 292000 1000 285000 6423000 168500 20000 7800 19000 61000

57410 74865515 2039990 90262340 12728981.5 126573446 31042110 13181630 468620 55023040 647152 7237895 663782 11903512 10318388 115790 77910738 5713807 22181477 441730 5348230 225465182 13341472 366700 801960 33920820 190280 249600 71660 1280 185519114 20941760 940070 870 50047910 1090 3717534 1027724 141326040 90890335 940 245220 4281460 563750 3910 1370790 16059360 1711918 34850 45864 23910 1656040

HOLDING & FRIMS 0.66 16.08 890 52 13.66 6.5 0.78 1.35 1.36 7.26 10.54 14.44 0.275 858 6.19 60.85 5.82 0.5 4.48 16.9 0.57 4.21 0.04 3.04 1.15 1.38 948 195.5 0.85 2.44 275 0.238 0.345

0.68 16.98 897 52.55 14.3 6.5 0.76 1.35 1.37 7.4 10.82 14.1 0.248 860 6.18 64.5 5.77 0.5 4.37 17 0.56 4.26 0.04 2.99 1.11 1.33 950 188 0.82 2.45 276 0.235 0.34

0.68 16.98 898 53 14.34 6.5 0.78 1.36 1.37 7.4 11 14.66 0.275 863 6.18 64.5 5.8 0.51 4.55 17 0.56 4.28 0.04 3.04 1.15 1.38 956 195.9 0.85 2.45 276 0.242 0.35

0.64 16 874 50.8 13.58 6.5 0.75 1.33 1.35 7.25 10.5 14.02 0.248 845 6.17 60.7 5.77 0.5 4.36 16.5 0.56 4.2 0.039 2.95 1.06 1.33 931 183 0.81 2.45 268 0.235 0.335

0.65 16.08 889 51.2 13.58 6.5 0.78 1.35 1.36 7.26 10.52 14.44 0.275 845 6.18 60.7 5.8 0.5 4.48 16.88 0.56 4.2 0.039 3.03 1.15 1.38 940 195.5 0.85 2.45 275 0.238 0.34

47795000 24000 399650 3292440 13931200 250000 523000 3818000 526000 414400 6369600 67700 90000 390080 34100 3287110 7800 70000 280000 6667900 60000 38273000 3600000 1523000 522000 4000 481450 3393670 545000 1000 7020 120000 15620000

31781650 389738 354850980 168505000.5 192535320 1625000 396960 5127770 714890 3009730 67294054 968268 23330 331844600 210641 201805102.5 45143 35500 1247410 111935066 33600 161873980 143100 4552200 567430 5420 453247840 660207226 449330 2450 1926198 28520 5393750

-98279786 -84281170 376355 205218 -88246918 -3936087.5 2073655 -50632202 1473786 -1820 -161550 -59112620 4681710 -5281642 -97722822 -19967920 -4044111 4873770 -51976 -2649495 170936 -2307592 -94380 -13289212 -2085460 -300909 695229.9998 -54249030 -1232286 -136800 193440 -9473102 -46765193 -1299980 -870 13723500 1141064 -44688 8923620 44967805 -21600 3120 195000 -1346740 113089.9998 -755230 -260000 -658460 -80918 -106410915 -84781305.5 -87425202 1625000 289450 128533 -11154820 26630 -31123560 12360 -87594317 -1156 -767000 874334 -43496210 -921170 22000 -111344710 -21466949 -683500 -234849.9999\

PROPERTY

ARTHALAND CORP 0.76 0.77 0.76 0.78 0.76 0.77 389000 298520 AYALA LAND 46.8 46.9 46 46.95 46 46.8 12875800 601432870 -35024400 ARANETA PROP 2.17 2.24 2.29 2.32 2.16 2.17 698000 1549510 -224890 BELLE CORP 2.35 2.38 2.38 2.38 2.34 2.35 120000 283270 49680 A BROWN 0.73 0.74 0.74 0.75 0.73 0.74 324000 239620 CITYLAND DEVT 0.85 0.87 0.86 0.86 0.85 0.85 228000 194190 CROWN EQUITIES 0.235 0.238 0.234 0.24 0.234 0.235 580000 137440 12000 CEB LANDMASTERS 4.65 4.66 4.74 4.74 4.62 4.66 478000 2229660 467020 CENTURY PROP 0.52 0.53 0.53 0.53 0.52 0.53 2543000 1330550 CYBER BAY 0.38 0.395 0.38 0.38 0.38 0.38 500000 190000 DOUBLEDRAGON 25.5 25.7 25.6 26.4 25.25 25.5 526600 13591740 506095 DM WENCESLAO 10.82 10.9 10.82 10.9 10.62 10.9 424000 4584948 2207398 EMPIRE EAST 0.48 0.485 0.48 0.48 0.48 0.48 750000 360000 FILINVEST LAND 1.55 1.56 1.56 1.57 1.55 1.55 6187000 9617200 2055980 GLOBAL ESTATE 1.33 1.34 1.35 1.35 1.32 1.33 422000 558270 8990 HLDG 14.4 14.42 14.48 14.48 14.3 14.42 102800 1481108 -284010 PHIL INFRADEV 1.74 1.75 1.7 1.75 1.69 1.74 1665000 2869650 -136940 CITY AND LAND 0.76 0.78 0.79 0.79 0.78 0.78 106000 83180 MEGAWORLD 5.42 5.53 5.58 5.67 5.41 5.42 25451800 141278985 5534953 MRC ALLIED 0.335 0.34 0.34 0.35 0.335 0.34 10080000 3436750 -266899.9999 PHIL ESTATES 0.48 0.495 0.49 0.495 0.47 0.495 463000 224345 PRIMEX CORP 2.7 2.76 2.75 2.8 2.7 2.79 103000 280750 -2800 ROBINSONS LAND 23.05 23.85 23.6 24.25 23.05 23.05 1945700 45573380 -10139670 PHIL REALTY 0.46 0.465 0.445 0.47 0.445 0.465 840000 390750 ROCKWELL 1.97 2 1.96 1.96 1.96 1.96 1000 1960 SHANG PROP 2.97 3.02 3.02 3.02 3.02 3.02 17000 51340 STA LUCIA LAND 1.85 1.9 1.87 1.9 1.79 1.85 5060000 9369830 -131350 SM PRIME HLDG 38.6 38.65 39.5 39.5 38.65 38.65 12595100 488383760 -269619390 STARMALLS 6.72 6.75 6.8 6.8 6.72 6.75 75300 507422 SUNTRUST HOME 0.72 0.76 0.72 0.72 0.72 0.72 10000 7200 VISTA LAND 7.11 7.12 7.1 7.18 7.08 7.12 2289400 16298261 2719206

SERVICES ABS CBN 19.14 19.2 19.2 19.26 19.06 19.2 155400 2980322 GMA NETWORK 5.18 5.19 5.16 5.2 5.16 5.18 129000 666017 MANILA BULLETIN 0.54 0.55 0.54 0.55 0.53 0.55 903000 487190 GLOBE TELECOM 1990 1999 1988 2010 1972 1999 101190 202203610 59340540 PLDT 1270 1290 1250 1290 1231 1290 353170 446385700 74849330 APOLLO GLOBAL 0.044 0.045 0.044 0.045 0.044 0.045 20400000 902300 DFNN INC 6.4 6.46 6.5 6.5 6.46 6.46 60000 389100 -104000 ISLAND INFO 0.125 0.126 0.126 0.126 0.125 0.126 410000 51520 ISM COMM 5.66 5.68 5.55 5.74 5.5 5.66 2324900 13193205 -340100 NOW CORP 2.06 2.07 2.1 2.14 2.05 2.07 1542000 3206100 -96270 TRANSPACIFIC BR 0.325 0.33 0.335 0.335 0.325 0.325 4890000 1601000 PHILWEB 2.85 2.86 2.94 2.94 2.82 2.85 2414000 6932180 2890 2GO GROUP 12.1 12.24 12.3 12.3 12.1 12.1 7400 90222 1220 ASIAN TERMINALS 15.62 15.9 15.88 15.9 15.88 15.9 2600 41322 CHELSEA 5.79 5.8 5.72 5.83 5.69 5.8 372400 2144181 CEBU AIR 81 81.05 81.1 81.1 81 81.05 347110 28120401 -2262302.5 INTL CONTAINER 131 131.3 133 134.9 129.3 131 4225540 554257402 -173486838 LBC EXPRESS 15.16 15.5 15.5 15.7 15.5 15.5 10300 159878 LORENZO SHIPPNG 0.74 0.79 0.74 0.74 0.74 0.74 40000 29600 MACROASIA 20.3 20.35 21.2 21.25 20.3 20.3 1207000 24809210 -670580 METROALLIANCE A 1.67 1.72 1.68 1.72 1.67 1.72 33000 55270 METROALLIANCE B 1.66 1.8 1.63 1.63 1.63 1.63 5000 8150 PAL HLDG 9.74 10 9.8 10 9.6 10 9400 92877 HARBOR STAR 2.62 2.65 2.6 2.65 2.58 2.65 521000 1366300 ACESITE HOTEL 1.26 1.36 1.27 1.27 1.27 1.27 7000 8890 BOULEVARD HLDG 0.067 0.068 0.068 0.068 0.067 0.067 22190000 1503670 WATERFRONT 0.7 0.71 0.69 0.71 0.68 0.71 2831000 1958470 CENTRO ESCOLAR 7.04 7.43 7.05 7.05 7.04 7.04 7200 50724 21824 IPEOPLE 10.66 11 10.86 11.38 10.64 11.38 8900 95578 STI HLDG 0.65 0.66 0.66 0.67 0.66 0.66 541000 357480 -75240 BERJAYA 2.5 2.6 2.5 2.6 2.5 2.6 157000 399260 BLOOMBERRY 11.1 11.14 11.74 11.74 11.1 11.1 11051800 125304806 -72386652 PACIFIC ONLINE 3.2 3.24 3.39 3.41 3.24 3.24 126000 416550 LEISURE AND RES 3.87 3.88 3.82 3.88 3.82 3.87 591000 2279170 MANILA JOCKEY 5.21 5.32 5.3 5.34 5.2 5.32 192200 1010076 PH RESORTS GRP 4.2 4.34 4.2 4.46 4.1 4.2 49000 205700 PREMIUM LEISURE 0.69 0.7 0.7 0.7 0.69 0.69 1913000 1323850 -262510.0002 TRAVELLERS 5.63 5.68 5.63 5.68 5.63 5.68 273900 1551135 -678372 METRO RETAIL 2.85 2.86 2.76 2.87 2.65 2.85 16840000 47106440 292130 PUREGOLD 44.8 44.95 44.75 44.9 44.05 44.8 645200 28826755 -12560215 ROBINSONS RTL 71.8 72 70.65 72.95 70.4 72 810740 58436216.5 -36173391 PHIL SEVEN CORP 114 114.5 114 114 114 114 21180 2414520 267900 SSI GROUP 3.25 3.26 3.22 3.25 3.05 3.25 8656000 27630750 8423590 WILCON DEPOT 16.02 16.18 16.54 16.76 16 16.02 2664200 43043286 -13997848 APC GROUP 0.395 0.4 0.4 0.405 0.4 0.4 1120000 448050 EASYCALL 10.56 10.6 11.1 11.1 10.54 10.6 86700 923908 GOLDEN BRIA 400 410 400 410 390.2 410 2060 836898 IPM HLDG 6.88 6.98 6.97 6.98 6.97 6.98 23500 163880 PRMIERE HORIZON 0.89 0.9 0.89 0.91 0.88 0.9 10942000 9761250 -1028500 SBS PHIL CORP 9.17 9.2 9.24 9.24 8.86 9.17 18700 171194

MINING & OIL ATOK 11.12 12.04 12.18 12.2 11.02 12.1 35800 399514 -358194 APEX MINING 1.24 1.28 1.24 1.29 1.24 1.24 1701000 2131060 -1503500 ABRA MINING 0.0018 0.0019 0.0019 0.0019 0.0018 0.0018 34000000 64500 1800 BENGUET A 1.26 1.33 1.26 1.33 1.26 1.33 14000 18410 BENGUET B 1.2 1.38 1.2 1.38 1.2 1.38 2000 2580 CENTURY PEAK 2.8 2.82 2.8 2.85 2.74 2.82 325000 904600 DIZON MINES 7.85 7.91 7.98 7.98 7.75 7.91 2200 17183 FERRONICKEL 1.62 1.63 1.61 1.63 1.6 1.63 58076000 93975360 GEOGRACE 0.235 0.24 0.24 0.24 0.235 0.24 90000 21500 LEPANTO A 0.113 0.115 0.111 0.115 0.111 0.115 1600000 180650 LEPANTO B 0.113 0.12 0.112 0.12 0.112 0.12 450000 51780 MANILA MINING A 0.008 0.0083 0.0084 0.0084 0.0084 0.0084 1000000 8400 MANILA MINING B 0.0079 0.0085 0.0084 0.0084 0.0083 0.0083 2000000 16700 MARCVENTURES 1.03 1.05 1.03 1.03 1.03 1.03 9000 9270 NIHAO 0.98 1 1 1 0.98 1 70000 68700 NICKEL ASIA 2.35 2.38 2.37 2.38 2.35 2.35 1380000 3253440 74890 OMICO CORP 0.56 0.57 0.54 0.58 0.54 0.57 4000 2260 ORNTL PENINSULA 0.89 0.9 0.91 0.91 0.89 0.9 129000 116260 -3560 PX MINING 3.08 3.09 3.08 3.1 3.07 3.08 744000 2292760 -67620 SEMIRARA MINING 22.35 22.4 23 23.35 22.25 22.4 2747400 61542755 -2367860 UNITED PARAGON 0.0068 0.0074 0.0068 0.0068 0.0068 0.0068 1000000 6800 ORNTL PETROL A 0.011 0.012 0.012 0.012 0.011 0.012 2100000 24900 ORNTL PETROL B 0.011 0.012 0.013 0.013 0.011 0.012 6800000 82400 PHILODRILL 0.011 0.012 0.011 0.011 0.011 0.011 20500000 225500 22000 PHINMA PETRO 3.55 3.56 3.56 3.56 3.56 3.56 60000 213600 PXP ENERGY 7.8 7.9 7.87 8.1 7.72 7.8 434000 3388187 -674033

PREFFERED

HOUSE PREF A 96 98 97.75 98 97.75 98 860 84067.5 AC PREF B1 467 474.8 474.8 474.8 470 474.8 250 118552 AC PREF B2 494 495 494 494 494 494 2000 988000 DD PREF 96.25 98 97 98 96.25 98 250 24185 SMC FB PREF 2 967.5 975 975 975 975 975 2780 2710500 FGEN PREF G 101.6 104.1 102 102 102 102 17080 1742160 GLO PREF P 480 494 494 494 494 494 10 4940 4940 GTCAP PREF B 940 955 945 945 940 940 20 18850 LR PREF 0.98 1 0.98 1 0.97 1 71000 70430 PNX PREF 3A 100 100.4 100 100 100 100 830 83000 40000 PCOR PREF 2A 970 999.5 970 999.5 970 999.5 1040 1023630 SMC PREF 2B 75 75.5 75 75 75 75 2700 202500 SMC PREF 2C 76 76.1 76.1 76.1 76.1 76.1 7500 570750 494650 SMC PREF 2D 71.5 71.9 71.2 71.2 71.2 71.2 9780 696336 SMC PREF 2F 73.7 73.75 73.7 73.75 73.7 73.7 2890 213000 SMC PREF 2G 73.7 74.4 73.75 73.75 73.7 73.7 5700 420147 SMC PREF 2H 72 73.25 73.25 73.25 72 72 13410 965732.5 SMC PREF 2I 71.6 73.5 73.5 73.5 73.5 73.5 2190 160965 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

18.62 5.02

18.7 5.25

18.7 5.25

18.7 5.25

18.62 5.25

18.62 5.25

10500 1500

196316 7875

WARRANTS LR WARRANT

1.9

SMALL & MEDIUM ENTERPRISES ITALPINAS 4.95 XURPAS 1.04

1.93

1.94

1.94

1.88

1.93

76000

144570

-

4.96 1.05

5.12 1.05

5.25 1.07

4.95 1.04

4.95 1.05

2830100 1895000

14314092 1986530

1079801 137070

EXHANGE TRADE FUNDS FIRST METRO ETF

116.5

-9316 -

117.3

117.5

117.6

116.5

116.5

12550

1465385

119370

www.businessmirror.com.ph

PLDT Inc. net income slips by 3% to ₧6.7 billion in Q1

P

By Lorenz S. Marasigan

@lorenzmarasigan

LDT Inc. saw its net income slipping by 3 percent in the first three months of 2019 due to the lowering of the valuation of its shares in Rocket Internet.

In absolute terms, the telco booked a net income of P6.7 billion, while its consolidated revenues increased by 7 percent to P38 billion, with wireless individual, home and enterprise accounting for 94 percent

of the total service revenues. “Two things stand out in our results for the first quarter of 2019. First, close to 70 percent of our service revenues are now from data and broadband, underscoring the fact that our secu-

lar shift to data and digital services is moving at a faster clip, reflecting our ability to attract more data customers and migrate our legacy subscribers to data,” PLDT Chairman Manuel V. Pangilinan said.

“Second, our Individual Wireless business, which started to take off in the last quarter of 2018, gained more momentum in the first quarter this year, surpassing even our expectations,” he said.

Telco core income amounted to P7.2 billion, up by 6 percent from the year prior.

Pangilinan noted the company is transitioning its focus and effort from placing PLDT back on the growth path into initiatives that

should raise the business to the next level.

“There are still rough patches, such as the operational snags that our Home Business encountered. But our agenda now is clearly to elevate our game,” Pangilinan said.

To achieve that, Pangilinan vowed to create a “more determined” PLDT to push forward with its digital shift—everything from the transformation of its transport network to the overhaul of its customer service policies and practices.

“Our objective is clear—for PLDT and Smart to work closely together to deliver the best possible service to our customers and improve the lives of our people,” he said.

ICTSI profits surge 77% in Jan-March T HE International Container Terminal Services Inc. (ICTSI) saw its profits surging by 77 percent to $40.9 million in the first quarter of 2019, thanks to strong operating income in several ports across the globe.

In the same comparative periods, gross revenues from port operations grew by 18 percent to $383.8 million from $325.4 million driven by volume growth; tariff adjustments at certain terminals; new contracts with shipping lines and services; increase in revenues from non-containerized cargoes, storage and ancillary services; and the contribution from the company’s new terminals.

ICTSI handled consolidated volume of 2.48 million twentyfoot equivalent units (TEUs) for the quarter ended March, which

is seven percent more the year prior, fueled by trade activities, new shipping lines and services and continuous volume ramp-up at certain terminals.

“ICTSI has continued to grow and delivered a strong first-quarter financial performance underpinned by operational improvements and higher contributions from our new ports,” said Enrique K. Razon Jr., ICTSI Chairman and President.

Consolidated cash operating expenses in the first quarter of 2019 was 5 percent higher at $112 million compared to $106.2 million in the same period in 2018.

“While we remain very mindful of the economic backdrop, we remain confident about the future prospects of the business as we build on this positive momentum,” Razon said. Lorenz S. Marasigan

Max’s Group to spend ₧600-M capex in 2019

M

A X’S Group Inc., operator of one of the country’s chain of casual-dining restaurants, said it will spend P600 million in capital expenditures this year, mainly to expand its commissaries as it shifts towards franchising.

Robert F. Trota, the firm’s president and CEO, said it spent the same amount last year, but only less will be spent on company-ow ned stores.

Of the 80 stores in the pipeline to open in the coming years, Trota said only 20 will be company-owned and the rest are franchise-owned.

“We are maintaining that.

So that is practically a 30:70 ratio as of the moment,” he said.

R ight now, 60 percent of its stores are company owned, and 40 percent are franchised, including international branches.

“I think that was the target we set a few years back, but what is more important to us today is not the quantity, but quality stores so our drive is profitable stores,” Trota said.

“As we pivoted to franchise, we are keeping the quality stores that we want, the ones with better returns on investment. That’s why if you see our growth in profitability, it was the right move and aside from interest rates have not gone down. Growing and using our capital is the

proper way, moving forward,” he said.

T he 8 0 stores w i l l be spread across its stable of brands Ma x’s Restaurant, Yellow Cab Pizza, Pancake House, Krispy Kreme and Teriyaki Boy, an affordable Japanese restaurant that it is expanding to the Visayas and Mindanao where demand for such kind of restaurant is high.

Last year, it rolled out 66 new stores, including 11 international branches, bringing the total network count to 705 outlets by the end of 2018.

The company ended 2018 with a net income of P631 million, f lat compared to the P627 million recorded in 2017, which included P146 million in deferred tax benefit recognized on net loss carryovers of some entities.

System-wide sales grew 8 percent to P18.8 billion from P17.34 billion in 2017, with a steady same-store sales at 4 percent.

Restaurant sales increased 8 percent to P11.3 billion from P10.46 billion, driven by the opening of 24 new company-owned branches.

Meanwhile, commissary sales rose 10 percent to P1.57 billion from P1.42 billion, driven by a rapidly growing franchising base. Franchising income also grew 6 percent to P820.4 million from P776.2 million in 2017. VG Cabuag

MUTUAL FUNDS

May 9, 2019

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 263.39 1.44% 2.2% 0.95% 4.42% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.5994 3.57% 11.02% 2.6% 11.01% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.1003 -0.69% 2.54% -0.07% 5.06% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9366 2.33% N.A. N.A. 5.18% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.873 4.16% N.A. N.A. 6.37% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.5012 3.06% 1.89% 0.8% 4.37% MBG EQUITY INVESTMENT FUND, INC. -A 124.22 8.95% N.A. N.A. 6.66% ONE WEALTHY NATION FUND, INC. -A 0.8806 1.58% -2.88% N.A. 5.79% PAMI EQUITY INDEX FUND, INC. -A 52.3577 4.54% 3.46% N.A. 6.41% PHILAM STRATEGIC GROWTH FUND, INC. -A 544.01 3.21% 2.17% 0.84% 5.69% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.322 4.83% 3.97% 3.35% 5.42% PHILEQUITY FUND, INC. -A 38.9032 5.09% 4.84% 2.94% 6.2% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0441 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.3041 5.14% 4.49% 3.26% 6.96% PHILIPPINE STOCK INDEX FUND CORP. -A 885.41 5.23% 4.16% 3.2% 6.87% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9316 6.21% 3.1% N.A. 8.17% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.3409 5.84% 4.4% 2.37% 6.95% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 1.0179 4.71% 4.15% N.A. 6.66% UNITED FUND, INC. -A 3.7287 5.48% 6.18% 2.93% 6.5% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 118.5002 5.58% 5.29% 4.27% 7% ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.0002 -7.65% 6.58% 1.08% 7.65% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2858 0.45% 8.91% N.A. 16.35% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.7264 1.52% 0.14% -1.45% 4.55% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.3096 0.55% 1.62% 0.59% 4.54% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6467 2.36% -0.06% -1.55% 4.05% GREPALIFE BALANCED FUND CORPORATION -A 1.3566 0.88% N.A. N.A. 4.01% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9259 3.79% 1.96% 1.31% 4.49% PAMI HORIZON FUND, INC. -A 3.6838 1.61% 0.55% 0.37% 4.38% PHILAM FUND, INC. -A 16.6395 2.78% 0.82% 0.44% 4.6% SOLIDARITAS FUND, INC. -A 2.1405 2.65% 2.07% 1.91% 3.29% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.8628 4.97% 2.13% 1.51% 5.79% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 1.0045 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 1.0044 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 1.0024 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9867 5.32% 2.13% N.A. 7.05% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.0363 4.28% 0.64% 1.55% 2.98% PAMI ASIA BALANCED FUND, INC. -A $0.9828 -6.2% 3.79% -0.41% 4.98% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.7034 1.42% 6.44% 2.92% 11.94% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.0896 1.14% 3.75% N.A. 7.88% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 348.16 2.92% 2.06% 2.17% 1.39% ATRAM CORPORATE BOND FUND, INC. -A,1 1.8871 1.34% -0.19% -0.24% 1.5% COCOLIFE FIXED INCOME FUND, INC. -A 3.0258 5.36% 5.27% 5.25% 1.85% EKKLESIA MUTUAL FUND INC. -A 2.1635 2.54% 1.19% 1.82% 1.55% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.2665 2.27% 0.58% 0.98% 2.59% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6034 1.46% -0.73% 0.28% 2.49% PHILAM BOND FUND, INC. -A 4.0576 1.96% -0.39% 0.88% 3.52% PHILEQUITY PESO BOND FUND, INC. -A 3.6148 3.65% 1.05% 1.13% 2.78% SOLDIVO BOND FUND, INC. -A 0.921 1.08% -0.62% N.A. 3.18% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 2.8963 5.55% 1.44% 1.85% 4.71% SUN LIFE PROSPERITY GS FUND, INC. -A

1.6061 5.14% 0.93% 1.38% 4.3% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $455.01 3.09% 1.91% 2.79% 1.5% ALFM EURO BOND FUND, INC. -A Є216.16 1.55% 1.47% 1.53% 1.65% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1695 4.98% 1.66% 2.18% 3.88% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0253 2.43% 0.8% N.A. 2.02% GREPALIFE DOLLAR BOND FUND CORP. -A $1.714 0.88% -1.15% 0.77% 1.41% 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 $1.0668 3.2% -0.51% -2.4% 2.81% PHILAM DOLLAR BOND FUND, INC. -A $2.2714 6.04% 0.71% 2.67% 4.61% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0583188 3.14% 1.24% 1.72% 2.35% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.9928 3.46% 0.18% 2.09% 4.2% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 122.77 3.54% 2.26% 1.83% 1.6% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0103 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.1997 2.94% 1.3% 0.82% 1.51% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2371 3.4% 2.54% 1.91% 1.48% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0248 2.09% N.A. N.A. 0.88%

* - 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

Association survey basics Association World Octavio Peralta

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Y organization, the Association of Development Financing Institutions in Asia and the Pacific (Adfiap), through a project with the United Nations Economic and Social Commission for Asia-Pacific (Escap), recently conducted a survey among members of the Bankers Association of the Philippines (BAP) to develop a training program on sustainable finance.

Associations often conduct surveys, but how do you start one? I am reminded by an article, entitled “Know Your Members through Better Surveys: A How-to Guide,”

by Kent Agramonte of US-based Naylor Association Solutions. He said: “The first step in a successful membership survey is to establish your goal. If you are trying to figure out your members’ needs, ask about what they need or want from your association.” He cited the following: What are the issues your organization is most concerned about?

Is the association doing enough to focus on issues that affect your business?

What can the association do to bring additional value to you?

He said the next step is to build and send the survey. Associations can avail themselves of several free and low-cost survey tools online that can help them generate basic surveys. “Once you enter your questions into the survey tool, test the survey on yourself, and make sure all question logic flows the way you intended,” Agramonte advised. “When you are 1005 confident that your survey is ready to be sent out, you may want to test it on a small sample of potential respondents before sending to your full distribution list. It’s a good way to tighten up the wording or answer choices that may end up confusing respondents.”

Once the survey is sent out, it must be kept open for at least two weeks (but not forever). He said the association must then send e-mail updates at the beginning of the second week to remind members to take the survey if they have not already done so. Worried about not getting enough responses to your survey?

“Offer an incentive like a gift card or something,” he added.

“After two or three weeks, it is typically time to start looking at the results. Remember that you only need about a 10 percent response to make your survey statistically viable. For example, if you send your survey to 1,000 members and 100 members take the survey, then you can statistically project the results to your entire membership. If you don’t meet the 10 percent threshold, then your results are still viable as ‘nonscientific’ insight into your membership base,” he further advised.

“Once you have taken a look at the results, make sure to turn them into ratios, if possible. For example, if 63 percent of your members say they are concerned about an issue, it is better to say nearly 2 out of 3 members as most people can picture 2 out of 3 people in their head, but a concept like 63 percent is harder to imagine.

It is also a good idea to share the results with as many people as you can.”

He said surveys only retain their validity for about two years. So he advised sending out member surveys every other year to make sure associations are kept abreast of the most up-to-date information about their members.

The contributor, Octavio “Bobby” Peralta, is concurrently the secretary general of the Association of Development Financing Institutions in Asia and the Pacific (Adfiap), founder and CEO of the Philippine Council of Associations and Association Executives (PCAAE) and president of the Asia-Pacific Federation of Association Organizations (Apfao).

The purpose of PCAAE—the “association of associations”—is to advance the association management profession and to make associations well-governed and sustainable. PCAAE enjoys the support of Adfiap, the Tourism Promotions Board (TPB) and the Philippine International Convention Center (PICC).

E-mail: obp@adfiap.org.

Banking&Finance BusinessMirror

Friday, May 10, 2019

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OFBank operational since Jan. 2018–LandBank

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By Bernadette D. Nicolas @BNicolasBM

TATE-OWNED Land Bank of the Philippines (LandBank) clarified on Thursday that the Overseas Filipino Bank (OFBank) has been operational since its launch in January 2018.

I n a l e t t e r s e nt t o t he BusinessMirror, LandBank First Vice President Catherine Rowena B. Villanueva said OFBank has already introduced various products and services for its target markets, including the land-based overseas Filipino workers (OFWs), seafarers, immigrants and Filipinos with working visas.

W hile Villanueva also confirmed Malacañang’s earlier statement that OFBank is still waiting for three pending official appoint-

ments to its Board of Directors, she said they have already introduced deposit and loan products as well as remittance services.

“Currently heading the OFBank is a nine-member Board of Directors composed of six directors from LandBank and three directors on holdover capacity, pending official appointment of three directors to represent the Department of Labor and Employment [DOLE], the Overseas Workers Welfare Administration,

Are you CFO award material?

and an OFW Representative, in accordance with EO Series of 2017,” she said.

In September 2017, Duterte signed Executive Order 44, which turned over the control of the Philippine Postal Savings Bank to LandBank so it could be converted into the OFBank.

As of end-April 2019, Villanueva said around 2,000 new OFW accounts have also been opened with OFBank.

The OFBank has also already introduced deposit products, including EMV-enabled Visa Debit Card, OFBank Checking Account, Easy Savings Plus, High Yield Savings Account, USD Savings Deposit, and USD Time Deposit as well as loan products, such as housing, multipurpose, salary and loans for small and medium enterprises.

Remittance services are also av a i l able to OFBa n k c l ient s through LandBank ’s extensive network of remittance partners worldwide.

Villanueva added they also launched the OFBank Mobile

I

F you think the role of a chief finance officer (CFO) is just number crunching, then you must belong to a company stuck in the dark ages.

From accounting to accountability, the roles of today’s CFO are no longer simply operational. “In volatile times as these, whatever keeps the rest of the business awake at night will also keep CFOs awake,” said Hans B. Sicat, country manager of ING Bank, NV. This kind of environment separates the best CFO from the crop. It’s also the reason that Dutch financial giant ING Bank NV and the Financial Executives Institute of the Philippines (Finex) continue to shine the spotlight on the country’s outstanding CFO in the 13th ING Finex CFO of the Year Award. “As the strategic partner of the CEO, the CFO helps steer the business toward innovation and efficiency,” said Sterling Bank of Asia President and CEO Paul San Pedro, overall chairman of this year’s CFO of the Year Awards Committee.

The Search is open to the CFO of any company operating in the Philippines, whether local or foreign-owned, and privately held or publicly listed. CFOs nominated by their companies will go through a meticulous search and selection, as well as a final judging process.

The Search uses clearly defined qualitative and quantitative criteria designed

by Finex Foundation and the Ateneo Graduate School of Business, which gives equal weight to the CFO’s performance of his various roles as the company’s strategist, catalyst, operator and steward.

Now on its 13th year, the Search has already recognized 12 CFOs: n Delfin Gonzalez Jr., who won as CFO of Globe Telecom; n Sherisa Nuesa, who won as CFO of Manila Water and now president of ALFM Funds; n Jose Sio, former CFO and now chairman of SM Investments Corp.; n Ysmael Baysa, CFO of Jollibee Foods Corp.; n Jaime Ysmael, who won as CFO of Ayala Land and is currently CEO and president of Ortigas & Co. Ltd. Partnership; n Jeffrey Lim, then CFO and now President of SM Prime Holdings Inc.; n Felipe Yalong, CFO and executive vice president of GMA Network Inc.; n Jose Jerome Pascual III, who won as CFO of Shell Philippines Exploration and is now CFO, VP finance & Treasurer for Pilipinas Shell Petroleum Corp.; n Luis Juan Oreta, who was CFO of Manila Water; n Danny Yu, CFO of Philex Mining Corp.; n Jose Teodoro Limcaoco, CFO of Ayala Corp.; and n Ferdinand Constantino, CFO of San Miguel Corp.

Companies have until August 31, 2019, to submit their nomination for the 13th ING Finex CFO of the Year Award. The coveted award will be bestowed on November 20, 2019.

For more inquiries, visit the Search web site, www. ingfinexcfooftheyear.com, or call the Finex Secretariat at: (632) 811-4189 and 811-4052.

push through with its operations.

Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said the President gave the order to the DOF during Monday’s Cabinet meeting after the DOLE raised a concern about the appointments on the board.

Meanwhile, the DOF also said during the Cabinet meeting that it is also trying to make the OFBank a digital one so that it will be easier for overseas Filipino workers to use their smartphones in all of their transactions.

In December, Labor Secretary Silvestre H. Bello III lamented that the lack of managers is delaying the full operation of the OFBank, adding that he was informed by Duterte that the LandBank was still in the process of completing the composition of its “management group” for its operations.

Back then, he also said the OFBank is expected to start offering services to OFWs by the first quarter of 2019 as LandBank addresses concerns on the mandate of the newly created bank.

GSIS reminds outgoing govt execs it is limiting their loan privileges

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IN photo during the formal launch of the 13th ING Finex CFO of the Year Award on the sidelines of the 4th Finex General Membership Meeting on April 29 are (from left): Roberto Borromeo, overall cochairman, CFO of the Year Search and Selection Committee; Dom Gavino, CFO of ING Bank, NV; Judith Lopez, overall co-vice chairman, CFO of the Year Award Committee; Bangko Sentral ng Pilipinas Governor Benjamin Diokno, guest of honor at the 4th Finex General Membership Meeting; Mildred Vitangcol, member of the CFO of the Year Award Committee; Rowena Bayoneta, ING Bank Manila branch head of Debt Capital Markets; and Edith Dychiao, overall co-vice chairman of the CFO of the Year Award Committee.

Banking App in July 2018 as part of their efforts to use mobile and online platforms.

“OFBank is cur rent ly in a transition process to move toward a ‘One-Branch Digital Bank’ model,” she said, noting that this also includes consolidating OFBank branches, which started in March 2019 upon receipt of approval from the Bangko Sentral ng Pilipinas.

Aside from the OFBank Mobile Banking App, they are also currently working on OFBank’s integration with LandBank’s iAccess retail banking portal to allow OFBank clients to conduct banking transactions online. “ The OFBank Board of Directors is further reviewing the Bank’s business model to ensure that the needs and concerns of the target clientele are aptly addressed,” she said.

Malacañang earlier this week said that President Duterte ordered the Department of Finance to hasten the vetting process of proposed appointees for the Board of Directors of OFBank so the bank can finally

TATE pension fund Government Service Insurance System (GSIS) has announced that it will limit the loan privileges of government officials and employees whose term of office will end by June 2019.

“As the nationwide election comes closer, GSIS is also implementing measures to put in check the membership records and loan accounts of concerned members.

Over 30,000 confidential, coterminous, appointed, and elective employees whose term of office expires in June will not be qualified to avail [themselves] of GSIS loans,” GSIS President and General Manager Jesus Clint O. Aranas said.

He explained that after the elections, however, GSIS will immediately restore the loan privileges of reappointed and reelected officials or employees once their respective agency heads update the pension fund on the status of their employment.

“Prompt notice from concerned agency authorized officers is crucial to ensure the correct tagging of members’ records in the GSIS database,” Aranas said.

Not included in the restrictions are those coterminous, confidential, appointive employees and elective officials whose tenure of office will not end on June 30.

GSIS is offering various loan

programs to assist active members with their financial needs, which include Enhanced Consolidated Salary Loan (Conso-Loan) Plus, Policy Loan, Enhanced Emergency Loan, and the GSIS Financial Assistance Loan (GFAL) for teaching and nonteaching personnel of the Department of Education.

For inquiries, members may visit the GSIS web site, www.gsis. gov.ph, or Facebook account, @gsis. ph; e-mail gsiscares@gsis.gov.ph; or call the GSIS Contact Center at 847-4747 or 1-800-8-847-4747 (for Globe [free with minimum P8 load] and TM subscribers) or 1-800-10847-4747 (for Smart, Sun and Talk ’N Text subscribers; P8/call).

China arrests 5 Fuxing private fund executives in fraud case

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HINESE author ities arrested five senior executives of Shanghai Fuxing Group, an embattled conglomerate that has missed billions of dollars in payments in one of the nation’s most high-profile financial investigations.

The executives were charged with alleged fraud or illicitly taking public deposits, according to a statement posted on the official WeChat account of Shanghai’s prosecutor. Meanwhile, police investigating the firm uncovered a funding “black hole” of more than

20 billion yuan ($3 billion), Caixin reported.

A previously used general line to the company’s office was disconnected and its web site is no longer accessible.

Fuxing Group’s Chairman Zhu Yidong fled the country last year as investors protested their losses.

He was arrested overseas soon after and escorted back to China on charges of manipulating stocks and other economic crimes.

Of f icia ls at Fu x ing Group and Li Weiwei, the controlling shareholder of a separate Beijing-

based asset management company, used more than 400 individual and institutional accounts to manipulate the price of Dalian Insulator Group Co., the China Securities Regulatory Commission said in July. The Shanghai prosecutor said in September that it arrested eight Fuxing Group executives including Zhu. Fuxing Group, which called itself a conglomerate on its web site, said it operates in multiple industries including commercial realestate, asset management, finance and rare metals. Bloomberg News

B4 Friday, May 10, 2019

DLSU AMONG ASIA’S TOP UNIVERSITIES

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E La Salle University is the only Philippine private university included in the 2019 Times Higher Education (THE) Asia university rankings, placing in the 251 to 300 bracket.

The rankings use the same performance indicatorsforTHEWorld university rankings, but have been recalibrated to mirror attributes of the region’s higher education institutions (HEIs).

The universities are assessed across

all core functions, including teaching, research, knowledge transfer and international outlook.

Thisyearmorethan400 universities from 27 countries/regions met the criteria to be included in the list. Only 34 HEIs from Southeast Asia were part of the list.

DLSU is also included in other 2019 THE rankings,namely,WorldUniversityRankings, EmergingEconomiesUniversityRankingsand Asia-Pacific University Rankings.

In addition, the university is the country’s top-ranked institution in engineering and technology subject rankings, and the only Philippine university included in the Impact Rankings.

The London-based THE lists the world’s best research universities, and requires a minimum threshold of Scopus publications combined with data on teaching, innovation, international outlook and reputation.

POWER RATES DOWN DESPITE RISE IN SPOT-MARKET PRICES Manila Electric Co. (Meralco) had a P0.27 per

SM EMERGES ON TOP OF 2019 INTERNATIONAL VM AWARDS

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M Super ma lls was hailed as the Grand Prix winner in the International VM Awards by Retail Expo for SM City Dasmarinas’s

pinball machine themed “Interstellar Holiday” at the recently concluded awarding ceremony held in Olympia, London, on May 1.

SM City Dasmarinas also won in the Shopping Centres, Town Centres and Airports category, besting SM South Luzon’s “Dinos in the M a l l ” a n d “J u n g l e S a f a r i i n t h e M a l l ”.

SM was shor t listed f o r S M M e g a m a l l ’s “DREAMagination Christmas” and SM Aura P re m ie r ’s “ S p a r k l i n g Christmas in the Wild”,

under the Best Use of Digital category.

SM is the sole Philippine shoppingmall brand to receive an International VM award, and was the only Philippine brand shortlisted in the categories, along with global retail labels, such as Macy’s, Ted Baker, and John Lewis and Partners.

O n it s t h i rd y e a r t he R e t a i l Desig n E x po’s Inter n at ion a l V M Awards recognize exemplary visualmerchand ising e xecut ions and e x a mple s of p oi nt of pu rc h a s e, window dressing and displays across all seasons and sectors.

For exc lusive news on SM Super m a l l s, v i sit www. smsuper malls.com.

kilowatt-hour (kWh) decrease on its power rates for a typical household this month. For residential customers consuming 200 kWh per month, Meralco customers can save P55 to their bill. Meralco Public Information Office Head Joe Zaldarriaga (in photo) explains that the overall rate decrease can be attributed to lower cost of power from power supply agreements and independent power producers, due to strengthening of the Philippine peso against US dollar and lower fuel prices. These factors offset higher wholesale electricity spot-market prices, which increases due to tight power-supply conditions. For helpful energy-efficiency tips, visit www.meralco.com.ph.

E.C.O.P. TO HOLD 40TH NATIONAL CONFERENCE OF EMPLOYERS

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ITH all prescriptions that have been provided and made available for enterprises to be future-ready, some questions still linger.

The Employers’ Confederation of the Philippines (Ecop) notes that, as it is today, with all the radical changes, especially in labor, employment and social policy, is business actually prepared to rise above the impending impact of the so-called future? Will industry be able to survive and thrive amid the everchanging dynamics in the world of work? Are we confident to claim that enterprises are future-proof? Where will the future lead us in the far future?

On May 28 and 29 employers nationwide will gather for the 40th National Conference of Employers (NCE 40) at Marriott grand ballroom.

Ecop Governor Federico Marquez Jr. chairs this year’s NCE 40 organizing committee, with Butch Guerrero and Ernie Cecilia as cochairmen.

Ecop Honorary President Rene Y. Soriano is the supervising governor.

Bannering the theme “Future-Proofing Business and Industry”, the NCE 40 delves into emerging trends in both national and international geopolitical and economic scenario that are expected to significantly affect employers and the manner in which business is conducted.

The conference focuses on technology, information/data and people, aiming “to establish how these three phenomena are the main game-changers in the world of business in the coming years.”

The NCE 40 will look at what’s happening in different industries with the unfolding industrial order. It will be capped by the awarding ceremonies of the Kapatiran sa Industriya (Kapatid) Awards on May 29.

The thrust of the Kapatid Awards is to recognize outstanding companies excelling in industrial peace and harmony, productivity and quality, social accountability, and strategic visioning and partnering for business growth and job generation.

A SPECIAL GIFT THAT COMES FROM THE HEART

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ONOR mom’s love and legacy with a special gift that comes from the heart.

Give her a luxurious getaway with only the best. Book a stay at Marco Polo Ortigas Manila on May 11 and 12, for a special package beginning at P6,900. Dine for lunch or dinner buffet at Cucina with two full-paying adults and she will get to dine for free. This package also includes buffet breakfast for two adults and two kids aged six and below, and access to the fitness centre and swimming pool.

A special bountiful feast awaits mom and the rest of the family at Cucina.

For every two full-paying adult diners, she dines in the restaurant for free. This is available lunch and dinner buffet.

Enjoy delectable, authentic Cantonese cuisine at Lung Hin. A special set menu is available for the whole family to enjoy on May 12. An afternoon tea time while enjoying the stunning view of the Metro is even sweeter with delectable and tasty bites paired with a mean cup of tea. Enjoy a com-

plimentary Baby Rosé from May 6 to 19—a perfect bottle to enjoy with the queen of the house!

Treat mom to a 90-minute massage featuring a full-body aromatherapy massage; head, neck and shoulder massage; and a peppermint foot scrub available at Flow Spa. For more information, visit www.marcopolohotels.com.

CONRAD MANILA TREATS MOM TO LUXURIOUS DINING, WELLNESS WEEKEND

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ONRAD Manila celebrates all hard-working and loving moms this weekend with indulgent dining and wellness highlights. Inspired by recipes from moms all over the world, Brasserie on 3 indulges on a lavish buffet dining experience featuring sustainable and fresh ingredients. As an added treat, mom dines for 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 3 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 all around with

a regal 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, sautéed 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.

Mother’s Day-themed cakes and confections add a touch of sweetness to the month of May at Bru Coffee Bar. Smooth, creamy dream cakes are also available in dark chocolate, milk chocolate caramel and mango coconut for an ultimate sensory experience, with prices from P250 net.

Pamper the special lady of the house with an invigorating 90-minute wellness experience featuring world-class Espa products at Conrad Spa Manila. Designed to re-energize and revitalize, the journey begins with an hour of bespoke massage, followed by 30-minute facial. The treatment is ideal for all moms wearing different hats be it at home or at the office. To make the day even more special, mom will receive a special gift from Conrad Spa. Mother’s Day Treat is priced at P3,700 net per person. For reservations and inquiries, e-mail at conradmanila@conradhotels.com.

BUCKS IN EAST FINALS Sports

By Joe Totoraitis

BusinessMirror

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| Friday, May 10, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

THE Bucks’ Giannis Antetokounmpo is fouled by the Celtics’ Jayson Tatum. AP

The Associated Press

ILWAUKEE—Giannis Antetokounmpo and the Milwaukee Bucks found another gear after their first loss of the playoffs.

Kyrie Irving and the Boston Celtics just couldn’t keep up.

Antetokounmpo had 20 points, eight rebounds and eight assists, and the Bucks routed the Celtics, 116-91, on Wednesday night to advance to the Eastern Conference final.

After sweeping Detroit in the first round, topseeded Milwaukee struggled in Game One against Boston and lost 112-90 in one of its worst offensive performances of the season. But Antetokounmpo led the way as the Bucks responded with four straight wins by a combined 65 points.

“I think our mindset changed,” Antetokounmpo said. “In the first game, we weren’t focused enough. We weren’t ourselves. The next four games, we came out with a different approach, a different mindset.”

The Bucks used a balanced attack to close out the Celtics in Game Five, placing seven players in double figures. Khris Middleton had 19 points and eight rebounds, and Eric Bledsoe finished with 18 points.

Next up for the Bucks is the winner of the Philadelphia-Toronto series. The Raptors are up 3-2 heading into Game Six on Thursday night.

It’s the first Eastern Conference final for Milwaukee since 2001.

“At the end of the day, we realize we’ve never been there before,” Antetokounmpo said. “We’re really hungry to achieve our goals. That’s all we care about.

As long as we play hard, we really don’t care about what anybody has to say.”

Prior to the clinching win, several Bucks took turns speaking to the team.

“Giannis’s speech was, ‘A lot of us probably came from nothing and we have the opportunity to write our own story right now.’ That’s what everybody did,” George Hill said.

The Celtics clamped down on Antetokounmpo for most of the game, but Middleton, Bledsoe, Hill and Nikola Mirotic picked up the scoring to help rob the

WARRIORS PREVAIL, BUT DURANT’S HURT O

AKLAND, California—The Golden State Warriors have won plenty of games on the postseason stage without their biggest stars.

This time, Kevin Durant went down, and Klay Thompson and company found a way when the Warriors desperately needed it.

Thompson scored 27 points, including a key lay-up with 4.1 seconds left, and Golden State overcame Durant’s calf injury to beat the Houston Rockets, 10499, on Wednesday night for a 3-2 lead in the Western Conference semifinals.

“Honestly it was a little deflating for a second,” Stephen Curry said, “and then we rallied.”

Durant was scheduled for an MRI exam on Thursday after he strained his right calf late in the third quarter. His status for Friday’s Game Six had yet to be determined, but didn’t seem promising.

“We’ll have to claw our way to one more win,” Curry said.

Durant limped to the locker room after landing awkwardly following a baseline jumper. The two-time reigning National Basketball Association Finals Most Valuable Player finished with 22 points, five rebounds and four assists.

“They’ve been here so many times, have been through these battles for the last five years,” Golden State Coach Steve Kerr said. “They’ve got a lot of guts. They just pulled together and got it done. There’s no speech necessary. They knew what they had to do.”

James Harden scored 31 points for the Rockets, who will try to stave off elimination back home in Houston.

“It is a do-or-die but I feel good about it,” Coach Mike D’Antoni said.

But the Rockets wasted an opportunity in Game Five.

After Durant departed, a couple more Golden State stars helped the Warriors close it out.

Draymond Green received his fourth technical of the postseason with 3:39 left, and then knocked down a three-pointer on the other end. Thompson followed Green’s three with one of his own to make it 97-89 with 2:33 remaining.

“Two very key sequences in that game, two key shots for us,” Green said.

Curry struggled with his shot yet again and finished with 25 points on 9-for-23 shooting. He went

J

OEL EMBIID doesn’t know if he will feel better.

He certainly knows he has to play better.

He’s battling an illness, looking like someone who’d rather be in bed than on the court. But the Philadelphia 76ers need their All-Star center, so Embiid is trying to tell himself that he has to dig deeper to find more energy, even if it’s only for three hours.

“You know, can’t control my physical condition, but I can also control how much I push myself and I try to do that,” Embiid said. “But I’ve just got to do more.”

If he can’t, he’ll have all the time he needs to rest.

With Embiid faltering, the 76ers try to fight off

the coach said beforehand.

The Warriors pulled it off without Durant, whose 35.4 playoff scoring average was best in the NBA coming into the game.

“That looked like it was way worse than a calf strain,” Green said. “I think we did a great job of fighting through that.”

Harden shot 10 for 16 and dished out eight assists.

The reigning MVP injured his eyes during the first quarter of Game Two on Tuesday on a hit by Green as they fought for a rebound. Harden’s left eye was still red leading into Game Five.

The Warriors’ win guarantees their loyal fans in the East Bay at least one more home game at Oracle Arena before the team moves to new Chase Center in San Francisco for next season.

“Tough loss. We had opportunities,” Houston’s Chris Paul said. “Rebounding, we actually was right there in the rebounds. We’ve got to be better, offensively, defensively, especially myself, turnovers.

We didn’t get stops when we needed to.”

The Warriors led the rebounding battle 27-18 after the first half, grabbing eight on the offensive glass, and finished with a 42-39 advantage.

Houston’s PJ Tucker, who had 22 rebounds the previous two games, grabbed 10 more to go with 13 points.

The Rockets outrebounded the Warriors 55-35 in their Game Three win, and then 50-43 on Monday in Game Four—getting 20 from Clint Capela in the two victories.

Capela had 14 on Wednesday.

Golden State held an edge on the boards in both Games One and Two. AP

three of 11 from long range.

Curry hit a three with 5:09 to play that made it 89-85. He didn’t even score his first points of the night until a three 4:22 before halftime.

Golden State nearly gave it away with an awful third quarter, when the Warriors managed just 15 points and committed six turnovers. The game was tied at 72 going into the final 12 minutes.

Harden’s three with 3:07 left in the third trimmed Golden State’s lead to 66-62, and then Iman Shumpert made it a one-point game with a three.

Eric Gordon’s lay-up with 40.6 seconds remaining gave the Rockets their first lead since the early minutes.

Green had eight points, 12 rebounds and 11 assists in another spectacular effort on both ends.

He supplied the energy for Golden State after two losses at Houston evened the series.

The Warriors led by as many as 20 but missed open looks and even lay-ups, clanking shots off the front rim and allowing the tough-minded Rockets to stay close.

Then, they heeded Kerr’s simple message: “Poise and awareness and poise and patience applies to all of life and not just offense,”

KEVIN DURANT goes down, and Klay Thompson and company find a way when the Warriors desperately need it. AP

Embiid digs deeper to find more energy elimination and send the Eastern Conference semifinals back to Toronto when they host the Raptors for Game Six on Thursday.

Portland will also try to send a series the distance on Thursday, hosting Game 6 against Denver, which has won two straight for a 3-2 lead behind Nikola Jokic, its dominant center.

Embiid is supposed to be a dominant center, too.

But he hasn’t performed at anywhere near that level since Game 3, when he had 33 points, 10 rebounds and five blocks as the 76ers romped to a 21-point victory and a 2-1 lead. He’s been unable to find that level again while missing valuable court

game of any drama in the final minutes.

Hill finished with 16 points, and Mirotic had 10 points and 11 rebounds. Malcolm Brogdon also had 10 points in his return to the lineup after being sidelined by plantar fasciitis.

“Everybody was ready to play,” Hill said.

“Everybody was ready for the opportunity to put them away as quick as we can.”

Irving scored 15 points for Boston, which shot 31.2 percent from the field. Jayson Tatum and Marcus Morris each had 14.

“Not what we expected,” Boston center Al Horford said. “Just disappointing for us. At the end of the day, really, you have to give Milwaukee credit. They’re just a better team than us. That’s a reality.”

Antetokounmpo picked up his third foul when Jaylen Brown drove to the hoop early in the second half, but he stayed in the game. He stole an Irving pass and slammed it home to make it 65-52 with 6:45 left in the third quarter.

Antetokounmpo, one of the front-runners for National Basketball Association Most Valuable Player, closed out the period with consecutive baskets, including a finger-roll lay-up that gave the Bucks an 80-62 lead.

“They played like they wanted it,” Irving said.

Irving went six for 21 from the field in what might have been his final game with Boston. He is eligible for free agency in the offseason, and his future is one of the major questions facing the Celtics this summer.

“I understand we didn’t meet the outside expectations,” Coach Brad Stevens said. “We rode a roller coaster most of the year.”

Irving’s only three-pointer of the night trimmed Milwaukee’s lead to 38-32 with 2:51 left in the second quarter. But Brogdon and Mirotic each connected from long range to help the Bucks to a 52-39 advantage at the break.

Brogdon hadn’t played since March 15. He also had four assists and three rebounds.

The Celtics’ loss eliminated the chance for a “Boston Slam,” the possibility of an unprecedented sweep of all four major pro championships in a year.

The Red Sox won the World Series in October, and the Patriots took the Super Bowl title in February. The Bruins open the Eastern Conference final on Thursday night against the Carolina Hurricanes.

time because of his illness, managing just 11 in Game 4 and then 13 points and eight turnovers in the Raptors’ 125-89 rout on Tuesday.

The 76ers used to be able to wait out Embiid’s woes.

His foot injuries delayed the start of his career by two seasons, but that was back in Philadelphia’s “Process” era when planning for the future superseded playing for the present.

They need him now against the second-seeded Raptors and the red-hot Kawhi Leonard, especially because fellow All-Star Ben Simmons is struggling, too. But it’s Embiid taking the bulk of the beating from fans and media, and coach Brett Brown doesn’t think that’s right.

“I think it’s grossly unfair, some of the criticism that he gets. I don’t understand that,” Brown said. “And so

it’s not ideal, you wished he were at shootaround, you wished he were in film sessions, but he had a temperature for the last few days that’s kept him in bed.”

Embiid isn’t giving up yet. He told rapper and Raptors fan Drake he would see him back in Toronto for Game Seven, and knows what he needs to do.

“I’ve just got to be myself,” he said. AP JOEL EMBIID is looking like someone who’d rather be in bed than on the court. AP

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RAFA, SICK AND ALL, WINS M

ADRID—Rafael Nadal was concerned going into his first match at the Madrid Open.

He lost practice time ahead of the tournament because of a stomach virus and didn’t know exactly how his body would react when he stepped onto the “Magic Box” center court on Wednesday.

But despite the lack of preparation and

the physical toll of the illness, Nadal cruised to a 6-3, 6-3 win over Canadian teenager Felix Auger-Aliassime to reach the third round in the Spanish capital.

Playing only a few days after falling ill, Nadal lost only four points on his serve in the first set and broke Auger-Aliassime three times in the second.

“I’ve had this stomach virus for a few days

so this was a very important match for me,” the second-ranked Spaniard said. “I’ve been improving but obviously the body remains a bit debilitated for a while. I’m very happy with the victory. It was very important.”

Nadal is trying to rebound from consecutive eliminations in the semifinals of both Monte Carlo and Barcelona, which marked his worst start to the clay-court season

in four years.

“The important thing is to win, you know, especially given what’s happened in the last three days,” he said. “In general, it’s a day to be very satisfied, very happy.”

A five-time champion in Madrid, Nadal will next face American Frances Tiafoe, who defeated Philipp Kohlschreiber, 6-4, 3-6, 6-3.

“He is playing really well,” Nadal said of Tiafoe. “He has that drive and energy, and it will be a good test for me and an opportunity for me to play a tough match and to keep improving.”

The 18-year-old Auger-Aliassime is having his breakthrough season on tour, having moved to 30th in the rankings after reaching the final in Rio and the semifinals in Miami.

He converted on his only break opportunity of the match late in the second set, but Nadal broke right back to close out the match. The 17-time Grand Slam champion converted four of his 10 break opportunities, with the last one coming on his sixth-match point of the final game.

The last match of the day was also the last ever on tour for David Ferrer, whose career came to an end with a 6-4, 6-1 loss to defending champion Alexander Zverev. The 37-year-old Spaniard had said before the tournament that he wasn’t fit enough to keep competing at a high level.

Ferrer finished his 20-year career with 27 singles titles, fifth-best among active players behind the top 4 of Roger Federer, Rafael Nadal, Novak Djokovic and Andy Murray. Ferrer had 733 wins in 1,111 matches, fourth-best among active players.

“I couldn’t keep playing at the level that I wanted, but I’m very happy and very proud of my career,” Ferrer said.

Earlier, Juan Martin del Potro squandered a match point in a 6-3, 2-6, 7-5 loss to Laslo Djere in his second tournament since injuring his knee in October.

DESPITE a bum stomach, Rafael Nadal cruises to a straight set win on Wednesday. AP

Del Potro converted only two of his 11 break opportunities, failing to capitalize on the match point at 5-4 in the final set. The Argentine had last played in Delray Beach in February, losing in the quarterfinals.

Stan Wawrinka defeated Guido Pella, 6-3, 6-4, and will face Kei Nishikori, who got past Bolivian qualifier Hugo Dellien, 7-5, 7-5.

Fabio Fognini beat John Millman 6-2, 6-2, while Gael Monfils edged Marton Fucsovics, 1-6, 6-4, 6-2. Estoril Open champion Stefanos Tsitsipas defeated Adrian Mannarino, 6-2, 7-5.

On the women’s side, top-ranked Naomi Osaka reached the quarterfinals with a straightset win over Aliaksandra Sasnovich and will next face Belinda Bencic, who dropped only two games in her victory over Kateryna Kozlova.

“I’m at a really good place right now,” Osaka said. “I feel like I’m having fun playing tennis again, which is always a good thing for me and I always play well if I have that mentality.”

Defending champion Petra Kvitova defeated Caroline Garcia, 6-3, 6-3, to set up a quarterfinal match against Kiki Bertens.

Sloane Stephens needed three sets to defeat Saisai Zheng, while third-seeded Simona Halep routed Viktoria Kuzmova, 6-0, 6-0.

“I think everything went very well for me today,” said Halep, a two-time champion in Madrid. “I felt the ball, every single shot.” AP

BROOKS KOEPKA is one of only two top-20 players in the field. AP

Koepka defends Byron Nelson crown

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ALLAS—Brooks Koepka has won three majors since he last played at the Byron Nelson two years ago, before the tournament moved to a new links-style course south of downtown Dallas.

A week before defending his title at the now-earlier Professional Golfers Association (PGA) Championship, the third-ranked Koepka and No. 19 Patrick Reed are the only top 20 players in the field. They are among 14 of the top 50 in the world ranking at soggy Trinity Forest this week.

“I usually play the week before a major. I think Augusta is the only one I don’t do it,” Koepka said. “The rest of them I like to play the week before. You don’t need to play that great. I try to get some rhythm.”

Except for the two-man team event at the Zurich Classic, Koepka hasn’t played since tying for second behind Tiger Woods at the Masters last month.

The PGA Championship, which Koepka won last August, has been moved to a May date and is now sandwiched between the two Dallas-Fort Worth events on the PGA Tour that had traditionally been played on back-to-back weeks. The Colonial will follow the PGA Championship at Bethpage in New York.

Koepka was the Nelson runner-up in a playoff against Sergio Garcia in 2016, and tied for 50th when the event was last played at Four Seasons in 2017.

But Koepka has won both US Open tournaments played since then.

Aaron Wise’s only PGA Tour win came at Trinity Forest last year, when at age 21 he had a Nelson-tournament record score of 23-under par.

But Wise followed that victory by missing the cut in his next five tournaments.

He has missed four cuts already this year, but backed up his 17th-place finish at the Masters with a tie for 18th at the Wells Fargo Championship last week.

“The game is good, you know. It’s feeling great,” Wise said. “It hasn’t been maybe the most stellar year for me to this point but feel like I’m really trending well, feel like I had a great finish at the Masters, really got things going that weekend, jumped up the leaderboard a bunch and then continued that into last week and played really strong.”

Trinity Forest member Jordan Spieth, also like Koepka a three-time major champion, hasn’t won since the 2017 British Open. He was the highest-ranked player in the Nelson field last year when he was then third, but is now 39th without a top 20 finish in his 12 starts this season. He finished 21st at Trinity Forest last year.

Another Trinity Forest member playing this week is Tony Romo, the CBS NFL analyst and former Dallas Cowboys quarterback who is in the 156-player field on a sponsor’s exemption. AP

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Friday, May 10, 2019 C3

Red Lions, Falcons, Pirates seek win No. 2

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AN Beda, Adamson University, Letran and Lyceum of the Philippines University shoot for their second victory in the Filoil Flying V Preseason Cup on Friday at the Filoil Flying V Centre in San Juan.

The Red Lions will battle the Mapua Cardinals at 11 a.m. San Beda defeated University of the Philippines in their tournament opener, 75-66, behind the combined 37 points of Donald Tankoua and James Kwekuteye.

Mapua on the other hand, was blown out by Centro Escolar University, 84-65, in a fight-marred match on May 6.

Lyceum and Adamson University disposed of College of Saint Benilde, 78-69, and Emilio Aguinaldo College, 89-65, respectively, and will part ways in the 2 p.m. encounter.

The Pirates are in their post-CJ Perez phase yet still retain a core of players who went to back-to-back National Collegiate Athletic Association Finals, including Mike Nzeusseu, JC and JV Marcelino, Raymar Caduyac and Ralph Tansingco.

Adamson University looked impressive with its new additions in former Arellano University Junior Chief Aaron Fermin and former Baby Falcons stars AP Manlapaz and Joem Sabandal, who were instrumental in their win over the Generals.

Letran will also go for its second win against debuting Far Eastern University (FEU) at 4 p.m.

GO FOR GOLD GLITTERS IN VIETNAM

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The Knights gave first year Head Coach Bonnie Tan a victory in his return to the Preseason Cup with a 78-67 win over rebuilding Jose Rizal University.

FEU lost key players in Prince Orizu, Richard Escoto, Arvin Tolentino and Jasper Parker, but Head Coach Olsen Racela still have Wendell Comboy, Barkley Eboña, Alec Stockton, Hubert Cani, Ken Tuffin and LJ Gonzales with rookies Daniel Celzo, Cade Flores, Xyrus Torres and Royce Alforque.

In other matches, Colegio de San Benildo battles Marist in the first of three 11-Under division games at 8 a.m. San Beda takes on Don Bosco at 9 a.m. and La Salle Greenhills locks horns with Xavier at 10 a.m.

In the lone high-school match for the day, University of Perpetual Help goes up against La Salle Greenhills at 5:45 p.m.

Rick Olivares

BACK TO SQUARE ONE

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XPECT fireworks when San Miguel Beer and Magnolia clash in pivotal Game Five of the Philippine Basketball Association Philippine Cup Finals on Friday at the Smart Araneta Coliseum.

Down to a best-of-three series after the defending champion Beermen leveled the series via a 114-98 demolition of the Hotshots on Wednesday, the sister teams meet anew at 7 p.m.

Behind the monster production of 6-foot-10 June Mar Fajardo who copped his sixth straight All-Filipino Best Player of the Conference award and eighth overall, San Miguel Beer brought wrath over the touted defense of Magnolia in a relentless action in Game Four.

Fajardo almost went perfect by unloading 31 points on 13 of 14 shooting. He also hauled 14 rebounds.

Beermen Head Coach Leo Austria was all smiles after tying the series. But with the Cebuano big man showing his peak even against all possible defense thrown at him, the mentor believes there could be major adjustments from the Magnolia side.

“We know Magnolia will go all out because they know the situation. We were able to solve our problem in the third game and I’m expecting another hard game for us,” Austria said.

The Hotshots limited the Beermen to under-100 points in San Miguel Beer’s two setbacks in the series.

But with Fajardo doing the damage and their ball movement finally clicking, the Beermen found the antidote to the full-court pressure applied

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EY PAGUNSAN forged an early solid partnership with reigning national junior champion Aidric Chan as they combined for a two-under 70 to grab a two-stroke lead over siblings Daniella and Lanz Uy, Tonton Asistio and Judson Eustaquio, and Art Arbole and Joel Yamyamin at the start of the Delimondo National Pro-Am at Splendido Taal Golf Club on Thursday in Laurel, Batangas.

Pagunsan and Chan launched their drive on No. 16 in the first of two shotgun starts and overcame a double bogey on the 18th on a wild drive with three pairs of back-to-back birdies against another double bogey to seize early control with the dreaded Splendido wind hardly felt in morning play.

Two pairs threatened to dominate the afternoon group with strong starts but the Enrico Gallardo-JR Bagtas and Michael Bibat-Louie Aguinaldo tandems blew a pair of early three-under cards with shaky finishes, enabling the Southwoods duo of Pagunsan and Chan to stay ahead of the 107-team field in the P2.7-million event sponsored by Delimondo.

Starting off on No. 1, Gallardo and Bagtas birdied three of the first 10 holes but double bogeyed the par-three 12th, bogeyed the next and dropped strokes on 16th and 17th for a 74.

Bibat and Aguinaldo made quite an impression

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HILIPPINE Southeast Asian Games Organizing Committee (Phisgoc) Chairman Alan Peter Cayetano thanked President Duterte and the Cabinet for their overwhelming support to boost preparations for the Games the country is hosting from November 30 to December 11.

With Malacañang’s support, Cayetano said the highest quality of hosting an international sports competition is guaranteed and that the developments are expected to boost the confidence of Filipino athletes and inspire them to perform well in the competition.

“We are very much encouraged by the support of the President and the Cabinet. During the Cabinet briefing, we committed to have the best viewed and best hosted SEA Games,” Cayetano said.

by their opponents.

“We were active. We kept on moving the ball and the body of the players. It’s about the patience. I hope we can sustain the energy,” Austria said.

Terrence Romeo contributed 18 points, while Chris Ross and Christian Standhardinger collected 15 and 13 points, respectively, for the Beermen.

Arwind Santos and Alex Cabagnot had 12 and 11 points, respectively, making it an all-round offense for the Beermen.

Magnolia Coach Chito Victolero, on the other hand, remained unfazed and stressed the series will always boil down to defense.

“I told the boys to go back to our game plan, which is a defensive game. San Miguel had a great adjustment [in Game Four]. It’s our turn to refine our defense,” Victolero said.

For the Hotshots, it was the backcourt tandem of Mark Barroca and Jio Jalalon that provided the spark.

Barroca and Jalalon each had 22 points, while big men Ian Sangalang and Rafi Reavis had 19 and nine points, respectively, in Game Four. Ramon Rafael Bonilla

HE Go For Gold Developmental Cycling Team got tested in a series of punishing mountainous terrains and gallantly passed the grade in a challenging four-day road cycling race in Vietnam.

Ismael Grospe Jr. was named King of the Mountain in the Dien Bien Phu 2019 international race, while teammates Daniel Ven Carino and Ean Cajucom nearly hit the target in the sprint classification.

Jericho Jay Lucero then put the finishing touches to an impressive campaign against an elite field of riders by placing second in the torturous final stage behind Vietnamese climber Huynh Thanh Tung.

“Our young guns have proven that our faith in them is well-placed,’’ Go For Gold godfather Jeremy Go said.

“Despite being young athletes, they raced well against older and more experienced cyclists,’’ added Go, vice president for marketing of Powerball Marketing and Logistics Corp., the organization behind the Go For Gold program.

After making it to the top 10 of the general classification, the 20-year-old Grospe also THE Go For Gold team members (from left) Jericho Jay Lucero, Ean Cajucom, Marc Ryan Lago, Coach Ednalyn Hualda, Daniel Ven Carino and Ismael Grospe reap the fruits of their training.

Knights blow away generals

JUNE MAR FAJARDO, shown here against Rafi Reavis, is a tower of power in Game Four.

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PAGUNSAN-CHAN AHEAD with three birdies in their first five holes from No. 2. But they bogeyed the seventh and spent the rest of the day groping for shots while trying to salvage at least pars, to no avail. They bogeyed Nos. 11, 12 and 16 and dropped two strokes on the par-four 18th and limped with a 75 instead.

Those fold ups allowed Pagunsan and Chan to regain the lead with the veteran campaigner anchoring their strong start on superb putting, including a 25-footer on No. 10 and another 10-foot putt on the next.

“I never putted this well but also drew solid support from my partner,” said Pagunsan of his 18-year-old teammate, who is coming into the event brimming with confidence following a victory in the National Junior Open at Sherwood recently.

While Pagunsan flaunted his superb touch on the unpredictable surface, sinking all but one of their six birdies, Chan provided the shots that set up a number of birdie opportunities—on Nos. 2, 3, 7, 8 and 10. They, however, stumbled with one

more double bogey on No. 6.

“We didn’t have problems on the greens.

We just hope to sustain our form or get better in the next two days,” said Chan, who knocked in a 10-foot putt for birdie on No. 11.

The sister-brother tandem of Daniella and Lanz birdied their opening hole on No. 7 then added another feat on No. 10, but stumbled at the finish, ending up with back-to-back bogeys from No. 4.

They missed joining the Pagunsan-Chan pair at the helm and slipped to second at 72 with the tested tandem of Asistio and Eustaquio, who mixed two birdies against the same number of bogeys for a pair of 36s that nevertheless put the longtime buddies on track to reclaim the crown they won in 2017.

Arbole and Yamyamin birdied the 10th in one of the late flights to force a three-way at second with 70 in the event put up by the International Container Terminal Services Inc. also held to showcase the skills and talent of the country’s leading amateurs

duplicated his feat as Ronda Pilipinas best young rider by winning the same award in Vietnam.

“We did well in this race, but it doesn’t mean okay na. There are a lot of things to improve on and we have to do it gradually,’’ Go For Gold Project Director Ednalyn Hualda said.

Marc Ryan Lago, another promising cyclist who also rides for the national team, checked in third overall in the best young rider race followed

by Lucero at fourth and Cajucom at seventh, their combined efforts with Grospe helped the team finish fifth overall out of 12 teams.

Go For Gold has a stable of champions in skateboarder Margielyn Didal, the Philippine dragonboat team from the Philippine CanoeKayak Dragonboat Federation and reigning Southeast Asian Games men’s triathlon champion Nikko Huelgas.

Go For Gold is also backing chess international master John Marvin Miciano and national athletes from wrestling, sepak takraw, the Philippine Air Force men’s volleyball squad, the San Juan Knights in the Maharlika Pilipinas Basketball League and the Go For GoldCSB team in the PBA D-League.

ETRON-LETRAN finished off its Philippine Basketball Association Developmental League assignment with a big 115-73 rout of Batangas-Emilio Aguinaldo College (EAC) on Thursday at the Ynares Sports Arena in Pasig City.

Alvin Pasaol scattered 29 points, 11 rebounds and five assists as his hot streak allowed the Knights to post a 32-14 advantage.

Jerrick Balanza chipped in 20 points, eight assists, seven rebounds, five steals and two blocks, while Jeo Ambohot had 17 points and nine boards for Letran.

The win ended Petron-Letran’s campaign at 6-3 won-lost. The Knights still have a chance to make it to the Aspirants Group top 4 but would need Go for Gold-College of Saint Benilde and Che’Lu Bar and Grill to lose one of their remaining games.

“We don’t control our destiny,” Coach Bonnie Tan said. “But we always give it our best shot.”

Batangas-EAC fought back and got to within nine, 69-58, thanks to Kyle Carlos’s eruption. But Petron-Letran’s all out attack was just too much in the fourth period, ending the game with a 39-12 quarter.

Carlos had 24 points for the lowly Generals, who exited with a 2-7 record.

and those gearing up for the pro ranks.

But a host of other teams stood just a shot, two or three behind, guaranteeing a spirited battle in the last 36 holes of the tournament organized

by Pilipinas Golf Tournaments Inc. and backed by Custom Clubmakers, Meralco, Champion, Summit Mineral Water, K&G Golf Apparel, BDO, Sharp, KZG, PLDT and MY Shokai Technology Inc. They include the pairs of Anthony FernandoNolan Enriquez, Joseph Suarez-Paqo Barro, Jelbert Gamolo-Coby Rolida, and Artemio Murakami-Takuya Kawamura, who all turned in 73s, and Ira Alido-Angelito Romero, Charles Hong-Masaichi Otake, Dino Villanueva-Sunshine Zhang, Cookie La’O-Mariel Tee, Marcos PastorNicole Abelar, Marvi Monsalve-Laia Barro, and Richard Abaring-Juan Karloz Alba.

REY PAGUNSAN forges a solid partnership with national junior champion Aidric Chan. ROY DOMINGO

CAYETANO HAILS MALACAÑANG SUPPORT FOR GAMES HOSTING La Salle booters President Duterte ordered the release of the SEA Games funds of P6 billion during the Cabinet meeting in Malacañang on Monday night where Cayetano presented updates on the preparations.

The Phisgoc welcomed President Duterte’s approval for an additional P1 billion funding for the country’s CAYETANO hosting of the three Games.

“We briefed the President and the Cabinet about the progress of the preparations including the construction of the major infrastructure

facilities where the events will be held such as the Athletics Stadium, Aquatics Center and the Athletics Village,” Cayetano said.

Cayetano was joined by Bases Conversion and Development Authority (BCDA) President Vince Dizon and Executive Board member and Phisgoc Chief Operating Officer Ramon Suzara in the Cabinet

meeting.

In the presentation, they stressed that the SEA Games is an opportunity to showcase

an image of a nation that is safe, vibrant and competitive.

“The President agreed to augment the current budget of the SEA Games because he understood the importance of the games to the Filipino athletes and its long-term benefits to the tourism and economic sectors in the country,” Cayetano said.

The Phisgoc proposed P7.5 billion to fund the expenses necessary to ensure that the hosting will meet world-class standards. But Congress slashed P2.5 billion from the proposed budget.

There are 56 sports and 523 events on the

Games program. The participation is pegged at 11,250 athletes and team officials from 11 countries.

The Department of Budget and Management (DBM) Procurement Service will help in the procurement process to allow the Philippine Sports Commission conduct a swifter and more efficient acquisition of goods, supplies, sports equipment and service contractors that will cater to the needs of the SEA Games.

“By designating the DBM Procurement Service as the procuring entity, we can make sure that every cent of government’s money is well accounted for,” Cayetano said.

Unified tennis group forms national juniors squads

T THE Unified Tennis Philippines board members led by President Jean Henri Lhuillier (third from right) pose with members of the UTP National Juniors Tennis Team.

HE Unified Tennis Philippines will establish the UTP National Juniors Tennis Team that will represent the country in International Tennis Federation (ITF) and Asian Tennis Federation (ATF) tournaments.

“We are helping our top junior players compete in international competitions to further hone their skills as they are the future of Philippine tennis. We hope that this year’s team will be as successful as last year,” UTP President Jean Henri Lhuillier said.

The cut off period for the ITF and ATF tournaments is from June 1, 2018, to May 31, 2019. The top 2 players in the boys and girls

18- and 16-under categories will be selected for an ITF tournament while the top 2 players in the 14-under will be sent to an ATF tournament.

UTP is also doing a similar search for the Women’s Tennis Association (WTA) Future Stars girls 14- and 16-under categories through the Cebuana Lhuillier Girls Tennis Challenge.

The top 8 girls in both categories from January 1, 2019, to August 31, 2019, will play in a round robin competition this September and the champions will be sent to the WTA Future Stars tournament in its new host country in Shenzhen, China.

Last year, the UTP formed several teams

that played in Malaysia and Indonesia and were successful in producing winners with the Eala siblings Alex and Miko reaching the finals of the AGS-ITF in Indonesia.

In the Sarawak 13th ATF 14-under series, Johndy Velez won the boy’s singles, Rupert Tortal and Brent Cortes topped the boy’s doubles and Alexa Milliam ruled both the girl’s singles and doubles contests.

UTP’s campaign is backed by Cebuana Lhuillier and Palawan Pawnshop and is supported by Chris Sports, Toby’s Sports, HEAD, Babolat, Mr. Freeze, Unilab, Navegar, STI and Madison Galleries.

in football final

D

E LA SALLE ended University of the Philippines’s (UP) reign with a 2-1 victory to make a return trip to the championship match on Thursday in the University Athletic Association of the Philippines Season 81 men’s football tournament at the Rizal Memorial Stadium.

The newbies are delivering the goods allseason long for the Green Archers.

A week after Xavi Zubiri carried them to the Final Four, it was Shanden Vergara’s turn by producing the 77th minute winner for De La Salle.

“They contributed a lot,” said Coach Alvin Ocampo of his team’s talented rookie batch.

The Archers are back in the final after a four-year absence and are seeking to end a 21-year title drought in the one-game championship set at 4:30 p.m. on Thursday at the same Malate venue.

De La Salle became the fourth straight No. 3 team to make it to the Finals, duplicating the feat made by University of Santo Tomas, Far Eastern University and Ateneo.

“In the Final Four, anything can happen. It is more on who wants it more and who is prepared.

Now, we are one step closer to our goal right now,” said Ocampo, who was a member of the last Archers side that won a fourth and last championship in 1998.

De La Salle is actually on course for a golden double. It’s women’s team also made it to the final and is eyeing a third straight crown also on Thursday.

TOKYO CAUGHT BETWEEN ROCK AND HARD PLACE T

Sports

By Stephen Wade

BusinessMirror

The Associated Press

OKYO—The Tokyo Olympics are caught between the proverbial rock and hard place.

Tokyo organizers are trying to cut spending, under pressure from the International Olympic Committee (IOC), which has been widely criticized for pushing host cities to build “white elephant” venues—often at the taxpayer’s expense.

That’s the rock.

And here’s the hard place.

Some of Tokyo’s cuts are aimed at the International Sports Federations that put on the Olympic show. And they don’t like it with the games opening in 15 months.

“There is absolutely no question in the end that Tokyo will deliver a fantastic games,” Andy Hunt, the head of World Sailing, told The Associated Press in an interview on Wednesday. “But decisions are being taken on cost savings at a high level in the organizing committee, which has flowed down without realizing the implications.”

Hunt said some “basic stuff” for sailing was under threat: tents, storages areas, water provision for sailors and adequate shade. Even some food for athletes.

“I don’t have any guilt on my part that I’m asking for things that aren’t needed,” he said.

Hunt was among several federation leaders who openly criticized Tokyo organizers on Tuesday in Australia at an annual conference of Summer Games sports federations.

He told Tokyo officials that “hotels seem overpriced” and said organizers did “not appear to have secured enough reasonably priced accommodations.”

Others criticized cuts to branding and “the look of the games,” and other items that some organizers have termed as merely “decorations.”

“We do not want to be as we were in Rio [de Janeiro] where the look was quite cheap,” said Larissa Kiss, an official with the International Judo Federation.

Rio de Janeiro’s 2016 Olympics cut everywhere in the last few months and limped to the finish still needing a government bailout. Three years after the Olympics ended, Brazilian organizers still owe millions to creditors and sports venues are largely empty.

Tokyo has a different problem.

It appears flush with money. The $5.6 billion, privately funded operating budget—the budget to run the games themselves—is twice as large as Rio’s. Tokyo has sold a record $3 billion in local sponsorships, driven by the marketing of the giant ad agency Dentsu Inc. In addition, the national government, cities and

C4

| Friday, May 10, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

THE emblem of the Olympic torch of the Tokyo 2020 Games is presented during a press conference in Tokyo earlier this year. AP

prefectures are chipping in about $15 billion more to update infrastructure and get the country ready when the games open.

Masa Takaya, spokesman for the Tokyo Olympics, said operating costs have increased, partly by a decision to use existing venues. Earlier plans called for constructing new venues, most of which would have been built at government expense.

“Because Tokyo 2020 has been promoting the maximum use of existing facilities, naturally Tokyo 2020 is assuming the increased cost of the overlay and temporary facilities projects,” Takaya said in an interview with the AP. He said the operating budget would not be increased and suggested some cuts were inevitable.

Takaya said the cost to remodel existing venues and refit them was ¥95 billion (about $860 million).

The IOC has repeatedly said it is saving billions by using existing venues. But doing it has also shifted more costs to local organizers.

Takaya said complaints about hotel pricing and other services were being discussed.

“We are very keen to discuss how we can finalize this,” he said.

Overall Olympic spending in Tokyo has soared to three times more than the $7.3 billion it estimated when it won the bid in 2013. Costs just keep rising.

Here’s an example. Earlier this year, Tokyo officials announced the bill for the opening and closing ceremonies had risen by 40 percent. At the time, Tokyo Chief Executive Toshiro Muto said there was a “reserve fund” to cover such increases. Hunt, the sailing official, said federations don’t want frills.

“I don’t think we over ask,” Hunt said. “If there was not enough medical provision and focus on safety— if something went wrong—you can be absolutely certain where the responsibility would sit.”

Olympics ticket lottery opens in Japan T OKYO—Residents of Japan began entering a ticket lottery on Thursday, hoping to land seats for next year’s Tokyo Olympics.

People overseas will have to wait until June 15 when tickets are put on sale by special distributors in each country—known as Authorized Ticket Resellers.

Buying for Japan residents is straightforward. Applications are accepted at the organizing committee’s web site through May 28, with results announced on June 20.

Anyone in Japan can access the web site. It also offers event schedules, ticket prices in Japan, and venues.

Organizers estimate 7.8 million tickets will be available, with 20 percent to 30 percent dedicated to sales outside Japan.

This is the first phase of sales in Japan, with other chances available as the games get closer.

Buyers overseas will pay more because resellers—appointed by national Olympic committees—can tack on a 20 percent handling charge.

In addition, many popular tickets are packaged by resellers with top hotels and other perks, and the markups can be much more than 20 percent. Many of these packages are aimed at corporate buyers, for whom price is not always a concern. The resellers also run the risk of getting stuck with tickets they can’t sell.

Hidenori Suzuki, the senior director of tickets for the Tokyo Olympics, has said resellers could have their licenses revoked if they

JAPANESE comedian Naomi Watanabe (left) and BMX rider Rimu Nakamura attend an event to mark the start of application to buy tickets for the 2020 Tokyo Olympic Games in Tokyo on Thursday. AP

set “inappropriate ticket prices.”

The reseller for the United States is CoSport, which also handles sales in Australia, Jordan and several European countries.

Japan recently passed a law that bans selling tickets at above the original prices.

Violators face fines of up to ¥1 million ($9,100), or a one-year jail term—or both.

Buyers outside Japan might get some deals if they are patient. It happened in Brazil.

And it happened at the Pyeongchang Winter Olympics a year ago.

Tokyo organizers will open sales globally in the spring of 2020, meaning any remaining, unsold tickets can be purchased at the prices offered in Japan. In Rio de Janeiro, many tickets were unsold as the games neared, and some desirable tickets were put back into the

pool after they were sold but never paid for.

Ticket prices in Japan vary greatly.

The opening ceremony on July 24 features the most expensive ticket—¥300,000 ($2,680). The most expensive ticket for the closing ceremony is ¥220,000 ($1,965).

The most expensive ticket for the men’s 100-meter final is 130,000 ($1,160), while the men’s basketball final goes for ¥108,000 ($970).

Tokyo organizers say 50 percent of the tickets will sell for ¥8,000 ($70) or less, with the cheapest ticket costing ¥2,500 ($22).

Organizers hope to generate about $800 million from ticket sales, a large source of revenue for the $5.6 billion privately funded operating budget. Overall, Japan will spend about $20 billion to prepare for the games, and about 70 percent is public money. AP MERCEDES’S Valtteri Bottas celebrates with Ferrari’s Sebastian Vettel after winning the Formula One Grand Prix at the Baku Formula One in Azerbaijan in April. AP

Ferrari boosting engine to try to catch Mercedes M ADRID—Five rounds into the Formula One season and Ferrari is already running out of time to catch Mercedes in the championship race.

Ferrari drivers Sebastian Vettel and Charles Leclerc trail the Mercedes duo of Valtteri Bottas and Lewis Hamilton headed into the Spanish Grand Prix, so the Italian organization fasttracked the rollout of a new power unit aimed to give Vettel and Leclerc a boost in Barcelona.

“We are currently behind in the championship and we have to catch up,” said Ferrari team principal Mattia Binotto, who noted the team used a new aerodynamic package in Baku last round.

“We will also bring some developments in this area to Barcelona. On top of that, we will have a new power unit that we are introducing ahead of schedule, as the second specification was due to be brought to Canada.”

The Canadian GP in June is only two

races from now, but the team needed the extra power to compete with Mercedes this weekend at the Barcelona-Catalunya Circuit.

Binotto said a new “formulation of race lubricant” will also be introduced along with the new power unit, “delivering increased performance.”

Ferrari is attempting to reverse a dismal start to the season in which Mercedes finished 1-2 through the first four races for the best start for a two-car team in F1 history.

Bottas leads the drivers’ standings with 87 points, one more than five-time champion Hamilton. Vettel is already 35 points off the lead, with Leclerc 40 points behind. Hamilton won last year’s title despite just a five-point lead over Vettel at this stage of the season.

He finished the year 88 points ahead of the German driver.

“The results seem to paint a relatively clear picture, but the truth is that they’re too

flattering,” Mercedes boss Toto Wolff said. “The performance has fluctuated in the first four races. So, there is no complacency about our situation because we know that it’s not truly representative of the balance of power this season so far.”

Wolff noted that Ferrari dominated in preseason testing in Barcelona and is expected to bring a strong package to the race in Spain.

“Our opponents were blisteringly quick in winter testing, so the Spanish Grand Prix will be anything but easy,” he said. “Despite the good start to the season we remain quite skeptical of our own performance, and know that there are a number of areas where we can and must improve. We anticipate a tough and competitive weekend, first against our rivals and also between our drivers. Everything is still very much up for grabs this season and we will be keeping our foot firmly to the floor.”

Hamilton won the Spanish GP three times, including the last two, while Vettel will be seeking his second win in Barcelona and first at the track since 2011, when he was still with Red Bull.

“I’ve always had very positive weekends in Barcelona with Ferrari, even if we’ve never won,” Vettel said. “I hope this might be the moment to put that right.” AP

D

Eternal God

EAR God, You restore our integrity of life in Christ. With joy we acclaim You and pray: Bless us, oh God. Enlighten us to recognize Christ in one another, in reverence, wonder and love. Help us to address the root causes of the opioid crisis and empower drug addicts to overcome their addiction and bad habits. Lead those who are troubled, violent or mentally ill to find help for their suffering. May all the Earth cry out with joy to the risen Christ, 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

SOMETHING LIKE LIFE: DISCERN, DECIDE, THEN GO OUT AND VOTE D3

Friday, May 10, 2019

D1

CHARLIZE THERON, SETH ROGEN ON

THE COMEDY OF POLITICS, AND VICE VERSA COSTARS Charlize Theron (left) and Seth Rogen pose for a portrait in New York to promote their film Long Shot. TAYLOR JEWELL/

INVISION/AP

N

BY JAKE COYLE The Associated Press

EW YORK—The last time Seth Rogen made a movie set in the political world, it went a little rocky.

The Interview, which Rogen starred in, codirected and produced, prompted the ire of North Korean leader Kim Jong Un, led to one of the most damaging corporate hacks in American history and brought endless turmoil to Sony Pictures. The ordeal rose to the highest ranks of the government, including President Barack Obama and then-Secretary of State John Kerry.

The rollout for Long Shot has gone much smoother.

The reviews are excellent. No dictators have waged attacks against it. And this time, the secretary of state is fictional.

Charlize Theron plays Charlotte Field, a glamorous, workaholic secretary of state running for president. She hires Rogen’s disheveled but dedicated journalist as a speechwriter. Together, they’re a mismatch of pant suit and cargo pants. Against the odds, the film balances a deeply funny odd-couple tale with a sweetly sincere romance.

Theron and Rogen may seem like an unlikely pair. But as they showed in a recent interview that touched on the gender politics of both Hollywood and Washington, they share an easy chemistry based on candor and self-deprecation.

Is the movie’s title a reference to what it’s like to open your movie against Avengers: Endgame?

ROGEN: Yes, exactly. (Laughs) We just like to call it what it is. “Uphill Battle” was the next option.

“Crushed By Disney” was another good one. If less than 10 percent of the people that saw Avengers last weekend see our movie, we’re a massive success.

In Knocked Up, there was some talk about the believability of your character’s relation with Katherine Heigl’s character. Did you worry people might react similarly to the gap between these characters?

THERON: Once people see it, they don’t even question it.

ROGEN: It’s funny where people’s brains go. It’s incredibly eye-opening and very insulting that people like to boil it down to looks. I think it shows a real weird warped perception of reality. It is not like everyone is with someone who is 100 percent physically equal to them. The contrary is obviously the truth.

THERON: And also if you’re building a story just around that, you have nowhere to go with it.

ROGEN: I really honestly think that there is no correlation between people’s looks and their attraction to one another. I think maybe there is a very superficial, immediate sense at times, but I think that very quickly goes away. I’ve been repelled by very attractive women, found them horrible to be around.

THERON: Me, too.

What have you learned about each other from spending so much time together?

THERON: A lot of stuff. I did not know that Seth did karate and that he had dreadlocks at some point. I did not know that he made two movies with Stormy Daniels.

ROGEN: That’s one more than with you.

THERON: Inside I’m hurt a little bit.

ROGEN: I’ve learned mostly the insane s--- Charlize has to put up with on a daily basis in comparison to me as a celebrity. The amount of appalling questions that get casually thrown her way is shocking to me.

(Theron laughs.) I am amazed at the things people feel comfortable saying to her. Just when I think I’ve

heard the most appalling thing someone could just ask without any consideration that it’s something you should never say to anyone, some other mother------comes and says something 1,000 times crazier.

THERON: Thank you for noticing.

The sexism that female political candidates deal with is also a significant part of the movie.

THERON: We’ve allowed our society to be comfortable with this general idea that you can ask a woman what you never ask a man, and not think twice about it. And, yeah, I feel like women in politics are under that kind of scrutiny in a way that has not changed since somebody like Geraldine Ferraro was on a ticket. We still do the same s--- that we did to her in 1984.

After the Sony hack revealed unequal pay between male and female stars, Charlize fought for equal pay . Was that a conversation on this film?

THERON: We went into this 50-50 partners, right from the moment that we met each other. That was how Seth handled it, that’s how I handled it. Now that know Seth a little bit better, I don’t think we even needed a discussion about it. But I tend to be very transparent right up front. I’ve made many movies where I’ve worked just as hard, and sometimes harder, than my male counterparts and have not gotten share. So it is something that’s important to me and it is something I always bring up right in the beginning. I’ve now gotten to a place where if someone can’t respect that or see the benefit of that, I’m very lucky that I’m in the position where I don’t have to do something. A lot of women that don’t have that luxury.

Your characters’ personal lives come under intense public scrutiny. Charlotte is given

a “likability” test. I’m guessing that’s something you both identified with as famous people.

THERON: My publicist wrote me a text two weeks where she was like: “You’re a lovely human being but you’re a terrible client.” It was just two weeks of nonstop nonsense that people were taking out of context.

ROGEN: I used to come out of press days wondering what people would take apart or focus on. The answer is none of them, ever. And then I saw Charlize and the most innocuous things get blown out of proportion.

It’s a real double standard.

THERON: It sucks. I don’t know how to be a person that’s constantly censoring myself. I’m not a secretive person. I’m a private person but I’m not a secretive person. But it’s getting harder and harder because all people really care about is getting clicks on something.

It’s a tricky thing to make anything funny and crowd-pleasing about today’s deeply partisan political world.

ROGEN: The analogy we kept using was just putting a hand on the audience’s shoulder and being like: “We live in this world with you.” (Both laugh) Because I watch a lot of movies and it doesn’t feel like that, honestly. It feels like they just decided, “Eh, it’s too hard to acknowledge this world.” Or they didn’t want to because it’s too controversial.

THERON: I know for myself, when I hear “romantic comedy” I have an idea of what that is. I think for us, it was really important to set the bar a little higher and to make something that felt like it was incredibly romantic but also really funny. And those are really, really hard movies to make. And we did it.

(Both laugh) ROGEN: As the people who did it, we think we did it.

THERON: But in a humble way. n

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Society BusinessMirror

Friday, May 10, 2019

www.businessmirror.com.ph

z

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Missy Franklin, 24; Kenan Thompson, 41; Bono, 59; Donovan, 73.

HAPPY BIRTHDAY: Focus on your home, personal finances and living the dream. Organization coupled with preparation can help you turn your long-term plan into a reality. Discovering a moneymaking opportunity and putting your money where it will bring the highest return will ease stress and add to your comfort. Joint ventures, love and better living conditions are headed your way. Your lucky numbers are 5, 13, 19, 28, 31, 33, 42.

FROM left: Anna Hashim-Cabrera, executive director of Philippine Animal Welfare Society; Dan Ramirez, communications and media manager of World Wide Fund For Nature Philippines; Vohne Yao, managing director of Owndays Philippines; Jun Godornes, resource development director of World Vision Philippines.

a

THE store façade of Owndays in SM Megamall

ARIES (March 21-April 19): Handle personal and professional matters carefully. If you let your emotions take over, you will end up giving someone the upper hand. Look out for your interests, and take care of all matters personally. HH

b

TAURUS (April 20-May 20): A family gathering or reuniting with old friends will lift your spirits and make you feel good about who you are and what you have achieved. Love is highlighted, and romance will have an impact on your personal life. HHHH

c

GEMINI (May 21-June 20): Be realistic when offering help. If you are too generous, you will be taken for granted. Focus on important relationships, physical endurance and putting your energy into being your best. HHH

d ALMIRA TENG with Yvonne Yao

VINA GUERRERO, Kim Cruz, Chin Chin Obcena and Crissey Sy

DEIN CUVIN, Rhea Camille Chong and TJ Gamol

CANCER (June 21-July 22): Push for change to make your life less stressful. Be receptive to new beginnings. Expand your circle of friends by participating in something that interests you and will make you feel helpful. An attitude adjustment will set a good example for others. HHH

e

LEO (July 23-Aug. 22): Moodiness will cloud your vision. You’ll have to be objective when dealing with people who think differently in order to avoid an altercation that will make it difficult to get things done. Choose to proceed with compassion, consideration and the willingness to compromise. HHH

f

VIRGO (Aug. 23-Sept. 22): Be realistic, and distance yourself from anyone who is unpredictable or spinning out of control. You have plenty to gain if you put your thoughts and energy into people and pastimes that make you smile. HHH

g

DAVID GUISON

ASHLEY RIVERA

JANEENA CHAN

CIACIA MENDOZA and Rex Intal

Making the ‘Cases for Change’

P

OPULAR eyewear brand Owndays is always looking for ways to give back to society. In 2011, they started giving out glasses to those in need through Eye Camp. The company has again marked another milestone by embarking on a noble campaign, called Cases for Change, in which it partners with nonprofit organizations supporting causes they believe in.

As an eyewear retailer, Owndays aims to make the world look more beautiful. With that goal in mind, the company created Cases for Change and partnered with Philippine Animal Welfare Society, World Wide Fund for Nature Philippines, and World Vision Philippines to create three uniquely designed eyewear cases. “With Cases For Change, our goal is to give back to society by allowing our customers to support their causes. We have chosen these nonprofit organizations to help them promote animal welfare, environmental protection and child empowerment. We’re aiming to raise up to a million pesos for each of them,” says Vohne Yao, managing director of Owndays Philippines.

“Cases for Change is quite a simple concept. When you buy a collaboration case, 100 percent of sales will

go to the nonprofit organization so they can do what they do best: make the world look more beautiful.

Help us make a change and make this dream come true,” Yao added.

World Vision Philippines is concerned with the overall well-being of Filipino children. “This year, we’re focusing on digital education. We are hoping that as we all work together and support Cases for Change, we are able to make Filipino communities and our society look more beautiful,” said Jun Godornes, resource development director.

“Our environmental efforts are furthered and we make sure that present and future generations get to see and experience the beauty that the world has to offer,” said Dan Ramirez, communications and media manager for World Wide Fund For Nature Philippines. Cases For Change will help contribute to the conservation initiatives and projects of the nongovernment organization.

An average of about 200 dogs and cats per month are put down or euthanized in city pounds everywhere. “Our advocacy is actually to prevent them from being rescued in the first place by making people aware of how they should be responsible pet

owners, We hope you have some time to come over and show your support for PAWS to help us make a better change for the animals,” said Anna HashimCabrera, PAWS executive director.

Not only will Cases for Change help raise muchneeded funds for the nonprofit organizations, but it will also allow Owndays customers to carry the collaboration cases with them, helping create awareness around their causes. Each of the collaboration cases will be sold at P250 with every purchase of prescription glasses, and at P500 if no purchase is made. The collaboration cases are available at all Owndays stores nationwide.

Owndays (www.owndays.com/ph) is one of the largest optical chains in Japan that manufactures a wide variety of high-quality frames in more than 1,500 styles suited for any lifestyle. In 2002, the first Owndays shop opened in Tokyo. Today, the brand has established a global presence running more than 300 shops in 12 countries selling more than 2 million pairs of glasses annually. The company continues to revolutionize the optical experience with its open concept, all-in-one pricing system and quick 20-minute processing time. n

LIBRA (Sept. 23-Oct. 22): Look at what’s going on around you, and restructure your life in order to fulfill your aspirations.

Partnerships that are suffering or disruptive should be brought to the forefront, and changes should be made that will encourage you to excel. HHHH

h

SCORPIO (Oct. 23-Nov. 21): A getaway will do you good. Spending time with someone you find mentally stimulating will help you get back to basics and to what really matters to you. Don’t let emotional turmoil stand in the way of your happiness. HH

i

SAGITTARIUS (Nov. 22-Dec. 21): Make partnerships, networking and social events priorities. Discussing what you want to achieve and making plans with someone who shares your dreams will help you get one step closer to living life your way. Romance is highlighted. HHHHH

j

CAPRICORN (Dec. 22-Jan. 19): Make a positive change to your residence. How you live and the comfort and convenience you surround yourself with will have a direct influence on how well you advance in all aspects of your life. HHH

k

AQUARIUS (Jan. 20-Feb. 18): A steady pace is your best bet. If someone tries to disrupt your plans, offer suggestions and go about your business. Your happiness will depend on the way you balance your time in order to reach your goal.

HHH

l

PISCES (Feb. 19-March 20): Do something constructive, not destructive. Channel your energy into a creative endeavor or helping a cause you care about, not in the company of people who are a bad influence. HHHHH BIRTHDAY BABY: You are outgoing, playful and sensitive.

You are smart and doting.

‘east cost’ BY BRIAN THOMAS The Universal Crossword/Edited by David Steinberg

ACROSS 1 Baldwin of 30 Rock 5 Pig cookout 10 Palindromic tent type 13 Former QB Tony 14 Presses together, as one’s lips 15 Miner’s target 16 Fraudulent accusation 19 Simple question type 20 Teacher’s gold star, often 21 Sphere of influence 23 Massage 24 Pop star Celine 26 Top-notch 31 Exaggerates on stage 33 ___-Caps 34 Rapidly disappearing sea 35 One known for calling people out 36 Fish and chips, e.g.

39 Sac fly stat 40 “Feel What U Feel” singer Lisa 42 Polynesian staple 43 Art studio stands 45 “These are the exact words...”

8 Marketing pitch goal 4 49 RN’s workplace 50 Seasons fries, say 52 Hockey advantage 56 “Look...”

60 Showcase Showdown show, and a hint to 16-, 26-, 36- and 45-Across 62 Element with the symbol Sn 63 They slice and dice 64 The Simpsons tavern 65 ___ of gold 66 Rocker Bob 67 Brit’s “My word!”

DOWN 1 Affectedly creative 2 Storied stories 3 Ostrich relatives 4 African island nation whose vowels are all Os 5 Ballet legend Nureyev 6 Sch. in Tulsa 7 Snakes of the Nile 8 The Quakers or the Shakers 9 Shorts go-with

0 House addition?

1 11 Hankering 12 Look closely 14 Mexico’s Enrique ___ Nieto 17 Union contract?

18 Lexus rival 22 Square pegs 24 Bourne portrayer Matt 25 Hindrance 27 Genetic letters 28 ___ loser (bad sport) 29 Postpone, as an agenda item 30 Yale grads 31 Luau dance 32 Luau platter type 37 “Cheer” for the other team 38 Holiday with ham and eggs 41 Curl muscle 44 Sushi restaurant offering 46 Idiosyncrasies 47 Not as hard 51 ___ is more 52 URL starter 53 Cincinnati’s river

4 French film 5 55 Vaping implement 57 Megalomaniacs have big ones 58 Zeus’s mother 59 Handmade toy site 61 Eden exile

Solution to yesterday’s puzzle:

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Friday, May 10, 2019

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AUTISM PARTNERSHIP CONFERENCE IN MANILA

OVER 600 educators, parents and advocates came together recently for the Autism Partnership conference on the transition to school for children with autism. Attended by education industry leaders, the event tackled teaching essential skills for the best outcome of treatment for autism spectrum disorder (ASD) children.

The speakers included AP Director Toby Mountjoy, Aoi Pui School principal Kathleen Man, and Behavioral Consultant Raymond Fung. The conference was held recently at the SMX Convention Center in SM Aura Premier, and was supported

by SM Cares.

LOVE LIFE PLAGUED BY MONEY PROBLEMS? HEED THESE TIPS

STRONG and healthy relationships are built on love and mutual respect, but sometimes even the strongest ones can get rocky, especially when faced with rifts about money.

AXA Philippines (www.axa.com.ph), one of the country’s leading insurance companies, offers some tips on how to avoid money problems that can ruin relationships: n ESTABLISH ACCOUNTABILITY. Agree on who will be responsible for what. Who will cover monthly bills and dayto-day expenses, and who will handle long-term savings? It is important the system you come up with works for and has been agreed on by the both of you. n KNOW YOUR PRIORITIES. Think about the future and identify what matters to you most. For married couples with children, the kids’ needs must be given priority. For new couples, identify assets that you both want to have someday.

Invest a part of your savings so you have funds to spend for these priorities. AXA’s Asset Master, a single-pay, investmentlinked insurance plan, allows you to build a diversified investment portfolio of local and global investments. n LIVE WITHIN YOUR MEANS. Whatever financial management strategy you follow, living within your means should guide your decisions. Spending recklessly might cause a strain on your relationship, especially when you have set a financial goal, like making an investment or buying a house-and-lot or a car. Be open with each other about income and finances. n PROTECT YOUR ASSETS AND WORRY LESS. Insure what you worked hard for, such as your home or your car, to lessen your financial worries. Prepare to deal with damages and losses caused by road and vehicular accidents with an insurance plan. The same advice applies in safeguarding your home from natural and unexpected disasters like fire, flood, earthquake, storms and volcanic eruptions. n SET ASIDE A “FUN FUND.” Couples who have fun together become closer and stronger. When creating a budget, make provisions for things that will give you joy as a couple, like traveling together. Feel more secure and safe when you travel with AXA Smart Traveler, which comes with a wide range of benefits, including 24-hour medical assistance, personal accident coverage, liability and personal safety coverage, as well as refunds for travel inconveniences.

Discern, decide, then go out and vote SOMETHING LIKE LIFE

MA. STELLA F. ARNALDO

@akosistellaBM

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HIS being the Friday before the midterm elections, I wish I could say something brilliant and clever to convince you who to vote for.

It would be dishonest of me to say I have only voted for the best candidates always. I’ve made a number of mistakes. In my younger days, my judgment too, had been impaired with conflicting and confusing opinions and information on who to vote for, or awed by the seemingly shiny candidates who seemed to have the correct answers to every question put to them. But appearances lie, and one often learns of the true measure of a politician’s character when it is too late, and he is already in office.

It is a difficult lesson every voter must experience at least once in his lifetime.

My first time to vote was during the snap elections of 1986. Barely 21 then, the election had been preceded by the assassination and death of former Sen. Benigno “Ninoy” Aquino Jr., a figure I barely knew because he lived in the US while I was growing up. Still, his death shocked the nation and galvanized protest rallies even from the middle class. I remember attending several well-attended forums at the university dissecting the only film reel and audio of Aquino’s killing, as he stepped off from the plane that finally brought him home to the Manila.

News stories and revelations of the true state of the government and the lies perpetrated by the Marcos regime on the people were, by then, already being published by a few independent media outlets. These stories included the fake war medals of Marcos, the

lavish shopping of his First Lady Imelda, along with photos of the family’s fancy yacht parties—all these while 70 percent of Filipinos were living in poverty.

Yet, in my first outing as a voter who had lived most of her life under the Marcos regime, I didn’t vote for Cory Aquino as president. I just left the space for “President” blank. Remember, these were the 1980s when women were just finding their voices, and becoming professionals and pushing for careers. And after receiving mega-doses of feminist literature in the university, a housewife leading the nation didn’t quite appeal to me either.

(The irony being that I eventually covered President Aquino as part of the Malacañang beat, a year after I graduated and became a journalist. By 1989, I had also joined the Aquino administration, working at the Department of Agriculture. Funny how life works.)

We may never know who really won that election.

But the walkout by computer staff tallying the snap election votes, and subsequent revelations by Marcos’s own people of the massive cheating by the administration were enough to convince many that Aquino had won. This eventually sparked the socalled People Power revolution that year.

Looking back, I probably should have voted for Aquino, not that it would have mattered as events unfolded later, but because she was the leader we needed at that time in our nation’s history. She was certainly not the best president; I still think she should have repudiated the onerous debts that were contracted by Marcos, and didn’t allow so many loopholes in the agrarian reform law she had enacted.

But our country at that point needed to regain the dignity and respect of the international community once more. Aside from key laws enacted, she also appointed a number of honest and competent men in the government.

It is for this reason that I too wept when she passed away in 2009. Looking back, no one else could have pulled off uniting us as a people, and getting back our respect as a nation. Her contributions to the country and to our history are immense and unquestionable.

(But, like I said, many of us make mistakes in our voting record at least once in our lifetime. I’m only too

glad that the younger voters these days seem to be a more enlightened lot.)

A few days ago, a friend living in Europe messaged me out of the blue and confided that he couldn’t fill up his ballot because he didn’t know who to vote for. I shared with him who I would be voting for. However, it surprised me that this late, there are still many of our kababayan here and abroad who have not made up their minds about the country’s next lawmakers and local executives.

So allow me to share some guidelines on how to choose our leaders this Monday: n DECIDE WHAT KIND OF LEADER YOU WANT. What qualities do you expect in him or her? What direction would you want your leader to take with respect to the nation and the government? n READ AND DISCERN. Sit down, find out about the background of the people running for elective posts on the national and local levels. Listen to the past debates or interviews with the candidates. Like my editor says, “Google is your friend.” So do your research on the positions these candidates take on certain issues. But most important, be alert on any conflicting or contrasting views he or she has taken on issues. n LOOK FOR A CREDIBLE TRACK RECORD. If he is a new politician, find out what he did in the past. Is he a clown or someone who has fought for the rights of the oppressed? For veteran politicians, find out what bills they had authored and personally shepherded into laws. Did his law result in higher fuel and food prices? Was this particular candidate able to lower the prices on the maintenance drugs you take when he was a senator? For those running for local office, ask yourself if it is easier now to transact business at the municipal hall, or do the fixers still exist?

These last weeks have unleashed a torrent of information on many candidates. The timing of many of these revelations are suspect, and as such, we as voters must take on the larger responsibility of spotting the differences between fact and fiction, and identifying which leaders will help us and our country reach the goals we want it to attain.

I hope these guidelines have helped. Now let’s make our votes count. Good luck to us all. n

Youth organizations initiate the pledge to end the ‘R’ word THE Down Syndrome Association of the Philippines Inc. (DSAPI) worked hand in hand with the Center for Inclusive Education (CIE) of the De La Salle-College of Saint Benilde (DLS-CSB) and Best Buddies Benilde (BBB) to raise the bar for a more accepting community for persons with Down Syndrome (DS) through a seminar and a campaign.

DSAPI President Luis Harder explained the reality of the genetic disorder before a crowd of young studentadvocates. He highlighted the fact that anyone is vulnerable, as one out of 800 babies from all over the world is at risk of being born with DS. “While most of us have 46 chromosomes, 23 from the mother and 23 from the father, persons with DS have 47, which was caused by the third copy of the 21st chromosome,” he expounded. “Unfortunately, 50 percent of these babies are also born with heart diseases and other conditions, such as hypotonia, or poor muscle tone; epilepsy, hypothyroidism, blood disorder, vision problems, hearing loss and infections that require medical intervention,” he stressed.

Harder, father to Adeline Lois, his eight-year-old girl with DS, observed that some of the early manifestations

are learning disability and developmental delay.

“Children including my Adeline need parents and families who are proud of them and love them unconditionally.

Aside from people with DS, others with special needs such as autism also deserve to be given a chance to have a life and be a part of the population.”

The dad noted that it is best to remain patient when conversing with them. “Do not make fun of them. Talk to them slowly and they will be able to comprehend.

They are sweet and they love to hug. When you engage them in a conversation, expect that they will respond affectionately.” He also added that it is important to listen to them carefully as they, when given a chance, can really communicate well.

He reiterated that immersion is very important in improving their condition as it hones their comprehension, communication skills and social relationships. The father recalled such positive changes to his Adeline, who now smiles more since she started attending to school.

Twenty-three-year-old Renz Alquiroz, a person with DS, who presently works at Harder’s company, Wings Technology Enterprise Inc. (WTEI), began

interacting with people and has since showed vast development. The DSAPI president shared that Alquiroz has established friendships and gained popularity in and around their office. “It is a proof that they, too, can have a positive impact on the public, thanks in the large part to the society that has compassion for them.”

Currently, aside from WTEI, various companies from different industries have opened career opportunities for those who have intellectual and developmental disabilities.

However, despite wider acceptance, Harder said that many still use offensive nicknames. He joined the campaign initiated by DLS-CSB’s CIE and BBB, “an organization that advocates one-to-one friendships with kids with disabilities,” to invite the youth to sign a petition to end the “R” word, a pledge that aims to drop titles such as “retard.”

“We want to end this but we cannot do it alone.

Let us stand together in fighting and stopping this nonsense,” Harder said. “Such words are improper.

What do we call them? People with Down Syndrome.

They are cheerful, nice and loving, and they do not deserve this treatment.”

DOWN Syndrome Association of the Philippines President Luis Harder with eight-yearold daughter Adeline Lois and family, with 23-year-old Renz Alquiroz who also has Down Syndrome.

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Coco refuses to address paternity rumors any further COCO MARTIN DOWNTON Abbey creator Julian Fellowes

HBO TO AIR ‘GILDED AGE’ SERIES FROM ‘DOWNTON ABBEY’ CREATOR LOS ANGELES—A long-planned series from Downton Abbey creator Julian Fellowes has a new home.

HBO said on Thursday it will air the drama The Gilded Age, which originally was to be on NBC. The series is set in late 19th-century America, in which families of immense wealth lived lavishly and exercised social and political influence.

Casting for the yet-to-be-produced, 10-episode project and a debut date weren’t announced.

In a statement, Fellowes said The Gilded Age will be about ambition and envy but, he added, “most of all, about love.”

The central character is an orphaned young woman who gets swept up in the lives of the rich.

The Gilded Age is a coproduction by HBO and Universal Television, which along with NBC is part of media giant NBCUniversal.

HBO was the best fit for the series, Paul Telegdy and George Cheeks, cochairmen of NBC Entertainment, said in a statement. “We love the ambition and scope of The Gilded Age, and after a highly competitive bidding process, we ultimately came to the conclusion that HBO is the perfect network for this epic story,” the executives said.

Casey Bloys, HBO’s programming president, said the series will be opulent in scope and scale, and is a “richly textured character drama” that’s right for HBO. Fellowes, who wrote the upcoming Downton Abbey movie, is writing The Gilded Age and producing it with Gareth Neame and Michael Engler. Neame was a producer on PBS’s Downton Abbey and is a producer on the big-screen version. AP

GAB FAB JET VALLE

@jetvalle

‘I

’M too old to worry about who likes me and who dislikes me. I have more important things to do. If you love me, I love you. If you support me, I support you. If you hate me, I don’t care. Life goes on with or without you.”

That quote was posted in the Instagram account of actor Coco Martin recently. Obviously, it is a reaction to the news coming out that he is allegedly the father of the child that Julia Montes gave birth to recently. You see, there have been unconfirmed reports of Julia having given birth and that Coco is the father of her child.

Netizens went wild over the post. Some are saying how ungrateful he is and that if he doesn’t really give a care, then why post something like this in the first place. Many still profess their undying love to the actor and promised to still support him—no matter what.

Such is the power of Coco Martin. Years ago, he was just an indie actor who was grateful to get any kind of work—whether being a housekeeper to being an extra. Now, he is undeniably one of the country’s biggest stars and if he needs a break from all the intrigues, then maybe we should give him a break!

But Coco, promise to still talk about all the issues hounding you when you are ready, OK? Sorry Coco fans, while you will not get another peep from him regarding the burning issues, you may want to just take in this direct quote from him: “Pag bumibili ako ng jeans...sukat sa bewang pero madalas sobrang haba.

Kaya pinapaputulan ko pa para sumakto. Pag nagpa-alter ka naman, hindi na proportioned ’yung jeans. Mas malaki na ’yung opening sa laylayan [hem opening] at mas maluwag sa binti.”

Yup, he’s talking about jeans. Before you say anything, he continues: “Mapapagod ka na maghanap, dagdag gastos pa sa paputol, tapos hindi pa rin tatama ang sukat.... Ngayon, dahil meron nang JAG 28”, hindi na natin kailangang magtiyaga sa ganun. Bukod sa magandang quality ng tela at naka-tailor fit sa atin, available sa JAG ang maraming design sa iba-ibang haba na sukat sa ’yo, Saka nakakagalaw ako ng maayos sa JAG. Importante ’yan sakin lalo na sa klase ng trabaho ko.”

You read that right. Coco would rather dwell on his latest role as clothing brand Jag’s endorser. Coco was recently launched in a glitzy event hosted by the

company and you guessed it, he didn’t answer any of the questions in everybody’s minds.

Maybe we can stalk him in one of the Jag outlets where he goes shopping and then ask him? nnn IÑIGO PASCUAL is set to captivate more audiences with his music as he partners with Australia’s most popular YouTuber, Wengie, for a new single, titled “Mr. Nice Guy.” This exciting collaboration with the Chinese-Australian singer will be part of Iñigo’s upcoming sophomore album, this time under

ABS-CBN Music International.

“Happy to work with a YouTube superstar! I’ve been so overwhelmed. I’m so grateful,” shared Iñigo.

Aside from working with Wengie, Iñigo is also scheduled to team up with more international artists and release another collaboration single this month.

Wengie is a lifestyle vlogger and voice actress who currently has 13 million subscribers on her main, self-titled YouTube channel. She also has several other channels, including Wengie Music, featuring her own hit singles like “Oh I Do,” “De Ja Vu” and “Cake.” n

Clooney hopes media will be ‘kinder’ to Meghan the mom

BY MARCELA ISAZA The Associated Press AICELLE SANTOS

‘Studio 7 Musikalye’ pays homage to mothers THIS Sunday, May 12, at 7:40 pm, GMA’s musical variety show Studio 7 Musikalye celebrates Mother’s Day with heart-warming performances from its powerhouse cast as it brings the party to CSI Dagupan in Pangasinan.

The talented crew of Studio 7 showcases their unique brand of antahan, rakrakan at sayawan to honor mothers all around the world.

The spectacle kicks off with all-female and very fierce performances from Julie Anne San Jose, Gabbi Garcia, Sanya Lopez, Mikee Quintos, Kyline Alcantara, Kate Valdez, Golden Cañedo, Hannah Prescillas, Kyryll Ugdiman and Aicelle Santos.

Studio 7’s Mother’s Day special also features touching performances from talented moms and The Clash alumni Miriam Manalo and Mommy Esterlina Olmedo. Also joining them on stage for an unforgettable night are celebrity supermoms Sunshine Dizon and Camille Prats.

Meanwhile, brothers Rayver and Rodjun Cruz will have a bittersweet and emotional performance in honor of their departed mother with a dramatic rendition of a song by Ed Sheeran.

The well-loved cast of top-rating GMA prime-time series Onanay—Jo Berry, Mikee and Kate—will also be reuniting on the Studio 7 Musikalye stage for a moving performance.

LOS ANGELES—George Clooney is hoping the media will be gentler to Meghan, the Duchess of Sussex, after she gave birth to a baby boy.

“I think people should be a little kinder. She’s a young woman who just had a baby, you know?” Clooney told The Associated Press on Tuesday.

Clooney is a good friend of Meghan and Prince Harry. He and his lawyer wife Amal attended the royal wedding last year, and Amal was one of the guests at Meghan’s baby shower. Clooney has been outspoken in his defense of Meghan, a former actress and American, who has been the subject of harsh gossip in some

publications. At the premiere of his new Hulu series Catch-22, Clooney said the media scrutiny will likely intensify now that the baby, who was named Archie, has arrived. He conceded that some of that comes with the royal territory.

“If you’re a royal, that’s what you have to do,” he said. “It’s the other versions of it: Going to interview people’s parents, that kind of stuff. It starts to step into a really dark place.”

Besides celebrating upcoming May 17 debut of Catch-22, Clooney was also in a joyous mood because of the release of two Reuters journalists, Wa Lone and Kyaw Soe Oo, who had been imprisoned in Myanmar. They were released early on Tuesday after more than a year behind bars. They

won the Pulitzer Prize last month for international reporting, along with the AP. “My wife spent the last year, every day, with [Reuters Chief Counsel] Gail Gove and with [Reuters Editor in Chief] Stephen Adler, working, as hard as you could work, behind the scenes, to get these guys out,” he said.

“And last night, for my [58th] birthday, at my birthday dinner, those two men walked out,” Clooney continued. “And I have to tell you, I couldn’t be more proud of my wife. I couldn’t be more proud of Reuters and the way they stuck up for journalism.”

He added: “It’s a dangerous time to be a journalist. So, to win one, I’m very proud of my wife. And congratulations to everyone—and the AP.”

Mother’s Day tribute at Shangri-La Plaza LOOKING for ways to mark this special day for mom?

Well, Shangri-La Plaza has lined up exciting events and activities designed to show moms the love and appreciation they truly deserve.

Catch all the major performances dedicated to her at the Shang with “Isang Pasasalamat,” a Mother’s Day tribute. Be serenaded by the Consortium of Voices as they go around the mall at 11 am and 5 pm. At 7 pm, make sure to head over to the Grand Atrium to enjoy the renowned ABS-CBN Philharmonic Orchestra, led by Musical Director Gerald Salonga, and the Philippine Madrigal Singers with choirmaster Mark Anthony Carpio.

Also, discover unique local finds and shop together at Mommy’s Day Out Shopping Exhibit at the East

Atrium this May 10 to 12.

Sweet treats are in order for all the moms: indulge in delicious cookies from Tochi Desserts, free from Shangri-La Plaza on May 12 from 12:30 to 3:30 pm, and

5 to 8 pm. Cap off a memorable day with a wonderful keepsake: take a souvenir photo to remember the moment at the special Mother’s Day photo booth at the second and third level, East Wing.

Motoring BusinessMirror

Henry Ford Awards Best Motoring Section 2007, 2008, 2009, 2010 2011 Hall of Fame

Editor: Tet Andolong

1987 Pajero SUV on display

1981 Lancer ‘Box-type’ on display

Friday, May 10, 2019

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BYD LAUNCHES THE WORLD’S 10TH SHELL ECO-MARATHON ASIA ‘MAKE THE FUTURE LIVE’ LONGEST PURE E-BUS

TRIALS, TEARS AND TRIU

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YD recently launched the world’s first 27-m pure electric bi-articulated bus at the company’s headquarters in Shenzhen called the K12A. With a passenger capacity of 250 people, the K12A is the longest pure electric bus in the world and can travel at a maximum speed of 70 kilometer per hour (kph). Additionally, it is also the world’s first electric bus equipped with a distributed 4WD system, which can switch between 2WD and 4WD smoothly to meet the demands of different terrains, while also lowering the vehicle’s overall energy consumption.

The BYD K12A is compatible with the global bus rapid transit (BRT) system, featuring an allaluminum alloy body and BYD’s core technology of batteries, electric motors and electronic controls.

“Today, BYD once again uses its core technology, reliable products and innovative solutions to solve the two great urban ills of congestion and pollution,” said Stella Li, senior vice president of BYD. “The K12A will bring zero emissions to BRT systems, allowing passengers to enjoy quiet, pollution-free travel, while at the same time saving significant maintenance costs for operators.”

The K12A follows more of BYD’s “fine traditions,” including its battery heat management system, energy regenerative system and smart integrated design. The bus is equipped with DC and AC charging ports that can be switched freely to meet customers’ every need. One charge can last almost 300 kilometers, and can therefore respond to the demands of a full day’s operation.

“I’m confident that BYD’s super-long pure electric buses are the future of BRT systems, and that the company’s strength is a measure of China’s solid industrial strength”, said Luis Carlos Moreno, CEO of Express, one of the BYD’ s major

clients in Colombia. “On this trip to Shenzhen, I’ve seen that the city’s public buses are already 100 percent electrified, and I firmly believe that electrification is a future global trend.”

BYD first unveiled its public transportation electrification solution in 2010—soon taking the lead in the field of pure electric buses across China. The scheme has now been upgraded to one of China’s national strategies. BYD’s K9, the first pure electric bus in the world that boasts multiple certifications from authoritative European, United States and Japanese agencies, began commercial operations in Shenzhen in 2011. BYD’s pure electric buses are noted for their performance in energy-saving and environmental protection, which the K12A is especially efficient in. Each bus saves the equivalent of 80 tons of carbon-dioxide emissions per year, and can save 360,000 liters of fuel throughout its lifecycle.

To date, BYD has delivered a total of more than 50,000 pure electric buses to its global partners.

In particular, its pure electric buses (longer than 10 meters) rank No.1 worldwide in terms of total sales, holding a dominant share in the pure electric bus market in the US, Latin America and Europe.

To respond to a great surge in orders across the globe, BYD is building a more complete R&D and production presence, and has set up factories for pure electric commercial vehicles in China, the US, Brazil, Hungary and France. BYD’s new energy vehicles have led the world in sales for the last four years (2015-2018) and are operating in more than 300 cities covering over 50 countries and regions across all six continents.

In the Philippines, BYD vehicles are exclusively distributed by the Solar Transport Automotive Resources Corp. (Star Corp.). For more information, visit www.byd.com.ph.

Isuzu Bohol turns over vehicles to Universal Fuel Solutions

FROM left Lilet Sandiego (sales manager-Isuzu Bohol), Mario Ojales (department head-Dealer Sales A- CV), Atty.Arturo A. Piollo II (owner), Atty.Filipina A. Piollo (wife)

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N a formal ceremony on April 5, 2019, in Cortez, Bohol, wholesale and retail fuel distributor Universal Fuel Solutions received two EXZ and three FVM trucks, and six mu-X midsize SUVs from Isuzu Bohol.

Universal Fuel Solutions, which has been a loyal client of Isuzu Bohol, has attributed much of its operational successes to the reliability, durability, power, and fuel efficiency of Isuzu-branded vehicles distributed exclusively by Isuzu Philippines Corp. (IPC) and its authorized dealership network, of which Isuzu Bohol belongs.

Universal Fuel Solutions also lauded IPC and Isuzu Bohol for its comprehensive customer support programs that comprise the Isuzu

Advantage. Only IPC and its authorized dealers can offer a nationwide dealer network of over 40 outlets complete with servicing facilities, reliable and prompt nationwide parts availability, and teams of expert service technicians and field support personnel on call to provide technical assistance whenever and wherever needed. IPC also extended various training to customer such as safety driving, eco-driving techniques and maintenance training to support their operation.

Universal Fuel Solutions considers IPC’s nationwide network of after-sales customer support programs truly advantageous for its own business and operations, which has also expanded nationwide.

UST Eco-Tiger I landed the 8th spot in the prototype category with energy source internal combustion engine.

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By Tet Andolong

HE 10th Shell Eco-Marathon Asia “Make the Future Live” came to a close in Sepang, Malaysia, on May 2, 2019, after three successive days of competition among teams from the Philippines, Thailand, China and Singapore, who set out to prove who could produce the best energy efficiency within their respective prototype categories or, put simply, to determine whose car can go the farthest using the least amount of energy.

As a backgrounder, the Shell EcoMarathon Asia (Sema) is one of the world’s longest-running student mileage competitions that challenge teams to design, build and test ultra-energy efficient vehicles.

Sema’s Asian edition returned to the venue where it was first held—Malaysia’s Sepang F1 Circuit. That event brought together over 100 student teams from 18 countries across the Asia Pacific including the Philippines and the Middle East.

This year, the Philippines fielded 12 teams, 11 cars and their student crews made it to Malaysia, but one team’s car arrived in Sepang and its crew didn’t. They had to ship the car ahead to Sepang in order to make the deadline while hoping that they would be able to raise more funds for their airfare and hotel accommodations so that they could follow and compete in the event. Unfortunately, it was not to be, and the crew was not able to make it. This was just one of the many sad stories that broke my heart when Filipinas Shell Media Manager Cesar C. Abaricia told me about the travails of students who join the Shell Eco-Marathon Asia every year.

“Yung sasakyan nila dumating pero yung mga bata hindi nakahabol kasi hindi sila nakaraise ng pera para sa plane tickets at hotel nila,” said Abaricia. If only he knew about their problem, Filipinas Shell would have helped them out but it was too late. “As a result, they didn’t make it to the qualifications and technical inspection,” he added.

The student teams competed in two categories—Prototype (futuristic and highly aerodynamic vehicles) and UrbanConcept (vehicles that resemble today’s cars) based on their selected energy source: Internal Combustion

Engine (ICE): Gasoline, diesel, ethanol (biofuel); hydrogen fuel cell; and battery electric power.

The eleven student teams that arrived in Sepang were: 1) D Stallions Hiraya, DLSU Dasmariñas with UrbanConcept (Diesel), 2) DLSU Eco Car Team with UrbanConcept (Battery Electric), 3) DLSU Eco Team-I. C. E. with UrbanConcept (Gasoline), 4) NU Prime Sprinter, National University with Urban Concept (Battery Electric), 5) PLM Agsikapin, Pamantasan ng Lungsod ng Maynila with UrbanConcept (Gasoline), 6) PUP-Hygears, Polytechnic University of the PhilippinesManila with UrbanConcept (Battery Electric), 7) ATLAS Valor, University of Perpetual Help System-Dalta with Prototype (Gasoline), 8) UST Eco-Tigers I, University of Santo Tomas with Prototype (Diesel), 9) Dagisik UP, University of the Philippines Diliman with UrbanConcept (Battery Electric), 10) ALAMAT UP, University of the Philippines Diliman with UrbanConcept (Diesel), and 11) Team UMindanao Wildcats, University of Mindanao with UrbanConcept (Diesel).

According to Shell Eco-Marathon General Manager Norman Koch, more than 50 countries join the events to bring and put ideas together to address the future of mobility and energy transition.

“We are not just teaching these kids technology but we are teaching them life skills, which are three things: 1) teamwork; 2) time; and 3) money,” Koch said.

Vehicles must pass a detailed technical inspection before they are allowed to proceed onto the track for their runs on the 10.3-kilometer Sepang F1 Circuit on the second day.

Seventy-one student teams passed the

THE Philippine student teams

UNIVERSITY of the Philippines-Diliman’s Dagisik UP with their UrbanConcept Millage Challenge 8th placer, Siglo 3.0

technical inspection and four of them were from the Philippines, namely, University of the Philippines DilimanDagisik UP; University of Santo Tomas Eco-Tigers I; De La Salle University, DLSU Eco Car Team-Battery Electric; and University of Mindanao, Team UMindanao Wildcats.

One of the teams asked for permission to sleep in the paddock because they ran out of money for their hotel.

“Magsasara na yung track, bakit nandito pa kayo?” Abaricia asked. “Puwede po bang matulog dito kasi wala po kaming pang hotel,” asked one of the students.

I recalled that the students were given accommodations through the efforts of Filipinas Shell.

“These students are the future generation of entrepreneurs and scientists. It is their national pride to join this challenge whether they win or not.

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They can show their future employers what they had done,” added Koch.

University of Santo Tomas Eco-Tiger I landed in eighth spot in the Prototype Category with energy source internal combustion engine (ICE). The core team of UST seniors changed the body of their T400D vehicle to carbon fiber for this competition.

The Prototype winner in the Mileage Challenge was RMUTP RACING from Rajamangala University of Technology Phra Nakhon from Thailand. They achieved the equivalent of 1,546.9 km on a liter of ethanol with their Prototype car—the equivalent of driving from Kuala Lumpur, Malaysia, to Bangkok, Thailand.

“We are very happy to win. We did our best and we used our experience gathered over the three years of competing, but our No. 1 rule is teamwork,”

oring

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Friday, May 10, 2019

UMPH IN SEPANG

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PAG-IBIG FUND SETS COVERAGE FOR DRIVERS, OPERATORS

PAG-IBIG Fund NCR South West Group Vice President Erlinda Francisco (from left), Senior Vice President Member Operations Sector Amado Isabelo Dizon III, Deputy Chief Executive Officer Member Service Sector Alexander Hilario Aguilar of Pag-IBIG Fund, STSI Chief Operating Officer Engr. Anthony Hernandez, Operations Manager Ronald Abulencia, and Administration and Corporate Compliance Manager Kristine de los Reyes of STSI

D PAMANTASAN ng Lungsod ng Maynila’s PLM Agsikapan does not only want to win the competition but believes in a bigger advocacy of greener mobility with their vehicle Tala.

RIVERS and operators from the transportat ion sector can now have the opportunity to enjoy the benefits of Pag-IBIG Fund membership, with the recent signing of the memorandum of agreement (MOA) between the Home Development Mu-

tual Fund Pag-IBIG Fund and Supermalls Transport Services Inc. (STSI) the biggest terminal operator of mall-based public integrated terminals.

Under the MOA, Pag-IBIG Fund will set up service booths where drivers and operators may submit their member-

ship applications, payment of monthly contributions, apply for loans and other related concerns. The agency has already set up booths at the terminals at SM North Edsa, SM Mall of Asia, SM Megamall and SM Southmall, and at the Legazpi Grand Terminal in Albay.

FORD APPOINTS PK UMASHANKAR AS NEW MANAGING DIRECTOR FOR PHL

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ORD Motor Co. announced the appointment of PK “Uma” Umashankar as managing director of Ford Philippines, effective on July 1. Umashankar is currently serving as director, Customer Service Division, Ford Asean, based in Bangkok.

Umashankar will relocate to Manila, and will continue to report directly to Yukontorn “Vickie” Wisadkosin, president of Ford Asean. He will replace Bert Lessard, who will repatriate to his home country of Canada.

In his new role, Umashankar will be responsible for continuing to drive Ford’s momentum in the Philippines, including sustaining the success of Ford’s nearly fully refreshed vehicle lineup in the market, continuing the ongoing expansion of the Ford dealership network, and further enhancing the aftersales experience including driving a more competitive cost of ownership structure for Ford customers.

“Uma’s leadership and real hands-on approach, coupled with his extensive experience across the business, will help us continue to grow our business and further strengthen our brand in the Philippines,” said Wisadkosin.

In his current regional customer service role, Umashankar has been working with both the Ford dealer networks and Ford customer service teams across the Asean markets to implement a number of successful initiatives aimed at improving and enhancing the overall Ford customer experience.

This includes leading efforts to streamline

Drive qualifies for Drivers’ World Championship

said Peerapon Booncheuy, team manager for RMUTP. Other winners in the prototype competition included HuaQi-EV from China with a result of 501.6 km/ kWh in the Battery Electric category and TP Eco Flash from Singapore with a result of 403.3 km/m3 in the hydrogen category.

The winner of the Drivers’ World Championship Qualifier is Nanyang E Drive from Nanyang Technological University from Singapore, who beat other top UrbanConcept cars in a breathtaking race to cross the finish line without running out of their limited allocation of energy.

“We are very happy as the win wasn’t expected. It was nerve-wracking as we were a close second for most of the race. Our secret was honestly just very good teamwork—the team,

SHELL Eco-Marathon Asia’s 2019 Prototype ICE category winner, team RMUTP Racing

monitoring every aspect of the car, letting me know how much energy to use and where to use it. So it was a very well-coordinated effort and that to me was the key to our success” shared Colin Ioh, team driver for Nanyang E Drive.

The winner of the Internal Combustion Engine category was ITS Team 5 from Institut Teknologi Sepuluh Nopember from Indonesia and team LH–EST from Lac Hong University in Vietnam took second and third places, respectively.

The top 3 teams from the Asia qualifier will face off against the best UrbanConcept teams from the Americas and Europe in the Drivers’ World Championship to be held at Make the Future Live in London, UK, on July 5, 2019. The ultimate winning team will be awarded with an invitation to visit Scuderia Ferrari’s exclusive head-

quarters in Italy. They will participate in exciting workshops and learn from the best at Ferrari.

“The Drivers’ World Championship incorporates both the fuel efficiency of the vehicle with the technique and skills of the driver. This time it is the strategy of handling the vehicles while simultaneously managing fuel efficiency. We saw amazing action and my congratulations goes to all the teams for all their achievements,” said Koch.

Despite not making it to top 3, the Philippine teams felt great pride in their achievement in representing the country in one of the world’s longest-running student mileage competitions. They hope to take their learnings from this year and come up stronger and better in next year’s Shell Eco-Marathon.

PK UMASHANKAR

parts sourcing and delivery across the Ford network, the appointments and launch of the Ford Authorized Parts Distributor Network in Thailand, as well as the launch of the Ford-owned Quick Lane brand in Thailand.

From 2015 to 2017, Umashankar served as brand manager of Ford Asia Pacific, based in Shanghai, where he oversaw the region-wide launch of the new EcoSport compact sport-utility vehicle, as well as the new Ford Figo compact car in India, and the Middle East and Africa.

Prior to his regional postings, Umashankar served for nearly 19 years at Ford India in roles of increasing responsibility, including leadership positions across Customer Service, Marketing and Operations.

Thisincludesnearlyfouryearsasvicepresident, Customer Service Operations, where he led efforts

to implement a new nationwide parts distribution center and set up a new modification center connected to Ford’s Chennai manufacturing facility.

Prior to this, Umashankar served for almost four years as general manager, Product Marketing, during which time he helped to launch the all-new Figo, Ford’s first vehicle designed and built for the India market.

As general manager, Customer Service Operations from 2005 to 2008, Umashankar led process improvements in customer service across the organization, which helped drive observed customer satisfaction improvements.

From 2002 to 2005, Umashankar served in various roles that included divisional operations manager, North and East, which represented more than 40 percent of Ford India’s sales; national parts operations and service marketing manager, where he led the company’s spare parts operations and business development of service operations; and national service planning and marketing manager, where he helped deliver service marketing initiatives to improve customer service.

From 2000 to 2002, Umashankar served Ford India as a Six Sigma Master Black Belt, during which time he helped promote and support improvement activities for the business, most notably in the area of parts distribution.

Umashankar earned a Bachelor’s degree in Mechanical Engineering from the University of Madras, and an MBA in Finance from the Loyola Institute of Business Administration (LIBA).

BUSINESS STAKEHOLDERS ASK DUTERTE TO PUT D.O.T.R. ORDER NO. 2019-002 ON HOLD

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TAKEHOLDERS of the Private Emission Testing Centers (PETCs) Industry are appealing to President Duterte’s intervention to put on hold the implementation of the Department of Transportation Department Order (DO) 2019002 which was eventually revised through DOTr’s Memorandum Circular 2019-009 that threatens them out of the motor vehicles emission testing business.

Spearheaded by Alagaan Natin Inang Kalikasan (ANI Kalikasan) led by its President Macario Evangelista Jr., the stakeholders said “DO 2019-002 entitled Revised Order on Privatizing the Motor Vehicle Inspection Centers [MVICs] Through Authorization once implemented will eventually displace around 5,000

workers and affect 25,000 members of their families. It will also increase the testing fee three to four times the current rate to the prejudice of the motoring public.”

Evangelista lamented the fact that the swift changes in the rules are meant to confuse and diffuse participation by interested PETCs. “Worse, these new rules revealed the preference of key officials of the DOTr for expensive European technology suppliers, prioritized granting of emission inspection centers to selected affluent individuals who can initially afford to post P10 million bond and be immediately issued provisional authorizations even without submitting a single legal document (business permits, articles of incorporation, financial

statements, BIR licenses) other than mere application forms.”

“The PETCs can prove that they have, singly and collectively, the capabality and resources to evolve into a reasonably sized PMVIC, and provide the same efficient and Asian-based technology on a par, if not better, than its European counterparts preferred by the DOTr,” Evangelista said.

ANI Kalikasan pledged that if allowed by the DOTr to evolve as PMVICs, the PETCs will rise up to the challenge at no additional cost and prejudice to the motoring public. The technology it offers will address the DOTr’s concern on road safety and air pollution control. The group is ready to unveil and present the new PETC-PMVIC evolution within the next few weeks.

Motoring BusinessMirror

E4 Friday, May 10, 2019

Vios Racing & STV test-drive festival unleashed

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HE past two Sundays saw significant and impactful industry events—both held at the famed MOA Concert Grounds in Pasay City. First was the unveiling of the Vios Racing Festival, an expanded version of the Vios Cup now on its fifth straight year.

The event afforded me yet another cherished chance to brush elbows with Toyota bigwigs like Toyota MP President Satoru Suzuki and his chief deputy Kei Misaguchi, TMP top guns Jing Atienza, Sherwin Chua-Lim, and Dino and Tini Arevalo, comebacking marketing hotshot Elijah-won Marcial with Carlo Nemo and Jeane Sangalang in tow, and multiple dealership owner Rene So of Dagupan City.

The following Sunday came the event of Ray Butch “Elvis” Gamboa.

Dubbed this year as the Phoenix Petroleum 2019 Auto Focus Summer Test Drive Festival, the latest edition proved to be the biggest in years, highlighted by the participation of GAC Motors, Honda, Hyundai, Kia, MG, Mitsubishi, Nissan, SsangYong, Subaru, Suzuki and Toyota.

The 11 car giants dished off their wares for the public to test-drive during the fourday car fest from May 2 to 5 under the auspices, of course, of

the Sunshine Television (STV) alongside its TV programs Auto Focus People’s Choice Awards (AFPCA) and the Auto Focus Media’s Choice Awards (AFMCA).

Gamboa, the STV chairman and CEO, said: “We have been holding this event since 2005 not only for the benefit of local manufacturers and distributors, but even more so for the general motoring and car-buying public.

Buying a car and selecting a particular model suited to one’s individual purpose, preference and budget can actually be a long-winded process. No more hopping from one dealer showroom to another because all the exhibiting brands will only be a few steps from one another.”

With Jenny Bleza expertly “curating” yet again the event with Tin and Wi Gamboa, the festival drew chief exhibitors like Honda’s Noriyuki Takakura, Kia’s Manny Aligada, MG/ TCCCI’s Atty. Albert Arcilla, Nissan’s Atsushi Najima, SsangYong’s Japheth Castillo, Suzuki’s Keiichi Suzuki, TMP’s Tini Arevalo and Phoenix’s Bong Fadullon. Other industry heavyweights present include Wurth’s Ariel de Jesus, Mazda’s Steven Tan, VW’s Felipe Estrella III, Ayala’s JP Orbeta, Peugeot’s Bobby Rosales, BMW’s Maricar Parco, BMW’s Klaus Schadewald, Franz Decloedt and Timmy de Leon, Chevy’s Lyn Buena, Phoenix’s Celina Matias,

Nissan’s Dax Avenido and Dino Obias, Honda’s Louie Soriano, Toyota’s Rommel Gutierrez and Lexus’s Carlo Ablaza.

Some of my colleagues were also there—up to closing time at midnight: Vernon B. Sarne, Brian Afuang, Ira Panganiban, Eggay Quesada, Olson Camacho and Jake P. Ayson.

While both events were mustattend insofar as automotive players are concerned, they were also occasions for bonding among industry moguls and other persons of substance. And so, were the barrels rolled out— properly, and promptly?

You bet.

1.5 million viewers

HERE is Satoru Suzuki’s speech during the Vios event: “We, at Toyota Motor Philippines, are very happy that you are all here with us to celebrate the launch of our new motorsports program, the Vios Racing Festival. Today, we welcome the 2019 season with the Vios Autocross Challenge, where we will be using the All-New Vios to race for the first time.

“Toyota is proud of the fiveyear success of the Vios Cup. Last year the fifth season was enjoyed by more than 1.5 million viewers who streamed it online using our Facebook Live coverage, and by over 6,000 racing enthusiasts who went to the tracks to witness the action firsthand.

“The Vios Racing Festival

intends to build on the legacy of the Vios Cup as the country’s premier racing event all throughout the year by making it more inclusive, bigger and better.

“We want to make racing an accessible sport for the ordinary Filipino by providing an extraordinary opportunity to get themselves started, fueled by their passion for motorsports.

“So for the Autocross Challenge, we have gathered 10 drivers ready to compete pedalto-medal using the All-New Vios model. We hope that the participation of more amateur racers in our lineup and the accessible venue will make the event more spectator-friendly and more enjoyable for everyone.

“This is only the first of many Toyota racing events, as succeeding legs of the Vios Racing Festival are all geared up for 2019. Toyota shall continue to showcase the reliability of the Vios on and off the tracks, making it a car worthy of the pride of the Filipino people.

“In closing, I would like to thank all parties behind the success of Toyota’s motorsports program. To our dealer network, members of the press, avid motoring fans and the unwavering support of sponsors and brand partners Bridgestone, Petron, Motul, Rota, Brembo, Denso, AVT, 3M, OMP and Tuason Racing.

“So without further ado, ladies and gentlemen, let the Vios Autocross Challenge begin!”

PEE STOP Dear God permitting,

I will be in Palawan for the 14th Toyota Road Trek as you read this. Only once did I miss the event, which usually showcases Toyota’s touted models in a drive through mostly all kinds of terrain. The TRT has become an institution, indeed, that to miss it has become a crime.… Please use the weekend to carefully choose your 12 senators in Monday’s elections, on May 13.

Vote courageously.