BusinessMirror May 14, 2019

FAULTY V.C.M. BUG 4TH AUTOMATED POLLS

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By Jovee Marie N. dela Cruz @joveemarie & Samuel P. Medenilla sam_medenilla

HE 2019 midterm election is the fourth round of nationally automated polls since the country shifted from manual to machine voting in 2010, but the problems of vote-counting machines (VCM) continue to be a problem, reports received by a citizens’ watchdog and the Commission on Elections (Comelec) indicated on Monday.

The Kontra Daya group noted that old problems—from vote buying to malfunctioning VCM—affected Monday’s midterm elections. It warned that malfunctioning VCM are a major cause of voter disfranchisement due to delays and rejected ballots.

A VOTE-COUNTING machine (VCM) stopped working at a precinct in Signal Elementary School in Taguig City, causing delays and forcing some voters to leave their ballots with the election clerk. The voters signed a waiver entrusting their ballots to the clerk. NONIE REYES

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The group said it received hundreds of reports through phone, social media, by e-mail and through its web site. It said the majority of the reports were about vote buying and VCM errors/failures.

Despite going through stringent testing, some VCM used for the 2019 polls were defective, Comelec acknowledged.

The most high-profile breakdown was in Makati City, where a VCM rejected ballots of some voters, notably former Vice President Jejomar Binay, whose ballot was rejected by the VCM during the eight times he tried to feed it to the unit.

Binay went to the Comelec’s National of Board of Canvassers (NBOC) headquarters at the Philippine International Convention Center (PICC) compound in Pasay City to raise his concern.

Significant increase

IN a news conference, Comelec Spokesman James Jimenez admitted that there was a significant increase in the number of defective VCM. See “VCM,” A2

BusinessMirror A broader look at today’s business

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n Tuesday, May 14, 2019 Vol. 14 No. 216

‘Prudential regulations hiked bank lending rates’

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By Bianca Cuaresma

@BcuaresmaBM

RUDENTIAL regulations to beef up the banks’ strength and resiliency pushed lending rates upward in 2018, according to a recent study conducted by the Bangko Sentral ng Pilipinas (BSP).

In a recent report on the impact of prudential regulations on bank lending rates, the BSP noted that on average, the cost of doing business by local banks had gone up

following the adoption of recent bank regulations and prudential reforms.

Two of the more recent prudential regulations under the Basel

III framework—the international standards for banking regulations —include the increase in risk-based capital and the new framework on liqudity coverage ratio.

In particular, the BSP required banks to maintain risk-based capital—expressed as a percentage of qualifying capital to risk-weighted assets—at no less than 10 percent for both solo and consolidated bases. The regulation took effect in January 2014.

Time for healing and reconciliation Manny F. Dooc

TELLTALES

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HAT a glorious day! It’s the morning after elections. By this time, many results of the local polls should be known by now. Congratulations to the victors and may you live up to your promises. But my greatest admiration is reserved for the handful of people who ran and challenged the well-entrenched and well-oiled political machinery of their opponents despite all the odds. It makes me proud as a Filipino to see intrepid individuals demonstrate such daring, sacrifice and love for country, unmindful of the personal sacrifice and risks to their life, career and fortune. They may have lost their quixotic bids but they have kept alive the stirrings of democracy in our hearts. As long as we produce idealistic people like them, our children and we can hope to live our dreams.

Continued on A7

See “Prudential,” A2

Legal issues vs RCOA will be addressed–ERC

By Lenie Lectura

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@llectura

HE Energ y Reg u l ator y Commission (ERC) is determined to address legal issues hounding the Retail Competition and Open Access (RCOA) policy even if the agency has been restrained by the courts from implementing it.

“We are carefully studying the resolution in light of the SC [Supreme Court] TRO [Temporary Restraining Order], but there’s already a study done and there is also a recommendation on how to move forward despite the TRO,” said ERC Commissioner Catherine Maceda.

However, the commissioners are still in the process of deliberating whether such “will hold water.”

RCOA basically allows consumers to select from where and what kind of electricity to purchase.

This is expected to drive down electricity costs and promote transparency in the energy sector. It has yet to be fully enforced mainly on account of the TRO pending before the SC. “The action of the ERC may be construed as something that would breach the line of the TRO, that’s why we’re very careful. But, of course, we have studied it and it is now ready for commission deliberations,” ERC Chairman Agnes Devanadera said.

The issuance of the TRO has put on hold operational matters of the RCOA such as the issuance of licenses in favor of RES and the

PHL seeks observer status for WTO pact

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By Elijah Felice E. Rosales

PESO EXCHANGE RATES n US 52.2480

@alyasjah

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The number of new license applications for retail electricity suppliers pending with the ERC, as a pending TRO effectively bars the ERC from acting on such lowering of the threshold for contestability. These are integral to the mandate of the ERC in promoting competition, and ensuring customer choice pursuant to the provisions of the Epira.

The SC issued a TRO in February 2017 against a Department of Energy (DOE) circular and ERC resolutions, just days before these were supposed to take effect.

The mandatory switching of consumers with an average peak consumption of 750 to 999 kilowatts (kW), which should have taken effect on June 26, 2017, was among the rules that were halted by the SC. However, the mandatory switching of power users consuming an average of at least 1 megawatt (MW) per month is already in effect. Its implementation took effect on December 26, 2016, more than a month prior to the issuance of the TRO. This situation effectively bars the entry of new players in the electric power industry. The agency said there are 12 new license applications.

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0.2%, 0.04% The increase in banks’ lending rates for, respectively: every 1-percent increase in their capital adequacy ratio (CAR); and every 5-percent increase in their liquidity coverage ratio (LCR)

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and the election ban.

“As of now, a request for the exemption of infrastructure projects from the implementation of annual cash budgeting may not be necessary,” Abuel said.

“As we have previously relayed, this was addressed in the veto message of the President covering the FY 2019 GAA where the President pronounced, among others, that ‘in view of the delayed passage of the FY 2019 GAA and the election ban

HE Philippines has submitted its request to the World Trade Organization to become an observer of an agreement that opens government procurement among WTO members.

Last week, Philippine Ambassador to the WTO Manuel A.J. Teehankee delivered to WTO Director General Roberto Azevedo Manila’s request to become an observer of the Agreement on Government Procurement. The GPA is a plurilateral deal that liberalizes government procurement markets among its parties.

The Philippine request for observer status will be raised by the Committee on Government Procurement at its next formal meeting on June 26.

If its request is approved, the Philippines will be able to take part in relevant committee discussions, gain access to the committee’s working documents and become familiar with the operations and administration of the GPA. Observer status, however, is different from becoming a legal party to the procurement deal.

With an observer status, Teehankee said the country eyes to gain a better understanding of the GPA

See “DOH,” A2

See “WTO pact,” A8

PEOPLE POWER The swarm of voters coming in and out of the Commonwealth Elementary School in Quezon City, one of the biggest polling precincts among public schools, reflects the big turnout at Monday’s (May 13) midterm elections. President Duterte agreed with the notion that the results of this exercise could be a “referendum” on his administration’s performance the past three years. Story on page A8. NONOY LACZA

‘DOH budget request needs no Congress OK’

By Bernadette D. Nicolas

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@BNicolasBM

HERE is no need for the Department of Health’s (DOH) request for authorization from Congress to allow it to use a continuing appropriations setup and exempt priority projects from implementation of the annual cashbased budgeting system, according to the Department of Budget and Management (DBM).

While the DOH is “always wel-

come” to consult the budget department on the validity of its appropriations and the implementation of its annual cash-based budgeting, DBM Officer in Charge Janet B. Abuel told the BusinessMirror that the President’s veto message for the 2019 budget had already stipulated the extension of the period of implementation and payment for infrastructure projects until December 31, 2020. This extension was allowed given the delayed passage of the 2019 budget

n JAPAN 0.4761 n UK 68.0164 n HK 6.6573 n CHINA 7.6548 n SINGAPORE 38.2966 n AUSTRALIA 36.5109 n EU 58.6484 n SAUDI ARABIA 13.9320

Source: BSP (10 May 2019 )

A2

News

BusinessMirror

Tuesday, May 14, 2019

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2020 census won’t be 100% computerized

By Cai U. Ordinario

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@cuo_bm

HE nationwide Census of Population and Housing next year will not be 100-percent computerized due to poor signal and security concerns, according to the Philippine Statistics Authority (PSA).

In a recent interview, PSA Assistant Secretary and Officer in Charge Josie B. Perez told the BusinessMirror the 90,000 tablets to be purchased by the government will only be good for around 70 percent of households to be surveyed.

Perez said the remaining 30 percent will be done manually and will be done in areas where there is no Wifi signal and for select households in Metro Manila, especially those living in condominiums.

“We can’t use tablets for all, especially in remote areas where there is no Wi-fi,” Perez said. “Those living in condominiums [would have to do] self-administered questionnaires.

There is no guarantee that they will

do it online. So we’re seeing about, not 50-percent manual, around one third, hopefully less.”

Perez said to date, the PSA is on track to conducting the 2020 Census.

The agency is also in the process of procuring the 90,000 tablets needed for the survey.

She said there will be over 100,000 enumerators for next year’s census.

In compliance with the law, the enumerators are all public-school teachers.

The PSA official said the agency is also preparing its subscriptions to telecommunication firms, depending on the strength of their signal nationwide. Perez said there are provinces where a certain telecom-

munication network has a strong signal and another province where the signal is weak.

“We are on track with our pilot areas in the census, they cannot take a backseat. But we are still in the process of training enumerators.

After elections, we will be focusing on survey operations,” Perez said.

Under the law, Batas Pambansa Blg. 72, May is the prescribed month to conduct surveys ending in “zero.”

The PSA, by law, is also mandated to employ teachers to conduct the survey. This means the census has to be conducted during summer vacation when public teachers are not busy attending to their classes.

The law states that public school teachers must be paid an honorarium—as may be determined by the National Census Coordinating Board—but not less than P250.

They shall also “receive service credits equivalent to the number of days rendered in census work.”

“A national census of population and other related data shall be taken every decade beginning in 1980, in accordance with plans prepared by the National Census and Statistics Office, without prejudice to the undertaking of special censuses on agriculture, industry, commerce, housing and other sectors as may be approved by the Neda,” the law stated.

Oil firms roll back prices on 2nd wk Despite ‘positive’ feedback from

F

OR the second straight week, oil firms implemented a price rollback on petroleum prod-

ucts.

Gasoline prices were slashed by P1.25 per liter and diesel by P0.30 per liter. Diesel price remains unchanged.

Phoenix Petroleum Philippines implemented its price adjustment

VCM. . .

Continued from A1

He said about 400 to 800 out of 85,000 VCM malfunctioned during the 2019 midterm elections. This was higher than the number of conkedout units reported by both Comelec and Kontra Daya in past automated elections: 2010 elections had 205 malfunctioning VCM; the 2013 elections, 171 VCM; and 2016 elections, 150 VCM. Jimenez assured the public that the poll body has 9,000 contingency VCM units to replace those that malfunctioned.

Jimenez said they later found out that Binay’s ballot was rejected not because it was defective, but because the VCM was faulty.

“So, the machine has been replaced. So what we will do is to batchfeed the rejected ballot [to a new] machine,” Jimenez said.

He added that they are now investigating the cause of the error in the said VCM. They are also verifying similar reports, which they got in other polling precincts.

Binay lauded Comelec for its swift response to his problem.

“I am really thankful Comelec listened to my situation, which they will use to come up with a solution [to similar problems],” said Binay, who is now running for congressman of the 1st district of Makati.

Another high-profile victim of what was initially thought of as a faulty VCM was Agriculture Secretary Emmanuel F. Piñol, whose ballot was rejected by the VCM. However, he was able to cast his vote a few hours after.

In a Facebook post, Piñol disclosed that he asked the electoral board to replace the faulty unit in his precinct in Paco, Kidapawan City, after it rejected his ballot.

After over one hour, the three-person electoral board provided Piñol a new ballot after the chairman noticed that his first one had ballpen markings on the edge. The chairman admitted that the markings could have been her fault due to her haste, Piñol added.

“I fought for my right to vote especially so since my daughter and three siblings are involved in the race and mainly because I believe that a lifeless

Polls. . .

Continued from A8

senatorial candidates “with sterling track records have offered themselves as our gladiators in this election battle.”

In a statement, Pangilinan, LP stalwart, noted that Catholic bishops and lay leaders “have openly supported us; and tens of thousands, including young people and artists (new YouTube sensations and mainstream marvels), have wholeheartedly volunteered their time, talent and money, going house to house,

last on May 11.

Meanwhile, Seaoil Philippines cut prices last Sunday while Eastern Petroleum announced its price rollback on Monday.

P i l i p i n a s S h e l l Pe t r o l e u m Corp., Flying V and Petron Corp. will implement their respective price adjustments effective on

Tuesday morning.

On May 7, the oil firms also rolled back prices by P0.90 to P1 per liter of gasoline and P0.80 per liter of diesel and kerosene.

Oil firms adjust their prices weekly, reflecting movements in the world oil prices, which have as the concerns over tight supply eased . Lenie Lectura

GSP+ review team, PHL human rights issues bother Germany

By Elijah Felice E. Rosales @alyasjah

machine could not prevent me from exercising my constitutional right to vote,” he said on Monday morning.

Protocol for voters

AFTER learning of Binay’s case, Jimenez said they came up with a standard protocol in case other tested and sealed VCM also reject ballots.

In such a scenario, he advised the affected voters to make sure their ballots are preserved by the chairman of the Board of Election Inspectors (BEI).

Voters in some places where the VCM malfunctioned were told to sign waivers indicating they consented to leave their ballots to the BEI chief, who undertook to batch-feed these ballots to a replacement machine later, since some voters could not wait to personally feed their ballots to the new machine.

As of 4:30 a.m. on May 13, Comelec reported 99.97 percent of the Final Testing and Sealing (FTS) of the VCM had been completed.

The FTS is the final process before a VCM is deployed to its assigned precincts.

The incomplete FTS caused a slight delay in the holding of the elections in 30 of the 85,739 clustered precincts.

Other incidents

“MAJORITY of the calls we have received are on precinct inquiries. We have more than 100 inquiries, and a few reports on vote buying and other miscellaneous activities,” Jimenez said.

Kontra Daya said it also received reports of illegal campaigning, harassment/militarization, inconsistent vote receipts, and delayed voting, voter disenfranchisement, flying voters, nonprinting of receipts, and VCM and Voter Registration Verification Machine (VRVM) procedure complaint.

reported machine failures include Quezon City, Makati, Caloocan, Manila, San Juan, Malabon, Novaliches, Pasig in Metro Manila.

In Northern Luzon, it said VCM shutdowns were reported in these areas so far: Bambang East Elementary School in Nueva Vizcaya, Cagayan Valley and Tumauini, Isabela.

In Central Luzon, the group reported VCM problems in: Barangay Libsong, West Lingayen, Pangasinan; San Miguel, Tarlac; Minuyan, San Jose del Monte, Bulacan; Talavera Elementary School, Nueva Ecija; and Ruperto Zubia Elementary School in Baler, Aurora.

In Southern Luzon, Kontra Daya said VCM problems were reported in the Ibalon Elementary School, Legazpi City. In Visayas, VCM errors were reported in the precincts of Lawaan, Eastern Samar; Mabolo Elementary School in Cebu City.

In Mindanao, the group said manual voting due to VCM malfunctions was reported along with incidents of vote-buying in the precincts in Malabang, Lanao del Sur and Nuro, Upi, Maguindanao.

It added the reported errors included machines shutting down, stopping, or refusing to start, stuck up ballots and/or voters’ receipts, and discrepancies in receipts generated. Some precincts resorted to manual voting.

Vote buying

“VCM errors/failures are manifestations of the inefficiency of our voting system. Every delay that happens due to these failures and errors, no matter how short, will produce a cascading effect that will inevitably prolong the waiting time for today’s voters, causing them to stand in line for hours at a time, and may even lead to voters not being able to vote until the cutoff time,” the group said.

The Kontra Daya said areas with

KONTRA Daya, meanwhile, said it received several allegations of vote buying in Quezon City, La Union, Bataan, Imus, Camarines Norte, Negros Occidental, Aklan, Leyte, Samar, Agusan del Norte, and Zamboanga del Sur. Amounts reportedly range from P200 to as much as P4,500.

In Samar, vote buying reportedly began as early as January, it said.

“Volunteers on the ground have described the vote buying as ‘widespread’ and ‘brazen,’” it added.

According to Kontra Daya, some of the vote buying is coursed through barangay officials.

Meanwhile, it said police have reportedly arrested those allegedly involved in vote buying in some areas and confiscated sample ballots with P1,000 each attached.

The Kontra Daya said 28 suspects were arrested. With a report by Jasper Emmanuel Y. Arcalas

designing and printing their own campaign materials, writing and singing their own campaign jingles, shooting and uploading their own videos.”

The senator added: “We have flexed our democratic muscles and we know our strength.”

According to Pangilinan, the opposition party stalwarts, however, are not about to let their guard down.

“All these are what we will take in the next battles, because there will be more. But then, there will be more of us amongst our ranks as well.”

“The fight for truth and for right

has reached today, the midterm elections,” he said, noting that “this, our people’s fight, is just one of many since 2016.”

Among others, Pangilinan listed as “battles” they waged the following issues: the killings of suspected drug users and small-time pushers; the burial of the dictator in the Heroes’ Cemetery; the oppressive price increases of fuel and food; the arrest and detention of Sen. Leila de Lima; the onerous, unnecessary debts from China; and the attempts to arrest and detain Sen. Antonio Trillanes. With Butch Fernandez

‘Manifestations of inefficiency’

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HE Philippine government might be under the impression it will retain its trade privilege with the European Union, but issues over the country’s human-rights condition remain—at least for Germany.

German Embassy Manila Charge d’Affaires Roland Schissau said German representatives are in continuous talks with their Philippine counterparts over rule of law concerns in the country. Member-states of the EU have been critical of the administration’s human-rights record, largely tainted by President Duterte’s infamous war on drugs.

“We have never been unclear about that. We do have worries about the state of certain issues of rule of law in this country. That is not to say that this is the only thing we are focusing [on] there,” Schissau told reporters recently.

“It is among many things which we talk regularly about the Philippine government representatives,” he added. “We do it on our own, and [we had] very dense and good-spirited conversations with the government.”

The Philippines is a beneficiary

DOH ...

Continued from A1

in connection with the conduct of the May 13, 2019, national and local elections, we will allow the implementation of, and payment for infrastructure projects to extend until December 31, 2020, provided that the funds for the purpose are obligated not later than December 31, 2019, in accordance with Section 65, General Provisions of this Act,’” she added.

Moreover, Abuel said the determination of extending the validity of 2019 appropriations should be dictated by the circumstances that will prevail toward the ends the year, noting that all appropriations programmed in the 2019 budget were already considered implementationready.

“The general assumption is that appropriations programmed for FY 2019 are those needed and implementable, thus, can be readily obligated by the agencies within the year,” the DBM official said.

At the last oversight meeting of the House Committee on Health on April 29, Health Secretary Francisco T. Duque III said the agency had asked Congress to pass the resolution so the department can finish the construction of government hospitals and other health-infrastructure projects.

The DOH also sought exemption from the implementation of the cash-based budgeting system.

Duque said they want to finish their priority projects, including the Health Facilities Enhancement Program (HFEP).

of the EU’s Generalized Scheme of Preferences Plus (GSP+).

It is a trade privilege that permits the entry of 6,274 Philippine products to EU economies at zero duty.

With this in place, exports can enter European markets, such as Germany, at competitive prices.

Manila, in return, has to implement 27 international core conventions on labor welfare, human rights, good governance and environmental concern to keep its GSP+ status.

The country’s trade privilege with the EU was previously put at risk by the administration for its humanrights record. The economic bloc also flagged plans to reintroduce the death sentence and lower the age of criminal responsibility.

Germany has been the country’s largest trading partner in the EU in recent years, with the Philippines enjoying a surplus, data from the Philippine Statistics Authority (PSA) showed.

PSA data reported merchandise trade between the two economies last year improved 10.77 percent to $5.14 billion, from $4.64 billion in 2017.

Exports to the EU country also went up 4.86 percent to $2.8 billion, from $2.67 billion.

In spite of its concern on the state

The government has allotted P15 billion for HFEP in the 2019 national budget.

However, Duque said the construction of hospitals cannot be done in just one year, citing the case of the Dr. Fabella Maternity Hospital in Manila, where the DOH began an upgrade and expansion in 2014, but where more or less 7 percent of the project is left and they cannot pay for it under a Commission on Audit rule.

From the traditional multiyear obligation-based budgeting system, the government decided to undergo a “landmark shift” to cash-based budgeting system for the 2019 national budget.

The budget department has since said the new system is a more efficient budgeting method, as it is expected to speed up the government’s budget utilization and promote disciplined management of the budget, as well as hasten implementation of infrastructure projects.

The strict annual cash-based budgeting system “limits incurring obligations and disbursing payments for goods delivered and services rendered, inspected and accepted within the fiscal year” meaning, the extent of budget implementation is just one year and the Extended Payment Period of three months after the fiscal year.

However, the four-month delay in the passage of the 2019 budget prompted President Duterte to extend the period of implementation and payment for infrastructure projects under the 2019 budget until end-2020.

of Philippine rule of law, Berlin will just be one of the 28 member-states of the EU that will vote either for or against the retention of Manila’s GSP+ status, Schissau reiterated.

“The decision taken is one which is taken among 28 countries in the council plus the parliament. Our 27 partners have the same criteria, [and] we discuss it internally,” the German envoy said.

“There have been in the past some issues on the state of rule in the country. We have our opinion, [and] the other 27 countries have their opinion. I’m sure we will find a decision collectively, but it is premature to predict what that decision will be,” he added.

In February, EU Ambassador to the Philippines Franz Jessen confirmed the country received a “positive” feedback from the EU delegation that reviewed its GSP+ status.

The delegation scored positively government efforts to promote labor rights and environmental conservation.

In particular, it pointed to the sixmonth cleanup of Boracay Island and the issuance of an executive order prohibiting the practice of contractual employment.

Prudential. . .

Continued from A1

The BSP also implemented the new liquidity coverage ratio (LCR). This required banks to maintain, over a 30-calendar day horizon, an adequate level of unencumbered high-quality liquid assets consisting of cash or assets that can be converted into cash at little or no loss of value in private markets, to offset potential cash outflows under a potential liquidity stress scenario. The regulation’s phased implementation started in January 2018.

Latest findings from the Central Bank showed that regulator requirements implemented under the Basel III accord resulted in additional costs for banks, which translated to higher lending rates for 2018.

Banks’ lending rates increased by 0.2 percent for every 1-percent increase in their capital adequacy ratio (CAR).

Lending rates also increased by 0.04 percent for every 5-percent increase in a bank’s LCR. “This indicates that the BSP’s actions entail some necessary costs, albeit modest, to ensure the safety, soundness and resilience of the banking system,” the BSP said.

The study also concluded that the increases in bank lending rates are “marginal” in nature but will still be considered in the implementation of the next regulatory reform to be implemented.

“The findings also indicate that banks are rebalancing their portfolio in response to the prudential regulations,” the Central Bank said. “However, future policy studies may consider similar analysis to estimate the impact of other Basel III prudential regulations and other BSP policy measures such as policy rate hike on supervised financial institutions’ balance sheets,” it added. The BSP earlier reported that the local banking economy grew alongside the domestic economy, with banks, at their core, expanding resources in 2018 at a much faster rate of 9.3 percent year-on-year.

“The relatively sound and stable condition of the Philippine Banking System [PBS]—a product not only of prudent regulation and risk-based supervision, but of earnest cooperation from the sector itself—is a key anchor of the growing economy,” the BSP said.

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Makabayan bloc belies DQ ‘yarn’

By Jovee Marie N. Dela Cruz @joveemarie

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HE Makabayan bloc on Monday slammed what it termed as “desperate attacks” of Duterte-backed groups who allegedly spread misinformation on the disqualification of progressive partylist groups that include Kabataan, Anakpawis, Bayan Muna, Gabriela and ACT Teachers.

It also questioned the Philippine National Police (PNP) for allegedly violating election laws by distributing black propaganda materials tagging them as “NPA supporters.”

According to Kabataan Party-list Rep. Sarah Elago, an anonymous Facebookpage“DiegoPagbabago”obviously seemed to have generated tons of deliberate made-up news against the bloc.

“With the series of anonymous threats and harassment done to our progressive youth leaders these past few days, it comes with no surprise that the desperation of these Duterte-backed groups has gone this low,” she said.

“The Duterte administration can no longer play the same old tune on us, his online troll army would get him nowhere in the face of the people’s legitimate outcry for their basic socioeconomic demands, the youth’s access to free education, right to basic social services, defense of our national sovereignty, among others. These are the pressing issues that the government should address, instead of feeding fake news,” Elago added.

For its part, Gabriela said, the party-list members of the bloc were never disqualified in the polls.

“Those behind this malicious spread of lies should be held liable on several counts, including the unauthorized use of the official logo of the Commission on Elections [Comelec],” it added. “We call on the Comelec to investigate this massive disinformation campaign and hold liable those behind it,” the group said.

Meanwhile, Bayan Muna Rep. Carlos Isagani Zarate also hit the PNP for allegedly distributing black propaganda materials against the Makabayan bloc in Manila.

Citing election watchdog Kontra Daya, Zarate said police were distributing printed materials tagging Bayan Muna party-list as “NPA supporters” at Geronimo Elementary School in Sampaloc, Manila.

Editor: Vittorio V. Vitug • Tuesday, May 14, 2019 A3

Midterm polls ‘generally peaceful’ despite vote buying, some violent incidents in Mindanao, PNP and AFP say

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By Rene Acosta

@reneacostaBM

HE Philippine National Police (PNP)and the Armed Forces of the Philippines declared the midterm elections on Monday as generally peaceful, despite reports of massive vote buying, pockets of incidents in Mindanao and delayed opening of voting centers in the country.

National Police chief Director General Oscar D. Albayalde said preparations made by the PNP and the AFP, including on the aspect of security, paid well on voting day.

Monday’s polls was highlighted by a showdown between President Duterte’s allies who aim to dominate the Senate and opposition candidates fighting for checks and balances under a leader they regard as a looming dictator.

Nearly 62 million Filipinos have registered to choose among 43,500 candidates vying for about 18,000 congressional and local posts, including 81 governors, 1,634 mayors and more than 13,500 city and town councilors in 81 provinces, in one of Asia’s most rambunctious democracies.

Final results are expected to be declared in at least a week for national posts and a few days for local positions unless specific outcomes come under protest.

Many see the elections as a crucial referendum on Duterte’s rise to power with a brutal crackdown on illegal drugs that has left thousands dead, his unorthodox leadership style, combative and sexist jokeladen outbursts and contentious embrace of China.

“President Duter te’s name is not on the ballot but this is very much a referendum on his three years of very disruptive yet ver y popular presidency,” Manila-based analyst Richard Heydarian said.

The outcome will also show whether the Filipino populace affirms or rejects Duterte’s authoritarian-style leadership in an Asian bastion of democracy, Heydarian said.

The most crucial races are for 12 seats in the 24-member Senate, which Duterte wants to fill with allies to bolster his legislative agenda. That includes the return of the death penalty, lowering the age for criminal liability of child offenders, and revising the country’s 1987 Constitution primarily to allow a shift to a federal form of government, a proposal some critics fear may be a cover to remove term limits.

Incidents

MILI TA RY a nd pol ice forces were on full alert to respond to any violence, especially in security hot spots that include the entire southern region of Mindanao, and to help prevent cheating amid intense local political rivalries.

In Panglima Estimo, Su lu, five people were wounded while two vehicles were razed after followers of two rival candidate clashed hours after the voting began, temporarily suspending the electoral exercise.

In Datu Odin Sinsuat, Maguindanao, an explosion also roc ked Pobl ac ion Da l ic a n at around 7:20 a.m., just seven hours after a bomb exploded in the same area although no one

Nearly 62M The total number of registered Filipino voters was injured in the successive blasts, which officials said were meant to intimidate voters.

On Sunday evening, an explosion also occurred outside the Cotabato City Hall, which according to Major Arvin Encinas, spokesman of the Army’s 6th Infantry Division, was meant to disrupt the sorting of voting paraphernalia at the city hall.

Fragments from a 40-mm bomb were recovered by ordnance experts in the area.

Encinas said Nasrudin Upam, son of Commander Rakman of the 118th Base Command of the Moro Islamic Liberation Front, was also wounded after he was shot at around 1:35 a.m. on Monday at the Shariff Aguak Public Market in Maguindanao.

Upam was the right hand man of mayoralty candidate Zaharra Ampatuan.

Encinas also reported that soldiers intercepted at least 60 members of the MILF at a checkpoint in Macaguiling, Sultan Kudarat, at around 5:45 a.m. while on their way to Tamontaka, Cotabato City, reportedly to observe the ongoing voting.

The fighters led by Commander Mohamad Ali Abas Lintukan were however prevailed upon by the soldiers to return to their base at Barangay Darapanan, Sultan Kudarat.

In Abra, a mayoralty candidate in the capital of Bangued and his supporters figured in two incidents of fisticuffs with supporters of a rival candidate.

The PNP monitored no significant security incidents, except the bombing in Marantao, Lanao del Sur, on Monday afternoon wherein a supposed homemade bomb that was supposed to be tossed out of a vehicle by four suspects,exploded.

Two suspects were arrested while their two colleagues were wounded.

Military public affairs office Col. Noel Detoyato said the military only monitored isolated cases of security incidents.

“Very minimal breach of peace and order was monitored and reported from all over the country.

There were last minute attempts to disrupt the conduct of elections but these were immediately addressed by our security forces,” he said.

“The months of preparations through coordinations and conferences by the PNP, AFP and the Comelec have been effective in ensuring that the Filipino people can exercise their right to vote free from intimidation, threats and harassment,” he added.

Detoyato said their joint election security efforts with the PNP will remain to protect the transfer of election paraphernalia to the canvassing centers.

“We hope for everyone’s continued cooperation and vigilance in protecting our votes as we continue on with the canvassing in the coming days,” he said.

Bastion of checks and balances

OPPOSITION aspirants consider the Senate the last bastion of checks and balances given the solid dominance of Duterte’s loyalists in the lower House of Representatives. Last year, opposition senators moved to block proposed bills they feared would undermine civil liberties.

Duterte’s politics and key programs, including his drive against illegal drugs that has left more than 5,200 mostly poor urban suspects dead, have been scrutinized on the campaign trail and defended by close allies running for the Senate, led by his former national police chief Ronald dela Rosa, who enforced the crackdown when the President took office in mid-2016.

Aside from the drug killings, Duterte’s gutter language and what nationalists say is a policy of appeasement toward China that may undermine Philippine territorial claims in the South China Sea have also been the cause of protests and criticism.

A May 3 to 6 survey by in-

dependent pollster Pulse Asia showed 11 Duterte-backed senatorial candidates and four other aspirants in the winning circle, including only one from the opposition. The survey also showed some favorites had narrow leads and a considerable number of voters were undecided, indicating a chance the results could change.

The survey of 1,800 respondents had a margin of error of 2.3 percentage points.

Duterte himself remains hugely popular based on independent ratings surveys.

Marcos comeback

MANY Filipinos seen more open to authoritarianism due to failures of past liberal leaders, Heydarian said. Such a mindset has helped the family of the late strongman former President Ferdinand Marcos to make a political comeback.

Among many dirt-poor Filipinos, however, the concern is dayto-day survival.

“Martial law is scary but we’re more afraid of dying in hunger,” Arturo Veles, a jobless father of six, told The Associated Press.

Wiping away tears, Veles spoke outside his family’s shanty in the humid squalor atop Smokey Mountain, a long-closed dump in Manila’s Tondo slum that remains a symbol of the country’s appalling poverty.

His asthma-stricken wife, Agnes, said not one congressional candidate had treaded the fly-strewn and trash-littered path to their cluster of crumbling huts, probably because of the smell and filth.

Arturo Veles said the poor always suffer the most, indicating he and his wife would not vote for administration candidates.

“They only see the poor, those using and selling drugs. That’s the only thing they see, not the depth of our poverty.”

Village guard Jose Mondejar, who lives in a Tondo community heavily festooned with election streamers and posters, backed Duterte’s anti-crime campaign, saying it has reduced crime, including daytime robberies by drug addicts of passing cargo trucks, by about 70 percent in his neighborhood. With AP

SC upholds CA decision to rearrest killers of US Marine George Anikow

By Joel R. San Juan

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@jrsanjuan1573

HE Supreme Court has given its go signal for the rearrest of the convicted killers of US Marine George Anikow, who had earlier managed to evade serving their four-year jail sentence after a trial court granted them a three-year probation.

In a two-page resolution, the SC First Division affirmed the decision issued by the Court of Appeals (CA) in March 2018, which annulled the September 1, 2014, and November 24, 2014, orders of former Regional Trial Court of Makati City Branch 59 Presiding Judge Winlove Dumayas, which granted Galicano Datu III and Crispin de la Paz’s application for probation.

The appellate, likewise, ordered the trial court to arrest Datu and de la Paz for them to begin their sentence as imposed in the July 2, 2014, decision of the trial court.

Dumayas placed Datu and de la Paz on probation for a period of three years, thus, suspending the execution of their respective sentences.

It can be recalled that the Supreme Court had ordered the dismissal from the service of Judge Dumayas for downgrading the penalty against the two after finding them liable only for homicide instead of murder in his July 2, 2014, decision.

The High Tribunal also ordered the forfeiture of his retirement benefits after finding him guilty of gross ignorance of the law and gross misconduct for rendering the decision without citing the required factual and legal bases and ignoring applicable jurisprudence.

“As correctly ruled by the CA, the Regional Trial Court of Makati City Branch 59 committed grave abuse of discretion amounting to lack or

excess of jurisdiction when it granted petitioner’s application for probation,” the SC said.

The Court explained that the trial court merely relied on the post investigation report of the Makati City Parole and Probation Office (MCPPO) and failed to make its own determination on the grant of probation.

“The circumstances surrounding the killing of George Anikow showed the gravity of the crime, and to grant probation to the perpetrators would clearly diminish its seriousness,” the SC pointed out.

In its March 2018 decision, the CA noted that the trial court, before granting probation, should consider the possibility of the offender to reform together with the demands of justice and public interest, along with other relevant circumstances.

It noted that the application for probation is an admission of guilt on the part of an accused. Anikow’s killers, however, stood by their claim of innocence, which is contrary to their availment of the benefits of probation.

Furthermore, the appellate court held that probation should have not been issued by the trial court since it would depreciate the seriousness of the crime committed by the two.

“The evidence at the trial established that Anikow was stabbed, kicked and punched multiple times, even after he had disengaged from his attackers and [was] unable to defend himself or retaliate, resulting in his death. The nature of the crime of homicide and the manner of its commission, is undoubtedly serious,” it noted.

Anikow was stabbed to death in a brawl that happened outside the gate of Bel-Air subdivision near Rockwell Center, Makati City, on November 24, 2012.

SCENE STEALER

Nicholas Cawed, 75, casts his vote at the Special Education Center in Baguio City garbed in colorful Igorot attire. MAU VICTA

Bingbong remains a legitimate bet…at least for now–Comelec

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UEZON CITY mayoralty aspirant Vincent “Bingbong” Crisologo remains a legitimate candidate for the 2019 polls despite his pending vote-buying case, the Commission on Elections (Comelec) on Monday said.

Crisologo was arrested on Sunday evening for obstruction of justice case when he reportedly tried to stop the arrest of his staff, who were allegedly involved in vote buying.

“This will not affect his candidacy in the short term,” Comelec Spokesman James Jimenez told reporters in an interview.

Crisologo is currently also facing votebuying charges aside from his pending disqualification case with the Comelec regarding the supposed lack of absolute pardon from his imprisonment for arson and homicide.

Under the Omnibus Election Code, candidates could only be disqualified from hold-

ing public office once their conviction for a crime becomes final.

The government has recently intensified its anti-vote buying campaign after it created a new task force to wage war against the illegal practice.

As of 2 a.m. on May 13, the Comelec said the Philippine National Police was able to arrest 174 people for allegedly being involved in vote-buying activities. Samuel P. Medenilla

A4 Tuesday, May 14, 2019 • Editor: Vittorio V. Vitug

Economy BusinessMirror

www.businessmirror.com.ph

GPCCI report indicates downturn The 3 pillars of sustainable in German biz confidence in PHL devt: People, Planet, Profits

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By Elijah Felice E. Rosales

@alyasjah

ERMAN business confidence in the Philippines has declined on all levels, except for employment and infrastructure investment, largely due to proposed changes on tax incentives, volatile peso and record-high inflation last year, according to a report.

In its Annual Review 20182019 report, the German-Philippine Chamber of Commerce and Industry (GPCCI) said there is a slowdown in capital inflow from Germany, as investors await the government’s decision on whether to retain the current menu of incentives. Further, the report flagged the instability of the peso as a risk in doing business here.

“The ongoing discussion about TRAIN 2, also known as the Trabaho [Tax Reform for Attracting Better and High-Quality Opportunities] bill, is likely to be one of the factors contributing to the investment slowdown,” the report read.

Investment perception this year slumped to a net 18 percent, from 46 percent last year, the report claimed, citing the AHK World Business Outlook. Optimism in the country’s economic development declined to a net 11 percent, from 62 percent.

“The proposed lowered corporate income tax [CIT]—from 30 percent to 25 percent—is expected to benefit companies and shall boost the country’s competitiveness,” the report read.

“However, proposed reductions

of incentives were met with skepticism, as the current incentive package is considered globally competitive. The abolition of incentives would mostly impact export oriented companies that are often foreign investments,” it added.

The government seeks to gradually trim CIT to 20 percent by 2029, from 30 percent, under the Trabaho bill.

However, the Trabaho bill will rationalize tax perks of firms operating in economic zones. Locators, mostly multinationals, oppose this component of the measure, as it will strip away the 5-percent tax on gross income in lieu of all local and national taxes—an incentive they deem crucial for staying in the Philippines.

“With the upcoming midterm elections in May 2019, the tax reform package’s finalization and its implementation was postponed until after the election, leaving this issue for investors in the upcoming months,” the report read.

The House of Representatives passed their version of the bill last year. However, finance officials are having a difficult time sailing the measure across the Senate, as sena-

tors raised its possible toll on investments and, in turn, employment.

German firms also flagged the volatile exchange rate and the government’s economic framework as risks in doing business.

“One aspect influencing the exchange rate is inflation. The implementation of TRAIN 1, alongside other global factors, spurred a 6.7percent inflation in September and October 2018,” the report read.

It noted though pressure on the peso eased when inflation, or the general increase in commodity prices, tempered to 4.4 percent in January.

Moreover, German investors called on the government to fully implement the Ease of Doing Business (EODB) law. The law is intended to cut bureaucratic red tape and simplify business transactions with the government.

The law, approved in May of last year, has yet to be in full swing, as President Duterte has yet to name his anti-red tape czar, who has the sole authority to issue the implementing rules and regulations.

Berlin is one of Manila’s largest sources of offshore capital. Last year approved investments from Germany amounted to P541.28 million, according to data from the Philippine Statistics Authority.

This was, however, a decline of more than half from the P1.38 billion German investments in 2017.

On the positive side, the GPCCI report said German firms are becoming more confident with the availability of skilled labor and the development of infrastructure in the Philippines.

It argued “a positive outlook on infrastructure improvement in the country is not surprising,” as the government embarks on a multibillion-dollar infrastructure program.

DOT aiming to attract more Muslim tourists via road map

By Ma. Stella F. Arnaldo Special to the BusinessMirror

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HE Department of Tourism (DOT) is crafting a Halal Tourism Roadmap to further develop and expand the arrivals from the Middle East and other Muslim nations.

In an interview with the BusinessMirror, DOT Undersecretary for Tourism Development Planning Benito C. Bengzon Jr. said: “As part of the [agency’s] efforts to promote Muslim-friendly tourism in the country, the Mindanao andPalawan regional directorsconvened last month to evaluate halal programs implemented, and build on previous initiatives for the halal tourism development in proposed pilot areas.”

Also in the pipeline, he added, are a “consultation meeting with halal certifiers to outline strategies in encouraging tourism establishments to pursue halal tourism certification, and the Halal Tourism Consultation Workshop in preparation for the Halal Tourism Roadmap.”

Bengzon acknowledged that “halal choices would always be a top consideration for [the Middle East] market when visiting a destination.” Tourists from the Middle East or Gulf Coast countries comprise the largest group of Muslim travelers in the world.

Arrivals from the Middle East fell by 11.34 percent to 82,251 in 2018, ostensibly due to a region-wide “��� silent recession” and their respective governments subsidizing inter-region travel. (See, “‘Arabic speakers, halal food key to attracting more Mideast tourists,”’ in the BusinessMirror, May 8, 2019.) In the first quarter of 2019, visitor arrivals from the region decreased by 16.32 percent to 18,485.

The region is composed of Bahrain, Egypt, Jordan, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Saudi Arabia accounted for the largest source of the region’s tourists to the Philippines.

The Muslim travel market is one of the fastest-growing tourism sectors in the world, but despite its huge potential, remains relatively untapped, according to a statement from Mastercard and CrescentRating, the foremost authority on global halal-friendly travel. “By 2026, the halal travel sector’s contribution to the global economy is expected to jump 35 percent to $300 billion [P15.6 trillion], up from $220 billion [P11.44 trillion] in 2020. By that time, Muslim visitors globally are forecast to grow to 230 million visitors, to represent more than 10 percent of tourists worldwide.”

Despite the small number of halalcertified establishments in the Philippines, Bengzon pointed out though that “surprisingly, for the first time, the Philippines was able to enter the top 10 non-OIC [Organization of Islamic Cooperation] destinations in this year’s Mastercard-CrescentRating Global Muslim Travel Index,’’ which is the most comprehensive ranking of Muslim and halal-friendly destinations.

Among non-OIC countries, Singapore, Thailand, the United Kingdom, Japan and Taiwan retained their positions as the top 5 halal destinations, according to the statement. “In a first for South Korea and the Philippines, these countries have entered the top 10 non-OIC destinations, displacing Germany and Australia.”

Both companies noted that nonOIC destinations have been much more active compared with some OIC destinations in developing strategies and the capacity to �������������������� attract more ��������� ���� Muslim travelers. “For ���������������������� example, destinations such as Spain, South Korea and the Philippines have developed useful resources and travel guides that cater to Muslim preferences by listing best halal restaurants and nearby prayer facilities,” the statement read.

In April 2016, the DOT launched an initial strategy to encourage more Muslim travelers to the Philippines,

by promoting the certification of halal restaurants.

“Halal” food are those permitted to be eaten by Muslims, as these had been prepared in adherence to the Islamic Shari’ah law. For poultry and animals, it means a slaughtering process, which involves draining the blood through a clean slit to the throat while an imam offers a prayer.

The DOT then was targeting to get a slice of the $50-billion (P2.6 trillion) halal market in Southeast Asia, which is roughly 25 percent of the global halal market.

DOT officials have pointed out that “halal-consciousness” does not just mean offering halal food, but also raising the awareness of hotels to Muslim practices and providing for instance, a Quran in the rooms, a marker that points to Mecca, and lending a prayer mat to the Muslim guest if needed.

In a related development, Bengzon welcomed the idea of setting up a permanent tourism office for the Middle East to help boost arrivals from the region.

Speaking in reaction to the suggestion from the private sector, the DOT official said: “It’s a very good suggestion. We are looking at the possibility of expanding the DOT’s network of overseas offices. It should be stressed, however, that any additional office abroad requires the approval of the DBM [Department of Budget and Management].”

At present, promotions in the Middle East are being undertaken by a marketing representative based in Dubai, which has yet to be appointed this year. Other countries without a tourism attaché, like Singapore, have also seen tepid arrivals, rising by just 1.87 percent to 171,795 in 2018.

Other countries where the DOT only has a marketing representative are India, Indonesia, Malaysia, Thailand, Vietnam, Russia and the Commonwealth of Independent States, Spain, Italy France and Canada.

essential, a clear area where big business can help develop sustainable agriculture by taking the middleman out.

3. Promote social and intergenerational equity A SUSTAINABLE community’s resources and opportunities are available to everyone, regardless of ethnicity, age, gender, cultural background, religion or other characteristics. Further, a sustainable community does not deplete its resources, destroy natural systems or pass along unnecessary hazards to its greatgreat-grandchildren. Again, looking at the agricultural sector, we have to make efforts to keep the children on their farms, providing technology and finance for them, and helping them to see opportunities in the agri supply chain.

S

By Henry J. Schumacher

USTAINABLE development and inclusive growth have been on the agenda of the government for many years, without effectively addressing the three main pillars: economic, environmental and social. These three pillars are informally referred to as people, planet and profits.

It is essential to understand that the implementation of sustainable development is not limited to the government. Inclusive growth has to be a joint commitment of business, civil society, international and local donor organizations, and—the national and local governments.

But let’s go one step further: the successful implementation of the three pillars—people, planet, profits—also hinges on communities or societies that want to pursue sustainability.

The following six principles of sustainability can help a community ensure that its social, economic, and environmental systems are well integrated and will endure. We should remember that, although the list of principles is useful, each of them has the potential to overlap and interrelate with some or all of the others.

1. Maintain and, if possible, enhance its residents’ quality of life QUALITY of life or livability differs from community to community. It has many components: income, education, health care, housing, employment, legal rights on the one hand; exposure to crime, pollution, disease, disaster and other risks on the other. Each locality must define and plan for the quality of life it wants and believes it can achieve, for now and for future generations. And this applies to rural and urban communities.

2. Enhance local economic vitality A VIABLE local economy is essential to sustainability.

This includes job opportunities, sufficient tax base and revenue to support the government and the provision of infrastructure and services, and a suitable business climate. A sustainable economy is also diversified, so that it is not easily disrupted by internal or external events, or disasters. Especially in the rural environment, the introduction of agricultural supply chains are

4. Maintain and, if possible, enhance the quality of the environment A SUSTAINABLE community sees itself as existing within a physical environment and natural ecosystem, and tries to find ways to coexist with that environment.

It does its part by avoiding unnecessary degradation of the air, oceans, fresh water and other natural systems.

It tries to replace detrimental practices with those that allow ecosystems to continuously renew themselves.

In some cases, this means simply protecting what is already there by finding ways to redirect human activities and development into less sensitive areas. But a community may need to take action to reclaim, restore or rehabilitate an already-damaged ecosystem. The vision of a Blue Philippines carries the need to protect the environment of fishermen.

5. Incorporate disaster resilience and mitigation into its decisions and actions A COMMUNITY is resilient in the face of inevitable natural disasters like typhoons, earthquakes, floods, and drought if it takes steps to ensure that such events cause as little damage as possible, that productivity is only minimally interrupted, and that quality of life remains at (or quickly returns to) high levels. A disaster-resilient community further takes responsibility for the risks it faces and, to the extent possible, is selfreliant. Part of the process is to introduce insurance (life and nonlife) to poor communities. I understand that the insurance sector is determined to provide insurance to farmers.

6. Use a consensus building, participatory process when making decisions PARTICIPATORY processes are vital to community sustainability. Such a process engages all the people who have a stake in the outcome of the decision being contemplated. It encourages the identification of concerns and issues, promotes the wide generation of ideas for dealing with those concerns, and helps those involved find a way to reach agreement about solutions. It results in the production and dissemination of important, relevant information, fosters a sense of community, produces ideas that may not have been considered otherwise, and engenders a sense of ownership on the part of the community for the final decision.

As mentioned above, there is the need of the government (national and local) to work closely with business, civil society and communities in achieving the changes needed to achieve sustainable development and inclusive growth. In this context, I admire the decision of the Securities and Exchange Commission to put pressure on large companies in the Philippines to get their hands dirty in sustainable development.

Comments are appreciated; e-mail me at Schumacher@eitsc.com.

Sotto moves for ‘toll-free’ holidays, cites cost of traffic

By Butch Fernandez @butchfBM

S

ENATE President Vicente C. Sotto III has asked Congress to frontload passage of remedial legislation to declare “toll-free” benefits for motorists duringholidayswhenlawmakersresume regular sessions next week.

The Senate leader suggested that declaring public holidays toll-free “will ensure smooth travel through the North Luzon Expressway [Nlex] and the South Luzon Expressway [Slex], and other connecting toll highways.”

In filing Senate Bill 2220, Sotto explained that the proposed law aims to amend a provision in Presidential Decree 1112, or the law creating the Toll Regulatory Board (TRB), particularly Section 6 which currently exempts only government vehicles on official business from the payment of toll fees.

Sotto stressed that “waiving the toll fees will help ease congestion in toll gates.”

Once enacted into law, the remedial legislation will cover “all vehicles” in the so-called toll holidays, applicable on certain holidays, and under pro-

cedures and circumstances as will be promulgated by the TRB. “With all the negative impact that the worsening traffic situation in the country has brought to its people, providing a solution to the condition even on certain days could really ease the burden [of] affected Filipinos,” Sotto said.

He added that “other than the financial losses incurred and will be incurred, traffic congestion affects one’s health, work performance and even relationships, causes pollution, road rage and accidents. Thus, it affects the quality of life in general.”

Sotto cited a study conducted by global firm Boston Consulting Group which showed that Metro Manila has the third worst traffic situation in Southeast Asia. According to the study, motorists and commuters spend an average of 66 minutes daily in traffic.

He noted that a separate study by the Japan International Cooperation Agency (Jica) reported that the Philippines is “losing P3.5 billion a day due to traffic congestion in Metro Manila and the situation can get worse, translating the losses to P5.4 billion a day by

2035 if interventions will not be made.”

Sotto recalled that as early as 2015, he proposed the idea of lifting the collection of fees in toll gates’ or toll plazas’ entry and exit points during holidays, when long queues of motorists bound for out-of-town destinations are usually seen.

Sotto cited TRB data showing the following average daily traffic as of 2018: Nlex, 269,316; Metro Manila Skyway Project (Skyway) 949,548; Slex, 355,240; Manila-Cavite Toll Expressway Project (Cavitex) 146,315; Southern Tagalog Arterial Road Project (STAR Tollway) 57,480; SubicClark-Tarlac Expressway Project (SCTEx) 62,685; Tarlac-Pangasinan-La Union Expressway (TPLEx) 22,272; Muntinlupa-Cavite Expressway (MCX) 32,300; and Naia Expressway (Naia-X) 97,498.

If his proposal becomes a law, Sotto estimates that “nearly 2 million vehicles that traverse through Slex, Nlex, Skyway, Naia-X and Cavitex stand to benefit” from it, noting that traffic volume increases by 10 percent to 15 percent whenever there is a declared holiday.

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

The World

Global funds shun Malaysia

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Y E A R af ter Malaysia’s historic election, public euphoria surrounding the new government has evaporated. And investors are losing patience too.

Global funds are bypassing the country in favor of other markets. Stocks recorded outflows in all but two of the past 12 months, the ringgit is trailing most of its peers and bonds may be on the cusp of another sell-off.

Hopes for reform from Prime Minister Mahathir Mohamad’s administration have given way to caution, after a government drive to cut public debt weighed on consumption and growth. On May 7 the central bank cut its benchmark interest rate for the first time since July 2016, seeking to support the economy as global risks mount.

Few por tfolio managers expect a recovery anytime soon.

“I don’t think I need to rush into Malaysia at the moment,” said Tim Love, who manages about $1 billion of emergingmarkets equities in London for a unit of GAM Holding AG. “Even with the valuation attraction which is now definitely coming up clearly, I don’t think that the outlook is clear enough.”

Malaysia’s benchmark stock index has fallen more than 5 percent this year and is the world’s worst performing major equity market. Slowing economic growth and weak company earnings have taken a toll, though valuations have improved.

The one-year forward price-earnings ratio on the FTSE Bursa Malaysia KLCI Index is 15.5 times, in line with its five-year average, according to data compiled by Bloomberg.

Corporate profits were hur t after the government scrapped several large infrastructure projects to rein in a fiscal deficit, which ballooned to a five-year high in 2018. S ome developments, including a $10.7-billion railway line, have since been revived.

M a cq u a r i e G ro u p Ltd. s a i d t h e resumption of infrastructure spending may bolster local equities although FTSE Russell’s review of Malaysian debt for possible exclusion from its bond index remains a risk.

Looming outflow

RINGGIT bonds came under pressure last month, when FTSE Russell said

it may drop Malaysia from its World Government Bond Index due to concerns about market accessibility. The move renewed the spotlight on a ban on offshore ringgit trading, and 10-year yields jumped to a two-month high.

M o rg a n S t a n l e y wa r n e d a l m o s t $ 8 billion may exit the local debt market.

While onshore bonds have since retraced their losses, investors are holding off on adding to holdings, pending FTSE Russell’s decision on its review in September.

“We’ve been neutral on Malaysian government bonds for a while now,” said Delphine Arrighi, a London-based por tfolio manager at Merian Global Investors which oversees $37billion. “The decision by the central bank a couple of years ago to shut down the NDF market has essentially made it impossible to hedge bond exposure. I doubt offshore investors will now return en masse.”

Nikko Asset Management Co. is also not inclined to add to ringgit bond holdings for now, even though it sees central bank measures to support onshore hedging as sufficient for real money investors.

“Real yields are still relatively high compared to peers but the downside risks have increased, including rebalancing due to the FTSE Russell headlines,” said Yong Shao Fung, senior portfolio manager at Nikko’s Asian fixed income team in Singapore.

The ringgit has weakened more than 2 percent since reaching an eight-month high in March, hurt by equity outflows and a stronger dollar.

Buying opportunity

STILL, weakness in Malaysian securities presents a buying opportunity for some.

SPI Asset Management says fears of an outflow are overdone, with any impact likely to be offset by the presence of a large pool of domestic investors, and easier monetary policy.

“Ultimately the currency markets will need to price in the bond outflow which could trigger some short-term sell-off in equities,” said Stephen Innes, SPI Asset’s head of trading and market strategy. “But for the equity and bond markets, the rate cut will support both and come September we will be asking ourselves why didn’t we buy more when there was blood on the street.” Bloomberg News

Saudi Arabia says 2 oil tankers damaged by sabotage attacks

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UJAIRAH, United Arab Emirates— Saudi Arabia said Monday two of its oil tankers were sabotaged off the coast of the United Arab Emirates in attacks that caused “significant damage” to the vessels, one of them as it was en route to pick up Saudi oil to take to the United States.

The announcement by the kingdom’s energy minister, Khalid al-Falih, came as the US issued a new warning to sailors and the UAE’s regional allies condemned the reported sabotage on Sunday of four ships off the coast of the port city of Fujairah.

The statement came just hours after Iranian and Lebanese media outlets aired false reports of explosions at the city’s port.

Emirati officials have declined to elaborate on the nature of the sabotage or say who might have been responsible.

The US has warned ships that “Iran or its proxies” could be targeting maritime traffic in the region. America is deploying an aircraft carrier and B-52 bombers to the Persian Gulf to counter alleged threats from Tehran.

Shortly after the Saudi announcement, Iran’s Foreign Ministry called for further clarification about what exactly happened with the Saudi tankers. The ministry’ spokesman, Abbas Mousavi, was quoted by the official IRNA news agency as saying there should be more information about the incident.

Mousavi also warned against any “conspiracy orchestrated by ill-wishers” and “adventurism by foreigners” to undermine the maritime region’s stability and security.

Tensions have risen in the year since President Donald J. Trump withdrew the United States from the 2015 nuclear deal between Iran and world powers, restoring American sanctions that have pushed Iran’s

economy into crisis. Last week, Iran warned it would begin enriching uranium at higher levels in 60 days if world powers failed to negotiate new terms for the deal.

In his statement, al-Falih said the attacks on the two tankers happened at 6 a.m. Sunday.

“One of the two vessels was on its way to be loaded with Saudi crude oil from the port of Ras Tanura, to be delivered to Saudi Aramco’s customers in the United States,” al-Falih said. “Fortunately, the attack didn’t lead to any casualties or oil spill; however, it caused significant damage to the structures of the two vessels.”

Saudi Arabia did not identify the vessels involved, nor did it say whom it suspected of carrying out the alleged sabotage.

The kingdom’s Foreign M inistr y condemned the incident in a statement published on the state-run Saudi Press Agency on Monday as a “criminal act” that threatens the “safety of maritime traffic, which reflects negatively on regional and international peace and security.”

Al-Falih also said the attack aimed to undermine the “security of oil supplies to consumers all over the world” and emphasized the “joint responsibility of the international community to p ro te c t ” t h e s a fe t y o f m a r i t i m e navigation and oil tankers.

Underling the regional risk, the general secretary of the six-nation Gulf Cooperation Council described the incident as a “serious escalation.”

“Such irresponsible acts will increase tension and conflicts in the region and expose its peoples to great danger,” Abdullatif bin Rashid al-Zayani said. Bahrain, Egypt and Yemen’s internationally recognized government similarly condemned the alleged sabotage. AP

BusinessMirror

Tuesday, May 14, 2019

A5

Kudlow’s admission about who pays tariffs contradicts Trump

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ASHINGTON—The White House’s top economic adviser has acknowledged that US consumers and businesses pay the tariffs that the Trump administration has imposed on billions of dollars of Chinese goods, even as President Trump himself insisted in a tweet, incorrectly, that China pays.

Chris Wallace, host of Fox News Sunday, asked him, “It’s US businesses and US consumers who pay, correct?”

“Yes, I don’t disagree with that,” said Larry Kudlow, the head of the president’s National Economic Council.

Kudlow added, “Both sides will pay,” but he stipulated that China “will suffer [economic] losses” from reduced exports to the US, not from paying the tariffs.

Kudlow’s admission contradicts many of Trump’s comments and tweets to the effect that Chinese companies pay the tariffs in what amounts, in the president’s view, to a massive transfer of wealth to the United States from China. Yet almost no economist has agreed with Trump’s view and fact-checkers routinely brand Trump’s assertion false and point out that American importers of goods from China pay the tariffs.

Trump has also asserted that trade wars are “easy to win,” but Kudlow accepted that they come with costs for the US economy, though he downplayed the impact.

On Fr id ay, t he Tr u mp adm inist rat ion ra ised dut ies on $20 0 bi l l ion of C h i nese i mpor ts to 25 percent f rom 10 percent, a f ter c ha rg ing t hat China had backtracked on commitments it made earlier in the

t a l k s. T he ad m inist rat ion has a l ready h it $50 bi l l ion of add it iona l C h inese good s w it h 25 - percent dut ies.

Later Sunday, Trump reiterated his view in a tweet: “We will be taking in Tens of Billions of Dollars in Tariffs from China. Buyers of product can make it themselves in the USA [ideal], or buy it from non-Tariffed countries.”

Yet Carl Weinberg, chief international economist at High Frequency Economics, a forecasting firm, pointed out that many goods made in China aren’t manufactured elsewhere. That’s why many US importers have little choice but to pay the tariff.

“So if you need that new iPad, it is you who will be paying the import duty, not some worker in China,” Weinberg wrote in a research note.

Trump has also threatened to impose import taxes on the remaining $300 billion in Chinese imports, a step that Kudlow estimated would take several months to implement.

Imposing those tariffs would impact a wide range of consumer goods—clothes, shoes, toys, and electronics such as iPhones—that have been mostly exempted so far and could prompt steep cost increases that many Americans would likely notice.

In this May 3, 2019, file photo, White House chief economic adviser Larry Kudlow speaks with reporters outside the White House in Washington. The White House’s top economic adviser acknowledged Sunday, May 12, that US consumers and businesses pay the tariffs that the Trump administration has imposed on billions of dollars of Chinese goods, even as President Trump himself insisted in a tweet, incorrectly, that China pays. AP/EVAN VUCCI

Kudlow, however, said the economic impact of placing tariffs on all Chinese imports would be to cut economic growth 0.2 percentage points, “a very modest number.”

I n d e p e n d e nt e c o no m i s t s , though, think the impact would be larger. Gregory Daco, an economist at Oxford Economics, estimates it would reduce US growth by a half percentage point and cost 300,000 jobs.

Kudlow also said the US is awaiting retaliation from China over the increased tariffs, after talks in Washington ended on Friday without a deal. “ The expected countermeasures have not yet materialized.

We may know more today or even this evening or tomorrow,” he told Fox News Sunday.

Both sides have indicated that future talks are likely. Kudlow said on Sunday that Chinese officials have invited US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to visit Beijing, though nothing has been scheduled.

Kudlow also said that Trump and China’s President, Xi Jinping, may meet in late June at the G-20

COMPANIES AWAIT CHINA’S TARIFF RETALIATION

B

EIJING—Companies waited on Monday to see how China will retaliate for President Donald J. Trump’s escalation of a fight over technology and trade that threatens to disrupt a Chinese economic recovery.

Regulators threatened “necessar y countermeasures”for Trump’s tariff hikes Friday on $200 billion of Chinese imports. But three days later, in a break with previous tit-for-tat penalties imposed immediately, Beijing had yet to announce what it might do.

Beijing is running out of imports for penalties due to the lopsided US-Chinese trade balance. Regulators have started targeting American companies in China by slowing down customs clearance for shipments and issuance of business licenses.

Officials appeared to be studying the potential impact on China’s economy before picking their next steps, said Jake Parker, vice president of the US-China Business Council, an industry group. He said officials might be worried companies may shift operations out of China in response to “aggressive retaliatory actions.”

“I assume this goes fairly high within China’s government before retaliatory actions are settled upon,” said Parker.

The latest talks ended on Friday with no word of progress after Washington accused Beijing of trying to backtrack on earlier commitments.

The chief Chinese envoy, Vice Premier Liu He, told state TV the remaining issues had to do with principles and “we will make no concessions on matters of principle.”

Trump started raising tariffs last July over complaints China steals or pressures companies to hand over technology.

Washington wants Beijing to roll back plans for government-led creation of Chinese

global competitors in robotics and other technology that its trading partners say violate its free-trade commitments.

A stumbling block has been US insistence on an enforcement mechanism with penalties to ensure Beijing carries out its commitments. Economists say Chinese leaders probably reject that as a violation of Chinese sovereignty.

Trump’s surprise May 5 tariff announcement renewed anxiety in financial markets about global economic growth.

On Monday, China’s stock market benchmark fell 1 percent and Tokyo’s main index lost 0.6 percent. Markets in South Korea and Southeast Asia also declined.

Friday’s increase raised US duties on $200 billion of Chinese goods to 25-percent from 10 percent. Importers of another $50 billion of Chinese goods already were paying 25 percent.

B eijing matched Trump’s earlier 25-percent tariff on $50 billion of American goods. It imposed 10 percent charges on $60 billion of imports but left other goods unaffected, possibly out of concern for Chinese companies that depend on US technology and components.

Forecasters warned Friday’s hikes could disrupt a Chinese recovery that appeared to be gaining traction. Growth in the world’s second-largest economy held steady at 6.4 percent over a year earlier in the latest quarter, supported by higher government spending and bank lending.

The latest tensions “raise fresh doubts about this recovery path,” said Morgan Stanley economists Robin Xing, Jenny Zheng and Zhipeng Cai in a report.

The latest US charges could knock 0.5 percentage points off annual Chinese economic

growth, economists said. They said that loss could widen to 1 percentage point if both sides extend penalties to all of each other’s exports. That would push annual growth below 6 percent, raising the risk of politically dangerous job losses.

UBS economists said they believed Beijing might raise tariffs on $60 billion of US goods and cancel an agreement to postpone a duty increase on imported American autos while the two sides negotiated.

“The risk of a full-blown trade war has materially increased,” they said in a report.

The UBS analysts said the next escalation could come in as little as one month as US regulators prepare to follow through on Trump’s threat to extend penalty tariffs to all Chinese goods.

State media tried to reassure Chinese companies and consumers the ruling Communist Party has the resources and policy tools to respond.

“There is nothing to be afraid of,” said the party newspaper People’s Daily. “The US-instigated trade war against China is just a hurdle in China’s development process. It is no big deal.”

Makers of clothing and furniture already were shifting produc tion to Southeast Asia due to rising Chinese wages. Business groups say that exodus is accelerating as some other companies shift production of goods for the US market to other countries. Economists say more might follow to reduce the risk of American tariff hikes.

Th e a b r u p t n e s s o f Tr u m p’s M a y 5 announcement made companies see doing business in China as more uncertain, said Parker of the US-China Business Council. AP

international conference in Japan.

On Saturday, Trump tweeted that he thought that “China felt they were being beaten so badly in the recent negotiation that they may as well wait around for the next election, 2020, to see if they could get lucky & have a Democrat win.”

Beijing retaliated for previous tariff hikes by raising duties on $110 billion of American imports.

And officials have targeted American companies operating in China by slowing customs clearance and stepping up regulatory scrutiny.

Sen. Rand Paul, R-Ky., told ABC’s This Week that he advised the president to finalize a trade deal with China soon, “because the longer we’re involved in a tariff battle or a trade war, the better chance there is that we could actually enter into a recession because of it.”

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. AP

2 HURT AS 6.1-MAGNITUDE EARTHQUAKE SHAKES NORTHERN PANAMA

P

ANAMA CITY—A strong earthquake struck a lightly populated area of Panama near its border with Costa Rica on Sunday, causing some wooden porches to collapse and products to shake from store shelves.

Panamanian authorities said at least two people had been injured in a village but gave no details. Sigifredo Perez, head of operations for Costa Rica’s National Commission of Emergencies, said no major damage or injuries had been reported in his country.

The US Geological Survey said the quake had a 6.1 preliminary magnitude and was centered 7 kilometers (4 miles) southeast of the town of Plaza de Caisan. The quake occurred at a depth of about 37 kilometers (22 miles).

Images posted on social media showed simple wooden homes that partially collapsed in rural areas, deep fissures in tightly packed beach sand and entire grocery store shelves that spilled containers of processed food and bottled beverages on the floor.

“I was in the supermarket and everything swayed,” Carla Chavez said by phone from David, the capital of Panama’s Chiriqui province near the quake’s epicenter.

“Merchandise fell on the floor. Everything happened so fast.”

Panama’s National Civil Protection Service said via Twitter that walls cracked at a hospital and two supermarkets in Changuinola in Bocas del Toro province.

Northern Panama is frequently hit by earthquakes. In 1991, a 7.4-magnitude quake killed 23 people and injured 500. A magnitude 6.7 tremor in 2003 killed two people and damaged hundreds of houses. AP

A6 Tuesday, May 14, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

We need the Senate to be the Senate

‘S

EPARATION of powers” and “checks and balances” should be prominent political thoughts in governance right now.

The poll results are not yet known when this editorial was written but surveys indicate that most of President Duterte’s senatorial candidates will likely win, thereby firming up his majority in the Senate.

The Filipino people need the Senate now more than ever, but they also need the Senate to be more of the Senate of yesteryears—the Senate that was publicly lauded and sometimes even scorned for its independent action. We need senators who can say the unpopular “no” even at the cost of losing votes, like the 12 senators of the 8th Congress who said no to US bases renewal in 1991, for instance.

Manuel Quezon, Manuel Roxas, Lorenzo Tañada, and Claro Recto—all these great leaders, these great Filipinos and more like them, came from the august halls of the Senate. Those who became senators after them carried a heavy burden of responsibility and they had a rich tradition to live up to.

Can the incoming Senate of the 18th Congress measure up? Can they show genuine concern for the welfare of the Filipino people? Can they personify the dignity, integrity and promise of government service? Or will they prioritize loyalty above all else—loyalty over principle, loyalty above conscience?

Patriotism is a vague idea. Basically, patriotism means a profound love of one’s country and people. But we express this love in different and often clashing ways. Which is why patriotism almost always serves a particular interest at a particular time and in a particular context. Which is why the same act could be considered patriotic by some and traitorous by others.

Theodore Roosevelt once said, “To announce that there must be no criticism of the president or that we stand by the president, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”

The same could be said in this country. It is also unpatriotic and servile, and morally treasonable for Filipinos to stand by their leader, right or wrong. When people are right, we should support them; when they are wrong, we should try to make things right.

The absence of checks and balances is unacceptable in modern-day politics, but this seems to be Philippine political reality today.

The press, sometimes referred to as the Fourth Estate for being the fourth power after the three branches of the government, is supposed to be the voice of the people, but it can only be so if it is, indeed, free and if its access to public information is honored by the powers that be.

The free press is supposed to have a considerable influence on public opinion, which should make the administration wary of infringing on its rights, but this assumes that the executive gives a damn about public opinion. Public opinion only matters because it can win or lose elections. But what if the elections are already won? What if public opinion favors the President and the administration? Would public opinion still matter then?

With press freedom and safety compromised, the Senate’s responsibility to exercise its de facto independence in order to constrain the executive to act in the public interest and not in self-interest is all the more important.

Now more than ever, the administration and its allies need to learn they cannot simply ignore laws and institutions without consequences.

Good luck and more power to the senators who are up to the task.

Since 2005

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

THE ENTREPRENEUR

R

EAL estate is one sector that closely resembles the performance of our economy. With the Philippines recording one of the fastest growth rates in Asia at 5.6 percent in the first quarter of 2019, our real-estate sector has also become one of the most vibrant in the region, providing both Filipinos and foreign nationals a good investment opportunity.

I believe that investing in Philippine real estate, such as land, house and lots, townhouses and condominium units remains a sound decision, with a significant upside potential.

This is because real-estate prices continue to rise amid the strong demand from both homebuyers and investors as more Filipinos join the ranks of the middle class.

The gross domestic product per capita in the Philippines reached P163,475 ($3,104) based on 2018 prices. A closer look at the 2018 Gross Regional Domestic Product report of the Philippine Statistics Authority (PSA) shows that the National Capital Region remains the undisputed economic leader, where per capita income was over three times the national average.

The per-capita income in NCR hit P500,947 ($9,513) last year, or nearly at the level of Turkey, China or Mexico. NCR’s per-capita income was even higher than those of Brazil, Peru, Colombia and other Latin American countries. This explains why a lot of tower cranes fill Metro Manila’s skyline right now.

Data from the PSA show that our gross domestic product expanded 6.2 percent in 2018, one of the fastest in the region. The gross value added of real estate, renting and business activities grew 4.7 percent last year based on constant prices. At current prices, the sector contributed P2.22 trillion to the economy, up by 6.9 percent from the previous year.

While there are specific places that saw a significant increase in real-

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OUTSIDE THE BOX

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Vibrant real-estate sector propels growth

W

HAT is the difference between a gambler and a business owner? A gambler seeks out and thrives on uncertainty. A business owner tries to avoid but if necessary does everything possible to overcome uncertainty.

The two most popular forms of gambling are slot machines and the lottery. For both, the next result is absolutely outside the realm of prediction. A business keeps meticulous records to track the course of the business in order to avoid any surprises. A gambler may keep a “track record”—such as in baccarat— hoping to find a surprise.

I, among many others, have commented for literally years on the reasons that Foreign Direct Investment (FDI) has been meager and inconsistent to the Philippines. Corruption, the “difficulty” of doing business, high power and regulatory costs, and other specific problems are all valid excuses. However, the underlying and primary explanation is that

there is a higher degree—often by a wide margin—of uncertainty in the Philippines.

Note that my following comments offer no judgments as to the wisdom or lack thereof of decisions made by successive governments. These are simply facts.

President Corazon Aquino marks the break between the past and the present up to now. The Philippines was given the benefit of the doubt.

However, the real reason any foreign investment came in at the beginning was the fact that in comparison to our neighbors, a business could be set up for pennies on the dollar. Two coup attempts took any hope of stability away, coupled with the uncertainty that the power situation would ever

estate prices such as the Bay Area, the average nationwide adjustment remains manageable. The Residential Real Estate Price Index, which is monitored by the Bangko Sentral ng Pilipinas, rose by just 0.5 percent year-on-year in the fourth quarter of 2018. Prices of townhouses and condominium units increased 11.4 percent and 0.6 percent, respectively, while those of single detached housing units declined 1.9 percent.

The increase is more pronounced in Metro Manila. The average residential property prices in the National Capital Region increased 1.6 percent year-on-year in the fourth quarter, while prices outside the capital actually declined by 0.8 percent.

This means that housing remains affordable in the provinces where there are still vast lots to be developed.

In Metro Manila and other major urban centers such as Cebu, Davao and Iloilo, a number of factors are pushing up real-estate prices, the most significant of which is the robust economic growth. Everybody is bullish and the general impression is that real-estate prices will continue to go up. A good barometer for me is the selling prices of the Manila Golf shares, which now hover at around P70 million per share with the largest increase coming in the last two years.

A second major factor is the influx of Chinese investors and tourists who invest heavily in residential condo-

minium projects in the Bay Area, Makati and Fort Bonifacio. Whatever gluts the sector had in the past has been wiped out by the strong demand from Chinese nationals.

The improved economic and political relations between Manila and Beijing have encouraged Chinese investors to look at the Philippine realestate landscape. To satisfy this new growing demand, Filipino brokers themselves are now going to China to offer Philippine condos.

Another factor is the higher base of real-estate taxes. While we have seen a radical increase in the realestate tax base, nobody is selling less than the zonal value, which means people believe that prices will continue to go up in the coming years.

The fifth factor is the extremely slow land conversion rate.

High real-estate prices have a negative effect on housing and on our people, but this is an inevitable result of economic growth. Our realestate prices are now close to those of neighboring countries such as Indonesia, Malaysia and Thailand, which means our assets are now comparable to theirs in terms of value.

Colliers International Philippines, a property consultancy firm, said 54,000 residential condominium units were sold in the Metro Manila presales market last year, higher than the 53,000 units sold in See “Villar,” A7

be resolved given the lack of solutions from her administration. The rejection of the US bases did not help either.

President Fidel Ramos began necessary deregulation of certain economic sectors. However, that in and of itself created uncertainty in that investors did not know where deregulation would lead. Peace efforts in Mindanao and with the Communist Party of the Philippines also created a wait-and-see attitude.

Charter change or “cha-cha” created uncertainty as to the political future of the government.

Joseph Estrada came to Malacañang with a perceived nationalistic agenda, as he was a vocal critic of US military presence. Domestic investment increased significantly after the 1997 Asian Financial Crisis. But his impeachment proceeding was a foreign investment disaster. Further, his removal from office was not “clean” constitutionally.

Gloria Macapagal-Arroyo had a difficult job in trying to restore stability but was relatively unsuccessful. Her intention not to run for election and then when she did seek the presidency, the “Hello Garci” tainted her election. Any economic reforms and subsequent benefits were overshadowed in investor’s

minds by protests, a coup attempt, corruption charges and very low approval ratings.

President Benigno Aquino III was supposed to bring calm and quiet, and to hopefully relieve the uncertainty. Canceling several major projects of the Arroyo administration changed that perception quickly.

The impeachment of the chief justice of the Supreme Court added to the foreign investment problems.

However, since 2014, FDI improved substantially.

The steady increase of FDI has continued under President Duterte.

His personal and policy controversies have been slightly mitigated by his historical high approval ratings. The push for a federal government is not contributing to relieving uncertainty.

However, the Philippines still has far to go in creating and sustaining investor confidence. Until foreign investors are not asking, “What is going to happen next?,” our FDI will always be mediocre in relation to our neighbors.

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

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Do Americans want to turn away from the world? Maybe

P

Time for healing and reconciliation

By Hal Brands | Bloomberg Opinion

UBLIC attitudes toward US foreign policy are a mess of ambiguities and seeming contradictions. Americans don’t particularly like Donald J. Trump’s policies, but they share some of his ambivalence about the country’s vast global role. They are not retreating into isolationism, but neither are they persuaded by the traditional justifications for America’s efforts to shape the world.

These are the principal takeaways from a recent opinion survey conducted by the progressive-leaning Center for American Progress (CAP).

For those who believe that American global engagement has been a good thing for the country and the world, the survey provides reason for optimism and pessimism alike. And it highlights the challenges Trump’s successor will face in rebuilding a foreign policy consensus that has frayed badly.

The good news is that Trump’s statecraft—a zero-sum version of nationalism emphasizing military strength, opposition to immigration and skepticism about America’s global responsibilities—is not very popular. Yes, perhaps one-third of the population can be categorized as “Trump nationalists,” but the president’s foreign policy approval rating is an unimpressive 40 percent. Americans are not exactly clamoring for more casual belligerence, economic protectionism, diplomatic self-isolation and simple incompetence.

T hey are, however, recep tive to some of Trump’s underlying critiques of America’s global project. According to CAP, Americans broadly support the idea of making allies take greater responsibility for their own defense. They place greater emphasis on dealing with direct, tangible threats such as terrorism than on confronting more abstract challenges such as geopolitical revisionism in Europe or the Asia-Pacific. They are wary of prolonged wars in the greater Middle East and show limited enthusiasm for promoting democracy.

Americans also worry about trade-offs between domestic and global priorities: They are in the mood to spend money on butter rather than guns. Finally, they don’t have any clue what the “liberal international order” is: In virtually all cases, the CAP study notes, that concept “drew a blank.”

This doesn’t mean Americans are turning their backs on the world: The deeper logic of US engagement still appears to resonate. A bare majority of respondents (51 percent) believes that “America is stronger when we take a leading role in the world to protect our national interests and advance common goals with other allies.” Sixty-four percent of Americans agree that the US has to work with partners and allies to deal with cyber attacks, weapons of mass destruction and other threats.

Clear majorities view Russian and Chinese behavior as threatening, even if they are not eager for a showdown with them. And while the “liberal international order” means

Villar. . .

Continued from A6

2017. It says that given the lack of developable land in the metropolis and the rising prices of land, developers are expected to be more aggressive in launching projects in the fringes of Metro Manila where land is cheaper.

In the office sector, Colliers says office space net take-up hit a record 1.18 million square meters in 2018, and predicts that new supply would reach another 1 million sq m this year, driven by the outsourcing sector and offshore gaming firms I believe that there is still room for growth in the real-estate sector, especially in key areas outside Metro Manila, as the government pursues major infrastructure projects and the inflation rate begins to normalize.

Fears of a housing bubble are unfounded, as the country continues to

nothing to most voters, a clear majority either agreed or strongly agreed with the plain-English equivalent: “Our country’s commitment to taking a leading role in shaping security and economic affairs around the world after World War II led to safer and more prosperous lives for Americans.”

What all this indicates, then, is not the death of American grand strategy. It shows that traditional justifications for an ambitious foreign policy have become less persuasive to those who can hardly remember World War II or the Cold War, that there is real anger and disillusion stemming from the wars of the post-9/11 era, and that support for American internationalism is becoming scarcer just as many voters have seen their economic fortunes stagnate or decline.

This last point is crucial: Sixtyeight percent of those surveyed agreed strongly with the assertion that “In order to remain competitive in the world, the United States must invest more to improve our own infrastructure, education and health care, not just increase military and defense spending.”

The Democratic candidates who hope to defeat Trump in 2020 have their work cut out for them if they want to rebuild the political foundations of American internationalism.

They will have to explain how Washington can be vigilant against terrorism while avoiding costly forever wars. They must articulate a vision for competing with China and Russia without provoking unwanted confrontations. They need to take burden-sharing seriously while explaining how alliances are force-multipliers, not money-pits.

And they need to show that US engagement overseas makes the country stronger at home.

Making this case is hardly impossible. By the end of the Obama years, the US had actually hit upon a sustainable counter-terrorism strategy, one that used special operations forces, airpower and other tools to help local partners defeat ISIS in Syria and Iraq. Trump’s trade wars have reminded Americans who work in agriculture, manufacturing, tech and other sectors that an open global economy is crucial to their own prosperity—and that they lose out when new trade agreements, such as the Trans-Pacific Partnership, leave the US behind.

Putting all this to voters in language they understand will be difficult, just as making the argument for American internationalism has always been difficult. We’ll soon find out if Trump’s challengers are up to the task. suffer from a housing gap of about 6 million units. It is important for the government to focus its attention on the housing problem to create more opportunities for Filipinos and boost economic growth.

As we expect to join the ranks of upper middle-income countries this year, we need to uplift the quality of life for every Filipino, starting with good housing.

Unfortunately, there remains an imbalance in the economy because economic growth is still concentrated on Metro Manila.

This is why it is important that we pursue the “Build, Build, Build” infrastructure program of the Duterte administration to catch up with the rest of Asia. With the aggressive infrastructure buildup, even our balikbayans will find it wise to invest in the Philippines.

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

Tuesday, May 14, 2019 A7

Manny F. Dooc

TELLTALES Continued from A1

T

O both winners and losers alike, remember to be modest in victory and keep one’s dignity in defeat. Now is the time to set aside partisanship and focus on matters that unite us, not on those that divide us. The time for healing and reconciliation should now begin. We are all citizens of one country. What holds us together is greater than what tears us apart. Beginning today, we are One Nation, One People, One Destiny. nnn

CLOSE to 300 vote canvassers died from exhaustion while performing their election duties following the world’s biggest single day election held in Indonesia last month. An estimated 150 million Indonesians voted, using multiple ballots requiring about 750 million ballots to be counted manually.

What a price to pay to uphold the democratic process. This number of deaths exceeded the casualties caused by election-related violence and terrorism in our last election.

The election body of Indonesia should learn from our Comelec to

automate their elections. Paging Smartmatic. nnn

ON the senatorial level, I will not be surprised if the administration captures at least eight slots. Every midterm election is a referendum on the performance of the incumbent President. How can you beat the President’s anointed candidates when shortly before the elections SWS released a survey showing that the current government enjoyed an excellent net satisfaction rating of +72 in the first quarter of 2019. This is the highest rating achieved by any administration in three decades. As

stressed by Secretary Salvador S. Panelo, “this is a hard slap on the face of the opposition...who never gave President Duterte a chance to show them his competence in administering the nation’s affairs.”

It’s too early to talk about the next presidential election in 2022.

The senatorial election results will give us a gauge of who will be the likely presidential hopefuls next elections. No question that from the present crop of senators and the newly elected ones will emerge presidential timbers who may seek the office. Some of our great senators did not become president of our country like Arturo Tolentino, Ninoy Aquino, Lorenzo Tañada, Raul Manglapus and Edgardo Angara, to name some, yet they are more significant than some of our presidents. In the US, one such senator was William Pitt Fendensen of Maine. He was assured of clinching the Republican nomination for president in 1860 and he was told that all of New England and Pennsylvania delegates were ready to support him in the Chicago Convention in 1860. Fendensen replied: “I’m going fishing.” Lincoln got the nomination. nnn

INCIDENTALLY, I watched the recent CNN special documentary Tricky Dick when I was in the US some weeks

ago. It chronicles Nixon’s political rise, fall, comeback and disgrace. It covered the Watergate scandal and the abuse of power committed by the Nixon administration, as well as the nefarious efforts to cover up the crime. It’s a very compelling story that every public official should see.

In the face of a looming impeachment trial, he summoned the Republican senators to the White House to rally the support of his partymates in the Senate. In that fateful meeting, he asked the leader of the group, Sen. Barry Goldwater of Arizona, the former Republican Party Presidential nominee in 1964, “Barry, how many of our colleagues in the Senate do you think will support me?”

The good senator with sadness and candor replied, “Not more than four, and I’m not one of them.” President Nixon announced his resignation on August 9, 1974.

Watergate is a high-water mark in American politics. Confronted by certain conviction by the Senate, even the president of the most powerful country on Earth is not above the law. Watergate restored the American people’s trust in their legal system and their faith in the democratic process.

We, Filipinos, need the same cathartic experience to regain our hope in our government and belief in our electoral process.

Indispensable reminder to the new members of Congress Cecilio T. Arillo

DATABASE

I

N a few more weeks, the country will have new and eager members of Congress—the Senate and the House—and they have to be reminded again that they cannot investigate crimes and prosecute people involved, for example, in plunder, and graft and corruption.

They can only investigate in aid of legislation as specifically ordained by the Constitution.

In the past, because of dirty politics in this country, some misguided lawmakers from both chambers usually act as investigators, prosecutors and judges rolled into one.

The worse part of this is that they arrogantly put more premium on publicity, rather than correct social, economic and political injustices, which at best appears to create a perception of guilt on people with higher ambitions to serve the public.

It cannot be denied that both houses of Congress have often violated their own rules, with some lawmakers displaying arrogance, and using gutter and other unsavory words in their line of questioning.

Worse, witnesses called to testify often contradict with one another while unsupported volumes of documents submitted for investigation often do not establish the existence of facts and circumstances in a coherent manner on how, why, when, where and who actually committed crimes involving billions of pesos in public funds.

A specific issue in point are volumes of documents submitted by Janet Napoles, Benhur Luy, the National Bureau of Investigation, the

Department of Justice (DOJ), as well as other agencies, which overflow with lies and innuendoes, selectively targeting the innocent and freeing the guilty.

The government itself plays the role of a predator and it has created its own pattern by systematically targeting the opposition while, at the same time, protecting its own allies.

Strangely, the initiators and implementers on the disposal of multibillion-peso public funds are out free, strutting in self-importance and flaunting their wealth in the corridors of power, simply because they are with the ruling administration as in the case of the previous administrations before President Duterte came to power.

Worse, they have control of the best PR agencies to prop up their image and hit their political enemies by subjecting them to trial by publicity.

Why not? Publicity works faster that way just like what many politicians were subjected to, dispensing as it does with the usual repetitive claim of due process and fairness.

In trial by publicity, one may not even be jailed for contempt or irresponsible writing; upholding his or her impropriety, the biased press, for one, offers several choices to those who may question their invincibility or crucifixion or both.

Usually, an irresponsible member of the press may routinely invoke press freedom without the well-established explanation that this is not absolute for it carries a concomitant responsibility to balance the news.

Normally, to charge respondents with a crime, the Ombudsman or the Department of Justice (DOJ) must find probable cause based on evidence or the body of crime (corpus delicti) on how the plunder was committed. If the information is filed in court, the prosecution must prove its case beyond reasonable doubt in accordance with time-honored procedures and rules of evidence.

It can be recalled that since the infamous PDAF and DAP scams came to light, what many citizens saw was nothing but virtual reality, based on conflicting testimonies of witnesses or whistle-blowers, erroneous assumptions, opinionated conclusions and malignant motives that served as the yarn of daily propaganda mills, painstakingly woven into the so-called hate campaign syndrome.

In my previous articles on this subject (trial by publicity), I pointed out that unflattering but vital facts about men of great political and financial influence, previously suppressed in the name of national security, ideological infallibility and presidential policies, have been declassified and incorporated in official historical records while their updated biographies revealed their cruelty, errors and foibles.

As I said in my book, A Country Imperiled, even Popes have not always been held sacred; Pope John who reigned in 1415 was convicted for various scandalous acts, including adultery, incest and sodomy.

Besides, every person has some measure of bigotry, a refusal to consider stories that do not conform to one’s values and beliefs. In fact the myths about those who benefitted at the expense of truth as role models

may not escape the vetting eye of the present rationalizing generation.

The purpose of any investigation, including those in the Senate and the House, is not only to prove the guilt of the respondents but also to protect them against hasty, malicious and oppressive prosecution. Trial by publicity has no room for this.

Curiously, what were not mentioned in the NBI, DOJ and Ombudsman preliminary investigation was that the Department of Budget and Management, COA and other implementing agencies (IAs) in 2012 deliberately deviated from their conscientious and prudent role in handling the discretionary spending program authorized by Congress involving the controversial Disbursement Acceleration Program (DAP).

The Executive Branch that year spent a whopping P21.3 billion in equity, unbelievably way above the P2.1 billion authorized by Congress or an increase of P19.3 billion or a total 926 percent deviation.

In addition, the Executive Branch also spent a total of P24.1 billion, P6 billion more than the P18.2 billion authorized by Congress for subsidy. Clearly, this is a 32.7 percent percentage deviation.

Public funds are strictly covered

by COA rules on budget releases and project implementation.

Under COA rules, public funds are never released directly to NGOs or any other people’s organizations, whether they came from the unconstitutionally declared PDAF or other sources of appropriations like DAP. Funds are only release to implementing agencies, which could be a department, an agency or a local government unit under the Executive Branch. Funds are never released directly to members of the Senate and the House.

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

One million species will disappear–if we let them

By The Editors Bloomberg Opinion

W

HEN the findings of a landmark UN report on biodiversity came out last week, the headlines ran the gamut from depressing to apocalyptic. One million species face extinction, readers were told. Almost a third of the world’s reef-forming coral species, more than a third of its marine mammals and 40 percent of its amphibian species could die out. And that’s just the number of species. Some 70 percent of all coral reefs could be affected

by mass bleaching induced by climate change—in a scenario that isn’t even the worst case. These grim findings were all important and worthy of attention, of course. But amid the gloom, a major point of the report went largely unnoticed: It doesn’t have to be this way.

Take agriculture, for example. Current farming practices have caused land degradation and species decline which, in turn, threaten the crops themselves. Problems with bees and other pollinators alone put roughly $600 billion in global crop output at risk, the report notes. Cultivating just a few varieties of crops and animals in mass

quantities has led to a decline in genetic diversity which, in turn, makes crops more vulnerable to disease and climate change. If nothing changes, more species will disappear—and a lot more people could be going hungry. And yet, the same report offered a host of ideas to keep this from becoming reality. Farmers can grow a wider array of crops, adopt practices that enhance soil quality and change how they deal with pests. Shoppers can support local farms, cut back on meat and eat healthier diets. Regulators can support food-labeling efforts; industry and nongovernment organizations can promote

sustainability certification schemes. And developed countries can take a hard look at the $100 billion in agricultural subsidies they hand out each year.

Or consider the oceans. Overfishing and pollution are rife, the report says. If current trends hold, the total mass of fish in the sea could fall by as much as 25 percent by midcentury, endangering a major source of protein for the developing world. Marine animals already have enough problems: Plastic pollution in the ocean has risen 40 percent since 1980, affecting more than two-thirds of all sea turtles and nearly half of marine birds.

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www.businessmirror.com.ph

Polls a referendum on my work–Duterte

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By Bernadette D. Nicolas

@BNicolasBM

RESIDENT Duterte said on Monday he agrees that the midterm elections could be taken as a referendum on his performance in the last three years.

If people really did support the administration-backed senatorial bets this election, Duterte said he sees this as a vote of confidence in him. “[This election] could be taken as one referendum so that if you agree with me, then you can vote for my candidates and the people I am supporting this election. Then if I am repudiated by the loss of all candidates coming from the Hugpong slate, then that would indicate [that] the majority of the people ayaw nila ako [don’t like me],” Duterte told reporters shortly after voting at Daniel R. Aguinaldo High School at around 4:30 p.m.

While those candidates endorsed by the President performed well in the preelection surveys compared to opposition candidates, the President still chose not to be overconfident even at the last hour before the closing of polling precincts.

“Ever since I [entered] politics, [and] it’s always at the start of the election campaign, I would always place [the odds] at 50-50, maski malakas ang survey, maski wala akong kalaban [no matter how strong I am in the survey, and even if I have no rival]. It’s always a 50-50 preposition because if I do not have opponents, I support a group of people who will run the

“[This election] could be taken as one referendum so that if you agree with me, then you can vote for my candidates and the people I am supporting this election. Then if I am repudiated by the loss of all candidates coming from the Hugpong slate, then that would indicate [that] the majority of the people [don’t like me].”—Duterte

city government, so kailangan tao mo rin [so it is important that they are also your people],” the President said.

Sara: Duterte reforms need backers

MEANWHILE, presidential daughter and Davao City Mayor Sara Duterte-Carpio was also able to vote successfully in the same polling precinct where the President voted.

Shortly after voting, DuterteCarpio, who chairs the party Hugpong ng Pagbabago (HNP), told reporters that this election is crucial for the Duterte administration, as

she admitted that her father President Duterte had a hard time pushing for reforms in the last three years.

“In t he l ast t hree yea rs, we saw that the President [was] having a ha rd t ime [pushing ] for refor ms t hat he wou ld l i ke for t he countr y, especia l ly his campa ig n promises, to get t he suppor t of t he Senate. T hat ’s why we rea l ly worked h a rd du r i ng t h is c a mpaig n,” she said, to present to the electorate t hose potent ia l senators who “understa nd t he v ision of our Presdent a nd, hopef u l ly, t hey w i l l vote for t hem.”

Although HNP carried 13 candidates for the midterm elections, Duterte-Carpio said she only chose 12.

However, she refused to disclose who among the 13 bets did not get her vote, citing ballot secrecy.

THELMA ADANGLA, a person with disability from Tahanang Walang Hagdan, double-checks the names of candidates and later casts her vote at the Marick Elementary School in Cainta, Rizal BERNARD TESTA

Kiko’ claims victory for opposition OPPOSITION Sen. Francis Pangilinan on Monday claimed victory for the opposition well in advance of the Comelec official tally of vote.

“Today is election day and regardless of the outcome, we have already won,” said Pangilinan, pointing out that eight opposition Liberal Party See “Polls,” A2

PHL year-end rice stocks to hit 2.9 MMT on more imports–FAO

By Jasper Emmanuel Y. Arcalas

T

@jearcalas

HE Philippines could end 2019 with a nine-yearhigh rice inventory of 2.9 million metric tons (MMT) due to the increase in the stockpile of the National Food Authority (NFA) and the private sector’s “record-breaking” purchase of imports.

In its biannual food outlook report, the Food and Agriculture Organization (FAO) of the United Nations said it expects the expan-

sion in local output and imports this year to be sustained following the liberalization of the rice trade.

The FAO said more imports and the projected hike in output would cause year-end stocks to grow by 45 percent from the 2 MMT recorded last year.

“The Philippines, where recordbreaking imports combined with efforts to reconstitute state reserves through local procurement, could boost carryovers to a nine-year high of 2.9 million tons,” the FAO said in the report published last week.

FRONTAL SYSTEM AFFECTING EXTREME NORTHERN LUZON as of 4:00 am - May 13, 2019

Last year, the depletion of the NFA’s buffer stock caused the Philippines to suffer an artificial rice shortage and see unprecedented hikes in retail prices.

Due to the higher-than-usual nationwide rice inventories, the FAO estimated that the per-capita rice consumption of Filipinos would go up slightly to 116.9 kilograms per year from 116.2 kg.

Total rice utilization this year is pegged at 14.5 MMT, 2.11 percent over the 14.2-MMT estimated total demand last year.

The FAO noted that rice consumption in the Philippines, Bangladesh, Indonesia and Sri Lanka would rise on the back of higher disposal of state-held rice stocks to “stabilize prices and ensure affordable supplies for vulnerable groups.”

“This is the case of Bangladesh, Indonesia, the Philippines and Sri Lanka, but also of India, where officials could accelerate rice releases through the country’s public distribution system next season, in an effort to trim the size of state inventories,” FAO added.

Just like the United States Department of Agriculture, the FAO also expects the Philippines to again become one of the largest buyers of imported rice this year, with purchases expected to reach an all-time high of 2.5 MMT. Last year, the country imported 2.4 MMT of rice.

“This volume would mostly comprise private-sector purchases, facilitated by the recent replacement of long-standing quantitative restrictions on rice imports with tariffs,” the FAO said.

The FAO report also noted that local milled-rice output would expand by 2.42 percent to 12.7 MMT, from last year’s 12.4 MMT despite the anticipated hike in imports by the private sector.

T his translates to roughly 19.42 MMT of pa lay out put, slightly below the government’s projected 2019 production of 20 MMT, based on the BusinessMirror’s computation.

The enactment of Republic Act 11203 or the rice trade liberalization law, which deregulated the NFA as well as the industry, would whet the private sector’s appetite to import more.

Despite the change in the rice trade regime, the NFA has been aggressive in hiking its buffer stock by capitalizing on its buying price advantage.

The NFA has maintained its palay buying price of P20.70 per kg, since it became effective in October 2018, amid falling farm-gate prices. The food agency has already purchased over 3 million bags of palay, or about 153,665.5 MT as of end-April.

The food agency said it is confident of hitting its paddy rice procurement goal of 14.46 million bags, or 723,000 MT, this year. It increased its palay procurement target for 2019 after the rice trade liberalization law took effect on March 5.

AT the Forbes park polling precinct, tycoon Jaime Augusto Zobel de Ayala casts his vote, along with brother Fernando Zobel de Ayala and father Don Jaime Zobel de Ayala (not in photo). ROY DOMINGO

A PWD votes inside the Marick Elementary School, Barangay Santo Domingo, in Cainta, Rizal, in front of a blackboard with a timely reminder to voters to sufficiently shade the ovals in their ballots. BERNARD TESTA

IN Baguio City, 75-year-old Nicholas Bong Cawed, accompanied by his 15-year-old granddaughter Chandra Danglipen, shows his “I voted” finger—marked with indelible ink—after voting at a Special Education Center in Baguio City. He wore the traditional G-string attire. MAU VICTA

WTO pact. . .

Continued from A1

and further promote the efficient and effective management of public resources and good governance in Philippine procurement systems.

According to the WTO, the GPA at present has 20 parties comprising 48 members. Another 32 WTO members participate in the Committee on Government Procurement as observers, of which nine are in the process of acceding to the GPA. As a result of several rounds of negotiations, the GPA parties have liberalized procurement activities amounting to an estimated $1.7

trillion annually to international competition, particularly to suppliers from GPA parties offering goods, services or construction services.

In its trade policy review last year, the Philippines was told by the European Union, Switzerland, Ukraine and the United States to harmonize its procurement regime with multilateral trading rules by acceding to the GPA. They argued that doing so will boost the government’s infrastructure program, as it will open the doors to more bidders from GPA parties.

In Southeast Asia only Singapore is a party to the procurement deal, while Indonesia, Malaysia, Thailand and Vietnam are under observer status.

Editor: Efleda P. Campos

Companies BusinessMirror

Tuesday, May 14, 2019

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LTG net income in Q1 grows 22% to ₧4.42B

L

By VG Cabuag

@ villygc

T Group Inc., the holding firm of tycoon Lucio Tan’s businesses, said its income rose 22 percent from January to March to P4.42 billion from last year’s P3.63 billion, on strong revenues from its tobacco business.

The tobacco business accounted for P2.84 billion or 64 percent of the total attributable income, while Philippine National Bank (PNB) contributed P1.08 billion or 24 percent of total.

Liquor maker Tanduay Distillers Inc. added P229 million or 5 percent, Eton Properties Philippines Inc. accounted for P48 million or 3 percent while Asia Brewery Inc. provided P82 million or 2 percent of total.

LT Group’s 30.9-percent stake in sugar firm Victorias Milling Co. Inc. accounted for P75 million, also 2 percent of its income.

PNB’s net income under the pool-

ing method rose 30 percent to P1.95 billion for the period as loans and receivables grew 17 percent. Trading and foreign-exchange gains increased to P856 million from P38 million last year.

Its tobacco business reported a net income of P2.85 billion for the period, 21 percent more than last year’s P2.36 billion. Equity in net earnings from its 49.6-percent stake in PMFTC Inc. reached P2.69 billion, 18 percent higher than the previous year.

PMFTC is the combined company of Tan’s Fortune Tobacco Inc. and Philip Morris Philippines.

“The improvement in earnings

was due to the volume mix and the price increase of Fortune in December 2018,” the company said.

The industry’s volume declined to an estimated 73 billion sticks in 2018 from 109 billion sticks in 2012, a decrease of 33 percent over a sixyear period.

Excise taxes increased starting 2013, under Republic Act 10351 and the current RA 10963 starting 2018. The excise tax is currently at P35 per pack, from a low of P2.72 per pack of 20 sticks in 2012 for the lower tier and P12 per pack for the upper tier.

Meanwhile, the income of Tanduay Distillers reached P234 million, 73 percent more than the P135 million last year.

Revenues from liquor increased on the back of a 5-percent growth in volume, while bioethanol sales also improved.

The company said Tanduay’s nationwide market share for distilled spirits was at 28.1 percent as of March 2019, higher than last year’s 26.1 percent.

Eton, the property developer, ended the quarter with a net income of P149 million, more than half higher than last year’s P97 million.

Revenues were 11 percent higher year-on-year coming from leasing and sale of residential units.

Eton Square Ortigas, a standalone pocket retail development located at Ortigas Avenue in San Juan, was completed in 2018 and is fully leased out, with all tenants lined up for opening within the first half of 2019.

The retail and office components of Eton WestEnd Square in Makati City is targeted for completion by the end of 2019.

Other projects in the pipeline are Eton City Square 1, the neighborhood retail and commercial center in Eton City, Santa Rosa, Laguna; and NXTower I, an office building located between Emerald Avenue and Ruby Road in Ortigas, Pasig City.

Asia Brewery’s net income for the period, meanwhile, was at P82 million, a drop of 45 percent from P149 million last year.

“The lower income was largely due to higher PET packaging costs and as the company spent more on advertising and promotions,” it said.

Revenues rose 13 percent to P3.86 billion due to higher revenues from energy drinks, bottled water, packaging and soy milk.

CPG income Shell wary of govt’s fuel-marking plan grows 28% to ₧384M in Q1

P

ROPERTY developer Century Properties Group Inc. (CPG) said its net income for the first quarter grew 28 percent to P384 million from P300 million last year, as the company starts recognizing revenues from its affordable housing segment.

Revenues reached P2.77 billion, a mere 2-percent increase from P2.7 billion last year. Real-estate revenues posted a 4.44-percent increase to P2.4 billion coming from the company’s affordable housing business and the additional substantial progress in construction and sales take-up of its ongoing in-city vertical developments.

“We continue to improve on our operational efficiencies while implementing the company’s expansion programs. The goal is to grow CPG’s new allied real -estate businesses to have a diversified net- income mix with more sustainable cash flow and recurring income. The company’s hard work has started showing positive results that will drive its growth in the medium to long term,” said Ponciano S. Carreon Jr., the company’s chief finance officer and head for investor relations.

Leasing revenues jumped 29 percent to P109 million, attributed to the start of operations and the recognition of revenues from CPG’s new Asian Century Center office building in Bonifacio Global City.

Net-income margin for the first quarter 2019 increased to 13 percent from 10 percent in the same period last year as the company reduced its operating expenses.

The company’s affordable housing brand, PHirst Park Homes, said it sold more than 3,000 housing units valued at P4.4 billion from its first three projects as of end April. Its residential communities in Tanza, Cavite; Lipa, Batangas; and San Pablo, Laguna, are collectively 64 hectares in total land area with a total inventory of 6,000 units and a sales value of P10.11 billion.

The company’s commercial leasing business, meanwhile, will grow its leasable area from 133,000 square meters to 300,000 sq.m. of gross floor area by the year 2020, with a target of P1.5 billion in revenues, it said.

P

ILIPINAS Shell Petroleum Corp. (PSPC) said it fully supports the fuel-marking program of the government, but has raised concern on its implementation.

“We support the government’s intention to curb smuggling, and we would want to work with them to help curb smuggling,” company president Cesar Romero said.

Romero described the program as “quite a complex operation and process,” noting there is only one Shell company that is now implementing it.

“In the whole Shell [organization], there’s only one entity that’s done that. It’s Shell Turkey, and it took them two years to three years to prepare for it because you could disrupt operations if not implemented properly,” Romero said.

The Department of Finance (DOF) and the Bureau of Customs (BOC) earlier launched the fuelmarking program, expected to prevent oil smuggling in the country and boost government revenues.

However, the company official is concerned about the integrity of the marker, integrity of opera-

tions and actual deployment.

On integrity of the marker, Romero raised concern on the marker’s quality.

“Is it something that has quality assurance with regards to integrity of marker?” he asked.

On integrity of operations, the company official noted the winning contractor will install the equipment in the oil firms’ facilities. “There are discussions on how do you time it.

There are engineering standards to be used to ensure this is safe in operations and the supply will not be disrupted,” he noted.

On the program’s actual deployment, Romero wants to know the code of conduct operations of various testers since there will be a minimum number of tests to be conducted.

“How will this be allocated? What is the code of conduct expectations of various testers? Those kinds of things that need to be established to make sure there’s proper implementation,” Romero asked.

Based on external studies, Romero said roughly 20 percent to 30 percent of petroleum fuels sold in the Philippines is smuggled into the country with unscrupulous import-

ers avoiding VAT and excise tax liabilities.

This translates to approximately P30 billion to P50 billion per year in foregone tax revenues.

“We only rely on external sources.

The number we read is anywhere between 20 percent and 30 percent of volume. We have some studies that support this. About P30 billion to P50 billion is the estimated annual revenue loss to the government. At the end of the day, it’s not only lost business for us, but also lost income for government.”

Fuel marking is required on all petroleum products that are refined, manufactured or imported into the Philippines that are subject to the payment of duties and taxes—such as but not limited to gasoline, denatured alcohol used for motive power, kerosene and diesel fuel oil—after the taxes and duties have been paid.

The system will also monitor all locally refined finished oil products to ensure correct payment of corresponding excise taxes and valueadded tax. It is one of the measures provided under the Tax Reform for Acceleration and Inclusion or TRAIN law. Lenie Lectura

Devt of 19.7-MW hydropower project in Isabela begins

By Cesar M. Perante Correspondent

S

ANTIAGO CITY, Isabela—The soon-to-be built 19.7-megawatt (MW) run-of-river hydropower plant of Rio Norte Hydropower Corp. in Echague, Isabela, was recognized by the Department of Energy (DOE) as an Energy Project of National Significance (EPNS), attesting to its effective and timely implementation in line with the country’s drive to energy security and reliability, the Philippine Energy Plan (PEP).

Rio Norte is the hydropower unit under Citicore Renewable Energy Corp. (CREC), a subsidiary of emerging utility holding company Citicore Power Inc. (CPI).

“Attuned to the DOE’s goal of national energy security under the Philippine Energy Plan, Rio Norte upheld its values of account-

ability and reliability and did its part in ensuring efficient and effective processes, and timely implementation of the project.

Such efforts were recognized by the energy department as contributing to the adequate continuous and economic supply of energy, leading to the project being commended as nationally significant,” said Manolo Candelaria, Rio Norte EVP. Rio Norte’s run-of-river hydropower technology allows for sustainable sourcing of renewable energy through the force of gravity, harnessing the natural flow and elevation drop of a river in a mountainous area to generate electricity. Aside from Rio Norte, CPI has a total current capacity of 163 MW under CREC, which is generated by its eight existing solar farms located in Bataan, Bulacan, Pampanga, Tarlac City, Negros Occidental, Cebu and South Cotabato.

Having a portfolio of eight solar plants, CPI powers the equivalent of more than 190,000 homes every year and displaces as much as 160,000 metric tons of carbon emissions per year.

In addition, CPI is also working on biomass projects in the pipeline and is still open to more opportunities in any of the RE technologies like solar, wind, biomass and hydropower.

“Going purely green is the main factor that sets us apart from all the other business in the power industry. Conventional power plants are still the major source of energy in the country, but are gradually straining our natural resources and the human health.

What we need more right now are clean and responsible energy projects that can deliver in terms of supporting national energy security, and at the same time minimize the impact to our surroundings,” Manolo said.

PSE to hold literacy road show in Bacolod T HE Philippine Stock Exchange Inc. (PSE) said it will have its investment literacy road show in Bacolod City over the weekend, featuring speakers who will cover a variety of stock market and investment-related topics.

“We are going back to Western Visayas after the warm welcome we received in Iloilo City two years ago. This year, we are bringing the road show to Bacolod for the first time. Bacolod, a highly urbanized city, is an ideal venue for us not only because of its competitive business environment, but also because there are potential investors in the city. We want to touch base with them and provide them the basics needed to start their investing journey,” PSE President and CEO Ramon S. Monzon said.

As in previous road shows, there will be a broker expo where attendees can open stock-market

accounts with any of the four presentation partners or the five event exhibitors.

In particular, the event’s presentation partners in Bacolod will discuss topics such as on stock investing by COL Financial Group Inc.; on money and millennials by First Metro Securities Brokerage Corp., technical analysis by Eagle Equities Inc.; and the truth about winning in the stock market by Abacus Securities Corp.

“We noted that 31 percent of our road-show participants in 2018 opened stock-market accounts on the spot. We thank the stockbrokerage firms who join us in our roadshows to make this instant conversion to stock-market investors possible,” Monzon said.

In recent years, PSE held investment-literacy road-shows in Baguio, Cagayan de Oro, Cebu, Davao and Iloilo. VG Cabuag

SAP’s enterprise resource planning solution cited by IDC

By Roderick L. Abad @rodrik_28 Contributor

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USINESS application software provider SAP has been cited as a leader in enterprise resource planning (ERP) solution by IDC. In the latter’s recent report, titled “IDC MarketScape: Worldwide SaaS and Cloud-Enabled Operational ERP Applications 2019 Vendor Assessment,” it recognizes SAP S/4HANA Cloud as an intelligent solution that enables different business processes such as idea to design, procure to pay, plan to production, order to cash, offer to project and core finance.

“SAP S/4HANA Cloud is a wel l-established operational ERP system, focused on utilizing artificial intelligence [AI] to optimize business processes,” said Mickey North Rizza, program vice president for enterprise applications and digital commerce at IDC. Among its key strengths is its single in-memory columnar data model for both transactions and analytics, which removes repeating data and gives real-time insight.

Combined with AI-powered set of functionalities within ER P to automate routine work and flag exceptions for human action, SAP S/4HANA Cloud has a capacity to automate half of all ERP activities in the next three years.

It also boasts of a conversational user experience with an intelligent digital assistant for the enterprise, SAP CoPilot.

Customers have deployment options for this ERP solution, including Cloud, on-premise or hybrid.

Managing hybrid scenarios is easier and cheaper given the SAP’s one code line, one data model and one user experience for both cloud and on-premise deployments.

SAP S/4HANA is a smart

business software suite that allows companies to address current challenges and future opportunities with flexibility, speed and insight.

It is a vital part of the digital core that drives digitization and delivers instant business value.

Designed to leverage on SAP’s industry-leading inmemory computing platform, SAP S/4HANA offers incredible flexibility and speed via a dramatically simplified data model.

A market leader in its category, this solution provides unmatched intelligence and automation.

Driven by machine learning, it is advancing at a more rapid pace than ever, resulting in happy customers and accelerated adoption, said Jan Gilg, senior vice president and head of SAP S/4HANA. SAP is the leading enterprise application software, helping companies of all sizes and in all industries run at their best. In fact, 77 percent of the world ’s transaction revenue touches on system.

T he company’s end-toend suite of applications and services enables more than 437,000 business and public customers to operate profitably, adapt continuously and make a difference.

In the Philippines, SAP makes the digital transformation journeys of the country’s top innovating companies.

JG Su mm it Hold ings Inc., for instance, uses SAP S/4HANA solution, spurring new growth areas for its main corporate arm, its subsidiaries and affiliates.

Globe Telecom Inc. digitalizes its finance processes, enabling real-time decision making and supporting agile environment using S4/HANA business suite platform, as well as Concur and Ariba procure-to-pay (P2P) service solutions, to keep up with the fast-changing landscape of the business and market.

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Companies BusinessMirror

Tuesday, May 14, 2019

PSE STOCK QUOTATIONS

May 10, 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 PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK BRIGHT KINDLE BDO LEASING COL FINANCIAL FIRST ABACUS FERRONOUX HLDG IREMIT MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

58 135 83.85 27.3 11.24 72.5 53.7 58 110.4 26.9 170 59.9 1.3 2.16 18.9 0.55 4.48 1.36 0.47 0.89 179.1 1795 1.12

58.5 135.8 84.75 27.35 11.3 72.6 53.8 58.5 120 27 171.9 60 1.34 2.18 18.92 0.59 4.69 1.39 0.485 0.92 182.5 1825 1.14

58.05 134.2 82.35 27.5 11.5 72.7 54.15 58.5 110.3 27 170.1 59.8 1.35 2.16 18.92 0.55 4.54 1.39 0.485 0.9 181.5 1800 1.12

58.05 136 84.75 27.5 11.5 73.2 54.8 58.75 110.4 27.25 173.6 60 1.35 2.19 18.92 0.55 4.7 1.39 0.485 0.9 181.5 1800 1.12

58 133 82.2 27.3 11.2 72.5 53.7 58 110.3 26.85 169 59.8 1.32 2.16 18.92 0.55 4.49 1.35 0.485 0.89 180 1795 1.12

58 135.8 84.75 27.35 11.24 72.5 53.7 58.5 110.4 27 171.9 59.9 1.34 2.16 18.92 0.55 4.69 1.35 0.485 0.89 180 1795 1.12

510 1489030 1526140 65000 349800 1892260 129040 2730 30 217500 365650 14970 12000 46000 100200 1000 65000 12000 50000 216000 640 10 204000

29587 201088411 126456263.5 1778695 3941576 137435620.5 6975507 159655 3311 5869645 62521735 896684 16020 99420 1895784 550 294070 16600 24250 192520 115573 17975 228480

-580 -32834615 -28352867 -604440 -441202 -86239641 -166088.5 -852645 -33088061 -802639 1892000 550 -8910 -111973 -

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

1.38 35.2 0.244 20.7 76.85 371.2 21.5 5.99 4.42 1.97 11.92 43.5 6.76 15.54 14.6 15.02 5.5 10.54 7.52 111.9 0.76 36.75 302 46 9.22 13.92 0.19 1.18 13.34 1.62 4.8 2.04 0.128 160 1.26 2.5 2.64 5.34 15.98 9.1 15.3 22 9.45 0.91 1.02 1.91 3.93 3.21 4.8 2.41 10.1 1.76 5.66 1.24 26.25

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

0.64 15.1 890 48.6 13.6 6.5 0.75 1.33 1.35 7.11 10.38 13.7 0.255 849.5 6.17 61.5 0.49 4.42 16.46 0.55 4.28 0.038 3.02 1.07 1.35 430 925 189 0.8 2.38 270 0.235 0.34

1.39 35.3 0.25 20.75 77 373 21.55 6 4.5 1.98 12 43.75 6.8 15.58 15.92 15.4 5.6 10.76 7.56 112 0.77 37.5 302.8 50 9.79 14 0.198 1.2 13.6 1.74 4.85 2.11 0.134 161 1.27 2.57 2.65 5.35 16 9.3 15.32 22.05 9.46 0.93 1.03 1.94 4.2 3.4 4.85 2.42 10.12 1.78 5.8 1.25 26.5

1.38 34.55 0.255 20.8 76.6 373.2 21.55 6.01 4.4 1.77 11.96 44.6 6.8 15.6 14.6 15.02 5.6 10.78 7.56 114 0.79 35.5 302 45 9.21 14.8 0.19 1.23 13.68 1.61 4.8 2.05 0.134 159.5 1.23 2.52 2.48 5.45 15.98 9.1 15.02 21.95 9.48 0.95 1.07 1.89 3.92 3.28 4.82 2.42 10.12 1.76 5.95 1.26 27

1.39 35.5 0.255 20.9 77.2 379.8 22.15 6.02 4.5 2.03 12.1 44.65 6.85 15.64 15.96 15.38 5.6 10.78 7.56 115 0.79 38 305 50 9.21 14.8 0.19 1.23 13.7 1.75 4.8 2.05 0.134 162.8 1.27 2.59 2.65 5.45 16.04 9.1 16 22.3 9.48 0.97 1.09 1.9 3.92 3.49 5.15 2.45 10.16 1.78 6 1.27 28

1.38 34.55 0.242 20.3 76.6 371.2 21.5 5.93 4.4 1.77 11.92 43.5 6.7 15.2 14.5 15 5.5 10.5 7.51 112 0.76 35.5 302 45 9.21 13.76 0.19 1.17 13 1.61 4.8 2 0.128 158.1 1.2 2.5 2.45 5.35 15.8 9.1 14.7 21.95 9.48 0.91 0.99 1.89 3.92 3.25 4.8 2.35 9.9 1.76 5.8 1.22 26.4

1.39 35.2 0.25 20.75 77 371.2 21.55 5.99 4.48 1.97 12.1 43.75 6.8 15.6 15.92 15.02 5.5 10.76 7.52 112 0.77 37.5 302.8 50 9.21 14 0.19 1.2 13.34 1.75 4.8 2.02 0.128 160 1.27 2.57 2.65 5.35 15.98 9.1 15.3 22 9.48 0.93 1.02 1.9 3.92 3.49 4.85 2.41 10.1 1.78 5.8 1.25 26.5

281000 1800100 1260000 3283300 54520 171460 2360900 2535600 128000 76927000 135600 371000 224300 226700 13400 3471400 4400 855100 7143000 333040 957000 697500 431890 510 900 2012600 160000 5910000 433000 108000 7000 94000 230000 1523100 6233000 188000 78346000 143500 3123900 115100 50859500 2321800 9500 326000 6301000 326000 1000 14000 61000 8259000 1427400 31000 30500 113000 93000

387940 63,480,925( 25,244,579.9996) 310590 67781930 -12867950 4191312 -2142809 63889908 -38354166 50917825 -8909245 15164544 -2038690 566350 147987000 -1682860 1629092 16246945 -1388715 1520902 79560 3524492 1050654 195652 29000 52152944 -509482 24240 -2240 9054928 -5045538 53714955 -24402122 37657141 -15119261 731950 25827230 2968000 130750970 -53830356 23000 8289 28347302 -6581872 30400 7042600 2425120 5788628 202134 176960 33600 190640 29500 243713427 7377920 7695910 -197920 472220 125000 200330100 42508810 768915 49926070 9473870 1047410 -83720 776640028 34532188 51079315 46704060 90060 305170 6452260 19420 617140 3920 46080 294240 -231000 19846550 1751950 14372409 5203435.0003 54950 178822 140910 2520780 -270000

HOLDING & FRIMS 0.65 15.28 891 49.9 13.8 6.7 0.76 1.34 1.36 7.23 10.4 13.8 0.275 850 6.18 61.55 0.51 4.5 16.92 0.56 4.29 0.04 3.04 1.14 1.37 485 926.5 190 0.84 2.45 274.8 0.238 0.345

0.66 16.2 889 51 13.62 6.5 0.78 1.34 1.36 7.26 10.52 14.5 0.275 845 6.17 60.9 0.59 4.52 16.72 0.55 4.23 0.039 3.04 1.15 1.35 430 931.5 192.5 0.85 2.39 274 0.24 0.345

0.66 16.2 897 51.2 13.96 6.5 0.78 1.35 1.36 7.4 10.6 14.5 0.28 865 6.17 62 0.59 4.52 16.92 0.55 4.3 0.039 3.08 1.15 1.35 433 955 192.5 0.85 2.39 275 0.24 0.35

0.62 15.1 887.5 48.6 13.42 6.5 0.74 1.32 1.35 7 10.32 13.8 0.25 845 6.17 60.9 0.51 4.42 16.32 0.55 4.23 0.038 3 1.15 1.35 430 917 186.8 0.8 2.39 269.8 0.234 0.335

0.65 15.1 890 48.6 13.6 6.5 0.76 1.33 1.36 7.11 10.38 13.8 0.28 850 6.17 61.5 0.51 4.42 16.92 0.55 4.29 0.039 3.04 1.15 1.35 430 925 190 0.8 2.39 274.8 0.238 0.345

16584000 98100 506040 3521790 12240300 78300 551000 3277000 584000 574200 3440800 151300 160000 313820 4700 2783210 6000 408000 690300 177000 9973000 10000000 1145000 5000 53000 100 282970 294730 563000 7000 2330 600000 6230000

10576790 1508764 451117485 176389250.5 167062378 508950 411000 4365580 790900 4094884 35908396 2106400 43000 267088560 28999 171118124.5 3250 1830720 11540212 97350 42538000 389400 3487470 5750 71550 43080 261713110 55655564 459030 16730 639106 141320 2131250

-63630 -126320 25232035 -67261718 -81962982 32500 136000 -1318640 -16706166 153422 -21490270 -48301566.5 -989210 -879300 97350 -24659290 811030 -134555665 991343 -350394 357650

PROPERTY

ARTHALAND CORP 0.77 0.78 0.77 0.78 0.76 0.77 444000 341430 ANCHOR LAND 10.24 11.22 11.28 11.28 11.28 11.28 100 1128 AYALA LAND 47 47.2 47 47.5 46.1 47 11832700 555660410 28319620 ARANETA PROP 2.16 2.22 2.26 2.26 2.14 2.22 355000 768050 BELLE CORP 2.38 2.4 2.38 2.4 2.35 2.38 31000 73530 -7110 A BROWN 0.73 0.75 0.73 0.75 0.73 0.75 488000 357480 CITYLAND DEVT 0.86 0.89 0.89 0.89 0.85 0.85 199000 169310 CROWN EQUITIES 0.235 0.238 0.234 0.238 0.232 0.238 2560000 597800 CEBU HLDG 6.32 6.4 6.3 6.4 6.3 6.4 8500 53894 CEB LANDMASTERS 4.67 4.69 4.64 4.73 4.62 4.69 980000 4589840 CENTURY PROP 0.52 0.53 0.52 0.54 0.52 0.53 14141000 7495330 -36040 CYBER BAY 0.375 0.39 0.375 0.375 0.375 0.375 10000 3750 DOUBLEDRAGON 23.65 23.75 25.5 26.35 23.2 23.65 2391800 58183625 -11749045 DM WENCESLAO 10.72 10.74 10.88 11 10.72 10.74 509100 5519490 1236950 EMPIRE EAST 0.475 0.48 0.48 0.48 0.475 0.475 2560000 1219900 EVER GOTESCO 0.125 0.134 0.125 0.125 0.125 0.125 660000 82500 FILINVEST LAND 1.56 1.57 1.55 1.59 1.55 1.56 8603000 13543200 -1822630 GLOBAL ESTATE 1.34 1.35 1.32 1.35 1.32 1.34 1259000 1680670 8990 HLDG 14.2 14.22 14.42 14.46 14.22 14.22 210900 3028408 -476920 PHIL INFRADEV 1.84 1.85 1.75 1.86 1.74 1.84 4547000 8259020 -1018550 CITY AND LAND 0.76 0.78 0.78 0.78 0.78 0.78 10000 7800 MEGAWORLD 5.33 5.42 5.41 5.58 5.33 5.33 27318000 148051089 5653379 MRC ALLIED 0.335 0.34 0.34 0.34 0.33 0.34 13440000 4510950 215900 PHIL ESTATES 0.485 0.49 0.48 0.485 0.48 0.485 900000 433950 PRIMEX CORP 2.67 2.75 2.78 2.78 2.65 2.75 230000 625360 ROBINSONS LAND 23.15 23.8 23.15 23.8 22.95 23.8 1479300 34688610 -10593280 PHIL REALTY 0.45 0.46 0.46 0.46 0.45 0.45 350000 159750 ROCKWELL 1.95 1.98 1.96 1.97 1.94 1.94 493000 962760 3880 SHANG PROP 2.95 3 3 3 2.95 3 61000 180340 STA LUCIA LAND 1.9 1.91 1.85 1.92 1.85 1.91 1671000 3177680 SM PRIME HLDG 38.45 38.5 38.6 39.65 38.5 38.5 11533800 445839385 -183208100 STARMALLS 6.65 6.7 6.74 6.76 6.61 6.7 269800 1799917 SUNTRUST HOME 0.72 0.75 0.75 0.75 0.75 0.75 1000 750 PTFC REDEV CORP 45.5 49.1 49.45 49.45 49.45 49.45 200 9890 VISTA LAND 7.11 7.21 7.1 7.21 7.07 7.21 2821900 20217272 -8429457

SERVICES ABS CBN 19.02 19.1 19.2 19.2 19 19.02 43500 829574 GMA NETWORK 5.2 5.23 5.2 5.2 5.14 5.2 164800 851315 MANILA BULLETIN 0.53 0.54 0.55 0.55 0.53 0.54 1260000 681460 GLOBE TELECOM 1995 1996 2000 2012 1975 1995 90365 180310380 68874585 PLDT 1240 1254 1288 1288 1240 1240 167310 212543815 40398885 APOLLO GLOBAL 0.043 0.045 0.042 0.045 0.042 0.045 8800000 374300 DFNN INC 6.38 6.46 6.4 6.87 6.38 6.46 103800 678086 -368648 ISLAND INFO 0.123 0.126 0.123 0.127 0.123 0.126 720000 88630 ISM COMM 5.81 5.82 5.68 5.84 5.66 5.82 5442600 31530856 587986 NOW CORP 2.07 2.08 2.06 2.07 2 2.07 2376000 4811760 -32800 TRANSPACIFIC BR 0.325 0.33 0.325 0.33 0.32 0.325 6050000 1968700 422500 PHILWEB 2.82 2.84 2.85 2.85 2.8 2.82 799000 2253510 2GO GROUP 11.68 12 12.24 12.24 12 12 42400 510626 ASIAN TERMINALS 16.08 16.48 15.9 16.08 15.9 16.08 17300 276890 CHELSEA 5.88 5.9 5.83 5.95 5.83 5.88 1077600 6357170 -96439 CEBU AIR 81.55 83 81 83.75 81 83 101930 8388815.5 1365870 INTL CONTAINER 131.1 133 133.6 134.1 129.9 133 1754930 230861006 -27339529 LORENZO SHIPPNG 0.75 0.79 0.79 0.79 0.75 0.79 135000 103120 MACROASIA 19.9 19.92 20.5 21 19.9 19.9 984300 19719238 768239 METROALLIANCE A 1.66 1.69 1.67 1.67 1.65 1.66 87000 144310 METROALLIANCE B 1.63 1.88 1.66 1.66 1.64 1.64 2000 3300 PAL HLDG 9.85 10 10 10.2 10 10 3600 36160 HARBOR STAR 2.48 2.49 2.64 2.64 2.48 2.49 3335000 8431400 25000 BOULEVARD HLDG 0.066 0.067 0.067 0.068 0.066 0.067 26030000 1728700 GRAND PLAZA 10.04 10.98 10.04 10.04 10.04 10.04 500 5020 WATERFRONT 0.69 0.7 0.71 0.71 0.69 0.7 490000 340980 CENTRO ESCOLAR 7.04 7.42 7.05 7.05 7.04 7.04 1200 8455 IPEOPLE 10.8 11 10.98 11 10.98 11 1800 19780 STI HLDG 0.65 0.67 0.65 0.67 0.65 0.65 723000 475180 -110480 BERJAYA 2.54 2.55 2.6 2.64 2.54 2.55 302000 780200 BLOOMBERRY 10.9 10.92 11.18 11.32 10.6 10.9 16087200 176095968 -62807892 PACIFIC ONLINE 3.19 3.2 3.24 3.36 3.2 3.2 169000 553630 283680 LEISURE AND RES 3.91 3.92 3.85 3.95 3.85 3.91 1069000 4166000 542850 MANILA JOCKEY 5.31 5.38 5.32 5.44 5.25 5.38 1514100 8084091 PH RESORTS GRP 4.18 4.37 4.1 4.38 4.08 4.38 9000 37520 PREMIUM LEISURE 0.67 0.68 0.69 0.69 0.67 0.67 7141000 4829730 -124480 TRAVELLERS 5.63 5.65 5.63 5.63 5.63 5.63 482100 2714223 -2252000 METRO RETAIL 2.77 2.79 2.87 2.89 2.72 2.79 6953000 19332850 331980.0001 PUREGOLD 44.35 44.5 44.75 44.75 44 44.35 425900 18868330 -754585 ROBINSONS RTL 72.4 72.5 72.35 73.5 72.25 72.5 493440 35,780,866( 30,870,194.9996) PHIL SEVEN CORP 113 117 114 115 110 113 960 108550 64160 SSI GROUP 3.18 3.2 3.23 3.31 3.14 3.2 25966000 83850710 2769950 WILCON DEPOT 16.2 16.22 15.82 16.4 15.8 16.2 1459900 23576760 -2553862 APC GROUP 0.4 0.41 0.4 0.4 0.4 0.4 60000 24000 EASYCALL 10.48 10.5 10.6 11 10.5 10.5 76400 810980 GOLDEN BRIA 400 409.8 400 409.8 395.8 409.8 2020 825380 IPM HLDG 6.84 6.88 6.88 6.88 6.85 6.85 10500 72110 PRMIERE HORIZON 0.89 0.9 0.9 0.92 0.89 0.9 19208000 17353200 -1813880 SBS PHIL CORP 9.46 9.5 9.23 9.54 9.17 9.5 245300 2299947

MINING & OIL ATOK 11.22 11.88 11.1 12.1 11.1 12.1 2500 28250 APEX MINING 1.24 1.26 1.24 1.26 1.23 1.24 807000 1001580 -397000 ABRA MINING 0.0018 0.0019 0.002 0.002 0.0018 0.0018 50000000 91200 ATLAS MINING 2.79 2.84 2.81 2.81 2.79 2.79 61000 170210 BENGUET A 1.25 1.3 1.39 1.39 1.3 1.3 6000 8250 CENTURY PEAK 2.83 2.84 2.82 2.85 2.75 2.85 422000 1183220 DIZON MINES 7.72 7.88 7.72 7.91 7.72 7.87 1200 9298 FERRONICKEL 1.62 1.63 1.63 1.63 1.6 1.63 50214000 81110100 934090 GEOGRACE 0.233 0.239 0.241 0.243 0.232 0.24 510000 119560 LEPANTO A 0.113 0.115 0.115 0.115 0.115 0.115 100000 11500 MANILA MINING B 0.0079 0.0085 0.0079 0.0079 0.0079 0.0079 2000000 15800 MARCVENTURES 1.03 1.05 1.02 1.05 1.02 1.05 127000 129570 NIHAO 0.97 1 1 1 0.97 1 24000 23560 NICKEL ASIA 2.3 2.31 2.35 2.37 2.3 2.3 2039000 4744150 -240690 ORNTL PENINSULA 0.88 0.89 0.89 0.89 0.88 0.89 168000 149380 PX MINING 3.06 3.1 3.08 3.14 3.05 3.06 654000 2007100 -30740 SEMIRARA MINING 21.7 21.75 22.5 22.5 21.5 21.7 3096600 67282860 27797390 UNITED PARAGON 0.0068 0.0074 0.0068 0.0068 0.0068 0.0068 7000000 47600 ORNTL PETROL A 0.011 0.012 0.011 0.012 0.011 0.012 30900000 354900 ORNTL PETROL B 0.011 0.012 0.011 0.012 0.011 0.012 1800000 19900 5500 PHILODRILL 0.011 0.012 0.011 0.011 0.011 0.011 13300000 146300 PHINMA PETRO 3.69 3.7 3.61 3.81 3.61 3.7 405000 1524250 PXP ENERGY 7.8 7.83 7.8 7.9 7.74 7.8 690800 5383442 -609960

PREFFERED

HOUSE PREF A 92.5 97.5 91 97.5 91 97.5 40 3835 AC PREF B2 495.8 500 495 498 495 498 3390 1682176 DD PREF 96.25 98 98 98 98 98 230 22540 SMC FB PREF 2 967 975 975 975 975 975 6710 6542250 GLO PREF P 485 494 494 494 494 494 1020 503880 -503880 GTCAP PREF A 875 917 917 917 917 917 130 119210 GTCAP PREF B 955 959 955 955 955 955 1680 1604400 LR PREF 0.98 0.99 0.99 0.99 0.98 0.98 365000 357750 PCOR PREF 2A 970.5 999 975 975 975 975 60 58500 SMC PREF 2B 74.95 75 75 75.5 74.85 75.5 370 27705.5 SMC PREF 2C 76 76.1 76.1 76.1 76.1 76.1 460 35006 SMC PREF 2D 71.5 71.85 71.5 71.5 71.2 71.5 17700 1265340 SMC PREF 2F 73.7 73.75 73.75 73.75 73.7 73.75 24600 1814112.5 SMC PREF 2G 73.7 74.35 73.7 73.7 73.7 73.7 5360 395032 SMC PREF 2H 72.3 73.65 72.75 73.7 72.75 73.7 71800 5229214.5 SMC PREF 2I 71.65 73.5 73.5 73.5 73.5 73.5 6800 499800 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

18.62 5.02

19.1 5.29

18.62 5.24

18.62 5.3

18.62 5.02

18.62 5.02

4000 40200

74480 212007

WARRANTS LR WARRANT

1.91

SMALL & MEDIUM ENTERPRISES ITALPINAS 4.9 XURPAS 1

1.95

1.88

1.95

1.88

1.95

79000

151540

-

4.94 1.01

4.95 1.05

5.05 1.07

4.84 1

4.9 1

1109000 15705000

5441280 15847960

1054380 -1686400

EXHANGE TRADE FUNDS FIRST METRO ETF

116

-74480 -

116.5

117.1

117.1

115.8

116

7130

828850

2326

www.businessmirror.com.ph

Nissan nixes Renault’s renewed efforts to merge

N

ISSAN Motor Co. is opposing renewed efforts by alliance partner Renault SA to merge under a holding company because such a structure won’t help turn the Japanese carmaker around, a person with knowledge of the discussions said.

Talks have been ongoing since Renault Chairman Jean-Dominique Senard first made an informal proposal to Nissan CEO Hiroto Saikawa in April, the person said, asking not to be identified because the discussions aren’t public. Nissan rebuffed the idea then and has continued to oppose it, the person said.

News of the talks comes as Nissan is set to report on Tuesday its lowest annual operating profit in a decade, hurt by slumping US sales, aging models and a product cycle that’s out of sync. The merger proposal came after the most tumultuous few months in the companies’ two-decade partnership, which was shaken by the shock arrest of the alliance’s chief architect and former chairman, Carlos Ghosn.

Nissan declined to comment on the discussions. Representatives for Renault didn’t immediately respond to requests for comment.

A merger under a holding company won’t help solve Nissan’s current operational issues, such as high fixed-costs, unprofitable models and flawed Datsun and Infiniti brand strategies, the person said, adding that a new structure will cause delays in addressing these issues because of logistical and regulatory hurdles.

Combining the companies under a single entity won’t add benefits of scale because they already share purchasing and development costs, the person added. Japanese broadcaster TBS reported earlier on Monday that Renault had made a formal offer to merge with Nissan under a holding company structure, citing unidentified people. TBS didn’t elaborate on what it meant by formal, or when the proposal was made. The Japanese government has also spurned efforts

by Renault to engage in merger talks, according to the Financial Times.

No formal proposal has been made to Nissan, according to a person close to Renault. A Nissan representative declined to comment on TBS’s report.

Although the French automaker agreed in 2015 not to interfere in the Nissan board’s decision-making, the Japanese company’s financial weakness could give Renault an opening to push harder for a merger. The combination would give Renault and Nissan heft as the industry is going through a radical shift toward electric and self-driving vehicles.

The proposal revived by Senard calls for a holding-company structure, which would provide for equal ownership and board representation

Stocks fall, dollar climbs on trade talks deadlock

U

S equity futures slumped with Asian shares while European equities edged lower as investors awaited details on the countermeasures China warned it would impose following last week’s escalation in the trade war between the world’s top 2 economies. The yuan tumbled and Treasuries rallied.

Contracts on the S&P 500, Dow Jones Industrial Average and Nasdaq 100 indexes all slid, pointing to a big drop at the US open. In Europe, the Stoxx Europe 600 index was dragged into the red by automakers. With no date scheduled for a resumption in bilateral Sino-US talks, shares dropped across Asia, with the sharpest declines in Taipei and Seoul. Hong Kong was closed for a holiday. Haven assets advanced, with 10-year Treasury yields falling to the lowest level since late March. The yen strengthened while commodities slipped.

Investors are struggling to find positive catalysts for risk assets after the US increased levies on about $200 billion worth of Chinese goods and Beijing was thought to be preparing a retaliation.

While both economic superpowers have worked

hard since talks ended on Friday to project calm and emphasize that they plan to continue negotiations, markets seem unable to shake off the current gloomy mood.

“Central banks this year have switched into this dovish pivot—that’s allowed the market to continue higher whatever the weather” until recently, said Eleanor Creagh, Sydney-based Australia market strategist at Saxo Capital Markets, on Bloomberg Television. “With the breakdown of these trade negotiations people will have to sit back and think how far this dovish central bank stance can really continue to carry us.”

Trump weighed in further on the state of trade negotiations with China, saying that the US was “right where we want to be” and that it would be wise for China to “act now” to complete a trade deal. Larry Kudlow, Trump’s top economic adviser, told Fox News that China invited Trade Rep.Robert Lighthizer and Treasury Secretary Steven Mnuchin back to Beijing, though no date has been set. He also said Trump would meet with Chinese President Xi Jinping during the G-20 meeting in late June. Bloomberg News

Malaysia bubble tea chain seeks $72-M IPO

L

OOB Holding Sdn., which owns the Tealive bubble tea brand, is planning a Malaysian initial public offering that could raise as much as 300 million ringgit ($72 million), said people with knowledge of the matter.

The Kuala Lumpur-based company has hired advisers for the planned share sale, according to the people, asking not to be named as the information is private. The firm is considering seeking a valuation of as much as 1 billion ringgit and targets a listing next year, the people said.

Bryan Loo, Loob Holding’s CEO, confirmed the company is planning to list in

the first half of next year.

“We have engaged corporate advisers for this exercise,” Loo said in an e-mailed response to Bloomberg queries. “We cannot confirm the valuation sought nor the IPO portion, pending final recommendations from our advisers.”

Malaysia has seen $9.4 million first-time share sales so far this year, far less than the $47.8 million in the same period in 2018, according to data compiled by Bloomberg. The country’s IPO market is expecting a boost this month from a $250-million offering by Leong Hup International Bhd. and some of its existing shareholders. Bloomberg News

for Renault and Nissan, people familiar with the situation have said.

While the aim of such a structure is to gain Nissan’s support, Saikawa rejected a request last month by Senard to reconsider a merger, people familiar have said.

The French and Japanese manufacturers, along with third partner Mitsubishi Motors Corp., make 10.8 million cars each year—nearly double Ford Motor Co.’s global deliveries. The alliance—currently held together by a series of cross-shareholdings—would be second only to Germany’s Volkswagen AG, with Toyota Motor Corp. a close third.

Auto manufacturers are grappling with investments needed to keep pace in the race to develop selfdriving and electric vehicles, while ride-sharing services such as Uber Technologies Inc. nip away customers and trade tensions roil markets.

Nissan last month warned investors of bad times ahead as it cut preliminary profit for the year ended March to ¥318 billion ($2.8 billion), a 30-percent decline from the previous guidance, which itself had been lowered. That would mark the first time the Japanese carmaker earned less than Renault in a decade.

Nissan may also announce it’s

MUTUAL FUNDS

paring its midterm revenue targets, according to a person familiar with the matter, who didn’t want to be identified discussing company business. The carmaker will lower its fiscal 2022 revenue target to about ¥14 trillion from the existing target of ¥16.5 trillion and cut its operating margin target to about 6 percent from 8 percent, the person said, confirming an earlier report in the Asahi newspaper. Nissan declined to comment on the Asahi report.

Renault is treading carefully in its relations with Nissan. Their crossshareholding is governed by an agreement known as Rama, which was last updated in 2015 with extensive governance provisions that have never been made public. Any unilateral move by either Renault or Nissan to tip the balance could trigger an all-out war for control.

Renault owns 43 percent of Nissan—the bigger partner—which in turn owns 15 percent of Renault, with no voting rights. The 2015 agreement granted Nissan guarantees preventing Renault from interfering in its governance, a move the Japanese carmaker considered necessary because the French government is Renault’s most powerful shareholder. Bloomberg News

May 10, 2019

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 258.61 -0.16% 1.56% 0.58% 2.53% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.593 3.43% 10.72% 2.52% 10.56% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.0276 -2.23% 1.89% -0.43% 3.19% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9238 1.04% N.A. N.A. 3.74% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8584 2.19% N.A. N.A. 4.59% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.3911 0.9% 1.17% 0.39% 2.28% MBG EQUITY INVESTMENT FUND, INC. -A 123.66 7.87% N.A. N.A. 6.18% ONE WEALTHY NATION FUND, INC. -A 0.8616 -0.44% -3.6% N.A. 3.51% PAMI EQUITY INDEX FUND, INC. -A 51.2402 2.48% 2.76% N.A. 4.14% PHILAM STRATEGIC GROWTH FUND, INC. -A 534.39 1.51% 1.62% 0.48% 3.82% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3005 3.3% 3.38% 3.02% 3.71% PHILEQUITY FUND, INC. -A 38.1955 3.38% 4.18% 2.56% 4.27% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.02 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.1903 3.18% 3.73% 2.81% 4.67% PHILIPPINE STOCK INDEX FUND CORP. -A 866.41 3.27% 3.41% 2.75% 4.58% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9171 4.87% 2.61% N.A. 6.49% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.2671 4.26% 3.81% 2.02% 5.13% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.9962 2.79% 3.4% N.A. 4.39% UNITED FUND, INC. -A 3.6724 3.72% 5.72% 2.62% 4.9% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 116.0021 3.65% 4.54% 3.83% 4.74% ATRAM ASIAPLUS EQUITY FUND, INC. -B $0.9978 -8.52% 6.58% 1.04% 7.39% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2783 -0.36% 8.71% N.A. 15.67% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.701 0.24% -0.34% -1.74% 3.02% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.2838 -0.51% 1.26% 0.36% 3.38% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6146 0.81% -0.53% -1.79% 2.78% GREPALIFE BALANCED FUND CORPORATION -A 1.345 0.17% N.A. N.A. 3.12% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9096 3.13% 1.72% 1.14% 3.61% PAMI HORIZON FUND, INC. -A 3.6466 0.75% 0.33% 0.16% 3.32% PHILAM FUND, INC. -A 16.4814 1.95% 0.63% 0.25% 3.61% SOLIDARITAS FUND, INC. -A 2.1229 1.99% 1.78% 1.74% 2.44% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.821 4% 1.78% 1.29% 4.64% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 0.992 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 0.9885 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 0.9858 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.98 4.68% 1.91% N.A. 6.33% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03634 4.55% 0.68% 1.57% 3.09% PAMI ASIA BALANCED FUND, INC. -A $0.9775 -6.83% 3.66% -0.52% 4.41% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.693 1.09% 6.32% 2.87% 11.62% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.0891 1.23% 3.74% N.A. 7.83% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 348.3 2.97% 2.1% 2.18% 1.43% ATRAM CORPORATE BOND FUND, INC. -A ,1 1.8872 1.48% -0.1% -0.24% 1.51% COCOLIFE FIXED INCOME FUND, INC. -A 3.0283 5.41% 5.3% 5.27% 1.94% EKKLESIA MUTUAL FUND INC. -A 2.1641 2.47% 1.26% 1.83% 1.58% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.2707 2.47% 0.64% 1.01% 2.78% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6035 1.47% -0.66% 0.28% 2.5% PHILAM BOND FUND, INC. -A 4.0644 2.18% -0.1% 0.91% 3.69% PHILEQUITY PESO BOND FUND, INC. -A 3.6154 3.74% 1.1% 1.14% 2.79% SOLDIVO BOND FUND, INC. -A 0.9225 1.26% -0.47% N.A. 3.35% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 2.9005 5.76% 1.55% 1.88% 4.87% SUN LIFE PROSPERITY GS FUND, INC. -A 1.609 5.32% 1.05% 1.42% 4.49% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $455.01 3.13% 1.86% 2.79% 1.5% ALFM EURO BOND FUND, INC. -A Є216.05 1.56% 1.42% 1.52% 1.6% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1694 5.1% 1.66% 2.18% 3.87% 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 $1.7139 1.03% -1.23% 0.77% 1.4% 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 $1.0659 3.26% -0.59% -2.41% 2.73% PHILAM DOLLAR BOND FUND, INC. -A $2.2706 6.17% 0.63% 2.67% 4.58% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0582865 3.1% 1.21% 1.71% 2.29% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.9946 3.7% 0.11% 2.1% 4.27% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 122.79 3.53% 2.27% 1.83% 1.61% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0104 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.2002 2.98% 1.32% 0.83% 1.55% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2372 3.4% 2.54% 1.91% 1.49% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0249 2.09% N.A. N.A. 0.89%

* - 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

Special Feature SPARKLING LANDMARK OF SUNSHINE MANILA

Citystate Tower Hotel celebrates 20th anniversary C

ELEBRATING its 20th anniversary in the hospitality business, Citystate Tower Hotel has one big claim to fame. It has been a leader in the efforts to beautify and restore Ermita district to its former glory as the tourist belt of Manila, along with nearby Malate district.

Today, Ermita is back to its old glory as one of Manila’s vibrant districts, once again a major tourist area close to the city’s most historically and culturally significant landmarks and institutions.

The formal opening on May 12, 1999, of Citystate Tower Hotel marked one big step toward the revival of Ermita as a center of leisure, entertainment and gracious accommodations for tourists foreign and local.

As guest of honor, no less than Lito Atienza, then-Manila mayor, had praised the opening of Citystate Tower Hotel as a private-sector initiative that boosted the city government’s efforts to rehabilitate Ermita and Malate districts as the city’s tourist and recreation belt.

Atienza commended the group of Citystate Tower’s investors led by Ambassador Antonio L. Cabangon Chua for converting what was an eyesore for more than 20 years into an impressive-looking first-class hotel.

Completely rebuilt in record time in1999, the flashy 12-story building with its glass and concrete façade reigns over the area as a shining landmark of Manila. Its current president, D. Edgard A. Cabangon, continues his father’s commitment to promote and preserve Citystate Tower as a favored destination of pleasure and business travelers.

Today, 20 years since its opening, Citystate Tower Hotel receives a steady flow of arriving guests from abroad and from all over the country looking for pleasant

CITYSTATE TOWER STAIRWAY

rooms to stay in. It also hosts a variety of business and social gatherings held by different professional, civic and social organizations. Families celebrating milestones are also among its regular clients.

Over the years, it has built a name as a center of world-class entertainment and fine dining establishments, stylish accommodations and convenient business facilities for the budgetconscious traveler.

From its ideal location at 1315 A. Mabini Street,Ermita,Manila, it has been a favored destination of tourists and business travelers who want to experience total comfort and convenience amid the bustle of the district which now houses many business shops.

In terms of service and facility, Citystate Tower Hotel is known in the industry as a leader among first-class hotels, a perfect place to dine in and unwind, and an ideal base to stay in during visits in Manila, for being close to business and commercial establishments, embassies, historical sites and landmarks.

Housing a branch of Citystate Savings

Bank at the ground floor, the hotel has 214 rooms, five function halls at the fifth floor, two smaller halls at the 12th floor and one boardroom at the 11th floor. Since the opening of the fifth floor function halls, they have been the preferred venues for social events, particularly weddings and debuts, because of their size and high impressive ceilings. The fifth floor function rooms can be collapsed into one big hall that can accommodate gatherings like conventions of up to 700 people.

The 12th floor halls, one boasting a glorious view of the Manila Bay and its famed sunset, are used for smaller events and seminars.

Its fine dining outlets include Tower Cafe offering guests an international fare, Ristorante d’Amore specializing in Italian recipes, and Ka Freddie’s Bar featuring singer Freddie Aguilar.

Those familiar with the 60s and 70s vibes of the old Ermita district will agree that at Citystate Tower Hotel, one can experience the ambience of the district’s gentler glory days.

MESSAGE

Warmest congratulations to the Citystate Tower Hotel team as we celebrate our 20th anniversary.

Words are not enough to express my happiness and gratitude for the success that Citystate Tower Hotel now enjoys. We know what a big challenge our founder, my father Ambassador Antonio L. Cabangon Chua, had to overcome in opening Citystate Tower Hotel on May 12, 1999.

But true to his motto—Make things happen; don’t wait for things to happen—he took on the challenge and made this success happen. Undaunted, and aided by some similarly bold and daring fellow investors, he converted and renovated a structure that had been considered an eyesore in Ermita district into the impressive elegant-looking hotel that it is now.

Today, Ermita and the nearby district of Malate have regained their place as a beautiful tourist belt and a sparkling corner of the city of Manila. Citystate Tower Hotel holds the distinction of having made this happen by being a leader in the public and private sector efforts to revive the area.

All this would not have been possible without the hard work, cooperation and dedication of the officers and staff and support personnel behind the operations of Citystate Tower Hotel.

On behalf of my father, our founder, congratulations to all. May we all grow from strength to strength and, wishing you all the best for the future, let us look forward to celebrating many more years of success as a reigning “landmark in Sunshine Manila.”

D. Edgard A. Cabangon President, Citystate Tower Hotel

Friends from Guam

C

ITYSTATE Tower Hotel enjoys a special relationship with the Republic of Guam.

Yearly, groups and individuals from Guam have been checking into the hotel for stays that averaged from three to five days.

Rodney Robosa, hotel manager, recalls that it all began in 1999. Guests from the US island territory would walk in and check into the hotel. By word of mouth, other Guamanians learned about Citystate Tower Hotel and were encouraged to stay in the hotel during their Manila visits.

Through the hotel’s 20 years, individuals, civic groups and government officials from Guam evolved into the hotel’s regular clientele.

“There was a time when they booked 18 rooms for senior citizens on a group tour. The government has this program organizing group tours for senior citizens and Citystate Tower has been hosting these visits,” said Robosa.

The kind of welcome the hotel gave to the guests is one big reason for this popularity.

“From the start, Amba [Ambassador Antonio L. Cabangon Chua, the hotel’s founder] would make it a point to make them feel at home.

He would entertain them at the hotel’s coffee lounge at the lobby, exchanging pleasantries with them.”

To this day, the tradition of friendship continues. D. Edgard A. Cabangon, the hotel’s president, personally welcomes the Guamanian visitors. On his birthday last April 9, Guamanian Sen. Jose “Pedo” Terlaje was present and expressed pleasure that the friendship begun with the founder continued

Banking&Finance BusinessMirror

T

By Rea Cu

Based on its latest economic bulletin on the country’s GDP, the DOF said the country’s first-quarter GDP— a low 5.6 percent as reported earlier by the Philippine Statistics Authority (PSA)—was a casualty of the budget impasse between the Senate and the House of Representatives, whose leadership the senators accused of trifling with the bicameral conference report even after such had been ratified in plenary by both chambers.

“If the budget were approved as scheduled and disbursements were made promptly, GDP growth in the first quarter would have risen to 7.2 percent. Underspending of P69.5 billion in the first quarter of the year reduced GDP growth by 1.6 percent of GDP,” Finance Undersecretary Gil S. Beltran said.

The country’s first-quarter GDP of 5.6 percent is much lower compared to the reported first-quarter 2018 GDP of 6.5 percent.

Last week, the economic managers pointed out that the budget impasse in Congress in the first three months of the year set off a spending cutback which stifled economic activity.

The non-approval of the 2019 budget bill forced the government to operate on a reenacted 2018 budget for the entire first quarter, resulting in underspending equivalent to P80 billion to 90 billion in disbursements

for the first quarter of 2019.

The economic managers added that the Philippine economy should have grown by at least 1 percentage point higher, at 6.6 to 7.2 percent, in the first quarter instead of the 5.6-percent rate.

Finance Secretary Carlos G. Dominguez III also earlier revealed that state spending fell by some P75 billion in the first three months of the year, based on an estimate of P1-billion loss per day, which meant “lost opportunity to fund new infrastructure projects, a setback aggravated by the public works ban this election campaign period.”

From the expenditure side, the lower growth can be traced to a moderated growth in both government consumption and capital formation/investment, which grew by 7.4 percent and 6.8 percent, respectively, compared to the 13.6 percent and 10.3 percent in the same quarter of last year.

The slowdown in capital formation is explained by the significant contraction in public construction by 8.6 percent compared to the 22.6-percent growth in the same quarter of 2018.

Last week, Dominguez expressed optimism the country will still post a higher GDP print for 2019, as enactment of the 2019 GAA will enable the government to fast-track the implementation of its “Build, Build, Build” infrastructure projects.

Are you eligible to apply for a business loan? The five Cs of credit analysis

W

HETHER you’re planning to start a new business or thinking of expanding your current one, applying for a bank business loan can help you speed things up.

Leveraging on credit is one of the best tools for business growth. Simply saving up for that start-up capital or waiting for your business to generate additional funds can take a long time.

In most cases, capturing emerging trends is an essential part of business success. When a good opportunity comes, don’t let the lack of money or capital stop you from taking action.

So the question now is, how do you know if you’re eligible to apply for a loan, a business loan in particular? Here’s a simple guide to assess yourself.

In the world of finance, there are the five C’s of credit analysis. These are the five components that banks, cooperatives and other lending institutions usually use to evaluate creditworthiness. Let’s discuss each of them.

Capital

ing undertaken with local government units in the Philippines.

Civic and local government groups are undertaking projects to help disadvantaged communities in different parts of the Philippines. Many Guamanians trace their roots to the Philippines.

As it celebrates its 20th anniversary, Citystate Tower Hotel can be proud that it serves as an effective bridge of friendship with guests from many parts of the world, like Guam.

@ReaCuBM

HE country’s gross domestic product (GDP) for the first quarter could have hit 7.2 percent if not for the delayed approval of the 2019 General Appropriations Act (GAA), as underspending for the quarter amounted to P69.5 billion, the Department of Finance said.

THIS is your capacity to pay the loan and is considered as the most important and critical of the five C’s. Banks will look into the financial statements and records of your business to see how it is doing.

If you’re venturing into business for the first time, they’ll look into your income status, personal credit history, and current assets and liabilities to evaluate your eligibility.

In general, owners of businesses that have been operating with consistent and high profits for the past three years or more are likely to get approved for a loan.

There are also other factors to consider but in a nutshell, the bank is looking for “proof” that shows you have the capacity to pay the loan.

to this day with his son Edgard.

Terlaje brought along the Guamanian Cultural Group who entertained guests with their performance of traditional Guamanian song and dances.

In 2002, the Guamanians formally expressed their satisfaction with Citystate Tower by presenting a plaque of appreciation expressing their thanks for “the warm wishes, great service and true friendship” they experienced during visits to monitor projects be-

B3

P69.5-B underspending because of budget row cited for slow Q1 growth

Capacity

RISTORANTE D’AMORE one of Citystate Tower Hotel’s fine dining outlets.

Tuesday, May 14, 2019

THIS is the money you have personally invested into the business and can be seen from your financial records.

This is important for the bank because it shows the level of confidence you have for your business. Why would they risk their money if you yourself have “nothing to lose” if the business fails?

For those who really have no money to fund their business, your “capital” would be your business plan. A clear, comprehensive, and well-researched business plan shows how much dedication and passion you have for the business.

This is something that lenders and investors will expect from you, so make sure to prepare a good business plan.

Collateral

A SECURED business plan will usually have lower interest rates. That’s why you should seriously consider if you can offer a collateral for your business loan.

Fitz Gerard Villafuerte

PERSONAL FINANCE Your collateral can be machinery, equipment and other business assets. Furthermore, you can also opt to pledge your realestate properties and other personal assets such as your car.

If you have no collateral to present, then you’ll most likely get a higher interest rate or be approved only with a small amount for your business loan.

In some cases, this is not necessarily a bad thing. It really all depends on how much you need and for what purpose you need it.

Conditions

CONDITIONS refer to two things. First is your purpose for applying for a business loan, and the second is the local economic conditions.

The latter means that, when the financial climate in your industry is bad, then you’re less likely to be approved for a loan. In short, it’s not you—it’s the economy.

However, this component is really more about your purpose for getting that loan. In general, the best reason would be for business expansion—an intent to put up new branches, to purchase additional equipment, and/or to increase your raw-materials input and production system output.

For other purposes, the bank would most likely be more critical before they approve your loan application.

Character

THIS is the most subjective of all the five components. Character is basically the general impression that you give to your potential creditors.

They will ask themselves questions like: Are you trustworthy? And will you really pay back the loan? Or will it become a bad credit loan for them?

To help them create a more accurate profile, they can look into your educational background and business experience. They might also ask and talk to your references.

But most of the time, they’ll first and foremost look into your credit history and check if you have mishandled accounts, delinquent credit cards and past due loans from others.

Lastly, they’ll also check if there have been legal cases filed against you, your partners or your business.

Fitz Villafuerte is a Registered Financial Planner of RFP Philippines. To learn more about personal financial planning, attend the 76th RFP program in June 2019.

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

B4 Tuesday, May 14, 2019

6TH ANNUAL BATAAN FREEDOM RUN RAISES FUNDS FOR DEATH MARCH MARKERS LANDBANK OPENS 400TH BRANCH, PUSHES FOR ECONOMIC DEVELOPMENT IN JAGNA

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O

VER 1,000 runners joined the sixth annual Bataan Freedom Run, a fund-raising run in Balanga, Bataan, organized by the Philippine Veterans Bank, in partnership with the Philippine Veterans Affairs Office (PVAO) and the Bataan provincial government.

The event is part of activities for the commemoration of the 77th Year of Bataan Death March. Proceeds from the Bataan Freedom Run will be used for the restoration and construction of the Bataan Death March and other historical landmarks.

Runners, sports enthusiasts and other individuals of all ages, together with their families and pets, participated in the activity featuring 42km, 21km, 10km, 5km and 1km races.

Sports enthusiasts and individuals of all ages, together with their families and pets, from Bataan, Manila and other neighboring provinces, joined the event. This year’s Bataan Freedom Run featured a full marathon run up and down Mount Samat, a half marathon, and a noncompetitive 10km and 5km fun run. A 1km run for kids and pets added up to the day’s fun and excitement.

Winners received cash prizes and medals, while finishers of the 42km marathon were given a finisher’s medal and a Bataan Freedom Run Finisher’s shirt.

Nelson Elijeran, Karl Galima and Jenson Magdarag emerged as the top finishers of the 42K ultra marathon, respectively, for male category. Elijeran finished the course in 3:21:00, earning him the top spot, while Galima clocked 3:23:52, then Magdarag followed a few minutes later, clocking in at

3:24:07.

In the ultra marathon female category, runners Jecelyn Elijeran earned first spot with her run of 3:45:24; Cheryll Navarro finished the run with 4:07:04; and Cecille Cardo finished third with 4:18:47.

Since 2014, the Philippine Veterans Bank, together with PVAO and Bataan provincial government, gather in Bataan for various activities that encourages participation of the veterans’ descendants and families, as well as civilians and the military. The monthlong activities are held along the route of the infamous Bataan Death March.

The Death March, considered as one of the darkest days in Philippine History, is the forcible transfer of between 60,000 and 80,000 Filipino and American prisoners of war from Saysain Point in Bagac to Mariveles to Camp O’Donnell in Capas. The prisoners were loaded onto box cars in San Fernando, Pampanga. The transfer began on April 9, 1942, and left thousands dead and seriously wounded after enduring torture under the hands of the Japanese Imperial Army.

This year’s commemoration also include Freedom Trail March, a two-day event that traces the 160-kilometer actual route of the Bataan Death March. The event aims to instill the values of bravery, sacrifice and love for the country. The Freedom Trail March gathered US and Filipino military and police units who marched the entire Bataan Death March route along with other civilians. “Ride for Valor”, a competitive bike tour, was also held in March, which started from Kilometer Zero in Bataan to Capas, Tarlac.

HE Land Bank of the Philippines (LandBank) recently opened its 400th branch in Jagna, a third-class municipality in the province of Bohol.

The opening of its 400th branch marks the bank’s continuing expansion program to bring access to financial services and credit assistance, especially to the unbanked and underserved areas in the country.

“With LandBank’s presence here, we can help not only with your banking requirements, but also in promoting local businesses—microenterprises, cooperatives and SMEs that drive the local economy,” said LandBank President Cecilia C. Borromeo at the opening ceremony.

Gracing the occasion were Jagna Mayor Bonifacio J. Vir tudes Jr. a nd Dr. A nt hony R . Da m a ler io, head of the provincial disaster risk reduction office.

Virtudes thanked the management of LandBank for making Jagna the home of its 400th branch. “Your social mandate of promoting countryside development in the economic and financial growth of Jagna clearly coincides w ith the v ision of the municipality, which is ‘Livable Jagna for Future Generations’,” he said.

Dr. Damalerio, who represented Bohol Governor Edgar M. Chatto, welcomed t he est abl ishment of LandBank Jagna branch that completes the availability of formal banking services in all three districts in Bohol.

The bank has another branch in Talibon and two branches in Tagbilaran City.

LandBank, likew ise, hopes to partner with the municipal government of Jagna for its development projects, now that it seeks to put Jagna in the Bohol tourism road map and further generate local employment.

“This is the overall objective of our continuing expansion program—to bring access to financial service and credit assistance, especially to the unbanked and underserved sectors of our society, so they, too, can be included and become active players in

development,” Borromeo added.

LandBank ’s 400 branches are supplemented by 61 branch-lites and 2,018 ATMs all over the country. This year the bank sets out to further expand its reach, bringing its total number of branches to 410.

Photo shows (from left) Damalerio, Borromeo and Virtudes leading the ribbon cutting at the inauguration of the bank’s branch in Jagna. They are joined by LandBank branch banking sector head a nd Execut ive Vice President Liduvino S. Geron and First Vice President Delma Bandiola.

GOVERNMENT MUST IMPLEMENT FIRST 1K DAYS LAW FURTHER—SAVE THE CHILDREN

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AVE the Children Philippines calls for effective implementation of Republic Act (R A) 11148, or K alusugan at Nutrisyon ng MagNanay Act (First 1,000 Days Law), to address rising cases of stunting and malnutrition among children aged five and below, reaching 7 million across the country, mostly in conflict affected areas in Mindanao.

L aw yer A lber to Muyot, c h ief executive officer of Save the Children Philippines, welcomed the signing of the implementing rules and regulations (IRR) of RA 11148 on May 2, by Health Secretary Francisco Duque at the First 1,000 Days Forum, which ensures strategic nutrition and health services to pregnant mothers and children below two years old, living in deprived and marginalized situations. “ T he passage of t he law is a landmark move to ensure that no child dies from preventable causes before reaching five years old,” Muyot said.

“Save the Children Philippines stands ready to work with the government and civil society in the effective implementation of the IRR of the First 1,000 Days Law to ensure all Filipino children will have a healthy start in life.”

Prior to passage of the law, Save

the Children Philippines has been implementing Project Nutrition among Urban Poor through Unified Response that provides health and nutrition assistance to poor households in eight selected barangay of Navotas City.

In line with Save the Children’s global campaign “Stop the War on Children”, Muyot raises the need to address chronic malnutrition of children affected by armed conflict in Mindanao.

The National Nutrition Survey in 2015 indicates that 45.2 percent ,or close to half of the number of children in conflict affected areas in Mindanao, suffer from chronic malnutrition. The campaign calls on to stakeholdersgovernment and rebel forces to adhere to international humanitarian law to allow children access to food and health services, continue classes and safety from hostilities.

Of the 7 million undernourished children in the Philippines, the survey indicates that 3.7 million, or 33.4 percent, are stunted. The Philippines remains ninth in ten countries with highest number of stunted children in the world, along with famineand war-stricken countries in subSaharan Africa.

“Lost childhoods are increasingly

concentrated among children who suffer from poverty and those affected by conflict,” Muyot said.

He said failure to attend to health and nutrition needs within the first 1,000 days of the child contributes to t he r isk of t he chi ld ’s deat h before reaching five years old. Brain development is very crucial in this period as damage due to suboptimal care and poor nutrition is deemed irreversible or permanent. “ The IRR explicitly mentioned that good health, proper nutrition, early learning, safety and security, and responsive caregiving as key components in implementing the law, delivering a holistic approach [on] the first 1,000 days through multisectoral participation and convergence,” said Dr. A mado Parawan, hea lth and nutrition advisor of Save the Children Philippines.

Save the Children Philippines closely monitors the situation of displaced children from five conflictaffected Mindanao provinces, which reached 76,383 in March. The group cont inues to prov ide tempora r y learning spaces and child-friendly spaces, and other learning materials to displaced children in Mindanao as part of their psychosocial recovery.

MILK TEA TIME! SM City North brings you a tasteful gathering of 12 popular milk tea brands in one place! Keep up with the milk-tea craze and enjoy your favorite brands at the Milk Tea Party happening at Cyberzone L4 Annex until May 19! Go Instagram crazy and play interactive games, too!

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| Tuesday, May 14, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

PORTLAND’S CJ McCollum looks to pass the ball against a tight guarding from Denver’s Torrey Craig AP

KAWHI LEONARD hits the first winning buzzer-beater in a Game Seven in National Basketball Association history. AP

Kawhi Leonard hit a shot from the corner over Joel Embiid at the buzzer that bounced off the rim four times before falling to give the Toronto Raptors a 92-90 victory over the 76ers in Game Seven of the Eastern Conference semifinal series.

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By Ian Harrison The Associated Press

ORONTO—Kawhi Leonard bounced, bounced, bounced, bounced the Philadelphia 76ers out of the playoffs.

Leonard hit a shot from the corner over Joel Embiid at the buzzer that bounced off the rim four times before falling to give the Toronto Raptors a 92-90 victory over the 76ers on Sunday night in Game Seven of the Eastern Conference semifinal series. It was the first winning buzzer-beater in a Game Seven in National Basketball Association (NBA) history.

“It was great,” Leonard said. “That’s something I never experienced before, Game Seven, a game-winning shot. It was a blessing to be able to get to that point and make that shot and feel that moment.”

After Philadelphia’s Jimmy Butler tied it with a driving lay-up with 4.2 seconds left, Toronto used its final timeout to draw up a play for Leonard, who dribbled toward the right corner and launched the high-arching shot.

It bounced to the top of the backboard, hit the near side of the rim again, then the other side twice before going through, setting off a wild celebration as the Raptors advanced to the conference finals for the second time in four seasons. They will open the conference finals on Wednesday night at Milwaukee.

“It’s tough,” Butler said. “Nobody likes to lose, not that way.

Leonard scored 41 points on 16-of-39 shooting.

“He was awesome at both ends,” Raptors Coach Nick Nurse said. “That’s his uniqueness. Not only can he get you 30 and anywhere upwards from that, but there’s moments when he can just decide you’re not scoring, either.”

The Raptors ran a similar play for Leonard during the first round against Orlando. That time, he caught the ball and shot without dribbling.

“Remembering that moment, I knew I had some time to try to get some space, rather than just catch and shoot the ball,” Leonard said. “I ended up finding a spot that I like, that I work on. I just knew I had to shoot it high.”

Serge Ibaka added 17 points, and Pascal Siakam had 11 points and 11 rebounds for Toronto.

Embiid, in tears as he left the court, led the 76ers with 21 points and 11 rebounds. JJ Redick had 17 points, Butler added 16, and Tobias Harris had 15 points and 10 rebounds.

“I give Toronto credit for a tenacious, switching defense,” 76ers Coach Brett Brown said. “We had a hard time turning the corner once they did switch.”

Redick tied it at 85 with a three-point play with 3:29 left. Nearly two minutes

passed before the next basket, Leonard’s long jumper with 1:41 to go that was initially ruled a three, but changed to a two after video review.

On Philadelphia’s next possession, Kyle Lowry forced a steal near midcourt and fed Siakam for a fast-break lay-up, giving Toronto an 89-85 lead with 1:14 left.

Butler made one of two at the line and Leonard missed a pair of jump shots, giving the 76ers the ball down 89-86 with 24.1 seconds remaining. Embiid was fouled and made both, cutting it to 89-88 with 12 seconds left.

Leonard was fouled with 10.8 seconds left. He made the first, but missed the second, setting up Butler’s tying lay-up.

“We did a lot of things that we could have done better but we found a way to win the game,” Lowry said. “That’s all that matters.”

The 76ers are 11-21 in winner-take-all playoff games.

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BLAZERS OVER NUGGETS IN GAME 7

ENVER—Damian Lillard’s shots kept banging off the backboard, rattling off the rim, going everywhere but through the hoop.

The Portland Trail Blazers are going to the Western Conference Finals anyway because CJ McCollum had his back.

McCollum scored 37 points and added a crucial chasedown block in the closing minutes that helped the Blazers beat the Denver Nuggets, 100-96, in Game Seven on Sunday to advance to their first conference championship since 2000.

They’ll open Tuesday night at Golden State against the two-time defending National Basketball Association champion Warriors in a series pitting Portland’s Seth Curry against his big brother, Golden State star Stephen Curry.

Lillard scored 13 points and made just three of 17 shots from the field, but two of them were critical threepointers in the fourth quarter that put Portland ahead 81-76 and 92-85.

“It’s a luxury to have two guys like that who can find different ways to score in different ways,” Blazers Coach Terry Stotts said. “CJ does it one way, Dame does it in another. On a night when Dame struggled shooting the ball CJ came up big.”

“CJ McCollum showed why they have one of the best backcourts in the NBA,” Nuggets Coach Michael Malone said. “He put his team on his back and made big play after big play.”

None bigger than when his crucial chasedown block with 4:44 left and the Trail Blazers leading 87-83.

McCollum raced to stop a breakaway lay-up by Jamal Murray, who had a miserable night shooting, missing 14 of 18 shots.

“Seth did a good job of cutting off his lane and making him have to go over his head,” McCollum said. “He put it right there for me and I went and got it ‘Bron style.

Shout out to my guy ‘Bron. It was a miniversion of ‘Bron’s block on Iggy some years ago. Definitely didn’t get up as high but it was a cool play. I might get a picture of that.”

Lillard said it was just the spark the Blazers needed to complete the comeback from a 17-point first-half hole.

“Those are the plays that get teams going, coming off a turnover and they get an easy one,” he

said. “At that point of the game you want to make them work for everything.”

The Nuggets were down 96-95 coming out of a timeout when McCollum hit a pull-up jumper over Torrey Craig with 12.4 seconds left.

“All summer long I’m going to probably be secondguessing myself at the timeout,” Malone said. “That’s a shot he makes consistently. Torrey played good defense, as good a defense you can play 1-on-1. And I was saying after we should have sent someone at him. He’s having a great game and make somebody else make a play or make a shot.”

The mismanagement continued: Jokic was fouled inside shooting a two-pointer with 11.4 seconds left and missed the first free throw. Instead of missing the second on purpose, he made it for a 98-96 deficit.

Eric Turner then hit two free throws with eight seconds left for the final margin, and Jokic missed a long three-pointer, with five seconds remaining, Turner grabbed the rebounds and dribbled out the clock.

The Nuggets raced to a 39-22 lead and Game Seven was beginning to look a lot like Game Five, when Denver blew out Portland by 26 points in this building. But Stotts called a timeout with 7:26 left in the second quarter and his team began chipping away.

“There wasn’t going to be any quit,” Stotts said. “I didn’t think they ever stopped believing.... It was just about regrouping.”

The Blazers were down 48-39 at halftime and trailed by just a point heading into the fourth quarter.

That’s when the Nuggets’ hopes of reaching their first Western Conference Finals in a decade died with a 7-of-24 shooting performance, including three of 10 from Jokic, who tearfully blamed himself in the locker room for the loss.

Nonsense, said his coach, who suggested Jokic established himself during these playoffs as the best big man in basketball, and he only petered out at the end because the Nuggets had to rely so heavily on the 7-foot All-Star.

“I hope after 14 playoff games, America, everyone around the world, came to appreciate his game,” Malone said. “For him to be as emotional and upset as he was speaks to his caring. He was upset because he thinks he didn’t do enough for us to win tonight.”

It was a devastating end to Denver’s season after the Nuggets ended a six-year playoff drought and earned the second seed in the Western Conference bracket. AP

Porzingis involved in brawl in Latvia

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KRISTAPS PORZINGIS gets involved in an altercation at a nightclub in Latvia. AP

ALLAS—The Dallas Mavericks say Kristaps Porzingis was involved in an altercation at a nightclub in his native Latvia.

After video showed the 7-foot-3 forward with a bloody forehead, the Mavericks said on Sunday: “It is our understanding that Kristaps was jumped and assaulted outside of a club,” without providing further details.

Video of the aftermath of the incident obtained

by TMZ showed an agitated Porzingis in a torn shirt, pushing someone out of the way and approaching a

group of men before several people stopped him and urged him to calm down.

The 23-year-old Porzingis was acquired by Dallas in a blockbuster deal with the New York Knicks before the trading deadline but hasn’t played for the club. He missed the 2018-19 season after tearing a ligament in his left knee in what turned out to be his final game for the Knicks in February 2018.

Porzingis will be a restricted free agent on July 1, and the Mavericks have said they intend to sign him to a long-term contract. AP

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Sagan rules 1st stage of Tour of California

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ACRAMENTO, California—Peter Sagan has had trouble finding his way to the front at the finish this season.

Turns out he just needed to get back to the Tour of California.

The three-time road cycling world champion, and the winningest rider in race history, freelanced his way to the front of the opening stage on Sunday and then held off fast-finishing Travis McCabe of the USA Cycling team to earn his 17th career win in North America’s biggest stage race.

Sagan had only one victory this season, a meager amount of success for arguably the world’s most versatile rider. Some thought he was still feeling the lingering effects of a crash at last year’s Tour de France, though the affable Slovakian sprinter insisted all along that he was close to form.

McCabe nearly caught him at the finish line in downtown Sacramento in what would have been a monumental upset. Max Walscheid rounded out the podium on Sunday for Team Sunweb, which set a frantic pace over the final couple of miles to set up the sprint finish.

“I felt great. I was closing in on him,” McCabe said. “I had to come from two or three wheels back of Peter, and I knew this stage has a slightly false-flat, so I waited until I needed to go.

“Losing to a world champion,” McCabe added, “is not a bad thing.”

The only truly flat stage during the seven-day race transpired just about as everyone expected, with early breakaways slowly reeled in by a peloton intent on setting up a sprint finish.

The 89-mile stage rolled off under sunny conditions and out of the state capitol, then returned to Sacramento for a series of criterium-style laps. The last breakaway riders were caught with about 10 miles to go, setting up an intense and spectator-friendly finish in downtown Sacramento.

Sagan began freelancing his way toward the front, using rival teams rather than his own Bora-Hansgrohe team to deliver him to the front. He began to move up behind a series of Team Ineos riders as speeds hit 40 mph, then swung off in sight of the finish line and had enough to hold on.

Sagan punched the air with his right fist, then celebrated with his signature wheelie—a move that has become so common at the Tour of California, even if it had been rare so far this season.

Now the question becomes how long Sagan can defend the leader’s jersey.

The second stage on Monday takes riders 122 miles from the start in Rancho Cordova to the popular skiing destination of South Lake Tahoe. The crucial climbing stages come later in the week, but riders will still navigate nearly 15,000 feet of ascent in what could shake up the general classification.

It could also be another chance for McCabe, who insisted he’s not a pure sprinter. AP

PASCAL ACKERMANN sprints to first Giro d’Italia victory. AP

GERMAN PREVAILS IN GIRO’S STAGE 2 F

UCECCHIO, Italy—Pascal Ackermann of Germany sprinted to victory at the end of the second stage of the Giro d’Italia on Sunday, while Slovenian cyclist Primoz Roglic remained overall leader.

It was the first win in his first Grand Tour for the 25-year-old Ackermann, who rides for BoraHansgrohe.

Ackermann edged out Elia Viviani and Caleb Ewan in a bunch sprint at the end of the rolling 205-kilometer route from Bologna to Fucecchio.

“I’m just so happy to win the first sprint stage because now all the pressure is gone and we showed we are really strong,” Ackermann said. “I’m just so happy.”

All the major favorites avoided a small crash toward the front of the peloton inside the final kilometer. Ackermann and Ewan started their sprints around the same time but Ewan also lost out to Viviani who managed to secure second spot.

“I chose the right moment to sprint from 250 meters to go,” Ackermann added. “Viviani was also really strong luckily I started first and I won today. To

win the first stage of my first Grand Tour is fantastic.”

The first part of the stage was wet and cold but it dried up in the second half of the day and the cyclists were able to shed some layers.

Roglic, who won the opening time trial on Saturday, is 19 seconds ahead of British cyclist Simon Yates in the overall standings and 23 seconds ahead of home favorite Vincenzo Nibali.

“It wasn’t an easy day because it was cold from the beginning and also quite fast all the time,” Roglic said. “It’ll be another day in the Maglia Rosa tomorrow. The team worked hard for that. It’s a pleasure to retain the jersey.”

Monday’s third stage is another one for the sprinters, a 220-kilometer route from Vinci to Orbetello.

The Giro finishes in Verona on June 2.

The German was one of the favorites to win the opening sprint stage of the race, having shown his form when he won Eschborn-Frankfurt on May 1. His team was among a number of sprint trains to hit the front in the closing kilometers, though it was Lotto Soudal in control under the flamme rouge.

Ackermann was following Fernando Gaviria’s (UAE Team Emirates) wheel but hit the wind himself when the Colombian jumped to follow Ewan.

What followed was a drag race between Ewan and Ackermann, with the German champion winning out against the aero Australian. Viviani, who was on Ackermann’s wheel, couldn’t even begin to find a way past but snagged second place regardless.

“It was my first chance to win a stage and we did it great,” Ackermann said. “I think that all the team is more motivated and it’s good for the next three weeks. We saw with 250 to go that none of the sprinters had started the sprint. I decided to take my speed and go full gas and luckily it was enough.”

Primož Roglič (Jumbo-Visma) retained the overall race lead, with the top positions remaining unchanged after Stage 2.

Ackermann took over the cyclamen jersey of the points classification, while Giulio Ciccone (Trek-Segafredo) extended his lead at the top of the mountain classification thanks to his day in the break. AP and Cyclingnews

DJOKOVIC BAGS 3RD MADRID OPEN TROPHY

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ADRID—Novak Djokovic celebrated a lot more than a record-tying 33rd Masters 1000 title at the Madrid Open.

Djokovic left the Spanish capital feeling pretty good about his game, too, carrying a lot of confidence into the rest of the clay-court season.

The top-ranked Djokovic earned a comfortable 6-3, 6-4 win over Stefanos Tsitsipas on Sunday to join Nadal as the most successful players in Masters 1000 tournaments, moving five ahead of Roger Federer, who is third in the all-time list.

It was Djokovic’s second title of the season, adding to his triumph in the Australian Open.

“I feel like this tournament win was very important for my level of confidence because after the Australian Open I wasn’t playing my best, I wasn’t finding the right game and the consistency on the court in Indian Wells, Miami and Monte Carlo,” Djokovic said. “[It’s a] very important time for me in the season, because this gives me a lot of confidence prior to Rome and, of course, Roland Garros, where I definitely want to play my best.”

Djokovic will be seeking his second French Open title in June. He now has three Madrid Open trophies, adding to the ones he won in 2011 and 2016.

“These are the best tournaments, biggest tournaments we have in our sport, in the ATP [Association of Tennis Professionals], of course alongside the Grand Slams,” Djokovic said. “This is as important and as good as it gets.”

Djokovic was in control from the start against his 20-year-old Greek opponent, who had defeated Nadal in the Madrid semifinals and was trying to become the first player to win three tour

titles this season.

The Serb broke Tsitsipas early in the first set and late in the second to comfortably close out the match at the Magic Box center court, securing his 14th clay title—and 74th overall—without dropping a set.

The eighth-seeded Tsitsipas, the tour’s winningest player in 2019 with 27 victories, lacked the intensity and aggressiveness that he showed against second-ranked Nadal and was overpowered by Djokovic. He had beaten Djokovic in Toronto last year in the first meeting between the two players.

“He deserved the victory, he played unbelievable. I couldn’t do much,” Tsitsipas said.

“Physically I was not there. My legs were not coping with my mind. Completely I could feel the fatigue and this soreness, not just in my legs, but everywhere in my body. I had a tough match last night, so he took advantage of that. I just didn’t have solutions.”

Djokovic didn’t concede a break point on Sunday, earning a crucial one for himself at 4-4 in the second set by returning Tsitsipas’s overhead shot with a backhand winner down the line. He then served out to win the match.

The 31-year-old Djokovic, who now has 200 wins against top 10 opponents, had struggled after winning the Australian Open, with his best result since then having been a quarterfinal appearance in Monte Carlo at the

start of the clay-court season.

He was coming off another confidenceboosting win over an in-form Dominic Thiem to make it to the final in Madrid.

Tsitsipas, who will reach a career-high No. 7 ranking this week, won titles in Estoril and Marseille, and reached the final in Dubai, where he lost to Federer. He was beaten by Nadal in the Australian Open semifinals for his best-ever showing in a Grand Slam. The Toronto final, when he lost to Nadal, was his first in a Masters 1000 event.

In the doubles final, Jean-Julien Rojer and Horia Tecau defeated Thiem and Diego Schwartzman 6-2, 6-3 for their second Madrid Open title, adding to their 2016 victory.

Kiki Bertens won the women’s title on Saturday. AP

NOVAK DJOKOVIC leaves Madrid feeling pretty good about his game, carrying a lot of confidence into the rest of the clay-court season. AP

Nadal taking clay slump ‘naturally’

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ADRID—Usually this time of the year Rafael Nadal is talking about how his game is peaking ahead of the French Open.

The discussion is typically about how many title-winning streaks he has extended and which records he has broken as the clay season moves toward its climax at Roland Garros.

Not this time, though.

Things are different for Nadal in 2019, and he is in an unfamiliar position after a series of disappointing results on his favorite surface.

Instead of celebrating titles and records, Nadal is having to explain why he has struggled to win matches.

“Tennis is about winning or losing. I’ve won a lot over the years on this surface, but this year it hasn’t been the case. I’ve been really close, but I haven’t been able to win,” Nadal said on Saturday after losing to Stefanos Tsitsipas at the Madrid Open for his third straight semifinal elimination on clay this season.

He had already failed to reach the final in Monte Carlo and Barcelona, tournaments he had won

the last three consecutive seasons. It was an uncharacteristic streak of poor results for the Spaniard, who hadn’t arrived in Madrid without a title since 2004.

Still, Nadal wasn’t dwelling on it too much.

“You just have to accept it and I have to accept it naturally. But to accept things does not mean to try to change things,” he said. “During all my life, I think I have taken the victories very naturally and with a lot of normality. With the losses I’ll do the same. It will be normal and I’m going to accept it naturally.”

Nadal lost to Fabio Fognini in Monte Carlo and Dominic Thiem in Barcelona, and the defeat to the up-and-coming Tsitsipas in Madrid came after a quarterfinal win over Stan Wawrinka that Nadal called his best match on clay this season.

He couldn’t keep up with the aggressive game of the ninth-ranked Greek on Saturday, though, losing the decisive points to again fail to advance past the last four.

Nadal said not making it to tournament finals as often as he did in the past shouldn’t have come as a huge surprise.

“It’s more normal what is happening right

SUNG KANG immediately calls his father to tell him, “I did it,” after getting his first victory in his 159th career start. AP

Kang rallies to capture first PGA Tour title

now than what happened in the last 14 years,” he said. “I think I have tennis ahead of me. I have time ahead of me. I’ll be able to try to win these tournaments that I was not able to win this year.

And what I have to do is to stay fit and to keep playing at a high level.”

Nadal has won a clay-court title in each of the last 15 seasons and remains the tour’s most successful player on the surface. He next plays in Rome, where he is the defending champion, then will try to win a record-extending 12th French Open title in June.

Nadal said it was impossible to know what the current setbacks could mean for his future.

“We’ll see,” he said. “Hopefully, I will accept this defeat properly and we will see what happens week after week, day after day. I’ll try to work in a proper way, in a proper manner, with a proper attitude and then just believe in my possibilities and believe that things will work out and they will click.

“I’ll keep trying until I can to keep playing at a high level,” Nadal said. “And If I can keep doing that, I will continue to have chances. If not, then that’s it. There’s no need to make any drama or overthink when things are going bad. It is a sport and in a sport it’s a matter of winning and sometimes losing, and accepting both as naturally as possible.” AP

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ALLAS—Sung Kang was a teenager when his father started sending him from South Korea to North Texas in the winters and summers to work on his golf game.

The 31-year-old Kang, who now lives in the area while playing on the Professional Golfers’ Association (PGA) Tour, got to call his father on Sunday to tell him, “I did it,” after getting his first victory in his 159th career start.

Kang closed the Byron Nelson with a fourunder 67 to finish at 23 under and beat Matt Every

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WHAT ELECTION DAY? T

HERE’S no time to rest on election day on Monday for defending champion San Miguel Beer and its tough customer Magnolia, which are all tied up at 3-3 in the Philippine Basketball Association Philippine Cup Finals.

The Beermen managed to swing the pendulum in their favor on Sunday night with an emphatic 98-86 victory to send the series to a winner-take-all Game Seven on Wednesday night also at the Smart Araneta Coliseum.

The Hotshots were poised to win it all and foil the Beermen’s quest for a fifth consecutive all-Filipino conference crown—but the defending champions came up with a stronger

brew to make it all even.

Monday was election day with the entire country concerned about the exercise and most especially the outcome. But neither the Beermen nor Hotshots could take a break at this crucial stage of the series.

The coaches, Leo Austria of San Miguel Beer and Chito Victolero of Magnolia, preferred to confine themselves in their war rooms to map out a winning strategy for the winner-take-all Game Seven.

“In the past few days, there’s no time to practice. I mean, we don’t have any physical activities. We keep on studying the film, and some shooting, that’s it,” said Austria, who

Skippers take on Altas in D-League

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SAN Miguel Beer’s Marcio Lassiter challenges the defense put up by Magnolia’s veteran Rafi Reavis.

ARINERONG Pilipino makes its last stand in the Philippine Basketball Association Developmental League when it faces University of Perpetual Help on Tuesday at the Ynares Sports Arena in Pasig City.

The Skippers need a victory in the 2 p.m. tiff against the Altas to keep themselves in the Foundation Cup playoff race.

“At least the chance is there. But we have to get this win—because the opportunity to advance is beyond out control,” said Coach Yong Garcia after his side’s 88-85 overtime win over Metropac-San Beda last Thursday behind Santi Santillan, Mike Ayonayon and Jhonard Clarito.

Sitting on an even 4-4 record, Marinerong

ordered for intense practice at the Acropolis Gym in Quezon City on Monday.

The victory in Game Six, according to Austria, gave them the momentum.

“We have a good chance to grab it again.

Let’s see what kind of adjustments they’re going to have. In our series, the pattern was win-loss, win-loss, hopefully we can break it in Game Seven,” he added.

The Beermen led by as many as 21 points in the first half of Game Six and held on to the end in a show of offensive might.

Best Player of the Conference June Mar Fajardo scattered 23 points and hauled 18 rebounds for San Miguel Beer.

GILAS GALS IN FORUM Pilipino winning won’t guarantee anything as it only puts the pressure on Far Eastern University to beat Centro Escolar University (CEU) on May 23 in the chase for the fourth spot.

A loss, though, would automatically eliminate the Skippers from contention, something Perpetual Help Coach Frankie Lim wants to accomplish. CEU (6-1), meanwhile, closes in on clinching the top seed in the Foundation Group when it battles Wang’s Basketball (3-5) at 4 p.m.

“We need to toughen up and learn how to be a better team,” said Coach Derrick Pumaren as he banks on Maodo Malick Diouf, Judel Fuentes and Keanu Caballero to get things done for the Scorpions.

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EMBERS of the Gilas Pilipinas women’s 3x3 team and Olympic hopeful Ariana Dormitorio grace Tuesday’s session of the Philippine Sportswriters Association (PSA) Forum at the Ameli Hotel-Manila.

Coach Pat Aquino will accompany Afril Bernardino, Jack Animam, Clare Castro and Janine Pontejos in the 10:30 a.m. public sports program to talk about their coming campaign in the Fiba 3x3 Asia Cup slated from May 23 to 26 in Changsha, China.

The women’s team will be

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would sap the most out of the cyclists.

“It may be short but the riders have to ride a tactical race,” said Rivas, recipient of the Lifetime Achievement Award from the Philippine Sportswriters Association.

There are five stages this time in the International Cycling Union Category 2.2 event founded by PhilCycling Chairman Bert Lina to celebrate a decade of racing. And Stage Five on June 18 is as crucial as the first in Tagaytay.

Covering 145.80 km, the riders will be flagged off from Legaspi City and will pass through Donsol that is made famous by the butanding.

The whale sharks are famous for being amiable to humans, but the route at Luzon’s southern tip could be brutal to the cyclists.

“The climbs may not be that tough in gradient but in local parlance, they are called ‘makunat,’ meaning the rider will have to suffer,” Rivas said.

Sandwiched by the two technical stages are long rides over the flat and well-paved Maharlika Highway that dissects the Bicol region where sprinters could frolic on.

Stage Two on June 15 will be the 194.90 km from Pagbilao in Quezon province to Daet in Camarines Norte; Stage Three on June 16 will be 183.70 km from Daet to Legazpi City; and Stage Four will cover 176.00 km from Legazpi City via Sorsogon and Gubat and back to the Albay capital.

Fifteen teams—five local and 10 international—composed of 75 riders are vying in the race.

WINNING TANDEM Rey Pagunsan (third from left) and amateur partner Aidric Chan

hold their trophies as they pose with Delimondo’s Ina Ponce Enrile (left) and Jay Ponce Enrile after scoring a runaway triumph in the second Delimondo National Pro-Am Golf Championship at Taal Splendido Golf Club in Laurel, Batangas, over the weekend.

to bounce back in Filoil hoops

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and Scott Piercy by two strokes.

With three consecutive birdies late, including a 23-footer on the 15th hole, Kang finally regained the lead for good on a 27-hole Mother’s Day Sunday at Trinity Forest—about 30 minutes from his home in Coppell, where he has lived since his PGA Tour debut in 2011.

“It just feels amazing. I was thinking about winning on the PGA Tour when I was real young and watching Tiger dominating,” Kang said. “My dad gave me a lot of support when I was young.”

Kang pumped his fist when the birdie dropped

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IX seniors teams seek bounce-back victories on Tuesday in the Filoil Flying V Preseason Cup at the Filoil Fying V Centre in San Juan.

Unfortunately, not everyone will have that chance when the action begins as they all face each other. De La Salle fell in overtime to University of the Philippines (UP) behind former Green Archer now a Fighting Maroon Ricci Rivero, who poured in 28 points including 17 in the last 10 minutes of the game.

De La Salle battles Mapua, which will have a full complement of players in the 5 p.m. tussle after several players were suspended for a fight during their opening-day loss to Centro Escolar University.

Adamson University was piped in the dying MANCHESTER City’s Vincent Kompany lifts the English Premier League trophy. AP

League title win ever,” Kompany said. “Liverpool was exceptional, I don’t mean to rub it in, it is what it is, they didn’t deserve to lose.”

Ten minutes after Liverpool went in front against Brighton through the first of Sadio Mane’s two goals, City fell behind at Brighton.

Although Sergio Aguero leveled 83 seconds after Glenn Murray’s header, it took Aymeric Laporte’s header in the 38th minute to put City back in control of its title destiny.

That goal turned out to be the title-clincher, with City’s anxieties only eased in the second half in at No. 15, making for a two-stroke swing. Every, who started that 431-yard par 4 tied for the lead, was in the middle of the fairway before what he called “just a terrible shot” on his approach that set up a three-putt for bogey.

“I watched him for 72 holes. He didn’t miss.

Hard to beat,” Every said.

Every finished with a 66. Piercy, also in the final threesome, ended a bogey-free tournament with a 64.

Twice over the last two days, Every overcame deficits of at least four strokes and went ahead of

by record-signing Riyad Mahrez netting and Ilkay Gündogan scoring from a free kick.

Victory at Brighton completed City’s twoseason Premier League journey.

It was on the south coast exactly 21 months ago where Guardiola’s first title-winning campaign began.

By the time the blue-and-white streamers had rained down on the City players on Sunday night, 201 goals had been scored and 198 points collected across the two title-winning campaigns. AP Kang. They played together all four rounds.

“First two rounds, we’re not playing to win.

We’re just making birdies back and forth, and back and forth. Just getting great momentum,” said Kang, who matched the course record with a 61 in the second round on Friday. “Then Saturday and Sunday, it’s going.... He played great on the front nine. I played great on the back nine.”

Brooks Koepka, the world’s No. 3-ranked player who now goes to Bethpage to defend his PGA Championship title, finished fourth at the Nelson at 20 under after a 68. AP

SPORTS WITHOUT BORDERS VINCENT JUICO

Stone-cold curling

Man City prolongs Liverpool drought by retaining EPL title DLSU, Mapua, FEU, NU look RIGHTON, England—Earning 97 points is almost always enough to win the Premier League. Not for Liverpool, which had the misfortune of running up against a Manchester City team setting new standards of excellence.

Only for 21 minutes during Sunday’s season finale was the title in Liverpool’s hands.

But by completing the season with a 14th successive victory—coming from behind to overwhelm Brighton, 4-1—City finished a point ahead of Liverpool and retained the trophy.

An English title drought that has clocked up 29 years rolls on for Liverpool. It’s no consolation that Juergen Klopp’s side combined with City to amass 195 points for the highest Premier League tally for the top two.

The only comfort for Liverpool is that it didn’t sign off the season on Sunday with a 2-0 victory over Wolverhampton. While City has an FA Cup final to come to try to complete a domestic treble, Liverpool can win a sixth continental title if it beats Tottenham in the June 1 Champions League final.

The one major trophy missing in the City trophy cabinet is the European Cup. It’s the target for the Abu Dhabi ownership and Manager Pep Guardiola who has shown he can conquer the Premier League.

Captain Vincent Kompany has been part of City’s four title triumphs since 2012, having previously won under Roberto Mancini and Manuel Pellegrini before the Guardiola double.

“It was the hardest and most satisfying Premier

joined in the session presented

by San Miguel Corp., Amelie Hotel and the Philippine Amusement and Gaming Corp. by the 22-yearold Dormitorio, the Filipina mountain-bike bet who is hoping to qualify for next year’s Tokyo Olympics.

PSA members are enjoined to attend the forum.

@VJuico Instagram vpjp_j vince.juico@gmail.com

2 TECHNICAL STAGES CRUCIAL FOR RIDERS IN 10TH LE TOUR HE Tagaytay City climb and the winding roads leading to and from Donsol in Sorsogon are bound to test how well the 75 cyclists could adopt quickly and strongly to technical rides in the Le Tour de Filipinas that celebrates its 10th year from June 14 to 18.

Stage One of the Le Tour de Filipinas on June 14 starts and ends in Tagaytay City, but its not picturesque Taal Volcano that provides glitter to the race but the descent from the Praying Hands monument on Aguinaldo Highway and the climb in Barangay Sampaloc in Talisay town that provides the challenge.

The stage could be short at 129.50 km, but for Paquito Rivas, the tour’s race manager and owner of the moniker Eagle of the Mountain, the kickoff

Marcio Lassiter had 20 points, while Chris Ross and Christian Standhardinger collected 17 and 16 points, respectively.

Victolero also gathered his team at the Ronac Gym in San Juan City.

The Hotshots had 17 points from Jio Jalalon and 16 from veteran Rafi Reavis. Mark Barroca, who hit the game-winning jumper in Game Five, was limited to six points in a 3-of-10 shooting.

“We know it’s going to be a tough course to win the title. But there’s still an opportunity and we are positive about it,” Victolero said. “We need to practice even through its election day.”

Ramon Rafael Bonilla

seconds in its previous match with Lyceum of the Philippines University. Up by six, 79-73 with 1:33 left in the game, Lyceum turned to Mike Nzeusseu and JC and JV Marcelino to edge the Pirates, 82-81.

Adamson University takes on College of Saint Benilde, which lost in its summer debut, 70-57, also to Lyceum, at 3:15 p.m.

Far Eastern University (FEU) and National University (NU) clash at the 1:3 p.m. slot. FEU lost to Letran, 75-70, in the season opener while NU took in on the chin also from Letran, 76-69.

In juniors action, FEU battles Perpetual Help at 10 a.m. while Ateneo faces Lyceum, at 11:30 a.m. Rick Olivares

Patrombon, Capadocia eye repeat in Brookside Open

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ESON PATROMBON and Marian Capadocia exude confidence but are wary of their respective title-retention drives in the Palawan Pawnshop-Palawan Express Pera Padala (PPS-PEPP) Brookside Hills Open Tennis Championships unfolding on Wednesday at the Brookside Hills Tennis Club in Cainta, Rizal.

Patrombon overpowered Vicente Anasta, 6-0, 6-3, to claim the men’s singles crown last year, but the 26-year-old veteran Davis Cupper expects a tougher outing this time against the country’s best and the brightest, led by Johnny Arcilla, Fritz Verdad, Mark Alcoseba, Noel Damian Jr., Deo Talatayod, Rolando Ruel Jr. and Anasta.

One thing going for the Iligan City ace is the momentum he had gained and confidence he had built from his straight-set romp over fellow national player and doubles partner Arcilla in the Gov. Umali Cup in Oriental Mindoro last month.

Like Patrombon, Capadocia hopes to

restamp her class on their side of the duel with the Antique City bet going up against the likes of Khim Iglupas, Patricia Velez, Patricia Lim, Christine Patrimonio, Justine Maneja, Denise Bernardo and Clarice Patrimonio, who she repulsed, 6-4, 6-4, to clinch the crown in last year’s staging of the annual tournament put up by PPS-PEPP headed by president and CEO Bobby Castro.

A total 32 bidders, meanwhile, kicked off their drive for four remaining spots in the men’s Open singles draw on Monday with the likes of Miguel Castillo, Miguel Vicencio, Philippe Coteron, Jude Ceniza, Rafael Liangco, Jet Esteller, Harvey Gilbuena and Pete Coteron tipped to dispute the coveted berths in the two-day eliminations of the event sponsored by Rep. Jack Duavit, One Cainta, Barangay San Isidro (Cainta), BRAI, Feeds Edition Batangas, RMJ Agricultural, board member Ross Gongora, Allan del Castillo and Dunlop as official ball.

CURLING is one of those sports where you’ll have to understand its mechanics to enjoy it, otherwise, you won’t have the patience to watch it or learn it.

What is curling? Curling is a sport in which players slide stones on a sheet of ice toward a target area, which is segmented into four concentric circles. It is related to bowls, boules and shuffleboard. Two teams, each with four players, take turns sliding heavy, polished granite stones, also called rocks, across the ice curling sheet towards the house, a circular target marked on the ice.

Each team has eight stones, with each player throwing two. The purpose is to accumulate the highest score for a game; points are scored for the stones resting closest to the center of the house at the conclusion of each end, which is completed when both teams have thrown all of their stones. A game usually consists of eight or 10 ends.

The player can induce a curved path, described as curl, by causing the stone to slowly turn as it slides. The path of the rock may be further influenced by two sweepers with brooms, who accompany it as it slides down the sheet and sweep the ice in front of the stone.

“Sweeping a rock” decreases the friction, which makes the stone travel a straighter path (with less “curl”) and a longer distance. A great deal of strategy and teamwork go into choosing the ideal path and placement of a stone for each situation, and the skills of the curlers determine the degree to which the stone will achieve the desired result. This gives curling its nickname of “chess on ice.”

The player sliding the stone can make it turn or curl slowly. Two other players on the team sweep the ice in front of the stone with brooms.

This is to make the stone stop in the right place.

Curling is played at the Winter Olympics.

Curling is like chess on ice, according to Dolly A. Mutz of the Sioux City Journal. “Curling, which is often referred to as ‘chess on ice,’ is a sport where two teams take turns sliding circular granite stones toward a target on a sheet of ice while other team members furiously sweep.”

On Netflix’s Losers documentary’s fourth episode, entitled “Stone Cold,” curling legend Pat Ryan changed the sport forever in more ways than one by introducing a more deliberate, slowed down version of curling to the chagrin of his rival Al Hackner and curling fans all over Canada and the United States.

The style was perceived as boring and time consuming, and the fans wanted more scoring and more excitement in the game. According to a curling web site, “Ryan was nicknamed the Ryan Express for his team’s ability to peel rocks, which led to many low-scoring games, but gave the team two straight Brier championships. This strategy was perceived as boring, and elicited jeering from crowds, and forced the rules of curling to be changed with the implementation of the free guard zone.”

Canada and the United States are strong curling medal contenders in the Winter Olympics every four years.

HAMILTON ‘UNKIND’ THIS TIME IN SPAIN

Sports BusinessMirror

THERE will be interviews with Michael Schumacher’s family and his sporting companions and competitors, covering Schumacher as the merciless driver, the ambitious child, the down-to-earth mechanic and the family man.

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| Tuesday, May 14, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

SCHUMACHER DOCUMENTARY UP

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OS ANGELES—Formula One (F1) great Michael Schumacher will be the subject of a documentary about his life, the film’s executive producers say.

German filmmakers Michael Wech and HannsBruno Kammertöns are directing the film, which executive producer Rocket Science says counts on the “full support of Schumacher’s family” and will include interviews with his father, wife and children.

Schumacher holds a record seven F1 titles and 91 grand prix victories.

Schumacher, 50, suffered a traumatic head injury when he fell while skiing in 2013. He later emerged from a drug-induced coma, but updates have been scarce since he left the hospital.

The executive producers say the film is in post-production and that they will offer it for sale for international markets outside Germany at the Cannes Film Festival later this month.

There will be interviews with the racing champion’s family, and his sporting companions and competitors, covering Schumacher as the merciless Formula One driver, the ambitious child, the down-to-earth mechanic and the family man.

Sabine Kehm, speaking for Schumacher’s family, said his “outstanding career deserves to be celebrated.”

“We are happy this film will be in the hands of such ambitious and sensitive professionals,” she added.

Wech has made documentaries about figures including politicians Gerhard Schröder and Marine Le Pen. Kammertöns is the senior editor of Hamburg weekly newspaper Die Zeit and has worked on TV documentaries for ARD and Arte.

Together, they have worked on projects such as Boris Becker: Der Spieler.

Benjamin Seikel and Vanessa Nöcker of B | 14 Film are producing along with DCM, which will release the film in German-speaking territories.

Rocket Science is executive producing and handling international sales, starting at Cannes.

“We are thrilled to have the trusting cooperation of Michael Schumacher’s family and management. Without their support this film would not have been possible,” Seikel said. Nöcker added: “It is time for a film. And it goes without saying that we are very much aware of the great responsibility we bear here.”

Schumacher means another feature documentary about a sporting legend will be in the mix at Cannes, where Maradona will premiere, with its subject, soccer star Diego Maradona, in attendance.

Schumacher will tell the eponymous sporting star’s story. He is the only driver in history to win seven Formula One World Championships. Five of those were won consecutively with the iconic Ferrari team.

The German driver is recognized as one of the best Formula One drivers of all time. After making a comeback, he finally retired in 2012. In 2013, he suffered severe head injuries in a skiing accident that left him in an induced coma for six months, from which he is still in recovery. AP

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ONTMELO, Spain—Ferrari has a fight on its hands. Just not the one it wants.

Red Bull is threatening to replace it as Formula One’s (F1) next-best team behind a dominant Mercedes after Max Verstappen outperformed Ferrari’s drivers at the Spanish Grand Prix.

Verstappen took third place on Sunday behind race winner Lewis Hamilton and his Mercedes teammate Valtteri Bottas.

That allowed the Red Bull driver to move past Ferrari’s Sebastian Vettel into third place overall with 66 points to Vettel’s 64. Hamilton and Bottas are far in front with 112 and 105 points, respectively.

“I knew we could take the fight to Ferrari,” Verstappen said after being cheered by the large number of Dutch fans who had come to the race decked in orange T-shirts.

Verstappen and his supporters have good memories of the Barcelona-Catalunya Circuit. His win here in 2016 made him F1’s youngest race winner at age 18.

While another victory was out of the question given Mercedes’s pace, Verstappen didn’t have too much trouble staying in front of the Ferraris.

“We were close to Ferrari in qualifying,” he said. “I am happy to be back on the podium and third in the championship. It is good to close the gap.”

As F1’s most successful team, Ferrari entered the season with renewed hopes of challenging Mercedes after rising talent Charles Leclerc joined Vettel in a potentially potent driving lineup.

MERCEDES drivers Lewis Hamilton (right) and Valtteri Bottas (left) lift Chairman of the Board of Management of Daimler AG Dieter Zetsche on the podium. AP

By Joseph Wilson

M

The Associated Press

ONTMELO, Spain—Lewis Hamilton wasn’t going to be kind to his teammate this time.

Hamilton blasted past pole-sitter Valtteri Bottas at the start of the Spanish Grand Prix, kept his nerve when things got tight at the first corner, and then raced away to reclaim the overall

Ferrari was faster on this same track during two weeks of preseason testing this winter and had brought in a new engine for the race.

But Mercedes was unfazed and stormed to a fifth onetwo finish in as many races to further demoralize its rivals.

Vettel tried to get the jump on the Mercedes at the race start from third on the grid.

But the move only succeeded in making Bottas flinch and letting Hamilton go clear. After Vettel’s tires locked up, Verstappen slipped past into third place.

Even though there are 16 races left, it looks like Ferrari will likely have to wait another year to end its constructors title drought that dates back to 2008.

“The updates we brought here to Barcelona, both on the aero front and on the engine, worked well and we are more than pleased with them, but they proved to be insufficient,” said Ferrari team principal Mattia Binotto.

“Now we have to analyze and think about what did not work. And when it comes to that, as of today I don’t think we have a precise answer.”

As for Hamilton, he said he had taken notice of improvements that Red Bull had made after switching to a Honda engine this season.

The defending champion also said he missed a better effort from Ferrari.

“We welcome a battle and it would be great to fight with Ferrari and Red Bull,” said Hamiton. “I prefer it when they are in the mix with us. It is much better when we can compete with another team.” AP

Formula One lead on Sunday.

Two weeks ago, five-time and defending champion Hamilton said he was maybe “too friendly” when Bottas stayed in front after a similar grid start for the Mercedes drivers in Azerbaijan.

Hamilton hinted that he wouldn’t make that mistake again in Spain, and he got some help from a poor getaway

by Bottas to overtake him in the opening meters en route to winning the race at the Barcelona-Catalunya Circuit for a third consecutive year.

The Mercedes pair strengthened their grip on F1 with their record-extending fifth one-two finish in as many races in 2019.

“This is history in the making to have five one-twos,” Hamilton said after his 76th career win, second only to Michael Schumacher’s 91.

“It is incredible what we are achieving together.... And I plan on working with this team to help it become the most successful team of all time. That is my sole goal and my sole purpose.”

Hamilton added a bonus point for the fastest lap to take a seven-point advantage over Bottas.

Max Verstappen was third in his Red Bull, in front of Ferrari pair Sebastian Vettel and Charles Leclerc.

Hamilton got the jump on Bottas off the line when Vettel surged forward and made it three abreast going through the first corner. Vettel locked up on the turn, and Bottas, sandwiched in the middle, had to blink to avoid a possible collision as Hamilton sped clear.

Verstappen took advantage of the jousting to slip by Vettel.

Verstappen is 46 points adrift of Hamilton in the standings. Vettel fell to fourth at 48 points back.

Bottas had shown more speed in practice and in qualifying than Hamilton, when Bottas set a scorching track record that was 0.6 seconds faster than Hamilton’s best effort.

But Bottas’s chances for victory were sunk by his poor start, when his wheels appeared to spin while Hamilton immediately made up the difference.

“It was pretty tight [at the first curve], but I lost it at the start,” Bottas said. “I felt some strange behavior with the clutch. I lost it there.

“It is really annoying. All the hard work went out down to that.”

Except for the race in Bahrain, when Hamilton won thanks to an implosion by Ferrari, the other four races this season have been decided in their opening seconds.

Bottas surged past Hamilton from the line before winning the season-opening Australia GP. Hamilton did likewise to get past pole-sitting Bottas at the first turn to win in China, and Bottas defended his pole position from Hamilton in his victory at Azerbaijan last round.

“It wasn’t a replay of Baku at least,” Hamilton said stepping onto the winner’s podium.

Hamilton experienced firsthand what an overzealous rivalry between teammates can lead to when he and former Mercedes driver Nico Rosberg knocked each other out on the first lap at the 2016 Spanish GP. Three years later Hamilton says that he has matured and that the mild-mannered Bottas is as close as it comes to having an ideal driving partner. “[Our competition] is respectful and balanced as always,” the British driver said. “I think we have the best balance of any team.”

Pierre Gasly of Red Bull, Kevin Magnussen (Haas), Carlos Sainz (McLaren), Daniil Kvyat (Toro Rosso) and Romain Grosjean (Haas) completed the top 10.

Lando Norris of McLaren and Lance Stroll of Racing Point failed to finish after colliding two-thirds through the race.

Renault’s Nico Hulkenberg had to start from the pit lane because of a penalty incurred after a replacement front wing did not meet specifications. Hulkenberg finished 13th, right behind Renault partner Daniel Ricciardo.

Antonio Giovinazzi started from last place after he incurred a five-place grid penalty for an unscheduled gearbox change to his Alfa Romeo. Giovinazzi finished 16th, in front of Williams pair George Russell and Robert Kubica.

Mercedes’s struggling rivals will now have two weeks to try to improve before the Monaco GP on May 26.

Red Bull threatens Ferrari’s reputation as F1 2nd best team

RED Bull’s Max Verstappen overtakes Ferrari’s Sebastian Vettel. AP

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God, our savior

EAR GOD, our savior, You fill the Earth with riches and bless its growth. In faith and hope, hear our prayer: Animate us by Your love, oh God. Give Pope Francis, bishops, and all servants of Your Church the grace they need to lead Your flock. Bless athletes, help them reach their goals and help athletic participants and spectators safe. Gift all with a love and respect for the fragility and beauty of creation. May God strengthen us to be attentive to the working of the Spirit this Holy Week. Amen.

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

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

THE inside of a garage in Emmitsburg, Maryland.

Detached garages with a second floor, as seen in this project designed by the Bethesda, Marylandbased firm Rill Architects, can serve as a space to store cars while also pulling doubleduty as guest suites, rooms for crafting or even a playroom for children.

If a garage is large enough, it can house a full workshop, shown here, or a home gym, something that’s become increasingly popular with homeowners.

JAMES RAY SPAHN/RILL ARCHITECTS VIA AP

Life

BOX OFFICE: ‘PIKACHU’ TRIES TO DETHRONE THE ‘AVENGERS,’ BUT JUST MISSES D3

BusinessMirror

Tuesday, May 14, 2019

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The stylish and multifunctional garage

BY MELISSA RAYWO�TH The Associated Press

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HAT if your home had a spare room you’d never noticed before? Your garage, even if it has one or more cars in it, can pull double-duty as a gym, a crafting room and even a place to socialize.

Designers and architects tell us that gaining more living space without putting an addition on your house can make the effort worthwhile, even if it means investing in things like upgraded lighting, flooring and heating.

We shouldn’t be “treating the garage as a big box,” says Bethesda, Maryland-based architect Jim Rill.

“Make it another room. It’s a lost opportunity if you don’t.”

Marina Case, founder of the Warwick, New York-based design firm The Red Shutters, agrees: “A garage,” she says, “can be anything you need it to be.”

We’ve asked Rill, Case and interior designer Anna Maria Mannarino of New Jersey-based Mannarino Designs for advice on creating a well-organized garage that can also function as a flexible spare room.

FLOORS, WALLS AND LIGHTING UPGRADING the look and feel of your garage can start at the bottom: Paint the floor, says Case.

Painting a cement floor a dark taupe or gray can have a big impact, she says, or choose an even bolder

color. “You’ll feel like you’re in this fresh, fun space,” she says.

But do test the color by painting a piece of foam core that’s at least a few square feet, she says, and leaving it on the garage floor for a few days to make sure you like it.

Another option: Showroom flooring is available for as little as $5 per foot, says Rill. And if you won’t be parking cars in the garage and are instead using it as a “man cave or a she-shed,” Mannarino says, consider upgrading the flooring with something you’d normally use inside the house.

Walls come next: “Why is the garage always just a drywall box?” Rill asks.

If your garage walls aren’t sheet-rocked, Mannarino says you can add that and give it a coat of paint. Or put up paneling, Rill says, making it easier to hang items like rakes or hoses. You can add a flat hanging system that includes space for hanging baskets and brackets for shelves. Many closet-design brands offer flat systems that will hold heavy outdoor items.

If you prefer freestanding storage along the walls, add several tall, sturdy shelving units. You can line them with large, clear bins neatly labeled, or fancier storage bins, Case says. Or go an extra step and have built-in cabinetry installed. And if your garage ceiling is high and has ample space away from where the garage door opens, consider adding storage on the ceiling, Mannarino says.

“It gives you that much more real estate,” she says.

But don’t cut corners: Have ceiling shelving or storage racks mounted properly by a professional.

And don’t settle for a bare bulb in the ceiling.

Replacing it with a larger, more attractive fixture can dramatically change the way a garage feels.

ENTERTAINING OPTIONS ALTHOUGH it’s common to have a workshop in a garage, and many people use the space for messy crafting projects or as a home gym, a garage can also become an entertainment space.

If you’re a car enthusiast who works on a vintage car or hotrod, Rill says, why not use part of your garage as a place to hang out with friends talking about cars?

Case suggests adding a bar area with comfortable seating, even if it’s small, to make the garage an inviting place to hang out with guests. You can also hang up a flat-screen TV and add a refrigerator.

Rill has a vintage cooler, reclaimed from a supermarket, in his garage for soft drinks, water and beer. It’s used all summer when the family is outdoors.

Along with year-round entertaining inside a garage, these designers point out that an open garage can be a great place to set up a buffet table during an outdoor summer party.

Case suggests adding ceiling-mounted tracks for curtains in an indoor/outdoor material like Sunbrella, so you can draw them behind a serving table in your

open garage.

Barn doors or other types of upgraded garage door can make the space more attractive and accessible during parties.

And upgrading your garage door does more than just add beauty to the exterior of your home, Mannarino says. It also gives you the option of adding more windows, bringing natural light into your garage.

IS THERE AN ATTIC? MANY detached garages have a tiny second-floor attic or loft space, Rill says. Even if its ceiling is low, that space can become a furnished clubhouse for younger kids, a place to practice musical instruments or even a cozy guest suite.

On one garage project, Rill replaced the solid wooden ceiling in a large detached garage with a perforated metal floor. That gave added natural light to the attic space above, which was then transformed into a kids’ clubhouse. ■

B&B ITALIA SERIE UP ARMCHAIR MARKS 50 YEARS DR. Vicki Belo and Scarlet Belo sitting on Mama Chair

THE relationship between a mother and her daughter is one of the most powerful bonds that impacts the latter’s health, self-esteem and how she will eventually bring up her own children.

Such is the case between Dr. Vicki Belo and her adorable daughter, Scarlet Snow, one of the country’s most iconic motherand-daughter tandems.

Belo is a big believer of the importance of spending time with her kids and doing things together daily. This was apparent at the recent shoot for B&B Italia’s iconic Serie Up Armchair (fondly known as Mama Chair).

Created by avant-garde Italian Architect Gaetano Pesce, the Mama Chair was the designer’s abstract depiction of a mother and child and a critique of women’s oppression when it was first introduced in Italy in 1969. Fifty years later, it has become a work of art and a symbol of women empowerment. Of course, things have changed significantly since his time and a lot of progress has been achieved defining women as equal to men.

Belo shares her thoughts about the

chair’s history: “What intrigued me about it was that the designer was also a feminist, and he wanted women to be free. For me it’s all love and warmth and caresses. It’s all happiness.”

She believes that all women are empowered differently. “The trick is, you find what it is that you’re really good at.

Always search why God put you here. Find something that will contribute to people’s lives and that will enrich and empower you as a woman in the process.”

“Motherhood is fulfilling,” Belo said. She had Quark at 23 when she was too young to be a mom, and two years later, she gave birth to Cristalle while she was busy in medical school. “With Scarlet, I’m already settled, my career is okay. I have more time.”

Over the years, Belo’s parenting style has evolved, through constant prayer that she will be a good mother who can balance discipline with a lot of love.

“Scarlet is a combination of an adult and a child. Her thinking process is so advanced.

She picks up on things quickly and is very observant. In fact, upon seeing the iconic

MARGARITA FORES and Christine Jacob-Sandejas

TOSHIBA PAYS HOMAGE TO EXCEPTIONAL MOMS

Mama Chair at the B&B Italia showroom in Bonifacio Global City [www.bebitaliamanila. com], Scarlet exclaimed that her Tita Virgie [Ramos of Swatch] has the same chair,” Belo said.

Belo fell in love with the Mama Chair because it reminds her of her motherdaughter bond with Scarlet. “I also like its shape which is so round, I feel that it wraps around me, making me feel secure. It has no

edges,” she explained. “I love the way that the ball is attached to the chair because the ball cannot go far away so the baby would always be attached to the mom. They can roll around but not too far away,” she said, smiling at the idea.

To view the Mama Chair and other premier B&B Italia items, visit the Twenty Four Seven showroom at Bonifacio Global City.

THIS month of mothers, Toshiba appliances pay homage to two extraordinary moms, both an inspiration to many, who graced the launch of Toshiba’s latest line of state-ofthe-art home appliances: Margarita Fores and Christine Jacob-Sandejas. Fores, mother to son Amado, was named Asia’s Best Female Chef in 2016 and is the moving force behind Cibo, a modern Italian caffé concept, and Cibo di Marghi Signature Caterer, her highly successful catering arm. Meanwhile, Jacob, mother to five kids, is a former athlete and a coanchor of the popular show New Day on CNN Philippines.

These outstanding moms prove that even with kids to raise, it is possible to wear many hats while giving their all in everything that they do. And with home appliances like Toshiba, each one imbued with the distinctive takumi spirit, life is made easier for busy moms with the ease and convenience they bring. Toshiba’s line of home appliances include the signature washers and dryers, refrigerators, and top-loading water dispensers.

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Jennifer McMahon’s powerful ‘The Invited’

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Miranda Cosgrove, 26; Cate Blanchett, 50; Tim Roth, 58; George Lucas, 75.

Happy Birthday: Size up situations and take control.

Turn your dreams into a reality. Let experience be your guide to a better and brighter future. Concentrate on personal accomplishments that encourage you to look and do your best. Avoid joint ventures and expenditures that aren’t necessary. How you deal with your peers and take care of business will make a difference. Your lucky numbers are 4, 11, 23, 28, 35, 39, 44.

By Oline H. Cogdill The Associated Press

J

ennifer McMahon again proves that the modern ghost story is more than things that go bump in the night.

It hinges on reality, slowly building to a terror that seems real and sometimes personal, as it does in McMahon’s highly entertaining The Invited.

McMahon’s powerful novel supplies a plethora of frights that emerge from believable characters trying to navigate normal lives.

Helen and Nate Wetherell have good jobs at an elite private school in Connecticut.

He teaches science, she teaches history.

They live in a nice condo and try not to live outside their means. But Helen’s ennui is palatable—vanishing only when she volunteers in a “living museum” that recreates life in the mid-1800s for visitors.

While happily married, the couple’s life seems set in stone until Helen inherits a large sum of money when her father dies.

The opportunity to change their lives is irresistible. They buy 44 heavily wooded acres just outside the small rural village in Vermont on which the avid do-it-yourselfers plan to build their dream home. That the land is believed to be haunted by Hattie Breckenridge who was hanged as a witch on the property in 1924 is a kind of a bonus, especially appealing to the historian in Helen. She doesn’t believe in ghosts, but she does believe in history.

Helen may have to rethink her views when strange things happen at the dilapidated trailer on the land where they are staying. Eerie packages are left on the doorstep; items such as cell phones, wallets and money disappear, and what looks like Hattie’s ghost hovers over the land’s bog.

These supposedly supernatural happenings may be a way of scaring away the couple because legend has it that Hattie buried treasure on the land. One of the locals who most wants the couple gone is their 14-yearold neighbor, Olive Kissner, whose mother promised to find the treasure before the

a

ARIES (March 21-April 19): Focus on getting things done. Don’t rely on others to do things for you. Abide by rules, and read the fine print.

Pursue the people and pastimes that inspire you the most. Romance will improve your personal life. HHH

b

TAURUS (April 20-May 20): Make your position clear. Speak up and make plans that will help you reach your goal. Walk away from situations that appear indulgent or expensive. Know what you want, and negotiate on your own behalf. Do your own thing. HHHHH

BOOK OF PHOTOS AND POEMS ON WOMEN

woman supposedly ran away.

McMahon keeps The Invited grounded in reality, even when spirits supposedly hover over the land. The Wetherells’ relationship is well designed with the building of their house serving as a metaphor for their marriage—with some construction going

smoothly, collapsing at other times. Helen’s embracing their new home’s myths is nicely balanced by Nate’s skepticism. And McMahon doesn’t forget the little details of life. A ghost spotting pales when planning a household budget, especially when you’ve quit your job. n

Ani Almario celebrates the wonder of children’s literature A PROJECT by a new small press and curatorial platform Comma and independent bookstore Kwago, A Curated Shelf creates a space to understand the many ways we read, write and publish. To be launched at Komura; Book Fair on May 18, 3 to 4 pm, the second curated shelf will feature guest curator Ani Almario.

Her selection of 15 publications are children’s books that she would require her own kids to read.

In the second curated shelf, Almario addresses questions on literature and the printed word but ultimately reflects on her personal relationship with books and the chosen stories. She features the works of Maurice Sendak, Neil Gaiman and Charles Vess, Rene Villanueva and Ibarra Crisostomo, and May Tobias Papa and Pepper Roxas in her selection.

“These books are about my concerns, my politics and thoughts as of late. They reflect what I think are the stories that

have to be told to children today. I am happy that not all the choices ended up grim and determined, as I also believe in children’s literature’s power to preserve happiness and wonder,” Almario writes in her curatorial notes.

Ani received her Master of Arts degree in Education from Stanford University, and a PhD in Curriculum Studies from University of the Philippines Diliman. She is the school director and cofounder of The Raya School, a progressive institute for young children emphasizing on national pride and passion for learning.

She is the vice president of Adarna House, the publisher at the forefront in producing local children’s books and educational materials. She is also secretarygeneral of the Philippine Board on Books for Young People, and president of the Book Development Association of the Philippines.

In her notes, Ani shares a glimpse behind the history of her education and line of

work: “One of my most vivid and treasured memories as a child has me, around 10 or 11, with my legs propped up on the arms of our butaka on our terrace, reading Little Women while eating pastillas that my tita made. Growing up, there was no better way to spend afternoons after school than to curl up with a book.”

Along with A Curated Shelf, Komura; is still presenting the same pockets of storytelling (Market, Playground, Echoes, Pixel, Book Bar) this year, but focuses on highlighting women creators, and women in tech and film at Komura; Pixel.

Komura; will be held at Warehouse Eight on May 18, 11 am to 11 pm. Regular tickets are priced at P200; P120 for students. Kids 10 years old and below can come for free.

Kids get zines and coloring books when they register to A Curated Shelf. At the program, Adarna books are available for sale.

To reserve a slot for A Curated Shelf, visit bit.ly/rsvpacuratedshelf.

A 220-page book of pictures on women in various degrees of reveal, Boboy Yonzon: Babae was launched recently at the University of the Philippines College of Fine Arts (UPCFA) to commemorate Women’s Month.

Yonzon, a former faculty member of the college, says that the book features 30 women-friends, from ages 16 to 61, in photography sessions that span almost 10 years. “My gratitude to these women for reposing their trust and confidence in me while they bravely explored frontiers beyond their daily comfort zones, especially when they asked themselves, more than they did me, how much skin must they expose. Except for one, none of them are professional models.”

The bulk of the pictorial spanned a total of 10 years covering several locations: Tagaytay City; Antipolo; Bali, Indonesia; Beijing, China; and also Puerto Galera and La Union. Yonzon is a hobbyist in photography.

But he has honed his visualization as a graduate and a teacher at the UPCFA, which awarded him Alab ng Sining, the highest recognition that the college gives to outstanding graduates. He is also a director of documentaries, drama, and has exhibited works as a painter, cartoonist and assemblage artist. He won his first award in visual arts at age four.

The book also includes several poems

by Yonzon. In comments on Babae, renowned photographer Wig Tysmans and cinematographer Boy Yniguez praise Yonzon for having been able to work with ease and confidence with nudity of women, particularly when most of them are friends.

Among those in the book are several artists, a doctor, nurse, government official, air traffic controller, baker, businesswomen, media production workers, and more.

Babae is not available in bookstores, except at Solidaridad in Ermita. Those who are interested to have a copy could also get in touch with the author/photographer in Facebook or at hugo3@yonzon.com.

c

GEMINI (May 21-June 20): Get everything in place before you decide to share your ideas and plans with others. You’ll have a tendency to think too big, and that can lead to trouble if you make premature promises. Stick to what’s doable. HH

d

CANCER (June 21-July 22): Don’t let a challenge get you down when it’s meant to get you moving. Embrace any opportunity to try something new or to initiate a change at home that is constructive and geared toward saving more and living with less. HHHH

e

LEO (July 23-Aug. 22): Refuse to let an emotional situation lead to an argument or dispute that will put you in an awkward position. Adjust to whatever situation you face, and get things done so you can move on to more enjoyable tasks. HHH

f

VIRGO (Aug. 23-Sept. 22): Change should begin within yourself. Don’t let anyone force you into something that causes uncertainty.

Take the initiative, and set your goals as well as the pace you want to maintain. Consistency and communication will be your tickets to success. HHH

g

LIBRA (Sept. 23-Oct. 22): Emotions will surface when dealing with money, legal or health matters. Rely on common sense and research, and investigate all your options thoroughly.

How you go about reaching your goal without letting anyone interfere is recommended. HHH

h

SCORPIO (Oct. 23-Nov. 21): You can bring about favorable changes by using knowledge, communicating with the people who will be affected by the choices you make and taking the initiative to fulfill your dream. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Put greater emphasis on how you look and feel, and the way you treat others. Partnerships will make a difference, and trust will be crucial if you plan to get ahead. HHHH

j

CAPRICORN (Dec. 22-Jan. 19): Don’t trust others to do things for you. Remain focused on your objective, and push forward until you reach your goal. Home improvements are favored, but joint ventures are not. Spend cautiously, and use common sense regarding matters that involve institutions. HH

k

AQUARIUS (Jan. 20-Feb. 18): A change may be inevitable. Concentrate on what you do best, and take care of your health and physical fitness. A good workout will help you adjust to whatever situation you face and clear your head to ensure you make better choices. HHHHH

l

PISCES (Feb. 19-March 20): Handle an emotional situation and partnerships with care. An argument will not help matters and can lead to emotional or financial loss. Look for a positive and sensible solution that will deter being taken advantage of. Rely on your intuition. HHH Birthday Baby: You are sensitive, changeable and ambitious.

You are perceptive and persuasive.

‘wanna bet?’ by evan kalish The Universal Crossword/Edited by David Steinberg

ACROSS 1 Working hard 5 Disapproving audience sound 9 They’re often greased with butter 13 Flat-topped hill 14 Anatomical egg 15 Plenty (of) 16 British drama with nurses and nuns 19 Chocolate maker’s tree 20 D-backs, on a scoreboard 21 “I ___ you one!”

23 Make illegal 24 *Do a car maintenance task 28 Unusual 29 Non-neutral particle 30 Neighborhood north of Central Park 31 Very capable 33 “I’m not a chicken!”

36 Fashionable Banks 37 Game suggested by the starred answers’ starts 38 Horseshoe, e.g.

42 Guitarist’s pedal 44 Ringlike island

5 James of Freaks and Geeks 4 48 Ctrl-___-Del 50 Untruth 51 Increase standards 54 Inc., in London 55 Texts, for short 56 Granola morsel 57 Flora and fauna 59 Archie Bunker’s sitcom 64 Monopoly holding 65 Bring on 66 The Sopranos star Falco 67 Regarding 68 Real estate developer’s unit 69 “Coolio!”

DOWN 1 Breaking Bad network 2 Chai or chamomile holder 3 Ranger’s crosstown hockey rival 4 Barber’s dust 5 Saint Nick’s refrain 6 “___ heard enough!”

7 Poison plant 8 Sneaky grin

9 Print maker?

10 Boxing legend 11 One who’s been around the block a few times 12 Family Guy infant 17 Unspoken 18 Be wishy-washy 22 Stately tree 23 Common bath toy 25 Fund, as a college 26 Spiral-sliced meat 27 Build 32 They can never become kings 34 Letters before an alias 35 Detox locale 37 Particle of light 39 Bama fan’s cheer 40 Airline based in Rome 41 Ran in the washer 43 It and a king make 21 44 Open-roofed lobbies 45 TGIF part: Abbr.

46 Days Inn alternative 47 Ushers’ lines of work?

9 Blood test expense 4 52 Type of yoga 53 Work values 58 Sign from above 60 “___ It Be” (Beatles classic) 61 Bachelorette’s final words 62 Make an oopsie 63 So far Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Tuesday, May 14, 2019

D3

‘Pikachu’ tries to dethrone the ‘Avengers,’ but just misses

Prince Harry and Meghan, the Duchess of Sussex, have released a photo of their newborn baby to mark Meghan’s first Mother’s Day as a mom. The image posted on Instagram shows her hand cradling the feet of Archie Harrison Mountbatten-Windsor, who was born on Monday, against a bed of spring flowers. AP

Meghan, Harry release baby feet photo for US Mother’s Day LONDON—Prince Harry and Meghan, the Duchess of Sussex, have released a photo of their newborn baby’s feet to mark Meghan’s first Mother’s Day as a mom.

The image posted on Sunday on Instagram showed Meghan’s hand cradling the feet of her son, Archie Harrison Mountbatten-Windsor, with a bed of spring flowers below serving as the background.

The text reads: “Paying tribute to all mothers today—past, present, mothers-to-be, and those lost but forever remembered. We honor and celebrate each and every one of you.”

The post also included lines from a poem called “Lands” by Nayyirah Waheed: “my/mother/was/my first country;/the first place I ever lived.”

Mother’s Day was celebrated on Sunday in the United States, Canada and many other countries.

Britain’s Mother’s Day was on March 31 this year. AP

Family in the Bubble

L

By Lindsey Bahr The Associated Press

OS ANGELES—Pokémon Detective Pikachu gave Avengers: Endgame a run for its money this weekend at the box office, but the superheroes managed to hold onto the throne once again.

The Walt Disney Co. said on Sunday that the Marvel blockbuster earned an estimated $63.1 million from its third weekend in North American theaters, bringing its domestic grosses to $723.5 million, surpassing the totals for Black Panther and Avengers: Infinity War. Internationally, it added $102.3 million, bringing its global total to just shy of $2.5 billion where it remains the second-biggest worldwide release of all time behind Avatar ($2.8 billion.)

But three weeks into Avengers dominance, the market finally had some room for another film to make a substantial impact. Warner Bros. managed to draw a significant audience to its live-action Pokémon Detective Pikachu, which opened on 4,202 screens and earned an estimated $58 million from ticket sales.

“What a terrific result,” said Jeff Goldstein, Warner Bros. head of domestic distribution. “It’s so much fun to watch Detective Pikachu have this kind of opening.”

And there’s no bad blood that Endgame powered past Pikachu in the end.

“It was fun to win on Friday night, but as they say in golf, you play your own game and I’m thrilled with our result,” Goldstein added.

It even beat Endgame internationally by a very slight margin with $103 million.

Ryan Reynolds voices the popular Pokémon character in the film, which notched a record of its own: Biggest video game adaption opening. The previous record-holder was the Angelina Jolie’s Tomb Raider from 2001, which opened with $47 million, not adjusted for inflation.

“Typically movies based on video games haven’t been all that successful,” Goldstein said.

It was a mixed bag for other newcomers looking for a piece of the market, including two womenled comedies strategically launching on Mother’s Day: The Hustle and Poms, which both attracted an overwhelmingly female audience.

The Hustle, a gender-flipped spin on Dirty Rotten Scoundrels with Anne Hathaway and Rebel Wilson,

landed in third place with $13.6 million despite lackluster reviews.

Less lucky was the Diane Keaton cheerleading comedy Poms, which grossed only $5.1 million in its debut against similarly negative reviews from critics.

Poms placed sixth behind the thriller The Intruder ($6.6 million) and the Seth Rogen and Charlize Theron rom-com Long Shot ($6.1 million), which are both in their second weekends.

In smaller releases, Tolkien, a biopic about the Lord of the Rings author starring Nicholas Hoult opened in ninth place on 1,495 screens with $2.2 million, while the documentary The Biggest Little Farm debuted in five locations and earned $101,012.

And while not every film was a hit this weekend, the diversity of content is important to the marketplace, noted Paul Dergarabedian, the senior media analyst for comScore.

Overall, the industry-wide box office continues to get stronger as the year goes on. The weekend is up around 23 percent, and the year is down around 9 percent. Three weeks ago, pre-Endgame, that year-todate deficit was at 17 percent.

“It should never be about just one type of movie,” said Dergarabedian. “That used to be the thing about summer, it was about drawing in the 18- to 24-yearolds with superhero movies and action movies. In today’s world, summer offers a much more eclectic and diverse mix, and that’s paying dividends for Hollywood.”

And May has more big movies to come, including Aladdin, Rocketman, John Wick 3: Parabellum and Godzilla: King of the Monsters.

Second DMZ Documentary Alyssa Milano calls for Festival opens today sex strike, ignites social media

Seven documentaries, with two Filipino films included, will be showcased in the Philippine leg of DMZ International Documentary (DMZ Docs) Film Festival, which runs on May 14 and 15 at the University of the Philippines Film Institute (UPFI).

The DMZ Docs Film Festival, which derived its name from Korean Demilitarized Zone of South and North Korea, hopes the zone would be born again as a field that people will celebrate through documentary films with the message of peace, life and communication.

The festival presents documentaries with various themes and styles, revolving around the development of peace, communication and life.

The documentaries reflect the different windows of the world which will make people discover new perspectives and touch deeply the natural environment of people.

The director of the film Family in the Bubble, Ma Min-ji Yun will grace the first day of the festival on May 14 at 5 pm, and will hold a director’s talk with the audience. Encounters with Silence and Quadrilaterals directors Janus Victoria and Martika Ramirez Escobar will also hold a director’s talk on May 15 at 6 pm. Kara Magsanoc-Alikpala, producer of Call Her Ganda, will also be talking with film viewers on May 15 at 7 pm.

The DMZ International Documentary Film Festival is sponsored by DMZ Docs, Korean Cultural Center in the Philippines, and is supervised and supported by the UPFI, UP Korea Research Center and Global Inspiration Gyeonggi-Do. Admission to the film festival is free. For details, contact 981-8500 or 926-2722.

Actress Alyssa Milano ignited social media with a tweet on Friday night calling for women to join her in a sex strike to protest strict abortion bans passed by Republican-controlled legislatures.

The former star of Charmed and current cast member of Insatiable, which is filmed in Georgia, urged women in her tweet to stop having sex “until we get bodily autonomy back.” Her tweet came days after Georgia became the fourth state in the US this year to ban abortions once a fetal heartbeat is detected, which can be as early as six weeks, before many women know they are pregnant.

“We need to understand how dire the situation is across the country,” Milano told The Associated Press on Saturday. “It’s reminding people that we have control over our own bodies and how we use them.”

She noted that women have historically withheld sex to protest or advocate for political reform. She cited how Iroquois women refused to have sex in the 1600s as a way to stop unregulated warfare. Most recently, she noted that Liberian women used a sex strike in 2003 to demand an end to a long-running civil war.

Milano received support from fans and fellow actress Bette Midler joined her in also calling for a sex strike with her own tweet. But both liberals and conservatives also lampooned her idea, with conservatives praising her for promoting abstinence and liberals saying she was pushing a false narrative that women only have sex as a favor to men.

Milano said the criticism didn’t bother her and that her tweet was having her desired effect, “which is getting people to talk about the war on women.”

She said she fears one of the laws could eventually

“May could be a monster at the box office,” Dergarabedian said.

Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore.

Where available, the latest international numbers for Friday through Sunday are also included.

1. Avengers: Endgame, $63.1 million ($102.3 million international) 2. Pokémon Detective Pikachu, $58 million ($103 million international) 3. The Hustle, $13.6 million ($13.7 million international) 4. The Intruder, $6.6 million 5. Long Shot, $6.1 million ($1.6 million international) 6. Poms, $5.1 million ($736,000 international) 7. Uglydolls, $3.9 million ($522,000 international) 8. Breakthrough, $2.5 million 9. Tolkien, $2.2 million ($200,283 international) 10. Captain Marvel, $1.8 million.

Estimated ticket sales for Friday through Sunday at international theaters (excluding the US and Canada), according to comScore: 1. Pokémon Detective Pikachu, $103 million 2. Avengers: Endgame, $102.3 million 3. The Hustle, $13.7 million 4. Capernaum, $8.3 million 5. Mom, $5.6 million 6. We’ll End Up Together, $5.1 million 7. Miss & Mrs. Cops, $4.2 million 8. The Curse of La Llorona, $3.5 million 9. Pet Semetary, $2.4 million 10. Sweet Family, $2.2 million. n

FROM left: GMA Artist Center’s Simoun S. Ferrer, Clint Bondad and John Briliantes.

Clint Bondad signs with GMA Artist Center

be decided by the conservative-leaning US Supreme Court, which Republicans hope will overturn the 1973 Roe v. Wade decision legalizing abortion.

“That is absolutely horrifying to me,” Milano said.

“Anyone who is not completely and totally outraged by this and doesn’t see where this is leading is, I think, not taking this threat seriously.”

Milano said people have to determine for themselves how long the sex strike should last. For her part, she hasn’t decided yet how long she will forgo sex.

“I mean I don’t know,” she said. “I sent a tweet last night I haven’t really thought much past that this morning.” AP

Anne Hathaway (left) and Rebel Wilson in The Hustle, a genderflipped spin on Dirty Rotten Scoundrels, landed in third place in the North American box office with $13.6 million despite lackluster reviews.

Model-actor-host Clint Bondad officially inked his management contract with GMA Artist Center on May 7.

“I am very grateful to GMA for allowing me to be part of its growing family. I take it as an honor to finally be called a Kapuso,” said Clint. Present in the contract-signing were GMA Artist Center Assistant Vice President and Head for Talent Imaging and Marketing Unit Simoun S. Ferrer and Clint’s comanager John Briliantes.

Clint has already appeared in some GMA shows including Unang Hirit and Sunday Pinasaya. Currently, he is part of the well-loved primetime romantic comedy series Love You Two. He looks forward to more exciting projects under the network, and work with various GMA artists soon.

“The atmosphere here in GMA is very light and happy, bagay sa personality ko. When people believe in you, it’s a big push and mas madaling mag-improve,” he shared.

Meanwhile, Ferrer is glad to officially welcome Clint into GMAAC’s roster of talents, “Clint has been a familiar face here. We’ve seen him on TV already and he is a promising actor with a lot of potential, so we are excited na mas makita pa kung ano ang kaya niyang i-offer.”

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Art

BusinessMirror

Tuesday, May 14, 2019

www.businessmirror.com.ph

TESSA MARIA GUAZON and Mark Justiniani, curator and featured artist, respectively, of the Philippine Pavilion at the 2019 Venice Art Biennale during the vernissage on May 8, 2019. Titled Island Weather, the 2019 Philippine Pavilion is an exploration of how an archipelagic state such as the Philippines forms its national consciousness shaped by its many islands, which all have its own unique vernacular culture and history.

Vernissage of Philippine Pavilion at 58th Venice Art Biennale THE Philippine Pavilion exhibition Island Weather held its vernissage, or preview, recently at the Artiglierie of the Arsenale in Venice, Italy. The event marked the Philippines’s entry to the 58th Venice Art Biennale, and the country’s fifth consecutive participation in the world’s biggest contemporary art exposition.

Island Weather is curated by Tessa Maria Guazon and features artist Mark Justiniani and his immersive and massive installation, titled Arkipelago. The exhibition is an exploration of how an archipelagic state such as the Philippines forms its national consciousness shaped by its many islands, which all have its own unique vernacular culture and history.

According to Guazon, “Island Weather focuses on place histories, but it’s also [about] vision, the nature of vision, the way we perceive the world and how that perception shapes the way we understand where we are in a very specific moment in time.”

Continuing, Guazon said, “The exhibition brings attention to the dynamic art practice in the Philippines, and is a springboard to think about Philippine contemporary art in relation to everything else that is happening in Southeast Asia and the world.”

Justiniani’s Arkipelago is the sole installation in the Philippine Pavillion and is composed of three island-like structures made of shaped metal frames filled with glass and objects, both formed and newly formed.

Arkipelago is part of the artist’s Infinity series that explores Justiniani’s fascination with concept, time and space. Guazon explained: “Mark looks at how the setting, the local shapes time and space as we experience it.”

She said, “For Island Weather, we are grounding on the explorations in a local context and I think that’s a very important aspect of the Philippine representation at the Venice Biennale—to look at locality, the translocal, and how that shapes contemporary art production and what makes Philippine contemporary art.”

Arkipelago was built in Metro Manila and its hundreds of moving parts had to be shipped to Venice, Italy, as early as February. It took one month for Justiniani and his team from the Philippines and Italy to assemble and install the work at the Philippine Pavilion at the Arsenale in Venice.

The Philippine Pavilion is a collaborative undertaking of the National Commission for Culture and the Arts (NCCA), the Department of Foreign Affairs and the Office of Senator Loren Legarda.

NCCA Chairman Virgilio S. Alamario, also the commissioner of the Pavilion, said, “When we join the global contemporary art stage, we get exposed to the process and discipline of mounting these kinds of exhibitions. Our participation allows us to interact with the global art community which helps inform our own process and thinking.”

The Philippine Pavilion’s Island Weather is open to the public until November 24.

CODES (1, 2, and 3), Mark Salvatus, 2019, mixed media

Notes from a 7 1/2-hour walk: The sights, sound and smell of 1335Mabini’s ‘City of Bawal’ CIRCLES JT NISAY

jtnisay@gmail.com

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UTCH curator Roy Voragen decided it was a good day to take a stroll.

Six months after unpacking his luggage from Indonesia, where he lived for almost 15 years after leaving the Netherlands, Voragen braved the searing sun and headed east from his new home in Malate to his office in Makati.

He did it without the aid of a map, physical or digital, and went only with his faint idea of what roads to take, inevitably getting lost several times in the process. In the end, what should have been an hour or so of transit turned into an exhausting march of confusion and discovery that lasted for seven and a half hours.

“First of all, I didn’t expect it would take me that long,” Voragen said, laughing.

Home is no longer a place of assuring affinity for the lanky curator, but an elusive feeling he has tried to recapture since moving out of Europe in 2003. He has spent the better part of the past two decades living in a corner of the world that resembles very little of the things he is used to or grown up with, from the climate to the culture, from the places to the people.

A steady anchor he clings on to is language. A poet at heart, Voragen said he rediscovered the value of communication amid the changes in his environment, one that allows him to adapt while keeping his identity in check. But having been away from his homeland for so long, speaking English at a rate that almost compromised his Dutch, the only foundation to his being took a hit.

“This natural connection between a word and a meaning became disconnected,” he said. “But then, I started experimenting. I explored the idea of the physicality of language.”

Voragen believed that language is ultimately

a medium to connect and understand. When the syntactic aspect of it started to fail him, he tried to quantify the communicative essence of language in physical terms, into something tangible.

“I believe walking is a way to understand a place, a form of connecting with the city and its physical language,” he said. “This idea has helped me feel at home in a new place, to connect and feel connected.”

It was also the reason that kept Voragen going for almost eight, grueling hours to Makati: He was simply trying to understand the raw fabric of the country’s capital on foot. During his walk through Manila, he took notice of the minutiae of everyday life in the Philippines.

Someone discarded a slipper on the street. Did she or he return home on one barefoot? What will happen to the discarded slipper?

Why do security guards yield shotguns? Do they ever draw their weapons?

Why does it smell like piss right next to the Bawal Umihi signage?

Who is the “we” in the neon sign that reads “In God We Trust”?

Aside from observing peculiarities, he also jotted down countless texts of don’ts and no’s: No jaywalking.

No trespassing. No littering. No loitering. No loading and unloading. No parking. No U-turn. No texting while driving.

No drinking and driving. Not for hire. Post no bill. Obey speed limit. Obey God. Slow down.

Voragen started thinking of how to deal with all the constrictions and restrictions in public spaces and came up with an exhibit idea. He invited artists and gave out a short curatorial brief filled not with guidelines, but with the questions he formed from trying to understand the Metro.

A total of 13 artists returned the call and produced 17 pieces that make up City of Bawal, which is on view at 1335Mabini in Karrivin Plaza, Chino Roces Avenue Extension, Makati City. The exhibit runs until June 8.

The title of the show is inspired by the short story Library of Babel by Argentinian writer Jorge Luis Borges, in which the narrator attempts to find meaning in what appears to be vast randomness.

“I didn’t want the artists to translate the message in a literal way,” Voragen said. “I find it more interesting when artists pose questions, when they have a

product sensibility toward space and its problems, without being overly political in the face.”

Voragen wanted artists of different backgrounds, mediums and even gender who primarily worked with layers, the idea being Metro Manila itself a place covered in layer over layer over layer.

Among the artist featured in the exhibit is Kristoffer Ardeña. He explored the poetic potentials of the exotic by using banal surfaces represented by tabloids, worn-out by the simulated effects of sunlight and cracks as seen on an exposed city wall.

Meanwhile, Mark Salvatus put up new works, titled Codes (1, 2, and 3) under his ingenious series that started in 2007, wherein he crosses out the textual information from city maps he collects and leaves out only the visual aspect, exposing how space is imagined and reimagined.

“City of Bawal is about engaging with the world you live in,” Voragen said. “The exhibit shows that it can be done in the physical form.” ■

7th solo exhibition of Fitz Ocampo ON May 16, 2019, ArtistSpace presents Time of Flight, the 7th solo exhibition of Filipino visual artist Fitz Ocampo. The inspiration of Ocampo behind this exhibition is the concept of time. It is explored by showing time through changes in season. It is also explored through childhood objects and themes representing time as both temporary or fleeting yet eternal and unchanging.

Fitz’s motivation as an artist is to express her life experiences—both beautiful and painful which she celebrates in her artworks as part of her identity, self-discovery, and personal healing. It is personal, intimate, and a mirror of her life while exploring the concept of Time of Flight as a theme.

In her painting In Time Spring Will Come, the artist represented her years of struggle of not having a baby.

In time, her dream of being a mother was fulfilled.

Her painting Our Time Together Is as Colorful as Autumn Leaves represents her colorful journey with her daughter.

Another painting, Directing My Steps to Find My Wings in This Winter Time, represents the artist’s struggle with depression. It took years of counseling and expressing her emotions through painting that helped in her healing. Her painting of her daughter in Praying for Summer All the Time represents her time of healing. Each of these four major paintings shows the artist’s thoughts that difficulties in our lives are just seasons, and time can really heal wounds.

In the exhibition, time is represented as both valuable and precious. It focuses on how time can help a person reach their dreams—the concept of flight.

At the given perfect time, goals and dreams can be achieved. In the process, one should learn to value time, and enjoy the journey.

Time of Flight will be on view at the ArtistSpace from May 16 to 29. ArtistSpace is at the Ayala Museum Annex, Ground Level, Makati Avenue corner De La Rosa Street, Makati City. It is open daily, from 10 am to 7 pm. Admission is free.

OUR Time Together Is as Colorful as Autumn Leaves

PRAYING for Summer All the Time

PARSE This Vulgar Picture, Datu Arellano, 2019, mixed media