JUST 1 MORE RATE CUT SEEN IN 2019 By Bianca Cuaresma @BcuaresmaBM
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HE Philippines is due for only one more rate cut for this year, an international research group predicted on Wednesday, as it described the current leadership in the Bangko Sentral ng Pilipinas (BSP) as a “pro-growth” thinker. Fitch Solutions, the research arm of the Fitch Group, said the BSP will likely pull off another 25-basis-point cut in September as the country’s economic growth and global markets give it scope to further ease their monetary settings. The BSP in May cut its main policy
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A broader look at today’s business n Thursday, May 23, 2019 Vol. 14 No. 225
Ecozones see growth as ‘Trabaho’ bill founders
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By Elijah Felice E. Rosales
@alyasjah
CONOMIC zone developers are eyeing to expand business in the Philippines over the next months, as they take advantage of the looming non-passage of the Tax Reform for Attracting Better and High-Quality Opportunities (Trabaho) bill. This could be crucial to the Philippine Economic Zone Authority (Peza) that is trying to rebound from a 41-percent decline in investment approvals last year. Business activities in economic zones endured slow-
downs that were blamed on the uncertainties brought about by the Trabaho bill, which the government said would rationalize the existing fiscal incentives to business. Among those seen most affected by such proposed
rationalization are investors in economic zones. However, as the 17th Congress concludes in June and with the measure nowhere near approval in the Senate, members of the Philippine Ecozones Association (Philea) look
40.97% The rate at which Peza-registered investments slumped in 2018, to P140.24 billion from P237.57 billion in 2017
to take advantage of the retention of the existing corporate tax and incentives regime. Philea President Francisco S. Zaldarriaga admitted that economic zone developers are in a wait-and-see mode on whether the Trabaho bill will be transmitted to Malacañang under the 17th Congress, which resumed sessions on May 20 and only has nine session days left before adjourning. See “Trabaho bill,” A2
House prods Senate on 11 priority measures
See “Rate,” A12
HE leadership of the House of Representatives is making a last-ditch effort to push for the passage of 11 economic priority measures of the Duterte administration in the last few days of the 17th Congress. In a letter sent to Senate President Vicente Sotto III dated May 21, Speaker Gloria Macapagal-Arroyo said the House is now awaiting Senate action on 11 priority measures that have been passed by the House but still pending in the upper chamber. These 11 proposed priority measures are topbilled by: the Security of Tenure Act; creation of the Coconut Industry Trust Fund; National Land Use Act; Department of Disaster Resilience Act; Tax Reform for Attracting Better and HighQuality Opportunities and the fiscal regime for the mining industry. Also on Arroyo’s list: higher excise taxes on alcohol products; increasing the excise tax rate on tobacco products; instituting reforms in the real property valuation and assessment in the Philippines;
THE 12 new senators of the republic stand onstage after their proclamation on Wednesday by the Commission on Elections at the PICC in Pasay City. The senators-elect are, from left: Ramon “Bong “Revilla Jr., Manuel “Lito” Lapid, Francis Tolentino, Ronald “Bato” dela Rosa, Christopher Lawrence “Bong“ Go, Cynthia Villar, Grace Poe, Pia Cayetano, Nancy Binay, Imee Marcos, Juan Edgardo Angara and Aquilino “Koko” Pimentel III. Villar, a reelectionist, topped the May 13 midterm polls with a vote of 25,283,727. See story on A12. ROY DOMINGO
Fishing boat activity rises Jan-April; alert up By Cai U. Ordinario
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@caiordinario
OMMERCIAL fishing boats detected in municipal waters increased by nearly a third in the first four months of the year, according to data released by Oceana Philippines on Wednesday. Oceana Philippines data showed there were a total of 18,564 com-
PESO EXCHANGE RATES n US 52.5510
mercial in the January-to-April period this year from the 14,089 commercial vessels detected in the same period last year. This represented an increase of 31.76 percent. The data was obtained using Visible Infrared Imaging Radiometer Suite (VIIRS), a tool that aims to combat illegal fishing and protect marine biodiversity, specifically in municipal waters.
“Irresponsible fishing has reduced many wild fish populations to historically low levels at a time when the world needs its oceans more than ever,” Oceana Philippines Vice President Gloria Estenzo Ramos said. The locality that recorded the highest number of commercial vessels was Zamboanga City with 1,045 boats. See “Fishing boat,” A2
BUSINESS NEWS SOURCE OF THE YEAR
Mass poverty: Falling, persisting or swelling? Rene E. Ofreneo
LABOREM EXERCENS
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MAJOR development target of the Duterte administration is the reduction of the percentage of the population considered as poor, to go down to 13 to 15 percent by 2022, from 21.6 percent recorded in 2015. Relatedly, the unemployment rate is projected to decline to 3 to 5 percent in 2022 (from 5.5 percent in 2016), and underemployment, to 16 to 18 percent (from 19.7 percent in 2016). All these targets are part of what Neda calls as the inequality-reducing development framework or “Pagbabago.” The overriding goal is for the Philippines to become a developed middle-class society by 2040. Is the government on course to achieve the above development targets outlined in the Philippine Development Plan 2017-2022 and the AmBisyon 2040? Continued on A11
PHL’s banana exports tripled in Q1 on higher demand in key markets
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@joveemarie
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See “House,” A2
ther rise of prices in 2018. The total hikes amounted to 175 basis points during the year. In 2019, inflation was contained and the latest reading from the Philippine Statistics Authroity (PSA) showed that the growth of the prices of the top consumer goods in the country hit 3 percent in April this year—well within the 2- to 4-percent target band of the BSP for the year. Growth, on the other hand, slowed to 5.6 percent in the first quarter of the year due to the delays in the national government’s budget implementation.
BusinessMirror
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rate by 25 basis points on the back of easing inflationary pressures. “We see scope for a further cut as early as September, given the economic and global market backdrop provides some room for further easing. New BSP Governor Benjamin Diokno is perceived by markets as pro-growth, with a dovish bias, and the rate cut at his second policy meeting adds weight to this view,” Fitch Solutions said. Before Diokno assumed office as the BSP chief and when inflation was hitting highs of 6.7 percent, the Central Bank let out an aggressive tightening stance to control the fur-
@jearcalas
HILIPPINE banana exports in the first quarter tripled to 1.05 million metric tons (MMT), fueled by record-high purchases by China which accounted for more than a third of the total imports, preliminary data from the government showed. The country’s total shipments of the tropical fruit in the Januaryto-March period rose by 200.72 percent from the 349,213.540 MT recorded in the same period last year, according to Philippine Statistics Authority (PSA) data obtained by the BusinessMirror. Also, the value of total shipments ballooned by 177.49 percent to $473.777 million from last year’s $170.737 million, PSA data analyzed by the BusinessMirror showed. China imported 34 percent of the country’s total banana shipments in the first quarter with both volume and value of purchase posting triple-digit growth, according to PSA data. Philippine banana ex ports to China more than tripled to 376,410.192 MT from last year’s 107,347.773 MT, with total value reaching $160.671 million, 175.2 percent higher than the $62.646
1.05 MMT The volume of bananas exported by the Philippines in the first quarter
million recorded last year, PSA data showed. “China has become our No. 1 importer since 2018 and it is driven by their huge population as well as affordability [of our product],” Pilipino Banana Growers and Exporters Executive Director Stephen A. Antig told the BusinessMirror in a phone interview. Data from Chinese customs reported to the International Trade Centre (Intracen) showed that China bought nearly 450,000 MT of bananas from the Philippines valued at $274.956 million. Intracen’s trade map data indicated that this is the highest first-quarter banana purchases of China from the Philippines since 2005, when data from the East Asian nation was first made available. China dethroned Japan last year as the top buyer of Philippine bananas as Filipino growers took advantage of the expanding Chinese economy and population. See “Banana,” A12
n JAPAN 0.4756 n UK 66.7818 n HK 6.6950 n CHINA 7.6130 n SINGAPORE 38.1662 n AUSTRALIA 36.1709 n EU 58.6627 n SAUDI ARABIA 14.0144
Source: BSP (22 May 2019 )
News
BusinessMirror
A2 Thursday, May 23, 2019
Court junks Sanofi, Zuellig bid to dismiss Dengvaxia raps
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By Joel R. San Juan
@jrsanjuan1573
HE Regional Trial Court (RTC) of Quezon City has denied the motions filed by the officers of Sanofi Pasteur Inc. (SPI) and Zuellig Pharma Corp. seeking the dismissal of the damage suit filed against them over the deaths of children inoculated with the controversial Dengvaxia vaccine. A resolution issued by QC RTC Branch 226 Presiding Judge Manuel Sta. Cruz Jr., held that the complaint filed by the heirs of Abbie Hedia sufficiently state a cause of action against the officers of the two companies to proceed with the trial of the case. Based on the complaint, SPI manufactured Dengvaxia vaccine despite being unsafe since it was still in the clinical trial stage. It added that SPI failed to inform the public of the risks of the product either through safety warnings, accompanying instructions or indication on use, or product label. The complainant claimed that
even after reports of serious adverse and life-threatening reactions and deaths of Dengvaxia recipients, the company offered no assistance to its supposed victims, even by way of medical attention. The parents of Hedia narrated that prior to her vaccination, their daughter was a healthy and active child who seldom got sick. On the other hand, the complainants blamed Zuellig for selling Dengvaxia for mass administration despite its health risks. “Hypothetically admitting the mentioned allegations together with other facts alleged in the complaint, the court may render
830,000 Number of children from Metro Manila, Calabarzon, Central Luzon and Cebu who were inoculated with Dengvaxia in 2016
a judgment upon the same,” the court ruled. Thus, the Court directed the officers of SPI—Carlito Realuyo, Conchita Santos, Jazel Anne Calvo and Pearl Grace Cabali—to answer the damage suit within five days upon receipt of the order. “The plaintiffs are directed to coordinate with the sheriff/process server of the Branch within 60 days from receipt of this order for service of summons to the other defendants,” the resolution read. The Public Attorney’s Office (PAO) has filed several criminal complaints before the Department of Justice (DOJ) and independent civil actions for damages before various Quezon City courts in connection with the Dengvaxia mess. A total of 860,000 people, including 830,000 children, from Metro Manila, Calabarzon, Central Luzon and Cebu were inoculated with Dengvaxia in 2016. The immunization program
was started during the time of then-President Benigno Aquino III and continued by the Duterte administration before the Department of Health (DOH) stopped the program in November 2017. This, after Sanofi Pasteur announced that, while it may be effective to prevent future dengue infections, it may pose risks to those who have had no dengue infection. The latter could suffer a severe form of the hemorrhagic disease. In March this year, the DOJ approved the indictment of former Health Secretary Janette Garin, several officials from the DOH, the Research Institute for Tropical Medicine, Food and Drug Administration (FDA) and SPI. The DOJ panel said it found “Garin and the other respondents to have exhibited ‘inexcusable lack of precaution and foresight’ when they facilitated, with undue haste, ‘the registration and purchase of Dengvaxia’ and used the vaccine in implementing a schoolbased dengue mass immunization program.” It also said that Garin and the other respondents reportedly circumvented various regulations in the purchase of P3.5 billion worth of the anti-dengue vaccine, and this constituted proof of their reckless imprudence.
Palace prodded to protest Morales’s HK detention
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HE Duterte administration is being prodded to lodge a formal protest over the Chinese government’s four-hour detention Tuesday of former Ombudsman Conchita Carpio-Morales at the Hong Kong airport. Sen. Risa Hontiveros on Wednesday challenged President Duterte to protest what she described as “a clear act of intimidation and retaliation” against Carpio-Morales, who filed a case before the International Criminal Court (ICC) against the Chinese government for alleged “crimes against humanity” in the
Fishing boat. . . Continued from A1
This was a 74.17-percent increase from last year’s 600 commercial fishing vessels. The localities included in the top 10 were Milagros, Masbate, with 956 commercial fishing vessels; San Pascual in Masbate, 645; Coron in Palawan, 609; and San Francisco in Quezon, 554. The list includes Hadji Mohammad Ajul in Basilan with 530 commercial fishing vessels; Tongkil in Sulu, 507; Santa Cruz in Marinduque, 474; Claveria in Masbate, 428; and Cuyo in Palawan, 424. Among the top 10, San Pascual in Masbate posted the highest increase at 907.81 percent, from only 64 commercial fishing vessels detected in municipal waters in 2018. Deploying commercial vessels in municipal waters is a violation of the Fisheries Code of the Philippines as amended by RA 10654. Under the law, only registered fisherfolk and their organizations are allowed to fish in municipal waters. Ramos said despite the increase in the number of commercial fishing vessels detected in municipal waters, there is hope.
Global Fishing Watch
SHE said greater transparency can help improve the plight of oceans and wildlife worldwide. One of the ways is to use technology such as the Automatic Identification System (AIS). Ramos said Global Fishing Watch (GFW) and Oceana are advocating for increased AIS requirements and for more countries to publish their Vessel Monitoring System (VMS) data, as Indonesia and Peru are doing. “One way of addressing the issue of transparency at seas around the world is by increasing the number of vessels visible to the public, and making the data available and accessible,” Ramos said. “This is where Global Fishing Watch comes
West Philippine Sea. Hontiveros dared the Duterte administration to “defend one of the country’s most accomplished public servants and bring this directly to the Chinese government, lest it be accused of siding with China against one of our country’s own citizens,” Hontiveros said. “Bullying a 78-year-old former public servant who is known for her sterling public service record is ludicrous,”Hontiveros protested.“I call on the Chinese government to explain why it held for four hours without any explanation a former high-ranking
in. It uses cutting-edge technology to visualize, track and share data about global fishing activity as it happens and puts it in a free platform,” she added. GFW Chief Executive Officer Tony Long said they are in discussions with the Bureau of Fisheries and Aquatic Resources (BFAR), which he said seems “receptive” to the AIS. Using systems like AIS, Long said, can help achieve the Sustainable Development Goals (SDGs), particularly Goal 14 which aims to conserve and sustainably use the oceans, seas and marine resources for sustainable development. He said 2020 is a crucial year, particularly for the SDG 14 targets—eliminating illegal, unreported and unregulated (IUU) fishing, as well as prohibiting all forms of fisheries subsidies. The AIS, Long said, can help provide incentives for fishermen to comply, as well as determine where best to implement subsidies. “It [meeting with BFAR] felt like a very productive session, there were lots of good questions,” Long said. “It was a very positive meeting.” Commercial fishing is banned in municipal waters under the Fisheries Code, as amended in 2015. The Code has stringent measures to fight IUU, such as vessel monitoring technology for all commercial fishing vessels from 3.1 gross tonnage and beyond. The Department of the Interior and Local Government issued in April 2018 its implementing guidelines to all coastal cities and municipalities, to regulate and monitor all fisheries activities under its jurisdiction. Working to protect and restore the world’s oceans, Oceana in the Philippines aids the government is analyzing data from VIIRS to detect—by satellites—supposedly dark environment, such as large bodies of water, artificial light sources or super lights. These are likely used by fishing boats, such as purse seiners and ring netters, which were found inside prohibited areas in municipal waters.
Philippine government official and a senior citizen who simply went to Hong Kong with her grandchildren to have a vacation.” According to the senator, the Chinese government’s action against Carpio-Morales, one of two former ranking officials leading efforts to hold China accountable for the massive environmental damage it has caused and continues to cause in the West Philippine Sea, “clearly shows that its intentions are far from friendly.” Carpio-Morales was joined in her ICC complaint by former Foreign Affairs Secretary Alberto del Rosario.
House. . .
Continued from A1
passive income and financial intermediary taxation act of 2019 and a resolution proposing the revision of the 1987 Constitution. Arroyo also urged the Senate to pass the proposed act expanding the scope of the reformation and rehabilitation of children in conflict with the law. The Speaker said she is looking
Trabaho bill. . . Continued from A1
He said the measure created uncertainties that made prospective investors hold on to their capital and existing firms shelve expansion plans. With what they see as the bill’s looming non-passage though, Zaldarriaga said the uncertainties are partly lifted, and economic zone firms are provided with breathing space to expand operations. “If this indeed happens, the industry will definitely welcome this and will continue to expand and attract more investors. The reason investors have stopped expanding and steering clear from the Philippines is precisely because of the uncertainties looming in our business environment due to the Trabaho bill,” Zaldarriaga told the BusinessMirror. Zaldarriaga said the group has
At the same time, Hontiveros aired apprehension that “without a strong and definitive stand from the Philippine government, the incident could happen again to other Filipino citizens” critical of China’s incursions in the West Philippine Sea. She stressed the need for the Duterte administration to “see to it that our citizens are not intimidated and shabbily treated by foreign governments for simply voicing out their opposition to our neighbor-states’ actions that tend to undermine our sovereignty and territorial integrity.”
Butch Fernandez
forward to the action to be taken by the Senate on the priority bills as these had been passed by the House on second and third reading but are pending at the Senate. “As for the 11 pending bills in the President’s priority legislative agenda, we await the action of the Senate and stand ready to adopt the Senate version in the interest of speedy legislation,” she said. The 17th Congress has two weeks to pass these measures as the session will end on June 5. yet to evaluate investment losses from the uncertainties, but claimed it “definitely” took a toll on capital inflow to the Peza. Investments registered with the Peza last year slumped 40.97 percent to P140.24 billion, from P237.57 billion in 2017. A total of 529 fresh projects represented these investment pledges, from the 554 projects applied in 2017. Peza Director General Charito B. Plaza attributed the doubledigit decline to the uncertainties brought about by the Trabaho bill, which is the second package of the government’s tax reform program. The Trabaho bill will gradually bring down corporate income tax to 20 percent by 2029, from 30 percent. In exchange, it will rationalize tax incentives and lift some of the existing, including the 5 percent tax on gross income paid in lieu of all local and national taxes.
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All bases covered for June 3 class opening, Briones assures public T HE Department of Education (DepEd) said on Wednesday it is gearing up to ensure the smooth opening of classes as it expects to accommodate 27.8 million learners in the coming school year. Education Secretary Leonor M. Briones also underscored the agency’s efforts to ensure the readiness of almost 62,000 schools—47,205 of which are public. “Given the continuously increasing population of our schoolchildren and the increasing number of challenges that we have to hurdle, we are also increasing and expanding our existing efforts to deliver quality, accessible, relevant and liberating basic education,” Briones stated. From a total of 27,018,509, the number of learners is expected to rise by 2.95 percent to 27,817,737 from the previous school year. Briones also shared the Department’s programs, projects, and activities in preparation for the opening of classes on June 3. These include the early registration, which was held from January 26 to February 22. Through child mapping and community
advocacies carried out by schools, approximately 5 million new entrants from Kindergarten and Grades 1, 7, and 11 were able to register early. The Brigada Eskwela, which kicked off nationwide on May 20, gathered learners, parents, teachers, community members, partners from the public and private sector, and other stakeholders to contribute their time, effort, and resources to ensure that schools are safe and conducive to learning on school opening. The national schools maintenance program is scheduled until May 25. “We are grateful for the massive outpouring of love and support to our public schools,” Briones said, citing the consistent increase in resources generated and volunteers mobilized by the program. Finally, Oplan Balik Eskwela shall provide a venue at the Central, Regional, and Division Offices to address the problems and concerns encountered by the public at the start of the school year. The Public Assistance and Command Center at the Central Office shall operate from May 27 to June 7. Claudeth Mocon-Ciriaco
Comelec finally proclaims 12 new senators, party-lists Continued from A12
After serving in the Senate from 2004 to 2016, she served as representative of Taguig’s second district. Newcomer Ronald “Bato” dela Rosa claimed the fifth spot with 19,004,225 votes. The former Philippine National Police (PNP) chief is known for leading the government’s controversial campaign against illegal drugs. In sixth place is reelectionist Juan Edgardo “Sonny” Angara with 18,161,862 votes. The son of the late veteran lawmaker and former Senate President Edgardo Angara served as the head of the Senate committees on local government; ways and means; as well as the games, sports and amusement.
Actors and politicians RETURNING Sen. Lito Lapid was proclaimed in seventh place after securing 16,965,464 votes. Despite staying out of politics in the last three years, the former actor remained popular among voters after landing a key role in the popular longrunning telenovela Ang Probinsyano. Former Ilocos Norte Governor and Congresswoman Maria “Imee” Marcos made it to eighth place with total votes of 15,882,628. She is the daughter of former President Ferdinand Marcos and Leyte Rep. Imelda Marcos, and sister of former Sen. Ferdinand “Bongbong” Marcos Jr. Francis Tolentino finally made it to
the Senate with 15,510,026 votes, giving him the ninth slot in the Senate race. He ran as senator in 2016, but lost. Tolentino served as the political adviser of Duterte and was the chairman of the Metropolitan Manila Development Authority (MMDA). Making it to the 10th place is reelectionist Aquilino “Koko” Pimentel III with 14,629,785 votes. Pimentel, the son of former Senate President Aquilino Pimentel Jr., was himself the immediate past Senate president, and chaired the committees on trade; electoral reform; and justice and human rights. The 11th place was claimed by comebacking Ramon “Bong” Revilla with 14,624,445 votes. This will be the first attempt of the actor and former senator to return to politics after being detained for a plunder case. Last year, the anti-graft court acquitted him. Rounding up the so-called Senate Magic 12 is reelectionist Nancy Binay with 14,504,939 votes. This will be the second term of the daughter of former Vice President Jejomar Binay in the Senate. She previously headed the committee of cultural communities; and tourism. Of the 12 winning senators, only Poe, Lapid and Binay were not directly endorsed by presidential daughter Sara Duterte’s regional political party, Hugpong ng Pagbabago. A total of 62 senatorial candidates participated in the 2019 elections.
51 PARTY-LIST GROUPS GET HOUSE SEATS
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TOTAL of 51 party-list groups got guaranteed seats in Congress after getting the most votes during the 2019 elections. The Comelec en banc sitting as the NBOC proclaimed the groups in a ceremony on Wednesday at the PICC in Pasay City. A total of 61 seats were guaranteed for the latest batch of party-list groups in the upcoming 18th Congress. For getting the highest votes, two party-lists were each given three seats: ACT-CIS and Bayan Muna. Six groups were given two seats each after fulfilling the given vote threshold: Ako Bicol, CIBAC, Ang Probinsyano, 1-Pacman, Marino and Probinsyano Ako. Forty-three groups each got one seat: Senior Citizens, Magsasaka, APEC, Gabriela, An Waray, Coop-Natcco, ACT Teachers, Philreca, Ako Bisaya, Tingog Sinirangan, Abono, Buhay, Duterte Youth, Kalinga, PBA, Alona, Recoboda, BH, Bahay, CWS, Abang Lingkod, A-Teacher, BHW, Sagip, TUCP, Magdalo, GP, Manila Teachers, RAM, Anakalusugan, Ako Padayon, Aambis-Owa, Kusug Tausug, Dumper PTDA, TGP, Patrol, Amin, Agap, LPGMA, OFW Family, Kabayan, Diwa and Kabataan. A total of 134 party-list groups participated in the 2019 elections. The allocation of guaranteed congressional seats is based on a formula set by the Supreme Court in its 2009 decision in Banat v. Comelec.
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Editor: Vittorio V. Vitug • Thursday, May 23, 2019 A3
Duterte moves to forcibly send garbage back to Canada P
RESIDENT Duterte has moved to have truckloads of garbage that Filipino officials say were illegally shipped to the Philippines years ago be forcibly shipped back to Canada, Duterte’s spokesman said on Wednesday. Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo held a news conference to announce that Duterte has ordered officials to look for a private shipping company to transport the garbage to Canadian territory in an escalation of his increasingly adversarial stance. The Philippines will shoulder the cost of the garbage shipment, Panelo said. “If Canada will not accept their trash, we will leave the same within its territorial waters or 12 nautical miles out to the sea from the baseline of any of their country’s shores,” Panelo said. “The President’s stance is as principled as it is uncompromising: The Philippines as an independent sovereign nation must not be treated as trash by other foreign nations.” The Philippine government recalled its ambassador and consuls in Canada last week over Ottawa’s failure to comply with a May 15 deadline to take back the garbage. Prime Minister Justin Trudeau said last week that Canada has been working hard with Philippine officials and hopes to strike a resolution shortly but did not specify a time frame. In 2017, Trudeau said legal issues preventing the return of the garbage to Canada had been resolved. At least 103 containers of household trash, including plastic bottles and bags, newspapers and diapers, were shipped in batches from Canada to the Philippines from 2013 to 2014. Most of the shipping containers remain in two ports in Manila and northern Subic Freeport, sparking protests from environmental activists. Philippine officials say they were falsely declared by a private firm as recyclable plastic scraps and have asked Canada to take back the garbage.
Korean garbage
THE South Korean government, meanwhile, has assured the Philippine government that it would recall the remaining shipment of garbage currently stored at the importer’s compound inside the export processing zone area outside of Cagayan de Oro (CDO) City. The Department of Finance disclosed that South Korea has “committed to help ship back” to its country the remaining 5,176 metric tons (MT) of waste materials “illegally imported here last year and currently stored at the Philippine Veterans Investment Development Corp. (Phividec) Industrial Authority premises in Tagoloan town, Misamis Oriental. The South Korean government commitment was relayed by Bureau of Customs (BOC) Commissioner Rey Leonardo Guerrero in his report to Finance Secretary Carlos Dominguez III. He said the waste materials consisted of plastic synthetic flakes and were “unlawfully imported by the Cebu-based Verde Soko Philippines Industrial Corp. in July and October last year.” Guerrero said an Order of Forfeiture and Order of Re-Expor-
DND eyes to buy ‘fully equipped’ P-3C Orion aircraft from US military
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HE Department of National Defense (DND) is interested to acquire one or two of the P-3C Orion surveillance aircraft whose services in the US military are slowly being taken over by the more advanced P-8A Poseidon aircraft. The Orion, which the US and Australia flew in support of intelligence and reconnaissance operations for Philippine troops during the siege of Marawi City in 2017, is being phased out by the US military and is projected to be completely out of service by 2023. But Defense Secretary Delfin N. Lorenzana said that if the government has to acquire one or two pieces of the Orion, they have to have their original intelligence and monitoring apparatus. Otherwise, he said, they would just add up as an ordinary transport aircraft of the military. “It will be good if we acquire even one P3 Orion, provided it has all its original equipment. Otherwise it will just be another transport plane. We will find out if we can get one or two,” he said. Lorenzana said the acquisition of Orion, a command, control, communications, computers, intelligence, surveillance and reconnaissance (C4/ISR) aircraft, would further boost the country’s territorial domain awareness. Currently, the Air Force is fully utilizing five Japanese-donated TC-90 aircraft for its maritime domain awareness mission and patrol, with the focus being the West Philippine Sea and the waters in the country’s northern territory. Other than its monitoring and surveillance capabilities, the Orion is also effective for undersea and subsurface warfare, and should be potent while working alongside the Agusta Westland anti-submarine helicopters that the Navy has just acquired. The last of the P-3C Orion planes with the US Navy are on their final overseas deployments in bases in Japan and Bahrain as they wind down for their retirements by 2023, following the US decision to retire all Orion and replaced them with Poseidon aircraft. Meanwhile, the second year anniversary of the Marawi City siege, which the military ended with the Orion flown by the US and Australia, will be commemorated today (Thursday) by soldiers in a simple ceremony in Lanao del Sur’s capital. Col. Romeo Brawner, commander of the Army’s 103rd Brigade based in Marawi City, said a wreath laying ceremony will be held in order to honor those who have fallen from the conflict spawned by the Islamic State and its local affiliates. “If there is something that we should learn from the Marawi City is for people not to tolerate terrorism or violent extremism. They knew it’s been there, but they did not tell [that to authorities],” Brawner said. The International Committee of the Red Cross (ICRC) said that more than 100, 000 people displaced by the conflict in 2017 have not returned to their homes yet. “Despite the numerous aid efforts that have truly helped those in need over the two years, the people of Marawi have grown tired and frustrated. They want to stand on their own feet again and stop depending on assistance,” said Martin Thalmann, head of the ICRC delegation in the Philippines. Rene Acosta
tation was already issued by the Port of CDO against the waste materials, which, he said, arrived at the CDO port in bulk and containerized shipments. “TheKoreangovernmenthasexpresseditscommitment in collaborating with the Philippine government to execute the repatriation of these materials should Verde Soko fail to follow the Notice of Repatriation Order which it issued, and its willingness to shoulder the shipping cost without the arrastre and demurrage charges,” Guerrero said. Guerreroaddedthataseparateshipmentof51container vans of waste materials were earlier loaded on the cargo
vessel MV Kalireo on January 13 and left for its original port of Pyeongtaek-si South Korea, the following day. The remaining 5,176.9 MT of waste materials still stored at the Verde Soko compound within the Phividec Industrial Authority premises would soon be “balled and compacted” to prepare them for shipment back to South Korea, Guerrero added. In his report, the Customs chief said, the Port of CDO District Collector “informed that Phividec has already applied for power supply with the Cagayan Electric Power and Light Co. (Cepalco) in order that the
balling and compacting machine, which are already in place, can be used in the compacting and bagging of the waste materials prior to their shipment to Korea.” Manila and Seoul are signatories to the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and their Disposal, more popularly referred to as the Basel Convention. The convention is designed to reduce the movements of hazardous waste between nations, and specifically to prevent transfer of hazardous waste from developed to less developed countries. Manuel T. Cayon, Rea Cu, Bernadette D. Nicolas and AP
A4 Thursday, May 23, 2019 • Editor: Vittorio V. Vitug
Economy BusinessMirror
Senate okays ‘End of Endo’ bill
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By Butch Fernandez
@butchfBM
HE Senate passed on third reading on Wednesday the “End of Endo” bill, outlawing employers’ practice to circumvent labor laws by hiring contractual workers, whose short-term contracts expire before they qualify for permanent employment under existing law. “We longed for this day to come, especially our workers who have suffered because of the evils of Endo, a practice which corrupts the dignity of labor,” said Sen. Joel Villanueva, who sponsored the End of Endo bill as chairman of the endorsing Senate Committee on Labor, Employment and Human Resources Development. Villanueva explained that the remedial legislation was crafted “to give all workers peace of mind when it comes to employment
status, that no worker can be dismissed without just or authorized cause and due process.” “We listened to the concerns of various stakeholders and took these into account in putting together this bill,” he said, adding, “We believe this measure protects the interests of all parties concerned.” The senator also credited fellow senators, including the members of the endorsing committee on labor, “for the support we re-
ceived from colleagues who helped pass us this measure.” Villanueva, however, admitted that their task is not yet done, noting that the legislation has yet to hurdle the bicameral committee that will craft the reconciled Senate-House version of the End of Endo bill to be submitted to Malacañang for signing into law. “The next phase of our struggle to end Endo is in the bicam,” he said, adding: “we are determined to pursue this, especially that this measure has been certified urgent by the Executive.” Villanueva noted that “in upholding the Constitutionally guaranteed right to security of tenure, the bill reiterates the prohibition on labor-only contracting, and clarifies ambiguities in existing laws that have allowed employers to tiptoe around the ban.” He added: “We longed for this day to come, especially our workers who have suffered because of the evils of Endo, a practice which corrupts the dignity of labor. We listened to the concerns of various stakeholders, and took these into account in put-
ting together this bill. We believe this measure protects the interests of all parties concerned. We are grateful for the support we received from our colleagues who helped us pass this measure.” The bill also classifies workers under four employment types: regular, probationary, project and seasonal. Project and seasonal workers have the same rights as regular employees like the payment of minimum wage and social protection benefits, among others, for the duration of their employment. “The provision trims down the employment arrangements and addresses the current practice of misclassifying employees to prevent them from obtaining regular status,” Villanueva said. In addition, the bill calls for all contractors to obtain a license to engage in job contracting from the Department of Labor and Employment. Making contractors submit themselves to licensing allows the department to scrutinize their capacity to adhere to existing labor laws and regulation, and gauge their ability to provide for their employees.
Time may be running out for passage of measure to broaden Neda’s powers By Cai U. Ordinario @caiordinario
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HE pending proposal to strengthen the country’s socioeconomic planning office, the National Economic and Development Authority (Neda), is facing an uphill battle in Congress due to time constraints. At a news briefing on Wednesday, Socioeconomic Planning Secretary Ernesto M. Pernia said, however, that Rep. Jose S. Salceda of the Second District of Albay has assured him that the Lower House will tackle the bill next week. Salceda is the primary author of the bill in the House, while Sen. Sherwin Gatchalian is the author of a counterpart measure in the Senate. “It’s hard to predict what’s going to happen because the time is rather tight,” Pernia said. “It’s not as close as we had wanted it to be by this time.”
Pernia said the bill was a “spontaneous initiative” of Gatchalian, who is also the chairman of the Senate Committee on Economic Affairs. Nonetheless, Pernia said, the bill augurs well with the Neda’s aim to strengthen its capacity to become a truly independent economic planning agency. The proposed law seeks to address fragmented, uncoordinated, and even often interrupted planning, policy-making, programming, and budgeting process of the government. Pernia said that through the bill, there will be continuity of plans, programs, and policies that should outlive a President’s term for them to become effective. “Through the Neda bill, the independent economic and development planning body we envision would be one that directs and integrates development plans at the national and subnational levels,” Pernia said in a
speech at the Planning Community of Practice (PCoP) 2nd Technical Workshop on Wednesday. The workshop, Pernia said, is a major a milestone that aims to strengthen national development planning and policy-making across Southeast Asia. The PCoP is a venue for state planners and policy-makers to discuss ways to address issues brought about by the economic and political landscape. The workshop on Wednesday was intended to explore decentralization, which is the reason for the inclusion of the Neda’s regional offices nationwide in the PCoP. “It sheds light on the crucial role of national and subnational planning and the mechanism at two levels in effectively implementing various development programs and projects at the local and at the grassroots level,” Pernia said. In a statement delivered to the
Senate Committee on Economic Affairs last year, the socioeconomic planning chief said it is throwing its support behind Senate Bill 1938 titled “The Neda Act of 2018” authored by Gatchalian. Pernia said the proposed Neda Act will strengthen the oversight agency and improve its capacity to implement economic and development policies. Pernia said the passage of the Neda Act is long overdue given that the oversight agency was created through the 1987 Philippine Constitution and Executive Order 230, dated July 22, 1987, during the term of former President Corazon Aquino. While the 1987 Constitution resolved to create an “independent economic and planning agency,” Pernia said no enabling law has yet been passed to exercise this function, which led to fragmented and uncoordinated policy-making.
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DSWD retains mandate as lead office in 4Ps law implementation By Bernadette D. Nicolas @BNicolasBM
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R ESIDEN T Duter te has signed into law the measure institutionalizing the Pantaw id Pami lyang Pi lipino Program (4Ps), the flagship poverty alleviation program of the government that was first implemented during the term of former President now House Speaker Gloria Macapagal-Arroyo. With the signing of the new law Republic Act 11310 on April 17, 4Ps is now an added function of the Department of Social Welfare and Development (DSWD) and a regular program funded from its annual appropriation. Under the new law, the government will provide Conditional Cash Transfers to poor households for a maximum of seven years to improve the health, nutrition and education aspect of their lives. But under exceptional circumstances, the National Advisory Council headed by DSWD may also recommend a longer period for the implementation of 4Ps. T he Adv isor y Council is tasked to determine the amount of Conditional Cash Transfer to beneficiaries. Using a standardized targeting system, the DSWD shall select qualified household beneficiaries of the 4Ps. It is also mandated to conduct a regular validation of beneficiary targeting every three years. Eligible beneficiaries shall include farmers, fisherfolks, homeless families, indigenous peoples, those in the informal settler sector and those in geographically isolated and disadvantaged areas, including those in areas without electricity shall be automatically included in the standardized targeting system. However, they are only considered eligible if they are classified as poor and near-poor based on the Standardized Targeting System and the poverty threshold issued by the Philippine Statistics Authority at the time of selection; have members who are aged zero to 18 years old, or have members who are pregnant at the time of registration; and willing to comply with the conditions
specified by the law. The Conditional Cash Transfer grant per child enrolled in daycare and elementary programs shall not be lower than P300 per month per child for a maximum of 10 months per year. Beneficiaries with children enrolled in junior high school, should receive Conditional Cash Transfer grant not be lower than P500 per month per child for a maximum of 10 months annually. Meanwhile, those beneficiaries shall receive a Conditional Cash Transfer grant not lower than P700 per month per child enrolled in senior high school. Moreover, health and nutrition grant amounting to not less than P750 monthly for a maximum of 12 months per year. The health/nutrition grant, which is a fixed grant, seeks to increase the use of health services by the household beneficiary. DSWD shall also provide beneficiaries with direct and secured access to cash grants through any number of Authorized Government Depository Banks (ADGBs). For localities not adequately served by an ADGB, the law stated that the DSWD may, by itself, or through an AGDB contract the services or rural banks, thrift banks, cooperative banks, and institutions engaged in money remittances duly accredited by Bangko Sentral ng Pilipinas. Every three years after the effectivity of the law, the Philippine Institute for Development Studies shall conduct an impact assessment to evaluate the effectiveness of 4Ps, the veracity of the list of household-beneficiaries and the program implementation. The new law’s implementing rules and regulations are also expected to be promulgated within six months from effectivity by the DSWD secretary along with appropriate government departments and agencies, as well as with the participation of local government units. The law shall take effect 15 days following its publication in the Official Gazette or in two newspapers of general circulation in the Philippines.
LTO chief cites tech-driven push to improve services ‘Hard bargaining’ on labor, employment issues By Lorenz S. Marasigan
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@lorenzmarasigan
HE chief of the Land Transportation Office (LTO) said on Wednesday that technological innovation is necessary for the agency to streamline and hasten most of its processes, as he enumerated several IT-driven services that his office has implemented in the past few years. LTO chief Edgar C. Galvante said the introduction and adoption of technology into the LTO’s system helped “the agency maximize the use of technology to make services faster, more efficient, convenient and comfortable, and more importantly, to check corruption.” For instance, he said, the Personal Appointment and Scheduling System has allowed clients to make advance appointments
with the LTO. Another innovation that he mentioned is the Motor Vehicle Plate Query, which helps clients know the status of their motor-vehicle plates. Galvante also mentioned the deployment of kiosks that allow the acceptance of motor vehicle renewal transactions, and the Information and Communications Technology Center, which digitally houses hardware of the IT system and all core systems for driver’s license application; motor vehicle inspection and registration; law enforcement and traffic adjudication; revenue collection system; executive information system; online enrolment and appointment system. It also established its own plate- making plant that now makes use of robots with the assistance of human employees to produce
121,200 plates on a daily basis. Galvante also mentioned that it has also tapped the Bureau of the Treasury and the Land Bank of the Philippine for the deployment of an electronic payment portal (ePP) to enable dealers to facilitate payment for the initial registration of new motor vehicles. Aside from this, the agency has also adopted the Electronic Payment Assessment Tool a Web-based facility that computes the amount to be paid online. The computed amount from the e-PAT and other relevant details are sent to the ePP. He said these are just some of the innovations that his agency has adopted over the past few years, as he vowed to take the agency to greater heights as it celebrates its 107th founding anniversary. “[We] will continue to enhance LTO’s services to bring about the needed changes that will make the agency relevant, responsive and efficient,” Galvante said. He noted that moving forward, his office will continue to address issues that are currently hounding the agency. The backlog on license plates, for example. “[We are] targeting to completely resolve the backlog on motor plates by mid-2020,” Galvante noted. As of end-April, more than 1.2 million pairs of motor vehicle plates have been produced, covering vehicles registered from mid-2016 to 2018. For 2018 registered motor vehicles reached 11.6 million higher by 1.2 million or 11 percent compared to 10.5 million motor vehicles during the previous year. Driver’s licenses and permits issued during the same year totaled 7.5 million. This is 12 percent higher or 809,200 more than the 6.63 million in 2017. Last year, the LTO collected a total of P24.2 billion for the year 2018, an increase of 6.6 percent or P1.5 billion higher than last year’s revenue of P22.7 billion.
with China after ODA Law amendment–Pernia
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F the proposed amendments to the Official Development Assistance (ODA) Law are legislated, the National Economic and Development Authority (Neda) believes making China follow the letter of the law may require some “hard bargaining.” In a briefing on Wednesday, Socioeconomic Planning Secretary Ernesto M. Pernia told reporters that the proposed amendments put forward by Senate Committee on Economic Affairs Chairman Sen. Sherwin Gatchalian aims to prioritize Filipino workers to work in publicly funded projects. Some ODA partners like Japan, Pernia said, will be easier to convince given that the Japanese only get involved in ODA projects as technical consultants. “China will probably need some negotiation, hard bargaining,” Pernia said. “In the case of Japan, blue-collar workers, the ordinary workers, no Japanese come just for this ordinary type of work, only the technical work,” he added. However, Section 4 of Republic Act (RA) 9184, or the Government Procurement Reform Act, states that foreign entities may participate in the procurement of infrastructure projects, goods and consulting services. This was detailed in the implementing rules and regulations (IRR), particularly Section 4, or the scope and application of the IRR, and Sections 23 and 24, which pertain to the procurement of goods and infrastructure projects and consulting services, respectively. Further, Section 11 of the existing ODA Law states that in “the hiring of consultants, contractors, architects, engineers and other professionals necessary for a project’s implementation, Filipinos shall be given preference.” When asked if these provisions in the
Government Procurement Reform Act and its IRR would lead to a redundancy under the proposed amendments of the ODA Law, Pernia said this will not be the case. “I think Sen. Gatchalian just wants to highlight, emphasize [the need to] have our blue-collar workers really [be] given priority in terms of construction of ODA projects,” Pernia said. Meanwhile, Pernia said the roles played by the government and private sector in infrastructure spending are crucial in boosting the economy. Pernia said the private sector is a bigger player when it comes to infrastructure spending given that the Philippines has a capitalist economy. In the first quarter of 2019, public infrastructure spending contracted 5.3 percent while private construction spending grew 13.7 percent. Both public and private construction spending were in the double digits in the same period last year at 26.8 percent and 12.3 percent, respectively. He said that while the government’s infrastructure program has suffered setbacks due to the delay in the passage of the 2019 budget and the election ban on infrastructure spending, it was still important to ensure quality spending. “You know catching up also has limits, and even before projects start. It’s hard to predict because there really are some things that need tobeironedoutfirst,”Perniasaid.“Thedictum is festina lente, make haste slowly.” Last March, the Senate Committee on Economic Affairs said it will seek a full accounting and get additional updates on all loan agreements forged by the government under the Duterte administration, as part of efforts to ensure accountability in sourcing financing for major infrastructure projects. Cai U. Ordinario
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Business
Thursday, May 23, 2019
African Swine Fever spreads to China: Is
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By Jasper Emmanuel Y. Arcalas
VIRUS killing millions of swine is now spreading to Asia, and its ill effects on the meat trade could force Filipino consumers to shell out more pesos in the near future. It’s called African Swine Fever (ASF), a virus endemic to South Africa but has managed to travel miles and miles away over the years, reaching the European continent and, now, seeping through the borders of countries in East and Southeast Asia. The ASF could kill a hog in two days’ time with zero chance of survival. There’s also no vaccine yet to prevent it. Fortunately, the virus is not known to harm humans, according to the World Health Organization. For now. The ASF is currently on a rampage in China’s multibillion-dollar hog industry with over one million dead swine already reported. The highly contagious hemorrhagic viral disease of domestic and wild pigs has also managed to infiltrate nearby neighbors such as Cambodia, Vietnam and, recently, Hong Kong. The Philippines remains free from the virus and the government is trying its best to keep the stature. Else, the country could easily bid goodbye to its P200-billion domestic hog industry. Meanwhile, interviews conducted by the BusinessMirror with both local and foreign analysts, industry players and government officials paint one picture: higher meat prices, as a consequence of ASF havoc outside the archipelago, could hit. The question is would the hit be sooner or later.
Jump in imports
SINCE August 2018, China has reportedly culled over one million pigs. It is Beijing’s first time to contract the virus that, reports say, was contracted from a state that abuts Russia. China has reported over 120 cases of ASF outbreaks in over 30 provinces. Due to losses in hog stocks, China is expected to hike its imports of pork meat abroad to plug the shortfall in its domestic supply. Dutch financial firm Rabobank estimates that China will lose 30 percent of its pork supply this year due to ASF. The estimated loss is already equivalent to the whole European annual pork supply and is also nearly 30 percent larger than the annual pork output of the United States, according to Rabobank’s analysis in April. The reduction in local pork output would push China to plug the shortfall by importing its requirements from Europe and the US, which would drive global meat prices to soar. “This unprecedented shift in trade will likely create unexpected product shortfalls in markets previously served by these suppliers, creating short-term market volatility that will ultimately result in higher global protein prices,” Rabobank’s study said. “A secular shift toward lower Chinese pork consumption will support increased demand for poultry, beef, seafood and alternative proteins that will shape global production trends,” it added.
A tug-of-war
WITH China projected to increase its pork imports, the Philippines will be caught in a tug-of-war of global meat supply. Rabobank Singapore’s food and agribusiness analyst Ben Santoso said China’s pork imports could increase by 1.5 million metric tons (MMT) to 2 MMT this year if its domestic prices would “rise to very high levels.” And this volume, Santoso noted, could only be filled by
global suppliers if they shift their exports—intended for other markets—toward China. Doing so could hurt shipments bound for the Philippines. “Existing exporting regions, including the EU, Canada and Brazil, are not likely to have sufficient supply for China, and will divert part of the shipments for other countries to China,” Santoso told the BusinessMirror. “Imports by the Philippines will, hence, depend on whether it will compete with China, and on timing [whether it will front-load imports before Chinese demand picks up],” he added. However, Santoso pointed out that China’s buying price should be higher than other countries’ price quotations to prompt global suppliers to hike their shipments to the East Asian country. “To secure additional volumes, the exporters would need to be incentivized to come up with more supply, either through release of reserves, squeezing more production out of existing capacity, and/or to divert exports originally destined to other countries,” he explained. “All these efforts will require extra costs or compensation, which will be reflected in progressively higher prices,” he added.
Shift in demand
LOCAL importers, traders and processors said global meat prices have risen up from last year’s quotations with some items already costing more than double of its previous price. The uptick in the world meat prices is caused by expected higher purchases by China as it seeks to replenish its depleting pork supply caused by the ASF. Industry sources told the BusinessMirror that the international price of pork and some chicken cuts is now higher by at least 10 percent to as much as 100 percent. “We are concerned [with the current global situation] because China is a very big user of pork. And when they actually have problems with their own local production, normally they would compete with us for the world supply,” Philippine Association of Meat Processors Inc. spokesman Rex E. Agarrado said. “For this reason, we are now seeing prices jump, especially for pork. But, of course, this would have a ripple effect on chicken prices due to the shift in demand,” Agarrado added. He said the group expects retail prices of certain pork products, such as bacon and ham, which are mostly imported and consumed by middle-class Filipinos, to go up. “That’s why they say that when China sneezes, the world catches a cold,” Agarrado said. “China’s demand is so big; it would have ripple effects on meat prices.”
Poultry prices
THE shift to chicken of pork consumers, according to Meat Importers and Traders Association (Mita) President Jesus C. Cham, has driven global prices of leg quarters to rise by 10 percent to 20 percent year-on-year. “We are seeing increased demand in chicken meat due to higher prices of pork. Prices are already higher year-on-year and even much higher than in the last quarter of last year,” Cham said. “We are [also] seeing price increases across all cuts of pork.” He said Mita expects some correction in global meat prices in the short term but the rates will still be
higher than the average quotations last year. Cham noted that the expected spike in meat demand in Western countries during summer would sustain the upward trend in global meat prices. USA Poultry and Egg Export Council President James H. Sumner said global poultry meat prices will shoot up even though the US, one of the world’s top producers of the meat, will be unable to export to China as a result of the ongoing trade war. “Although the US is not currently shipping to China for political reasons, China’s increased
demand for all meats will no doubt have a strong impact on all meat prices, especially poultry, which is the lowest-priced meat protein alternative,” Sumner told the BusinessMirror. “Regardless whether the US ships to China, the net effect will be to increase global poultry prices due to this major increase in demand due to China’s situation,” he added.
Expect tighter competition
HOWEVER, Cham, Agarrado and Sumner noted that one of the sectors that could be hardest hit by higher global meat prices would be
poor Filipino consumers who rely on low-cost processed meat products for their protein source. This, Cham said, would be a challenge for meat processors who will find themselves in a tighter competition abroad for their raw materials for manufacture, particularly for mechanically de-boned meat (MDM). “Processors will be challenged to find alternatives to meet their price points so that they could meet the demand of the masa [masses] for processed meat products,” he said. Agarrado said global MDM prices have not increased so far since last year, which allows them to keep prices on processed meat products competitive. However, this is only possible since the government is still implementing a 5-percent tariff on chicken-MDM imports, Agarrado pointed out. “What is saving the day for us is, of course, MDM prices, which have not advanced since last year. And we expect prices to remain where they are today if the government would be keeping the duty at 5 percent,” he said. “Prices for products for massbased population will be tempered by the availability of good price of MDM, which is possible at the current tariff rate,” he added.
Reversion of tariffs
SUMNER noted that the reversion
of the tariff on MDM imports to 40 percent could hurt more Filipino consumers, particularly the poor, as it would hike retail prices of processed meat products at a time that global meat prices are foreseen to increase as well. The reversion of tariffs could also slow down US exports of the raw material to the Philippines. “This would be unfortunate for Philippine consumers, especially as we expect poultry prices to increase due to the enhanced demand from China,” Sumner said. “Philippine consumers can probably expect higher meat prices this year as a result of demand for all meat proteins, including pork and poultry.” Since last year, Pampi had cautioned that reverting the tariff on chicken MDM imports to 40 percent would push retail prices of canned meat products and hotdogs to increase by 12 percent to 17 percent. But that was last year, when the devastation and crippling effects of ASF on the global meat market were not yet felt and seen. So what happens if the government pursues hiking the tariff slapped on chicken MDM imports? “Then it would be a double whammy: pork prices going up and MDM prices going up,” Agarrado was quick to point out. “But we will cross the bridge
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Editor: Dennis D. Estopace | Thursday, May 23, 2019
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s it time for PHL pork industry to whine? to the previous $1.70 to $1.80 price range,” he said. “And its landed cost is already equivalent to locally produced pork.” Del Mundo echoed Chen’s remarks, adding that the landed price of imported liempo (pork belly) is at least P200 per kilogram, compared to P180 to P190 prices before. Locally produced liempo is priced at about P240 per kilogram.
Annual imports
DESPITE the anticipated spike in global meat prices, the Philippines is still poised to increase its annual imports this year, as forecast by the United Nations’ Food and Agriculture Organization (FAO). In its biannual food outlook report, the FAO expects Philippine meat imports to expand by nearly 10 percent to 691,000 MT from 629,000 MT last year, as the improving purchasing power of Filipinos increases the demand for animal protein. This is despite a projected 3.27-percent increase in local meat production. The FAO said the country’s meat output this year will reach 3.722 MMT (carcass weight equivalent) from 3.604 MMT last year. The FAO projected that poultry will account for 46.08 percent of the total imports as it remains the most sought-after product by Filipinos, particularly by the middle-income and low-income households. Philippine poultry meat imports this year are projected to reach 318,000 MT, nearly 10 percent over last year’s 290,000 MT, the FAO said. Likewise, the country’s pork imports this year would expand by 11.04 percent to 181,000 MT, from 163,000 MT a year ago. “The market optimism rests principally on expectations of a strong growth in import demand, mainly from China, but also Japan, the Philippines, Mexico and Ghana,” the FAO said in its biannual Food Outlook report published last week.
VICNT | DREAMSTIME.COM
Room for growth
when we get there. However, it is very obvious with the 5 percent to getting back to 40 percent at this time of the year,” he added. The government has not yet issued any executive orders on the finality of duties on chicken MDM imports even after the passage of the rice trade liberalization (RTL) law. The enactment of the RTL law would mean that the tariffs on chicken MDM would automatically revert to 40 percent from the current 5 percent as part of the country’s commitments to the World Trade Organization (WTO). However, industry sources
said the 40-percent tariff is not yet implemented by the Bureau of Customs. An application of the higher duty is seen in the near future.
Yearning for old prices
MEAT importer Maria Teresa del Mundo, CEO of MTDM Trading, said she has observed higher prices of imported raw materials for meat processors since the beginning of the year. “The problem I am encountering right now is that my bigger clients, corporations and processors do not even believe me [that prices have gone up already],” del Mundo, one of the biggest meat importers
in the country, told the BusinessMirror. “They want me to maintain the [same] price [when] they bought the commodity last year,” she added. “We cannot do that because the suppliers abroad are not giving that price anymore.” Pork Producers Federation of the Philippines (ProPork) President Edwin G. Chen said they have also observed price movements locally, particularly in culled sows, driven by higher demand by meat processors. Chen said prices per kilogram of culled sow have gone up to P75 from the usual P65. Culled sows, Chen explained, are used by meat processors to produce ham, tocino (sweetened, cured pork) and other processed meat products. “Meat processors are now shifting to local producers; they are now buying more culled sows than before,” he told the BusinessMirror. “This could be a reaction to higher global meat prices.” Furthermore, Chen said they have seen the price gap between imported pork belly and locally produced ones diminishing over the past few weeks. Usually, imported pork bellies are cheaper by as much as P60 per kilogram compared to locally produced ones. “Imported pork belly prices are now at $3 per kilogram compared
US Meat Export Federation AsiaPacific Senior Vice President Joel Haggard said they are seeing growth across all areas of the Philippines’ meat sector: from processing to food service. “I think we are enjoying the growth that other countries are enjoying as well. We saw the Philippines’ total meat imports rose quite significantly last year,” Haggard told the BusinessMirror. “I think there’s room for growth in meat consumption in the Philippines. We do think there’s growth potential in protein consumption overall,” Haggard said, adding that the Philippines is the US’ 11th top market for meat. The Associação Brasileira de Proteína Animal (Abpa, Brazilian Animal Protein Association) said it remains optimistic about hiking its pork shipments to the Philippines despite higher demand from China. This is due to the increasing demand of local traders from sources that are free from ASF, such as Brazil. However, Abpa Executive Director Ricardo Santin noted that the Philippines would have to compete with China in securing their pork and poultry meat supplies from Brazil. “All the international meat trade can be changed by this crisis,” Santin said. “Probably, China and other countries that will compete for pork meat will also buy more chicken and other meats, to replace the decrease of pork meat offer.”
Confidence, stability
DATA provided by Abpa showed that their pork exports to the Philippines in the first quarter increased by 8.3 percent to 2.009 MMT from 1.854 MMT in the same period last year. Likewise, the value of pork exports grew 5.9 percent to $3.111 million from $2.938 million a year ago, Abpa data showed. In a statement sent to the
BusinessMirror, the Australian Embassy in the Philippines gave assurances that it is doing its best to ensure its territory remains free from ASF. Among the measures, Australia restricts the entry of meat products from countries that are not free from ASF and foot-and-mouth disease. Furthermore, it has also imposed stringent surveillance in its points of entries to ensure that no smuggled meat would enter the country. This, the Australian Embassy noted, would allow Canberra to continue to expand its meat exports to the Philippines. Australia is the country’s top source for beef and it also ranks 11th in terms of total pork imports. “Australia will continue to work regionally to help in the international response to this disease situation. Australia is a major exporter of meat and is free of the major livestock diseases that affect meat production in many countries,” it said. “This gives confidence and stability to our trading partners and buyers of Australian meat,” it added.
A tall order
FOR Agriculture Secretary Emmanuel F. Piñol, China’s pork problem could be a blessing in disguise for Filipino hog producers. Piñol earlier floated the idea of exporting local pork to China to reduce the glut in domestic supply caused by aggressive production. Asked if exporting pork to China would be risking the country’s supply given that it is not self-sufficient, Piñol’s response was, “I don’t think so.” He explained further: “If raisers see the available market and additional demand, then they would increase their production.” Piñol is not alone in this view. Rabobank also noted that countries that may have surplus supply may export to China and take advantage of favorable prices. However, in the case of the Philippines, Santoso said exports could be limited as it is constrained by its supply; also, its ability to export is premised on its maintaining its ASF-free status. Roehlano M. Briones, senior research fellow at the Philippine Institute for Development Studies (PIDS), said it would always be an issue of supply for the Philippines if it wants to be part of the global meat trade. “If the local production is unable to meet even our local demand, then I do not really see how we will be able to export to China, especially since there are other large producers closer to them,” Briones told the BusinessMirror. “It’s a tall order. Besides, I think our pork producers would rather cater to the domestic market than…ship to China due to prices,” he added.
Local demand
INDUSTRY sources noted that only big corporations could export abroad since backyard raisers, which account for 60 percent of total hog output, are incapable of doing so. For one, the government has no Triple-A abattoir that can slaughter hogs for the international market. Worse, it doesn’t have a meat packing or meat cutting plant to export pork as the commodity is traded in terms of cuts. “It’s unlikely that the government could export pork to China this year due to lack of proper facilities. It could be done but maybe by big corporations,” a person familiar with the matter said. Still, ProPork says opening up the Chinese market for local pork, even if only big corporations could take advantage of such, would still be beneficial to the industry. Chen said allowing big firms to export pork would reduce the current oversupply, thus, slowly increasing farm-gate prices of live hogs. Some of the firms capable of exporting pork to China are San
Miguel Corp. and Universal Robina Corp., Chen added. Earlier, Piñol disclosed that Thai agricultural firm CP Foods Corp. is already processing its papers for the export of pork to China. “The small backyard raisers will not be able to export, but the importance of opening up the Chinese market is for big corporations to reduce their supply, if Chinese prices are attractive enough, which would then create space in the domestic supply,” Chen explained. “By then, the small backyard raisers would be the one filling up local demand,” he added.
Absent ASF’s impact
DEPARTMENT of Agriculture (DA) documents obtained by the BusinessMirror showed the DA estimates that the country would have a pork supply surplus of 331,393 MT on the back of higher output and increased imports. This would mean that the country would have a buffer stock good for at least 69 days at an estimated 4,780.372 MT daily nationwide pork demand. The DA also projects total pork production this year to hit 1.635 MMT, with imports reaching 440,517 MT. Total pork demand this year is estimated at 1.744 MMT with a total population of 108.106 million and a per capita consumption of 16.14 kilograms. Without imported pork, the country would have a supply shortage of 109,124.696 MT, which is equivalent to 22.83 days, DA documents showed. These government projections have not taken into consideration the impact of ASF on the global meat trade. Some industry sources, however, noted that the country’s pork imports could be reduced this year, according to a government official familiar with the matter.
Self-sufficiency goal
“WHAT happens if the Philippines gets ASF and we lose our swine population? What happens?” Cham mused. “We do not know yet.” For some analysts it is crucial for the Philippine government to ensure that its territory remains free from the dreaded swine virus or else it would face a more horrible enemy: price spikes. Santoso said if the Philippines gets hit by ASF, then it would create a ripple effect across all meat prices domestically, with pork prices plunging due to knee-jerk reaction. Santoso noted that pork imports by the Philippines have been steadily increasing, making it the top importer within Southeast Asia. “The initial reaction to the ASF outbreak is typically a price drop, as consumers avoid pork and farms liquidate and hesitate to re-stock,” he said. “But eventually any shortage will inflate domestic pork prices and importers will also need to bid up pork prices if global supply is tight.” However, displacement in pork demand could “create opportunities” for other meat and food suppliers, including poultry, beef and seafood. For del Mundo, the devastation made by ASF in foreign countries should serve as a wake-up call for the government to ramp up investments in the livestock sector to improve local production. If the country would be selfsufficient in production, then its supply would not be dependent on global suppliers and prices would not be dictated by exporters, she pointed out. “Although I am an importer, I really do believe that our government needs to subsidize the farmers. To be honest, I see this as a blessing for our country and I think this needs to be taken seriously,” she said. “For us, we should have an alternative. Our local production should be promoted very, very well. This is a good opportunity for us Filipinos to back up our agriculture and develop it,” del Mundo added.
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Thursday, May 23, 2019
The World BusinessMirror
US weighs blacklist of up to 5 China surveillance companies U
Editor: Angel R. Calso
UN lowers global growth forecasts for 2019-2020
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he United States is considering cutting off the flow of vital American technology to as many as five Chinese companies including Hangzhou Hikvision Digital Technology Co., widening the dragnet beyond Huawei to include world leaders in video surveillance. The US is deliberating whether to add Hikvision, Zhejiang Dahua Technology Co., and several unidentified others to a blacklist that bars them from US components or software, people familiar with the matter said. The Trump administration is concerned about their role in helping Beijing repress minority Uighurs in China’s west, they said, asking not to be identified talking about private deliberations. There’s concern also that Hikvision’s or Dahua’s cameras, which come with facial recognition capabilities, could be employed in espionage, the people said. Such a move would escalate tensions with China and raises questions about whether the US is going after more of the country’s
corporate champions. Trump’s administration last week barred Huawei Technologies Co. from American technology, a move that pummeled shares in US chipmakers from Qualcomm Inc. to Intel Corp., and threatens to dampen global economic growth and disrupt the rollout of critical nextgeneration wireless networks. Chinese offshore yuan erased earlier gains after Bloomberg’s report. Shares of Hikvision and Dahua plunged in Shenzhen after the New York Times first reported on the potential ban. Both companies have been accused by human-rights groups of facilitating Beijing’s persecution of the Uighurs, a Muslim ethnic group,
in the western region of Xinjiang. The Trump administration however has held off on taking action because of sensitive trade negotiations with China, the people said. Those talks have since stalled. It’s unclear which other companies may join Huawei on the so-called Entities List, which prohibits the sale of American technology without a special license. Chinese firms such as Hikvision and Dahua are the world’s largest purveyors of surveillance hardware, while others in China specialize in image processing software. “We hope the company receives a fair and just treatment,” Hikvision’s secretary of the board, Huang Fanghong, said in a statement. Dahua representatives had no immediate comment. The latest threat will elevate fears in Beijing that President Donald J. Trump’s ultimate goal is to contain China, triggering a cold war between the world’s biggest economies. In addition to a trade fight that’s rattled global markets, Washington has pressured allies and foes alike to avoid using Huawei for fifth-generation networks that will power everything from self-driving cars to robot surgery, forming the backbone of a modern economy.
At the heart of Trump’s concerted campaign is suspicion that Chinese firms aid Beijing in global espionage while spearheading its ambitions of becoming a technology superpower. The Justice Department accuses Huawei also of willfully violating sanctions on Iran, and last year engineered the arrest of the eldest daughter of Huawei’s billionaire founder. Huawei has denied those allegations. Sen. Marco Rubio of Florida and other senators sent a letter in April to Secretary of State Michael Pompeo and Commerce Secretary Wilbur Ross urging them to impose sanctions against officials and companies “complicit in gross violations of human rights” in Xinjiang. A United Nations assessment said tens of thousands to “upwards of 1 million” Uighurs have been detained. Hikvision, Dahua and other companies have benefited handsomely from Chinese President Xi Jinping’s unprecedented push to keep tabs on the country’s 1.4 billion people. About 176 million video surveillance cameras monitored China’s streets, buildings and public spaces in 2016, versus 50 million in America, according to IHS Markit. Bloomberg News
NITED NATIONS—The UN says it is lowering its forecasts for global economic growth in 2019 and 2020 as a result of high trade tensions, uncertainty over economic policies and softening business confidence. In its midyear report on Tuesday on economic prospects, the UN said that following an expansion of 3 percent in 2018, the world economy is now projected to grow 2.7 percent in 2019 and
2.9 percent in 2020. UN officials had projected 3-percent growth for both years in its Januar y forecast. The new report says the growth outlook in all major developed countries and most developing regions has weakened due to both domestic and external factors. UN chief economist Elliot Harris says “more comprehensive and well-targeted policy responses are needed to tackle the current growth slowdown.” AP
Japan carriers delay sale of new Huawei phones
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OKYO—Two Japanese mobile carriers said on Wednesday that they are delaying the sale of new smartphones from Huawei as they confirm the safety of the Chinese products. Sales of the Huwaei P30 lite, set for May 24, from SoftBank Corp.’s Y! Mobile service have been delayed, and advance orders were canceled, the company said. KDDI also indefinitely delayed its sales, initially set for late May. SoftBank Spokesman Hiroyuki Mizukami said the
company wants its “customers to feel safe using our products.” Other details were not available. It’s unclear if the sales will proceed. The US government has said Huawei, the No. 2 smartphone brand, is a security risk and restricted technology sales to it and other Chinese telecom gear suppliers. But it has announced a 90-day grace period for telecom carriers to find other suppliers. The Japanese government has not taken action against Huawei, whose products are relatively popular here. AP
Tens of thousands of Czech protesters want minister out
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RAGUE—Tens of thousands of protesters rallied in the Czech capital on Tuesday as demands intensified for the resignation of the new justice minister. The protesters say the minister might compromise the legal system at a time when prosecutors have to decide whether to indict Prime Minister Andrej Babis over alleged fraud involving European Union funds. Babis denies any wrongdoing. The justice minister has significant control over prosecutors. The protesters are angry that Marie Benesova was appointed shortly after police recommended Babis’s indictment in April. As a lawmaker, Benesova voted against a police request to strip Babis of parliamentary immunity to face investigation. She’s a lawyer and adviser to President Milos Zeman, Babis’s close ally. Zeman has repeatedly criticized prosecutors. Protesters a nd opposit ion members say she might try to influence his case, a claim that Benesova denies. “ We’ve h ad e nou g h ,” a nd “Shame,” the crowd chanted. The fraud case involves a farm that received EU subsidies after its ownership was transferred from the Babis-owned Agrofert conglomerate of around 250 companies to Babis’s family members. The subsidies were meant for medium and small businesses and Agrofert wouldn’t have been eligible for them. Later, Agrofert again took ownership of the farm. “We are worrying about democracy,” former NHL goaltender Dominik Hasek said in an address to the crowd. “ We’re worrying about an independent justice system.” Some of the protesters said Babis and his government should go. “I think that the entire government should [resign],” said Eva Bernartova, a retiree who traveled
Thousands of people attend a demonstration against Prime Minister Andrej Babis and the new Justice Minister Benesova in Prague, Czech Republic, on Tuesday, May 21, 2019. The protesters say the minister might compromise the legal system at a time when prosecutors have to decide whether to indict Prime Minister Andrej Babis over alleged fraud involving European Union funds. Ondrej Deml/CTK via AP
from the southern town of Prachatice to join the demonstration. “W hen you have the prime m inister who faces cr im ina l charges, how can he keep the government together? He’s no example to follow.” After three previous protests packed Prague’s Old Town Square, the demonstrations moved on Tuesday to the city’s much-bigger Wenceslas Square. They are set to spread across the Czech Republic next week. The organizers also called on
Babis to defend his steps in a television debate with them. Babis, a populist billionaire, is a controversial figure because of a power-sharing deal with the Communist Party and the fraud charges. His position is also complicated by allegations he collaborated with the former communist-era secret police and accusations he’s in a conflict of interests because he formally still controls his business empire whose ownership he was forced to transfer to two funds. AP
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North Korea calls Biden ‘fool of low IQ’ over Kim criticism
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EOUL, South Korea— North Korea has labeled Joe Biden a “fool of low IQ” and an “imbecile bereft of elementary quality as a human being” after the US presidential hopeful called North Korean leader Kim Jong Un a tyrant during a recent speech. Pyongyang’s official Korean Central News Agency on Wednesday said the former American vice president had insulted the country’s supreme leadership and committed an “intolerable and serious politically motivated provocation” against the North. Biden during a campaign launch in Philadelphia on Saturday accused President Donald Trump of cozying up to “dictators and tyrants” like Kim and Russian President Vladimir Putin. “What he uttered is just sophism of an imbecile bereft of elementary quality as a human being, let alone a politician,” KCNA said. The piece, labeled a commentary, said Biden had “gone reckless and senseless, seized by ambition for power.” It went on to mention apparent Biden gaffes, such as once appearing to fall asleep during a speech by President Barack Obama. “It is by no means accidental that here is nonstop comment over his bid for candidacy that he is not worth pinning hope on, backed by the jeer that he is a fool of low IQ,” KCNA said. It mocked Biden’s belief that he was “the most popular presidential candidate.” “This is enough to make a cat laugh,” the report said. There was no immediate reaction from the Biden camp, possibly due to the late hour in the United States. North Korea has often unleashed crude insults against US and South Korean politicians to criticize what it sees as slanderous remarks toward its leadership or hostile diplomatic and military policies against Pyongyang. The insults have included racist and sexist diatribes, including when the North called Obama “a monkey” and former South Korean President Park Geun-hye, the country’s first female leader, a prostitute. During tensions created by a provocative run in missile tests in 2017, Kim called Trump a “mentally deranged US dotard” after he said that the United States would “totally destroy North Korea” if forced to defend itself or its allies. The North’s description of Trump dramatically improved after Kim initiated diplomacy with Washington and Seoul in 2018 while attempting to leverage his nuclear arsenal for economic and security benefits. The nuclear negotiations between Washington and Pyongyang stalled in February when a summit between Kim and Trump collapsed over mismatched demands in sanctions relief and disarmament. AP
Thursday, May 23, 2019
A9
Turkey burns bridges with markets as costs of defending the lira mount
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urkey is paying the price for its preelection efforts to tinker with the markets.
As a controversial vote rerun looms, a barrage of interventionist policies by President Recep Tayyip Erdogan’s government has backfired, starving the economy of investment, fueling demand for foreign currency among households and businesses and further undermining the lira. Despite repeated assurances that capital controls aren’t an option, Turkey has sought to stabilize its currency by reintroducing a tax on foreign-currency sellers and imposing a settlement delay for purchases by individuals of more than $100,000. “I can’t see any significant flows returning until policy-makers become more market-friendly,” said Win Thin, global head of currency strategy at Brown Brothers Harriman & Co. “Turkey has already shown that it doesn’t care if real money can’t hedge properly.” To stem a run on the Turkish currency without resorting to another interest-rate increase before March elections, authorities made it harder for foreign investors to access lira funding while squeezing the local bond market and leaning on state banks to keep borrowing costs low. While the measures briefly kept the lira in check after an unexpected drop in central bank reserves, they left investors in a bind: unable to access lira funding to maintain their positions, some foreign investors dumped stock and bond holdings. Others balked at the prospect of runaway inflation. Since the squeeze, foreign investors have withdrawn close to $2.5 billion dollars from Turkish capital markets, taking this year’s exodus to a net $1.8 billion, the most since 2015. That’s piling further pressure on the lira, which slumped to a fresh eight-month low against the dollar this month. The currency is continuing to depreciate after wobbling on Tuesday when the central bank rolled back a limited tightening of policy it delivered almost two weeks ago.
The government has also suppressed local-currency borrowing to keep yields in check—it hasn’t sold a 10-year bond in almost a year despite a ballooning deficit. Instead, it’s loaded up on shortdated lira and foreign-currency debt. Some of the nation’s primary dealers have also been asked to buy more government bonds in debt auctions, according to three people with direct knowledge of the matter. With the central bank’s reserves running low, Turkey has few options should investors turn decisively against it. Erdogan has ruled out going to the International Monetary Fund. “ The trouble with these measures is that they are stopgap in nature and are not part of a coherent and comprehensive macroeconomic program to deal w it h t he countr y’s economic woes,” Desmond L ac hma n, a former IMF official who’s now a resident fellow at the American Enter prise Institute, said by email. “As such they do little to restore investor confidence.” At least in public, officials continue to invoke free markets. Treasury and Finance Minister Berat Albayrak has said the liquidity shortage in the swaps market wasn’t engineered by the government. And some analysts remain confident that Turkey’s economy will adjust, despite the political challenges, and investor confidence will eventually return. Still, Erdogan, who once called himself an “enemy of interest rates,” is increasingly falling back on invective that demonizes banks and foreign investors. Before the March election, he said the currency fluctuation was “a US-led operation by the West to corner Turkey.” Although he’s eased off pressure on the central bank since its dramatic rate hike of 625 basis points in September, Erdogan said this month he was determined “to reduce exchange rates, interest rates and inflation.” With markets warped, some
investors are now worried Turkey may struggle to attract the funds it needs. As of February, the nation had over $177 billion of foreigncurrency debt to roll over during the next 12 months. The lira has weakened almost 8 percent against the dollar this quarter, the most in emerging markets, extending its losses for the year to over 12 percent. Earlier this month, benchmark government bond yields flirted with record highs, approaching levels not seen since a rout in August. The latest bout of depreciation shows just how damaging the government’s tactics have become, complicating Turkey’s economic adjustment after years of creditfueled growth. Economists now say this year’s nascent recovery from the first recession in a decade may be short-lived. “That the currency weakened so much despite a better current account position is a strong sign of the confidence erosion on the part of investors—both foreign and domestic,” said Inan Demir, an economist at Nomura International Plc. in London. The signs are clear: foreign ownership in the local-currency government bond market tumbled to an all-time low as liquidity dried up. The share of nonresidents in the market was at above 13 percent in early May, down from a peak of more than 28 percent in 2013, central bank data show. Meanwhile, households and companies seeking a hedge against inflation and political uncertainty rushed to convert their lira savings into dollars and euros. In the three months before the March 31 vote, they bought $20 billion of hard currency, driving holdings to a record. Several of Turkey’s largest private banks have begun boosting the interest they pay on lira deposits. But after four weeks of selling dollar and euros, households and companies are buying again, a sign the dollarization trend could be hard to reverse. Despite the fallout, the economy is getting enough of a reboot to eliminate some imbalances—such as in the current account—amassed during years of big spending. “The economic adjustment is
Oil falls as deepening trade war stokes fear over global growth
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il headed for its biggest drop in two weeks as signs the worsening US-China trade war will take a toll on global economic growth overshadowed the prospect of Opec and its allies extending production curbs. Futures in New York fell as much as 1.1 percent after Federal Reserve Bank of Boston President Eric Rosengren said the trade standoff is adding a downside risk to his economic forecasts and the Organization for Economic Cooperation and Development downgraded its projection for global growth. The American Petroleum Institute was said to report US crude stockpiles rose by 2.4 million barrels last week, putting more downward pressure on prices. Oil has swung between gains and losses this month as investors assessed conflicting demand and supply signals. The Organization of the Petroleum Exporting Countries and its allies have suggested they may
persist with output cuts at a time when rising tensions in the Middle East and unplanned outages from Libya to Venezuela are tightening the supply picture. Meanwhile, the sudden deterioration in US-China relations suggests the trade war is here to stay. “While forecasts by the OECD and others suggest demand growth will slow, Opec is expected to control supply,” said Miyoko Nakashima, a senior strategist at Mizuho Securities Co. in Tokyo. “That means there is a limited upside, but prices may stay in a relatively stable range.” West Texas Intermediate crude for July delivery fell 61 cents, or 1 percent, to $62.52 a barrel on the New York Mercantile Exchange at 7:45 a.m. in London after dropping as much as 71 cents earlier. The last time WTI closed down more than 1.1 percent was on May 7. The June futures expired on Tuesday. Brent for July settlement fell 36
cents, or 0.5 percent, to $71.82 a barrel on the London-based ICE Futures Europe exchange after closing up 21 cents on Tuesday. The global crude benchmark traded at a $9.28 premium to WTI. The Paris-based OECD cut its 2019 global growth forecast to 3.2 percent from 3.3 percent after lowering the projection from 3.5 percent in March. US chipmakers warned that everyone will suffer from the escalating trade war, while American retailers including Home Depot Inc. and J.C. Penney Co. are sounding the alarm over the rising costs the dispute will bring. A worsening trade war could push WTI below $60 a barrel, Mizuho’s Nakashima said. If US government data due on Wednesday confirms the API report, that will be the fourth gain in crude inventories in five weeks. However, the median estimate of analysts surveyed by Bloomberg is for a decline of 1.7 million barrels. Bloomberg News
happening,” said Viktor Szabo, fund manager at Aberdeen Standard Investments in London.
“Many policy errors were made, but I still don’t see Turkey doomed.”
Bloomberg News
A10 Thursday, May 23, 2019 • Editor: Angel R. Calso
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editorial
There should be equal distribution of income
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HE midterm election is over and done with, and it’s time to start giving our newly elected senators, congressmen and local leaders a chance to prove their mettle and keep their promises. Our new legislators must bear in mind that their legislative acts will ultimately affect the lives of millions of Filipinos. They can help bring about a better Philippines if they are willing to ask themselves just three questions before pushing a bill: Is this measure good? Is it fair and just? Will it help improve the lives of my constituents? The same set of questions must also apply to any judicial ruling; that’s how our justices and judges can help bring about a better society. In the Executive branch, it’s time for the Duterte administration to undertake a serious review of its economic and employment program. It’s about time for President Duterte to give Cabinet officials their “midterm exams,” particularly his economic managers. This is recommended because Dutertenomics has been keeping the GDP growth high, and yet it is not delivering the jobs needed by the mass of Filipino workers. As BusinessMirror columnist John Mangun said: “We have a stable currency, declining inflation and continuing economic growth that looks to improve for the rest of 2019. The government’s fiscal position is sound.” However, our high GDP growth has not yet translated into as much poverty reduction as we hoped. Another BusinessMirror columnist, Rene Ofreneo, pointed out that the decline in the official unemployment and underemployment rates in January 2019 is contradicted by the low labor-force participation rate and low number of jobs created. We can conclude that poverty persists because the budgetary allocation for the Conditional Cash Transfer keeps rising. As Ofreneo said, “if there are less and less poor, the CCT should gradually decline.” Sadly, as seen in the recent May elections, poverty has been transformed by the rich and powerful into an instrument for the commodification of votes and perpetuation of an unequal system of political representation. Arsenio M. Balisacan, chairman of the Philippine Competition Commission, said this may be traced to our country’s troubles with persistently high levels of inequality in the distribution of incomes or, in general, opportunities. Balisacan added: “Rapidly rising inequality poses a serious threat to poverty reduction. For one, it may lead to political polarization and unrest, dampening investor confidence and job growth. A skewed income distribution can also prevent the poor from accessing opportunities to invest in human capital, such as health and education. Further, economic inequality aggravates and entrenches political inequality, providing the environment for political and economic elites to shape institutions and laws that favor their interests.” If GDP is seen as an instrument to measure the country’s economic growth, our economic managers must find ways to eliminate widespread disenchantment with how it is not widely shared. They must find effective mechanisms to include much bigger parts of the population to achieve social equity. There’s an old saw that says, a rising tide lifts all boats. We can give true meaning to this aphorism if a hundred million Filipinos will also feel the effects of our continuing economic growth. Since 2005
BusinessMirror A broader look at today’s business
What is there not to like about the Philippines? John Mangun
OUTSIDE THE BOX
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HIS is the world that we live in today. “Now that the 2019 Philippine election is over, it is time to move on...to the 2022 election”. In virtually every country election never ends. There is the campaign season for the “next election” and the campaign season for the “next to the next” election.
While the historical trend of financially corrupt politicians and political scandals is never ending, perhaps in no other modern period have there been leaders ignoring the will and wishes of the people and a strong pushback against that behavior. Beginning about 2014, candidates who offered a break and change from “traditional politicians”—whether true or not—started winning elections. The list is extensive: Trump in the US, Macron in France, “Brexit” in the United Kingdom, Duterte in the Philippines, the military “junta” in Thailand,
A book review on spying Cecilio T. Arillo
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Widodo in Indonesia, Kahn in Pakistan, Trudeau in Canada, and Obrador in Mexico, to name a few. The point is that in every one of these elections, the people voted for change from the politics that had led their countries for decades. Further, when the people felt they did not get what they voted for, they were not happy. Witness the months of protests against Macron, historic low approval ratings for Trudeau, and Prime Minister May in Britain for failing to follow through with Brexit. Likewise, the midterm elections in the Philippines and Widodo winning a second term with 55 percent of the
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VERY day,” say Peter Navarro and Greg Autry in their best-selling book Death by China, copyrighted by Pearson Education Inc. in 2011, “a loose network of thousands of professionals and amateur Chinese spies gather intelligence in the offices, factories, and schools of America, Europe, and nations ranging from Brazil and India to Japan and South Korea. “And every minute of every day hundreds of Chinese hackers use thousands of hijacked computers to batter down the firewalls of industrial, financial, academic, political, and military information systems around the world looking for valuable data and quietly documenting vulnerabilities that can be exploited to devastating effect in the future. “Why do we in America put up with what the US-China Commission has called the most aggressive country conducting espionage against the United States? “That’s a good question that we must ask ourselves—whether we go to work every day at the White House or on Capitol Hill, or whether we shop every week for cheap Chinese products at our local Wal-Mart.” In Chapter 9 of their book, Navarro and Autry look carefully at the
dark and shadowy world of Chinese espionage on American soil, and elsewhere around the world. “By the end of these chapters, we hope that everyone in America— from Main Street and Wall Street to the halls of the CIA, FBI, and Pentagon—has an epiphany about naivetè of engaging in unconditional commerce and trade with a country that is using spycraft, both old and new, to systematically strip us of our technologies and probe our defenses for a possible eventual kill,” they said. They added: “As part of its boots on the ground, traditional spycraft, China’s government, and many of its state-run industries, actively runs a highly sophisticated threepronged espionage campaig n against many nations around the world—with major rivals like America, Europe and Japan
vote show that people are willing to continue to strongly support the leaders they believe in. However, none of that means anything. In most cases, the “inmates are still running the mental hospital” at least in what matters the most to the average citizen—the economy. Let me offer a few examples. Thailand’s annual inflation rate came in at 1.23 percent in April 2019. Sounds good. But, Thailand’s GDP growth slowed to a four-year low in the first quarter 2019. Indonesia’s inflation rate dropped to lowest level in almost a decade and its GDP growth was 5.07 percent in the first quarter. However, the GDP growth trend is neutral at best. Further, Bank Indonesia raised interest rates six times last year and cannot lower rates because the rupiah is continuing to fall as its exports decline and the current account deficit is “ballooning.” Pakistan is raising rates as inflation hit 9.4 percent while its economy is growing at a nine-year low of 3.3 percent at 2.4 percent, and the country is under IMF “guidance.” The Organization for Economic Cooperation and Development has reduced its global economic growth
estimate from 3.9 percent to 3.2 percent. Only one of the G-7 big name economies is expected to see growth over 2 percent this year, with Japan and Germany coming in below 1 percent. When I am asked whether I see any immediate or longer-term negatives for the Philippines, I sense many people do not like my answer. I do not see any problems. OK, if the US bombs Tehran or Iran bombs Riyadh or Tel Aviv, I may change my opinion. We have a stable currency, declining inflation and continuing economic growth that looks to improve for the rest of 2019. The government’s fiscal position is sound regardless of the silly whining about the “Chinese Debt Trap.” The Bangko Sentral has great maneuverability with its monetary policy and the good sense to use its tools wisely. So what is there not to like about the Philippines? Unless, of course, you are only interested in your politics.
drawing much of the attention.” This three-pronged strategy, they said, involves penetrating academia, industry, and government institutions to steal valuable financial, industrial, political, and technological information, and prepare for possible disruptive and destructive attacks in the event of war. “In fact, while the United States intelligence infrastructure has been consumed by the War on Terror, Chinese operatives have been allowed to run wild and free in America. Their vehicle is an elaborate “hybrid” espionage network, very different from that of the traditional spycraft of the Soviet Union,” they said. They explained: “At the height of the Cold War, the Soviet Union’s KGB relied on a relatively small number of professional ‘secret agents’ stationed overseas and a seemingly constant supply of new American traitors they ‘turned’ through bribery or blackmail. While China has its own share of secret agents and turned Americans, it relies far more heavily upon a highly decentralized network of low-level spies, the vast majority of which are ethnic Chinese.” They said China’s cadres of semipro spies and amateur informants are typically recruited by agencies such as the Ministry of State Security— China’s KGB—as well as by specific industry groups. Some of these spies may be drawn from the ChineseAmerican community. As noted by the Intelligence Threat Handbook,
they are typically brought into the network in one of two ways: either by appeals to Chinese nationalism and ethnicity or by coercive threats to family members living in China. They said: “Far more of China’s spies are embedded among the roughly 750,000 Chinese nationals who are issued US visas in any given year. They may be reporters for many agencies like Xinhua, students at American universities, touring business executives, guest workers at American corporations or national labs, or simply tourists. In fact, the vast quantities of legitimate Chinese visitors to America every year coupled with the large ChineseAmerican community make it easy for recruited spies to fly well below the FBI radar and do as Mao Zedong once advised, “swim with the fish.” “The case of Li Fengzhi is instructive because it illustrates both how easy it is for a Chinese agent to infiltrate the United States and how deep is Chinese espionage network runs. Li was working as an analyst for the Ministry of Security when he slipped quietly into the United States as a graduate student at the University of Denver in 2003,” Navarro and Autry said. According to interviews we conducted with Li, his life started out innocently enough as a son born in 1968 to an educated family in Liaoning province. Upon graduating from college in 1990, Li joined a provincial See “Arillo,” A11
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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Trump blacklist could hit How do we do it? some unusual suspects
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By Anjani Trivedi | Bloomberg Opinion
OR China’s surveillance giant, the future has been looking bleak for a while now. The Trump administration’s escalating war on the country’s tech sector is only making things worse—and the net is widening. The US is now considering blacklisting one of Beijing’s national industrial-technology champions, Hangzhou Hikvision Digital Technology Co., among four other Chinese spy-tech firms. The restrictions, similar to those imposed on Huawei Technologies Co. last week, would curb Hikvision’s ability to buy American technology and access the US market. The limits not only further President Donald Trump’s attempts to cut off China’s rise in global technology, but also punish the company’s role in the surveillance and alleged mass detention of Uighurs, a Muslim ethnic minority group in the western region of Xinjiang. The news sent investors fleeing from the stock, a foreign-investor favorite in recent years. For Hikvision, the effects could be crippling: Losing complete access to US parts from the likes of Western Digital Corp., Intel Corp., Ambarella Inc. and Xilinx Inc. would put 10 percent of its revenue at risk, given the lack of alternative suppliers. Meanwhile, the company could lose another 10 percent to 12 percent by turning to less-than-ideal substitutes, according to Bernstein Research. Despite unleashing an army of lobbyists in Washington, Hikvision’s fate has been all but sealed since initial reports last year that the US was considering sanctions against the company and Chinese officials over the detention of ethnic Uighurs and other minority Muslims in internment camps. Overseas revenue —at one point around a third of the company’s total—has struggled. In the first quarter of this year, revenue growth slowed to around 7 percent while profit dropped 15 percent. If the Trump administration’s dragnet spreads, several international companies will be caught in the cross fire, too. These firms have been banking on construction in Xinjiang, where excavator sales surged more than 75 percent in April from a year earlier. Meanwhile, publicspending budgets in this province and others rose 3.8 percent this year, compared with 3.5 percent in 2018. Energy and electricity production are
Arillo . . .
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intelligence service; and, within a few years, he moved up to the Ministry of State Security where he worked for Beijing as an agent in his home province. To Li, as a naïve young man, he saw this as a “very good job and a special career working for the government.” As analyst for China’s version of the KGB, Li spent time gathering intelligence on Eastern Europe and Russia while pursuing a PhD in international politics. In 2003, he was chosen to travel to the United States. Instead of spying against the United States, however, Li had an epiphany, said Navarro and Autry. As Li saw more and more of the outside world and what freedom looked like, he, in his own words, “began to see that the Chinese Communist Party was evil and that it had been harming the Chinese people.” It was on the strength of this epiphany that Li sought to defect to the United States. According to Li, when he “left the Ministry of State Security, they had about 100,000 documented agents or informants not counting the very amateur ones, and a large number of individuals who worked as spies within other Chinese governmental departments.” By comparison the FBI has only about 13,000 sworn officers. Likewise, according to Li, official Chinese agents are Chinese war photographers, NGO members,
climbing and imports from foreignfunded enterprises into the province have grown in recent months, too. This bustling business activity has drawn some of America’s largest companies to this province. In 2016, the American Chamber of Commerce in China, which represents US business interests on the mainland, took a group of its members to Xinjiang to “learn about the investment environment,” in a trip cohosted by China’s commerce ministry. That year, industrial giant Honeywell International Inc. signed a contract with the Urumqi state high-tech industrial zone to help build smart power grids, transportation infrastructure and other grid equipment. In 2017, it set up a project to provide safe drinking water to five schools in the province as a corporate social responsibility exercise. American coal miner Peabody Energy Corp. has also promoted its investment in Xinjiang, using a coal exhibit there to display its growth in Asia. Company filings say it is exploring mine-development projects in Xinjiang, where it has been working with the government since at least 2011. The list goes on. Earlier this month, US Secretary of State Mike Pompeo urged American companies to think twice about doing business in the Chinese province. “We watch the massive human-rights violations in Xinjiang where over a million people are being held in a humanitarian crisis that is the scale of what took place in the 1930s,” he said, after receiving an award from Business Executives for National Security. “And we see American businesses and their technology being used to help facilitate that activity from the Chinese government. It’s something worthy of thinking about.” We can theorize whether Trump’s escalation against China’s technology companies is a trade-war bargaining chip or a legitimate humanitarian campaign. Either way, companies doing business on the mainland will have more than just thinking to do, lest they get caught up in a war they never saw coming. influential Chinese-American leaders and business people, engineers, and scholars. In Li’s words, while these professional spies “might not have conditions, to get the important information, they will focus on recruiting informants to get that intelligence.” “What is remarkable about the Li Fengzhi story, besides how easily he was able to slip into the United States despite his background in intelligence, is how much more of a realistic view he has of China than most citizens of the United States,” the authors said. Ironically, though, the US is China’s biggest borrower. According to Google’s latest news, the US debt to China is $1.13 trillion as of February 2019. “That’s 28 percent of the $4.02 trillion in Treasury bills, notes and bonds held by foreign countries. The rest of the $22-trillion national debt is owned by either the American people or by the US government itself.” Navarro received his PhD in economics from Harvard University and is a professor emeritus of economics and public policy at the University of California, Irvine. He currently serves as President Donald J. Trump’s trade adviser. Autry, a founder of several technology firms, has taught entreprneuship, strategy and macroeconomics at the Paul Merage School of Business, University of California-Irvine. To reach the writer, e-mail cecilio.arillo@ gmail.com.
Msgr. Sabino A. Vengco Jr.
ALÁLAONG BAGÁ
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AST Sunday we heard from Jesus what character of His followers will identify them as His disciples: Their love for others as Jesus Himself has loved them. The Sixth Sunday of Easter (John 14:23-29) details how this new commandment of Christ-like love is doable. It must be in the context of His word and as the concretization of his promised peace, inasmuch as it will be done in the power of the Holy Spirit.
Keeping Jesus’ word CAN one really love others unconditionally, even one’s enemies? What seems functional in the world is the elimination of the others as different and opposite. To follow Jesus in his out-of-this-world kind of love, one needs to be within His wavelengths. This means taking His word very seriously, like sheep responding to the shepherd’s voice, relying on it without hesitation (John 10:27). When one must still weigh Jesus’ word or select what to accept from Him, then one does not yet have that love for Him as to keep his word. Keeping his word is not simply a matter of trusting Him. It means believing in God, the
Father who sent Him, for the reason that the word of Jesus is not just His but the word of the one who sent Him. He is not here on His own; He was sent and speaks only what the one who sent Him wants Him to say, so that His word is His Father’s. When one keeps the word of Jesus, one becomes part already of the world of the Father and of the one He sent. And they come to such a person who keeps the word of Jesus, dwelling in Him and taking Him into their communion of life and love.
In peace by the Holy Spirit
THE risen Jesus does not only entrust a new commandment to
Thursday, May 23, 2019 A11
His disciples, He gives them the inseparable peace as the world never can give. This peace is not merely the absence of bloody conflicts, it is the unity and harmony in a person’s relationships, the wholeness that underlies well-being, the state where nothing essential is lacking. It is the triumph of His love, a gift from Him, because He has given humankind the love that is the foundation of this peace, and there is nothing greater than His kind of love. He has shown us the way, setting the standard: He is our peace (Ephesians 2:14). In this peace from Jesus, one is not troubled nor is one afraid as one would be with the peace the world gives. One is filled with joy at the going away of Jesus to return to His Father. His return to the glory of God is the triumph of love; it is the peace of heaven in all eternity. It is what is reflected in our peace here on Earth as given us by Jesus. In our life of love for one another as Jesus has loved us, in our keeping His word, we have His gift of peace wherein He and the Father come and dwell with us. This peace therefore is our communion of love with God and with one another. We justifiably doubt our ability to live in peace and to love as Jesus did. That is why the evangelist records the repeated assurances from
Jesus regarding the assistance to us the Holy Spirit will provide. He is the Advocate, the Paraclete, the one we can always call upon, the greatest gift to us by the Father and the Son. He is the divine power in our hearts as we return with Jesus in reconciliation into the fellowship of God. He is the divine guarantee that we are not just on our own, but that God is now truly with us and in us. This Advocate will be the one to teach us everything related to God’s plan for us, reminding us what Jesus has told us in our own encounters with the Gospel. The Holy Spirit will literally be the creative Spirit of the Father and the Son in us, the divine life in our community of faith, in whose power we move and have our Christian being. Alálaong bagá, how is the risen Lord real in our lives and in our community today? Jesus is risen and glorious in our life of love in imitation of Him, hence in our attentiveness and fidelity to His word and in our pursuit of His gift of peace to us. How is this possible for all of us? In the power of the Holy Spirit, our Advocate, we live according to the Gospel of Jesus Christ. Join me in meditating on the Word of God every
Sunday, from 5 to 6 a.m. on DWIZ 882, or by audio streaming on www.dwiz882.com.
Mass poverty: Falling, persisting or swelling? Dr. Rene E. Ofreneo
LABOREM EXERCENS Continued from A1
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HE answer is yes if recent statistics released by the Philippine Statistics Authority (PSA) are the indicators used. The unemployment rate has been on the downtrend. The January 2019 underemployment rate of 15.6 percent even surpassed the six-year end target set by Neda: 16-18 percent by 2022. The statistics on poverty are equally tantalizing. The PSA reported that the proportion of Filipino families living below the poverty line fell to 16.1 percent in the first semester of 2018, down by a hefty sum of six points from the 22.2 percent recorded in the first semester of 2015. For the population as a whole, the decline was also a hefty sum of six points, with the official poverty incidence falling from 27.6 percent to 21 percent for the same period. The presidential spokesman, Salvador Panelo, could not hide Malacañang’s glee over the PSA reports. He said: “We will not rest but rather continue to work hard to achieve our target of decreasing poverty incidence to 14 percent, or even better, by the end of PRRD’s term in 2022 and fulfill the President’s vision of providing a comfortable life for each and every Filipino.” Finance Secretary Carlos Dominguez, the primus inter pares in the Cabinet, was equally ecstatic. He was quoted as saying that the Duterte administration is bent on pursuing its target of lifting at least a million Filipinos out of poverty every year, in order to meet the 14-percent poverty-incidence target by 2022. However, the reaction from the
organized segments of the masses —trade unions, farmer/fisherfolk organizations and CSOs—is one of disbelief. The active members of the civil-society movement do not share the government’s view that there is a general improvement in the lives of the Filipino masses. Instead, what they see is a general deterioration of the social and economic situation of the people in the lower deciles of the population pyramid. Eventually, the battle of opposing views has become a battle of perspectives on what constitutes the poverty threshold, the defining line that separates the poor from the nonpoor. The PSA set it at P10,481, meaning a family of five should be able to spend this amount for food and nonfood items to be able to meet minimum living standards for the first half of 2018. To be above poverty in terms of food, a family of five needed to spend a minimum of P7,337 monthly. The trade unions find this PSAset poverty threshold too low and incredible. Instead, the unions are pushing for a P750 minimum daily wage increase, arguing that the ideal living wage to sustain a family of five is P1,000 daily. This wage demand and living-wage estimation imply
that the monthly poverty threshold of P10,481 set by PSA for a family of five should be more than doubled. In turn, such threshold shall more than double the number of poor in the country. Somehow, the trade unions’ position on poverty is bolstered by the surveys on “self-rated poverty” undertaken periodically by the Social Weather Station. For June 2018, the SWS found that roughly 48 percent of Filipino families, about 11 million, considered themselves poor. According to the SWS surveys, the average Filipino family of five should have at least a monthly budget of P20,000 (for Metro Manila) and P15,000 (for Mindanao) so as not to be considered poor. Clearly, these are much higher than the PSA’s threshold but lower compared to what the trade unions consider as the ideal. So is poverty falling, persisting or swelling? As far as the Duterte administration is concerned, it is falling. For the organized sectors of the masses, they are not. However, there are cogent reasons to say that the PSA data tend to understate the magnitude of poverty in the country. First, the poverty threshold of P10,481 monthly for a family of five means a member of the family will only get P69.87 daily. This is barely enough to cover three low-cost or budget meals costing P25 each. If one includes transport, schooling, health, house rental and other basic expenditures, the PSA threshold becomes meaningless. Second, the problem of joblessness, the primary cause of poverty, is chronic and widespread all over the archipelago. The decline in the official unemployment and underemployment rates in January 2019 is contradicted by the low labor-force participation rate and low number of jobs created (see previous column).
Third, the budgetary allocation for the Conditional Cash Transfer keeps rising. If there are less and less poor, the CCT should gradually decline. There are proposals in Congress to even institutionalize the CCT, as if this is the magic wand that will wipe out poverty. The maximum P1,400 a CCT family gets can only alleviate or ease poverty, not eliminate it. Fourth, the phenomenon of massive vote buying in the recent elections, from the highly urbanized areas of Metro Manila to the hinterlands of ARRM area, is a clear reflection that poverty is also widespread. Poverty has been transformed by the rich and powerful into an instrument for the commodification of votes and perpetuation of an unequal system of political representation. To conclude, poverty remains a deep-seated problem in the Philippines. Some segments of society such as the overseas Filipino workers families with secure incomes are able to transition somehow out of poverty and provide the Sys, Gokongweis, Ayalas and Villars a huge market for their malls, condominiums and varied services. However, the majority of the Filipino families have no OFW life-savers and have to eke out a living in an underdeveloped economy at home that is unable to create more and better jobs for this majority. It is dangerous for the government policy-makers and economic planners to assume a business-asusual posture based on the PSA data on declining unemployment and poverty. The gravity of joblessness and poverty in the whole archipelago requires the formulation of bolder social and economic reform measures, not a mere affirmation or re-affirmation of existing ones that are unable to deliver real change in the lives of the common people.
London Stock Exchange says: Hello, Africa! Come list with us By Eric Ombok Bloomberg Opinion
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T’S not often that the London Stock Exchange (LSE) comes to Africa looking for listings. Traditionally, companies based on the continent have to make a strong case to have their stock traded on one the world’s biggest bourses. But this week, officials are on road show in a bid to boost the LSE’s 115 African listings. The exchange is banking on partnerships with African exchanges, including those in Nigeria
and Kenya, for dual listings, according to Director of Emerging Markets and International Markets Ibukun Adebayo. They will visit Nairobi and Luanda, the capitals of Kenya and Angola, respectively, after a similar visit to South Africa two months ago. They also plan future stops in Abidjan, Cairo, Casablanca, Adebayo said. A final road show in New York is planned to showcase the companies to African investors as part of a United Nations initiative, he said. “If a company has an international strategic growth plan, then the LSE
is a perfect vehicle for the company to come and list,” Adebayo said on Tuesday in an interview in Nairobi. “If the company is purely domestic and it needs to raise money in the domestic market and increase the number of investors available to it, then the LSE can help work with local partners.” LSE doesn’t expect Brexit to have a significant effect on the operations of the bourse, Adebayo said. On average, about 40 percent of the investors in companies listed on the LSE are from the UK, 30 percent from the US
and 9 percent are European, he said. Many African companies are in the budding stage, focusing on growth, and lack the scrutiny that comes with being a publicly traded entity, Nairobi Securities Exchange Chief Executive Officer Geoffrey Odundo said during the road show. “Every entrepreneur’s dream is to go public,” Odundo said. “We are yet to get to that realization in Africa.” Companies that have announced plans to list on the LSE include the National Oil Corp. of Kenya and Econet Wireless Zimbabwe Ltd.
2nd Front Page BusinessMirror
A12 Thursday, May 23, 2019
Comelec finally proclaims 12 new senators, party-lists
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By Samuel P. Medenilla
@sam_medenilla
INE days after the May 13 midterms polls, the Commission on Elections en banc sitting as the National Board of Canvassers (NBOC) finally proclaimed on Wednesday the winning senatorial candidates and party-list groups. This after it finally completed late Monday evening the canvassing of 167 certificates of canvass (COCs) from the recently concluded elections. Based on the final and official canvass of all COCs, the voter-turnout rate for the 2019 polls is 74.31 percent, with only 47,296,442 of the 63,643,263 registered voters going to the precincts.
Officially proclaimed
THE NBOC issued Resolution 00219 officially proclaiming the 12 candidates with the highest votes as senator-elect. They will be assuming their duties on June 30 and will be
Banana. . .
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The Philippines’s banana shipments to China in 2018 expanded by 70 percent to 1.273 MMT from the 748,511 MT recorded in 2017.
Key markets
PHILIPPINE banana exports to its key markets, including Japan,
74.31% The voter-turnout rate for the 2019 polls, based on the final and official canvass of all COCs. Only 47,296,442 of the 63,643,263 registtered voters went to tthe precincts
serving in the Senate up to June 2025. “By virtue of the power vested under the 1987 Constitution and other election laws, the Comelec, sitting en banc as the NBOC, declares the following as the dulyelected senators of the Republic of the Philippines for the May 13, 2019, national and local elections ranked according to the number of votes obtained by each,” Comelec and NBOC Chairman Sheriff Abas said, reading the resolution. Topping the list is reelectionist Cynthia Villar, who consistently maintained the lead in the recently concluded tight senatorial race. The NBOC declared Villar the
top senatorial candidate after she garnered 25,283,727 votes. Since the start of the national canvassing on May 14, the Nacionalista Party candidate never left the top spot in the series of partial official canvass of COCs. Villar, the wife of former Senate President Manuel “Manny” Villar, first served as senator from 2013 to 2019. In that period, she chaired the Senate committees on food and agriculture; environment; and government corporations. Delivering a speech on behalf of the newly elected batch of 12 senators, Villar vowed to continue helping farmers and fishermen. When the 18th Congress opens in late July, she predicted more productive sessions with a more
South Korea, Iran and the United Arab Emirates, also expanded substantially in terms of volume and value, PSA data showed. Japan bought 308,627.278 MT of bananas, nearly three times the 121,963.649 MT it purchased in the first quarter of 2018, PSA data showed. Total shipments to Japan in the first quarter were valued at $154.509 million, 146.6 percent over $58.376 million recorded last year.
South Korea’s banana imports grew by 233.4 percent year-onyear to 158,753.504 MT (valued at $74.137 million) while Iran’s purchases rose by 158.6 percent to 56,724.368 MT, valued at $22.972 million, according to PSA. Exports to United Arab Emirates tripled to 40,281.546 MT from 13,697.552 MT, and was valued at $15.156 million, higher than last year’s $5.083 million.
“strong and independent Senate,” which she said will lead to the crafting of more propeople legislation. “It is our prayer and hope that the new set of senators will be able to accomplish what we have set out to do and fulfill our promises to the voting public and set aside our political differences,” Villar said. Coming in second place is another reelectionist senator, Grace Poe, who got 22,029,788 votes. Poe ran as an independent candidate and is the daughter of actress Susan Roces and the late actor Fernando Poe Jr. As senator, she served as the head of the Senate committees on public information and media; public order; and dangerous drugs.
Newcomers
IN third place is Christopher “Bong” Go, President Duterte’s former special assistant. Despite being a newcomer, the PartidoDemokratikoPilipino– Lakas ng Bayan candidate got 20,657,702 votes after being endorsed by Duterte. Topping the list of comebacking senators is Pilar “Pia” Cayetano at fourth place with 19,789,019 votes. Continued on A2
“As we all know, banana is the most important and cheapest fruit in the world. As long as it is available in the shelves of supermarkets, foreign consumers would continue to buy,” Antig said. Intracen data and estimates by the United Nations’s Food and Agriculture Organization showed that the Philippines reclaimed its position as the second-largest exporter of bananas in the world last year due to higher production.
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FRONTAL SYSTEM AFFECTING EASTERN SECTION OF LUZON as of 4:00 pm - May 22, 2019
This development, coupled with the movement of the peso in recent weeks, will give the BSP confidence to cut rates once more this year in a noninflationary environment. “The Philippine peso has also stabilized after its sell-off in 2018, reducing import-related inflationary pressures. The stabilization in the peso has helped the BSP’s reserves to recover and, with it, improve the country’s buffer to external financing volatility. As such, the further easing we forecast is unlikely to pose significant inflationary risks,” Fitch Solutions said. The think tank also forecasts another rate cut in 2020 to put the total rate cuts to 75 basis points for the most recent easing cycle. “We believe some potential inflationary pressures will persist over the coming quarters, and as such forecast just one further cut in 2020, taking the key policy rate to 4 percent by end-2020. We believe the BSP will face rising inflationary pressures in 2020, which will deter it from easing aggressively,”Fitch Solutions said. “Moreover, while fiscal stimulus was capped by the budget impasse in the first quarter of 2019, we expect fiscal stimulus to pick up in the latter quarters of 2019 and into 2020, particularly given President Rodrigo Duterte’s consolidation of power following midterm elections. Fiscal stimulus could ultimately be enough to boost domestic consumption, and thus inflationary pressures, reducing the need for any further monetary easing,”the think tank added. Earlier this month, the BSP held out a 25-basis-point cut to its overnight reverse repurchase at its monetary-policy meeting, effective Friday, May 10—as broadly called for by markets. The interest rates on the overnight lending and deposit facilities were reduced accordingly. Diokno told reporters that their decision to cut after several months of unchanged monetary-policy stance and aggressive rate hikes in 2018 was based on their assessment that the inflation outlook continues to be manageable, with easing price pressures owing to the decline in food prices and improved supply conditions.
www.businessmirror.com.ph
FORMER AMAN EXEC, PARTNERS RUN ‘MOST EXPENSIVE RESORT’ By Ma. Stella F. Arnaldo
@akosistellaBM Special to the BusinessMirror
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FORMER executive of luxury resort brand Aman Resorts is behind the operations of Banwa Private Island, hailed by international foreign travel and business publications as the “most expensive in the world.” In a text exchange with the BusinessM irror, Bobby Horrigan, chief executive officer of Aquos Management Inc., which manages Banwa, confirmed that Aquos Foundation owned the posh island resort. The foundation’s president is Janet Oquendo, “former Aman head under Adrian [Zecha, Aman Resorts founder] for 23 years.” Oquendo was previously connected with Amanpulo, the playground of Hollywood celebrities in Palawan; Amanjena in Marrakech, Morocco; and Amanwella in Sri Lanka. According to published sources, Oquendo hails from Palawan. Banwa’s web site shows Rochelle Kilgariff, Banwa’s general manager, as having previous experience in managing“bespoke”luxury accommodations such as Soneva Fushi in the Maldives, Six Senses Hideaway Zighy Bay in Oman, Karma Kandara in Bali, and Finolhu and Amilla, also in the Maldives. Horrigan himself is a hospitality management veteran, having worked previously with the Discovery Leisure Group. Horrigan said the “people behind [the foundation] is a group of Filipino businessmen,” though he did not identify who they were. Pressed on their identities and if the owners had been connected with the tourism industry before, or were in capital management, the Aquos Management executive said, they “are regular businessmen only.”
Sources said high-ranking officials of the DOT were not pleased with the opening of Banwa, which generated a lot of publicity here and abroad for its $100,000 a night accommodations, because it failed to secure accreditation from the agency. “They’re actually not allowed to operate,” an official informed this paper. The sources added that the DOT, thereafter, told the resort’s management to submit their application for accreditation. Asked about the status of their accreditation application, Horrigan said, however, he “doesn’t know these details. Our GM Rochelle Kilgariff would know more about this subject.” (See, “No DOT accreditation for costliest resort,” in the BusinessMirror, May 21, 2019.) He enjoined this paper to e-mail him questions about the resort. No responses from Aquos Management or from Banwa resort have been received as of press time. Republic Act 9593, or the “Tourism Act of 2009”—as supported by the Department of the Interior and Local Government Memorandum Circular 2019-17—requires primary tourism enterprises (PTEs), which include hotels and resorts, to seek accreditation from the DOT, before local government units issue them business permits. “Noncompliance to the provisions thereof is punishable by law,” according to a news statement from the DOT. PTEs also include travel and tours services; land, sea and air transport services exclusively for tourist use; and other enterprises identified by the tourism secretary in consultation with tourism stakeholders. In a separate news statement, the DOT once more warned the public to only transact with agencyaccredited tourism establishments.
Bangladesh Bank case: DOJ insists RCBC execs liable By Joel R. San Juan
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@jrsanjuan1573
HE Department of Justice (DOJ) has denied the plea of five officers of the Rizal Commercial Banking Corp. (RCBC) to clear them of criminal culpabilities for alleged violation of the Anti-Money Laundering Act in connection with the $81-million cyber heist involving funds owned by Bangladesh Bank. In a resolution signed by Assistant State Prosecutor Mary Jane Systat, the DOJ sustained the application of the “willful blindness doctrine” in finding probable cause to indict the respondents Raul Victor Tan, National Sales Director Ismael Reyes, Regional Sales Director Brigitte Capiña, Customer Service Head Romualdo Agarrado and Senior Customer Relationship Angela Ruth Torres for violation of Republic Act 9160 or the AntiMoney Laundering Act of 2001. The willful blindness doctrine is defined as the deliberate avoidance or knowledge of a crime, especially by failing to make a reasonable inquiry about suspected wrongdoing, despite being aware that it is highly probable. “There is no better way to describe the acts of respondents Tan, Capiña, Reyes, Agarrado and Torres than this,” the resolution read. The five RCBC officers are being accused of facilitating the suspicious transactions involving the accounts of a certain Michael Cruz ($6 million), Jessie Christo-
pher Lagrosas ($30 million), Alfred Vergara ($20 million) and Enrico Vasquez ($25 million) despite stop-payment requests from the Bangladesh Bank. The respondents, according to the DOJ, were found instrumental in the lifting of the temporary hold on the four beneficiary accounts of the international inward remittances of funds allegedly wrongfully taken from the Bangladesh Bank, and the withdrawal of such funds, among other acts. The resolution found the five to have, among others, deliberately avoided knowledge of the crime, “by failing to make a reasonable inquiry about suspected wrongdoing, despite being aware that it is highly probable.” It added: “By the very nature of their work in handling millions of pesos in daily transactions, the degree of responsibility, care and trustworthiness expected of bank employees and officials are greater than those of ordinary clerks and employee.” The resolution slammed “their complacent attitude in handling the suspicious remittances,” calling this “unacceptable and [rocking] the integrity of our banking system.” Previously, RCBC Jupiter Branch Manager Maia Santos-Deguito was found guilty of eight counts of violation of the Amla involving the Bangladesh Bank funds. The DOJ said charges have been filed against the five RCBC officers before the Regional Trial Court of Makati City, Branch 141.
www.businessmirror.com.ph
Banking&Finance BusinessMirror
Small-scale miners selling gold to BSP to get tax exemptions
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By Bernadette D. Nicolas
@BNicolasBM
MALL-SCALE miners who will sell their gold to the Bangko Sentral ng Pilipinas (BSP) may avail themselves of the exemptions from paying excise tax after President Duterte signed Republic Act (RA) 11256 into law on March 29. Under the new law, tax exemptions cover both the sale of gold to BSP by registered small-scale miners and accredited traders as well as the sale of gold by registered smallscale miners to accredited traders for eventual sale to the BSP. The scheme is expected to
encourage small-scale miners to sell their gold to the government instead of the black market. It is also seen further boosting the countr y’s g ross international reserves (GIR). GIR, the level of foreign-currency holdings the Central Bank
has in a given period, is used to manage the country’s foreignexchange rate against excess volatilities. Some sections of the National Internal Revenue Code were amended through this legislation. The new law also provides that a taxpayer may file a claim for refund or credit with the Bureau of Internal Revenue Commissioner for the excise tax paid if the excise tax due thereon had been paid prior to the sale of gold to the BSP. Moreover, the sale of gold by registered scale-miners to accredited traders for eventual sale to the BSP shall enjoy the same tax treatment and privilege given to the direct sale of gold to the BSP under the Tax Code. All gold sold to BSP by accredited traders shall also be presumed to have been purchased by said
traders from small-scale miners. Within 60 days after its effectivity, the BSP governor, the commissioner of Internal Revenue and the heads of the Departments of Environment and Natural Resources and of the Interior and Local Government, shall recommend for promulgation to the finance secretary the rules and regulations necessary for the effective implementation of the law. The rules and regulations shall include provisions for the registration and accreditation requirements of small-scale miners and traders in order to avail themselves of the tax exemptions under the Act. The law was passed by the Senate on January 29 and adopted by the House of Representatives on February 6.
Advocates warn retaining tobacco excise tax at current rate to add 1M new smokers By Rea Cu
@ReaCuBM
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EMBERS of nongovernment Action for Economic Reforms (AER) warned there will be at least 1 million new smokers in the country if the government decides to retain the current excise tax rates on tobacco. The AER raised the warning in reaction to an article by the BusinessMirror (See, “Govt plan to increase tobacco tax stirs debate among stakeholders,” May 22, 2019, page B3) quoting Japan Tobacco International (Philippines) Inc. (JTI) General Manager Manos Koukourakis. “Contrary to JTI’s claims, our calculations show there will be at least 1 million new smokers in the country should we retain the tobacco tax rates under TRAIN [Tax Reform for Acceleration and Inclusion],” AER’s Arjay Mercado was
quoted in the statement the group issued on Wednesday. “Alongside the new smokers, nonsmokers will also be susceptible to the same debilitating health risks due to exposure to secondhand smoke.” Mercado said there is a need to increase the excise taxes on tobacco products as there is a shortfall of P62 billion under the recently signed Universal Health Care (UHC) law for its first year of implementation, wherein revenues from the excise tax on “sin” products are allocated for. He also refuted claims made by Koukourakis that raising tobacco taxes would have a negative effect on tobacco farmers. Republic Act (RA) 10351, also known as the Sin Tax Law of 2012, mandates that 15 percent of incremental revenues from tobacco excise taxes should go directly to provinces to fund programs sup-
porting farmers and workers in the tobacco sector. Since the passage of RA 10351, the allocated funds for tobaccogrowing regions almost doubled from P5.6 billion in 2014 to P10.7 billion in 2015. Last year, the allocated funds for farmers reached P15.8 billion, according to the AER. According to Mercado, participants of an AER-sponsored focus group discussion with farmers in Ilocos Sur said additional revenue from sin taxes helped provide them with additional equipment and inputs, greatly reducing their cost of production. The AER also believes that increasing the excise tax on tobacco wouldn’t affect the livelihood of owners of neighborhood mom-andpop stores. Mercado cited a survey conducted by Social Watch Philippines in several urban poor communities
around Quezon City, Pateros, Antipolo and San Mateo, among others, revealed that 9 out of 10 sari-sari store owners believe taxes on cigarettes must be increased. “The majority of the respondents also noted that exposure to cigarette smoke was a leading cause of major illnesses among their family members. While the results did show that cigarettes were one of their leading income sources, the respondents stated that they could easily resort to selling other products. They also expressed major support for the UHC Law, because it would significantly reduce their health-care costs,” Mercado said. A recent Pulse Asia Survey revealed that 3 out of 4 Filipinos believe that taxes on tobacco products must be increased. President Duterte has also certified urgent measures that would increase tobacco taxes.
Yuan ends record losing streak as central bank seen stabilizing
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HINA’S yuan ended a record slump against its peers after the central bank set the fixing at a stronger-than-expected level for a third day. The Bloomberg replica of the CFETS RMB Index, which tracks the yuan versus a basket of 24 trading partners’ currencies, rose for the first time in sixteen sessions. The People’s Bank of China (PBOC) set its daily fix at 6.8992 a dollar on Wednesday. That was stronger than the 6.9063 average of forecasts by 21 traders and analysts surveyed by Bloomberg. The central bank’s recent fixings have helped stabilize the currency amid rising trade tensions with the US The yuan has tumbled about 2.6 percent this month, making it one of the world’s worstperforming major currencies. It weakened again on Wednesday as people familiar with the matter said the US is considering cutting off the flow of vital American technology to as many as five Chinese companies. Earlier this week State Administration of Foreign Exchange head Pan Gongsheng said China has the experience and policy tools to cope with fluctuations in the forex market. A fixing below the 6.9 level once again shows China’s policy-makers really don’t want the currency to weaken beyond that level, said Khoon Goh, head of Asia research at Australia & New
THE People’s Bank of China as the central bank tweaks liquidity tap again
Zealand Banking Corp. “This is the counter-cyclical adjustment measure that Pan Gongsheng was talking about.” The yuan’s recent slide has investors wondering whether it will breach 7 per dollar for the first time since the financial crisis. Citigroup Inc. has said the PBOC will keep the currency stronger than that level to maintain stabil-
BLOOMBERG NEWS
ity in its financial markets. China has said it won’t devalue the currency to make its exports more competitive, while a weaker yuan is already hurting foreign inflows to China’s bonds and stocks. Outflows from China’s equities via trading links with Hong Kong are in line to set a monthly record in May. The Bloomberg CFETS RMB In-
dex Tracker rose 0.05 percent to 93.64 on Wednesday. It retreated 2.2 percent during its 15-session slide, while a dollar gauge was little changed. The yuan slipped 0.16 percent to 6.9136 a dollar as of 12:56 p.m. on May 22 in Shanghai. The offshore rate erased earlier gains, losing 0.05 percent to 6.9372. Bloomberg News
Thursday, May 23, 2019 A13
Asia’s worst currency is in Taiwan as foreign funds depart T A I WA N ’S c u r renc y h a s gone from the dullest to the worst in Asia amid an outflow of overseas cash as the trade war undermines the outlook for the island’s dominant tech sector. The Taiwan dollar has tumbled 1.4 percent in the past five days, the biggest loss among regional peers and second worst in the world after the Colombian peso. Foreign funds have sold more than $2 billion of local equities in May, the biggest outflows in Asia, as the US administration targeted China’s Huawei Technologies Co. and a slump in the yuan pressured other exporter currencies. It closed 0.2 percent lower last Wednesday at 31.53 a dollar, the weakest in more than two years. “The Taiwan dollar may drop below the 32 level in the coming weeks before it stabilizes,” said Gao Qi, a currency strategist at Scotiabank in Singapore. “Foreign outflows are likely to continue amid concerns that the trade war won’t be resolved any time soon.” Ta iw a n’s c u r renc y—wh ic h traded in a narrow range for
most of the year—is yet another casualty of the trade dispute between China and the US. The losses accelerated just as the focus shifted to China’s technology firms and their vast supply chain. It’s particularly painful for Taiwan’s equity market as 4 out of its 10 biggest firms supply Huawei. Investors who pull out of local equities also dump the local currency. Before the Huawei news, the Taiwan dollar had the smallest price swings among 31 major currencies tracked by Bloomberg, excluding the pegged Hong Kong dollar. The options market shows traders expect the swings will increase, with one-week implied volatility surging to the highest since November on Monday. The currency could soon test 31.80 a dollar as a support level, the upper limit of a breakout gap seen in January 2017, according to Christopher Wong, a senior FX strategist at Malayan Banking Bhd. He expects the decline will continue as the market is more d r iven by bear ish sentiment now. Bloomberg News
Bank’s IT exec warn vs phishing attacks
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T has become easy enough to identify and dismiss e-mails from people pretending to be relatives who get in trouble abroad, or from do-gooders asking for help for victims of calamities. These “appeals” have been exposed for what they are—scams. However, this, and the sense of security derived from advanced features in most mobile phones and messaging apps make vigilance against phishing even more relevant and indispensable. After all, scammers are experts at evolving with the times. According to Internet security firm Kaspersky Lab, phishing attempts increased by 27.5 percent by third quarter of 2018, recorded at 107,785,069. The financial segment bore the brunt of the attacks, with over a third aimed at banks, payment systems and e-commerce organizations. An executive of the Bank of the Philippine Islands has warned against phishing, especially during long weekends and holidays when criminals take advantage of increased activity online. “Often, fraudulent e-mail will alert you to a problem that may be fixed if you ‘verified’ your information by clicking on a link, or ask you to support disaster relief efforts or even a political campaign by providing your information using a form embedded in the message,” BPI Data Protection Officer and Enterprise Information Security Officer Jonathan John B. Paz was quoted in a statement as saying. Paz said there are five common phishing schemes. The first is called spear phishing wherein social engineers target and focus on a specific individual or organization. They use information that is particular to the recipient, usually sourced from social-media accounts, to appear legitimate and gain the person’s trust. Be-
cause these attacks are specific, their chances of success are generally high. Another scheme is called Malvertising, a portmanteau of “malicious” and “advertising.” This is when social engineers create an ad that aims to spread malicious software that later on damages a system. That way, social engineers can get access to sensitive information. A third scheme is called “whaling scam:” impersonating the name of the CEO or company executive to steal information. They send out e-mails to its victims using the name of the CEO or executive to make it seem like a genuine request. There’s also “vishing.” Also known as voice phishing, social engineers use fake caller IDs and ask the victim to key in his or her personal information. A fifth method is “Smishing,” wherein social engineers send out text messages containing a phishing web site link to many different numbers with hopes of victimizing as many as they can. “Banks will never e-mail to ask you to verify your personal information,” Paz said. “If any action is requested by the bank through email, you should contact the bank through their official channels.” He also cautions against posting personal information and updates on social media. These may be used by scammers already in possession of your log-in credentials to steal your identity and pass security checks by your bank and credit-card companies, he added. “Leave out your birthday, contact details and even vacations plans on social media.” Those who think of themselves as wise in the ways of fraudsters may grow lax and in the process become easier targets for scammers and phishers, Paz warns. “Vigilance is key to protecting yourself from phishing,” Paz says. “This way, we can stay a step ahead of scams and cyber attacks.”
A14 Thursday, May 23, 2019
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Editor: Efleda P. Campos
Companies BusinessMirror
Thursday, May 23, 2019
B1
SMC sees PCC OK of Holcim deal Mitsubishi Corp. unloads
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By Lenie Lectura
@llectura
ONGLOMERATE San Miguel Corp. (SMC) expects to secure clearance by the Philippine Competition Commission (PCC) of its acquisition of an 85.7-percent stake in Holcim Philippines Inc.
“I am confident. In the eyes of the public, including Trade Secretary Ramon Lopez, many commented that it’s good that a Filipino company bought it,” said SMC President Ramon Ang after the annual stockholders’ meeting of Petron Corp. SMC, via First Stronghold Cement Industries, will buy 5.53 billion common shares of Holcim’s local arm from entities controlled by LafargeHolcim Ltd., Europe’s largest cement maker. “Holcim has less than 20 percent of the market share. That’s small, so
I don’t think it will be a problem,” Ang said. “By the way, did you know that 35 percent of cement being sold in the Philippines today is imported? The major players in the Philippines are Holcim, Cemex, Lafarge-CRH, Taiyo and a Taiwanese [company]. All foreigners. Don’t you like that a Filipino firm bought it?” Ang added. The sale of Holcim is part of a broader strategic review of LafargeHolcim’s Southeast Asia operations following the sale of its Indonesia business.
AP Renewables, MORE sign emergency power-supply accord of 10MW for 1 year
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P Renewables Inc. (Apri) and MORE Electric and Power Corp. (MORE Power) on Wednesday signed an emergency power-supply deal. Under the negotiated deal, Apri will supply MORE Power 10 megawatts for one year, with an option to add 5 MW. Apri will source power from its Tiwi and MakBan geothermal power plants, located in Albay and the provinces of Laguna and Batangas,
respectively. Under the law, MORE Power is allowed to access emergency power supply through negotiated procurement, provided this will only be for a period of one year, and the rates must not be higher than the latest Energy Regulatory Commission (ERC)-approved generation tariff for the same or similar technologies in the area. The agreement will take effect once MORE begins its operations. In February, President Duterte
signed a law granting MORE Power a 25-year power-distribution franchise in Iloilo City. “Our partnership with AP Renewables Inc. is a testament to MORE Power’s corporate direction to go beyond and above compliance with what is required in the Renewable Energy Act by advocating renewable energy and eventually increasing its power supply from renewable sources,” said Roel Z. Castro, MORE Power president.
Castro and Apri President Alexander B. Coo signed the interim power-supply agreement. “Geothermal power is definitely unique because it is renewable energy, yet it can be baseloaded— meaning, it delivers power 24/7. For a growing metropolis like Iloilo City, this makes perfect sense. We are definitely excited to be partners with MORE Power and even more excited to be part of the growth of Iloilo City,” Coo said. Lenie Lectura
more shares from Ayala By VG Cabuag @villygc
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YALA Corp. on Wednesday said it bought back P3.19 billion worth of its shares from its second-largest shareholder, Japan’s Mitsubishi Corp. In its disclosure to the Philippine Stock Exchange, Ayala said it bought back 3.8 million of its shares from Mitsubishi for P838 per share, a discount from Tuesday’s close of P850 per share. After the purchase, Ayala’s public float fell to 52.07 percent from 52.38 percent, while foreign ownership declined to 27.59 percent from 27.9 percent. “At current levels, our stock price is quite undervalued, and this buyback of our shares will benefit all our existing shareholders,” Ayala Chief Finance Officer Jose Teodoro K. Limcaoco said in a statement. “We value our relationship with Mitsubishi, which remains our second-largest shareholder. This transaction, I understand, is part of Mitsubishi’s portfolio-rebalancing exercise with regard to their Ayala holdings, which now stands and will remain at around 6 percent,” Limcaoco said.
Mitsubishi started to reduce its holdings at Ayala, Asia’s oldest conglemarate, in March last year when they sold 8.5 million shares at P934 per share. It continued in January this year when Mitsubishi unloaded another 13 million shares at P900 apiece. With the recent sale, it will leave Mitsubishi with around 37.78 million shares in Ayala, still the second-largest shareholder of the company. “Mitsubishi’s rebalancing of its AC holdings alleviates some concerns that AC shares will continue to have an overhang based on speculation that Mitsubishi will continue to trim down its holding in AC,” COL Financial said in its research note. “The move of AC to buy back the shares from Mitsubishi is also a signaling effect that the company thinks their shares are cheap,” it added. Ayala Land Inc., the conglomerate’s property-development arm, earlier acquired the 20-percent equity interest of Mitsubishi Corp. in Laguna Technopark Inc., equivalent to 8,051 common shares, for P800 million.
B2
Companies BusinessMirror
Thursday, May 23, 2019
Sun Life Asset sees GDP growing by 6.4% this year
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By Rea Cu
@ReaCuBM
UN Life Asset Management Co. Inc. (Slamci) reported that despite the sluggish performance of the Philippine economy for the first quarter of 2019, it remains positive that the country’s economic growth will hit at least 6.4 percent by the end of this year. Sun Life of Canada (Philippines) Inc. (Sun Life) Chief Investments Officer Michael D. Enriquez said during Slamci’s 2019 market outlook news conference at the Discovery Primea Hotel on Wednesday, that the country is still expected to post growth by the end of this year, with a gross domestic product (GDP) forecast of 6.4 percent for 2019, despite a weaker first-quarter growth of 5.6 percent. “I think offhand, we can say that most of our forecast is still on track and we continue to say that we are still positive on the Philippine economy and financial markets.... We continue to expect our GDP for the year to be at 6.4 percent, I think there will
be a lot of catch-up especially election spending will start to materialize second quarter, further expanding as the government will continue its infrastructure push toward the third and fourth quarters. So we probably will see GDP accelerating in the last two quarters,” Enriquez said. He explained the drivers for the 6.4-percent GDP growth for 2019 include the inflation path maintaining its downtrend, consumption spending to gain momentum due to the lower prices, as well as the government’s implementation of its catchup plan in terms of infrastructure projects put on standby due to the nonpassage of the 2019 General Ap-
EDC eyes geothermal venture in Taiwan
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OPEZ-LED Energy Development Corp. (EDC) is looking at a geothermal venture in Taiwan in a bid to scale up its geothermal investments here and abroad. Francis Giles Puno, president of First Philippine Holdings Corp. (FPHC) and First Gen Corp., said the EDC is having partnership discussions with concession holders in Taiwan for the possible joint venture development of a geothermal site. EDC is a unit of First Gen, a subsidiary of FPHC. “We hope to be working in Taiwan geothermal. There are concessions; that’s why we’re working with the proponents to see what we can do to develop those concessions. We’re talking to a number of local partners,” Puno said. He did not identify the concession holders. “We can work with the utilities there and
many of them are substantially untapped. They need the expertise, as well. In that sense, EDC can provide the expertise,” he added. EDC is also trying to scout for a local partner in Indonesia. “We’ve always been in the international arena. We’ve not focused on areas where we don’t feel we have competitive advantage. The competitive advantage of First Gen is in geothermal. So, that’s where we choose to play in the international area,” Puno said. EDC is the Philippines’s renewable-energy leader and the largest producer of geothermal energy. EDC President Richard Tantoco said geothermal is “the holy grail of renewable energy,” being the cleanest, most reliable and readily available. Lenie Lectura
Rockwell income grows 40% in Q1
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OCKWELL Land Corp. on Wednesday said its income grew 40 percent during the three months of the year ending March to P719 million from last year’s P514 million driven by the performance of its residential development and expansion of its commercial leasing business. Consolidated revenues reached P3.5 billion for the period, 5 percent higher than the P3.3 billion last year. The residential development generated P2.9 billion of its revenues, contributing 82 percent to the total from the good sales performance of Proscenium and 32 Sanson projects. Earnings before interest, taxes, depreciation and amortization (Ebitda) from this segment grew by 26 percent to P702 million, from last year’s P557 million. The commercial leasing business which includes retail and office operations reported revenues of P562 million for the period, 30 percent higher than the previous P431 million. “This was mainly driven by higher occupancy of the Power Plant Mall expansion, Rockwell Business Center— Sheridan and Santolan Town Plaza,” the company said. It said Ebitda from this segment amounted to P465 million, higher by 35 percent from last year. Revenues from hotel operations amounted to P64 million and contributed 2 percent to total revenues. The company said it spent a total of P2.6 billion for project and capital expenditures for the first three months of the year. Bulk of the expenditures pertained to development costs, primarily for the Proscenium. “In 2018, the residential segment launched the second tower of our Katipunan project, The Arton by Rockwell and Phase 1 of Aruga Resort and Residences—Mactan in Cebu. We witnessed strong reservation sales from these two major projects in 2019,” it said. Last year, Rockwell also handed over the first two towers of Proscenium, Kirov and Sakura, which received strong positive feedback from unit buyers, it said. VG Cabuag
propriations Act during the first few months of the year. Enriquez added that the passage of key economic laws like that on tax reform is seen to be accomplished quickly as the majority of the senators and congressmen are allies of the administration. “We would probably see less opposition. That’s why I think the infrastructure projects, the laws that support those, the tax packages, will probably be accelerated because before there’s opposition...so now I think it’s faster,” he added. He said that inflation is expected to plateau this year, with the average seen to be at 3.5 percent by the end of this year, adding that the effects of the El Niño phenomenon will have a minimal impact on inflation. “I think it might plateau already or the effect will be plateauing. El Niño will probably be a shallow uptick. But based on our models, our economist said it doesnt have a huge effect on overall inflation,” he said. The weakening of the peso is expected this year as the Bangko Sentral ng Pilipinas (BSP) loosens its monetary policy. “We’ve seen that right after the announcement of the reserve re-
MUTUAL FUNDS
quirement ratio [RRR] cut. The peso suddenly depreciated, and we see more of those and probably have more pressure on the peso. Plus the current account deficit continues to be widening and that might put pressure on the peso,” he added. In terms of reaching the “A” credit rating status, he explained it will be achievable in two to three years if the government continues its progressive tax packages. “Yes, it’s achievable as long as they can really continue with the progressive tax packages because what they are doing is removing the slippages on tax collection, more direct taxation...I think on the revenues side, it became healthier and the credit rating agencies recognized that. So OK we can get an A the next two to three years if collection continues to be strong,” he said. Slamci’s forecast for the country’s 2020 GDP is currently at 7 percent. The Philippine government earlier reported it expects the country’s GDP to be around 6 percent to 7 percent for 2019, a revision from its previous forecast of 7 percent to 8 percent due to the government’s operating on a 2018 reenacted budget for the first four months of the year.
May 22, 2019
NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 258.33 -1.54% 0% 0.62% 2.42% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.5944 3.77% 8.78% 3.13% 10.66% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.0165 -3.85% -0.09% -0.38% 2.91% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9222 0.75% N.A. N.A. 3.56% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8572 0.86% N.A. N.A. 4.45% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.365 -0.73% 0.11% 0.57% 1.78% MBG EQUITY INVESTMENT FUND, INC. -A 122.77 7.64% N.A. N.A. 5.42% ONE WEALTHY NATION FUND, INC. -A 0.8572 -2.31% -4.61% N.A. 2.98% PAMI EQUITY INDEX FUND, INC. -A 51.0017 0.62% 0.67% N.A. 3.65% PHILAM STRATEGIC GROWTH FUND, INC. -A 531.97 -0.03% -0.29% 0.41% 3.35% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.2973 2.09% 1.56% 3.1% 3.45% PHILEQUITY FUND, INC. -A 38.0378 1.95% 2.26% 2.57% 3.84% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0204 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.1675 1.41% 1.63% 2.71% 4.21% PHILIPPINE STOCK INDEX FUND CORP. -A 862.6 1.47% 1.34% 2.67% 4.12% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9204 4.2% 0.98% N.A. 6.87% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.245 2.39% 1.65% 1.93% 4.58% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.9918 0.99% 1.3% N.A. 3.93% UNITED FUND, INC. -A 3.6695 2.1% 3.85% 2.83% 4.81% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 115.5027 1.82% 2.37% 3.75% 4.29% ATRAM ASIAPLUS EQUITY FUND, INC. -B $0.9506 -12.89% 5.6% -0.24% 2.31% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2573 -2.77% 8.13% N.A. 13.77% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.6942 -0.92% -1.55% -1.84% 2.6% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.2757 -1.46% 0.04% 0.27% 3.01% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6034 -0.22% -0.95% -1.64% 2.34% GREPALIFE BALANCED FUND CORPORATION -A 1.3429 -0.39% N.A. N.A. 2.96% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9073 2.42% 0.64% 1.1% 3.48% PAMI HORIZON FUND, INC. -A 3.644 0.36% -0.77% 0.1% 3.25% PHILAM FUND, INC. -A 16.4437 1.37% -0.61% 0.17% 3.37% SOLIDARITAS FUND, INC. -A 2.12 1.13% 0.79% 1.66% 2.3% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.8102 2.8% 0.62% 1.18% 4.35% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 0.9877 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 0.9818 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 0.9795 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9759 3.01% 0.88% N.A. 5.88% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03649 5.34% 0.76% 1.48% 3.52% PAMI ASIA BALANCED FUND, INC. -A $0.9513 -9.27% 3.03% -1.23% 1.61% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.651 -0.34% 5.89% 2.59% 10.36% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.0834 1.03% 3.57% N.A. 7.27% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 348.74 3.05% 2.02% 2.13% 1.56% ATRAM CORPORATE BOND FUND, INC. -A,1 1.8865 1.63% -0.22% -0.37% 1.47% COCOLIFE FIXED INCOME FUND, INC. -A 3.0324 5.47% 5.27% 5.27% 2.07% EKKLESIA MUTUAL FUND INC. -A 2.1671 2.56% 1.1% 1.72% 1.72% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.2669 2.29% 0.53% 0.95% 2.61% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6046 1.81% -0.79% 0.09% 2.57% PHILAM BOND FUND, INC. -A 4.0663 3.25% -0.53% 0.62% 3.74% PHILEQUITY PESO BOND FUND, INC. -A 3.6263 3.88% 1.1% 1.03% 3.1% SOLDIVO BOND FUND, INC. -A 0.9217 1.77% -0.79% N.A. 3.26% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 2.8998 5.82% 1.41% 1.7% 4.84% SUN LIFE PROSPERITY GS FUND, INC. -A 1.6077 5.49% 0.85% 1.25% 4.4% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $455.56 3.24% 1.84% 2.73% 1.62% ALFM EURO BOND FUND, INC. -A Є216.05 1.56% 1.47% 1.46% 1.6% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1706 5.36% 1.67% 2.07% 3.98% 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 $1.7137 1.41% -1.29% 0.67% 1.39% 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 $1.069 3.98% -0.45% -2.24% 3.03% PHILAM DOLLAR BOND FUND, INC. -A $2.2805 6.95% 0.75% 2.64% 5.03% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0585219 3.4% 1.32% 1.71% 2.7% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.9917 3.95% 0.05% 1.99% 4.16% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 122.97 3.54% 2.31% 1.85% 1.76% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0116 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.2021 3.06% 1.37% 0.86% 1.71% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2389 3.5% 2.56% 1.94% 1.63% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0256 2.09% N.A. N.A. 0.95% * - 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
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PSE STOCK QUOTATIONS
May 22, 2019
Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALS ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE BDO LEASING COL FINANCIAL FERRONOUX HLDG IREMIT MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE
57 133.9 81 26.4 11.86 74.3 13.2 58 57.75 26.5 174.3 61.15 1.2 2.16 18.86 4.42 1.34 0.455 1.04 183 1800
58.8 134.5 81.25 26.65 11.9 74.35 13.46 58.1 57.8 26.8 175.5 61.4 1.27 2.19 18.88 4.5 1.35 0.47 1.06 185 1825
58.9 133 81 26.75 11.78 74.3 13.2 58.55 57.6 26.05 179 61.45 1.2 2.16 18.86 4.42 1.34 0.45 1 185 1820
58.95 134.5 82.35 26.8 11.9 74.5 13.22 58.55 57.8 26.5 179 61.45 1.27 2.16 18.86 4.5 1.34 0.47 1.06 185 1823
58.5 132 81 26.5 11.78 73.45 13.2 57.5 57.6 26.05 174 60.9 1.16 2.16 18.86 4.42 1.34 0.44 1 185 1820
58.5 134.5 81 26.65 11.86 74.3 13.2 58 57.8 26.5 175.5 61.15 1.27 2.16 18.86 4.5 1.34 0.47 1.06 185 1823
20000 998120 1765590 54000 322700 1830800 58100 255780 1100 6600 295890 8920 88000 9000 2500 11000 71000 540000 3237000 90 20
1176099 133557795 143544096 1436055 3826610 135906315 767086 14839866.5 63457.5 174655 51938862 544172.5 103820 19440 47150 48700 95140 241750 3375550 16650 36430
1176099 52832379 -14818113 382995 -44262059.5 -4052652 -10555 -20642226 -190153.5 136400 -
INDUSTRIAL ALSONS CONS ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PETROENERGY PHINMA ENERGY PHX PETROLEUM PILIPINAS SHELL SPC POWER AGRINURTURE CNTRL AZUCARERA CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT GINEBRA JOLLIBEE MACAY HLDG MAXS GROUP PEPSI COLA SHAKEYS PIZZA ROXAS AND CO RFM CORP ROXAS HLDG SWIFT FOODS UNIV ROBINA VITARICH VICTORIAS CEMEX HLDG EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE PHINMA TKC METALS VULCAN INDL CHEMPHIL CROWN ASIA EUROMED MABUHAY VINYL PRYCE CORP CONCEPCION GREENERGY INTEGRATED MICR IONICS PANASONIC SFA SEMICON CIRTEK HLDG
1.39 36.5 0.29 21 77 373.2 22.4 5.94 4.82 2.11 11.8 42 6.5 14.9 14.72 15.06 5.6 10.26 7.5 106.9 0.75 44.4 287.4 9.22 13.74 1.28 13 1.59 5.05 2 0.128 156.5 1.16 2.47 2.51 16.02 9.78 14 21.9 9.08 0.89 1.05 106.5 1.91 1.61 3.31 4.76 45 2.44 10 1.71 5.56 1.22 25.8
ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV FJ PRINCE A FORUM PACIFIC GT CAPITAL JG SUMMIT JOLLIVILLE HLDG LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PACIFICA AYALA LAND LOG PRIME MEDIA REPUBLIC GLASS SOLID GROUP SYNERGY GRID SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES TOP FRONTIER WELLEX INDUS ZEUS HLDG
0.59 13 905 51.8 14.58 6.7 0.72 1.26 1.26 7.13 10.56 14.32 4.15 0.25 871 61.5 5.85 0.47 4.64 16.36 0.54 4.41 0.039 3.51 1.13 2.01 1.32 431 916.5 181.5 0.82 266.6 0.233 0.285
1.4 36.7 0.295 21.2 77.2 375 22.45 5.95 4.85 2.12 11.96 42.5 6.56 15 16.4 15.38 5.73 10.4 7.53 107.5 0.76 44.5 287.6 9.59 13.76 1.29 13.02 1.62 5.06 2.19 0.129 156.8 1.17 2.5 2.52 16.1 9.8 14.04 22 9.45 0.92 1.06 117.9 1.92 1.69 3.6 4.85 45.5 2.45 10.1 1.73 5.74 1.24 26
1.38 36.05 0.27 21.2 76.5 373.6 22.45 5.8 4.52 1.97 11.84 42.5 6.43 15 16.4 14.6 5.45 10.18 7.5 105 0.69 43.05 284 9.3 13.92 1.25 13 1.59 5.04 2 0.129 158.8 1.13 2.47 2.59 16.04 9.46 14 22.05 9.45 0.92 1.04 107 1.89 1.69 3.6 4.9 44.1 2.36 10.3 1.7 5.59 1.24 26.85
1.4 36.7 0.295 21.3 77.3 375 22.5 6.06 4.84 2.17 11.96 42.5 6.62 15.3 16.4 15.38 5.75 10.4 7.58 108 0.76 44.75 288.8 9.88 14.08 1.3 13.1 1.62 5.05 2 0.129 158.8 1.18 2.51 2.62 16.1 9.9 14.2 22.1 9.45 0.92 1.06 107 1.91 1.69 3.6 4.9 45 2.47 10.3 1.74 5.74 1.24 27
1.38 35.85 0.26 20.85 76.5 370.4 22 5.8 4.52 1.96 11.8 42 6.43 15 16.4 14.5 5.45 10.08 7.48 105 0.69 43 283.8 9.23 13.74 1.25 13 1.58 5 2 0.129 153.1 1.13 2.47 2.48 16 9.46 13.96 21.9 9.45 0.89 1.01 106.5 1.89 1.69 3.6 4.7 44 2.36 9.86 1.7 5.59 1.22 25.75
1.4 36.7 0.29 21 77 375 22.45 5.94 4.84 2.12 11.96 42 6.57 15 16.4 15.38 5.73 10.4 7.53 107.5 0.76 44.5 287.4 9.6 13.76 1.28 13 1.62 5.05 2 0.129 156.8 1.17 2.47 2.52 16.02 9.8 14 22 9.45 0.9 1.05 106.5 1.91 1.69 3.6 4.75 45 2.45 10 1.73 5.74 1.24 26
208000 2112200 32770000 1044000 197610 102760 3255800 10116000 1092000 42180000 134700 253500 37900 210200 1300 624700 3000 3966100 3022500 93320 5155000 312600 533510 4900 832400 1500000 261200 71000 18000 107000 10000 763050 3330000 868000 19643000 828200 7515400 1766100 34600 2100 206000 1169000 1000 234000 4000 1000 177000 615500 10860000 2091500 180000 13800 14000 317800
290290 -5520 76,773,610( 29,927,984.9997) 9249750 -350750 21952525 -2265410 15222044 -12303515.5 38429476 -4604466 73100385 -4621700 60099411 30101623 5179770 1810 87751210 2028860.0003 1600394 10664450 -10024545 246249 6570 3159294 -282272 21320 9416884 -5667362 16996 40,535,342( 31,823,383.9996) 22701418 -8991191 9977707 -1562436 3806310 13786550 2963925 153195002 -28594734 46401 11552046 -524054 1932550 225860 3398846 -449856 113570 90774 -3529 214000 1290 119413584 -36879109 3878490 117000 2162570 1756010 49462710 23010820 13279108 2039636 73245768 -49651571 24740998 3248556 760930 -22100 19845 185580 1197370 106975 445520 6760 3600 840940 284350 27697010 13190 26397490 -228290 20927795 2587890 310150 77498 17280 8329520 -1018765
HOLDING & FRIMS 0.6 13.28 905.5 54.05 14.6 6.74 0.73 1.27 1.27 7.2 10.58 14.5 4.75 0.265 880 61.55 6.07 0.5 4.65 16.4 0.56 4.44 0.04 3.52 1.16 2.79 1.36 460 919 181.8 0.83 274.4 0.238 0.29
0.58 13.6 863.5 50.2 14.7 6.7 0.74 1.26 1.27 7.19 10.68 14.2 4.49 0.265 868 59.3 5.96 0.51 4.71 16.36 0.55 4.36 0.039 3.4 1.12 2.64 1.32 431 902 185 0.78 266.6 0.24 0.27
0.6 14.1 905 55.5 14.74 6.7 0.77 1.26 1.27 7.2 10.68 14.6 4.49 0.265 880 61.55 6.07 0.51 4.71 16.5 0.56 4.49 0.04 3.57 1.13 2.65 1.36 431 920 186 0.83 274.4 0.24 0.295
0.57 13 853 49.4 14.5 6.7 0.73 1.25 1.27 7.07 10.44 14.2 4.49 0.265 851 59.3 5.96 0.47 4.59 16.3 0.53 4.3 0.039 3.35 1.12 2.64 1.32 431 900 181.8 0.78 266.6 0.232 0.27
0.59 13 905 51.8 14.6 6.7 0.73 1.26 1.27 7.2 10.58 14.5 4.49 0.265 880 61.55 6.07 0.5 4.64 16.4 0.56 4.44 0.039 3.52 1.13 2.65 1.36 431 916.5 181.8 0.83 267 0.238 0.285
7091000 126500 1159100 2596000 4525900 2100 186000 490000 14000 81900 4045600 56900 2000 60000 65750 2352990 7000 72000 1562000 2628000 2316000 28965000 8500000 18053000 77000 77000 2000 250 191180 251780 511000 850 530000 7580000
4168370 1674076 1035306955 132890010 66105308 14070 137070 615580 17780 587462 42877396 824160 8980 15900 57467505 142722282 42116 34250 7199330 43116352 1269820 127761320 334000 63577770 86290 203880 2680 107750 174400485 45873466 411850 227164 124570 2146850
181849.9999 390000 -234767315 -37225000 -31154402 14070 235316 -7924720 -5800 8433840 -11346765 -824920 -21833820 981750 14572700 -2753550 -12119185 -4599659 -34700 -11850 -10700.0001
PROPERTY
ARTHALAND CORP 0.76 0.77 0.78 0.78 0.76 0.77 312000 239840 -36560 ANCHOR LAND 10.62 10.98 10.54 10.98 10.5 10.98 4600 48688 AYALA LAND 48 48.1 47.75 48.3 47.6 48 9664900 464437910 31182380 ARANETA PROP 2.13 2.19 2.19 2.19 2.13 2.19 29000 63330 BELLE CORP 2.3 2.34 2.31 2.36 2.29 2.3 3342000 7672790 -279860 A BROWN 0.78 0.8 0.76 0.82 0.75 0.78 6787000 5396240 -3100 CITYLAND DEVT 0.86 0.9 0.9 0.9 0.9 0.9 2000 1800 CROWN EQUITIES 0.227 0.228 0.227 0.227 0.227 0.227 1060000 240620 CEBU HLDG 6.22 6.36 6.4 6.4 6.4 6.4 200 1280 CEB LANDMASTERS 4.92 4.93 5.12 5.12 4.87 4.93 3156400 15749285 1113739 CENTURY PROP 0.54 0.55 0.52 0.56 0.52 0.55 69326000 37705510 -258110 CYBER BAY 0.375 0.395 0.38 0.38 0.38 0.38 40000 15200 DOUBLEDRAGON 24.45 24.6 24.25 24.8 24.25 24.5 248100 6085155 51060 DM WENCESLAO 10.22 10.3 10.3 10.32 10.2 10.22 124400 1276580 309000 EMPIRE EAST 0.465 0.485 0.465 0.485 0.465 0.485 280000 130400 FILINVEST LAND 1.63 1.64 1.58 1.66 1.58 1.63 45133000 73856860 2669370 GLOBAL ESTATE 1.4 1.41 1.41 1.46 1.37 1.41 17230000 24568880 209400 8990 HLDG 15.24 15.26 15.2 15.28 15.1 15.26 375400 5705508 423906 PHIL INFRADEV 1.73 1.74 1.72 1.73 1.7 1.73 1458000 2501460 80530 CITY AND LAND 0.78 0.81 0.79 0.81 0.79 0.81 80000 63440 MEGAWORLD 5.54 5.6 5.4 5.65 5.38 5.54 26661800 147011467 -4082839 MRC ALLIED 0.31 0.315 0.31 0.32 0.305 0.315 9540000 2997250 81900 PHIL ESTATES 0.47 0.49 0.48 0.49 0.48 0.49 160000 78000 PRIMEX CORP 2.1 2.13 2.1 2.25 1.95 2.1 104213000 208713900 ROBINSONS LAND 24.25 24.3 24.1 24.35 23.6 24.25 3221300 78135240 11933335 PHIL REALTY 0.42 0.43 0.42 0.43 0.415 0.42 1430000 595950 ROCKWELL 2.03 2.07 2.07 2.09 2.02 2.03 494000 1013950 SHANG PROP 2.98 3.02 3.02 3.02 2.98 2.98 87000 260450 STA LUCIA LAND 1.83 1.85 1.8 1.89 1.8 1.85 1051000 1945670 SM PRIME HLDG 39.1 39.35 39.45 39.95 38.9 39.35 11113200 437365340 -17574050 STARMALLS 6.5 6.6 6.55 6.85 6.5 6.5 228500 1490383 SUNTRUST HOME 0.72 0.76 0.72 0.72 0.72 0.72 1000 720 VISTA LAND 7.22 7.25 7.15 7.25 7.13 7.25 1443600 10401937 -26927 SERVICES ABS CBN 18.9 19 18.88 19 18.84 18.9 188500 3576084 GMA NETWORK 5.3 5.31 5.31 5.32 5.25 5.31 161100 852476 MANILA BULLETIN 0.56 0.58 0.63 0.63 0.56 0.56 4144000 2449940 GLOBE TELECOM 2120 2150 2070 2152 2070 2150 88375 188025970 143997840 PLDT 1321 1325 1299 1333 1293 1321 168020 221799105 91242380 APOLLO GLOBAL 0.043 0.044 0.043 0.044 0.042 0.043 3600000 155100 DFNN INC 6.25 6.26 6.12 6.26 6.12 6.26 112400 703188 IMPERIAL 1.76 1.93 1.76 1.76 1.76 1.76 51000 89760 ISLAND INFO 0.121 0.124 0.118 0.122 0.118 0.122 880000 105610 ISM COMM 5.83 5.84 5.88 5.93 5.82 5.84 1703100 9984923 144648 NOW CORP 2.03 2.04 2 2.06 1.98 2.03 1333000 2686940 -373650.0001 TRANSPACIFIC BR 0.315 0.32 0.31 0.32 0.31 0.32 4730000 1494650 -12600 PHILWEB 3.04 3.05 2.97 3.07 2.97 3.04 1121000 3396480 -493130 2GO GROUP 11.5 11.9 11.9 11.9 11.5 11.5 4100 47820 ASIAN TERMINALS 21 21.45 19.5 21.95 19.5 21 28800 595140 67620 CHELSEA 6.19 6.2 6.24 6.25 6.15 6.19 869100 5389487 86687 CEBU AIR 89 89.45 88 89.5 88 89 207000 18451205 5973688 INTL CONTAINER 135.8 136 135.4 138.9 135.4 136 1357810 186236991 -35735304 LBC EXPRESS 15 15.4 14.8 14.8 14.8 14.8 5000 74000 LORENZO SHIPPNG 0.75 0.79 0.78 0.79 0.78 0.79 18000 14120 MACROASIA 19.9 20 19.2 20 19.2 20 491200 9615122 -33210 METROALLIANCE A 1.6 1.72 1.6 1.74 1.6 1.73 19000 32260 PAL HLDG 9.8 9.99 9.7 9.8 9.7 9.8 5900 57450 -19500 HARBOR STAR 2.44 2.45 2.4 2.48 2.4 2.45 744000 1824400 ACESITE HOTEL 1.31 1.4 1.33 1.4 1.31 1.31 105000 144170 -9730 BOULEVARD HLDG 0.06 0.061 0.062 0.062 0.06 0.061 39990000 2447220 WATERFRONT 0.74 0.75 0.72 0.75 0.71 0.74 7168000 5246390 5760 FAR EASTERN U 890 895 891 891 891 891 980 873180 -178200 IPEOPLE 10.7 10.98 10.98 11 10.7 10.7 15900 170384 STI HLDG 0.66 0.67 0.68 0.68 0.66 0.66 4157000 2749000 -928430 BERJAYA 2.8 2.82 2.6 2.89 2.53 2.8 2552000 7059220 67130 BLOOMBERRY 11.2 11.22 11.16 11.22 11.06 11.2 2888700 32329456 -26922580 PACIFIC ONLINE 3.25 3.29 3.2 3.29 3.2 3.25 13000 42390 LEISURE AND RES 4.64 4.65 4.48 4.7 4.48 4.64 4237000 19514340 4282700 MANILA JOCKEY 3.71 3.75 3.71 3.75 3.71 3.75 11000 40850 PH RESORTS GRP 4.17 4.39 4.45 4.45 4.17 4.17 57000 241310 PREMIUM LEISURE 0.76 0.77 0.77 0.77 0.74 0.76 5727000 4329510 -273470 TRAVELLERS 5.55 5.56 5.58 5.62 5.56 5.56 3193800 17927402 -4472 METRO RETAIL 2.79 2.8 2.83 2.83 2.77 2.8 2806000 7853430 117570 PUREGOLD 45.5 46 45.5 46.1 45.15 46 426500 19472980 4942375 ROBINSONS RTL 71.4 71.45 73 73.45 71.15 71.45 191430 13755601.5 -2807821.5 PHIL SEVEN CORP 121.8 123.9 124 124 120 121.8 245200 29862755 109957 SSI GROUP 3.2 3.21 3.23 3.34 3.11 3.2 9589000 30545870 5929940 WILCON DEPOT 16.4 16.54 16.36 16.68 16.36 16.4 1890500 31166692 20592850 APC GROUP 0.405 0.415 0.425 0.425 0.4 0.4 1400000 564300 EASYCALL 10.48 10.5 10.6 10.6 10.48 10.48 69500 731062 GOLDEN BRIA 400.6 408 400.4 408.8 400.4 408 3440 1398968 20400 PRMIERE HORIZON 0.87 0.88 0.9 0.92 0.88 0.88 36815000 32774680 104550 SBS PHIL CORP 9.24 9.62 9.04 9.66 9 9.62 555100 5256994 MINING & OIL ATOK 11.02 11.88 11.88 11.98 11 11.02 7000 79260 APEX MINING 1.12 1.16 1.19 1.2 1.1 1.12 4395000 5,052,130( 3,522,020.0001) ABRA MINING 0.0018 0.0019 0.0018 0.0018 0.0018 0.0018 20000000 36000 ATLAS MINING 2.71 2.83 2.7 2.71 2.7 2.71 151000 407710 -2710 BENGUET A 1.14 1.3 1.14 1.14 1.14 1.14 3000 3420 COAL ASIA HLDG 0.28 0.29 0.29 0.29 0.29 0.29 50000 14500 CENTURY PEAK 2.79 2.8 2.8 2.81 2.79 2.8 238000 664950 DIZON MINES 7.58 7.73 7.75 7.75 7.58 7.73 3300 25104 FERRONICKEL 1.52 1.53 1.52 1.57 1.52 1.53 836000 1274900 185830 GEOGRACE 0.222 0.229 0.232 0.232 0.222 0.229 200000 45110 LEPANTO A 0.102 0.105 0.105 0.105 0.103 0.105 1170000 121080 LEPANTO B 0.103 0.112 0.103 0.112 0.103 0.112 400000 41290 MANILA MINING A 0.0077 0.0079 0.0078 0.0078 0.0077 0.0077 5000000 38700 MANILA MINING B 0.0079 0.008 0.0079 0.0079 0.0079 0.0079 1000000 7900 MARCVENTURES 1.03 1.05 1.04 1.04 1.04 1.04 14000 14560 NIHAO 0.96 0.98 0.98 0.99 0.98 0.98 15000 14710 NICKEL ASIA 2.22 2.24 2.21 2.24 2.18 2.22 1197000 2630360 -942710 ORNTL PENINSULA 0.87 0.88 0.87 0.87 0.86 0.87 105000 90910 -3480 PX MINING 2.9 2.94 2.89 2.92 2.89 2.9 45000 130750 -26060 SEMIRARA MINING 22 22.35 22.3 23 22 22 3012100 67187270 -10808690 ORNTL PETROL A 0.011 0.012 0.012 0.012 0.011 0.011 9300000 102600 ORNTL PETROL B 0.011 0.012 0.012 0.012 0.012 0.012 500000 6000 -4800 PHILODRILL 0.011 0.012 0.011 0.012 0.011 0.012 58700000 697600 PHINMA PETRO 4.11 4.17 4.01 4.19 3.94 4.17 602000 2435930 -197580 PXP ENERGY 8 8.09 8.16 8.2 7.93 8 1044900 8369548 195529.9997 PREFFERED DD PREF 97.8 98 98 98 97.8 97.8 2630 257224 SMC FB PREF 2 970 999 970 970 970 970 100 97000 FGEN PREF G 104 104.3 104.2 104.3 104.2 104.3 8080 841946 MWIDE PREF 100.5 101 100.5 101 100.5 101 770 77525 PNX PREF 3B 101.1 106 106 106 106 106 1130 119780 SFI PREF 1.36 1.75 1.36 1.36 1.36 1.36 4000 5440 -5440 SMC PREF 2B 74.8 75.05 75.15 75.15 74.8 74.8 39750 2981200.5 SMC PREF 2C 76.3 76.9 76.9 76.95 76.9 76.9 1890 145347.5 SMC PREF 2F 73.8 74.4 73.85 73.85 73.85 73.85 1620 119637 SMC PREF 2H 72.4 73 73 73 73 73 6600 481800 -
PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR
17.88 5.1
18 5.35
18 5.54
18 5.54
18 5.35
18 5.35
10600 1800
190800 9782
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2.11
SMALL & MEDIUM ENTERPRISES ITALPINAS 4.77 XURPAS 1
2.12
2.08
2.13
2
2.12
1525000
3195390
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4.78 1.02
4.88 1.02
4.88 1.04
4.78 0.99
4.78 1
206000 4907000
988550 4943580
24060 5000
EXHANGE TRADE FUNDS FIRST METRO ETF
116.4
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117
116.2
117
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Agriculture/Commodities BusinessMirror
www.businessmirror.com.ph
Editor: Jennifer A. Ng • Thursday, May 23, 2019 B3
El Niño forces PHL to import corn By Jasper Emmanuel Y. Arcalas
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@jearcalas
HE Department of Agriculture (DA) has requested the Department of Finance (DOF) to lower tariffs on 300,000 metric tons (MT) of corn that will be imported by traders to plug the shortfall in output caused by El Niño. Corn farmers have thrown their support behind the measure, but they cautioned that shipments should come from countries that remain free from African swine fever (ASF) to protect the local livestock sector from the killer hog disease. Agriculture Secretary Emmanuel F. Piñol said he has asked Finance Secretary Carlos G. Dominguez to lower the tariff on corn to 5 percent, the same rate applied on shipments from Asean members. Corn im-
ports outside of Asean are slapped a tariff of 35 percent. To beef up local supply, Piñol said the DA is targeting to expand corn harvest area by 100,000 hectares. The DA will also encourage farmers to plant sorghum in another 100,000 hectares to further boost raw materials for manufacturing animal feeds. “The expansion of the corn areas, the opening of another 100,000 hectares for sorghum
and the importation of 300,000 MT of corn is part of the preparation of the DA for the expected dramatic growth of the hog and poultry sectors this year,” he said on Wednesday. “With available local feed materials like corn and sorghum, local hog and poultry raisers could increase their production and at the same time reduce their production cost,” Piñol added. Piñol said he has already requested an additional P2 billion from the DOF as part of the DA’s quick response fund for the additional corn areas to hasten the recovery of farmers affected by El Niño. The DA chief added that he has already met with corn seed companies and that they assured him they have a buffer stock of hybrid seeds for 110,000 hectares.
No objection
PHILIPPINE Maize Federation Inc. President Roger V. Navarro said his group supports the two measures
that will be undertaken by the DA in light of the production losses incurred by the local corn farmers. Navarro said, however, that the government should only allow corn imports from ASF-free countries to avert the entry of the dreaded hog virus. “We do not oppose those measures as we really lost a lot of corn due to El Niño,” he told the BusinessMirror via phone interview. “Our only concern is that we should be very cautious and ensure that this importation does not come from ASF-contaminated countries.” The World Organisation for Animal Health said that the ASF virus could be transmitted via contaminated feed and nonliving objects. One of the challenges that the government could face in opening up an additional 100,000 hectares for corn, Navarro said, is the lack of manpower as the DA will use hybrid seeds, which are more vulnerable to pests and weeds. Unlike genetically modified
seeds, which have traits that are resistant to pests and pesticides, hybrid seeds do not have such characteristics, Navarro added. He said applying weed killers to hybrid corn would also kill the crop since the variety is not resistant to pesticides. Weed management and eradication, Navarro said, could become a problem for the government in areas planted with hybrid corn. “You need 20 people to remove weeds from 1 hectare of corn. And in 100,000 hectares you would need 2 million people. Where are you going to get those workers?” Navarro said. Corn output in the first quarter declined by 2.07 percent to 2.425 million MT from 2.476 MMT recorded in the same period last year, Philippine Statistics Authority (PSA) data showed. El Niño, which reduced rainfall in top corn-producing regions, slashed output by 254,766 MT valued at P3.89 billion, according to the PSA.
Saudi investor eyes Mindanao for charcoal-making business
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SAUDI businessman has expressed keen interest to set up a charcoal manufacturing plant in Mindanao by the last quarter of the year, according to the Philippine Consulate General in Jeddah. Fire Horse Co. Jeddah President Ahmed Kouther relayed his plans when he met recently with Vice Consul Alfred Kristoffer Guiang and Philippine Agriculture Attaché for Middle East Gil Herico. Kouther said he became interested in the coconut shell charcoal industry after attending a presentation on the coconut industry during the Department of Trade and Industry-led Philippine business mission in Jeddah in February. “The demand for charcoal in Saudi Arabia is huge, while supply of charcoal is low in the Middle East and African region,” said Kouther. “This makes the Philippines a promising investment partner because of the abundance of coconuts in the country,” he added. Kouther visited Davao in March and met with local manufacturers of coco shell charcoals, activated carbon and other coconut products. He was assisted during his Philippine visit by Herico, who said that the business is soon to gain ground after the positive meetings undertaken by Kouther with Filipino coconut producers and suppliers. The Saudi businessman will be flying back to the Philippines on the third quarter of this year to finalize his charcoal investment
FIRE Horse Co. Jeddah President Ahmed Kouther (left) with Philippine Agriculture Attaché for Middle East Gil Herico (second from left) and Vice Consul Alfred Kristoffer Guiang as they discuss during a dinner-meeting eyed investment project by Kouther in the Philippines. JEDDAH PHILIPPINE CONSULATE GENERAL PHOTO
project, which he said will be able to generate jobs for Mindanao residents. The Philippines is among the top 3 producers of coconut and
coconut products in the world. The abundance of coconuts in the country, coupled with its tropical weather, makes it ideal for coconut plantations and as a location
for coco-charcoal manufacturing business. The country exported $1.882 billion worth of coconut products in 2018. Among the coconut prod-
ucts being exported by the Philippines, activated carbon, which is made from coconut shells, is fast becoming the Philippines’s major export (See, “Activated carbon: The new ember warming up PHL economy,” in the BusinessMirror, May 2, 2019). Last year alone, the country exported 76,992 metric tons (MT) of AC, which was valued at $135.187 million, the third straight year that total export receipt is above $100 million. Total outbound shipment volume last year was 5.73 percent higher than the 72,819.893 MT exported in 2017, while the revenue was 20.03 percent over yearon-year. Demand comes from markets that use activated carbon—charcoal that has been heated or otherwise treated to increase its adsorptive power—for industries that cater to health care, mining, water filtration, air purification and others. At the consumer level, activated carbon is used for health products such as toothpaste and toothbrush, and skin-care products, including facial masks and creams. The Philippines is the seventh top exporter of activated carbon in the world just behind Belgium. The major importers in terms of value are the United States, Belgium, Germany, Japan and China, Intracen data showed. The Philippines, to note, has been exporting activated carbon for over five decades already, according to industry sources.
Government to train farmers, women’s groups on natural vinegar production
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HE government is targeting to ease the oversupply in coconut by training farmers and women’s groups to make vinegar using natural products, the Department of Agriculture (DA) said on Wednesday. A g r icu lture Secretar y Emmanuel F. Piñol said the DA and the PCA will conduct the one-day orientation and workshop under the Natural Vinegar Production Program, which will be launched on May 28. Under the program, farmers and women’s groups will be trained to produce vinegar using coconut, nipa sap, coco water, sugarcane juice, banana and other fruits. “Invited to attend the first orientation-workshop on natural vinegar production are experts in the field and farmers and entrepreneurs who are already
producing vinegar,” Piñol said in a Facebook post. “Among the leading companies is Green Life Coco Products based in Laguna, which is producing 20 metric tons of organic coco sap vinegar and 60 MT of coco water vinegar monthly,” he added. The workshop will tackle a number of subjects including the potentials of natural vinegar for household and industrial uses, equipment for processing coconut water into vinegar developed by the Department of Science and Technology (DOST) and the loan program of the Agricultural Credit Policy Council. Piñol noted that vinegar-making is a traditional source of income for many coconut farmers in the country but it has been “ignored and neglected” by the government in the past.
“ Wit h t he consumers now getting more health-conscious and opting for healthy food, the production of natural and organic vinegar has a huge market potential provided the production process, including the pac k ag ing , is improved w it h gover n ment a ssi st a nce,” t he DA chief said. For coconut water alone, Piñol said the Philippines produces 15 billion matured nuts yearly with farmers focused only on harvesting the coconut meat and throwing away the other parts of the nuts, including the water. “Assuming that each nut contains 1/4 liter of coconut water, the volume of coconut water wasted is estimated at 3.5 billion liters. One liter of vinegar is now sold for P50 while fruit vinegar commands a higher price,” he added.
T he DA is rol l ing out t he natural vinegar production program after the Philippine Nuclear Research Institute’s (PNRI) found t hat most commercia l vinegar brands use sy nthetic acetic acid. Researchers from the PNRI used isotope-based analytical techniques to determine that from more than 360 samples of v inega r in t he Ph i l ip pi ne s , 8 out of 10 a re made from synthetic acetic acid. The PNRI is an attached agency of the DOST. Standards for producing commercial vine g a r we re e n capsu lated in
Administrative Order 134 issued by the Department of Health in 1970. AO 134 prohibited the use of “any artificial matter such as synthetic acetic acid.” T h e Fo o d a n d D r u g A d ministration is currently updating the countr y’s v inegar stand ards using the PNR I study. Bloomberg News
House OKs coco-levy bill on 2nd reading
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HE House of Representatives on Wednesday fast-tracked the approval of the bill creating the Coconut Industry Trust Fund, which was vetoed by the President in February. The bill was approved on second reading a few hours after the House Committee on Agriculture and Food approved House Bill (HB) 9197 in an executive meeting. HB 9197 is expected to be approved on third and final reading next week. Anac-IP Party-list Rep. Jose Panganiban, panel chairman, said the committee has decided to use the original House version of the measure, which was passed on third and final reading in 2017. Speaker Gloria Macapagal-Arroyo said the passage of the bill on final reading will be prioritized by the lower chamber in the last few days of the session. The 17th Congress has until June 5 to approve the measure. According to Arroyo, she hopes the bill would “conform more to the policy direction of the Executive and thus constitutes our main priority for our last [few] weeks’ work in the House of Representatives.” “The bill that was refiled will now be amended with substitution with the administration measure to make it go fast. We hope it will pass, pass faster,” she added. Agriculture Secretary Emmanuel Piñol said in a statement that the amended bill stipulates a start-up fund of P10 billion for the coconut industry and reduced the membership of the Philippine Coconut Authority (PCA) Board to 11 from 16. “At least P5 billion from the coco-levy fund will be released every year for coconut development programs,” Piñol said. The original House version of the bill mandates the creation of the Coconut Farmers and Industry and Trust Fund (CITF), which is expected to benefit coconut farmers. The measure grants a reconstituted PCA the powers to supervise and manage the money and the new Coconut Farmers and Industry Development Plan. The coco-levy funds have been stuck in court disputes until 2012, when the Supreme Court awarded the shares bought with the money to the government to be used for coconut farmers and the industry. One of the salient features of the coco-levy bill is the creation of the trust fund, which shall consist of the trust principal and the trust income and provides that no portion of it shall accrue to general fund of the national government. Under the bill, all proceeds or receipts from the sale of coconut-levy assets shall be remitted to the trust fund. The bill creates the trust fund committee, under the Office of the President, which is tasked to monitor the implementation of the Coconut Farmers and Industry Development Plan and approve disbursements out of the trust fund. The measure provides the trust fund shall be deposited in the Bureau of the treasury, which shall account for the trust fund in the manner provided by the committee. It also provides the allocation of P10 billion as initial trust principal to be used within two years commencing from the approval of the plan by the President. The bill mandates the Presidential Commission on Good Government (PCGG) to conduct a complete accounting and inventory of all coconut-levy assets. It directs the Commission on Audit to audit the inventory of coconut-levy assets prepared by the PCGG and to submit to coconut farmers and industry trust fund committee its initial audit report within 120 days upon completion of the audit. It also provides for the creation of an Ad-Hoc Committee that shall prepare, every 10 years, a medium-term plan of programs, activities and projects, which shall be funded out of the trust fund and which shall be known as the Coconut Farmers and Industry Development Plan. The bill authorizes the Privatization Management Office as the sole entity to dispose of the coconut-levy assets that have been approved for privatization. Jovee Marie N. Dela Cruz
B4 Thursday, May 23, 2019
DE LOS SANTOS MEDICAL CENTER LAUNCHES CARDIOVASCULAR PROGRAM PAG-IBIG FUND GRANTS P2.2-B Q1 HOUSING LOAN TO LOW-WAGE EARNERS
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FTER three successful bypass operations in April, De Los Santos Medical Center (DLSMC) finally launched its open heart surgery program and package themed “Setting Our Hearts on Advanced Cardiac Care.” In an interview with select media representatives, Dr. Nilo de Los Santos, vice president for medical affairs and chief medical officer, affirms that cardiovascular disease, or CVD (disorders of the heart and blood vessels), remains the leading cause of death both in the Philippines and around the world, with coronary artery disease (or heart disease) as the most common CVD. With nearly 300 individuals dying from heart attack every day, it has become increasingly important for Filipinos to invest in their heart health. DLSMC is offering an open heart surgery package of P795,000 for adult patients. The open-heart surgery (advanced cardiac care) launch was held on May 9. Advanced cardiac care is a program for patients with heart failure and it is dedicated to providing the highest-quality cardiovascular diagnostic and treatment options to assess, manage and improve the health of a patient with heart problems. Risk factors for heart disease include smoking, obesity, sedentary lifestyle, and uncontrolled blood pressure, or diabetes, among others. Early warning signs can include shortness of breath and chest pain. When these symptoms appear, it is important to see a cardiologist to properly and quickly assess potential heart disease through clinical evaluation and the required diagnostic procedures. Combating CVD successfully requires a holistic approach. Preventive measures, such as proper diet, exercise and healthy living, should be coupled with proper medical care and treatment as needed. Unfortunately, in the Philippines, many Filipinos do not seek medical attention until it is too late. Prohibitive factors, such as high costs and lack of facilities, rank among the top reasons Filipinos don’t seek care, and over 50 percent of registered deaths
in the country are those who do not receive medical intervention. DLSMC, a subsidiary of the MVP Group of Companies, under the Metro Pacific Hospital Holdings Inc. banner, understands the importance of protecting Filipino hearts and providing affordable treatment options. Advanced cardiac care was launched to help give more Filipinos more affordable access to cardiovascular care. DLSMC also launched their catheterization laboratory (cath lab) unit with the latest technology and experienced cardiologists providing complete and affordable packages for coronary angiogram, coronary angioplasty and pacemaker insertion. The cath lab also offers interventional procedures for pediatric and adult congenital and structural heart diseases, like PDA, ASD and VSD device closure, as well as several other interventional-radiology procedures, such as intracranial-aneurysm coiling and dialysis-access management, to name a few. The lab strives to provide the best minimally invasive image-guided diagnostics and treatment at cost-effective rates. “We believe that quality heart care and interventional radiology need not be expensive. With advanced cardiac care offering affordable rates, we also level up with the top tertiary hospitals in the country, in our hope to help reduce the number of Filipino fatalities due to heart disease and improve the quality of life of our countrymen,” shares Raul C. Pagdanganan, president and chief executive officer of DLSMC. For inquiries, log on to https:// delossantosmed.ph/ or www.facebook.com/DeLos SantosMedicalCenterOfficial In photo are (from left) Pagdanganan; members of the DLSMC cardiovascularsurgery team: Dr. John Andrew M. Yam, Dr. Roberto S. Cristobal, Dr. Winston J. Centeno, cardiovascular surgery unit head Dr. Avenilo L. Aventura Jr., Dr. Benedicto R. Cabellero; and de los Santos.
HE Home Development Mutua l Fund (Pag-IBIG Fu nd) e x tended soc i a l i zed housing loa ns to 5,789 members f rom the minimum-wage and low-income sectors, tot a l ing P2.2 bi l l ion, in t he f irst t hree mont hs of 2019. T he f ig u re represent s nea rly 30 percent of t he tot a l nu mber of housing loans f inanced by the agenc y from Januar y to Ma rc h. T he a mou nt, mea nwh i le, represents 13 percent of t he tot a l a mou nt of hou s i n g lo a n s relea sed by t he f u nd for t he sa id per iod. Pag-IBIG Fu nd f ina nced record-h igh 19,696 housing loa ns a mou nt i ng to P17. 22 bi l l ion i n t he f irst qu a r ter of t h is yea r, to assist members acquire or improve t heir homes. “Socia lized housing is desig ned especia l ly for minimum and
low-wage workers. President D ute r te d i re c te d t h at t he re b e gover nment prog ra ms cater ing to t h is m a rg ina l i zed sector, hence, w e h av e t h i s hou s i n g pro g r a m that caters to their f inancia l c apac it y. T h is is t he essence of t h e B a l a i [B u i l d i n g A d e q u a t e , Livable, A f ford able and Inc lusive] Fi l ipino Commu n it ies prog ra m of t he gover nment ’s housing sector, towa rd prov id ing decent shelter for e ver y Fi l ipi no fa m i ly,” sa id Secret a r y Edu a rdo D. del Rosa r io, cha ir man of t he Housing and Urban Development Coord inating Cou nc i l (HU DCC ) a nd Pag-I BIG Fu nd boa rd of t r ustees. Socia lized housing loans are up to P580,000 for a 32-square-meter resident i a l u n it in a hor i zont a l housing project. Under its a f ford able housing loa n prog ra m, Pag-IBIG Fu nd ma int a ins t he
lowest interest rate in t he m a rket of 3 percent per annum—a specia l rate it ha s prov ided for m in imu m a nd low-wage workers since May 2017. Pag-IBIG Fu nd subsid i zes this low-interest rate, being a ta xe xempt agenc y a s spec if ied u nder Republ ic Act 9679. “Ou r c ha r ter a l lows Pag-IBIG Fu nd to of fer t he lowest rates for home loa ns of m in imu m a nd lowwage workers. A side f rom keeping ou r i nterest rates low, we a l so reduced t he insu ra nce prem iu ms of ou r home loa ns. A s a resu lt, qu a l i f ie d b or rowe rs u nde r t h i s prog ra m w i l l pay a n a f ford able mont h ly a mor t i z at ion of on ly P2,4 45.30 for a socia lized housing loan worth P580,000. A ll these are pa r t of ou r ef for ts to prov ide t he best home f ina nc ing prog ra m for our members. T hat’s what Lingkod Pag-IBIG is a l l about,” Mot i sa id.
REAL-ESTATE COURSE OPENS AT DE LA SALLE, JUNE 15
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HE Chamber of Real Estate and Builders’ Associations Inc. (Creba), in consortium with the De La Salle University (DLSU) College of Saint Benilde School of Professional and Continuing Education, will open real-estate project-feasibility studies certificate course on June 15. T h e c o u r s e i s t he l a s t of s i x mo du l e s u nd e r the Executive Diploma in Real Estate M a n a g e m e nt p r o g r a m , o f f e r e d by t he t wo lead ing inst it ut ions since 2002.Classes will be held at the ninth f loor of the CSB School of Design and Arts at Pablo Ocampo Street, Manila, from 1 to 8:30 p.m. and will run for four consecutive Saturdays, until July 13. Course director is Segovia Group President and Chief Executive Officer Engr. Wilfredo L. Segovia. A ccord i ng to C reba n at ion a l
c h a i r m a n C h a r l ie AV G or ay e b, the first two Saturdays will cover project-feasibility studies and report writing, steps and actions preparatory to the feasibility study, legal aspects of project feasibility, essentials of a project master plan, and market feasibility and analysis report. For the third and fourth weeks: Technical feasibi l it y a na lysis, f ina ncia l feasibilit y ana lysis, and a revalida exercise before the mentors’ pa nel to test eac h pa r t ic ipa nt ’s proficiency and readiness to undertake and present a reliable project-feasibility study. Program director Avelina P. Acuña said the other five courses cover real-estate marketing, land laws and property titling, planning and development, appraisal and highest and best uses of land, and financial planning and management.
P a r t i c i p a n t s a r e awarded certificates for each course module attended, while a diploma is earned by successfully completing all modules. Special discounts are available for Creba members, gover nment personnel, DLSU alumni or ea rly bi rd pay ment s u nt i l Ju ne 1. For reservations, e-mail at creba_ national@yahoo.com or space@benilde. edu.ph. Headed by National President Noel To t i M . C a r i ñ o , C r e b a i s t h e Philippine umbrella organization of the rea l-estate and housing i ndu st r y composed of proper t y developers, builders, contractors, suppl iers a nd m a nu fac t u rers of construction materials, real-estate ser v ice pract it ioners, a nd ot her professionals and entities engaged in over 70 allied fields.
ALL EVEN IN THE EAST T
Sports
By Ian Harrison The Associated Press
BusinessMirror
ORONTO—With a weary Kawhi Leonard fighting through fatigue, the Toronto Raptors found enough energy to pull away from the Milwaukee Bucks. Kyle Lowry led the way. Lowry scored 25 points, Leonard had 19 and the Raptors beat the Milwaukee Bucks, 120-102, on Tuesday night to even the Eastern Conference finals at two games apiece. “This was one of the nights that we knew Kawhi was a little bit limited and we had to come out and be aggressive for him,” Lowry said. Leonard played 52 minutes in a double-overtime win in Game Three on Sunday despite dealing with leg soreness. He limped away from the basket following a third-quarter dunk in Game Four, but still toughed it out for 34 minutes. “I feel good,” Leonard insisted. “I’m going to keep going and keep fighting. We have a chance to make history.” Raptors Coach Nick Nurse said he’s not worried about Leonard’s health. “He’s certainly tired, like a lot of guys in this series are,” Nurse said. “He looks OK to me. There was one time I was trying to give him an extended rest and he didn’t really want it so he must be OK.” Serge Ibaka had 17 points and 13 rebounds for the Raptors, who improved to 7-2 at home this postseason. Reserve Norm Powell scored 18 points, and Marc Gasol had 17 points and a team-high seven assists. “The first two games, they really brought the intensity to us,” Powell said. “They really came out and were more physical, more active. We wanted to change that narrative coming home.” The home team has won all four games in the series so far. Game Five is on Thursday night in Milwaukee. “We need to take this challenge of playing in a hostile environment,” Nurse said. “We’re going into a tough, loud place to play. Let’s see if those guys can bring that same pop and focus, and determination on the road.” Giannis Antetokounmpo had 25 points and 10 rebounds for the top-seeded Bucks. Khris Middleton scored 30 points, but no one else had more than 11. Milwaukee lost its second straight following a six-game winning streak. It dropped consecutive games just once during the regular season, at Utah on
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| Thursday, May 23, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao
March 2 and at Phoenix on March 4. “This is probably the first night defensively where I don’t feel like we were close to where you need to be,” Coach Mike Budenholzer said. “We got punched. They played really well.” Toronto’s Fred VanVleet, who missed 16 of 20 shot attempts through the first three games of the series, went five for six from the field in Game Four. He made each of his 3 three-point tries and finished with 13 points. “He needed one of those games,” Lowry said. “He played well and made some great plays tonight.” Ahead 94-81 to start the fourth, the Raptors extended their lead with a 10-3 spurt, including seven points from VanVleet. Powell’s fast-break layup with 8:35 left put Toronto up 104-84. “We’ve got to guard better,” Middleton said. “Everybody on their team, I feel like they got pretty much whatever they wanted. Everything was easy.” Antetokounmpo shot five for eight in the opening frame, matching the number of made baskets he had during Game Three. However, the Bucks star went four for nine the rest of the way. Leonard and Pascal Siakam, who both played more than 50 minutes on Sunday, looked sluggish in the opening half. Leonard missed the only shot he took in the second, while Siakam played fewer than three minutes in the second after picking up his third foul. Siakam had two points at halftime. Leonard came up limping after dunking against Antetokounmpo early in the third, but remained in the game. Moments later, Siakam completed a three-point play that put Toronto up 73-60 with 8:43 left. “We just came out in the third quarter flat,” Antetokounmpo said. Ersan Ilyasova missed a three with 3:50 remaining in the third that could have cut the deficit to four points. Powell replied with a three and, following miss by Malcolm Brogdon, Leonard drained a jumper to push Toronto’s lead to 86-74.
THE Raptors’ Kyle Lowry shoots against Bucks big man Brook Lopez during the first half of Game Four on Tuesday. AP DALLAS’S Luka Doncic and Atlanta’s Trae Young are playing like All-Star materials.
Doncic, Young unanimous NBA All-Rookie 1st-teamers N
EW YORK—With Dallas’s Luka Doncic and Atlanta’s Trae Young leading the way, the top 5 NBA draft picks from 2018 have been selected as the top 5 NBA rookies this season. Doncic and Young were unanimous first-team selections for the NBA All-Rookie team, which was announced on Tuesday. Phoenix’s Deandre Ayton, Memphis’ Jaren Jackson and Sacramento’s Marvin Bagley III are also on the first team, which was
VOGEL WALKS INTO TROUBLED WATERS?
LOS Angeles Lakers General Manager Rob Pelinka (left) introduces Frank Vogel as the team’s new head coach at their training facility in El Segundo, California. AP
chosen by 100 voters who cover the league. Ayton, Bagley, Doncic, Jackson and Young were the first five picks in the last year’s draft. This marks the first time since the 1984 draft that the first five picks ended up as first-team all-rookie— the selections that year being Hakeem Olajuwon, Sam Bowie, Michael Jordan, Sam Perkins and Charles Barkley. That was the entirety of the rookie team that season; the NBA didn’t start doing first- and second-team selections until 1988-1989. The Hawks had two all-rookie selections this season,
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L SEGUNDO, California—Frank Vogel’s determination to build “organizational togetherness” within the Los Angeles Lakers met the reality of the team’s current dysfunction on Monday. Vogel’s introduction as the Lakers’ coach was almost overshadowed by comments made earlier by Magic Johnson. The former Lakers great appeared on ESPN’s First Take and said General Manager Rob Pelinka “betrayed” him, which was one of the reasons he resigned as president of basketball operations. That put the GM in the position of using most of Vogel’s 26-minute news conference to respond. Pelinka said he has talked to Johnson several times since his resignation on April 9 and said Johnson’s comments surprised him. “It’s saddening and disheartening to think he believes things are a misperception,” Pelinka said. “I think all of us in life probably have been through things where maybe there’s third party whispers or ‘he said, she said’ things that aren’t true.” LeBron James watched the news conference from the back of the gym at the team’s facility, but did not shake hands with Vogel and declined interview requests. He shot baskets on another court while Vogel did one-on-one interviews with television reporters. Vogel, who replaced Luke Walton, said the news conference took on a different tone than he imagined at the start of the day. “It was definitely different than I expected and different than I’ve ever been a part of,” Vogel said. “But I understand
with Kevin Huerter on the second team to join Young. Also on the second team were a pair of Los Angeles Clippers, Shai Gilgeous-Alexander and Landry Shamet, along with Cleveland’s Collin Sexton and New York’s Mitchell Robinson. Rookie of the year will be announced at the NBA Awards show in Los Angeles on June 24. Doncic, Young and Ayton are the finalists. Doncic and Young join other unanimous first-team all-rookie picks over the last decade: Ben Simmons and Donovan Mitchell (2018), Malcolm Brogdon and Dario Saric (2017), Karl-Anthony Towns and Kristaps the line of questioning in light of the events of this morning. So you just roll with the punches. “The perception about our team is not always the same as reality and you block out the noise.” Johnson stunned everyone by giving up his role during an impromptu news conference roughly 90 minutes before the regular-season finale. He said he wanted to fire Walton but that others blocked that. Walton did end up being dismissed before being hired by Sacramento. “I started hearing, ‘Magic, you’re not working hard enough’ and ‘Magic’s not in the office.’ People around the Lakers office were telling me Rob was saying things, and I didn’t like those things being said behind my back,” Johnson said. “So I started getting calls from my friends outside of basketball saying those things now were said to them outside of basketball now, just not in the Lakers office anymore.” Pelinka said owner Jeanie Buss has eliminated Johnson’s position and the Lakers chain of command is now clearer. “When it comes to a basketball decision I collaborate with the staff, many of whom are at this press conference today. Then I make a recommendation to Jeanie and she blesses that or not,” he said. The 45-year-old Vogel takes over a team that has also struggled on the court. The Lakers have missed the playoffs for six straight seasons, a drought that was expected to end in James’s first season. But injuries to James, Lonzo Ball and Brandon Ingram, as well as the internal discord, resulted in a 37-45 record. Vogel will be the Lakers’ sixth coach since Phil
Porzingis (2016), Andrew Wiggins (2015), Michael Carter-Williams (2014), Damian Lillard (2013), Kyrie Irving (2012), Blake Griffin (2011) and Tyreke Evans, Brandon Jennings and Stephen Curry (2010). Others receiving votes: Phoenix’s Mikal Bridges, New York’s Kevin Knox and Allonzo Trier, Minnesota’s Josh Okogie, Dallas’ Jalen Brunson, Brooklyn’s Rodions Kurucs, Chicago’s Wendell Carter Jr., Charlotte’s Mile Bridges, Detroit’s Bruce Brown, Sacramento’s Harry Giles III, Orlando’s Mo Bamba and Indiana’s Aaron Holiday. AP Jackson stepped down after the 2010-11 season. Vogel worked for the organization before as an advance scout during the 2005-06 season. He did not coach last season following two years with the Orlando Magic. Vogel went to Orlando following five-plus seasons leading the Indiana Pacers, including trips to the Eastern Conference finals in 2013 and ‘14. He has a career record of 304-291. Pelinka said it was his decision to hire Vogel and that he made that recommendation to Buss. The road to hiring a new coach was not smooth, though. The Lakers appeared to be closing in on a deal with Tyronn Lue, who played for the Lakers and coached James to the 2016 NBA title in Cleveland. But that deal never got to the finish line, and they quickly moved toward Vogel. Vogel and Lue share the same agent. He said there were some discussions about joining the Lakers as an assistant if Lue was hired. Vogel’s reputation has been built on being strong defensively but he said his approach with the Lakers will be analytics-based. He stressed creating space to attack the basket on offense and building a strong defense from the inside. Vogel and James did not have any public interactions on Monday but Vogel said the two have talked since he agreed to take the job May 11. “I have a good feel for the way I want to use him and hopefully the respect on his end that we were a formidable threat to his teams in Miami each year,” Vogel said. AP
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RONDINA GETS TOP AWARD U
NIVERSITY of Santo Tomas (UST) volleyball superstar Sisi Rondina and Ateneo swimming stalwart Jessie Khing Lacuna emerged as the Athletes of the Year (AOY) as the curtain was lowered on University Athletic Association of the Philippines (UAAP) Season 81 on Tuesday night at the Mall of Asia Arena. Rondina stood out in the team sports category. In her final year, Rondina powered the Tigresses to a third straight beach volleyball crown and the fourth overall in five years on top of her fourth season Most Valuable Player award. In indoor colleyball, the Compostela (Cebu) native led UST to a runner-up finish in the women’s tournament to Ateneo de Manila and captured the season MVP honors. Rondina also shone in international play, helping the Philippines in achieving a fifth place finish with Dzi Gervacio in the International Volleyball Federation Beach Volleyball World Tour Manila Open 1-star last year.
“I’m blessed and I didn’t expect this one. Thank you. This is for my teammates’” Rondina said. Rondina was one of the main cogs in allowing the Growling Tigers to win a record 43rd seniors title championship. Another graduating student-athlete, Lacuna snared the AOY award in the individual category. It was Lacuna’s second AOY award, duplicating his feat in 2016 when he shared the league’s highest award with the late Ian Lariba of De La Salle table tennis, Alyssa Valdez of Ateneo women’s volleyball and Queeny Sabobo of Adamson University softball. Lacuna, an Olympian, ended his career in the pool with 35 gold medals. Ateneo swept the AOY plums in the juniors division, where basketball sensation Kai Sotto and young swimmer Philip Joaquin Santos emerged victorious in the team and individual sports categories. The UAAP also honored the athlete-scholars who not only excelled in sports but also in academics, with Jed Colonia of Adamson
Maneja, Lim bag Brookside Jrs titles
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USTINE MANEJA flashed top form to annex two crowns while young Kriz Lim posted victories in the singles and doubles as they shared the Most Valuable Player honors in the Palawan PawnshopPalawan Express Pera Padala (PPS-PEPP) Brookside Open national age-group tennis tournament at the Brookside Hills Tennis Club in Cainta, Rizal, last Sunday.
Maneja, 15, dropped just three games on her way to the finals of the girls’ 16-under play, then trounced Mica Emana, 6-4, 6-0, to clinch the crown. The Arellano University mainstay later scored a 6-1, 4-1(ret.) victory over Kryshana Brazal to emerge the lone “double” winner in the Group I tournament presented by Dunlop and hosted by Brookside Hills. Lim, from Urdaneta, also grabbed the
University men’s basketball, Reagan Gavino of Ateneo women’s swimming, Jam Arribas of De La Salle softball, Josefa Ligmayo of Far Eastern University women’s athletics, Jack Danielle Animam of National University women’s basketball, Allaine Cortey of University of the East women’s fencing, Mae Bernal of UST fencing and Nikki Oliva of University of the Philippines women’s taekwondo receiving honors. In the juniors division, the Tiger Cubs ruled for the 19th time to complete the general championship twin-kill—the third straight season that the España-based studentathletes did the trick. NU then officially turned over the hosting chores to Ateneo.
THE National University Lady Bulldogs are looking invincible.
Scribes honor NU cagebelles
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SISI RONDINA is on top of the Season 81 podium.
spotlight in the boys’ side, ripping Novak Brazal, 4-0, 4-1, in the 10-under unisex finals then teamed up with Samuel Davila to rout Brazal and Jorge Matta, 8-1, in the 10-under doubles of the event sponsored by the PPS-PEPP and held side by side with the country’s premier players in the centerpiece Open category. In other singles results, top seed Loucas Fernandez survived Daniel Estanislao III, 7-5, 6-4, to bag the boys’ 18-under diadem; No. 1 Exequiel Jucutan overpowered Emmanuel Davila, 6-0, 6-0, for the 16-under title;
and Team Solinco’s Kidron Pascua took the 14-under crown with a 6-3, 6-2 romp over Brent So. John Lim turned back Samuel Salazar, 6-3, 6-3, for the 12-under trophy; Emana dominated LJ Quines, 6-2, 6-1, for the girls’ 14-under plum; and Hadassah Pascua stunned top seed Felicia Araneta, 6-1, 6-2, to snare the 12-under title. Other doubles winners were Kaye EmanaMica Emana and Rafael Liangco-Miguel Vicencio (18-under) and Araneta-Jiana Hernandez and Joshua Diva-Carlo Solo (14-under).
HE National University women’s basketball team of Coach Patrick Aquino will receive the Award of Excellence in the 2019 Collegiate Press Corps Awards set on Monday at the Amelie Hotel-Manila in Malate, Manila. The Bulldogs are being honored not only for completing a rare “five-peat” in the University Athletic Association of the Philippines (UAAP), but as importantly by going undefeated in 80 games to set a new record for the longest winning streak in collegiate sports. This will be the second time that the Collegiate Press Corps will honor achievers from the women’s division after bestowing the same honor to NU’s Afril Bernardino last year. Also set to be honored are Ateneo’s Angelo
Kouame and San Beda’s Javee Mocon as the season’s Pivotal Players, while Lyceum of the Philippines University’s CJ Perez and Adamson University’s Sean Manganti will be cited as the Impact Players. The Ivorian Kouame announced his entry to the Blue Eagles not just by winning the Rookie of the Year award, but also by becoming the rock down low for the Katipunan side’s back-to-back UAAP title conquests. Mocon emerged as one of the top figures in the Red Lions’“three-peat” accomplishment, leading to him being named as the Finals Most Valuable Player. Perez, on the other hand, led the Pirates to their second straight Finals appearance in his last playing year, while Manganti was the big difference for the Soaring Falcons in their Final Four run this season.
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BATTLE ON IN TAIWAN
HE best of the Professional Golfers’ Association of Taiwan (TPGA) and the top guns of Philippine Golf Tour (PGT) Asia slug it out in what promises to be a slam-bang start to the Daan Taiwan Open beginning on Thursday at the Ching Chuan Kang Golf Club in Taichung. While the hosts are expected to cash in one their local knowledge of the par-72 layout, the Philippine-based shotmakers are all geared up for four days of battle in shotmaking, iron play and putting not only for top honors but also for bragging rights as the winner of the first PGT Asia event held overseas. The $100,000 championship is actually the first of two PGT Asia tournaments set in Taiwan with the Nan Pao TPGA Open slated from September 26 to 29 at Nan Pao Golf Club in Tainan City. It also serves as the second leg of PGTA’s third season with the sponsoring ICTSI and organizing Pilipinas Golf Tournaments Inc. lining up a third tournament abroad and talks to hold future legs in other parts of Asia, including Indonesia, Singapore, Thailand and Malaysia are also ongoing. Thai Namchok Tantipokhakul, who topped the PGTA’s
kickoff leg at Luisita last month, heads the talent-laden PGTA bets who include Jay Bayron, the lone Filipino entry in the elite roster that also drew shotmakers from the US, Sweden, Australia, Colombia, Scotland, Malaysia, Argentina, South Africa and Korea. Multi-titled Tony Lascuña is actually set to help anchor the country’s bid in the event but withdrew at the last minute due to hand injury while the other Filipino aces—Angelo Que and Juvic Pagunsan—have committed to play in the Japan PGA Tour also starting today and inaugural PGTA Order of Merit champion Miguel Tabuena is vying in the European Tour in Denmark. But the PGTA cast remains as formidable as
PSC RELEASES P8.4M FOR PHL PARA GAMES
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HE Philippine Sports Commission (PSC) released on Wednesday P8.4 million in financial assistance to the Philippine Paralympic Committee for the Seventh Philippine National Para Games (PNPG) in time for the event’s opening on Sunday at the Bulacan Sports Complex in Malolos City. “As much as the PSC supports our abled elite athletes, we are also committed to supporting our differently abled athletes and coaches in local and international competitions,” PSC
Chairman William Ramirez said. The PNPG will determine the composition of Team Philippines to the 2020 Asean Para Games, which the country will be hosting from January 18 to 25. “A set of PSC work force will also be present in the games for monitoring, evaluation and documentation purposes,” PSC Para-Athletes Oversight Commissioner Arnold Agustin said. Marikina City hosted the sixth edition of the PNPG with nearly 1,000 para athletes from various local government units participating. BABYLOVE BARBON and Gen Eslapor in action in Boracay.
Barbon, Eslapor open campaign in Boracay
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HE Philippines’s Babylove Barbon and Gen Eslapor will begin their campaign in the International Volleyball Federation Beach Volleyball World Tour Boracay Open on Thursday at the White House Beach Station 1. The young standouts from the highly successful University of Santo Tomas beach volleyball program hope to make it to Friday’s main draw when the qualification matches start at 7:30 a.m. The Philippines has four women’s teams in the main draw with Sisi Rondina getting reunited with Bernadeth Pons in the four-day tournament organized by the Beach Volleyball Republic. The other Filipina pairs in the main draw are Dij Rodriguez and Bea Tan, Jackie Estoquia and DM Demontaño, and Fiola Ceballos and Patty Orendain.
Barbon, who paired with Rondina in the Tigresses’ remarkable three-peat conquest in the University Athletic Association of the Philippines last September, are among the seven women’s pairs vying for slots in the main draw. Before competing in the Beach World Tour, Barbon and Eslapor topped the BVR on Tour Dumaguete Open last month. “The goal of the BVR national tour is to give our local players an opportunity to increase their competition level to the international level,” BVR cofounder and tournament director Charo Soriano said. Air Force’s Ranran Abdilla and Jesse Lopez will spearhead the country’s men’s campaign, which also includes collegiate standouts James Buytrago and Krung Arbasto, and Cebu’s Mike Abria and Jade Becaldo.
TESSA JAZMINES tessa4347@gmail.com
PART OF THE GAME
Unforgettable Season 81 IT ended the way it began—with a bang. Season 81 of the University Athletic Association of the Philippines (UAAP) pulled the curtains down on an ultra exciting and interesting season in true National University (NU) fashion—with a closing ceremonies as eye-popping and as all-engaging as its opening day. That event, which happened in September, was highlighted by an extravaganza of dance and cheer numbers, dazzling lights, immersive bands, videos, a K-pop mini concert and the sensational presence of National Basketball Association (NBA) superstar Stephen Curry. Like a fitting bookend partner, this event in May pleasantly stunned and held the attention of even its most mercurial audiences: the millennials. This was one unforgettable UAAP Closing Ceremonies. You could in fact feel it in the air as you approached the Mall of Asia Arena. Swarms of student-athletes wearing their school colors walked briskly toward entrances. The avid mood wrapped the afternoon in a carnival atmosphere quite rare for most closing ceremonies. From the opening number that introduced student-athlete contingents from each school to the recap video that captured every dunk, swat, kill, stroke, stride and thrust this season, the audience was entertained. Immrsv Asia’s flawless production details and enhancements added drama to the stage goings-on, and the audience interacted with cheers, applause and casual hoots. ABS-CBN TV host Janeena Chan, played her emcee role to perfection, gliding in and out of
segments perfectly, facilitating transitions from video to live, and from speaker to speaker with natural finesse and ease. Thus the normally “graduation-like” character of the closing ceremonies, which is traditionally highlighted by the announcement of the Overall Champions in the junior and seniors division, the Most Valuable Players in each sport and the Athlete of the Year, was transformed into a fastpaced Billboard Music Awards-like presentation. The audience loved it. And when Golden Tigress Sisi Rondina accepted her award as Athlete of the Year for her fantastic contributions to University of Santo Tomas volleyball, her greatness and the glory of her award weren’t lost on the cheering crowd. Everybody acknowledged that no one deserved it better. When it came time to turn over the reigns of the league from NU to the Ateneo de Manila, percussive sounds and beats from the NU drumline called the audience’s attention to the symbolic transfer of leadership. An Ateneo drumline responded with their own beats and signified the successful transition for dramatic effect. Then NU President Dr. Renato Carlos Ermita Jr. spoke and recalled the uniqueness of Season 81—the mounting excitement from the elims to the rocky journey of the Final Four, the highly unpredictable outcomes and the human drama that unfolded in every sport this season: basketball, volleyball, football, baseball, swimming, softball and fencing, among the most memorable.
ever with Kammalas Namuangruk, Natthapong Niyomchon and Donlapatchai Niyomchon, also from Thailand, along with Marcos Pastor of Spain, Singapore’s Choo Tze Huang and Japanese Keita Sudo ready for a shootout with the TPGA aces. The Taiwanese will be headed by the TPGA’s current OOM leader Lin Guanbo with joint No. 2 Lu Weizhi and Wang Weilun, and Song Mengyu, Zhan Yixin and Qiu Wei, who share the No. 4 spot, backstopping the hosts’ title drive in the event serving as the third leg of TPGA. Other local aces vying for the top $17,500 purse are No. 7 Wang Congjie, and joint ninthrunning Yu Yuchen and Zhang Zheyu along with
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IGHT of the country’s finest thoroughbreds led by undefeated Obra Maestra clash in the first leg of the most prestigious racing extravaganza for three-year-old horses—the Philippine Racing Commission (Philracom)-backed Triple Crown series on Sunday at the San Lazaro Leisure Park in Carmona, Cavite. Philracom Chairman Andrew Sanchez and his commissioners Bienvenido Niles Jr. and Dante Lantin made the announcement during the Philippine Sportswriters Association (PSA) Forum at the Amelie Hotel in Malate, Manila, Tuesday morning. “The Triple Crown is one of the most prestigious races in our racing calendar,” Sanchez said. “Only the best horses get to run here.” Leading the Triple Crown’s powerhouse cast is Leonardo Javier Jr.’s Obra Maestra, which was crowned Horse of the Year and Champion 2YO of the Year by the Metropolitan Association of Race Horse Owners after earning P3.48 million in prizes in 2018. Out to give Obra Maestra a run for its money are Boss Emong (jockey JT Zarate, owner Edward Vincent M. Diokno); JAYZ (Ja Guce, SC Stockfarm Inc.); My Jopay (RD Raquel Jr., Moises B. Villasenor); My Shelltex (JB Hernandez, Antonio V. Tan Jr.); Real Gold (JP A Guce, C&H Enterprises Inc.); Toy for the Bigboy (JB Cardova, Alfredo Santos) and Westeros (AR Villegas, Juan Miguel D. Yulo). “The Triple Crown is patterned after the United States’s Triple Crown, with its three legs comprised of the Kentucky Derby, the Preakness Stakes and the Belmont Stakes, also with progressively longer distances,” Niles told the session presented by San Miguel Corp., Braska Restaurant, and the Philippine Amusement and Gaming Corp. For his part, Ateneo de Manila President Fr. Jett Villarin, S.J., accepted the responsibility of leading the UAAP in Season 82 and invited everyone to dream and hope and aspire even better next year. The key word was “more.” We should do more, expect more, achieve more, he said. Season 82 will be truly unique as it is a Southeast Asian Games year and a Fiba World Cup year, as well. When the NU president put a jacket around the Ateneo president’s shoulders to visually symbolize the turnover, gold and blue glitters rained down the stage. It transformed everything into a magical, Disney-like moment. The torch was passed. But the audience had more coming their way. Mini concerts from UDD (Up Dharma Down) and Unique Salonga (former front man of the IV of Spades) followed and sent the mostly young audience to seventh heaven, particularly when UDD sang crowd favorite “Tadhana” and Unique went into his emotional “Midnight Sky.” But wait, there’s more. A lucky draw kept everyone in their seats till the very end. Vivo cell phones and Nintendo Switch gaming consoles were raffled off to the audience, sending the young into a tizzy. But they probably all stayed to get a crack at winning the main prize of the evening—a brand new, fiery red Suzuki Swift. It was the first time ever in the history of UAAP Closing or Opening Ceremonies that a raffle of this size was held. In the end, a University of the Philippines College of Human Kinetics employee (Clem de la Peña) won the raffle and went home with the new car. Everybody else lost, but that was not how everybody felt. This was a UAAP closing ceremonies to remember because everybody’s senses were engaged and activated by a smorgasbord of delights and spectacles. Everybody felt like a winner. Now comes a little less than three months of a UAAP-less existence and gameless weekends. There will surely be withdrawal symptoms for avid fans. But before we know it, it will be Season 82. And in fact, first semester teams are getting ready for the next season already. The music never ends.
Xu Lipeng, Hong Jianwei, Lin Wentang, Ye Weizhi, Takato and He Youcheng, while the PGTA cast includes Thais WIsut Artjanawat, Thammasack Bouahom, Wongsakorn Choowong, Chonlatit Chuenboonngam, Jaturon Duangphaichoom, Pasavee Lertvilai, Nirun Sae-ueng and Panuwat Muenlek and Singapore’s Vikkash Babu, Gabriel Cheok and Deng Shan Koh. Aussies Jack Lane Weston and Sam Gervinas, South African Luke Trocado, Swede Fredrik From, Malaysian Kai Jei Low,Colombia’s Mateo Gomez and Sebastian Lopez, Charles Lee and Tarik Can of the US and Japanese Keisuke Takahashi, Ikeda Yu and Seiji Yanagisawa are also in the mix for the PGTA.
Fundación Real Madrid coaching courses up
F THAI Namchok Tantipokhakul, who topped the PGTA’s kickoff leg at Luisita last month, heads the talent-laden Philippine Golf Tour Asia bets.
Obra Maestra favored in Philracom’s Triple Crown first leg set on Sunday
PHILIPPINE Racing Commission Chairman Andrew Sanchez (center) is joined by his commissioners Bienvenido Niles Jr. and Dante Lantin in the forum.
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UNDACIÓN Real Madrid (FRM), the corporate social responsibility arm of football powerhouse Real Madrid CF, will be conducting training modules for Filipino coaches—a joint undertaking with Fundación Santiago. FRM will be sending over Coach Sergio Linares, a former professional footballer and UEFA Licensed coach, with experience in the US, Latin America, Sub-Saharan Africa and Asia. Linares is heir to a football family of coaches and officials in the province of Castellón, Spain. The highly interactive learning sessions, to be participated in by close to 50 local coaches, will be held in Nasugbu, Batangas, and San Carlos, Negros Occidental. Fundación Real Madrid has established Social Sports Schools—an inclusive development intervention that leverages football as a tool for the holistic growth of underserved children and youth—in Nasugbu and San Carlos. Fundación Santiago Executive Director Chaco Molina welcomed FRM’s decision as it manifests the commitment of Real Madrid to be of service for those who have less in life, as well as an opportunity to level up the competencies of Filipino coaches. Other than the desire to transfer his coaching savoir faire to his Filipino counterparts, Linares travels to the Philippines with the hope of immersing himself in Filipino culture, heritage and social reality.
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ODENA, Italy—Arnaud Demare of France sprinted to victory after a crash affected the end of the 10th stage of the Giro d’Italia on Tuesday, while Italian cyclist Valerio Conti kept the overall lead. Demare, who rides for Groupama-FDJ, edged out Elia Viviani and Rudiger Selig in a bunch sprint at the end of the entirely flat 145-kilometer route from Ravenna to Modena. “We came to the Giro for this. I really wanted a stage win and I got it,” Demare said. “I avoided the crash because we, as a team, were very well positioned. I’m super happy.” A crash inside the final kilometer ended Pascal Ackermann’s chances of claiming a third stage win at this year’s Giro. The German cyclist finished the stage with his shorts and jersey in tatters. Ackermann appeared to touch wheels with the rider in front of him, causing him to go down and taking out a number of other cyclists. The most seriously injured was Matteo Moschetti, who briefly lost consciousness. His Trek-Segafredo teammates and other cyclists frantically waved over medics and Moschetti attempted to stand but swiftly sat down again. The 22-year-old was taken to a hospital. As the crash happened inside the final 3 kilometers there were no time gaps given. Conti remained one minute and 50 seconds ahead of Primoz Roglic and 2:21 ahead of Nans Peters of France. “It wasn’t a hard day but, as everyone saw, danger is always around the corner,” Conti said. “Luckily I managed to avoid all the crashes. It went well, another day in the pink jersey is a source of pride.” Wednesday’s 11th stage is also entirely flat along the 221-kilometer route from Carpi to Novi Ligure. The Giro finishes in Verona on June 2. Demare, meanwhile, used his winner’s press conference after the stage to criticize fellow Ackermann for what he described as “excessive confidence and a bit of arrogance.” However, Bora-Hansgrohe dismissed the idea of any real underlying tension between the two riders, with Director Christian Pomer suggesting it’s natural for sprinters to rival each other ahead of a sprint, but then congratulate one another later on. “Before a sprint, they are like boxers,” he told Cyclingnews before saying that Démare’s win was “a welldeserved.” Démare said in his press conference that the two had an exchange of words after the first intermediate sprint of the stage, where the Frenchman outstripped Ackermann to take three points to the German’s two. “He asked me why I’d done that if he was so far ahead in the overall [points] classification,” Démare claimed in his stage winner’s press conference. “But a Grand Tour is long and you have to stay humble. It’s his first three week stage race, he doesn’t know yet how he’ll get on in the mountain stages and he should stay calm.” Démare, who is now just one point behind the German, also expressed sympathy for his Ackermann, who crashed badly with 1 kilometer to go. “Unfortunately he’s had a bad one,” he said. According to Bora-Hansgrohe management, Ackermann will be able to continue. “Pascal has no broken bones or anything,” Bora-Hansgrohe’s Pomer told Cyclingnews. “He does have a lot of bruises and abrasion, and he looks really terrible.” Ackermann will start the Giro’s Stage 11 on Thursday, Pomer said. “The team doctor’s first reaction is that he thinks he will able to race until Verona. But personally I think that’s a very optimistic point of view. He came down really hard.” As for Démare’s comments about Ackermann, Pomer played down any kind of more serious disagreement between the two, saying that any possible polemica was simply due to the heat of the moment and had no further importance. “I think it’s normal that there’s a lot of tension between sprinters, and it’s not war between those guys,” he told Cyclingnews. “They are like boxers before the sprint and it was maybe Pascal’s intention to play a bit with him. I think it’s good, it has to be like that.” Pomer also had fulsome praise both for Démare and for Groupama-FDJ, saying, “I have to congratulate Arnaud, he had a fantastic victory today.” “And in my opinion, or in our [Bora-hansgrohe’s] opinion, they [Groupama-FDJ] really deserved this. They are a team that are always contributing, always helping to make the bunch sprint happen in every single stage and it was a well-deserved victory for a great sprinter.” AP and Cyclingnews
FRENCH CYCLIST GETS GIRO GOAL
Sports BusinessMirror
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| Thursday, May 23, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao
ARNAUD DEMARE wins the crash-marred Stage 10. AP
PHELPS MAKES SENSE OF IT ALL
Fifa working on solution for World Cup tickets issue
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ALTIMORE—While swimming to Olympic glory, Michael Phelps found comfort in the pool and quite a bit of angst out of it. His bout with depression reached its nadir in 2014 after a second DUI arrest. That’s when the most decorated Olympian of all time checked himself into a rehabilitative center in a desperate effort to make sense of it all. “When I was in my room and not wanting to talk to anybody for a number of days and not wanting to be alive, I wanted to see what other roads I could take to see if there was help,” Phelps recalled. The treatment he received—and continues to receive—charted his post-Olympic course. “I know it’s something that changed my life and saved my life and allowed me to be able to be where I am today, enjoying the platform of talking about something that’s so important,” Phelps told The Associated Press in an interview on Tuesday. Because he is willing to share his story of depression and raise awareness of mental-health issues, Phelps was given the fifth annual Morton E. Ruderman Award in Inclusion on Tuesday night in Boston. After participating in four Olympic Games and collecting 28 medals, including 23 gold, Phelps has dedicated his time and energy to promoting the importance of water safety and advocating for the de-stigmatization of mental-health problems through the Michael Phelps Foundation. “When I first really opened up about the struggles that I had in ‘15, obviously I dreamed of being able to get more publicity to this and to really share my journey and have other people share their journeys with me as well,” Phelps said. “Honestly, I never thought it would be as big as this, but it’s been a true dream to be able to watch the growth that mental health has taken, almost being at center stage.” To say this endeavor has been fulfilling is an understatement. “Through this, if I can save one life, two lives, five lives, a thousand, a million, to me that’s so much more important than winning a gold medal,” he said.
R TREATMENTS that Michael Phelps is receiving are charting his post-Olympic course. AP
The 33-year-old Phelps believes his bout with depression is a story that many can share, including CEOs and other retired athletes. After accomplishing every goal he set for himself, what was left to do? “Probably my first real depression spell was after 2004, then the next big one was after 2008,” he said. “When you set out to be an Olympian, your whole life is put on hold. All the eggs are in one basket. I would say 2004, 2008, 2012, partly after ‘16 [all Olympic years] I’ve dealt with pretty severe depression spells. I was kind of lost at that point.” The Baltimore native is in a far better frame of mind now. “To have my wife [Nicole Johnson], who’s always by my side, two amazing little boys at home and a third one on the way, I’m extremely thankful of the support I’ve had to get me through these times,” Phelps said. The Ruderman Award is given to individuals who are passionate about providing opportunities for others. Phelps certainly fits that description. “Michael Phelps is a unique leader who has used his fame and status as the greatest swimmer of all time to challenge our society to remove stigma surrounding mental health,” said Jay Ruderman, president of the Ruderman Family Foundation. “For me, this award means everything because this is where my passion is and the next chapter of my life is really heading,” Phelps said. “We’re kind of scratching the surface of what can be done, and I’m looking forward to continuing this journey and accomplishing some of the goals that I have—de-stigmatizing mental health and just getting the point across that it’s OK to not be OK.” AP
ESPONDING to criticism after some fans buying tickets for the Women’s World Cup were not given seats together, Fifa said it was working toward a solution with the local organizing committee in France. Tickets were made available for printing on Monday and ticket holders learned their seats were sometimes split up in separate rows and different sections—even couples and families with children were separated. The backlash on social media was swift. On Tuesday, Fifa posted a statement to its web site explaining that high demand for some matches, including the semifinal and final in Lyon, meant only single seats were available. Fifa also said that it estimates only a small number of fans are affected. “Fifa and the Local Organizing Committee are continuing to work toward finding the best solution for all fans attending the Fifa Women’s World Cup and, in particular, are doing everything they can to ensure that families will always be seated together at each and every match,” the statement said, referencing a phone number and e-mail for inquiries. The tournament starts June 7 and runs through July 7. The situation could cause problems in the stadiums before games, when fans may try to swap seats to sit next to friends or family members. Fifa’s web site included a disclaimer that the local organizing committee has assigned the French firm AP2S to handle online ticket sales. AP2S did not immediately respond to an e-mail seeking comment. AP
DOUBLE PLAY
Minnesota Twins second baseman Jonathan Schoop leaps over the slide by Los Angeles Angels’ Mike Trout to turn a double play on a grounder by Shohei Ohtani during the eighth inning of their Major League Baseball game in Anaheim, California, on Tuesday. AP
Forgiving God
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EAR God, You deliver us from guilt and transform us by Your love. In trust and confidence we pray: Rescue and forgive us, oh God. Stop the spiral of fear and hate that fuels war and oppression. Deliver all people from the plots of terrorists, scammers, hackers and every threat of violence. Heal us of our addictions, inner blindness, obsessions and wounded hearts. May God bless us with light , peace and joy in the Holy Spirit, through Christ our saving help. Amen. GIVE US THIS DAY, SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com
Editor: Gerard S. Ramos • lifestylebusinessmirror@gmail.com
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Thursday, May 23, 2019
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Shares in UK travel agency plunge amid Brexit warning LONDON—Shares in travel agency Thomas Cook slumped 17 percent after it reported a £1.5 billion ($1.9 billion) half year pretax loss and warned Brexit uncertainty was prompting travelers to delay bookings. The cash-strapped firm has struggled amid competition online for bookings, as well as a drop in demand for package vacations CEO Peter Fankhauser says “there is now little doubt that the Brexit process has led many UK customers to delay their holiday plans for this summer.” The firm also said on Thursday that “challenging” trading over the peak summer season was also set to put the full-year result under pressure. Higher fuel and hotel costs were “creating further headwinds.” The travel company confirmed it is considering offers for all or part of its airline. AP
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A Bataan icon rises again F By BenJAmin lAyUG
ORTY-FIVE years ago, luxury hotel living came into Bataan in the form of the Bataan Hilltop Hotel. Located within the Bataan Export Processing Zone (established in 1969, it is the first export processing zone in the country), now the Freeport Area in Bataan (FAB), it was designed by the late National Artist for Architecture Leandro V. Locsin and was inaugurated on September 28, 1974, by the late President Ferdinand E. Marcos. It operated for over a decade until it was abandoned around the time of the Edsa Revolution. After being neglected for almost 30 years, the hotel was acquired by the LKY Property Group (part of the LKY Group of Cos. headed by COO Wilbert Lee), was redeveloped as a luxury businessman’s hotel and reopened on December 2014. Today, the four-story (two upper floors and two basement), fourstar Oriental Bataan, under the guidance of General Manager Joseph R. Ong, is a member of The Oriental Hotels and Resorts, a well-recognized hotel group in the Philippines. During the redevelopment, the dated Brutalist architecture of Locsin on the exterior of this building was retained but this was complemented by very elegant, vivid and classy modern Asian Thai interior design that is not hard to appreciate. The hotel, sitting on top of a hill (making the hotel quite airy, serene and relaxing), is unusually shaped like the number eight,
with the swimming pool and the Lobby Lounge, both within the two concentric circles, surrounded and overlooked by the upper- and ground-level rooms. The 86 huge, clean and well-kept air-conditioned rooms all have wall-to-wall carpeting, magnetic door locks, in-room coffee and tea facilities, flatscreen cable television, work desk, in-room safe and Wi-Fi access (also available in public areas). The ensuite bathroom has a rainshower head, bidet, and a shampoo and body wash dispenser. The Governor Suite and the Presidential Suite come with their own dining area, receiving area, pantry and a bathroom with a bathtub. The hotel now has four good and reasonably priced food and beverages outlets, with the food wonderfully and tastefully prepared by Executive Chef Terence Cruz (who used to work for Vikings Restaurant and Four Seasons) and his staff. The air-conditioned Cocoon Restaurant offers mostly Southeast Asianinspired dishes, such as Spare Ribs with Wasabi, Thai-style Fish Fillet, Seafood Chopsuey, Yang Chow Fried Rice, Ayam Goreng, Salted Egg Shrimp, Tom Yum, Hot Prawn Salad, or Dragon Balls, and other delectable dishes. The alfresco Forest Grill (with its open kitchen), overlooking Mariveles Bay, offers seafood, bagnet, garlic chicken, grilled dishes and other prime cuts plus live performances every Tuesday to Saturday night. Liquid Bar, by the poolside, offers snacks, refreshments and a variety of finger foods and juices. The Lobby Lounge offers a variety of local and
international breakfast and dinner buffet favorites. The hotel also has a 24-hour Front Desk, a small nautilus-shaped adult swimming pool with sun loungers, function room, fitness center (basement) and an outdoor lounge area (The Cliff Lounge), with beds and couches, where you can enjoy the afternoon breeze. The Oriental Adventure Camp, utilized for team-building activities, offers 18 challenging but fun obstacle courses. The in-house Thai-inspired spa has a small outdoor jacuzzi. Here, you can have a massage in private rooms or on massage beds under the trees. The four-story dormitory building, perfect for executives and young professionals working in or around the Freeport Area of Bataan looking for longterm lodging, offers 173 units of high-end dorm-type accommodations at reasonable rates. The Convention Center by The Oriental, a 15-minute drive from the hotel, offers seven convention halls for conferences, workshops and art exhibits. Being situated within the Bataan Freeport area, this place is perfect for business. Still, being literally on a hilltop, it is secluded from the businesses surrounding it. Though not a beachfront hotel, it is just a 15-minute (3.2-kilometer) drive to Bonifacio Port, the jump-off point to Five Fingers Cove, one of the must-visit tourist spots in the province of Bataan. This series of coves is famous for its sweeping hills, grassy cliffs, turquoise lagoons merging with the deep blue sea, long white beaches in quiet coves, outline of islands and mountains in the distance. n
4th Regional Travel Fair pushes for domestic tourism SPEARHEADED by the revitalized Tourism Promotions Board (TPB) Philippines, the marketing arm of the Department of Tourism (DOT), the Fourth Regional Travel Fair in Clark, Pampanga, recently concluded with a wide range of activities such as business-to-business sessions, a two-day businessto-consumer exhibit, forums and pre-event tours to further increase nationwide domestic tourist arrivals while promoting sustainable tourism in privatepublic initiatives and programs. The four-day travel fair highlighted two main events: business-to-consumer exposition attended by hundreds of travel enthusiasts, and participated in by the biggest tour operators and local tourism officers in the country to market their special travel deals and promos; and the business-to-business travel exchange that enabled participating buyers and sellers to network and discuss investment opportunities to generate leads and sales. Present during the opening ceremony were (from left) Tourism Region 10 Director Marie Elaine Unchuan, TPB Domestic Department Officer in Charge Nerissa Juan, Philippine Airlines Luzon Station Area Head Christopher Lebumfacil, TPB Corporate Affairs Sector Acting Deputy Chief Operating Officer Joselito Gregorio, Cebu Pacific Sales Director Agnes Gupalor, and TPB Domestic Promotions-Sales Division OIC Cesar Villanueva.
Celebrate at Cebu Mangoes Festival IF there’s one thing that will forever endear anyone who has visited Cebu—aside from the warm, genuine smile of the Cebuanos, of course—it’s got to be the abundance of sweet, juicy mangoes that makes the island a lot more inviting. A hands-down worldwide favorite, mangoes have easily become a proud trademark of Cebu, long before the recent mango craze caught on in various parts of the country. Such has been the inspiration behind the upcoming Cebu Mangoes Festival, a two-day festivity that celebrates the legacy and the success of mangoes as the top produce of the Queen City of the South. The event takes place at The Mactan Newtown in Lapu-Lapu City on May 25 and 26, and will be spearheaded by Megaworld Corp. in partnership with the Lapu-Lapu City Tourism Office. “We are very happy to get this celebration underway here in Lapu-Lapu City as we pay tribute to the mangoes of Cebu which the world has come to love. The Mactan
Newtown is a very special township that plays host to more than 200 mango trees lined up along the main avenue, and it is the vision of our Chairman Dr. Andrew L. Tan to showcase this vibrant aspect of the Cebu lifestyle. That is the reason we find it fitting to celebrate Cebu mangoes here,” says Noli D. Hernandez, president, Megaworld Cebu Properties Inc. Tourists and visitors will literally have their hands full of everything and anything mangoes the moment the festival begins. Guests are invited to take part as the celebration kicks off with the Mango Street Dancing led by the Kadaugan Dancers on May 25, followed by the official start of the all-day mango picking activity along Newtown Boulevard inside The Mactan Newtown. There’s also the Mango Bazaar featuring the so-called mangopreneurs of Cebu that will showcase a wide variety of mango-related products. Those who will take part in the festival can also look forward to enjoying a dining feast
at the 500-seater Mactan Alfresco. Also among the much-awaited activities that will form part of the festival is the unveiling of the world’s biggest mango sago, which is eyed
to become a historic first in the island. Both days will be capped off by the concert MANGAmazing, which will feature live performances from Cebu’s most sought-after
talents, as well as a grand fireworks display. “The Cebu Mangoes Festival is a one-of-akind celebration here at the historic resort city of Lapu-Lapu and this side of Cebu. Although the economic progress of the city has gone up by leaps and bounds, agriculture products like mangoes still thrive, and that proves how rich and diverse Cebu’s economic sector really is,” shares Hembler Mendoza, Lapu-Lapu City Tourism head. The 30-hectare The Mactan Newtown of Megaworld is the country’s first “LiveWork-Play-Learn” lifestyle township with its own beachfront in Lapu-Lapu City, Mactan Island, Cebu. It is currently home to almost 10,000 business-process outsourcing and office workers, as well as to Megaworld’s first school in Visayas and Mindanao, the Lasalliansupervised Newtown School of Excellence. For more information, visit www. facebook.com/MactanNewtown, or follow @mactannewtown_ on Instagram and Twitter.
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Thursday, May 23, 2019
Entertaining BusinessMirror
Tonight, make salmon that flakes apart in buttery chunks THE recipe for Salmon with Leeks and White Wine appears in the cookbook How to Braise Everything. AP
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S we learned with recipes for beef, lamb, pork, and poultry, cooking en cocotte— cooking a protein in a covered pot with little to no liquid—concentrates flavor. We were skeptical that the technique would successfully translate to fish. Fish cooks quickly; would the fish dry out in the dry pot? We gave the technique a shot with fatty salmon fillets, however, and we were more than pleasantly surprised. By passing on searing the salmon fillets, we found that we got just what we wanted: perfectly cooked, moist salmon, basted in its own jus, that flaked apart in large buttery chunks. Leeks sauteed and then layered first in the pot contributed their onion-like sweetness and protected the fish from the heat of the pan bottom. A quick sauce made with white wine and butter added some more dimension and richness. To ensure uniform pieces of fish that cook at the same rate, we prefer to buy a whole center-cut fillet and cut it into evenly sized individual fillets ourselves. If buying individual fillets, make sure they are the same size and thickness. If the fillets are thicker or thinner than 1 1/2 inches, you may need to adjust the cooking time slightly. If you can find only skin-on fillets, remove the skin before cooking or the sauce will be greasy.
1 (1 3/4- to 2 pound) skinless salmon fillet, about 1 1/2 inches at thickest part Salt and pepper 2 tablespoons extra-virgin olive oil 2 leeks, white and light green parts only, halved lengthwise, sliced thin and washed thoroughly 2 sprigs fresh thyme 2 garlic cloves, minced 1/2 cup dry white wine 2 tablespoons unsalted butter, cut into 2 pieces
PINOY Buffet at Silogue
By Eugenia Last
CELEBRITIES BORN ON THIS DAY: Kelly Monaco, 42; Jewel, 44; Drew Carey, 60; Joan Collins, 85.
a
ARIES (March 21-April 19): Participate in activities that will allow you to blow off steam. Exercise, physical work and assisting others will help you remain calm, even if others don’t. Protect against illness or injury. Make diet and rest priorities. HHH
b
TAURUS (April 20-May 20): You’ve got the right idea, but not everyone will see things your way. Do your own thing and stick to a set budget. Common sense, intuition and hard work will help you reach your goal and come out on top. HHHHH
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GEMINI (May 21-June 20): Take part in courses, conferences or challenges that will encourage you to grow stronger and to hone your skills. Don’t give in to someone using emotional blackmail to persuade you to do something you don’t want to do. HH
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CANCER (June 21-July 22): Don’t fear the unknown. Ask questions; you’ll discover information that will help you make changes at home or work that will improve your life. Love and romance, along with paying personal attention to the way you look, will pay off. HHHH
Adjust oven rack to lowest position and heat oven to 250°F. Trim any whitish fat from belly of fillet, then cut fish into four equal pieces. Pat salmon dry with paper towels and season with salt and pepper. Heat oil in Dutch oven over medium-low heat until shimmering. Add leeks, thyme, and pinch salt, cover, and cook until softened, eight to 10 minutes. Stir in garlic and cook until fragrant, about 30 seconds. Remove pot from heat. Lay salmon, skinned side down, on top of leeks. Place large piece of aluminum foil over pot and cover tightly with lid; transfer pot to oven. Cook until salmon is opaque and flakes apart when gently
prodded with paring knife, 25 to 30 minutes. Transfer fish to serving platter and tent with foil. Stir wine into leeks in pot and simmer over mediumhigh heat until slightly thickened, about two minutes. Off heat, whisk in butter and season with salt and pepper to taste. Spoon sauce over salmon and serve. SALMON EN COCOTTE WITH CELERY AND ORANGE ADD two thinly sliced celery ribs and one teaspoon minced orange zest along with garlic in step two. Substitute 1/2 cup orange juice for wine, and add one orange, peeled and segmented, when thickening sauce. n
Where the fine flavors of the Philippines are AS food documentaries turn the spotlight on international cuisines—including Filipino food—people are scrambling to find authentic, well-made Pinoy dishes. Foodies can troop over to Resorts World Manila (RWM, www.rwmanila.com), the Philippines’s first integrated tourism destination which has consistently received recognition for championing the Filipino in the fields of entertainment, hospitality and food, to take their taste buds on a trip around the country through RWM’s signature restaurants and hotels. RWM’s partner hotels range from international marquee brands such as the Marriott Hotel Manila, Sheraton Manila Hotel, Hilton Manila and Holiday Inn Express Manila Newport City, to local homegrown brands such as the Belmont Hotel Manila and Savoy Hotel Manila, and RWM’s very own Maxims Hotel. “I’ve worked as a chef in several hotels around the world, including five-star brands,” said Chef Mario Manaloto of Silogue, an RWM signature restaurant. “I’m glad that by working for a company like RWM, I am able to prepare meals that are truly Filipino for both my kababayans, as well as foreigners.” Silogue, which is dedicated to Filipino comfort food, has a vast array of Filipino offerings, including an all-day, all-Filipino buffet. It has proven to be very popular with RWM guests, many of whom are experiencing Filipino food for the first time there. From its à la carte menu, the Kansi from the Visayas, and the Laing and Tinumok from the Bicol region stand out
Today’s Horoscope
HAPPY BIRTHDAY: Stick to the truth, and ask questions when in doubt. How you handle friends, relatives and peers will make a difference. Emotional deception is apparent, and the likelihood of someone trying to take advantage of you should be countered with intelligence, facts and being able to say no. Put your energy into personal gain, not helping someone else get ahead. Your lucky numbers are 4, 11, 23, 28, 31, 37, 40.
By America’s Test Kitchen The Associated Press
SALMON EN COCOTTE WITH LEEKS AND WHITE WINE Servings: 4 Start to finish: 50 minutes
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for their rich flavors. Its vibrantly colored Sago’t Gulaman is the perfect sweet refreshment for a country with seemingly endless summers. Proving that the appeal and mastery of Filipino cuisine goes beyond nationality, Chef Paul Stoks, the Dutch chef of S Kitchen by Sheraton Manila Hotel, has developed a deep appreciation for Filipino cooking techniques as he immersed
himself in the culinary traditions of several Philippine regions. His European background and a thorough immersion in the local culture have combined to yield not only a remarkable proficiency in Tagalog but also what may be the crispiest, most tender lechon ever. S Kitchen’s empanada is a study in creativity, combining the rich fattiness of sisig with the sharp tang of Kapampangan longganisa in a delicate pastry shell. Kusina, Hilton Manila’s all-day dining restaurant, unabashedly embraces the Filipino dining experience. The all-day buffet includes an heirloom kare-kare recipe from its executive sous chef’s grandmother. Taking advantage of its location in Manila’s busiest airport terminal, The Manila Life Café by Marriott Hotel Manila showcases Filipino cuisine to millions of tourists every day, including its Manila Sunrise platter and Pancit Luglug. RWM recently partnered with the National Commission for Culture and the Arts for a sustained promotion of Philippine heritage cuisine. “I’m happy that we have the private sector like Resorts World Manila as partner for the celebration of the Filipino Food Month. It shows that people today, especially in the private sector, are interested in being part of the government’s efforts for society,” said NCCA Executive Director Rico Pableo Jr. “This is the best avenue to bring to fore Philippine culture and the arts. Before, we only had the stage, the school and the streets to showcase our culture and the arts. Now, tourists and people who would like to experience these can find everything here in RWM.”
e
LEO (July 23-Aug. 22): Walk away from anyone trying to convince you to go into debt or to make changes that aren’t reasonable. Problems with a partner or someone who expects too much from you should be dealt with abruptly. Put your needs first. HHH
f
VIRGO (Aug. 23-Sept. 22): Set the standard instead of living by someone else’s rules. Know what you want, and don’t be afraid to speak up. Taking control of a situation at home or at work will lead to choices. If someone isn’t good for you, distance yourself. HHH
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LIBRA (Sept. 23-Oct. 22): Secrets will be kept that could change your opinion about something you’ve been asked to do. Don’t trust anyone who is suspicious or trying to pressure you to head in one direction or another. HHH
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SCORPIO (Oct. 23-Nov. 21): Doors will open, but before you engage in something that’s being offered, get the lowdown regarding how much it will cost and who all is involved. You may want to take your ideas and move forward on your own. HHHH
i
SAGITTARIUS (Nov. 22-Dec. 21): Partnerships will be troublesome. Make sure you are straightforward about what you are willing to do and what you expect in return. Someone is likely to mislead you if you are too trusting or you let your emotions override practicality. HH
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CAPRICORN (Dec. 22-Jan. 19): The changes you make at home will be beneficial, and the response and help you receive from others will confirm you are doing the right thing. A makeover or updating your image will lead to compliments. HHHHH
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AQUARIUS (Jan. 20-Feb. 18): Don’t stop or look back. As soon as you slow down, someone will make an unexpected move that will cost you. Arguments are a waste of time, and being extravagant will not make you feel better. HHH
l
PISCES (Feb. 19-March 20): Explore your options, and take part in organized endeavors that will lead to new friendships and opportunities. A partnership looks intriguing and is likely to lead to altering the way you live. HHH BIRTHDAY BABY: You are thoughtful, intelligent and cooperative. You are expressive and passionate.
‘out of sync’ BY EVAN KALISH The Universal Crossword/Edited by David Steinberg
ACROSS 1 Not together 6 Obi-Wan Kenobi, for one 10 “Door” for pets 14 “I don’t THINK so!” 15 Yoked team 16 Longtime Carrie Fisher role 17 No-hunting refuge (see letters 3, 4 and 12) 20 Overflows (with) 21 Athletic awards named for a TV network 22 Pursue 25 “That feels so-o-o nice!” 26 Source of life, some say (3, 4, 13) 32 Updated the décor of 33 Border 34 Letter-shaped fastener 36 Poetic tribute 37 Mexican chain with a sun in its logo 40 ___-Magnon 41 Emcee’s need 43 Pad see ew cuisine 44 Show to be true 46 Musical score specifications (2, 3,
11) 9 Upper New York ___ 4 50 Hardly cool 51 Windy City NFL team 54 2015 Rocky sequel 57 “That occurred to me ages ago!”... or a homophonic hint to this puzzle’s theme 63 Popular guy at college, for short 64 Superman, at times 65 On-demand rides 66 Cyber Monday event 67 Lumberjacks’ tools 68 Slight trace DOWN 1 Santa ___ 2 Groan man, e.g. 3 Tuna type 4 Pirate’s quaff 5 “How strange” 6 ___ Cuervo tequila 7 End-of-semester challenge 8 Sit-back-and-relax rooms 9 LLC relative 10 Annual inoculation
1 Big jump 1 12 Spacious 13 Foots the bill 18 Unwelcome look 19 Lipton assortment 22 Debit alternative 23 Former Yankee Irabu or Matsui 24 French friend 25 Baldwin of 30 Rock 26 Senior year event 27 India’s capital territory 28 Luggage accessory 29 “Didn’t we just do this?” 30 Do a wine bar task 31 Peddle 35 Water temperature testers 38 Site for artisans 39 Got off an e-mail list, say 42 Hug 45 Regret 47 Quickly gettable 48 Like fine wines 51 Babies’ table wear 52 Watson who played Hermione 53 Deserter’s status,briefly
4 Square breakfast? 5 55 Painter Magritte 56 Emulates Pac-Man 58 Letters before an alias 59 Ten Most Wanted list agcy. 60 Tokyo currency 61 End of Wikipedia’s URL 62 Manipulate Solution to yesterday’s puzzle:
Parentlife BusinessMirror
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GEOF LIWANAG of Art Camp
Thursday, May 23, 2019
THESE are photos that show how my family bears a big role in relieving any stress I encounter. Whether at home pretending to have a spa day, to dressing up even when it’s not Halloween, or having their own dramatic show in S&R, they never fail to put their father’s humor in play just to put a smile on their mom’s face.
RHIAN UDALVE of Dance Camp
HIP-HOP DANCER, 3D ARTIST, AND MUSIC PRODIGY JOIN TALENT CAMP SOME kids spent their summer vacations glued to their gadgets, but there are other kids, like Rhian Udalve, Geof Liwanag, and Jade Lawrence Yusiong, who joined Promil Four’s i-Shine Talent Camp this summer, the breeding ground for talented children in the arts, dance and music. Promil Four’s i-Shine Talent Camp, now on its seventh season, continues to provide parents with venues for a much more productive summer break for their children. These three kids, along with hundreds like them every year, look forward to the camp as a stepping stone to reach their dreams of shining in their respective fields of interest. For Rhian, 10, this summer was all about honing her skills in dance. Promil Four’s i-Shine 7 Dance Camp taught her hip-hop moves that she picked up from the talented G-Force choreographers. She dreams of becoming an actress and professional dancer, just like her idol Maja Salvador. Her aspirations are fully supported by both parents. “Para sa anak ko ito. Nakita namin na may potential siya at susuportahan namin ang pangarap niya,” her dad Rolly said. He also said he is willing to work thrice as hard if that is what it takes to provide her with opportunities to learn. Another kid who made the most of his summer vacation is Geof, 9, who spent his break thinking outside the box at Promil Four’s i-Shine 7 Art Camp. His mom, KC Enerva, is happy with the outcome. “I enrolled him in i-Shine because alam ko ’yung quality ng camps based on previous i-Shiners. Perfectionist kasi si Geof, pero ngayon natuto siya na it’s okay to make mistakes and ask for help from others,” she said. Mentored by teachers Robert Alejandro and Kara Escay, Art Camp is a place where children have fun exploring, growing and learning about themselves, the people and the world around them. Indeed, growing is an integral lesson in the camps. This new environment gives them the chance to take on new challenges and pick up new skills, as Jade, 6, discovered as he explored and honed his musical gift. Mentored by none other than National Artist Ryan Cayabyab himself and teachers from his Music School, Jade had the time of his life discovering and developing his craft. According to his mom Annie Yusiong, Jade taught himself to play the piano at age 2, and has showed serious signs of interest since then. Jade is one of the youngest in the camp. He is very obedient and keeps his mind open to new musical possibilities. “My new friends and I always enjoy the activities in camp because we learned that everyone is gifted in their own way,” he said. As Promil Four’s i-Shine Talent Camp stays true to its mission of nurturing the gift, the next generation of aweinspiring kids is guided by some of the country’s finest experts and mentors to help them reach their full potential through mental, physical and social stimulation workshops. After a summer of unique learning and growth opportunities, Promil Four i-Shiners will graduate from the camps with more than just new relationships; they learned to cooperate with and respect others, as well as take responsibility as young individuals. The camp experience gave them an advantage to shine not just onstage or in the studio, but also in life.
I-Parent: Stress Alert–Part II MOMMY NO LIMITS
MAYE YAO CO SAY
mommynolimits@gmail.com
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STARTED my stress journey since I was eight at second grade. I remember getting a silver medal on the first grade due to a deduction for getting a fever. The school would deduct points when one fails to submit an excuse letter. Since then, I vowed to always get a perfect score and aimed to be the first in class my whole grade school life. Needless to say, this mindset caused me far too many stressful situations. I share this for the sole purpose of underscoring that if I can overcome stress, it would not be difficult for most people. Last week, I brought on the reality of today’s parenting world. I am glad I was able to learn tools on transforming my stress when I started married life and parenting life. This week let me share some of my personal tips on positively transforming stress: 1. LIVE ‘YOUR’ LIFE. Living a life you are accountable for makes a big difference in viewing “bumps” along the way. If you chose your path, you are more inclined to find that intrinsic strength to also fight harder. It is good to ask, “What is your why?” I wrote about this on January 17, 2018. Hopefully, this well help you come up with a personal vision that would guide you for at least five years. Learn to answer fundamental questions with simple answers. What do you want from yourself, from your family, from your career and even from
your life outside of work? For example for your career, are you there for the salary, job security, job title, social environment, mentorship, expanding creativity, social change? Pick the most important one, not relative to other people’s expectations, but most important to you. 2. BE AUTHENTIC. Pretending or wanting so much assimilation for acceptance is very stressful because the focal reference is external. I have witnessed a story of major discontent because another person just moved to a new place. Even if that person’s current place was already above par, it wasn’t enough. From an outsider’s point of view, was there really a cause of “valid stress” or was this stress self-inflicted? The fear of authenticity is often traced back to childhood. Whether competition was strongly fostered by parents, or envy toward others was a familiar environment, I still believe it is our decision to break the cycle. The sooner we know our true source of happiness, the sooner we also learn that the most important reference point is the person we face in the mirror everyday. It helps that we have friends and family who also share the same authenticity. 3. SAME RULES, WIDER FIELDS. Being a parent is lifechanging. It helps that I am guided by the same vision and principles both at home and at work. My “growth mindset” principle has allowed me to embrace that learning is better than perfection. I apply strategic planning principles at home, especially with my kids’ learning journey, like how I apply them in growing our business. I bear humility, awareness of my weaknesses, and a lot of laughter in being a wife, a mother, as well as being an executive. This lessens any shift in character, which allows a smoother flow. 4. TIME WILL NEVER BE ENOUGH. LEARN TO PRIORITIZE. It is a fact that work never ends. Chores for our family add to a longer list. As Micheael Hinz and Jessica Hinz point out in their book Learn to Balance Your Life, “Look for time economies wherever you
can.... Learn to prioritize. This includes learning to say no.... Resist the temptation to overfill your schedule.” I also like their tips on setting our priorities: n Attend to the most important things first n Prioritize what you do well n Don’t value an outcome according to your time or monetary commitment n Becoming a parent is a life-changing event n It’s easy to give lip service to a priority then neglect it n Priorities reflect your values n Remember that you have a duty to yourself 5. SPEND WITHIN YOUR MEANS. Much of the stress will come from finances. And yet you see people who earn far less than us with happy faces. I think it has a lot to do with spending within your means and saving. When I started to work for our family, I never demanded a high salary. I was willing to start at P15,000. And from there, I would only spend 30 percent of my salary every month. It was not hard because I lived with my parents. I was able to do it over the years because I chose to live a fairly simple life. Today, I still apply the same principle. The question that needs to be asked is, “Where does your money go?” Who or what do you spend it for? I see stress grip people when big expenditures are impending. My suggestion is it might be good to open another account for those one-time big expenditures like tuition fees and family vacations. So when you get your Christmas bonus, you set aside that planned amount first, and then spend what’s left after. This immediately takes out the pressure for the coming year’s finances. 6. BE GRATEFUL. Last, and most important, it is good to be grateful everyday for all that you have. Be happy for your successes and be genuinely happy for others’ success as well. I believe when one learns to appreciate, each stress, whether positive or negative, gets contextualized in the most positive light. n
Why parents should think twice about tracking apps for their kids By Joel Michael Reynolds University of Massachusetts Lowell THE use of self-tracking and personal surveillance technologies has grown considerably over the last decade. There are now apps to monitor people’s movement, health, mindfulness, sleep, eating habits and even sexual activity. Some of the more thorny problems arise from apps designed to track others, like those made for parents to track their kids. For example, there are specific apps that allow parents to monitor their child’s GPS location, who they call, what they text, which apps they use, what they view online and the phone number of their contacts. As a bioethicist who specializes in the ethics of emerging technologies, I worry that such tracking technologies are transforming prudent parenting into surveillance parenting. Here are three reasons: 1. COMPANIES ARE TRACKING FOR PROFIT. The first reason has to do with concerns over the tech itself. Tracking apps are not primarily designed to keep children safe or help with parenting. They are designed to make money by gathering loads of information to be sold to other companies. A 2017 report from a marketing research firm estimates that self-monitoring technologies for health alone will reach gross revenues of $71.9 billion by 2022. The lion’s share of the profit is not in the device
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itself, but in the data drawn from its users. To get as much data as they can, these apps work hard to keep one constantly using them via push notifications and other design techniques. This data is then often sold to other companies— including advertising agencies and political campaign firms. The primary aim of these devices is not people’s well-being, but the profit that can be made off of their data. When parents track children, they help companies maximize their profits. Should a child’s information become de-anonymized and fall into the wrong hands, this could put one’s child at risk. 2. RISKS OF LEAKING PRIVATE DATA. There are also significant privacy risks. A 2014 study by the security firm Symantec found that even devices that do not appear to be traceable can still be tracked wirelessly, as a result of insufficient privacy features. That same year, a study by computer scientists at the University of Illinois at Urbana-Champaign found that many Android mobile health applications, for example, send unencrypted information over the Internet. Nearly all of these apps monitor one’s location. Researchers at Massachusetts Institute of Technology and the Catholic University of Louvain found that just four time-stamped locations could uniquely identify 95 percent of individuals, making promises of anonymity hollow. Information related to people’s whereabouts can reveal valuable data about them. In the case of children, their tracking data could very easily be used
by someone else. 3. IT CAN BREAK TRUST. Another reason tracking one’s child is worrisome has to do with the risk of breaking their trust. Social scientists have shown that trust is central to close relationships, including healthy parent-child relationships. It is necessary for the development of commitment and feelings of security. A child’s sense of personal privacy is a crucial component of this trust. A 2019 study shows monitoring a child can undermine the sense of trust and bonding. In fact, it can become counterproductive to the point of pushing the child further toward rebellion. This risk, I would argue, is perhaps far more
serious than those leading parents to track their children in the first place. A FEW EXCEPTIONS WHILE I think that tracking one’s child is often unethical, there are some cases where it may be warranted. If a parent has good reasons to suspect that their child is suicidal, involved in violent extremism, or engaged in other activities that threaten their life or that of others, the best course of action may involve breaking trust, invading privacy and monitoring the child. But those are the exceptions, not the rule. Think twice before tracking your kids.
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Thursday, May 23, 2019
Show BusinessMirror
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At 66, Nora is more than golden REELING
TITO GENOVA VALIENTE
titovaliente@yahoo.com
W
E all know the stories about Nora Aunor: her poverty, her rise to popularity, her voice, and her genius in theater and cinema. We all have stories of Nora Aunor with regard to us: how she changed our view of Filipino cinema; how she made us realize that there is such a thing called “fandom” even when that concept had not yet been so named; her manner of performance that has remained the benchmark for the acting skill and style of any actor, regardless of gender, skin color and popularity, whose performance is being weighed at the moment. We all cannot but recognize that, whether we like it, whether we are admirers or mere observers, you cannot talk about any new actress excelling in any role without the mention of Nora Aunor. In every paragraph of achievement about any actor, Nora Aunor is an apparition, an element, a memory that is underscored, bracketed or mentioned. She is an eternal citation in any essay about Philippine cinema, gilded or considered, after a hundred years, or in any intelligent papers of any intelligent Filipino film scholar. We all survived Nora Aunor, either in our memories of her as our “idol,” or in any of our experiences about her as “Superstar,” or even in the most regular of appointments that we ever set up, for some life or death reason, in order to meet her up close and personal. And yet, it is the legacy of Nora Aunor that, for those who have survived being personal with and to her, they are left with the facts and being of the actor who started as a personality and rose to become a persona representing everything that is extravagantly legendary and immensely breathtaking about this nation’s film industry. It is strange, after many decades, to call Nora Aunor a Superstar. The label is almost a disservice. That over-the-top appellation, which prompted people to call others who followed her as “this star” and “that star,” has become irrelevant given what Nora Aunor has brought to this industry. She has survived writers and their own kind of writing. She has, for good or bad, created an industry of lackeys or alalays, now copied by every industry player. She has blurred the lines between the private and the public, urging the birth of celebrities forced to open himself or herself to the scrutiny and tactility of fans. She has come out alive of dire controversies. Before her, celebrities were not impersonated. Nora has not only transcended the worst of her impersonators but she has never demanded gratitude from these obscure individuals who gained their own fleeting celebrities. Nora, in film after film, generated an orthography of gestures and inflections. Those who worship Nora made it a religion to watch her film over and over again so they could imprint in their heart the soul of those moments and blistering screen displays, those performances that gave rise to a new form of acting that made us forget there were thespians before her. Nora Aunor was sui generis: she burst onto the scene original, singular. She did not come from any acting tradition, nor was she part of any artistic heritage existing then. The regular pundit would say that she was the right person at the right time. This was not true. She was the wrong person for the right time. What she did was to make that period her own. And, as any pundit would say, the rest is history. As I write this, I am listening to Nora sing. I do this whenever I write about her, not because I want to be reminded of her vocal greatness and power of
interpretation. I listen to her sing because, even after so many decades, I still am in awe of her voice that is caught between the velvet and the violently sweet, the languid to lovely in the sense of love, its presence and absence. So, I am back to that habit. Nora, as I finish this essay, is singing an old Tagalog song, popularized by Larry Miranda. For those who know the lyrics of this song, the words are unabashedly sentimental. It begins with the line: “Sumumpa kang ako ang iibigin/At ang pag-suyo mo ay di magmamaliw/Sa init ng halik/Nagtiwala ako sayong pag-giliw/Pinaasa-asa mo sayong pag-ibig/Na ako ang mahal mo hanggang langit/Ang sumpa mo pala’y marupok na bula ang kawangis.” By the time, Nora reaches the word halik, you realize she has a lower register that is so effortless you do not notice the note has crept into a shadow. Then she hits the word sumpa, and things become all so clear: this singer who did not have any training at all has a voice that can hide the so-called lift, or that part where a singer’s voice makes a transition in registers. The song goes on. The melody is now a dirge to a dying heart. Nora’s voice soars because that is what the song and its arrangement ask for. She avoids any catch in her throat, that facile “break” that amateurs manipulate to convince the listener of the singer’s sorrow. For Nora, it is the song. She sings it and the feelings follow. This is very much like what she has always told the curious scholars of acting: “I listen to the person I am acting with talking and I just respond.” We all have remembrances of Nora Aunor in front of the camera. Directors and writers have all written those actual scenes in shooting when Nora moved from the quotidian to the quixotic, from the ordinary situation of being a human being waiting for the camera to the extraordinary thespian shape-shifting in voice and in voyage of movements. I have my own memory. It was in the shooting of Hinulid, the film where Nora Aunor first acted a role in the Bicol language. The maverick production went not one but several steps further. The director, Kristian Sendon Cordero, who also comes from the same city as Nora, which is Iriga, allowed her to use
her Rinconada language, which is vastly different from the so-called mainstream Bicol language used in the major cities of Naga in Camarines Sur and Legazpi in Albay. The other actors spoke in their own Bicol languages, respectively. From the very start, Cordero, the director, confided to me that he purposely removed from the film scenes that fans and admirers would call as “highlights” or “moments.” In the same vein, he never alerted Nora that the next scene would be crucial or more crucial than the previous or the following scenes. The scene I would be privileged to watch was that in the morgue. Sita, the mother played by Nora, would be looking at the body of her dead son. She would be conversing with a priest who was a friend. The priest would be asking Sita whether she would file a case against the murderers of her son, and where she intended to bury her son. When I arrived at the set, which was in an abandoned, old house in the middle of what used to be sugar cane plantation in the outskirts of Naga City, Nora welcomed me as she waited at the landing of a massive staircase. A few minutes after, she had changed into a blouse and a skirt. It took a long time to set up the lights in what I believed was a living room when the occupants of the house were still there. Nora was seated, smoking a cigarette and chatting with Jess Mendoza, who played her son. When the shoot was about to begin, I was positioned right beside the metal bed where the corpse was. It was a personal request of mine that I be able to watch Nora perform up close. Kristian, the director, made sure I was really just a feet away from Nora, at a space where the cameras could avoid me. Finally, the camera began turning. Nora was looking at the corpse. The face was blank. The lips were closed tight. She told the priest, in the language of her youth, how she had no desire to file any case after what they had done to her son. She would bury him in Cagbunga, a barangay in the town of Gainza, where the Three Dead Christ could be found. Her Rinconada Bicol was impeccable, the syllables guttural and clipped. As she talked, she placed her hand on the forehead of the dead body before her. Those eyes were not grieving. Those deep, dark eyes of
TFC joins the celebration of PHL-SG 50th Bilateral Relations THIS year, the Philippine Embassy in Singapore is commemorating the 50th anniversary of the Philippine-Singapore Bilateral Relations, and ABS-CBN Corp., through its subsidiary ABS-CBN Global Ltd., is the official media TV partner of the Philippine Embassy in Singapore for this celebration. To highlight this year’s celebration, ABS-CBN Corp. brings its international musical event, One Music X, to Singapore—its first Asian leg—which will happen on May 26 at the SCAPE, The Playspace, in Orchard Link, Singapore. “TFC’s One Music X Singapore concert will be an exciting event for Filipinos in Singapore and people who like good live music. This concert will be one of the various events that will bring together Filipinos in Singapore to celebrate and commemorate the anniversary of Philippine Independence,” said Philippine Ambassador to
Singapore Joseph del Mar Yap. Yap added: “For the Singaporeans and other foreigners who will watch this concert, the experience of Filipino popular music will deepen their appreciation of our culture. As this year also marks the 50th anniversary of the establishment of diplomatic relations between the Philippines and Singapore, this concert will help enrich the cultural bonds between our two countries.” One Music X showcases multifaceted Filipino music, put together by some of the biggest brands in the Philippine music industry, including record label Star Music, music channel Myx Philippines, OPM music portal One Music PH, and the global multiplatform media hub for Filipino news and entertainment, The Filipino Channel (TFC). Delivering world-class performances are some of the notable Filipino music artists today: folk-
pop band Ben & Ben; ballad-R&B-reggae singer Bugoy Drilon; Darren Espanto, who recently was a guest performer in Singer 2019 and KZ Tandingan, who joined last year’s Singer 2018, with a special performance of the up-and-coming pop singersongwriter Jayda Avanzado. “We at ABS-CBN are honored to be part in commemorating the 50th anniversary of the Philippine-Singapore Bilateral Relations. We hope that through our musical event, One Music X Singapore, more people from different nationalities get a firsthand experience of Philippines’s rich musical culture and talent,” aid ABS-CBN Global Country Manager for South Asia and Regional Marketing Head for Asia Pacific Maribel Hernaez. More details are available at www.facebook.com/ TFCSingapore.
Nora were not in rage. No emotion was being checked. But the scene was grief, the scene demanded rage. The hands were steady, as was the gaze. At some point, she tilted her head, but the movement was muted, as if any sound would banish death and life. Those lovely, lovely eyes were not even in tears. I was in tears. I was the one weeping quietly because Nora, by then, was near me and had slowly touched my face with her two tiny hands. Si Manoy man, (literally, “Oh, Brother, please,”) she whispered almost half-sc0lding, almost half in jest. I did not even hear the director calling “Cut.” When the film was finally released, I recalled that scene and understood the film Hinulid as Nora Aunor, the actor, understood it. There was no need for rage, no compelling reason to cry. She was not seeking justice. She was there, a mother, memorizing the face of her son, the life of her son. Memory, after all, as the film would tell us, is more powerful than justice. A week before the May 15 election, I found out Nora Aunor had endorsed Colmenares for senator. I immediately sent her a message to confirm if the news was true. Sa atin po si Neri was her answer. It was a line that only Nora Aunor could deliver. It was a line that we could, we should remember for, after all, memory is greater than any injustice. n
SCARLETT JOHANSSON AND COLIN JOST ARE ENGAGED WEDDING bells are in the future for actress Scarlett Johansson and Colin Jost of Saturday Night Live (SNL). Johansson’s publicist Marcel Pariseau tells The Associated Press on Sunday that the private couple is officially engaged after two years of dating. Pariseau says no date has been set for the nuptials. Johansson, 34, was previously married to actor Ryan Reynolds and journalist Romain Dauriac, with whom she has a daughter named Rose who was born in 2014. This is the first marriage for the 36-year-old Jost, who is the coanchor of SNL’s Weekend Update. The couple recently walked the red carpet together at the premiere of Avengers: Endgame, in which Johansson plays the character of Black Widow. AP
Envoys&Expats BusinessMirror
www.businessmirror.com.ph | Thursday, May 23 , 2019 E1
All-inclusive transformation key to BPO’s industry leadership
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By Rizal Raoul S. Reyes
@brownindio
OR Transcom Worldwide CEO (Global English Region) Mark Lyndsell, transformation is more than just a byword. It is a personal mantra of sorts that he breathes and preaches. The chief executive believes transformation, including allied concepts evolution and innovation, have far-reaching effects and transcend the leadership that instituted them. Lyndsell knows all too well the terms and technologies that drive the tangible factors involved: automation, artificial intelligence and robotic processes, which are quite common across various industries. He believes, however, that the human element will ultimately drive the difference for businesses and organizations. “We have invested quite heavily in recruiting product managers, specialists and leaders in all those key fields of operations in the Philippines,” Lyndsell told the BusinessMirror in a recent interview held in their avant-garde office in Mandaluyong City.
Case in point: Its Philippine arm has invested heavily in digital-recruitment initiatives—an endeavor that has earned commendations from other Transcom offices for its quick manpower processing. Getting an applicant on-board has been greatly streamlined, as it now only takes six to seven minutes—not hours. “Of course, there is still a lot of paperwork required in the hiring process in the Philippines,” he quipped, citing government requirements and others that go along in the process. Lyndsell has also directed to implement conducting interviews through the Web to save time for both the company and the interviewee. He also revealed the local office is harnessing the power of social media more than ever to develop a stronger affinity with millennials, as well as
members of Generations Y and Z: “We need to reach out to them in a similar way they communicate. We are trying to be more progressive, and hopefully attract quality candidates in the process.”
Inclusivity, diversity
THE global executive is also spearheading cultural transformation to promote inclusivity and diversity. For one, it has recently forged a partnership with advocacy group Red Whistle for free and voluntary human immunodeficiency virus testing for Transcom staff members. “That’s one of the things I am quite proud of this organization: That we have indeed stepped up in more ways than one. We’re quite vocal [with regard to those issues,] even though it might be a bit controversial in a conservative country like the Philippines,” the CEO explained. Beyond that, Transcom is also advocating the promotion of mental-health awareness in the Philippines, which Lyndsell observed was not much of a big issue 10 years ago. The business-process outsourcing (BPO) executive takes pride that the enterprise was one of the first in the country to provide mental-health support through their health maintenance organization partner. Right now, he sees that things have changed differently, as the
youth of today are more open to tackle controversial matters, such as lesbian, gay, bisexual and transgender (or LGBT) rights and mental health. In their journey toward transformation, Lyndsell acknowledged that it would not always be smooth sailing as tough choices also had to be dealt with. (In the course of such, the company had to sever ties with some members of its work force who were “differently aligned” to the “new organization” and in their new way of working.) From a leadership standpoint, Lyndsell said it was important to retain some of the homegrown talent and blend them with some new folks with different experiences from the outside. For him, it’s important that Transcom gets the right mix and balance of foreigners and Filipinos, both in terms of cultural blend and gender diversity. “We are a Swedish company, and Swedes are known for their inclusivity, tolerance and openness. In many ways, we align ourselves to these values. Of course we won’t instantly get it right, but this is something that I’m really focused on,” he elaborated.
Expat executive
PERHAPS the laser-like focus was ingrained in Lyndsell early on in life, when he first joined the British military in his teens.
He first came to the Philippines in 2009 with “just two suitcases, and a local working package,” sans the proverbial “expat bubble” that other foreigners are privileged to enjoy when they work here. That same year, he personally witnessed the resilience of Filipino BPO workers who suffered the wrath of Typhoon Ondoy as they waded through chest-deep waters of C-5 Road just to get themselves to report for work. “I was like, ‘Oh, my God…. This is a kind of commitment I’ve never known….’ It was then that I realized I have a completely different level of responsibility and [a heightened sense of duty to] care.” Just as deep as those floodwaters were went the intensity of his emotional investment to the people under his headship in the country. “I wouldn’t have changed it for the world.” In terms of leadership, Lyndsell pointed out the company’s focus on the welfare of its people. This means providing its personnel the amenities that add value to their everyday lives, including in-house facilities, such as gyms, cafés, childcare facilities, and even in-house pharmacies. Outside the Philippines, where he currently leads about 11,500 people, Lyndsell also directs a staff of more
than 2,000 in North America and in his native United Kingdom.
Flat organization
A LARGE global organization that it is, Transcom has, in the last two years, done away with several layers of its corporate hierarchy that ultimately resulted in a flatter organization. Currently, the company’s senior leaders undergo some sort of emotional-quotient and intellectualquotient assessments geared toward helping the company develop a set of common values and cultural traits specifically built around transparency and authenticity. “The assessments are also meant to help us have the right fit and the right behaviors, and ensure that we have a stronger mix of leaders that can deal with very complex and stressful work situations and environment,” the global CEO revealed. Although Transcom’s transformation involves growing organically, Lyndsell said the company is also very much keen on tactical acquisitions. He spoke highly of a recent take over of a Davao-based firm, Awesome OS, whose founders were all from California and boasts of a small satellite office in the aforementioned state. Continued on E4
Envoys&Expats
>>Special Feature
PHILIPPINES
FRIENDSHIP
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Business
Thursday, May 23, 2019 | www.businessmirror.com.ph
ACCEPTANCE SPEECH FOR MISSION: PHL EDUCATION OF THE NATION AWARD By Ambassador Steven James Robinson, AO
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OOD evening, ladies and gentlemen. That was a surprise. I was ready for the Education of the Nation award. I wasn’t ready for the second one. Thank you ever so much. This is a really distinct honor for Australia. In terms of the Education Award, if I might address that, we all know that education is the future. At the current time we have been working with the Philippines for a long, long time as [one of its] education partners. We are delighted to do so. Currently in Australia, there are 12,700 Filipinos who are studying in tertiary institutions. We are the largest draw card for
Filipinos in the tertiary sector, and that is a marvelous thing. We’re very proud of it. We also have 60 Filipinos currently undertaking Master’s and doctorate degrees [in our country]. We’re delighted about that. But, most important, here in the Philippines, for the last five years, we have been working extensively for education reform. And that takes in the best program, which is the basic-education transformation. For the last five years we’ve been changing the lives of Filipino teachers and students. And that is enormously gratifying. Finally, we have the Education Pathways to Peace program. It is focused on Mindanao and the Bangsamoro. It is a true pleasure to be able to work with these people and help them change their lives.
Ladies and gentlemen, we are very honored, indeed, to receive the Embassy Award for Education tonight, and we thank all our colleagues, the BusinessMirror, Mission: PHL, and thank you, ever so much for recognizing us. Of course, Australia has been a long-standing f riend of the Philippines. For 73 years that we have had our diplomatic relationship. And our collaboration covers ever y sector of the Philippine bureaucrac y and endeavor. We are ver y pleased, indeed, to be a part of that. A prosperous, resilient, safe, secure Philippines is in Australia’s interest; it’s in everybody’s interest. We are absolutely delighted to be able to work with you now and into the future. Thank you ever so much.
AMBASSADOR of Australia to the Philippines Steven Robinson, AO, receives the trophy for the Education of the Nation award from Education Secretary Leonor Magtolis-Briones. ROY DOMINGO
PHL-AUS trade ties: Getting stronger
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RADE links between Australia and the Philippines are strong and growing. Their people-to-people ties bring added warmth to the relationship. More than 300,000 Filipinos have made Australia their home, and over 10,000 Filipino students study there each year. The 33 flights per week through Qantas, Philippine Airlines and Cebu Pacific support tourism, education and investment links. A number of major Philippine conglomerates are also investing in Australia to secure their supply chains and access advanced products and technology. There are more than 300 Australian companies in the Philippines, with more ready to join them. These help fuel economic growth in the country, employ 40,000-plus Filipinos, contribute to local taxes, as well as procure local goods and services. Embracing the talent available in the Philippines, these companies invest in specialized training and developing globally competitive technology and services solutions. Significant growth is also seen across segments, such as food and beverage, infrastructure and services. With the Philippines embarking
on an exciting digital transformation, Australia has partnered with government, industries and the academe to share knowledge around cybersecurity, fintech, blockchain and digital health. Some of these global Australian companies include:
Austal
AUSTAL is a global shipbuilder, defense prime contractor and maritime-technology partner of choice, designing, building and supporting high-speed commercial and military vessels for the world’s leading operators.
Crone
CRONE established a presence in Manila in the late 1990s, undertaking a number of major masterplanning projects. In the last 10 years Crone has designed numerous premier-grade, high-rise towers in both Manila and Cebu.
GHD
GHD has had a permanent presence in the Philippines since 1998 and operates in an extensive range of market sectors that include water, energy and resources, environment, property, as well as buildings and transportation.
Greenstone
GREENSTONE Resources Corp. (GRC) is a registered Philippine company and an affiliate of Red 5 Ltd., a Western Australia-based gold exp loration company whose shares are traded in the Australian Stock Exchange. GRC has interest in the Siana Gold project (MPSA 184-2002-XIII) and the Mapawa Gold project (MPSA 280-2009-XIII), both located in Surigao del Norte.
IDP
IDP is a global leader in international education and co-owner of IELTS. In its 50 years of experience in the industry, it has helped more than 400,000 students study in Australia, Canada, New Zealand, the United Kingdom and the United States. They also have a network of more than 100 international student-placement centers in at least 32 countries.
Qantas
Founded in regional Queensland in 1920 as the Queensland and Northern Territory Aerial Service, Qantas is one of Australia’s most iconic brands and has played a central role in the development of the Australian and international aviation industry. Today the Qantas Group is a diverse global-aviation business comprising Qantas Domestic, Qantas International, the Jetstar low-cost carrier group and Qantas Loyalty.
QBE Group
QBE Insurance Group is one of the world’s top 20 general insurance and reinsurance companies, with operations in all the key insurance markets. QBE is listed on the Australian Securities Exchange and is headquartered in Sydney. They employ more than 12,000 people in 31 countries.
Telstra
TELSTRA is a leading telecommunications-and information-service company. They offer a full range of services and operate the largest mobile and Wi-fi networks in Australia. Globally Telstra provides end-to-end solutions, which include managed network services, global connectivity, cloud, voice, colocation, conferencing and satellite solutions.
S-AUSTRALIA
P DAY 2019
sMirror
www.businessmirror.com.ph | Thursday, May 23, 2019
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Celebrate Fil-Aussie Day in Cebu meaningful projects with local communities,” the envoy added. On May 25, take a stroll down Melbourne’s Hosier Lane, then browse the retail, education and travel fair at the Ayala Center’s activity hall. Do some shopping for sweet Australian table grapes, ice cream and healthy snacks while checking out the best travel deals to Australia. Take that first step to realize your dreams of an Australian holiday or overseas educa-
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HE last days of summer are here, and the Australian Embassy is giving Cebuanos a chance to celebrate it in style at the Philippines-Australia Friendship Day festival. The embassy is bringing a taste of Australia to Cebu with some fun activities at the premier Ayala Center mall. “Each year we take the Philippines-Australia Friendship Day celebration to a different city, and this [time,] we are
heading to Cebu,” Ambassador Steven J. Robinson, AO, said. “It’s fantastic that we are able to celebrate Friendship Day in Cebu, where Australia has deep links through our alumni, Australian businesses and
FAST + FRESH: The Australian Embassy in the Philippines supported a theater festival which gave an opportunity for young Filipino artists and thespians to write, direct and star in their original play.
tion by attending the study- and visainformation session starting at 2 p.m. Join the fun trivia games and get a chance to win Australian goodies. Head on to The Gallery at 4:30 p.m. for the community fashion parade, where Cebu’s young and stylish will walk the runway for Cotton On, Ever New, Quicksilver, Roxy, BYS Cosmetics, Anthill and C&C. Then bring your mates over to the Terraces Garden for a free concert by
homegrown talent Sepia Times, one of Sony Music Phils.’ newest artists. Cap off the day by watching Australian short and feature films under the stars—also at the Terraces Garden. Shoppers at Ayala Center-Cebu will also get a chance to win two round-trip tickets to Adelaide, Brisbane, Melbourne or Sydney, via Qantas. This year’s Philippines-Australia Friendship Day is part of the larger “Australia Now” celebration across
Asean. With a focus on engaging the youth, Australia is hosting food, film and forums across 10 countries of the region to celebrate the Land Down Under’s creative excellence, diversity and innovation. So if you are in Cebu this weekend, make sure to show off your Aussie street style at the Ayala mall. Don’t forget to take and post heaps of selfies using the hashtags #FilAussieDay and #AustraliaNow. See you there!
Envoys&Expats BusinessMirror
E4 Thursday, May 23, 2019
www.businessmirror.com.ph
EMBASSIES, EVENTS, ETC.
PHL-Sweden social-security pact ratified
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TOCKHOLM—Ambassador Jocelyn Batoon-Garcia met with Swedish Foreign Affairs State Secretary Annika Söder late in April, as both expressed that relations between their countries are in an upswing. Batoon-Garcia is the Philippine Ambassador to Norway, Iceland, Finland and Sweden. The Swedish Parliament, or Riksdag, approved the PhilippinesSweden Social-Security Agreement on April 11, which contains provi-
sions that coordinate the legislation of both countries regarding old-age, pensions for survivors and disability, as well as work injury, sickness and activity compensation. The agreement is expected to
benefit citizens of both countries in terms of securing their respective long-term and pension benefits, and eschewing social-security contributions being paid in both countries. As the Philippines and Sweden have now ratified the agreement, it paves the way for its entry into force and the elaboration of its implementing rules and guidelines. People-to-people exchanges between the two countries have been increasing. A number of Filipinos have been migrating and working in Sweden, while Swedish companies have been establishing and increasing their presence in the Philippines.
SWEDEN’S Foreign Affairs State Secretary Annika Söder and Philippine Ambassador to Norway Jocelyn Batoon-Garcia OSLO PE
The Philippines also welcomes the announcement made by Sweden’s Ambassador in Manila Harald Fries that businesses from the Scandinavian country are keen on hiring Filipino software engineers and health-care workers, in view of the current shortage of such professionals there. Batoon-Garcia and Söder identified areas for further increasing and widening trade and investment flows between the two nations. The Philippines’s continuing high economic growth rates, excellent work force, large infrastructure projects and wide consumer base have helped enhance its economic ties with Sweden.
Scandinavia screens cinema gems in Davao
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HE embassies of Sweden, Denmark and Norway in Manila, in partnership with SM Lanang Premier, SM Cinema and the Film Development Council of the Philippines (FDCP) recently collaborated for the very first Scandinavian Film Festival in the country. All three envoys from Scandinavia—Ambassador Harald Fries of Sweden, Ambassador Jan Top Christensen of Denmark and Ambassador Bjorn Jahnsen of Norway— graced the launch at the SM Lanang Premier in Davao City. Guests from the diplomatic corps, business groups, film communities from Davao and its neighboring provinces, as well as movie aficionados from the area joined the event. They were treated to an exclusive screening of the festival’s award-winning inaugural film Rosita. The festival featured more than 20 curated films from various genres that provided audiences a glimpse of the Scandinavian way of life on the big screen. From sailing the great seas in Kon-Tiki to generating awareness on the effects of climate change with Warmer, the film festival catered to cineastes of all ages. Exhibits from the embassies and the FDCP were also mounted for a more in-depth look at the cultures of the participating countries.
EUROPEAN Chamber of Commerce’s Chairman Antonio Peralta (from left) and Rotary South Davao Member Ingmar Bertelsen, with Datu Bago awardee Darrell Blatchley
AMBASSADORS all: Sweden’s Harald Fries (from left), Denmark’s Jan Top Christensen and Norway’s Bjorn Jahnsen
DEPARTMENT of Tourism Regional Director Tanya Rabat-Tan (left), with Honorary Consul to Austria Dr. Peter Faistauer (right) and Danna Faistauer
INTERFACE Development Interventions for Sustainability Board Member Arnold Vandenbroeck (from left), Tambayan Center for Children’s Rights Board of Trustees Chairman Norma Javellana, Norway’s Second Secretary Stian Hegland and The Big House Manager Lizabeth Lu
SANDRA JAHNSEN (from left), Hungary’s Honorary Consul in Davao Mary Ann Montemayor and Susan Fries
FILM Development Council of the Philippines’s Film Export Services Office Executive Director David Fabros
REPRESENTATIVES from the embassy of Norway and World Wide Fund, with Hegland (second from left) and Jahnsen (right)
Report: PHL is ‘business-ready’ for Sweden
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PIONEER report from Business Sweden-Manila on the Philippine market was released recently, with a special focus on the ongoing “Build, Build, Build” infrastructure push, and how Swedish companies can partake in the widescale development, which includes selected high-growth industries relative for Swedish businesses. According to the embassy of Sweden, “the timeliness of the report should be noted, as Business Sweden is of the opinion that the Philippines has been neglected too long by Swedish companies.” Contrary to less-optimistic scenarios, the Philippine economy continues to thrive,
growing at 6 percent to 7 percent annually, which is among the fastest in Southeast Asia and the continent in general. The report also highlights how the Philippine market has the potential to play a crucial role in Swedish companies’ strategy in growing their respective international operations. It also serves as a snapshot of what Swedish companies already present in the Philippines are thinking in terms of the market’s future potential, as well as their impact. Presently there are more than 20 large Swedish companies operating in the Philippine market, with the majority of them planning for long-term business
expansion in the country. Swedish exports also continue to expand at an annual rate of over 30 percent in the past two years, with no indications of any major deceleration. The “recipes for success” proposed in the report for Swedish companies, large corporations and SMEs suggest for newer strategies and bolder approaches to leverage on emerging trends in the Philippine market. The view is to “be in it for the long haul.” The report noted that “it is not easy to do business in the Philippines, but the opportunities are definitely worth pursuing.” It was formally launched at the embassy of Sweden in Manila on April 8.
All-inclusive transformation key to BPO’s industry leadership Continued from E1
The strategic move effectively augmented Transcom’s manpower complement with 2,000 team members to further its business. Proof of the strength of its core, the parent company itself has just acquired three new businesses in Germany in the last few months.
Human factor
THE longtime expat-executive intimated that the success of Transcom should be credited to the men and women who have worked hard to make it one of the top BPOs in the country. Despite its successes and accolades, he prefers to stay in the background, while constantly working on improving himself and along with that, the company as well. Based on company indicators, Lyndsell described Transcom as in a far better shape that it was about two years ago. “Our attrition rate is now at a record low. I think, quite honestly, people vote with their feet in
TRANSCOM Worldwide CEO (Global English Region) Mark Lyndsell
a very competitive environment in the Philippines.” Despite all these feathers in his cap, the Transcom executive prefers to be working behind the scenes, reflecting his success onto the organization he spearheads.
“My desire is that it will be known for the people within it, and not the leader. I’d rather be in the background and allow my team to be in the limelight.” Looking ahead, Lyndsell declared: “We’re expanding our capabilities and competencies in multifaceted means. In many ways, we are now looking at a different Transcom that I joined 10 years ago.” Speaking of change, the British BPO exec borrowed a quote from former Prime Minister Winston Churchill that serves as a motivation of sorts: “If you don’t take change by the hand, it will take you by the throat... Something said more than 70 years ago, and it still makes sense today.” Some corporate philosophy was served toward the end of the interview. “I think that anybody who thinks that they can live on the past’s success is fooling himself. With the shift in technology, customer expectations, as well as employee expectations, [one has] to be constantly changing to be better—on a personal level, and on a wider business perspective. It is something that I’ve been focused on and constantly driving over the past years.”