BusinessMirror May 28, 2019 by BusinessMirror

PHL, JAPAN FIRMS TO INK P300-B BIZ DEALS By Elijah Felice E. Rosales @alyasjah

HILIPPINE and Japanese firms will sign nearly P300 billion of business agreements that are seen to create at least 80,000 jobs in President Duterte’s participation at Nikkei’s 25th International Conference on the Future of Asia. In a statement on Monday, Trade Secretary Ramon M. Lopez said the business delegation to Japan will ink over 20 deals with Japanese firms. “Japanese investors remain bullish on the sustained growth momentum under the administration of President Duterte, given its aggressive infrastructure buildup, meaningful investment and financial

PRESIDENT Duterte (left) is greeted by Japan’s Prime Minister Shinzo Abe at the start of their meeting at Abe’s official residence in Tokyo in this October 26, 2016, file photo. The two leaders will get to meet again this week when Duterte flies to Japan for, among others, Nikkei’s 25th International Conference on the Future of Asia. ISSEI KATO/POOL

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

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JAPAN is one of the country’s largest sources of foreign investments and economic aid, data from the Philippine Statistics Authority (PSA) See “Biz deals,” A12

A broader look at today’s business n Tuesday, May 28, 2019 Vol. 14 No. 230

10-yr extension of Tieza tax perks to yield ₧222B By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

OME P222 billion in capital investments in the tourism sector are projected for the next 10 years with the recent enactment of a law extending fiscal incentives to locators in tourism enterprise zones (TEZs). This was disclosed by Tourism Infrastructure and Enterprise Zone Authority (Tieza) Chief Operating Officer Pocholo Paragas after the agency received news that President Duterte had finally signed into

law Republic Act 11262 on April 10, 2019. The law amends Sections 85 and 103 of Republic Act 9593, or the Tourism Act of 2009, and gives Tieza “sole and exclusive jurisdiction

to grant incentives…” to TEZ locators for another 10 years, or until December 31, 2029. It was published in the Official Gazette on the same day and is now considered in effect. Aside from the P222

“The passage of the law is a welcome development as it will make tourism investments in the country more commercially viable and attractive. These investments will be instrumental in making tourism a key driver of socioeconomic growth.”—Romulo Puyat

billion of investments estimated to be pumped into the local tourism sector, Paragas said the “extension of the availment of the fiscal incentives until 2029 is projected to generate...160,000 direct and indirect employment opportunities in the next 10 years.” See “Tieza,” A2

MPIC to sell stake in toll road, hospital businesses By VG Cabuag

ONGLOMER ATE Metro Pacific Investments Corp. (MPIC) may sell some of its stakes in its hospital and tollroad businesses, possibly within the year, in a move to raise cash to pay off its debts. “I think we’ve indicated that we might do a partial divestment of our hospital...And I think it’s time to get in a new strategic partner for the tollways but that would be small, maybe up to 20 percent will be available,” MPIC Chairman Manuel V. Pangilinan said at the sidelines of the company’s stockholders’ meeting. MPIC owns 60.1 percent in its health-care business, the largest hospital operator in the country with a portfolio of 14 hospitals. The rest is owned by Government of Singapore Investment Corp. “They [GIC] know we’re planning to do it. I believe they’re staying. We don’t know whether they’ll sell down with us for its 40-percent holdings,” Pangilinan said. He said they are in advanced talks with investment banks that MPIC has engaged for the sale, which may happen within the year. Pangilinan said the investor would likely be foreign.

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To new senators: Make good things happen in the Senate Manny F. Dooc

TELLTALES

T’S heartening to note that 46.3 million voters took part in the recently concluded midterm elections. This represents 74.89 percent of the 61.8 million registered voters. Traditionally, voters’ turnout during general elections is higher than the midterm polls since all positions including that of the president down to the members of the municipal council are up for grabs. This midterm turnout rate is much higher than the international average of 40 percent. Can we attribute this positive development to increasing political awareness of the Filipinos and the heightened public information campaign waged by the Comelec to encourage greater voter participation? Or was it due to massive vote buying, which goaded people to go out and vote? I wish it’s our people’s sense of civic duty and love of country that made them cast their votes, otherwise our country is going to the dogs. Continued on A11

PHL hog raisers, DA seek 2-month imports halt as buffer vs ASF By Jasper Emmanuel Y. Arcalas

@villygc

See “MPIC,” A2

Key source of aid, investments

BusinessMirror

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reforms and demographic advantages,” Lopez said. According to the trade chief, the investment pledges will mostly be projects on infrastructure, manufacturing, electronics, medical devices, business-process outsourcing and utilities. Some of the commitments will also cover the transportation, automotive, food manufacturing and marine manpower services industries. On the other hand, the Department of Trade and Industry will conduct a business forum and roundtable to establish closer dialogue between Philippine and Japanese businessmen. The President is scheduled to speak at the annual Future of Asia conference that Nikkei will host on May 30 and 31. He is also expected to hold a bilateral dialogue with Japanese Prime Minister Shinzo Abe.

F COMMUTERS’ PAIN UV Express Service units are lined up in Intramuros, Manila, on Monday. Transport leaders and commuter groups are up in arms over a Land Transportation Franchising and Regulatory Board (LTFRB) circular which ordered UV Express drivers to load and unload passengers only at terminals, on pain of being slapped with huge fines. Commuters said disallowing the UV shuttles from dropping off and picking up passengers in other areas means longer travel time for many, and extra fare. NONIE REYES

Foreign Investment Law update urgent–Win By Butch Fernandez

@butchfBM

HE chairman of the Senate Committee on Economic Affairs is moving to update the 28-year-old Foreign Investment Law, aiming to lure more foreign direct investments (FDI) into the country to create more jobs. Sen. Sherwin Gatchalian, in filing the remedial legislation embodied in Senate Bill 2227, sought

PESO EXCHANGE RATES n US 52.3580

to amend certain provisions of the 1991 Foreign Investment Law embodied in Republic Act 7042, in a bid to “take advantage of global and regional economic dynamics.” In asking Congress to front-load passage of the amending bill to “make the Philippines a more attractive investment destination,” Gatchalian said early adoption of the proposed amendments will “result in a foreign investment regime more fine-tuned to the changing

economic climate and its accompanying demands.” He added, “our receptiveness to these changes may very well determine whether we can live up to our true economic potential or remain in the doldrums compared to our next-door neighbors.” The senator acknowledged concerns that the Philippines is perceived to be a relatively unattractive investment destination “because See “Foreign Investment Law,” A2

“I am not just concerned. I am scared. The moment that ASF enters this country, thousands of Filipino families will suffer and even our consumers [will as well].”—Piñol

@jearcalas

ILIPINO hog raisers will appeal to President Duterte to impose a two-month moratorium on the importation of meat and meat products from “high-risk” countries, or those near countries struck by African swine fever (ASF), to protect the local industry from the fatal pig disease. Agriculture Secretary Emmanuel F. Piñol said the two-month suspension would give the government sufficient time to improve its quarantine measures, which he admitted has lapses in averting the possible entry of ASF virus to the country. Filipino hog raisers, through the Philippine Council for Agriculture and Fisheries (PCAF) Committee on Committee on Poultry, Livestock and Feed Crops (PCAF-CPLFC), will sign a resolution formalizing the appeal which Piñol will personally give to Duterte. “This will be an appeal to the President through the secretary that there would be a temporary suspension of importation to give us time, as according to the secretary, to strengthen our borders in order to prevent the entry of ASF,” PCAFCPLFC Chairman Rufina S. Salas said in a news briefing on Monday.

The suspension of importation from high-risk countries would cover raw meat products and processed meat products such as canned goods, hot dogs, hams, among others. “I will personally hand-carry that letter to be signed by all the stakeholders, represented nationwide, that appeals to the government to give more attention to the ASF problem,” Piñol said. “And if possible for the President to order more stringent action to protect our local hog raisers,” he added. Piñol defines high-risk countries as those states “contiguous to ASFaffected areas which may have the disease already, but is not just being monitored.” Piñol added that the DA will identify the list of the countries later on. However, industry sources noted that under international standards, high-risk areas are only those within a 7-kilometer radius of the ground zero of the disease outbreak.

n JAPAN 0.4789 n UK 66.6570 n HK 6.6709 n CHINA 7.5876 n SINGAPORE 38.0896 n AUSTRALIA 36.2789 n EU 58.6933 n SAUDI ARABIA 13.9640

See “ASF,” A12

Source: BSP (27 May 2019 )

News

BusinessMirror

A2 Tuesday, May 28, 2019

₧4.7-B DTI-Ifad program links farmers to food makers

By Elijah Felice E. Rosales

@alyasjah

VER 1,000 small businesses and at least 78,000 agricultural workers are expected to benefit from the P4.7billion linkage program of the Department of Trade and Industry (DTI) and the International Fund for Agricultural Development (Ifad). At the International Food Exhibition (Ifex) Philippines over the weekend, the DTI and Ifad launched the Rural Agro-Industrial Partnership for Inclusive Development (RAPID Growth), a program that will link farmers to food manufacturers. It will provide training, supplies and financial aid to more than 1,000 micro, small and medium enterprises (MSMEs) and about 78,000 farmers of coffee, cocoa, co-

conut and selected fruits and nuts. The Ifad will shoulder the total cost of P4.7 billion of RAPID Growth, while the DTI will implement the program by upgrading agriculture-based MSMEs to create sustainable market demand for specific farm outputs. In a statement, Trade Secretary Ramon M. Lopez said what makes RAPID Growth different is that it is sustainable, as all outputs will be

1,000

Number of small businesses seen to benefit—along with 78,000 farmworkers—from the RAPID Growth program based on existing market demand. “This is the reason the RAPID [Growth] project has a good model since it will all be market-driven, and there will be specific support systems that will upgrade the operations of the MSMEs, as well as the productivity and yield of farmers. The program will assist both ends of the value chain: the farmers and the MSMEs,” Lopez said. Projects under RAPID Growth will establish value chain development, increase production capacities of farmers, ensure innovative agriculture financing and strengthen market linkages. It will also create jobs in the process, as well as

upgrade and modernize MSMEs. “The RAPID Growth program is close to my heart because it empowers those at the bottom of the pyramid. Increasing rural income and decreasing poverty [are two] of the main goals of the Duterte administration,” Lopez added. The pilot launch of R APID Growth will be in four areas and will focus on four agricultural products: coco coir in Leyte, coffee in Bukidnon, cacao in Davao del Norte and calamansi in Agusan del Sur. The areas were chosen in terms of number of MSMEs, production area and poverty incidence. The program will then be rolled out in 16 more provinces in six regions: Samar and all the five regions in Mindanao. Ifad Country Director Alessandro Marini said RAPID Growth is the financial body’s largest investment by far in the Philippines. He said this is so because poverty incidence among farmers is at 34 percent, and sustained and inclusive agriculture growth is needed to truly reduce poverty.

BSP guidance calmed local markets–economist

HE Bangko Sentral ng Pilipinas’s (BSP) efficiency in telegraphing its moves to the market proved helpful in keeping the local currency’s movement in check amid the recent easing actions made by the country’s central monetary authority. In his latest assessment of local economic dynamics, ING Bank Manila economist Nicholas Mapa said the peso, in its performance

T-bills. . .

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auction and very much also lower than the existing secondary rates.” Last week, the MB moved to cut its deposit requirement on smaller banks in the system, after earlier cutting the rates for the universal and commercial banks RRR. Monetary authorities decided to cut the RRR of thrift banks by 2-percentage points from 8 percent to 6 percent. The implementation dates for the reduction are as follows: 100 basis points effective May 31; 50 basis points effective June 28; and, 50 basis points effective

Tieza. . .

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The law’s signing was welcomed by the Department of Tourism (DOT), which has been pushing for its enactment to boost the contribution of the tourism sector in the economy. In a Viber message to the BusinessMirror, Tourism Secretary Bernadette Romulo Puyat said: “The passage of the law is a welcome development as it will make tourism investments in the country more commercially viable and attractive.” She added, “These investments will be instrumental in making tourism a key driver of socioeconomic growth.”

Among the fiscal incentives promised to TEZs under the original law were: ■ Six-year income-tax holiday (ITH) that may be extended for another six years; ■ As an ITH alternative, a 5-percent preferential tax on gross income in lieu of national taxes except for real-property tax and fees of the Tieza; ■ In lieu of ITH or the 5-percent preferential gross income tax, a net operating loss carry over (Nolco) scheme; ■ Tax-free imports on capital goods and equipment needed for Tieza-registered activities; ■ Import tax exemptions for transport equipment and spare parts needed for Tiezaregistered activities; ■ Exemption from value-added tax (VAT) and excise-tax goods imported for Tieza-registered activities;

last week, generally performed better than its regional peers. “Despite the double-barreled easing from the BSP, followed up by a reduction in RRR for smaller banks, the Philippine peso has continued to outperform regional peers. BSP’s ability to communicate its policy bias to the market has gone a long way to helping keep the currency stable despite the dovish bias,” he said.

July 26, 2019. Exactly a week ago, the MB cut the RRR of the universal and commercial banks by a total of 2 percentage points, as per implementation dates, about P95 billion will be released by end-May; about P47 billion by end-June 28; and another P47 billion by end-July. Meanwhile, de Leon said the option to issue a Samurai bond this year is still on the table but the volume and other details are still being discussed. She said the Samurai issue of the Philippines, with an approved coverage amount of $1.5 billion from Japanese regulators for 2019, will not exceed $1 billion if ever it pushes through. Rea Cu ■ Tax credit equivalent to national taxes paid on local goods and services procured by registered tourism enterprises (RTEs) for activity in TEZs, provided that input VAT will be allowed as credit against only output VAT; and ■ Tax deduction of up to 50 percent of cost of environmental protection and cultural heritage preservation activities, as well as of sustainable livelihood programs of RTEs.

P232-B investments forgone

HOWEVER, a revenue regulation was never issued by the Aquino administration on concerns that these incentives would further reduce government revenue. Because these fiscal incentives were not granted to TEZs, Tieza estimated about P232.33 billion in investments into the tourism sector were forgone from 2013 to 2016. (See, “BIR revenue regulation sought to stem tourism investment losses” in the BusinessMirror, September 23, 2016.) The ex tension of Tieza’s ability to give fiscal incentives to TEZ locators was necessitated by the fact that since the passage of the Tourism Act of 2009 (TA 2009), it was only under the Duterte administration that the Bureau of Internal Revenue released a revenue regulation assuring stakeholders of the incentives. However, the revenue regulation only covered the years 2017-2019 due to TA 2009‘s so-called sunset clause. In a speech last February, Sen. Richard J. Gordon, one of the primary authors of the new law extending Tieza incentives for another 10 years,

“Just like the rest of the region, the Philippine peso ended last week on a high note as dealers closed long US dollar positions ahead of the US holiday and as they await further clarity on the trade war,” he added. Just this month, the BSP started to ease its monetary-policy stance, with a 25-basis-point cut to their overnight reverse repurchase rate effective May 10.

MPIC. . .

BSP Governor Benjamin Diokno told reporters that their decision to cut after several months of unchanged monetary-policy stance and aggressive rate hikes in 2018 was based on their assessment that the inflation outlook continues to be manageable, with easing price pressures owing to the decline in food prices and improved supply conditions. Bianca Cuaresma

ON the toll roads, meanwhile, Pangilinan said there have been some preliminary talks with potential strategic partners, but nothing is definite, yet. The plan to partly sell its most profitable

businesses stemmed from the sluggish movement of its stock price, which has been stuck between P4 and more than P5 per share, a price that the company said is undervalued. Officials then blamed the company’s mounting debts that started to eat up eventually to its profitability, part of it already showing in its first-quarter figures. These debts were used for its toll roads and water businesses, mainly Maynilad Water Services Inc., both of which cannot simply raise their rates as the two are governmentregulated. MPIC said its core net income was flat during the first quarter of the year to P3.7 billion from the previous year’s P3.6 billion as the rise in borrowing cost dented its profitability. Attributable net income fell 7 percent to P3.54 billion, from the previous year’s P3.81 billion.

said: “The primary purpose of the original law [TA 2009], which we authored was to make sure that tourism becomes a primary engine of growth for our country because tourism means jobs.“ The new law also allows the Joint Congressional Oversight Committee on Tourism to operate indefinitely from 10 years previously. The committee consists of the chairmen of both chambers’committees of tourism, ways and means, appropriations and of finance, among others. As of December 31, 2018, Tieza has already designated five flagship TEZs, which are projected to generate 1 million jobs in a span of 10 years, while 10 private TEZs with tourism enterprises will create 52,000 jobs during the construction and operation stage. The projected investments for the flagship TEZs and private TEZs are estimated to reach P106 billion. “This [new law] will open more opportunities for growth in the tourism industry which contributes significantly to the country’s domestic product,“ Paragas underscored. In 2017, the tourism direct gross value added (TDGVA) stood at 12.2 percent, the highest since 2000. The TDGVA amounted to P1.9 trillion, up by 24.2 percent from P1.554 trillion the previous year. The Tieza earlier proposed the amendments to head off the expiry of tax incentives in 2019. “The incentives scheme set forth in Sections 86, 87 and 88 of Republic Act 9593 shall be in effect until December 31, 2029, subject to review by the Congressional Oversight Committee,” read the Republic Act 11262 signed last April 10. Malacañang released the copy of the measure

on Monday, May 27. “In the formulation of rules and regulations defining and implementing these incentives and without derogating therefrom, the Tieza may coordinate with the Board of Investments and other government agencies or entities responsible for the grant and administration of incentives to assist in the development of a rationalized incentive policy,” it read. The law also mandated Tieza to give equal preference to large investments, those with great potential for employment generation and those of local small and medium enterprises. Registered enterprises owned and operated by overseas Filipino investors shall enjoy the same incentives granted to TEZ operators and registered enterprises in general. The amount of required investments shall be defined in the implementing rules and regulations of the Tourism Act of 2009. To prevent the abuse of incentives, the Tieza shall also coordinate with the Bureau of Customs and the Bureau of Internal Revenue in preparation and enforcement of rules and regulations. Local government units are also encouraged to provide incentives for tourism enterprises through reductions in applicable real-estate taxes and waivers of fees and charges, among others. In October 2018, Finance Secretary Carlos G. Dominguez said incentives enjoyed by companies within Tieza were set to expire, just years after the implementing rules of Republic Act 9593 or the Tourism Act of 2009 took effect. With a report by Bernadette D. Nicolas

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“So far those who have expressed are mostly private equity funds. There have been indications from hospital operators down the road as well,” he said, adding that they can easily sell the stake since the hospital group is already making profits. Revenues from the health-care group grew 14 percent to P25.65 billion last year, from P22.45 billion in 2017.

Toll roads

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DA chief wants banana exports issue resolved in Duterte’s Japan trip A GRICULTURE Secretary Emmanuel F. Piñol will push for the resolution of Japan’s concerns over the safety of Philippine bananas during President Duterte’s visit to Tokyo this week. The Pilipino Banana Growers and Exporters Association (PBGEA) told the BusinessMirror the issues over pesticide residue have not been resolved and shipments to Japan are still being delayed. In a recent interview, Piñol said he would extend his stay in Tokyo and seek a dialogue with his Japanese counterparts to discuss the issue on maximum reside limit (MRL) involving Philippine cavendish. “I might stay a few days more and seek an audience with my counterparts to discuss the MRL and the banana issue,” he told reporters last week. Piñol added that he would invite banana industry stakeholders to join him to settle the issue with Japan once and for all. Last month Piñol and PBGEA expressed confidence that Japan’s concerns over the safety of Philippine bananas would be resolved sooner. The issue, however, has not been resolved as of press time. Tokyo tightened its food-safety rules on Philippine bananas after a local shipment in August was found to contain Fipronil insecticide beyond its MRL, or the allowable level deemed safe for human consumption. Japan reduced its MRL on Fipronil from 0.01 parts per million to 0.005 ppm, which is still compliant with the Codex Alimentarius International Food Standards.

Pursue tariff reduction

PBGEA Executive President Stephen A. Antig told the Business-

Mirror that the government should also pursue the reduction or elimination of tariffs on Philippine bananas during Duterte’s visit to Japan. This, Antig noted, would keep the Philippines competitive against Japan’s other banana suppliers which are exporting to the East Asian country at zero tariff. Antig said their group hopes the dialogue being pursued by Piñol pushes through since Duterte’s primary agenda in Tokyo revolves only around infrastructure and information technology matters. Having a high-level dialogue would easily resolve the issues on the MRL and Philippine bananas instead of exchanging documents and letters, he argued. Philippine banana exports to Japan in the first quarter reached 308,627.278 metric tons, nearly three times the 121,963.649 MT recorded volume in the same period of 2018, Philippine Statistics Authority (PSA) data showed. Total shipments to Japan in the first quarter were valued at $154.509 million, or 146.6 percent over $58.376 million recorded last year, according to PSA data. Japan was the country’s top market for cavendish for over 30 years until it was dethroned by China last year. T he Ph i l i p p i ne s ’s b a n a n a shipments to China in 2018 expanded by 70 percent to 1.273 million MT from the 748,511 MT recorded volume in 2017, PSA data showed. Total exports to China last year was 16.56 percent higher than the 1.092 MMT shipped to Japan, according to PSA data. Nonetheless, the country’s banana exports to Japan rose by 32.12 percent from 826,526 MT in 2017. Jasper Emmanuel Y. Arcalas

Foreign Investment Law. . . our investment laws are less open and generally more inhibitory compared to those of our neighbors in the Asean.” To address this, the Gatchalian bill proposed to update the 1991 Foreign Investment Act’s policy declaration to recognize advancements in technology and the importance of global and regional economic realities to the local economy. It also seeks to amend Section 4 of the FIA to expressly exclude the practice of professions from the coverage of the law, thus emphasizing that the law governs only equity investments in the Philippines by non-Filipinos. Gatc h a l i a n’s bi l l l i k e w i se sought to mandate the National Economic and Development Authority (Neda), in cooperation and consultation with the Board of Investments (BOI), the Department of Trade and Industry (DTI), the Securities and Exchange Commission (SEC), and other pertinent government agencies, to “conduct an annual review of the country’s Foreign Investment Negative List (FINL) to ensure that the list is aligned with this policy.” He noted that under the current setup, the government releases the FINL— an enumeration of sectors where foreign investors can only exercise limited participation—every two years. Senate Bill 2227 seeks to establish a Web portal that will serve as a central database containing information about the country’s foreign investment laws, rules and regulations, and policies, including restrictions. The portal will be maintained by the BOI in coordination with other relevant agencies.

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At the same time, Gatchalian lamented the low FDI accumulation figures recorded by the country in recent years, which saw the Philippines continue to trail many of its Asean peers as a result of its relatively restrictive foreign investment laws and policies. Citing World Bank data, he noted that the Philippines’s FDI accumulation for the 2015-2017 period stood at $23.98 billion, way below Singapore’s $208.48 billion. Indonesia ranked second in the region with $45.79 billion, followed by Vietnam with $35.5 billion, and Malaysia with $32.84 billion. Only Thailand, which brought up the rear at $19.78 billion, recorded a lower FDI accumulation than the Philippines. The senator added the Organization for Economic Cooperation and Development’s 2018 FDI Regulatory Restrictiveness Index listed the Philippines as one of the most restrictive countries when it comes to FDI rules. Moreover, Gatchalian sought to allay fears that the liberalized investment environment could be used by foreign investors to deprive Filipinos of the opportunity to work within the country. “I filed a bill last week amending the Official Development Assistance (ODA) Act, which seeks to protect the interests of Filipino workers by prioritizing them for employment in development projects financed through ODA funds.” In a statement, Gatchalian also cited data from the International Monetary Fund’s 2018 World Economic Outlook showing the country having the highest unemployment rate among the six large Asean markets last year, at 5.3 percent.

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D.O.J. CLEARS 3 POLICEMEN ACCUSED OF KILLING QC PROSECUTOR LAST YEAR

HE Department of Justice (DOJ) has dismissed the murder complaint filed by the National Bureau of Investigation (NBI) against three policemen earlier tagged in the killing of Quezon City deputy city prosecutor Rogelio Velasco in May last year. In a 32-page resolution issued by Senior Assistant State Prosecutor Peter Ong, the justice department it found no probable cause to indict Senior Police Officer 2 Rodante Lalimarmo, Police Officer 3 Arthur Lucy and Police Officer 1 Jose Mercado for murder. Ong said the evidence presented by the NBI were insufficient to subject the policemen for a full trial by a criminal court. Ong said the complainant merely relied on “speculations and conjectures” to support their case against the policemen. “ M e r e s p e c u l a t i o n s a n d probabilities cannot substitute for proof required to establish the guilt of an accused beyond reasonable doubt,” the resolution read. “Neither should complainants rely on suspicion, for suspicion alone is not sufficient. Suspicion, no matter how strong, should not sway judgment, it being an accepted axiom that the prosecution cannot rely on the weakness of the defense to gain a conviction, but must establish beyond reasonable doubt every circumstance essential to the guilt of the accused,” it added.

The three policemen have denied conspiring to kill Velasco and told the prosecutors that they were not anywhere near Holy Spirit Drive in Barangay Holy Spirit in Quezon City, where Velasco was shot dead, and when the incident happened. In seeking the dismissal of the complaint, Mercado claimed that at the time the prosecutor was killed he was on duty in Candelaria, Quezon, where he is assigned at the 1st Quezon Provincial Mobile Force. Lalimarmo, on the other hand, said he was with his client discussing about the possibility of selling cars when the incident happened on May 11, 2018. He noted that he and his wife are engaged in the buying and selling cars through their companies Kenjay Car Sales and JG Lalirmo Car and Trucks Trading. Lalimarmo also denied having conspired with his corespondents in killing Velasco and that the first time he saw them was when he attended the preliminary investigation of the case at the DOJ. For his part, Lucy claimed that he also did not know his corespondents and that he was performing his duties as part of the Warrant Section of the Quezon City Police District Station 6 in Batasan Hills at the time of the killing. All the three policemen were able to present witnesses and affidavits to substantiate their claims. Joel R. San Juan

‘Bikoy’ freed on bail as Trillanes denies link to oust-Duterte plot By Rene Acosta @reneacostaBM Butch Fernandez @butchfBM & Joel R. San Juan @jrsanjuan1573

HE Philippine National Police (PNP) has released Peter Joemel Advincula, alias Bikoy, from its custody, but was hoping he would return as he had promised with a sworn affidavit attesting to his claims against certain personalities from the political opposition. PNP chief Director General Oscar D. Albayalde said Advincula, whom legislators called a “liar” for now, was released over the weekend after he posted bail and left Camp Crame in the company of his brother. He left without a formal request for security.

Meeting him twice

AT the Senate, meanwhile, Sen. Antonio Trillanes took the floor to shed light on his alleged links with Bikoy, who earlier divulged an alleged plot to topple President Duterte. In a privileged speech, Trillanes debunked any involvement in an Oust Duterte plot, even as he confirmed meeting twice with Bikoy, the first one sometime in August 2018 with the whistle-blower accompanied by priests, who had sought his help, claiming Bikoy was facing death threats from drug syndicates. “First and foremost, I vehemently deny Bikoy’s allegation that I am part of any ouster plot against the Duterte regime,” Trillanes told the Senate, adding: “While it is definitely the worst democratically elected administration in our nation’s history, since my release from detention in December 2010, I and

DepEd leads launch of Oplan Balik Eskwela SY 2019-2020 By Claudeth Mocon-Ciriaco Correspondent

HE Department of Education (DepEd ) on Monday launched this year’s edition of Oplan Balik Eskwela (OBE) to ensure smooth school opening of classes on June 3, for the school year (SY) 2019-2020. The OBE Inter-Agency Task Force (IATF) consisting of the Departments of Energy (DOE); Interior and Local Government (DILG); Health (DOH); National Defense (DND); Public Works and Highways (DPWH); Social Welfare and Development (DSWD); Trade and Industry (DTI); Transportation (DOTr); Manila Electric Co. (Meralco); Metropolitan Waterworks and Sewerage System (MWSS); Metropolitan Manila Development Authority (MMDA); Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa); and the Philippine National Police (PNP). “The concept of this [OBE] is that education is not only the responsibility of the Department of Education. All of our government agencies, including the private sector, are helping each other in preparation for the school opening,” Education Secretary Leonor M. Briones said. Briones noted that as cochairman

of the 2019 OBE, Undersecretary for Planning, Human Resource and Organizational Development, and Field Operations Jesus Mateo, and Assistant Secretary for Public Affairs Service and Alternative Learning System Program and Task Force G. H. Ambat expressed their gratitude to the representatives of the IATF who presented their respective preparations for the school opening. The PNP’s Ligtas Balik Eskwela shall deploy approximately 6,000 personnel in the National Capital Region (NCR) alone, and 150,000 personnel nationwide to prevent and suppress the occurrence of criminal and terroristic incidents targeting the general public, including students, teachers and parents. The DTI, meanwhile, is conducting a series of OBE Diskwento Caravan through its Consumer Protection and Advocacy Bureau. It also published the Gabay sa Presyo ng School Supplies as it intensifies its weekly price monitoring activities from May to June. Pagasa delivered rainy day safety reminders and discussed the protocols on warning services, while DPWH shared the maintenance activities of its district engineering offices inside and within the vicinities of the schools including the re-

painting of pedestrian markings and declogging of drainages. Maynilad Water Services Inc. assured the public that there will be no pipe-laying/repair activities near schools on school opening and that ongoing excavations near schools shall be safe/passable to motorists and pedestrians. They also presented their Lingkod Eskwela Program, which gives public-school students access to potable water through the drink-wash facilities they installed. The MMDA’s Balik Eskwela Program this year shall focus on increasing awareness on smoke-free campuses and protecting the youth from the dangers of smoking, while the DILG directed its local chief executives to support the OBE activities. Meralco, on the other hand, shared their various activities, including the assessment of schools’ electrical connections and trimming of tree branches along electrical facilities. The DOE, meanwhile, discussed the power situation/outlook in Luzon, Visayas and Mindanao, as well as its coordination efforts with power-generation companies and other relevant institutions. Finally, the DSWD assured the public on the on-time payout of Pantawid Pamilyang Pilipino Program (4Ps) cash grants.

Don’t forget the ‘honor code,’ AFP chief tells new PMA grads

RMED Forces of the Philippines (AFP) Chief of Staff Gen. Benjamin Madrigal Jr. welcomed into the ranks on Monday the 261 junior officers who graduated a day earlier from the Philippine Military Academy (PMA). In a news statement, the chief of staff said he was confident that the PMA has prepared the new officers to be up for the challenge after four years of “lifedefining and world-class training.” “Being an alumnus myself, I am confident that the academy has prepared each one of them to be fleetready, field-ready and squadron-

ready,” he said. The 261, topped by a female cadet, graduated from the PMA on Sunday, with no less than President Duterte gracing the ceremony. Madrigal said the “unfolding chapter” of the junior officers’ career “will be full of challenges that will test their mettle, as well as opportunities for further learning.” “From here onward, they will immerse in the communities and be given the chance to address the persisting problems and root causes of conflict in the country, many of which can change their perspective, present

Editor: Vittorio V. Vitug • Tuesday, May 28, 2019 A3

them with hard choices, and, in some cases, sacrifice their lives,” he said. As he welcomed the officers’ into the roster of the AFP, Madrigal said he was hoping that they will not forget the “Honor Code” and the character that was built upon them and “hold the trust long after they have left the long gray line.” “Ultimately, in the face of the hardest of challenges to their life, dignity, and integrity, be guided by the academy’s core values of selfless service, honor, and excellence,” he said. The junior officers will join the military’s three major armed services.

Rene Acosta

my group Magdalo have embraced the democratic path to pursue government and societal reforms.” The senator added: “l have been confronting Duterte and his allies on their draconian policies and acts of corruption using only the space that our democracy allows. Besides, how a series of videos could lead to an ouster of Duterte, as claimed by Bikoy, is simply beyond the realm of logic…” Trillanes recalled that Bikoy was brought to him by priests last year requesting sanctuary claiming henchmen of drug syndicates are out to kill Bikoy.

Not yet over

ADVINCULA earlier claimed that some senators from the opposition and the former senatorial candidates of the Otso Diretso were the masterminds of the “Ang Totoong Narcolist” video wherein he was its narrator and seen as the hooded “Bikoy.” Albayalde said Advincula did not give an “extra judicial confession,” but they were hoping he would come back with a sworn affidavit in order to formalize his claims. Sans the affidavit, the PNP cannot act on his supposed revelations. Before coming out with his latest claims, Advincula had alleged the involvement of the family of President Duterte and his allies in the illegal drugs trade. He claimed he concocted this when he appeared last week at Camp Crame where he made his latest allegations. He said the video was made in order to boost the ratings of the Otso Diretso candidates and to discredit the administration in order

for Vice President Maria Leonor G. Robredo to replace Duterte. The allegations were denied by Robredo and the opposition candidates. “We believe that he will be going back and [is] preparing for his extrajudicial confession. That is not over, that’s what he said. Of course, we could not stop him if he does want to continue,” said Albayalde. The PNP chief said that even with a sworn affidavit, Advincula needed to back up his claims with evidence. “We have maintained our position that he has to substantiate his sworn affidavit with evidence, physical and documentary evidence, if he has anything,” he said. While the PNP can also look into the affidavit, Albayalde said that it would be much better if Advincula can back up his claims with evidence.

Probe IBP officials

LAW YER Ferdinand Topacio is urging the Supreme Court to investigate and hold accountable the officers of the Integrated Bar of the Philippines (IBP) who allowed Bikoy, the hooded man in the “Ang Totoong Narcolist” videos accusing President Duterte’s family and close allies of being involved in illegal drug trade. In a sworn three-page letter filed at the Office of the Chief Justice Lucas Bersamin, Topacio said the event which was apparently sanctioned by IBP National outgoing President Abdiel Dan Fajardo may constitute violation of Article I, Section 4 of the IBP By-Laws which mandates that the IBP is strictly not political. Topacio noted that during the said news conference, the IBP logo

can be seen at the background, giving the impression that the entire organization is advocating Advincula’s assertions. He added that Advincula was even accompanied by the IBP national director for Legal Aid, lawyer Minerva Ambrosio, as well as some Catholic nuns. “Supposedly the objectives of the Integrated Bar, as stated in Article I, Section 2 of its By-Laws are to elevate the standards of the legal profession, improve the administration of justice and enable the Bar to discharge its public responsibility more effectively,” Topacio noted. “Advincula’s press conference, however, was obviously not in accordance with the said objectives and purposes, hence, it was highly improper for its officers…to have accommodate Advincula using the IBP premises as a medium for his press conference,” he added. Fajardo earlier defended Advincula’s presence in IBP’s headquarters, saying that it is part of its mandate to give legal assistance to less fortunate people. “In the pursuit of its mandate to provide access to justice to the poor and the marginalized, the IBP cannot be seen to be siding with or going against any candidate or political party,” the IBP said in a news statement. Aside from Fajardo, Topacio said current Vice President Domingo Egon Cayosa should also be investigated for violating IBP rules. Advincula surfaced on May 6 at the IBP office in Ortigas to seek legal assistance after admitting that he is Bikoy.

A4 Tuesday, May 28, 2019 • Editor: Vittorio V. Vitug

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ADB extends fresh $300-M loan for ‘high-quality’ secondary education

By Cai U. Ordinario

@caiordinario

HE national government has obtained a new loan from the Asian Development Bank (ADB) to help students perform better in the National Achievement Test (NAT) and assessments for vocational and livelihood courses after high school. In a news statement issued on Monday, the ADB said it has extended a $300-million loan to finance the Secondary Education Support Program, which is expected to contribute to the government’s aim of reducing poverty to 14 percent by 2022 from the current 21 percent.

The program is expected to benefit 10.6 million students nationwide. These students are currently enrolled in high school, and an additional 2 million Grade 7 entrants yearly from 2019 to 2023. “Sustaining the Philippines’s strong growth momentum will re-

quire a work force equipped with the appropriate set of advanced skills and knowledge to allow them to keep in step with the rapid technological changes in the global economy,” said ADB Senior Education Specialist for Southeast Asia Lynnette Perez. “Continued investments in high-quality education are crucial to attaining the government’s vision of lowering unemployment and poverty rates.” The program will help the government sustain its reforms, particularly in offering the poor greater access to better, affordable education. It will disburse funds to the government based on the achievement of agreed reform targets within a specific period. ADB is also providing technical assistance to the Department of Education to ensure they achieve targeted reforms and priorities, aligned with the Philippine Development Plan. The program aims to strengthen

Ways the G-20 can take a lead on anti-corruption

The G-20 should build on this momentum to adopt and implement G-20 High Level Principles on Whistleblowing. These should be in line with international standards and best practice. All whistle-blowers in G-20 countries should have access to reliable, gender-sensitive channels to report wrongdoing and robust protection from all forms of retaliation. The information they disclose should also be used to guide reforms and prevent future wrongdoing.

Infrastructure

By Henry J. Schumacher

LMOST two-thirds of the world’s population—some 4.7 billion people—live in a country represented at the annual G-20 summit, which this year takes place in Osaka, Japan, on June 28 and 29. G-20 economies control 85 percent of global gross domestic product (GDP) and over 75 percent of global trade. Although there have recently been doubts about the ability of the G-20 to find common ground in an age of increasing trade wars, isolationism and protectionism, the group’s global reach still makes it an important forum for shaping policy. Recent scandals make clear that the globalization of world trade and finance has been accompanied by an internationalization of corruption. The G-20 AntiCorruption Working Group (ACWG), which works with governments on their anti-corruption measures, therefore, has the potential to be a very important partner in the fight for a more just world. The ACWG met in Mexico City recently, as part of its preparations for the Osaka summit, making the case for the G-20 to take action in some key areas. First, there’s some housekeeping to be taken care of. Over the years, the G-20 has made more than 60 anti-corruption commitments, covering areas like asset recovery, asset disclosures by public officials, anonymous company ownership, conflicts of interest, open data and public procurement. That’s great. But unfortunately, the job of holding the G-20 to account is made more difficult by the fact that even basic information about what progress has been made, or when steps will be taken by G-20 countries, is lacking. As a priority, the ACWG should increase accountability over the G-20’s anti-corruption progress. Specifically, G-20 countries should publish accountability reports for each of their commitments, to help ensure that words turn into action. Here are recommendations for how the world’s largest economies can help drive forward the fight against corruption in three key thematic areas:

Whistle-blowing

THE year 2019 has already been a landmark year for whistle-blower protection in the G-20. The new EU directive on whistleblower protection and the recent private-sector reform adopted in Australia contain very advanced provisions.

THIS is where the G-20’s existing commitments could make an enormous difference, if they were properly implemented. Time and again, we’ve seen how anonymous shell companies in secrecy jurisdictions are the key ingredient to making corrupt infrastructure schemes work. If companies were forced to disclose their real owners, then there would be fewer opportunities to disguise bribes and kickbacks, and hide conflicts of interest in the awarding of public contracts. The G-20 adopted High Level Principles on Beneficial Ownership Transparency (i.e., who really owns what) in 2014, but the latest assessment of their progress found that they are lagging behind when they should be leading. More openness in contracting and greater citizen participation in public procurement would also reduce the risk of public funds being siphoned off into the pockets of politicians and their cronies.

Gender

CORRUPTION disproportionately affects women. In their role as caregivers in many parts of the world, women experience corruption in their daily lives — from interactions with school officials to health-care providers. Women are also especially vulnerable to some specific forms of corruption, such as “sextortion,” where sex is the “currency” of the bribe. Corruption presents a barrier for women to gain full access to their civic, social and economic rights. In addition to the clear moral reasons for G-20 leaders to promote gender equality, women’s equal participation in the workplace would create huge benefits for the global economy. The ACWG has made a welcome commitment in this area in its latest action plan. Now both the working group and G-20 members should mainstream gender-specific approaches in all anti-corruption work, and support women’s participation in public life worldwide. Any High Level Principles adopted by the G-20 this year under Japan’s presidency should be at the highest possible standard. Through resources like the principles for whistle-blower protection legislation, civil society can help governments ensure that this is the case. Civil society can also contribute to increased transparency and make sure that outcomes are credibly evaluated. Although the ACWG invites civil-society representatives to their meetings, there is room for more meaningful engagement. While the Philippines is not part of the G-20 (Asia is represented by China, Indonesia, Japan and South Korea), the Philippines can and should move forward in anti-corruption in the three areas: Whistle-blower protection—both Houses of Congress developed bills but the needed protection supported by the private sector has not made any progress. Infrastructure—given the focus on the “Build, Build, Build” program, the national government and local government units should focus on “open contracting,” demonstrating transparency and involving “integrity circles” in bidding processes, composed of representatives from business and civil society. Gender—I would appreciate feedback from readers on corruption in this area. Feedback is appreciated; please e-mail me at Schumacher@eitsc.com.

the secondary-education curriculum and increase teacher proficiency and career development. Nearly 294,000 public secondary-education teachers, and additional teachers to be hired until 2023, stand to benefit from improved teaching practices, which will lead to better learning outcomes. The program will also support the Department of Education’s public financial management reforms, including the timely release of secondary schools’ budget for maintenance and operation, tools and equipment. It will also assess the effectiveness of the Education Service Contracting and the Senior High School Voucher programs. While reforms in the Philippine secondary-education system have shown progress, enrollment and graduation rates remain low, especially among students from the poorest households. The government is continuing to

address the challenges to quality education by, for example, deploying adequate numbers of specialized teachers, providing sufficient teaching resources, and ensuring the alignment of the curriculum to labor-market needs.

The program builds on an ongoing ADB assistance under the Senior High School Support Program, which is supporting the establishment and rollout of the government’s senior high-school program.

Sustaining the Philippines’s strong growth momentum will require a work force equipped with the appropriate set of advanced skills and knowledge to allow them to keep in step with the rapid technological changes in the global economy. Continued investments in highquality education are crucial to attaining the government’s vision of lowering unemployment and poverty rates.”—Perez

Latest PSA data Duterte signs Magna reveal continuous Carta of the Poor bill in bid to reduce poverty drop in rice price By Bernadette D. Nicolas

@BNicolasBM

RESIDENT Duterte has finally signed the Magna Carta of the Poor in a bid to institutionalize long-term strategies in poverty reduction. The President signed Republic Act 11291 on April 12, a few days before he inked the bill institutionalizing the Pantawid Pamilyang Pilipino Program (4Ps), the government’s key measures to effectively combat poverty in the country. The passage of the Magna Carta of the Poor seeks to uplift the quality of standard of living and quality of life of the marginalized and provide them opportunities for growth development through the help of both the government and the private sector. “Poor” is defined in the bill as families or individuals whose income fall below the poverty threshold as defined by the National Economic and Development Authority (Neda) and/or cannot afford in a sustained manner to provide their minimum basic needs of food, health, education, housing or other essential amenities of life. For the poor to fully enjoy their rights, the government is mandated to put in place a system or progressive realization or implementation. These rights include the Right to Adequate Food; Right to Decent Work; Right to Free, Relevant and Quality Education; Right to Adequate Housing; and Right to the Highest Attainable Standard of Mental and Physical Health. The President and Congress also have the prerogative to allocate funds to all poverty alleviation programs as they may deem necessary through the General Appropriations Act. Moreover, government agencies are supposed to come up within 100 days from the issuance of the implementing rules and regulations of the law, a National Poverty Reduction Plan (NPRP), in setting the thresholds that should be achieved by the government for each of the basic rights of the poor. The National Anti-Poverty Commission (NAPC), with technical assistance from the Neda shall be responsible in harmonizing the regional and local development plans for the crafting of the NPRP. The Department of Budget and Management will be reviewing the NPRP for the budget inclusion for implementing agencies. Meanwhile, the private sector is also highly encouraged to contribute in the financing and implementation of poverty alleviation programs and projects. Development partners who also accept cash donations, aids or grants, in cash or in kind, shall also be accredited by government agencies. Any donation, contribution and grant which may be made to the programs implemented under the NPRP shall also be exempt from the donor’s tax, while the implementers of the socialized housing resettlement program shall enjoy the incentives stated in the Urban Development and Housing Act of 1992. NAPC, in coordination with the government departments and agencies, with the participation of local government units and the basic sectors, will promulgate rules and regulations to carry out the provisions. The Act shall take effect 15 days after its publication in the Official Gazette or in a newspaper of general circulation.

Oil firms announce cut in fuel pump prices

ETRO Gazz, PTT Philippines and Eastern Petroleum Corp. said on Monday that they will implement a P0.35 per liter price cut in gasoline and diesel by P0.45 per liter effective 6 a.m. on Tuesday. Phoenix Petroleum had already implemented its price rollback on Sunday morning. Seaoil Philippines also reduced pump prices at 12:01 a.m. of Monday. Aside from the price rollback in gasoline and diesel, Seaoil also reduced kerosene price by P0.60 per liter. Other oil firms are expected to follow suit. Last week, oil firms increased pump prices by P0.90 per liter, diesel by P0.80 per liter and kerosene by P0.75 per liter. Prior to the May 21 price adjustment, they reduced pump prices for two consecutive weeks. Lenie Lectura

By Jasper Emmanuel Y. Arcalas @jearcalas

HE uptick in average farm-gate price of palay was abruptly cut in mid-May as nationwide quotation fell slightly to P18.35 per kilogram from previous week’s level, the Philippine Statistics Authority (PSA) reported. In its weekly price monitoring report, the PSA noted that the average farmgate price of palay in the second week of May was 0.54 percent lower than the P18.45 per kilogram recorded in the first week of the month. “Likewise, it dropped further by 12.6 percent from previous year’s same week level of P21 per kilogram,” the PSA added in its report, which was published on Monday. From May 8 to 14, the PSA observed the highest farm-gate price of palay in Central Visayas at P20.96 per kg. The PSA noted the lowest average palay buying price in Caraga at P16 per kilogram. The average farm-gate prices of palay have been declining since January as traders feared that cheap imports would f lood the country following the liberalization of the Philippine rice trade. Last week, Agriculture Secretary Emmanuel F. Piñol said the government was successful in stabilizing the retail prices of rice but farmers are now complaining due to declining price of palay in the market. Indeed, the latest PSA report showed that average quotations for both wholesale and retail prices of regular-milled and well-milled rice continued to go down during the period. On a weekly basis, the average wholesale price of well-milled rice went down slightly to P39.51 per kg, from the previous week’s P39.55 per kg. It was also 3.9 percent lower than the average of P41.12 per kg recorded in the same period last year, PSA data showed. “Relative to the previous week’s level of P43.30, the average retail price of wellmilled rice at P43.16 per kilogram went down by 0.3 percent during the period,” the PSA said. “Similarly, it exhibited a 1.7-percent drop from the same period of previous year’s level of P43.91 per kilogram,” the PSA added. The PSA observed the same price trends in the average quotations of regular-milled rice nationwide. “At the wholesale trade, the average price of regular-milled rice at P35.82 per kilogram fell by 0.5 percent compared with its previous week’s level of P36.01 per kilogram,” it said. “Likewise, it was lower by 5.2 percent from the same week of previous year’s level of P37.77 per kilogram,” it added. At the retail trade, the average price of regular-milled rice fell by 0.6 percent to P38.74 per kg from P38.98 per kg in the previous week, the PSA said. The latest average quotation was 3.6 percent lower than the P40.19 per kilogram recorded in the same week last year, it added.

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If you have any information / objection to the above mentioned application/s, please communicate with the Regional Director thru Employment Promotion and Workers Welfare (EPWW) Division with Telephone No. 400-6011.

ATTY. ANA C. DIONE, CPA REGIONAL DIRECTOR

A10 Tuesday, May 28, 2019 • Editor: Angel R. Calso

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editorial

Just do it

N a statement published on the Department of Energy web site on May 21, Energy Assistant Secretary Redentor Delola said the DOE was meeting with the Manila Electric Co. and all stakeholders to ensure compliance with the May 3 Supreme Court ruling ordering them to undergo a competitive selection process (CSP) on power-supply agreements (PSAs). “We will tell them, go CSP. If you don’t want to undertake the CSP, we will come out with a circular that we will do the CSP for you,” he said. The Supreme Court ruling required all PSA applications submitted by distribution utilities on or after June 30, 2015, to comply with the CSP or bidding in accordance with the 2015 circular of the DOE. It is expected to affect 95 PSAs including some that are already in effect. As with most public policy rulings concerning regulation, it cannot be expected that all stakeholders will agree with the Supreme Court decision or its results. For instance, some power firms have already said they will file a motion for reconsideration on the Supreme Court ruling. Even Energy Regulatory Commission (ERC) Chairman Agnes Devanadera said the commission is preparing “legal strategies” in response to it. Obviously, they are not prepared to simply follow it, as the Energy Department advised. We wonder, what is so wrong with the CSP? While the country needs more power plants to supply electricity to a rapidly developing economy, all energy contracts and infrastructure must be made in a transparent and accountable process, which the CSP could help ensure. In the BusinessMirror’s banner story on Monday, the International Chamber of Commerce Philippines (ICCP) said it supports the mandatory implementation of the CSP as a way to ensure more competitive rates, given that the Philippines has one of the most expensive electricity prices in the region. The ICCP said the full implementation of the CSP will also benefit consumers beyond lowering the cost of electricity by allowing power regulators to manage the contracting of energy supply and services. Considered a flagship program of the Energy Department that took years to prepare, the CSP is designed to get the least cost of electricity for consumers by forcing a distribution utility, like Meralco, to receive at least two qualified offers from generation companies (gencos), with which the DU is not prohibited from entering into a power supply contract. The CSP covers methods of competition to find the least power cost from alternative but qualified sources and feasible technologies. It also addresses issues of conflict of interest where price negotiated by DUs and gencos are ultimately passed on to consumers. The use of competitive bidding for securing generating capacity for electricity is meant to provide stronger incentives for cost control, expand supply options and add protections for consumers. On the grounds of economic efficiency, and a better market and institutional environment for the power industry, we see no reason why the CSP should raise vehement objections. Bidding has long been accepted as a more comprehensive approach than individual negotiations or administrative procedures in selecting and pricing projects. Of course, as with all bidding procedures in procurement, the regulators need to guard against price fixing and other anomalies, but on balance, the potential benefits of the CSP appear to outweigh its pitfalls. The CSP could eliminate the possibility of selecting a less efficient power project over other more economic alternatives, and electricity consumers would benefit directly from the cost savings. The CSP issue has been long drawn and, in hindsight, perhaps Meralco and the gencos would have done well to simply comply with the bidding requirement. If they are truly confident with the price of their electricity and the terms and conditions of their PSAs, what is there to be worried about? As far as the ERC is concerned, its job is to ensure that the cost of electricity that will end up being passed on to consumers is fair. This could only be achieved in a competitive market, not through negotiations that happen between affiliated companies. Power consumers must be given the power of choice—to choose where to source their electricity, at what price, what technology or energy source, much like telco consumers who can choose service providers. The development and technical innovations in the generation and transmission of electricity can no longer allow monopolies to supply all electricity demand within a service area.

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New BSP governor doing proactive role Manny B. Villar

THE ENTREPRENEUR

HE Bangko Sentral ng Pilipinas (BSP) under a new leadership is living up to its role of supporting economic growth. It reduced the benchmark interest rates on May 9, the first time under the leadership of Governor Benjamin Diokno. A week later, it announced a 200-basis-point reduction in the reserve requirement ratio (RRR) for universal and commercial banks, a move that would effectively release over P230 billion worth of additional liquidity into the market. I believe Diokno, a noted economist and former budget secretary, did a good job in assessing the macroeconomic situation before leading the Monetary Board to cut the overnight borrowing rate by 25 basis points to 4.5 percent and bring down the RRR. So far, he is doing well at the BSP after his good performance at the Department of Budget and Management. Aside from the interest rate cut, Diokno is mindful of other tools, such as the RRR adjustment, to ease the credit situation and reduce inflationary pressures. The BSP considered two major factors in deciding to reduce the interest rates on reverse repurchase (overnight borrowing) facility, as well as the overnight lending and deposit facilities. One is the slowerthan-expected economic growth in the first quarter, and the other is the manageable inflation rate this year. As the economy grew at a fouryear low of 5.6 percent in the first

quarter, a reduced interest rate will encourage greater spending and support expansion. This is timely as inflation rate eased to a 16-month low of 3 percent in April, and within the government’s 2019 target range of 2 percent to 4 percent. The 3-percent inflation rate in April also fell within the BSP forecast of 2.7 percent to 3.5 percent for the month. This brought down the average inflation in the first four months to 3.6 percent. Director General Ernesto Pernia of the National Economic and Development Authority (Neda) said the April inflation reading “validates our efforts toward stabilizing inflation so that the country’s buoyant economic growth, along with key reforms, remains unimpeded.” Food inflation eased because of the stable rice supply, which is expected to continue as the Rice Liberalization Act takes effect. The law, which lifts the quantitative import restriction on rice, is expected to

keep rice prices low and more affordable for low-income households, according to Neda. The government, however, is monitoring upside risks to inflation, such as the El Niño dry spell, a possible increase in utility rates and volatility in international oil prices. The Monetary Board said its decision to cut the policy interest rates at this time was based on assessment that the inflation outlook remains manageable, owing to the decline in food prices amid the improved supply. Latest baseline forecasts indicate that inflation would likely settle within the target range of 2 percent to 4 percent for both 2019 and 2020. Given the benign inflation outlook, the BSP decided to make loans more affordable for businesses and households. By releasing additional liquidity into the market with the RRR adjustment, the BSP is enabling more companies and households to have more access to loans necessary for expansion and investment. This only shows that Diokno is a dynamic and proactive BSP governor. He is a decisive and strong leader who knows the right strategy. At the same time, he is patiently working within the Monetary Board—a collegial body. We can only sustain the strong economic growth and stable inflation rate if the BSP will remain prudent and proactive in its monetary policies. While it should continue to focus on price stability, it also has a crucial role to play to stimulate economic expansion. The powerful BSP controls the supply and cost of money in the country.

Beware of the ‘financial community’ John Mangun

OUTSIDE THE BOX

URING my adult life I have held many jobs from truck driver to general manager of a dairy farm. I worked as a cook on a cruise ship and on scientific research vessels. I have owned many businesses, from a bar and a paralegal consulting firm to a company that bought and sold ships from Singapore to Stavanger. However, I consider myself a professional in financial business. My regulatory licenses are valid across three continents to trade and advise clients for equities, bonds, commodity futures and insurance products. I have professional training and certification in financial, estate and tax planning. I say without any hesitation that

the greatest risk to your wealth and financial health comes directly from the industry that most people depend upon for financial help. Every industry carries potential harm to the people. We expect the government, through laws and regulations, to protect us from the dangerous practices that “big business” can sometimes do. Drugs are tested

before being released. Automobiles and airplanes—usually—are subject to various standards of performance and safety. Heath inspectors are supposed to monitor conditions in the kitchens of five-star restaurants and the local fast-food joints. But when it comes to the financial services industry, you are on your own. In this field, the regulatory agencies are like the police whose presence is a deterrence to crime. But they only kick into action after you have become a victim. It is like the bus driver who is licensed and occasionally tested but who is only arrested after driving under the influence of alcohol or drugs, or when he gets involved in an accident. Straight upfront let me say that you have to work at not being taken advantage of, let alone not being cheated in Ponzi scams. At least with the more blatant scams you can usually avoid disaster with the time-tested question: “Is this too good to be true?”

The interest rate reduction is expected to translate into more economic activities in the second half of 2019 and will hopefully help the economy grow more than 6 percent again. This will be supported by strong government spending with the release of the 2019 national government budget. Remember that the budget impasse in Congress forced the government to operate on a reenacted 2018 budget, which, in turn, resulted in underspending of about P1 billion a day or P90 billion in disbursements in the first quarter. The Neda estimated that this shaved off about 1 percentage point in the first-quarter gross domestic product growth. In deciding to reduce interest rates, the Monetary Board also considered the impact of the budget delay on near-term economic activity, but took the view that the prospects for domestic demand remain firm, supported by a projected recovery in household spending and the continued implementation of the government’s infrastructure program. It also observed that the global economic growth momentum slowed down in 2019 and that “indications of slower growth in domestic liquidity and credit require careful monitoring.” Given these developments, I am confident that the BSP under Diokno would continue to monitor developments affecting the inflation outlook and support economic growth if needed. For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

More sinister is the deceptive advertising that often use ideas that seem valid. Popular now is the “false equivalence” argument found in this example. “P10,000 spent in 2007 on a phone, invested in a Time Deposit, Mutual fund and Jollibee shares would now be worth P13,043, P22,308 or P55,600.” How about this response: “I used my P10,000 cell phone to make an appointment with a client who bought a condominium that earned me a P200,000 commission.” That example being used by the “financial gurus” is no less absurd than this— “You’ve been spending on a life insurance policy for 20 years. What a waste. You didn’t die, did you? Instead you could have had one Friday night a month at the bar of your choice with drink, food and ‘companionship.’ I told you I used to own a bar.” A cell phone is a tool. A Time Deposit is where you store excess cash. A Mutual Fund is a long-term See “Mangun,” A11

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‘Goodbye ribbons! Hello apostilles!’

To new senators: Make good things happen in the Senate Manny F. Dooc

TELLTALES

Atty. Jomel N. Manaig

TAX LAW FOR BUSINESS

FTER depositing its instrument of accession in the Hague Conference on Private International Law in The Hague on September 12, 2018, the Apostille Convention officially entered into force between the Philippines and the other State Parties that have raised no objection to its accession on May 14, 2019. While this made a lot of people rejoice at the relief brought about by using “apostillized” documents, others would ask: What is an apostille? Before we delve into the specifics of apostillization, let’s recall the old process in having a document authenticated to be used abroad. Whenever a public document from the Philippines would be used abroad, it must first be certified by the relevant government agency or office issuing or having custody of such document. Afterward the Department of Foreign Affairs (DFA) must authenticate it. The perennial “red ribbon” attached to the public document more commonly identifies such authentication. Last, the embassy of the country where the document would be used would authenticate the public document in a process called “Legalization.” Similar process applies on documents coming from outside. With the old process cleared up, let us go to apostillization. An “apostille” is a certificate placed on the public document itself or on an allonge. It has the effect of certifying the origin of the public document. Specifically, it certifies the authenticity of the signature or seal of the person or authority that signed or sealed the public document and the capacity in which it was done. Although the apostille has the effect of certifying the document, it does not relate to the latter’s underlying content. Instead of using the “red ribbon,” the DFA would now issue an apostille to authenticate the document. Once apostillized, the public document may now be presented and used abroad. There is no more need to undergo Legalization of the public document. With apostillization, the process is significantly made more efficient and less costly. Before we go and avail ourselves of this new development, let us first ask: Is my document required to be apostillized? Based on Article 1 of the Apostille Convention, apostillization applies to the following public documents: (1) court-issued documents; (2) administrative documents (such as civil status documents); (3) notarial acts; and (4) official certificates that are placed on documents signed by persons in their private capacities. Apostilles may also be issued for certified true copies of a public document. On the other hand, apostillization does not apply to: (1) documents issued by diplomatic or consular agents; and (2) administrative documents dealing directly with commercial or customs operations. It must be remembered that the purpose of an apostille is to authenticate a public document for use abroad. In other words, an apostille may never be used for the recognition of a public document in the country where that document was issued.

Mangun. . .

Continued from A10

savings vehicle. Jollibee shares are an investment in the stock market. False equivalence argument debunked. The stock brokerage community is not without its illogical arguments to get your money, including the “Fallacy of Sunk Costs.” That is why they recommend holding a stock even when it is going down “because you are already invested, so why take a loss? Better to buy more as it goes

If the apostillization applies to the public document, the next question to be asked is: Is the country of destination a State Party to the Apostille Convention? It should be noted that the use of the apostille is by virtue of an agreement, the Apostille Convention, between Contracting State Parties. All those not parties to the Apostille Convention cannot be forced to recognize an apostille. As of September 12, 2018, the Apostille Convention has 117 Contracting State Parties, which include States where the Apostille Convention has not yet entered into force following its deposit of its instruments of ratification, accession, acceptance or approval. As such, the Philippineissued apostilles will be honored in the territories of the Contracting State Parties, with the exception of Austria, Finland, Germany and Greece all of whom objected to the accession of the Philippines to the Apostille Convention. Any public document that would originate from or would be used in the said countries will still undergo the Legalization process in the embassy. Once it is verified that the public document is among those that may be apostillized and that the country where the document would be used is a Contracting State Party to the Apostille Convention, the next logical question is: Where to go to get an apostille? Under Article 6 of the Apostille Convention, the apostille must be issued by the “competent authority” of the State. Only the competent authority of a country may issue an apostille for a document, which was executed or which originated from the said country for use abroad. In the case of the Philippines, the competent authority is the Authentication Division of the Office of the Consular Affairs of the DFA. Recipients may also verify apostilles by contacting the competent authority that issued the same. For Philippine-issued apostilles, recipients may either access an online portal created by the DFA or scan the QR code on the apostille to verify it. The accession in and eventual entry into force of the Apostille Convention surely is a breath of fresh air. It steers us in the right direction toward loosening up the rigid processes in our near-archaic system. The author is a senior associate of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at jomel.manaig@ bdblaw.com.ph or call 403-2001 local 370.

down.” Another is a variation of the tu quoque—Latin for “you too.” “I made a million last year and I can show you how to do that this year.” Everyone is entitled to being taken advantage of but remember this: The Italians have an old proverb— “He that deceives me once, it’s his fault; but if twice, it’s my fault.” 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.

Tuesday, May 28, 2019 A11

Continued from A1

F I described the end of the Estradas/Ejercitos’s five-decade reign in San Juan City politics as like the closing of a cathedral, the end of the once politically powerful family of Pasig, the Eusebios, is like the extinguishment of a flame that was lit in 1992 when the patriarch Vicente Eusebio was first elected mayor of Pasig City. When he graduated after serving the maximum term under the law, his wife and son, Soledad and Robert, succeeded him. His wife Maridel Andaya Eusebio briefly replaced Robert for one term in 2013, and then he reclaimed the Pasig City hall. There must be some truth to PRRD’s accusation during the Miting de Avance of PDP-Laban at the Ultra Sports Complex that there was a “bully” in Pasig hectoring his political opponents when it was reported shortly after the elections that biko vendors in the Pasig markets could not openly sell their products to the public. I wonder if the alleged bully also banned the selling of “Puto Bong Bong,” “Nata de Koko” and “graba at Bato.” nnn

WE have first-timers in the Senate—Senators-elect Bong Go, Bato dela Rosa, Imee Marcos and Tol Tolentino. As they enter the Senate

Building for the first time as members of the august body when the 18th Congress opens, I recall Jack Kennedy in 1947 after he was sworn in for the first time in the US

Congress. He took his younger brother Ted Kennedy who was barely 14 years old to give him a tour of the building. Young Ted, who years later became a stalwart in the US Senate, was awed by the imposing structure and its history but what he never forgot was the advice given by his older brother: “You’ve just seen all the buildings that symbolize what is important about this country. But remember that it’s not just the buildings. It’s what happens inside the buildings that matters.” Likewise, here’s my humble admonition to our new senators: Be confident of your competence and worth; your senior colleagues should not intimidate you. You are their equal and you are more than equal to the trust reposed upon you by your millions of supporters. Your mandate is no less than the longest serving senator. Pursue it with vigor and pride and make good things happen in the Senate. nnn

MY recent favorite quote comes from Mayor Sara Duterte-Carpio’s outright dismissal of former Speaker Bebot Alvarez’s peace feeler in the latter’s effort to reconcile with her. Without mincing words, my favorite and feisty mayor said: “He was and he remains to be a very dangerous Machiavellian

individual who does not deserve peace.” Niccolo Machiavelli was an Italian political philosopher, statesman and preeminent court adviser during the 15th century. His political philosophy is embodied in his most famous work, The Prince, which is practically a handbook on how to achieve power and how to keep and wield it without regard to ethics and morality. He justified the use of immoral means to achieve political ends. No one understood power better than Machiavelli. Now I know how former Speaker Alvarez had handily toppled the combined leadership of the Floirendo-del Rosario in their home turf of Davao del Norte. If Mayor Sara’s assessment of Representative-elect Alvarez holds true, then we can expect an exciting contest for the Speakership. nnn

ONE of my ardent readers, a physician, who has been following my columns since I started writing in March, said she did not like my last piece that dealt exclusively on lawyers. But to be fair to all lawyers and doctors out there, let me paraphrase what one (probably an accountant) has once said: “When lawyers commit a mistake they imprison their clients; in the case of doctors, they bury their mistakes.”

BOOK REVIEW

Death by Red Hacker: From Chengdu’s ‘Dark Visitors’ to Manchurian Chips Cecilio T. Arillo

DATABASE

‘W

HILE China’s human spy network relentlessly ‘vacuums’ whatever secrets it can collect from whatever American university campuses, businesses, research labs, and government offices its agents can penetrate, China’s growing cadres of computer hackers arguably pose an equal, and perhaps even greater threat,” said Dr. Peter Navarro and Dr. Greg Autry in their hard-hitting book, Death by China, published and copyrighted in 2011 by Pearson Education Inc. Navarro is a Harvard-educated trade adviser of US President Donald Trump while Autry, a noted strategist and assistant clinical professor of the University of Southern California, serves as the White House liaison to National Aeronautics and Space Administration, among other things. “To date,” they said, “China’s ‘Red Hacker’ brigades have infiltrated Nasa, the Pentagon, and the World Bank; hit the US Commerce Department’s Bureau of Industry and Security so hard it had to trash hundreds of computers; emptied the hard drives of the Lockheed Martin F-35 Joint Strike Fighter project; and virtually carpet-bombed the US Air Force’s air-traffic control system. They have also hacked the computers of reform-minded Congressmen as well as the House Foreign Affairs Committee.” “During the 2008 Presidential campaign, Beijing’s Red Hacker brigades even broke into the e-mail servers of both the Obama and McCain campaigns as well as the Bush White House. And in one of the most brazen breaches, the laptops of the United States Commerce Secretary and several of his staff were kidnapped and loaded with spy software during a trade mission to Beijing,” Navarro and Autry said. “In addition, while traditional spy craft has often relied on the ‘honeypot trap’—a Mata Hari mistress to extract secrets during pillow talk or a lady of the night to put potential marks into compromising positions—China’s virtual spymasters are now using a new variety of digital honeypots to hijack data from computers,” they said. “Indeed, beyond the usual prostitutes and bugged hotel rooms in Shanghai, China’s agents are now

offering virus-laden memory cards and even digital cameras as gifts. According to Britain’s MI5 secret service department, when attached to the victim’s computers, these nefarious digital honeypots install software that allows hackers to take control,” Navarro and Autry explained. “In fact,” they said, “being a hacker in China is ‘sort of like being a rock star,’” says China-hacking expert and author of The Dark Visitor, Scott Henderson. “It’s even a career that reportedly up to one-third of Chinese school kids aspire to.” “Like an online mirror of China’s distributed spy network, large cadres of amateur hackers handle much of the grunt work in what is a massive cyberwarfare effort. Every day, thousands of these so-called hacktivists continually probe, vandalize, and rob the institutions of the West—as well as Asian rivals like Japan and India,” they said. They added: “In considering the extent of the Chinese cyberwarfare threat, it is useful to identify the major goals of cyber espionage. The simplest is to disrupt the operations of Western systems by vandalizing web sites or by overwhelming the servers with a ‘denial of service’ attack.” “A second obvious goal,” they said, “is to steal valuable information: credit-card numbers and identities at the individual level; technologies, bid documents, corporate financials, and trade secrets at the industrial level; and weapons systems at the military level.” “Still a third goal of cyberwarfare is to corrupt data in a way that causes significant downstream damage. For instance, by compromising stock or bond market trading systems, China’s Red Hacker brigades might

“During the 2008 Presidential campaign, Beijing’s Red Hacker brigades even broke into the e-mail servers of both the Obama and McCain campaigns as well as the Bush White House. And in one of the most brazen breaches, the laptops of the United States Commerce Secretary and several of his staff were kidnapped and loaded with spy software during a trade mission to Beijing,” Navarro and Autry said.

disrupt trading, manipulate transactions, or skew reports and thereby incite a financial panic. “Finally, hackers can impact the real world by taking control of systems that control physical assets. For example, a team of Chinese cyber patriots might shut down the electricity grid of New England to ‘punish’ America for an action like welcoming the Dalai Lama to the White House or selling arms to Taiwan.” According to them, “What all the major activities of China’s Red Hacker brigades have in common is that they are conducted at arm’s length and under the supervision of China’s Communist Party. Of course, the Party maintains its distance precisely so it can always issue a plausible denial for whatever outrage bubbles up to the surface—a bold hack on the Pentagon, the hijacking of a big chunk of the Internet for 18 minutes, an attack on Google’s source code, and so on. “But make no mistake about it. China’s so-called hacktivist militia would not exist but for the guiding hand of Beijing. As James Mulvenon at the Center for Intelligence Research and Analysis explains, “These young hackers are tolerated...provided that they do not conduct attacks inside China. They are sort of useful idiots for the Beijing regime.” “Useful idiots” indeed. While Los Angeles has its infamous “Crips” and “Bloods,” China’s hacktivist militia has organized into thousands of small groups with names like “Green Army Corps,” “the Crab Group” and even all-girl ensembles like “Six Golden Flowers.” They work together to improve their skills, share tools and techniques, and inflame each other’s nationalistic passions. Combined, these cybergangs form an amorphous ideological-driven

coalition with colorful names like the “Honkers.” Navarro and Autry explained: “China even has hundreds of ‘hacking schools’ to teach young computer whizzes the dark arts. Large professional ads for cyber espionage training and tools may be found in public places, and, says Wang Xianbing of hackerbase.com, they ‘teach students how to hack unprotected computers and steal personal information.’ Meanwhile, China’s central government allows groups like the China Hacker Union to openly operate and even keep business offices while ripping off foreigners—so long as they don’t hack into domestic Chinese sites or software.” Navarro and Autry said: “Lest anyone doubt that China’s hacktivists operate under the protection of the central government, consider that China has the most heavily controlled Internet in the world. The idea that any rogue hacker could exist for any extended period within China and beyond the reach of Beijing’s army of censors is patently absurd. “In fact, whenever a hacker group breaks Beijing’s biggest unwritten rule—never attack the Chinese government—retribution is swift and sure. For example, when several members of a hacker group exploited a hole in China’s Green Dam censorship software—an important tool used by Beijing to spy on Chinese Internet users—the hackers were promptly arrested. So, too, was a hacker from Hubei Province who, according to the China Daily, replaced ‘a picture of an official on a government web site with a girl in a bikini.’ This cyber prankster got off light by Chinese standards—only a year and a half in prison.” “Of course, it is precisely these kinds of occasional crackdowns that keep China’s Red Hacker brigades focused on foreign institutions and governments. And these brigades can always be whipped up quickly into a nationalistic frenzy with just a wink and a nod from the Communist Party leadership,” they warned. Whatever the book says, though, it can be misconstrued by those unfamiliar with the seriousness of cyber-security issues as merely a medium of brinkmanship considering that America is still China’s friend and a big borrower at $1.13 trillion as of February 2019, according to Google news. To reach the writer, e-mail cecilio.arillo@ gmail.com.

2nd Front Page BusinessMirror

A12 Tuesday, May 28, 2019

www.businessmirror.com.ph

‘Sagip Saka,’ boosting agri co-ops, signed

By Bernadette D. Nicolas

@BNicolasBM

RESIDENT Duterte has finally signed into law the “Sagip Saka Act,” which mandates national and local government agencies to directly purchase agricultural and fishery products from accredited farmers’ and fishermen’s cooperatives. Republic Act 11321, signed by the President on April 17, exempts from the application of the bidding

process the procurement of these products made by national and local government agencies.

However, agencies still need to undergoanegotiatedprocurementscheme undertheguidelinesoftheGovernment Procurement Policy Board. The law also instituted the Farmers and Fisherfolk Enterprise Development Program to be implemented by the Department of Agriculture(DA), in a bid to achieve sustainable modern agriculture and food security by helping the agricultural and fishing communities, as well as improving the quality of life of farmers by increasing farmers’ and fishermen’s incomes and bridging the gaps through public-private partnerships. The program refers to a comprehensive set of objectives and targets and a holistic approach to promote

the establishment of enterprises involving agricultural and fishery products. To oversee the proper implementation of the program, the Farmers and Fisherfolk Enterprise Development Council is also created. Chaired by the agriculture secretary or his representative, the Council shall have representatives from the Department of Trade and Industry (DTI), Department of the Interior and Local Government, Department of Finance (DOF), Cooperatives Development Authority, national organization of farmers cooperatives or associations, national organization of fisherfolk cooperatives or associations, and two representatives from the

agriculture, food, restaurant and business sectors. Forms of assistance to beneficiaries include improvement of production and productivity, including agr icultura l extension services, skills and development, provision of production inputs, equipment, facilities and infrastructure for production and postproduction activities; improvement of producers’ and enterprises’ access to financing in the form of credit grants and crop insurance; provision of access to improved technologies through research and development; and provision of business support and development services, particularly in the areas

of access to markets, marketing and networking. The law clarified that farmers and fisherfolk must be members of any organization operating in the priority commodity value chain for them to be eligible either as a member of the proponent group or as supplier to the enterprise. State-owned Land Bank of the Philippines shall also provide preferential rates and special window to the accredited farmers and fisherfolk enterprises. The implementing rules and regulations of the law shall also be formulated by the DA , in consultation with DTI and DOF, within 60 days from the effectivity of the law.

Inting Strong liquidity prompts BTr CA’s B.I.R. TO ISSUE ESTATE is associate to fully award T-bills on offer justice at SC TAX AMNESTY RULES T T P HE Bureau of the Treasury (BTr) has awarded the full P15 billion on offer in its latest auction for Treasury bills (Tbills) as rates for the government security were low on the back of the strong liquidity in the market. National Treasurer Rosalia V. de Leon told reporters the cut in the Reserve Requirement Ratios (RRR) has flushed liquidity into the system, resulting in lower rates for the T-bills auctioned on Monday. “On the local front, given that we see the RR cut would be effective on the last day of May, so [investors] see there would be 90 basis points to 100 basis points that would be flowing into the system,” de Leon explained. “On top of that, the Monetary Board [MB] also decided there would be a cut for the RR for the thrift banks, so that’s [an]

additional P20 billion flushed into the system as well.” The 91-day tenor was awarded the full P4 billion with bids amounting to P10.562 billion. The average annual rate for the security posted a 10.8-basis-point decline, settling at 5.150 percent compared to the previous auction rate of 5.258 percent. Bids for the 182-day T-bill reached P11.418 billion, which prompted the auction committee to award the full P5 billion on offer for the tenor. The average annual rate settled at 5.590 percent, lower by 11 basis points from the 5.70 percent registered during the previous auction.

‘Abundant liquidity’

“SO we see that there will really be abundant liquidity in the market.

Of course, everybody is going into safe haven given the expectations [on the] performance of the stock market, and what’s the safe haven—of course, government securities,” she added. “So we see a strong demand in the auction for today.” For the 364-day tenor bucket, the auction committee awarded the full P6 billion on offer as tenders of the security amounted to P25.896 billion. The rate for the security posted an 18.6-basis-point reduction compared to the last auction rate of 5.869 percent, settling at 5.683 percent. “And we’ve seen the rates coming down by more than 10 basis points, in the case of the one year even,” de Leon said. “It’s around short of 20 basis points than the previous See “T-bills,” A2

RESIDENT Duterte has appointed Court of Appeals Justice Henri Jean Paul B. Inting as the new Associate Justice of the Supreme Court. Justice Secretary Menardo I. Guevarra confirmed Inting’s appointment to the BusinessMirror. Guevarra said Inting, 61, will be filling up the post vacated by Lucas Bersamin when he was appointed last year as the Chief Justice. Inting edged out 12 other shortlisted candidates vying for the Supreme Court seat, making him the President’s 11th appointee to the high court. While Inting only received four votes from the Judicial and Bar Council (JBC) members, in the end he still bested those leading in the short list—including Court of Appeals Justices Edgardo de los Santos and Amy Lazaro-Javier, who got six votes each. Inting, who is also the younger brother of Commission on Elections Commissioner and former CA Justice Socorro Inting, earned his law degree, cum laude, at Ateneo de Davao University. Prior to studying law, he took psychology at the University of San Carlos Cebu. Before being named CA Associate Justice, he served as Quezon City Regional Trial Court presiding judge, presiding municipal trial court judge and assistant city public prosecutor. After passing the bar, he also worked as a senior corporate attorney in the National Housing Authority as senior CA supervising staff attorney, and public attorney at the Public Attorney’s Office. Joel R. San Juan and Bernadette D. Nicolas

ASF. . .

Continued from A1

‘Not severing ties’

PIÑOL said the proposal to suspend importation from high-risk countries is meant mainly to protect the P200-billion local hog industry from ASF and does not mean “severing ties” with the country’s trade partners. “We want to assure our trading partners that this action is actually not aimed at severing our trade relations with them but protecting our local hog industry,” he said. “And as soon as we are able to establish an impenetrable quarantine wall, then everything will be okay,” he added. Piñol also dismissed possible violations of trade agreements, such as under the World Trade Organization, if the proposed moratorium pushes through. Piñol said he is more concerned over the livelihood of thousands of

HE Bureau of Internal Revenue (BIR) said the rules for the implementation of the estate tax amnesty will be issued this week or before next month. The BIR said in a statement on Monday that it was ready with the rules after holding public consultations for the proposed revenue regulation for the estate tax amnesty under Republic Act (RA) 11213 or the Tax Amnesty Act of 2019. Under the draft rules, taxpayers are given two years from the effectivity of the finalized revenue regulation to file the Estate Tax Amnesty Return (Etar) or BIR Form 2118-EA in triplicate copies at the Revenue District Office (RDO) having the jurisdiction over the last residence of the decedent. “If the decedent has no legal residence in the Philippines, the return shall be filed with RDO 039-South Quezon City,” the BIR added. The estate tax amnesty shall cover the estate of the decedents who died on or before December 31, 2017, with an estate tax amnesty rate of 6 percent.

Biz deals. . . Continued from A1

showed. In 2017 Duterte netted over $9 billion of aid from Tokyo. The East Asian country is financing many infrastructure projects in the Philippines, including the first ever subway line in Metro Manila. However, uncertainties over the country’s corporate tax and incentives regime scared off Japanese investors last year. Under the Tax Reform for Attracting Better and High-Quality Opportunities (Trabaho) bill, the government seeks to

hog raisers that could be destroyed by ASF rather than looking at possible violations. “In fact I am not just concerned. I am scared. The moment that ASF enters this country, thousands of Filipino families will suffer and even our consumers [will as well],” he said. “People may look at it as a violation, but I will always look at it as an effort to protect [the industry],” he added.

Sufficient supply

HOG raisers dismissed the possibility of supply disruption once importation is affected by their proposal since the country has a pork buffer stock sufficient for almost five months. This stockpile volume, the hog raisers noted, was more than enough to cover the two-month moratorium on imports that they are seeking. Furthermore, Piñol asked meat importers to heed the appeal of the local hog raisers and voluntarily

A minimum tax amnesty amount of P5,000 shall be imposed on each decedent’s total net taxable estate at the time of death without penalties at every stage of transfer of property. According to the BIR, the estate tax amnesty shall not extend to the following: delinquent estate tax liabilities which have become final and executory, in which case the tax amnesty on delinquencies may be applied; and properties involved in cases pending in appropriate courts. The estate shall be valued at its fair market value (FMV) as of the time of death of the owner. However, the value of the real property as of the time of death shall be whichever is higher of the zonal values as determined by the BIR commissioner, or the FMV as shown in the schedule of values fixed by the provincial or city assessors. Last month, the BIR released the draft RR on estate tax amnesty to enable the public and other stakeholders to air their suggestions for the final IRR of the amnesty proposal.

Rea Cu

gradually lower corporate income tax to 20 percent by 2029, from 30 percent. In exchange, incentives granted to firms operating in economic zones, such as the 5percent tax on gross income in lieu of all local and national taxes, will be removed. Foreign investors, Japanese firms included, disapprove of this component of the measure, as this could compel them to move out of the Philippines and relocate to another Southeast Asian country with a more competitive incentives regime. At the height of the Trabaho bill debate last year, PSA data showed approved investments from Japan declined 38.3 percent to P19.72 billion, from P31.98 billion in 2017.

stop sourcing their imports from high-risk countries. Piñol said he will meet with local importers on Tuesday to appeal to them to support the DA’s campaign against ASF and just purchase their meat requirements locally. “We are hoping that the importers, themselves, volunteer to refrain from importing from highrisk countries. By then we do not have to declare suspension or observing moratorium,” he said. Piñol added that the DA will meet with Food and Drug Administration (FDA) officials on Tuesday to request for a recall of all processed meat products manufactured beyond August 2018 that are being sold in local supermarkets today. The agriculture chief said they have received reports that the FDA, which oversees trade of processed meat products, continued to issue transport permits despite the DA ban on the importation and shipment of these goods from ASF-affected countries.

Editor: Efleda P. Campos

Companies BusinessMirror

Tuesday, May 28, 2019

Meralco April sales up 11%

By Lenie Lectura

@llectura

HE Manila Electric Co.’s (Meralco) energy sales volume for April and May shoot up by 11 percent and 4 percent, respectively, mainly due to higher demand.

rate” last month. Meralco sales growth in April, when most yellow and red alerts occurred, is a “precursor” of how demand for power will behave for the second quarter. “I hate to say it, but secondquarter volume numbers would be good,” Pangilinan said during a press conference of the company’s first-quarter financial performance. Panlilio also said then that “April seems to be stronger. It had a very warm temperature so we saw a bump in residential sales in April.” Meralco’s customer base grew by over 4 percent to 6.7 million customer accounts, with 285,000 net new accounts since March 2018. The residential customer base, which rose by close to 5 percent, remains at 92 percent of the total customer base. This included 102,656

prepaid electricity customers, up from 93,522 as of end-March. Commercial, which represented 8 percent of the total customer count, and industrial customer accounts which accounted for less than 1 percent of the total increased by 3 percent and 2 percent, respectively, the same rates of increase in the comparative period in 2018. Of the total sales volume in the first quarter, Meralco reported that commercial, industrial and residential accounted for 40 percent, 31 percent and 29 percent, respectively. The commercial segment went up by 2 percent to 4,057 GWh, driven by real estate, hotels and restaurants, and storage facilities. The industrial segment grew 5 percent to 3,068 GWh, boosted by nonmetallic, rubber and plastics, and food and beverage sectors.

“April energy sales growth was 11 percent. It was a hot month so that pushed up the cumulative increase to 4 percent plus,” Meralco \ Chairman Manuel Pangilinan said. Meralco’s January to March electricity sales volume went up by 2 percent to 10,381 gigawatts per hour (GWh). W hen asked for more de tails, Meralco Senior Vice President Alfredo Panlilio said in a text

message that April electricity sales this year as against April 2018 grew by 10.9 percent. For May, Panlilio said Meralco initially recorded a “4-percent” increase. He said the growth mainly came from the “residential segment” of the power distribution business “although both commercial and industrial” also improved, brought about by “higher temperature, lower inflation and lower generation

New peak power demand in Mindanao recorded before midterm polls in May

PHL has among best ‘cloud’ policies in AsPac

By Manuel T. Cayon

@awimailbox Mindanao Bureau Chief

AVAO CITY—Mindanao posted a record-high peak power demand a week before the recent midterm elections. The Mindanao Power Monitoring Committee (MPMC), which holds office at the Mindanao Development Authority (MinDA), ascribed it to the increasing economic activity in the island, rather than on the simultaneous need for steady electric supply for the May 13 midterm elections. Peak power demand reached an all-time high of 2,013 megawatts on May 8, the MPMC said. The highest peak demand last year was at 1,853 MW recorded on December 13. MinDA Assistant Secretary Romeo Montenegro, who heads the MPMC technical working group, attributed the surge in demand to the growing economy of Mindanao. “With the Mindanao economy growing solid at 7.1 percent in 2018, primarily driven by our services sector, we can also expect for the power demand to head for an uptick,” he said. He said Mindanao’s supply remained at a comfortable level, with excess averaging from 400 MW to 600 MW, even with the summer months tweaking average temperature beyond 40 degrees centigrade and when hydroelectric output has been in historic low. However, MinDA said Mindanao would need 3,500 MW of new capacity between 2021 and 2030 “given the sustained economic growth of Mindanao, which triggers massive infrastructure and industry developments across the region.” “At least 40 20-story buildings are expected to rise in Davao City alone in the next three to five years, with each building requiring at least 5 MW of electricity,” he said. It would be crucial then that power supply “moves along this growth trajectory in the long term, thus the need to bring in new and reliable capacities even before the developments get ahead of us,” Montenegro said. Although hydroelectric power from the Agus-Pulangi complex in Lanao and Bukidnon provinces, respectively, is still the biggest and cheapest single source for power in Mindanao, “several coal power plants have come on line in the last two years and combined, now account for more than half of the supply,” he added.

By Lorenz S. Marasigan @lorenzmarasigan

HE Philippines might have one of the best cloud policies in the Asia Pacific region, but the actual adoption of the technology for social use, such as health care, transport systems, and financial inclusion is still marred with technicalities that prohibit the country from effectively adopting cloud technology into government processes. Asia Cloud Computing Association (ACCA) Executive Director MayAnn Lim and Microsoft Regional Attorney Jarom Britton agreed that while the Department of Information and Communications Technology (DICT) has implemented a very “flexible” policy on cloud adoption, it still has a lot of room to grow to hasten its implementation. “We think the Philippines is one of the most forward-looking nations in the region in terms of cloud procurement. It is one of the few governments willing to get their hands dirty with its cloud-first policy,” Lim said. Britton added: “But what is challenging for them is implementation, as the policy calls for the accreditation of cloud-service providers. There is still some trouble in the accreditation list, and this requires them more time to do because they are doing something that is bespoke.” In early 2017, the DICT adopted a cloud-first policy through a department circular that prescribes the

Philippine government to eliminate the duplication of hardware and systems, fragmentation of databases through the use of cloud-computing technology. This policy aims to reduce costs, increase employee productivity and develop excellent citizen online services. “If you look at the cloud-first policy of DICT, it’s very good. It recognizes and talks through the benefits of the cloud. It’s a clear indication that government agencies should use cloud computing as preference over other models of deployment,” Britton noted. Cloud computing could be helpful for the government, as it could create a whole new swathe of services and upgrade existing ones, especially for traffic management, health care, and even financial inclusion thrusts. For instance, vehicle movement data that can be stored in the cloud can easily be processed to create traffic-management solutions that could help build a transport system that will predict the exact time for bus pickup and drop-off. It could also be used for other social programs, such as cond itiona l-cash d isbursements, knowledge development and information dissemination. Simply put, using the cloud for different government services will help the government in its digital transformation initiatives, which could simplify processes and provide greater convenience

to its citizens. Britton noted that adopting a cloud-based policy and actually implementing it could help generate a “significant” amount of savings over on-premise infrastructure. It is also highly scalable and more secure than building an IT facility. “Cloud-based technologies will drive much of the public sector’s future transformation by presenting a secure and cost-efficient model for delivering citizen-centric services,” added Britton, who led the formal launch of ACCA’s report entitled “From Vision to Procurement: Principles for Adopting Cloud Computing in the Public Sector” on Monday. The report said governments should evaluate their cloud product of choice based on its capability to provide high security, ensure the privacy of personal information and guarantee technology reliability. Moreover, a good cloud product must be compliant with all regulations and must be aligned with the agencies’ duty of accountability. Government agencies must also look at technology that can support their societal goals and help improve environmental sustainability. “Adopting cloud services will help government agencies to achieve greater efficiency and enhanced citizen inclusion,” Lim added. “There is a need for a forward-looking cloud procurement strategy to create a trusted environment for the public sector to utilize such services.”

Albay solon files petition with SC seeking to revoke MMDA ban on provincial buses in Edsa By Joel R. San Juan

@jrsanjuan1573

NOTHER petition was filed before the Supreme Court on Monday seeking to enjoin the Metropolitan Manila Development Authority (MMDA) from pushing through with its plan to ban all prov incial buses from ply ing along Edsa and transfer their stations to Santa Rosa, Laguna, as part of the government’s measures to address traffic congestion in the metropolis. In a 15-page petition, Albay Rep. Joey S. Salceda through his lawyer Caroline Cruz said the implementation of MMDA regulation 19-002, Series of 2019 “is utterly oppressive and unfair” and that it violates the requisites for a valid exercise of police power. The said regulation passed last March 26, 2019, by the Metro Manila Council (MMC) and will be implemented next month prohibits all provincial buses from plying Edsa and revoking all permits issued for operation of bus terminals and other public-utility vehicles. The regulation also designates Santa Rosa, Laguna, (South Station) and Valenzuela (North Station) as the endpoint for PUBs. Salceda argued that Republic Act 7924, the law that creates the MMDA, does not give the agency police or legislative power to implement such measure. “In issuing the MMDA regulation prohibiting and revoking permits to all affected PUBs along Edsa is already encroaching into the realm of a legislative body and not performing administrative functions which limits its authority under R A 7924,” the petition read. While the ban on PUBs from Edsa was based on the order of President Duterte, the petitioner said its implementation should be based on existing law. Salceda pointed out the MMDA regulation would violate PUBs’ existing franchises duly issued by the Land Transportation Franchising and Regulatory Board. (LTFRB) and the existing lease agreements between the operators of the PUBs and their terminal owners. Salceda insisted the controversial measure is not the right solution to the traffic problem of

Metro Manila and instead, would only cause “great economic disruption, inconvenience, expenses and damages to multitudes of commuters to and from as far as Visayas and the Bicol region.” The lawmaker said the ban is unjust because it shifts the burden of inconvenience to provincial commuters, particularly students, and traders and ordinary families with relatives in Metro Manila who will have to transfer to another mode of transport and shell out extra fares. He said the plan will not solve the traffic problem in Metro Manila because while 6,000 northbound and southbound provincial buses will be banned from plying Edsa, the LTFRB is expected to allow 14,000 new black-painted Premium Taxis to transport the more than 50,000 passengers daily from the stop-off points. This would be on top of the 2,000 new P2P buses at both stop-off points to enter Edsa and thousands of new UV Express vans also to and from both stopoff points. “How then will they reduce traffic when they will add an assortment of close to 20,000 new vehicles just so they can evict 6,000 provincial buses from Edsa? Add the Grab vehicles who will be paged by loyal riders to and from both stop-off points toward Edsa and what do we have?” he said. Salceda said the MMDA should have managed the 800,000 utility vehicles, 400,000 cars, 120,000 trucks and 1.4 million tricycles fighting for every available space in the streets of Metro Manila, instead of banning the provincial buses from plying Edsa. Earlier, the Ako-Bicol partylist group filed a similar petition before the Supreme Court, insisting the MMDA has no legal authority to implement the measure. The group said the regulation was passed without public consultation, thus, violated “due process” or the right of the public to know and be heard over an issue affecting them prior to its implementation. It added the MMDA’s statement that banning provincial buses to pass said thoroughfare would lighten the traffic congestion in Edsa is ill-advised and bereft of basis.

Solaire named ‘Best Regional Asian Integrated Resort’ at 2019 G2E Asia Awards

OLAIRE, one of the world’s top luxury Integrated Resorts, was named “Best Regional Asian Integrated Resort” by an independent panel of judges. As one of the pioneer properties in Entertainment City, Solaire capitalized on its unique brand of Filipino hospitality, world-class service and luxurious facilities to garner this coveted accolade. Such qualities helped it earn the trust of its guests, garner the rare Forbes Travel Guide five-star designation, and TripAdvisor’s Travelers Choice Award and Certificate of Excellence. In a true “seal of approval,” Solaire was bestowed the award by its industry peers at the recently concluded 2019 G2E Asia Awards held in Macau on Tuesday, May 21. Recognizing excellence and innovation in Asian Gaming and hospitality, nominees of the G2E Asia Awards go through a rigid screening and judging process, with the 50-member jury comprised of experts and leaders from different industry sectors. This victory for Solaire makes it the only Filipino luxury brand that is globally preferred. “This recent win is truly heartwarming for us as it came from our peers which builds upon the recognition we’ve received from our loyal guests. Earning the respect of those from the industry further motivates us in bringing Solaire forward to being a well-recognized global brand,” said Bloomberry Resorts Corp. and Solaire Resort and Casino President and COO Thomas Arasi who was in Macau along with Solaire’s management team to receive the award.

MEMBERS of Solaire Resort and Casino’s Management Team gather to celebrate the resort’s being named “Best Regional Asian Integrated Resort” by an independent panel of judges. Present (from left) are: Chin Gan Lim, VP Slot Operations; Tony Boglic, director of Floor Operations Table Games; Lorenzo Manalang, VP Brand Marketing; Cyrus Sherafat, EVP Casino Marketing; Thomas Arasi, President and COO; Donato Almeda, Board Director; and Tony Wun, executive director of Credit and Collection.

Companies BusinessMirror

Tuesday, May 28, 2019

PSE STOCK QUOTATIONS

May 27, 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 CITYSTATE BANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE BDO LEASING COL FINANCIAL FIRST ABACUS FERRONOUX HLDG IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH

58.9 132 80.95 26.5 6.74 11.72 71.8 13.2 20.05 58.4 57.45 26.6 173.5 59.2 1.19 2.2 18.76 0.53 4.45 1.36 0.45 775 1 184.3

59 132.8 81 26.55 8 11.76 72 13.4 22.25 58.9 57.75 27 173.8 61 1.24 2.22 18.8 0.59 4.56 1.4 0.465 799 1.04 185

57.15 133.7 81 26.55 8 11.5 72 13.2 22.4 59 57.75 26.6 170.4 59.6 1.18 2.17 18.8 0.53 4.4 1.38 0.45 780 1.06 185

59 134 81.5 26.6 8 11.76 72.95 13.2 22.4 59 57.75 26.95 174.6 61 1.18 2.17 18.8 0.53 4.57 1.38 0.45 780 1.06 185

57.15 131.1 80.85 26.45 8 11.5 71.8 13.2 22.4 58 57.75 26.6 170.4 59 1.18 2.17 18.76 0.53 4.4 1.34 0.445 780 1 185

59 132 81 26.5 8 11.76 71.8 13.2 22.4 58.4 57.75 26.6 173.8 61 1.18 2.17 18.76 0.53 4.56 1.34 0.445 780 1.04 185

3550 1234950 1152470 121700 500 169800 4835460 500 300 176520 1500 16800 1112000 1620 10000 13000 10500 35000 27000 54000 290000 30 151000 70

208964 182060 163,099,656( 22,102,315.9999) 93359720 -2665069 3226845 498730 4000 1987238 470570 348203507 -7673590.5 6600 6720 10301200 1342136.5 86625 49087.5 446915 -255360 191056738 -182884824 98160 -0 11800 28210 197126 18550 120660 73200 5520 130050 23400 152840 -1000 12950 -

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

1.4 35.35 0.275 21.7 76.4 367 22.6 6.06 4.71 2.21 11.84 40.85 6.42 15.12 14.9 14.64 14.5 5.5 10 7.49 105.5 0.69 43.75 274 9.3 12.5 0.189 1.24 13 1.55 5.03 1.95 152.7 1.14 2.47 65.7 2.54 5.25 16.02 10 13.8 20.85 1.35 1.13 1.96 3.4 4.77 45 2.26 10.4 1.67 1.19 25.75

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

0.56 12.92 901.5 53.1 14.54 6.7 0.75 1.21 1.21 7.02 10.16 14.02 0.25 893.5 6.18 60 0.47 4.68 15.02 0.51 4.29 0.039 3.37 1.06 1.33 433 901 181.1 0.9 2.38 266.4 0.232 0.28

1.41 35.65 0.285 21.8 76.5 370 22.95 6.08 4.78 2.22 12.06 41.5 6.48 16.98 15 15 14.7 5.85 10.06 7.5 106.8 0.7 44.1 274.2 9.69 12.52 0.199 1.27 13.16 1.59 5.1 1.98 153.8 1.15 2.5 70 2.55 5.8 16.14 10.02 13.84 20.9 1.4 1.14 1.97 3.57 4.78 45.5 2.28 10.44 1.71 1.23 26

1.42 35.6 0.275 21.8 76.5 378 22.45 6.08 4.83 2.08 12.08 41.2 6.5 16.98 14.6 15 14.7 5.9 9.96 7.49 107 0.72 44.5 278.2 9.81 12.88 0.189 1.31 12.96 1.58 5.1 2 153.9 1.17 2.5 65.8 2.45 5.25 16.24 9.8 13.84 21.5 1.4 1.09 1.94 3.31 4.8 45 2.33 10.14 1.7 1.23 26.5

1.42 35.9 0.29 21.85 76.55 378.8 22.75 6.16 4.83 2.26 12.08 41.55 6.5 16.98 15.26 15 14.98 5.9 10.1 7.5 107 0.74 44.5 278.6 9.82 12.92 0.189 1.31 13 1.59 5.1 2 153.9 1.17 2.5 65.8 2.54 5.25 16.7 10.1 13.84 22.2 1.57 1.19 1.97 3.57 4.8 45.5 2.33 10.48 1.71 1.23 26.5

1.4 35.35 0.275 21.4 76.4 367 22.2 6.08 4.66 2.06 12.08 40.85 6.41 15.02 14.6 15 14.7 5.5 9.96 7.49 105.5 0.66 43.75 274 9.05 12.5 0.189 1.23 12.9 1.55 5 1.95 151.5 1.14 2.47 65.7 2.43 5.25 16.02 9.65 13.66 20.75 1.35 1.08 1.94 3.31 4.77 45 2.24 10.12 1.68 1.18 26

1.41 35.35 0.285 21.8 76.4 367 22.6 6.08 4.78 2.21 12.08 40.85 6.48 15.02 15 15 14.7 5.5 10 7.5 105.5 0.69 44.1 274 9.69 12.52 0.189 1.24 13 1.55 5.1 1.95 152.7 1.15 2.47 65.7 2.54 5.25 16.02 10 13.8 20.9 1.35 1.14 1.96 3.57 4.77 45.5 2.28 10.4 1.71 1.19 26

1431000 761800 6180000 1404300 19720 115890 3875600 1923000 93000 96000000 1600 384500 136700 400 331400 2000 816900 900 2465800 55500 304090 2884000 26300 812360 32900 1212300 100000 2395000 391700 146000 21700 115000 544190 3182000 10000 130 8462000 36200 3082300 3718700 639500 5444600 17692000 13417000 195000 19000 64000 793500 6404000 980300 52000 303000 157600

2014110 27098360 1735250 30511010 1507792.5 43085512 87048140 11774988 435630 210627470 19328 15794755 877596 6204 4990868 30000 12010918 5027 24687460 415721 32177202 1992080 1158875 223814782 306874 15276050 18900 2993910 5086504 228460 109874 227080 83307069 3665700 24850 8548 21210430 190050 50589064 37078890 8782478 118805775 25847420 15173500 381670 63150 305440 35752850 14549900 10154308 88270 361940 4124850

HOLDING & FRIMS 0.57 12.94 902 54.4 14.64 6.8 0.77 1.22 1.24 7.1 10.2 14.38 0.26 901 6.19 60.15 0.5 4.69 15.1 0.56 4.31 0.04 3.38 1.15 1.36 460 915 182.5 0.91 2.5 268 0.235 0.285

0.57 12.98 903.5 52.05 14.74 6.84 0.79 1.23 1.25 6.95 10.04 14.7 0.25 883.5 6.15 59.75 0.5 4.65 15.1 0.56 4.32 0.039 3.25 1.16 1.36 434 920 179 0.97 2.39 267 0.232 0.275

0.58 13.36 904 54.4 14.74 6.84 0.82 1.23 1.25 7.15 10.3 14.7 0.26 910 6.18 61 0.5 4.8 15.4 0.56 4.33 0.04 3.42 1.16 1.37 434 920.5 182.9 1.06 2.39 267.2 0.235 0.285

0.56 12.7 891.5 52.05 14.46 6.8 0.75 1.2 1.21 6.95 10.04 14 0.249 876 6.13 59.7 0.47 4.65 14.96 0.56 4.28 0.039 3.21 1.06 1.36 434 890.5 179 0.9 2.38 267 0.23 0.275

0.57 12.92 902 54.4 14.54 6.8 0.75 1.22 1.24 7.1 10.16 14.1 0.26 901 6.18 60 0.5 4.69 15.1 0.56 4.3 0.04 3.38 1.06 1.37 434 915 181.1 0.9 2.38 267 0.232 0.285

5434000 27800 244650 673930 2449800 300 3391000 2465000 410000 23800 2552000 101700 110000 135800 80000 967610 98000 7210000 6002200 2000 5180000 8400000 2098000 28000 20000 30 186520 56390 9929000 5000 760 200000 1670000

3095650 357948 220690670 36059521 35638582 2044 2626180 2991290 508230 167545 25,983,148( 1437460 27530 121283560 492509 58108597.5 46610 33871010 90375020 1120 22281730 328300 7011510 29980 27280 13020 168403590 10188421 9719270 11920 202946 46360 469050

-538690 998635 -2084970 -149778 -22688884 50250 -321750 5182630 -8518945 757848 -157774 -3850 -15859881 -112350 -21210111 28800 263520 -130046840 5471.9999 188928 -382330 1281722 -14180596 12350 2331580 10436560 -2950741 2614818 -24615240 -67380 -1174070 -29400 41200 1063019.9997 -2674036 -5960 -55290.0001 -20400710 5211123.5 -10158510 75000 -122210 1370 8,125,273.9999) -278224 49250670 -13246862.5 -22074220 -19072712 -11311250 4000 179240 -2200345 645779 55200 -

PROPERTY

ARTHALAND CORP 0.76 0.77 0.75 0.78 0.74 0.77 1145000 870320 ANCHOR LAND 10.1 11.66 10.98 11 10.98 11 4300 47234 36234 AYALA LAND 48.1 48.2 47.15 48.3 47.15 48.1 13000200 623779080 89079040 ARANETA PROP 2.07 2.14 2.13 2.14 2.13 2.14 167000 357040 BELLE CORP 2.22 2.24 2.29 2.33 2.2 2.23 3116000 6973560 -5690940 A BROWN 0.79 0.8 0.78 0.79 0.78 0.79 679000 530510 156000 CITYLAND DEVT 0.85 0.88 0.86 0.88 0.86 0.88 32000 27540 CROWN EQUITIES 0.225 0.227 0.225 0.226 0.225 0.226 1280000 288270 CEB LANDMASTERS 5.05 5.06 5.08 5.1 5 5.05 982200 4973576 -624270 CENTURY PROP 0.57 0.58 0.6 0.61 0.57 0.58 35585000 20761710 654460 DOUBLEDRAGON 23.85 23.9 24.1 24.1 23.75 23.9 271600 6489420 -271250 DM WENCESLAO 9.49 9.5 9.75 9.8 9.49 9.5 1592000 15202667 -365689 EMPIRE EAST 0.48 0.485 0.485 0.485 0.48 0.48 610000 295050 -213400 EVER GOTESCO 0.125 0.132 0.13 0.13 0.13 0.13 10000 1300 FILINVEST LAND 1.57 1.58 1.6 1.6 1.56 1.58 3973000 6260020 -2332310 GLOBAL ESTATE 1.45 1.46 1.48 1.48 1.42 1.46 2861000 4173990 207200 8990 HLDG 15.88 15.96 15.8 15.98 15.76 15.96 335500 5344282 477988 PHIL INFRADEV 1.71 1.73 1.76 1.76 1.71 1.74 1307000 2266930 -55970 CITY AND LAND 0.8 0.81 0.81 0.81 0.81 0.81 8000 6480 MEGAWORLD 5.45 5.46 5.47 5.48 5.43 5.46 11611900 63433088 14126706 MRC ALLIED 0.305 0.31 0.3 0.31 0.29 0.31 16620000 4993450 38350 PHIL ESTATES 0.47 0.475 0.465 0.475 0.46 0.475 280000 130350 PRIMEX CORP 2.05 2.08 2.04 2.1 2.03 2.08 1457000 3011250 ROBINSONS LAND 24.3 24.4 23.9 24.5 23.75 24.3 898400 21750810 168250 PHIL REALTY 0.41 0.415 0.42 0.42 0.41 0.415 360000 149150 41500 ROCKWELL 2.03 2.04 2.01 2.04 2.01 2.03 28000 56770 SHANG PROP 2.98 2.99 2.99 2.99 2.98 2.99 43000 128420 STA LUCIA LAND 1.89 1.9 1.92 1.92 1.88 1.9 4433000 8445060 95000 SM PRIME HLDG 38.4 38.5 38.65 38.8 38.15 38.4 9197800 353017395 11004075 STARMALLS 6.33 6.37 6.36 6.45 6.3 6.37 100500 636692 SUNTRUST HOME 0.72 0.78 0.71 0.78 0.71 0.78 5000 3620 VISTA LAND 7.13 7.18 7.19 7.19 7.1 7.18 793500 5694237 -2581418 SERVICES ABS CBN 18.2 18.24 18.7 18.7 18.18 18.18 107300 1969848 GMA NETWORK 5.35 5.36 5.36 5.42 5.35 5.36 154500 832045 MANILA BULLETIN 0.55 0.56 0.56 0.57 0.54 0.56 1195000 659300 GLOBE TELECOM 2064 2080 2062 2110 2062 2080 31290 65586940 8338260 PLDT 1281 1282 1313 1340 1282 1282 76155 98494165 -37138240 APOLLO GLOBAL 0.044 0.046 0.044 0.046 0.044 0.046 28200000 1257900 -22500 DFNN INC 5.5 5.9 5.9 5.9 5.9 5.9 2200 12980 IMPERIAL 1.75 1.92 1.76 1.76 1.76 1.76 1000 1760 ISLAND INFO 0.122 0.123 0.122 0.123 0.122 0.123 670000 81970 -11070 ISM COMM 6.09 6.1 6.19 6.19 5.89 6.1 9494400 57044102 924335 NOW CORP 2.1 2.12 2.05 2.17 2.04 2.1 1761000 3708920 -20800 TRANSPACIFIC BR 0.33 0.335 0.31 0.335 0.31 0.335 9950000 3249050 PHILWEB 3.41 3.42 3.17 3.46 3.15 3.41 13329000 44814470 -6563880 2GO GROUP 11.4 11.6 11.5 11.7 11.4 11.6 5400 61920 ASIAN TERMINALS 21 21.4 21.25 21.25 21 21 1200 25250 -0 CHELSEA 6.39 6.4 6.58 6.6 6.3 6.39 1119100 7183800 -240123 CEBU AIR 89.9 90.15 88.8 90.2 88.05 90.15 193580 17420123.5 260431 INTL CONTAINER 135.6 135.9 134.3 136.9 134.3 135.9 1124860 152951634 -3352333 LORENZO SHIPPNG 0.88 0.89 0.9 0.98 0.84 0.89 2823000 2580850 MACROASIA 19.98 20 19.94 20 19.92 20 1719500 34386824 19832254 METROALLIANCE A 1.59 1.6 1.59 1.59 1.59 1.59 6000 9540 PAL HLDG 9.66 9.89 9.72 10 9.72 9.89 23100 226281 HARBOR STAR 2.39 2.4 2.4 2.45 2.35 2.4 1259000 2993120 93100 ACESITE HOTEL 1.35 1.37 1.38 1.38 1.38 1.38 7000 9660 BOULEVARD HLDG 0.061 0.062 0.06 0.062 0.06 0.062 22220000 1369100 DISCOVERY WORLD 2.03 2.18 2.04 2.04 2.03 2.03 17000 34660 WATERFRONT 0.7 0.71 0.71 0.72 0.7 0.71 1637000 1149900 FAR EASTERN U 890 895 890 890 890 890 10 8900 IPEOPLE 10.68 10.96 10.98 10.98 10.8 10.8 1600 17460 STI HLDG 0.64 0.66 0.65 0.66 0.64 0.64 1565000 1018770 24180 BERJAYA 2.82 2.83 2.82 2.82 2.74 2.82 501000 1392850 BLOOMBERRY 11.08 11.16 11.1 11.16 11 11.16 1183200 13072378 -1120280 PACIFIC ONLINE 3.15 3.33 3.37 3.37 3.15 3.33 291000 953100 LEISURE AND RES 4.68 4.69 4.45 4.73 4.43 4.68 3191000 14823420 9860 MANILA JOCKEY 3.71 3.88 3.92 3.92 3.7 3.71 33000 123530 PH RESORTS GRP 4.32 4.41 4.35 4.35 4.32 4.32 24000 104040 PREMIUM LEISURE 0.74 0.75 0.75 0.75 0.72 0.75 2642000 1943430 -17740 PHIL RACING 8.11 9.1 9 9 9 9 1000 9000 TRAVELLERS 5.29 5.32 5.4 5.4 5.27 5.3 484300 2565611 METRO RETAIL 2.62 2.63 2.72 2.72 2.63 2.63 4040000 10745900 -413820 PUREGOLD 45.1 45.6 45.1 45.95 44.1 45.6 891900 40306430 -5232475 ROBINSONS RTL 71 71.05 70.8 71.1 70.8 71 259510 18425661 -2654247 PHIL SEVEN CORP 120 124.8 120 120 120 120 74900 8988000 -0 SSI GROUP 3.15 3.16 3.15 3.25 3.15 3.16 2822000 9012170 682610 WILCON DEPOT 16.34 16.42 16.42 16.48 16.34 16.34 522500 8588474 -376098 APC GROUP 0.4 0.42 0.4 0.415 0.4 0.4 220000 88900 EASYCALL 10.28 10.52 10.5 10.56 10.22 10.52 27100 284306 GOLDEN BRIA 400 408 398 419.8 398 408 820 334804 PRMIERE HORIZON 0.79 0.8 0.78 0.8 0.76 0.79 15883000 12434170 -782000 SBS PHIL CORP 9.37 9.65 9.7 9.7 9.4 9.67 19500 187984 -41581 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PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

17.9 5.35

18.44 5.4

18 5.35

17.9 5.35

5500 18700

98850 100045

WARRANTS LR WARRANT

2.21

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2.25

2.09

2.34

2.08

2.25

3461000

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1902580 2323750

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EXHANGE TRADE FUNDS FIRST METRO ETF

115.6

-82740 -

116

116.3

115.6

116

5120

592985

-232389

www.businessmirror.com.ph

Fiat Chrysler Auto proposes merger with France’s Renault

IAT Chrysler Automobiles NV proposed to merge with Renault SA in a deal that would create the world’s third-biggest carmaker. The transaction will be struct u red a s a 50 - 50 ow nersh ip through a Dutch holding company, Fiat said in a statement on Monday, adding it would give Renault investors an implied premium of about 10 percent and won’t entail plant closures. Exor, Fiat’s founding Agnelli family holding, is set to become the single largest shareholder in the combined entity. In a separate statement, the French carmaker said its board will meet later in the morning to discuss the proposal. Renault shares surged as much as 16.7 percent, while Fiat rose as much as 19.5 percent, the most ever. Together, they had a combined market value of about €33 billion ($37 billion) on Friday before the planned deal was announced. The talks come as automakers worldwide face intense pressure to spend heavily on new technologies

and adapt to trends such as carsharing. Falling sales in the world’s biggest markets—China, the US and Europe—have brought fresh urgency to consolidate. Fiat and Renault expect their joint annual “synergies” to amount to more than €5 billion, coming from areas such as purchasing power. “Fiat and Renault are looking for surer footing by gaining scale, and that’s not a bad idea for mass-market carmakers,” Bankhaus Metzler analyst Juergen Pieper said. “The execution of the deal is a significant hurdle. But on paper, this proposal looks good.” Fiat and Renault have moved ahead without the French carmaker’s 20-year partner, Nissan Motor Co., and Mitsubishi Motors Corp., the other member of their threeway alliance. Both Fiat and Renault went through dramatic changes at the top last year after former Fiat chief, Sergio Marchionne, died and

Huawei supplier surges in HK after canceling NYSE listing

MAJOR Chinese chipmaker surged in Hong Kong amid prospects that its decision to stop trading in New York will attract more volume to its main listing. Semiconductor Manufacturing International Corp. (SMIC) was Monday’s top gainer on the MSCI China Index, as well as its Asia-Pacific gauge with a 10-percent rally. It was a different story for its American depositary shares, which tumbled 5.6 percent at the end of last week in New York after the Shanghai-based firm said it was delisting due to considerations, including limited trading volume and costs. SMIC’s biggest customer is the parent of Huawei Technologies Co., the high-profile subject of a US ban. “The rise in the shares today is mainly due to expectations that US trades in the stock will be funneled over to the Hong Kong-listed company, meaning more demand for the

Hong Kong-listed stock,” CSC International Holdings Ltd. analyst Zhu Jixiang said. The decision could also be linked to the escalation in SinoUS trade tension, he said. “SMIC is one of the top foundries, and right now semiconductors are a sensitive area,” Zhu said. “The company executives might be retreating to save themselves potential worries in the future—after all, being listed in the US means they are subject to securities regulation and frequent executive travel to the US.” SMIC didn’t respond to calls for comment. On Friday, CNBC cited a spokesman as saying the company had long been considering a delisting and that the decision wasn’t connected to the trade dispute or US ban on Huawei. Delisting requires a lot of preparation, and the timing has coincided with the trade rhetoric, the person was quoted as saying. Bloomberg News

Judge: Anheuser-Busch must pull some ads about MillerCoors

ILWAUKEE—A Wisconsin judge has ordered Anheuser-Busch to stop suggesting in advertising that MillerCoors’s light beers contain corn syrup, wading into a fight between two beer giants that are losing market share to small independent brewers. US District Judge William Conley for the Western District of Wisconsin on Friday granted a preliminary injunction sought by MillerCoors that temporarily stops Anheuser-Busch from using the words “corn syrup” in ads without giving more context. MillerCoors sued its rival in March, saying Saint Louis-based Anheuser-Busch has spent as much as $30 million on a “false and misleading” campaign, including $13 million on its first commercials during this year’s Super Bowl. However, the ruling did not affect all of Anheuser-Busch’s advertising

targeting MillerCoors, allowing the commercials that premiered at the Super Bowl to keep airing. AnheuserBusch’s ad drew a rebuke from the National Corn Growers Association, which thanked MillerCoors for its support. In its lawsuit, MillerCoors said it’s “not ashamed of its use of corn syrup as a fermentation aid.” Corn syrup is used by several brewers during fermentation. During that process, corn syrup is broken down and consumed by yeast so that none of it remains in the final product. Bud Light is brewed with rice instead of corn syrup, but Anheuser-Busch uses corn syrup in some of its other beverages, including Stella Artois Cidre and Busch Light beer. MillerCoors applauded the ruling and said Anheuser-Busch should be trying to grow the beer market, not “destroy it through deceptive advertising.” AP

Carlos Ghosn, who was chairman of the Franco-Japanese alliance, was arrested in Tokyo on charges of financial crimes. Together, the two companies made about 8.7 million cars last year, which would vault the pair past South Korea’s Hyundai Motor Group and Detroit’s General Motors Co. That’s still behind the world’s two biggest automakers, Volkswagen AG and Toyota Motor Corp., who both topped 10 million vehicles last year. But when combined with output of Renault’s existing alliance with Nissan and Mitsubishi, the total would be more 15 million vehicles a year. Fiat and Renault would have a “broad and complementary brand portfolio” covering markets from luxury to mainstream, the Italian company said in its statement. Premium brands Jeep, Maserati, Alfa Romeo and Infiniti would come under a common umbrella. Fiat would give Renault access to the North American market, while gaining clout in Russia, the French carmaker’s second-biggest market with its Avtovaz unit. Both companies reported lower deliveries in the first quarter. As part of the proposed deal, Fiat

MUTUAL FUNDS

said it plans to spin off its robotics arm Comau through a distribution of shares. The company had considered options for the unit late last year, including a potential sale at a value of €1.5 billion to €2 billion, people familiar with the matter said at the time. The proposed deal between Fiat and Renault comes against a backdrop of an industry undergoing one of the biggest tectonic shifts in its history. Carmakers are being pushed by regulators to develop electric vehicles to lower emissions. They’ve also been forced to spend on self-driving technology or risk getting left behind by deep-pocketed competitors like Alphabet Inc.’s Waymo. Merging companies with production facilities in North America, Europe and Japan won’t be an easy task and deal history in the car industry is marked by some spectacular failures. Daimler AG a decade ago unwound a merger with Chrysler after failing to overcome cultural differences between the German luxurycar maker and US producer of midrange cars. Volkswagen’s planned alliance with Suzuki Motor Corp. ended in a London arbitration court before any joint vehicle came off the production line. Bloomberg News

May 27, 2019

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 259.02 -1.16% 0.14% 0.54% 2.69% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.5927 4.87% 8.62% 3.14% 10.54% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.033 -3.19% 0.23% -0.32% 3.33% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9267 1.13% N.A. N.A. 4.07% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8588 1.47% N.A. N.A. 4.64% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.3738 0.27% 0.25% 0.48% 1.95% MBG EQUITY INVESTMENT FUND, INC. -A 123.49 8.5% N.A. N.A. 6.04% ONE WEALTHY NATION FUND, INC. -A 0.8602 -1.67% -4.3% N.A. 3.34% PAMI EQUITY INDEX FUND, INC. -A 51.1825 1.41% 1.04% N.A. 4.02% PHILAM STRATEGIC GROWTH FUND, INC. -A 534.31 0.88% 0.12% 0.42% 3.8% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3005 2.53% 1.9% 3.06% 3.71% PHILEQUITY FUND, INC. -A 38.1728 2.42% 2.6% 2.55% 4.21% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0249 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.1866 1.87% 1.97% 2.71% 4.59% PHILIPPINE STOCK INDEX FUND CORP. -A 865.79 1.92% 1.68% 2.66% 4.5% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9191 4.46% 1.21% N.A. 6.72% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.2498 2.55% 1.91% 1.89% 4.7% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.9954 1.44% 1.63% N.A. 4.31% UNITED FUND, INC. -A 3.6839 3.01% 3.87% 2.82% 5.22% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 115.9454 2.3% 2.69% 3.74% 4.69% ATRAM ASIAPLUS EQUITY FUND, INC. -B $0.945 -13.88% 5.16% -0.58% 1.71% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2522 -3.15% 7.31% N.A. 13.31% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.7004 -0.64% -1.35% -1.78% 2.98% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.2839 -1.15% 0.25% 0.33% 3.38% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6082 0.68% -0.87% -1.7% 2.53% GREPALIFE BALANCED FUND CORPORATION -A 1.3448 -0.24% N.A. N.A. 3.11% NCM MUTUAL FUND OF THE PHILS., INC. - A 1.9113 2.58% 0.81% 1.08% 3.7% PAMI HORIZON FUND, INC. -A 3.6575 0.64% -0.55% 0.11% 3.63% PHILAM FUND, INC. -A 16.5027 1.71% -0.35% 0.18% 3.74% SOLIDARITAS FUND, INC. -A 2.1247 1.41% 0.96% 1.65% 2.53% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.8145 2.94% 0.75% 1.13% 4.47% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 0.9918 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 0.9863 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 0.9838 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9756 3.06% 0.94% N.A. 5.85% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03663 5.41% 0.89% 1.56% 3.91% PAMI ASIA BALANCED FUND, INC. -A $0.9458 -9.36% 2.86% -1.42% 1.03% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.6404 -0.63% 5.41% 2.38% 10.04% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.0815 0.74% 3.35% N.A. 7.08% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 348.84 3.05% 2.03% 2.12% 1.59% ATRAM CORPORATE BOND FUND, INC. -A,1 1.8863 0.87% -0.31% -0.38% 1.46% COCOLIFE FIXED INCOME FUND, INC. -A 3.0338 5.42% 5.24% 5.26% 2.12% EKKLESIA MUTUAL FUND INC. -A 2.1672 2.53% 1.04% 1.66% 1.72% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.2729 2.46% 0.54% 0.97% 2.88% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6047 1.81% -0.81% -0.05% 2.58% PHILAM BOND FUND, INC. -A 4.0756 2.77% -0.5% 0.58% 3.97% PHILEQUITY PESO BOND FUND, INC. -A 3.628 3.87% 1.09% 0.99% 3.15% SOLDIVO BOND FUND, INC. -A 0.9237 1.48% -0.73% N.A. 3.48% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 2.9069 6.1% 1.45% 1.66% 5.1% SUN LIFE PROSPERITY GS FUND, INC. -A 1.6115 5.71% 0.9% 1.19% 4.65% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $455.83 3.21% 1.84% 2.73% 1.68% ALFM EURO BOND FUND, INC. -A Є216 1.62% 1.43% 1.44% 1.58% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1712 5.38% 1.69% 2.1% 4.03% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0254 2.83% 0.94% N.A. 2.42% GREPALIFE DOLLAR BOND FUND CORP. -A $1.7139 1.26% -1.27% 0.63% 1.4% MAA PRIVILEGE DOLLAR FIXED INCOME FUND, INC. N.S. N.S. N.S. N.S. N.S. MAA PRIVILEGE EURO FIXED INCOME FUND, INC. ЄN.S. N.S. N.S. N.S. N.S. PAMI GLOBAL BOND FUND, INC -A $1.0721 3.99% -0.26% -2.14% 3.32% PHILAM DOLLAR BOND FUND, INC. -A $2.2852 6.7% 0.82% 2.66% 5.25% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.058587 3.5% 1.35% 1.7% 2.82% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.0059 4.32% 0.2% 2.07% 4.66% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 122.99 3.52% 2.3% 1.85% 1.78% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0119 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.2033 3.13% 1.4% 0.88% 1.81% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2393 3.52% 2.56% 1.94% 1.67% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0258 2.09% N.A. N.A. 0.97% * - 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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The World BusinessMirror

Trump, Abe hold talks on North Korea, trade

Editor: Angel R. Calso • Tuesday, May 28, 2019 B3

Iraq offers to mediate in crisis between its allies Iran and US

AGHDAD—Iraq offered to mediate in the crisis between its two key allies, the United States and Iran, amid escalating Middle East tensions and as Tehran’s nuclear deal with world powers steadily unravels.

PRESIDENT Donald J. Trump meets with Japanese Prime Minister Shinzo Abe at Akasaka Palace on May 27, in Tokyo. AP

OKYO—President J. Donald Trump says he has a good f e e l i n g a b o ut g e t t i n g North Korea to give up its nuclear weapons. Speaking on Monday alongside Japanese Prime Minister Shinzo Abe in Tokyo, Trump said the US has come a long way with North Korea. He says “we’ll see what happens,” but that he’s built respect with North Korean leader Kim Jong Un. Kim did fire off a series of shortrange missile tests earlier this month that national security adviser John Bolton says violated U.N. Security Council resolutions. Trump says, though, that he personally feels that lots of good things will come with North Korea and he

hopes that “something constructive can be done.” After his visit with Japan’s new emperor, Trump says he and Japanese Prime Minister Shinzo Abe “understand each other very well” as the leaders opened bilateral talks at Akasaka Palace. Abe opened the event by telling Trump, “It was a tremendous honor for us to welcome you.” With that and other flattery, Abe said the leaders would begin a summit to discuss North Korea and other “challenges of the international community.” Trump said: “We are working on the imbalance of trade.” He added that the Japanese “are incredible people with a truly amazing prime minister who’s my friend.” AP

Oil holds gain as drop in US rigs gives respite from trade gloom

IL held gains above $58 a barrel after American explorers reduced drilling activity to the least in more than a year, providing some respite from a demand outlook thrown into doubt by the US-China trade war. Futures in New York edged lower after closing up 1.2 percent on Friday. Working US rigs fell for the fifth time in six weeks to reach the lowest level since March 2018, according to Baker Hughes data released Friday. As tensions with China simmer, President Donald Trump is in Tokyo to try and reach a deal after the White House threatened to raise tariffs on Japanese cars. Oil posted its biggest loss of the year last week—including a 5.7-percent drop on Thursday—as the intensifying trade war caused investors to reassess their outlook for the global economy. Even before the plunge, money managers had reduced bullish bets on West Texas Intermediate (WTI) to the lowest in two months. Meanwhile, the situation in the Middle East remained tense but didn’t worsen, allaying fears that crude shipments would be disrupted. The market had been “in denial on the impact on global growth from the US-China trade war, and we

saw that dam burst on Thursday,” said Jeffrey Halley, a senior market analyst at Oanda Asia Pacific Ltd. in Singapore. The impact of the drop in US rigs is likely to be temporary and oil prices will probably stay under pressure this week, he said. West Texas Intermediate crude for July delivery fell 24 cents, or 0.4 percent, to $58.39 a barrel on the New York Mercantile Exchange at 2:46 p.m. in Singapore after rising as much as 0.7 percent earlier. The contract closed 72 cents higher on Friday, paring its loss for the week to 6.6 percent. Brent for July settlement traded marginally higher at $68.71 a barrel on London’s ICE Europe Futures after settling 1.4 percent higher on Friday. The global benchmark crude is trading at a $10.35 premium to WTI. The number of working US rigs fell by five to 797 last week, according to the Baker Hughes data, showing a slowdown in activity in the prolific Permian shale basin. Fears of any immediate disruptions to global supplies have been alleviated by several days of relative calm in the Middle East. Still, a steadily deteriorating situation in Venezuela and output risks from Libya to Nigeria are keeping the supply backdrop tight. Bloomberg News

Iraqi Foreign Minister Mohammed al-Hakim made the offer Sunday during a joint news conference in Baghdad with visiting Iranian counterpart Mohammad Javad Zarif. “We are trying to help and to be mediators,” said al-Hakim, adding that Baghdad “will work to reach a satisfactory solution” while stressing that Iraq stands against unilateral steps taken by Washington. In recent weeks, tensions between Washington and Tehran soared over America deploying an aircraft carrier and B-52 bombers to the Persian Gulf over a still-unexplained threat it perceives from Tehran. The US also plans to send 900 additional troops to the 600 already in the Mideast and extending their stay. The crisis takes root in President Donald Trump’s withdrawal last year of the US from the 2015 nuclear deal between Tehran and world powers that capped Iran’s uranium-enrichment activities in return to lifting sanctions. Washington subsequently reimposed sanctions on Iran, sending its economy into freefall. Trump has argued that the deal failed to sufficiently curb Iran’s ability to develop nuclear weapons or halt its support for militias throughout the Middle East that the US says destabilize the region, as well as address the issue of Tehran’s missiles, which can reach both US regional bases and Israel. Zarif, who was been on a whirlwind diplomatic offensive to preserve the rest of the accord, insisted that Iran “did not violate the nuclear deal” and urged European nations to exert efforts to preserve the deal following the US pullout.

Speaking about the rising tensions with the US, Zarif said Iran will be able to “face the war, whether it is economic or military through steadfastness and its forces.” He also urged for a nonaggression agreement between Iran and Arab countries in the Gulf. The Shiite-majority Iraq has been trying to maintain a fine line as allies Tehran and Washington descended into verbal vitriol. The country also lies on the fault line between Shiite Iran and the mostly Sunni Arab world, led by powerhouse Saudi Arabia, and has long been a battlefield in which the Saudi-Iran rivalry for regional supremacy played out. The mediation offer by al-Hakim, Iraq’s foreign minister, echoed one made on Saturday by Mohamad al-Halbousi, the Iraqi parliament speaker. Al-Hakim also expressed concern for Iran’s spiraling economy. Iranians make up the bulk of millions of Shiites from around the world who come to Iraq every year to visit its many Shiite shrines and holy places and their purchasing power has slumped after Trump reimposed the sanctions. “The sanctions against sisterly Iran are ineffective and we stand by its side,” al-Hakim said. Meanwhile, Iranian President Hassan Rouhani suggested the Islamic Republic could hold a referendum over its nuclear program. The official IRNA news agency said Rouhani, who was last week publicly chastised by the country’s supreme leader, made the suggestion in a meeting with editors of major Iranian news outlets on Saturday evening. Rouhani said he had previously

IRAQI Foreign Minister Mohammed al-Hakim (right) shakes hands with his visiting Iranian counterpart Mohammad Javad Zarif at the Ministry of Foreign Affairs Building in Baghdad, Iraq, on May 26. AP

suggested a referendum to Supreme Leader Ayatollah Ali Khamenei in 2004, when Rouhani was a senior nuclear negotiator for Iran. At the time, Khamenei approved of the idea and though there was no referendum, such a vote “can be a solution at any time,” Rouhani was quoted as saying. A referendum could provide political cover for the Iranian government if it chooses to increase its enrichment of uranium, prohibited under the 2015 nuclear deal. Earlier last week, Iran said it quadrupled its uranium-enrichment production capacity, though Iranian officials made a point to stress that the uranium would be enriched only to the 3.67-percent limit set under the deal, making it usable for a power plant but far below what’s needed for an atomic weapon. Rouhani’s remarks could also be seen as a defense of his stance following the rare public chastising by the supreme leader. Khamenei last week named Rouhani and Zarif—relative moderates within Iran’s Shiite theocracy who had struck the nuclear deal—as failing to implement his orders over the accord, saying it had “numerous ambiguities and structural weaknesses”

that could damage Iran. Khamenei, who has final say on all matters of state in Iran, did not immediately respond to Rouhani’s proposal of a referendum. The Islamic Republic has seen only three referendums since it was established in 1979—one on regime change from monarchy to Islamic republic and two on its constitution and its amendments. Also in Tehran, acting commander of the country’s powerful Revolutionary Guard said any negotiations with the US would be fruitless. Gen. Ali Fadavi said it would be like having “negotiations with Satan.” Meanwhile, Yemen’s Iranianallied Houthi rebels launched a bomb-carrying drone on Sunday targeting another airport in Saudi Arabia. Col. Turki al-Maliki, a spokesman for the Saudi-led coalition fighting against the Houthis, said that the military intercepted and destroyed the drone targeting its Jizan Regional Airport. Saudi state TV published images of debris it said belonged to the drone. The rebels have attacked another airport multiple times and a critical Saudi oil pipeline in recent days amid the heightened tensions between the US and Iran. AP

Magnitude 8 earthquake strikes Amazon jungle in Peru

IMA, Peru—A powerful 8.0magnitude earthquake struck a remote part of the Amazon jungle in Peru early on Sunday, collapsing buildings and knocking out power to some areas but causing only one reported death. The quake struck at 2:41 a.m. and was centered in a vast nature preserve 57 miles (92 kilometers) east of the small town of Yurimaguas. Helping limit damage was the earthquake’s depth, at 70 miles (114 kilometers) below the surface, according to the US Geological Survey. Earthquakes that are close to

the surface generally cause more destruction. President Martín Vizcarra called for calm before traveling to the zone with members of his Cabinet to survey the damage. He said first reports indicate a bridge had collapsed and several homes and roads had been affected. “It’s a quake that was felt throughout the Peruvian jungle,” said Vizcarra, who was scheduled to host a regional summit on Sunday in the capital with the presidents of Bolivia, Colombia and Ecuador. Ricardo Seijas, chief of the

National Emergency Operations Center, said one person died when a rock fell on a house in the Huarango district. A preliminary survey by authorities found that six people were injured and 27 homes damaged across seven provinces. Three schools, three hospitals and two churches were also affected In Yurimaguas, a bridge and several old houses collapsed, and the electricity was cut, according to the National Emergency Operations Center. Images circulating on social

media showed residents in several parts of the country panicked as the quake shook buildings. The quake also awoke people in Lima, who ran out of their homes in fear. “It was a really long quake,” said Maria Brito, who lives on the fifth floor of an apartment building in the capital. “It could’ve been worse, and luckily it’s over.” Earthquakes are frequent in Peru, which lies on the Pacific’s socalled Ring of Fire. On August 15, 2007, a similarly sized quake struck near Lima, killing more than 500 people. AP

As trade war with the US worsens, China shows confidence in economy

HINA is strong enough to withstand the effects of the trade war with the US, according to statements over the weekend from current and former officials, putting forward a confident view of an economy that has been showing signs of weakness in the past few months. A top financial regulatory official and a vice information technology minister said the impact on the economy of rising US tariffs are manageable, while a former deputy commerce minister argued Chinese firms can deal with the sudden escalation of trade tensions calmly.

Since the collapse of talks in early May, the Chinese government has boosted efforts to reassure the nation and prepare it for renewed tensions with the US. President Xi Jinping called for a new “ Long March” while state media has published a steady series of defiant editorials blaming the US and proclaiming Chinese strength. The fragility of China’s economy over the past few months may complicate those efforts, with exports falling and industrial output and retail sales weaker than expected in April, before President Donald Trump announced he was raising

tariffs again. The first data for May —the official Purchasing Managers’ Index—is due this Friday, and should give a better view of what’s happening and how companies reacted to the renewed tensions. The impact of the US imposing 25-percent tariffs on $200 billion of Chinese exports will be “manageable,” according to Wang Zhijun, vice minister of the Ministry of Industry and Information Technology. That’s because the goods affected are only 8 percent of China’s total exports, and many of the firms hit are American, which ultimately sell products in the US, he said in an interview with

Xinhua News Agency on Saturday.

Limited effect

HIS view was echoed by Guo Shuqing, chairman of the China Banking and Insurance Commission, who said the effect will be very limited even if the tariffs are raised to the highest level. The US benefits hugely from its trade with China, with American importers and multinational firms getting the most profits from the trade gap, its consumers enjoying cheaper products, and Chinese demand propping up prices in key American exports from grains to energy, civilian aircraft to chips, he

said in a written speech which was read out at a forum in Beijing on Saturday. Much of China’s proceeds from its trade surplus flows back to the US as cheap capital invested in Treasuries and other things, he said. Both Wang and Guo repeated the pledge to continue opening up the Chinese market in spite of the trade tensions, including reducing the areas foreign companies can’t invest in within the technology and financial sectors. Gao Yan, a former deputy commerce minister and director of China Council for the Promotion of International Trade, said that domestic

firms in the export-oriented coastal provinces are “calmly” dealing with the renewed trade tensions, and they can redirect their products to other markets. The new friction will push China to make itself more independent of the US, according to Wang. “The trade conflicts with the US have made us more soberly aware that our country must work persistently to resolve the bottleneck problem in key technologies,” Wang said, adding policy-makers will give more weight to innovation and will increase central government support for fundamental research. Bloomberg News

B4 Tuesday, May 28, 2019

CARIBBEAN COAST AND TOASTS AT VU’S

HE party starts when the sun goes down in the Metro. Jive in to the chilling tropical breeze on May 31, as Vu’s Sky Bar and Lounge takes you on a cruise with its Caribbean Coast and Toasts party. As the city’s bustle beats up, ocean vibes come alive. Come with a group amidst the city skyline for a Caribbean party. Listen to the cool coast music by Silk, and toast through some Cuba Libre and ulta light mojitos. Door opens at 8 p.m., with a door charge of P499+. Don’t forget to dazzle in Caribbean wear and get a chance to win exciting prices from Marco Polo Ortigas Manila! For more information about the Caribbean Coast and Toasts and Vu’s sky bar and lounge, e-mail at vus.mnl@marcopolohotels.com. Log on to www.marcopolohotels.com for more details.

NEW WORLD MANILA BAY HOTEL RECEIVES D.O.T. 5-STAR RATING

PIIP MOBILE RENEWS DEAL WITH ARANETA GROUP

IIP Mobile, the go-to mobile application for best locationbased promos and dea ls, recently renewed its partnership with The Araneta Group. Extending their 2017 deal, Piip continues to provide more support to Araneta Center merc h a nts w it h t he app proactively marketing their products and ser vices, making them more visible to their target consumers. “With an improved Piip app, we look forward to further working with them to give our lessees a robust platform to attract more customers. T he A r a ne t a C e nte r a nd P i ip’s partnership offers an innovative shopping experience and comes with a huge benefit to our lessees and loyal shoppers,” The Araneta Group Senior Vice President for Business Development John B. Castelo said. With the Araneta Center being declared a tourism district in Cubao

in January, Piip also has a chance to contribute to the city’s tourism. “As we continue our partnership, we want to highlight how closely both Piip and the Araneta Group are working together in safeguarding the continued

g row t h of bot h ou r bu si nesses through various engagements and initiatives in the coming months,” Piip Mobile AG Vice President for Strategic Business Development Hildegarde Maea Atger said.

THIS YEAR’S CARAVAN SERIES CENTERS ON PAMPANGA’S HERITAGE, HISTORY

P N

EW World Manila Bay Hotel has once again conferred with the highest rating by the Department of Tourism, for passing accreditation standards for accommodation, facilities and services. The hotel has officially renewed its 5-Star rating which, according to the agency’s National Accreditation Standards, is achieved by “properties that reflect the characteristics of luxury and sophistication. The facilities are world class in every manner and the meticulous service exceeds all guest expectations.” “This recognition not only represents luxury and sophistication or outstanding facilities,” says New World Manila Bay Hotel general manager Mark Heywood. “It defines the people who passionately work behind the scenes to create an exceptional experience for our guests. That what truly makes us a 5-Star hotel.”

New World Manila Bay Hotel, inspired by seamless contemporary style, offers 376 well-appointed guest rooms and suites, with residential features that boast a spectacular panoramic view of the magnificent Manila Bay and an inviting cityscape. It also provides six upscale dining scenes, each featuring a unique taste of the world from local to international cuisines. Moreover, it is ideal for various businesses with impressive banquet services and event concepts. It promotes health and wellness with its modern fitness center and classes, spa services and treatments, and 25-meter outdoor pool, whirlpool and children’s pool. Consequently, New World Manila Bay Hotel has been consistently ranked number one hotel in Manila by travelers on TripAdvisor, the world’s largest travel site. For inquiries and reservations, visit manilabay.newworldhotels.com.

A M PA N G A , t h e c u l i n a r y capital of the Philippines, takes center stage once more, as it played host to the first of the 2019 Automobile Association Philippines (AAP) Travel caravan series on May 25. T he Pa mpa nga C a rava n went around the heritage sites, museums, farm tourism and culinary spots of the province. Guests have dr iven their ow n vehicles in a convoy from Petron La keshore a long the Nor th Luzon E x pre s s w ay a nd go a rou nd t he restored Second World Wa r - era

S a n Fe r n a ndo R a i lw ay St at ion , San Guil ler mo Par ish Church in B a color, t he m a g n i f ice nt S a i nt James the Apost le Par ish (Betis) Church in Guag ua, and the Center for K apampangan Stud ies and Pamint uan Mansion Museum of Ph i l ippi ne Soc i a l H i stor y i n A ngeles Cit y. Participants feasted on mouthwatering all-time Pa mpa ngo favor ite d ishes, suc h as sisig, palabok, halo-halo, kamaru at Prado Farms in Guagua and Kusina Matua ni Atching Lillian Borromeo

CANON APPOINTS NEW BUSINESS GROUP HEAD

EWLY appointed Canon Marketing (Philippines) Inc. (CMPI) business imaging solutions director Yasuhiko Shiraki will lead the company’s corporate product and solution categories as it aims to set its foothold across various industries in the Philippines. Coming from his extensive experience from Canon Singapore Pvt. Ltd. (CSPL) and Canon India Pvt. Ltd. (CIPL), Shiraki successfully established Canon’s business programs across Southeast Asia in 2009. “I’m excited to see the progress to vastly reach and help different enterprises in the Philippines—big and small—through our ‘Business Can Be Simple’ campaign,” said 41-year-old Shiraki. “I fully expect it to become equally successful in Metro Manila where resources, like space and time, grow more premium every day.” In India Shiraki served as the assistant director for

business planning and solution marketing. He made a significant contribution to the launch of “Color for India”, a marketing campaign for the copier business, which achieved more than 40-percent market share of color segment in 2018. Prior to his role in CIPL, Shiraki led the original equipment manufacturer division of CSPL, where he was responsible for market research for the demanding India and China. Shiraki’s immersion and posts in the different markets in Asia, particularly Singapore and India, which are two of the leading technology-driven markets, will help strengthen Canon’s foothold as a leading business solutions provider in the country. Shiraki’s new post will revolve around spearheading programs that will boost business growth while delivering operations-optimizing solutions in one of the most aggressively growing economies in the world.

STRENGTHENING CONSTRUCTION INDUSTRY THROUGH LOCAL COLLABORATION

ERNARD Salud (in photo), James Hardie Philippines general manager, applauds Makati Development Corp. and Vista Land, the company’s largest volume contributors, both of which were given recognition at the first-ever partners’ night they have hosted earlier this

year. Through close collaboration, Vista Land achieved the highest business growth among James Hardie’s partner developers by the end of 2018. Salud also noted Makati Cover All and Interiors for posting the highest business growth among their partner contractors. James Hardie Philippines asserts that collaboration will strengthen the sustainability, globalization and productivity of the local construction industry amid the boom of foreign investments and competitors. HardieFlex durable fibercement boards are resistant to damage caused by impact, fire and moisture. It is termite-resistant and also comes with a 10-year warranty.

in Mexico. For a touch of souvenir shopping, caravaners visited world-class crafts at Hansa Creations in Clark and JB Woodcrafts in Guagua. Guests who wanted more fun had the option to stay overnight at the Quest Hotel in Clark, or swang by the Green Canyon Leisure Farms or Puning Hot Spring. A b r a i n c h i l d o f A A P Tr av e l P re s i d e nt a nd f or me r Tou r i s m Secretary Mina Gabor, the caravans were lined with the Department of Tourism’s drive tourism program to encourage land travel and spread its economic benefits in the countryside. She said that A AP Travel takes pride in its organized itineraries, which are coordinated w ith local authorities and community stakeholders to ensure road safety, orderly traffic, secure parking, and quality board and lodging, especially for big and professional groups. She noted that the caravans are often hosted by governors, mayors a nd D O T re g ion a l of f ice s , a nd escorted by the police, to give them a taste of local hospitality and culture. Participants have received Petron Value Card with P1,000 worth of credits and gotten the chance to win raff les.

KELLER WILLIAMS PHILIPPINES LAUNCHES ALABANG MARKET CENTER

ELLER Williams (KW), the world ’s largest rea l-estate f ranchise by agent count, has launched a new market center in Alabang, Muntinlupa City, on May 16. Present at the event are the KW regional team, and market center leaders and associates, together with Filinvest Alabang Inc. executives. Aside from launching, projects on KW trainings, accreditation and incentives were also presented. Since its initial launch in 2017, KW Philippines now have seven market centers that serve as venues where KW associates train under respected personalities from the field, work on daily tasks, meet clients, and close transactions. “KW fully supports its associates by providing them with market centers replete with tools and training systems to make their real-estate business a success. KW is No. 1 in training in the realestate field worldwide,” KW Philippines Regional Operating Principal Rolando Acuesta said. KW Philippinesiscomposedofastrong team of leaders with more than 40 years of experience in residential, commercial

and leisure real-estate development. Together with regional controlling principal Steve C. Chien, regional operations and marketing manager Marla V. Nanadiego, and Alabang market center team leader Gerard D. Valladolid, the team ensures that associates, clients and investors would account KW Philippines as the real-estate company of choice. “While KW trainings, like ‘Ignite’ and ‘Lead Generation’, are already being held monthly at our market centers, we recently explored the YouTube platform to reach out to more potential KW associates...We will be uploading more content to tell people who we are and what we do at KW,” Acuesta added. The KW Philippines Alabang Market Center is at 111 Civic Prime Building, Civic Drive, Filinvest Corporate City,

Alabang, Muntinlupa City. For more details regarding KW Philippines, visit www.kwphilippines.com. K W Philippines reg iona l and market center teams headed by regional operations and marketing manager Marla V. Nanadiego (center), Acuesta and Valladolid.

Sports BusinessMirror

| Tuesday, May 28, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

KLAY THOMPSON celebrates with Golden State fans after scoring against Portland in Game Two of their Western Conference finals playoffs. AP

SUMMER OF CHANGE

By Tim Reynolds The Associated Press

T all comes down to this. No, really. It all comes down to this. The next four, five, six or seven games of the National Basketball Association (NBA) Finals between Golden State and Toronto will not only decide the 2019 championship, but how this series plays out is inevitably going to affect how free agency unfolds starting in a month or so. It’ll affect Warriors star Kevin Durant and his annual stay-or-go decision. It’ll affect Raptors star Kawhi Leonard as he ponders his next move, or if he’ll be moving at all. Klay Thompson will be a free agent this summer. DeMarcus Cousins will be free this summer. Their thinking will inevitably be moved one way or another by this series; the decisions they’ll all make in the coming weeks will have a

HE first National Basketball Association (NBA) game was in Toronto. And now, the NBA Finals are headed there. Finally. The NBA Finals are set after the Toronto Raptors won the Eastern Conference championship on Saturday night and earned the right to play the Western Conference champion Golden State Warriors. For the Raptors, it’ll be the first time on this stage; for the Warriors, it’ll be an 11th trip to the finals and fifth in a row, as they look for a fourth crown in the last five seasons. Game One is on Thursday night in Toronto, which will become the first city outside the US to play host to a finals game—a milestone that comes just about 73 years after Toronto was the site of the first game in NBA history. The Raptors weren’t around then: Toronto’s first NBA team was called the Huskies, a club that went 22-38 in its only season. The Raptors have been around since 1995, and in their 24th season they’re finally going to play for a ring. “They’re the champions,” Raptors star Kawhi Leonard said of the Warriors. “We’ve got to go in, have the mental focus, enjoy the moment and take the challenge.” While it is the first finals trip for the Raptors franchise, many players on the team have been there. Leonard and Danny Green got there with San Antonio in 2013 and 2014, with Leonard winning MVP of the series against Miami five years ago. Serge Ibaka was with Oklahoma City for its appearance in 2012 and Raptors reserve Patrick McCaw was part of the Warriors for their title runs in each of the past two seasons. “We’re not satisfied,” Raptors President Masai Ujiri said. “We want to win the championship.” For the Warriors, this has almost become an annual rite. Stephen Curry, Klay

ripple effect on the rest of the NBA. Durant made clear over the weekend that he’s tired of the incessant talk about his future. “I know what I bring to the team,” Durant said, “but I also know that a lot of people on the outside don’t like to see us together.” New York will be paying intense attention to everything that gets said, tweeted, Instagrammed and intimated. Brooklyn will be in the same boat. So will the Los Angeles Clippers, who think they’re on the cusp of building something really good, and the Los Angeles Lakers, who made the biggest signing of last summer by getting LeBron James and have done very little right since. They will all be waiting to hear what Durant, Thompson, Leonard and Cousins decide. And those are just the biggest fish—the whales, to use a term Miami President Pat Riley likes. After that, there’s another 60 or so players who could be free agents this summer—some have opt-ins and might

not be relocating—and who are coming off seasons where they averaged at least 10 points per game. Their teams next season will be affected on some level by who gets whom in the draft. How some teams pick in the draft will be influenced on what they’re hearing about free agency. And that hinges on this series. So it’s not just a ripple effect. The finals may create a tsunami. “The latest I’ve heard from our basketball operations group is that, I believe, 40 percent of our players are going to be free agents this summer,” NBA Commissioner Adam Silver said at All-Star weekend in February. “So it’s two sides of the coin. Some people could say, ‘Oh my God, look at all that player movement.’ On the other hand, that player movement could be very positive for a lot of teams.” Maybe, maybe not. If the Warriors win this series, as the oddsmakers in Las Vegas expect, it’ll be a third consecutive championship for Golden State—and some history. The Celtics, Lakers and Bulls

are the only franchises to win three or more in a row. And out of that group, only the Celtics have won four in a row (eight, actually). Michael Jordan never did. Shaquille O’Neal and Kobe Bryant never did. That would be the obvious recruiting pitch the Warriors would make to Durant and Thompson. “Come back and try to win No. 4. Come back and try to do something that very few players have done and something no one has done in a half-century.” That lure would undoubtedly be strong. But if they lose this series, it would seem much easier for either player to say it’s been a great run and it’s time to go play somewhere else. If Durant stays, then the Knicks, Nets and Clippers would have to move on to Plan B for free agency. Therefore, they probably should be rooting for the Raptors. Durant is difficult to read because he uses social media to give cryptic hints that usually aren’t hints at all. Leonard is impossible to read. For all anyone knows, he has already

decided to stay in Toronto or sign elsewhere. Or maybe he hasn’t even thought about the summer. Maybe he is as robotic as he tries to convey. But the same theory applies: If Toronto wins this series, it’ll be harder for Leonard to leave. So the teams that want him, they might want to root for the Warriors. Let’s use the Knicks solely for example purposes. If they don’t get Durant or Leonard, then maybe Irving crosses them off his list. Maybe that would mean Kemba Walker climbs up their charts. Maybe that means Jordan decides to offer Walker the super-max of $221 million or so to stay in Charlotte. And the ripples go on and on. They won’t be little waves gently rolling onto the shores, either. This will be a summer of change and a summer of major spending in the NBA. This series is going to decide much more than who gets rings. This series will likely decide who plays where for many years to come.

First time on finals stage for Raptors, 11th time—5th in a row—for Warriors Thompson, Draymond Green, Andre Iguodala and Shaun Livingston have been part of each of these five runs to the finals by Golden State. Kevin Durant is going to his third in a row and fourth overall; if he wins Finals Most Valuable Player—that would seem unlikely at this point, because he isn’t expected to play in Game One and it’s unknown if he’ll actually appear in the

series at all because of a calf injury—he would join Michael Jordan and Shaquille O’Neal as the only players to win that trophy in three consecutive seasons. By the time Game One rolls around, the Warriors will have been off for 10 days. They scrimmaged on Saturday to break up the monotony. “I think we try and be smart with it,” Iguodala said. “We got a few guys just trying to get back from injury and it’s given us some time to get that rest and take advantage of it.” Warriors Coach Steve Kerr has a chance at his ninth championship. He won five as a player, has three already as a coach and is going to the finals for the 10th time in his last 13 seasons in either of those roles. “It’s not like we’ve come to expect it, but we’re veterans of this experience and this run, and our guys know how to finish games,” Kerr said. “They know how to win playoff series, and so there’s a sense of confidence

going into every round. There’s still a sense of joy and accomplishment getting to the finals. It’s so hard to do.” For Leonard, it’ll be the first trip to the finals since he was MVP of the series in 2014. And it only continues to prove that his first year in Toronto was a success. Traded to the Raptors last summer by San Antonio— DeMar DeRozan was the big piece the Spurs got—Leonard, his health and whether he’d fit in in Toronto was one of the major storylines entering this season. Asked and answered. Leonard has averaged 31.2 points and 8.8 rebounds in the playoffs, had a 27-point, 17-rebound, seven-assist effort in the win over Milwaukee that clinched the East on Saturday, and had perhaps the biggest moment of this postseason when his buzzer-beater hit the rim four times before dropping to beat Philadelphia in Game Seven of the second round. “He’s been great,” Kerr said. “Not surprising, though. He’s got his finals MVP a few years ago. One of the best players in the league, so he’s been great.” Game Two is in Toronto on June 2, followed by Games

Three and Four at Oracle Arena on June 5 and June 7. Either Game Four or Game Six—on June 13, if it goes that far—will be the final time the Warriors call that building home. They’re leaving Oakland after this season for the brand-new Chase Center in San Francisco. The Raptors swept the season series, though there are plenty of reasons not to make too big a deal out of that. For starters, the teams haven’t played since December 12. And neither team was at full strength in either of those games—Durant scored 51 in a 131-128 loss at Toronto in a game in which the Warriors didn’t have Curry, Cousins or Green; the Raptors won by 20 at Oracle even without Leonard two weeks later. Regardless, it can now be said: Toronto and the Bay lay claim to the NBA’s two best teams this season. All that’s left to decide now is who’ll be hosting the championship parade and hoisting the Larry O’Brien Trophy. AP

DRAKE reacts to a three-point basket during the second half of Game Six of the Eastern Conference finals between Toronto and Milwaukee as Raptors fans react on a screen outside Scotiabank Arena in Toronto. AP

Spo

Business

C2 Tuesday, May 28, 2019

‘Atoy’ heads list of forum guests

ASKETBALL great Fortunato “Atoy” Co and the Mighty Sports team bound for the William Jones Cup are appearing at the Amelie Hotel-Manila in an all-basketball session of the Philippine Sportswriters Association Forum on Tuesday. Mighty Sports Assistant Team Manager Jessie Angchonghoo and some members of the squad competing in the annual tournament in Taipei in July are gracing the 10 a.m. forum. Mighty also represented the country in the Jones Cup in 2016 where it completed an eight-game sweep to win the championship. Joining the team in the session presented by San Miguel Corp., Braska Restaurant, Amelie Hotel and the Philippine Amusement and Gaming Corp. is Co, the former Philippine Basketball Association (PBA) Most Valuable Player and Crispa stalwart, who will talk about the UNTV Cup PBA Legends Face-Off. Co is the commissioner of the monthlong tournament that kicks off on June 2 at the Pasig City Sports Center.

EAL Gold won the initial battle of the country’s best three-year-olds, obliterating the eight-horse field that included undefeated and overwhelming favorite Obra Maestra to secure the first leg of the Philippine Racing Commission’s (Philracom) Triple Crown series on Sunday at the San Lazaro Leisure Park in Carmona, Cavite. Sneaking in from fifth spot when the rest of the pack concentrated on favored pick Obra Maestra, Real Gold made its move from the outside in the last 400 meters, grabbing the lead in the final turn and sprinted home with

DIAY’S 200 RECORD FALLS F

ILIPINO-AMERICAN Zion CorralesNelson rewrote her 200-meter record only a day after erasing the 33-year-old national standard set by the legendary Lydia “Diay” de Vega in the National Collegiate Athletic Association West preliminary meet in Sacramento, California, over the weekend. Representing University of CaliforniaBerkeley, Corrales-Nelson first clocked 23.18 seconds in her heat to shatter de Vega’s record of 23.35 seconds in Walnut, California.

Undone with her blazing performance in the lead-up to the Southeast Asian Games where she is tipped to dominate the sprints, the 20-year-old clocked 23.16 seconds in the quarterfinals to set the bar higher and claim the throne once held by de Vega. She finished ninth overall and will be competing in the championships in Austin next month. The women’s 200-meter record was one of the untouched pieces of glory of de Vega,

Asia’s sprint queen in the 1980s. De Vega owned the 100-meter record of11.28 seconds she set in 1987 in the Jakarta Southeast Asian Games. Corrales-Nelson has a personal best of 11.41 seconds, the second-best time behind de Vega. In the 2017 SEA Games, the standing goldmedal mark is at 23.32 seconds in the 200 meters and 11.56 seconds in the 100 meters. Vietnamese Le Tu Chinh owns both times.

Ramon Rafael Bonilla

REAL Gold owners Butch Mamon, Robert Ramirez, Jing Javier and Joseph Dyhengco of C&H Enterprise, together with jockey JPA Guce and son, display the champion’s trophy. Also in photo are Philippine Racing Commission officials Chairman Andrew Sanchez, Commissioners Bienvenido Niles Jr., Dante Lantin and Lyndon Guce, Executive Director Andrew Rovie Buencamino, Chairman and CEO of the Manila Jockey Club Alfonso “Boy” Reyno Jr., racing manager Ding Magboo and Captain Mohammed Al Hashmi, racing manager of The Royal Horse Racing Club of Muscat, Sultanate of Oman.

Real Gold glitters in Triple Crown first leg a blinding burst that netted the John Paul A. Guce-ridden colt an eight-length win in the 1,600-meter race. Real Gold proved to be a goldmine to its C&H Enterprise C&N conglomerate of owners Butch Mamon, Robert Ramirez, Jing Javier and Joseph Dyhengco as they pocketed the whopping top purse of P1.8 million, plus an additional P100,000 to breeder Dyhengco. “We are ecstatic,” said Mamon during the awards rites, attended by Philracom officials, led by Chairman Andrew Sanchez, Alfonso “Boy” Reyno Jr., chairman and CEO of the

Manila Jockey Club and Captain Mohammed Al Hashmi, racing manager of The Royal Horse Racing Club of Muscat, Sultanate of Oman. JAYZ of jockey JA Guce and owner SC Stockfarm finished runner-up and clinched the prize of P675,000, while Alfredo Santos’s Toy for the Big Boy, ridden by JB Cordova, pocketed P375,000 at third spot. Obra Maestra (Jockey JB Guce), the overwhelming pick, suffered its first loss but still received P150,000 at fourth for owner Leonardo Javier Jr. “Remate po kami. Naramdaman ko last 600, mananalo,” said Real Gold’s jockey JPA Guce, who added that it was their second major victory together, counting their Philtobo triumph a few months back. In the Philracom Hopeful Stakes, also ran in 1,600 meters, Shanghai Noon, ridden by OP Cortez and owned by Emmanuel A. Santos, captured the top prize of P1 million, with P30,000 awarded to breeder Kerby Chua.

Phenomenal (jockey JPA Guce, owner Enrique Javier), Best Regards (CP Henson, Peter Aguila) and Two Timer (JA Guce, Melaine Habla) placed second to fourth, respectively, with prizes of P225,000, P125,000 and P50,000. Meanwhile, Serafina, ridden by MB Pilapil and owned by Peter Aguilar, ruled the 1st leg of the Locally Bred Stakes Race (1,600 meters) and received the champion’s prize of P300,000. Silab (AR Villegas, Benjamin Abalos Jr.), Iikot Lang (EG Guerra, Cipriano Sison Jr.) and Dansalan (JB Hernandez) ranked second to fourth, with respective prizes of P112,500, P62,500 and P25,000. The last horse to win all three legs of the Triple Crown was Sepfourteen of SC Stockfarm in 2017. Prior to Sepfourteen’s Triple Crown achievement two years ago, the last time one horse won it all in one year was in 2014 when Emmanuel Santos’s colt Kid Molave (Into Mischief x Unsaid) scored the rare three-peat.

TAIWAN OPEN WINNER Philippine Golf Tour (PGT) Asia mainstay, Thailand’s Wisut

Artjanawat (left), poses with his trophy after rallying from six down to beat Taiwanese Sung Mao Chang by two in the Taiwan Professional Golfers Association Open, the first PGT Asia event in Taiwan, on Sunday. With him is Joop Kalambakal, PR manager of the sponsoring International Container Terminal Services Inc.

ANLUBANG pulled off a victory and two podium finishes as it dominated the 2019 Champion Women’s Golf Association of the Philippines (WGAP) Circuit at home recently and gained a share of the overall lead with Tagaytay Highlands after two legs of the course-hopping tour. Rosabel del Leon fired 40 Stableford points while Colo Ventosa sizzled with 39 points, and Lea Suarez and Charo Buencamino each scored 38 points as the Cangolf ladies pooled a 155 and edged the Fernando Air Base side by two in Class B. The hosts also placed second to surprise Class C winner Wack Wack and settled for third in Class A behind Alabang and Sta. Elena (STE) as they racked up a total of six points to join the Highlanders on top in the early going of the eight-stage circuit organized and conducted by WGAP. Alabang drew 43 points from Marilyn Reyes while Rita Horan, Jocelyn Garcia and Lanfen Hsieh backed her up with 40, 37 and 36 points, respectively, as it assembled a 156 and posted a huge sevenpoint victory over Sta. Elena in the centerpiece Class A division. The STE ladies, led by Therese Dabao’s 40 points, Carina Ricamonte’s 37, and Carmela Lee and Wilhermina Attwood’s identical 36 points, came up with a 149 while Cangolf got a pair of 38s from Recy Barrientos and Flor Silao and a couple of 36 points from Luisa Lorenzo and Ikuko Kito for a 138. Reigning Asian Games golf medalist Yuka Saso, a member of the host squad, also graced the event

WILD applause and enthusiastic chants greet Roger Federer in Paris. AP

ROH-ZHE ROH-ZHE

ARIS—Roger Federer entered a refurbished Court Philippe Chatrier for his first French Open match since 2015, greeted by the sun peeking through the clouds and the full-throated support of spectators in their designer sunglasses, straw hats and sweaters tied over their shoulders. Were it permitted, perhaps some ticketholders would have embraced Federer right then and there, delivering a kiss on each cheek, as if reunited with an old friend at a sidewalk café. Alas, the welcome was limited to wild applause and enthusiastic chants of his first name—”Rohzher! Roh-zher! —before and during a 6-2, 6-4, 6-4 victory against Lorenzo Sonego of Italy on Sunday. The match lasted a mere 101 minutes, yet Federer found enough time and space to sprinkle in some tremendous shot-making. “The reception I got today was crazy. Was really nice to see a full stadium for a first round like this,” Federer said, comparing the atmosphere to that of a final. “I feel,” he said, “that the public missed me. And I missed them, as well.” His presence at the year’s second Grand Slam tournament was the highlight of Day 1, which included losses by multiple major winners Venus Williams, Angelique Kerber and Svetlana Kuznetsova, along with victories for

Sloane Stephens, Garbiñe Muguruza, Marin Cilic and Kei Nishikori. Kerber has been dealing with an injured foot and was beaten, 6-4, 6-2, by Anastasia Potapova. That was the opening match in the largely rebuilt main stadium, a structure of concrete and glass that is expected to have a retractable roof by the 2020 French Open and now features padded beige seats instead of plastic green ones. Across the way, 2016 champion Muguruza inaugurated the new 5,290-seat Court Simonne Mathieu, which is surrounded by greenhouses displaying tropical plants, with a 5-7, 6-2, 6-2 victory over Taylor Townsend of the US. Later in that same spot, the 38-year-old Williams, a seven-time Grand Slam titlist and the 2002 runner-up in Paris, exited in the first round for the fourth time in the past seven years at Roland Garros. She was broken in seven of her nine service games during a 6-3, 6-3 loss to No. 9 seed Elina Svitolina. Federer, the owner of 20 Grand Slam titles, will turn 38 in August and, frankly, who knows how many more of these he has left? “Not getting any younger,” he noted. The guy certainly appeared delighted to make his return to a tournament he won a decade ago, completing a career Grand Slam, but sat out each

Canlubang ladies share lead with Highlands gals and finished with 33 points as she primed up for the US Women’s Open beginning on Thursday in South Carolina. After scoring two victories at Villamor, Tagaytay went scoreless, placing fourth in Class A with a 144 led by individual champion Marianne Bustos’s 41 points, while Fernando Air Base came in fifth with 139 followed by Forest Hills (138), Manila Southwoods (130), Camp Aguinaldo (129) and Villamor (124). Behind Kathy Uy’s 44 points, FAB scored 153 to place

second to Cangolf in Class B with Wack Wack, behind individual titlist Monique Arroyo’s 43 points, finished third with 152 followed by Tagaytay (147), Sta. Elena (144), Alabang (141), Orchard (138) and Villamor, Forest Hills and Camp Aguinaldo, which turned in similar 135s in the event sponsored by Champion. Wack Wack, on the other hand, came away with a big victory in Class C as Tiffany Copok shot 49 points and drew 39, 37 and 35 points from Celine Abalos, Claudette Santiago and Miya Tanco, respectively, for a 160 for a four-point romp over Cangolf, which drew 44 points from Patricia Kohchet-Chua, and 41, 37 and 34 points from Bernadette Enriquez, Theresa Enriquez and

Rosita Laurel, respectively. Villamor, with Grace Bañas, Angela Castro and Angeline Baylon putting in identical 39 points and Angelita Navalta adding 36 points, finished with 153 and nipped Aguinaldo, led by individual winner Marie Anne Ortinez’s 49 points, in the countback for third place. Alabang came in fifth with 146 followed by Forest Hills (142), Sta. Elena

(138), FAB (137), Tagaytay (136) and Orchard (131). With six points apiece, Cangolf and Tagaytay lead Villamor by one heading to the circuit’s third leg at Tagaytay Midlands and Lucky 9 courses on June 17.

KEVIN NA revs the engine of a fully restored 1973 Dodge Challenger that goes with his Charles Schwab Challenge victory. AP

ASTANA RIDER RULES GIRO’S 15TH STAGE C DARIO CATALDO is an ecstatic cyclist at the finish line. AP

OMO, Italy—Astana rider Dario Cataldo has won the 15th stage of the Giro d’Italia on a nightmare day for race favorite Primoz Roglic. The Italian finished the 232-kilometer route from Ivrea to Como in five hours, 48 minutes, 15 seconds on Sunday. Mattia Cattaneo was second with the same time, and Simon Yates was 11 seconds behind in third. Movistar rider Richard Carapaz of Ecuador increased his overall lead from seven to 47

seconds over Roglic, who had to borrow a teammate’s bike during the race. The Slovenian then crashed near the end, hitting a barrier on a turn during the descent of the Civiglio, and crossed the line with cuts on his face around 50 seconds behind Cataldo. Another race favorite, Vincenzo Nibali, is third overall, 1:47 behind, after finishing sixth. Sunday’s stage was mainly flat for the first 160 kilometers but had three categorized climbs in the final part of the stage.

Cataldo and Cattaneo had a two-man breakaway. “I just followed Cattaneo’s attack,” Cataldo said. “Then I was confident in myself. To win a stage at the Giro d’Italia is amazing. It’s something I’ve been dreaming of all my life.” The end of the stage followed many of the same roads used in the Giro di Lombardia singleday classic The three-week race ends in Verona on June 2. Monday is a rest day. AP

orts

sMirror

Tuesday, May 28, 2019

VARGAS FIRES PEPING AND CO. R

HER! HER!

of the past three years. In 2016, he was sidelined by a back problem, ending his then-record streak of 65 consecutive appearances at majors. Federer then skipped the entire clay-court circuit in each of the past two seasons to focus on preparing for grass and hard courts. Not since a quarterfinal loss to Stan Wawrinka four years ago had Federer competed at Roland Garros, which is why he described himself on Sunday as “quite tense at the start.” Didn’t seem that way, though. More like someone who never went away. He led the 73rdranked Sonego, who was making his French Open debut, 4-0 after less than 15 minutes, then went up a set and 4-0 in the second after 40. “There are times when you recognize that he makes the difficult things look easy. It’s incredible,” Sonego said. “All you can do is hope he messes up now and then, because otherwise, it’s really hard.” Federer gave the folks what they wanted, providing a live-and-in-person highlight reel of his full and considerable repertoire. There was the ace at 195 kph to begin his first service game, and the ace at 110 mph (178 kph) to conclude it. The drop-volley winner on the run. The serve-and-volley putaway. The sprint for an up-the-line winner off a delicate drop shot by Sonego that was so good, and

ICKY VARGAS shed off his composed and corporate demeanor during the Philippine Olympic Committee (POC) General Assembly at noon on Monday when he cracked the whip on personalities opposed to his leadership of the sports body. Vargas ordered for the ejection of his predecessor, Jose Cojuangco Jr., membership committee head Robert Bachmann, 30th Southeast Asian Games Chef de Mission Monsour del Rosario and his deputy Charlie Ho, and Tokyo 2020 Olympics CDM and POC first Vice President Joey Romasanta from the POC Executive Board. Cojuangco and company convened Executive Board meetings on April 24 and May 25 without Vargas’s knowledge. Neither POC Chairman Rep. Abraham Tolentino nor Secretary-General Patrick Gregorio had knowledge of the meetings, prompting Vargas to impose the drastic decision. Also kicked out of the board were Jeff Tamayo, Julian Camacho, Jonne Go, Clint Aranas and International Olympic Committee Representative Mikee Cojuangco. They attended the meetings.

Fighting Maroons clobber Cardinals in Preseason Cup

so apparently hard to reach, that an Italian fan gushed, “Bravo! Bravo!” in praise of her countryman before Federer got to the ball. “In the important moments, he raises his level and turns into a computer,” Sonego said. “He never makes the wrong choice.” Really, the lone blip for Federer came when he double-faulted to get broken for the only time, eliciting an admonishing slap of racket strings from him—and a collective “Awwwww” of dismay from his thousands of admirers. That was part of a three-game, dozen-minute surge for Sonego, who got within 4-3 in the second set before ceding it. By the end, Federer had won the point on 25 of 30 trips to the net and put together a ratio of 36 winners to 15 unforced errors. While so much of the title speculation is focused on Rafael Nadal and Novak Djokovic—both play on Monday— Federer enjoys the unusual-for-him position of lowered expectations. “It’s nice to be an outsider,” he said with an almost imperceptible shrug. “That’s how I feel, anyhow. Just see how it goes, you know.... This is not a show I’m putting on; this is the truth: I really don’t know how far I can go in this event.” AP

By Rick Olivares

finished eight shots back to remain without a victory since his third major title at the 2017 British Open. Jim Furyk’s hopes faded when the 2003 US Open champion went in the water for double bogey at the par-three 13th on the way to a 73. The 17-time tour winner’s last title was at Hilton Head in 2015. Finau briefly was within a shot of Na early in the round, and the first-round leader was two back when Na birdied 14 about the same time Finau had a bogey at 16 to push the lead to four. Finau, looking for his second career win three years after his first, closed with a 68. “He wasn’t letting up, so I knew I was going to have to make three or four birdies coming in,” Finau said. “I gave myself the looks to do it. Just wasn’t able to make it happen.” Andrew Putnam (66) and CT Pan (69) finished at eight under, a stroke ahead of second-round leader Jonas Blixt (68). It’s the first time since 2002-2003 that consecutive Colonials were decided by more than one stroke. Rose, who won by three in 2018 and was the highest-ranked player in the field at No. 3 this year, had his third score of par or worse, shooting 70 to finish five over. Spieth made three putts from beyond 40 feet in the same tournament for the first time in his career—all in the first two rounds. But after making at least 127 feet of putts in each of the first three rounds, Spieth had just four—about a third of them on his only birdie at 18. “The hole just started to look a little smaller today,” Spieth said after a top 10 finish that followed his first top 20 of the season, a tie for third at the PGA Championship. “That can happen on random days.” AP

NIVERSITY of the Philippines (UP) coolly blew away Mapua University, 80-71, on Monday at the Filoil Flying V Preseason Cup at the Filoil Flying V Centre in San Juan. UP blanked Mapua over a seven-minute span that bridged the second and third periods. Mapua led, 29-27, after an undergoal shot by Joshua de la Cruz at the 3:33 mark of the second quarter. From thereon, the Cardinals missed five of their next shots, turned the ball over thrice and sent UP to the line four times where the Fighting Maroons collected six points. By the time Mapua scored on a Warren Bonifacio putback, the score was 41-31 and there was 3:11 left in the third quarter. Unfortunately for Cardinals, their shooting woes continued while the Maroons played solid defense while moving the ball around efficiently. The Maroons went on another 13-0 run with Juan Gomez de Liaño scoring seven points and point guard Jun Manzo adding four points to hike their lead to 54-31 time down to 3:34 in the third period. The Maroons built a 26-point lead, 61-35, after forward James Spencer hit two free throws off a JJ Pido foul with 1:43 left

in the third frame. Mapua tried to rally and cut the lead to nine in the fourth quarter behind six points each from Bonifacio and Eric Jabel. But time wasn’t on the Cardinals’ side as the Maroons won their fourth match in six outings. “I think the entire team stepped up today,” underscored UP Head Coach Bo Perasol, who got 35 points from his bench while his starters put up 45 points. “Even with Bright Akhuetie playing few minutes and Ricci Rivero and Kobe Paras, this is good because we know there are others who can step up.” “It felt good to be able to contribute to a big win,” said Juan Gomez de Liaño, who led UP with 17 points. Manzo backed him up with 15. Warren Bonifacio scored a game high 23 points and hauled down 13 boards for the Cardinals who dropped to a 1-5 won-lost record. Eric Jabel chipped in 15, while Laurenz Victoria contributed 13. In the high-school division, Lyceum of the Philippines University assured itself of a spot in the semifinals after scoring an 81-70 victory over De La Salle Zobel, which played without Batang Gilas center Raven Cortez (knee injury). Migs Pascual, another youth national player, is no longer with Zobel and is now with San Beda. Streaking National University outlasted a tough Far Eastern University, 79-70, behind Gerry Abadiano’s 20 points and Kevin Quiambao’s 12 points and 12 boards in the other juniors duel. FEU’s Cholo Añonuevo also tallied a double-double of 12 points and 10 rebounds. In the 11-Under Division, La Salle Greenhills blasted Don Bosco, 91-11, with the Greenies scoring 47 points as against their foes’ one point in the first half. La Salle Greenhills improved to 4-5, while Don Bosco dropped to 2-5. Colegio de San Benildo improved to a 3-2 card after beating Claret (2-3), 48-46.

participants also received certificates. “Futsal is a great sport for children as it only takes determination, strong legs and strong heart,” Acosta said. She told participants to keep training to reach higher level of competitions. She also invited the girls to join the annual Acosta Cup

ladies football tournament. The clinic and tournament was supported by the Davao South Regional Football Association, Football for Humanity and Maharlika Sports Foundation Inc. in cooperation with Barangay 76-A officials led by Chairman Rolando Trajera.

Na cruises to stress-free victory at Colonial golfest ORT WORTH, Texas—Kevin Na always believed he could win at Colonial, so he paused to visualize his name on the wall of champions at the first tee before making another run at it. The South Korean-born American will get to read his name on that wall next year. Na birdied four of the first eight holes and shot a four-under 66 for a four-shot victory over Tony Finau on Sunday on the cozy course made famous by Ben Hogan, securing his third career Professional Golfers’ Association Tour win and second in 10 months. “On the first tee, I saw that wall, looked at the names, right below Justin Rose,” Na said, referring to the defending champion. “And in my head, I engraved my name on it. I was just trying to visualize success before I teed off.” Na opened with a two-shot lead and was in front by at least that many for the final 16 holes after putting his second shot inside 5 feet for birdie at the par-4 second. Na finished 13 under after a bow-tying birdie at 18. The win came after Na put himself in contention with a second-round 62, one off the Colonial record. That low round was a year after tying that courserecord 61 in the final round to finish fourth. Na, who has made 10 cuts in 11 Colonial appearances since withdrawing in the first round of his debut in 2004, had three scores of 62 or better in a span of six rounds. Then he added a pair of solid scores that were more than enough to keep anybody from getting close. “They say this is a golf course that I’ve had the most leads in a tournament,” said Na, who pulled away despite opening with a pedestrian par 70 in difficult conditions. “So it tells you how much I like this place and how well I’ve played here.” Local favorite Jordan Spieth’s strong putting disappeared in a two-over 72 as the Dallas native

Vargas said he was offended by the gathering. “I was insulted, villified and demeaned through insinuation, innuendo and downright misrepresentation of facts,” said Vargas, citing “loss of trust and confidence” as the reason for firing the personalities. “I inherited a board that had a long and strong relationship with each other who I thought I could persuade to work together,” he stressed. “I was mistaken and I had to learn the hard way.” Jose Cojuangco Jr. and company were opposed to the structure of the Philippine Southeast Games Organizing Committee (Phisgoc) for the country’s hosting of the 30th SEA Games later this year and were particular on alleged overpricing of Asics apparel for the national team. Vargas said he would temporarily take over for Jose Cojuangco Jr. as chairman of the Constitutional Amendments Committee. Tolentino replaced Romasanta, Philippine Sports Commission Chairman William Ramirez took over for del Rosario and muay’s Lucas Managuelod was tapped in favor of Bachmann. Ramon Rafael Bonilla

Davao futsal clinic, tourney wrap up

ATIONAL and local government officials on Saturday underscored the values of hard work, discipline and studying hard during the awarding ceremony of the Barangay 76-A Summer Futsal Clinic and Tournament at the SIR Phase 2 covered court in Davao City. “Keep playing your sport but don’t forget your studies,” Philippine Sports Commission (PSC) Commissioner Charles Maxey told the young participants. PSC Chairman William Ramirez said education is vital to one’s success “as it is the only thing that can break the cycle of poverty.” “You want to become an outstanding athlete or become popular, it’s not free. You have to sacrifice to train, you don’t need to be a son or daughter of the rich,” Ramirez said. “Even if you’re poor, as my parents were also poor, as long as you eat, sleep, study, read and listen. Hard work is the secret of success. A lazy child has no place in the ladder of success,” he added. Maxey and Davao City Councilor Mabel Sunga Acosta awarded medals to champion teams SIR 1 (boys under-10), Doña Pilar (boys under-12) and SIR Cute (girls under-12), SIR Boys (mix under-eight) and SIR (boys under-14). Acosta donated the medals while PSC bankrolled the clinic and tournament. All

PARTICIPANTS listen intently during the awarding ceremony.

RICK OLIVARES bleachersbrew@gmail.com

BLEACHERS’ BREW

The last chieftain THERE were moments when it was circa 2014 and 2016. Arellano University Chief Kent Michael Salado put on the moves against De La Salle’s Encho Serrano then pulled up and stuck in a long jumper, 40-39, for the former’s squad. Earlier, he drove right through the heart of La Salle’s defense and lofted a reverse lay-up where the ball kissed the glass before finding the bottom of the net. But that jumper would be the last gasp for the Chiefs against the Green Archers in that match as they dropped a huge run that gave them control of the game. It ended in an ugly 95-62 blowout loss for the Chiefs. Inside the Arellano University locker room, Salado iced his knees. It wasn’t too long ago where he suffered a knee injury while playing for Go for Gold in the D-League that also ended his 2018-2019 campaign also with Arellano that was supposed to be his swan song with the team. Salado, who hails from Cagayan de Oro, leaned back and took in the atmosphere in the dugout. Gone are his running mates Jio Jalalon and Donald Gumaru. Together the three of them pressed foes into oblivion. Their understanding of each other and the game was telepathic. They made the game fun to watch with their free-wheeling ways. Gone too are sniper Zach Nichols, athletic forward Michael Cañete, sleek Dioncee Holts who was actually a forward playing center, tough swingman Brylle Meca, and strong man Lervin Flores. Archie Concepcion is still around as is Rence Alcoriza and Elie Ongolo Ongolo. Salado went to war with those three. However, the days when the Chiefs were National Collegiate Athletic Association title contenders are over; at least for now. They still had the makings of a Final Four squad last season when they still had Levi de la Cruz, Richard Abanes, Allen Enriquez, Kraniel Villoria and Marwin Taywan. And of course, Head Coach Jerry Codinera who picked up the squad and turned them into NCAA finalists. Some have graduated, most have left after the season for various reasons (and depending on who you ask). Taywan is now with the Emilio Aguinaldo Generals where he is perhaps that team’s version of Salado. Salado now wears his hair long with some facial hair; like a younger Terrence Romeo. The Chiefs are 0-4 in the ongoing Filoil tourney. There isn’t much help save for power forward transferee Justin Araña. Alcoriza still has his moments. But the Chiefs cannot replicate their troika of Jalalon-Salado-Gumaru. “When I returned, I had to adjust to this new team,” said Salado in the vernacular. “Before, we all knew what each one was going to do so we passed the ball where someone should be, we gambled on defense knowing someone was going to cover for me if my man got past me. Now, I don’t know. We’re learning to play with each other which is what the preseason is all about.” Right now, opposing teams are gearing their defense toward stopping Salado. La Salle threw a tough defending Serrano against him and when Salado was able to blow by him, there was a taller player to challenge the jump shot. With no Gumaru to spot up from the outside, no Nichols, in one particular play, Salado drove and tried another of those zany twisting reverse lay-ups of his. This time, La Salle was ready for him and center Justine Baltazar rejected the shot, grabbed the loose ball, and pitched it out igniting a fastbreak. When Salado returned to the game, it was trying to stop a water leak with one’s hand. By the final frame, Cholo Martin, who replaced Codinera, went to his third unit (and the massacre continued). After the game, Salado remained upbeat. “I have to,” he said “This is a young team and my role has changed. It’s to help them along and provide leadership. I cannot score 20 points per game. What is the use if we lose? I do what I have to but also to help the others get their shots. This is why we play the preseason more so since we [Arellano University] are NCAA season hosts.” Does he think the Chiefs have what it takes to return to the Final Four let alone win it all? He paused for what seemed like close to a minute. He smiled rather wryly. Kent Michael Salado knows it is tough. Very tough. San Beda is still the prohibitive favorite. Lyceum remains tough. San Sebastian and College of Saint Benilde look mighty good. Mapua is up and coming as is Emilio Aguinaldo College. Jose Rizal University has the makings of a good team but still needs some pieces for them to make a Final Four push. Salado smiled and measured his words, “We will try,” he once more said in the vernacular. “The ball is round.” And the last of the great chieftains who led Arellano to its best years in the NCAA got up and went out of the arena (the team bus more than 40 minutes late in picking them up). Salado sat down by the players’ entrance and joked about the bus being late. The bus driver has moved on. Salado’s hoping now, that this Chiefs team hasn’t missed the bus to basketball’s Promised Land.

Sports BusinessMirror

| Tuesday, May 28, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Leclerc: I’ll have to take a lot of risks

TECHNICIANS push Charles Leclerc’s car to the pits. AP

LEWIS HAMILTON holds his red helmet as a tribute to Niki Lauda after he wins the Monaco Grand Prix on Sunday. AP

STRESSFUL F1 VICTORY By Jerome Pugmire

The Associated Press

ONACO—Lewis Hamilton’s stressful win at Sunday’s Monaco Grand Prix extended his championship lead to 17 points after six races, yet perhaps more important it reminded him just why he loves Formula One (F1) racing. Holding off Max Verstappen on fading tires that made his Mercedes slip around, Hamilton clinched his fourth win of the season and 77th of a glittering career. The five-time F1 champion ranked it among his best five drives. “I appreciate a tough race,” Hamilton said. “Ultimately as an athlete you want the toughest battles when they come.” Verstappen, despite being hit by a five-second time penalty, would have been hard to catch had he got ahead of Hamilton. For more than 30 laps, Hamilton managed to both maintain his speed and fend off Verstappen—one of the most aggressive and quickest drivers in F1. “I don’t know how I did it today,” Hamilton said. “There were just so many opportunities to make mistakes.” It was a particularly poignant win for Hamilton, who dedicated it to the memory of friend and mentor Niki Lauda, who died on Monday at the age of 70 less than one year after a lung transplant. “I definitely felt he was with me today,” said Hamilton. The day belonged to both Hamilton and to the memory of the much-loved Lauda. Fittingly, Verstappen drove brilliantly, too, considering he was not just chasing Hamilton but also competing

against his time penalty. Even though he finished just behind Hamilton, Verstappen placed fourth overall behind Mercedes driver Valtteri Bottas in third and Ferrari’s Sebastian Vettel in second. Before the race, drivers wore red caps for a minute’s silence in Lauda’s memory. As he climbed out of the car after winning, Hamilton removed his race helmet and pointed to Lauda’s name on the back. “I was fighting with the spirit of Niki,” Hamilton said. “I was just trying to stay focused and make him proud.” It was the first time in six races this season that Mercedes has not placed 1-2. “Good result but not a good weekend for us,” Ferrari’s Vettel said. “The lesson from here is that we’re not yet where we want to be. The pace isn’t there.” Vettel’s teammate Charles Leclerc started 15th, after his team bungled qualifying, and retired after 19 laps. Leclerc damaged his right rear tire trying a bold overtaking move on Nico Hulkenberg’s Renault, scattering debris over the track and forcing the safety car to come out. Hamilton extended his lead over Bottas from seven to 17 points, and it is now 14 races since Vettel’s last win for Ferrari at the Belgian GP last August. “Who’s counting?” Vettel said in the post-race news conference, with a hint of sarcasm. Still, he vaulted past Verstappen into third in the season standings. Hamilton’s ability to hold off Verstappen was impressive, even though it was on one of the most difficult tracks for overtaking. Hamilton kept complaining about

ONACO—Ferrari driver Charles Leclerc had predicted what might happen to him at the Monaco Grand Prix. After his team botched his qualifying on Saturday and left Leclerc starting way down in 15th place on the grid, the 21-year-old driver said: “I’ll have to take a lot of risks I think, even risking to crash.” He did just that on Sunday by barging into Nico Hulkenberg’s Renault after 16 of 79 laps of his home race. It was a bold move by Leclerc, one which had come off just one lap earlier against Frenchman Romain Grosjean at the same point on the track—coming out of the turn at La Rascasse. But on Monaco’s pencil-thin and sinewy 3.3-kilometer track it was a gamble unlikely to pay off twice. Leclerc should know that better than anyone else, seeing as he grew up in Monaco and that his apartment is a stone’s throw from Rascasse. “Maybe I was a bit too optimistic,” Leclerc said. “Starting from 15th it was just so difficult for a miracle to happen.” Leclerc, who is as self-critical as he is quick on the track, blamed himself. “Nico left me a bit of space and then closed it, but I don’t think it was his fault,” Leclerc said. “It didn’t go how I wanted, and how we all wanted.” His teammate Sebastian Vettel finished Sunday’s race in second place behind Mercedes driver Lewis Hamilton. Ferrari has not won in six races this season and has secured just one pole position, a brilliant one by Leclerc at the Bahrain GP in March. Next up is Montreal in two weeks’ time, where Leclerc seeks his first career win and Vettel looks to end a dismal spell of 14 races without one win dating back to the Belgian GP last August. “Who’s counting?” the four-time F1 champion from Germany said with a wry smile after the race. Joking aside, Vettel knows Ferrari is lagging behind and Mercedes is heavy favorite to win its sixth straight constructors’ and drivers’ title double. “We’re not yet where we want to be. The pace isn’t there. We didn’t have the pace to put enough pressure on,” Vettel said. “The car is lacking downforce. I don’t think the car is as bad as it looks and results should be better. But it’s difficult to get the car [prepared].” Ferrari struggles to get its tire temperatures right, which in turn causes strategy errors, and the Italian manufacturer also loses more speed going into the corners than Mercedes because its car lacks enough grip. “I think it’s not a secret that after six races the tires are a bit more critical this year,” Vettel said. “Currently we’re too far away...It’s not where we want to be.” The 31-year-old Vettel has won 52 races and clinched his F1 titles from 2010-2013 with his former team Red Bull. Ferrari’s team principal Mattia Binotto, perhaps too generously, said Ferrari was not giving Vettel a good enough car to deliver. But Vettel is taking his share of the blame. “I’m flattered by what Mattia’s trying to say but we need to stick together, work harder,” Vettel said. “I’m part of the team, so I don’t put myself above [it]. I’ve had some difficult moments this year where I’m fighting and not really entering the level where I feel more comfortable.” AP

the state of his front left tire, but his team decided against a tire change because Verstappen—even though faster— had limited chances to pass on the sinewy 3.3-kilometer (2-mile) track. Hamilton is among the best in F1 history, but this time his team effectively made the right call in overruling him and keeping him on track. Verstappen was given the penalty by race officials after his unsafe release from the pits earlier in the race. When Leclerc’s crash sent the safety car out, drivers pitted to change tires. But Verstappen’s Red Bull was released too soon and he clipped the side of Bottas as it drove past. The incident moved Verstappen up to second place, Vettel into third, and Bottas down to fourth. Leclerc had made a thrilling start from near the back, overtaking the Haas of Romain Grosjean with a brilliant attacking move coming out of the turn at La Rascasse. But one lap later the driver from Monaco tried the same move on Hulkenberg and it backfired. “We had to take a risk—maybe a little bit too much on my part,” Leclerc said. “It’s a weekend to forget apart from the support which I received here, which was heartwarming.” The only driver from Monaco to win the race was Louis Chiron in 1931. Although the 21-year-old Leclerc has time well on his side, he now must wait at least another year.

US women warming up for World Cup defense

ARRISON, New Jersey—Fans spelled out the message at the end of the national anthem, unfurling a huge banner behind the goal on the south end of Red Bull Arena: “ONE FOR ALL AND ALL FOR FOUR” it read, with a large gold star in the center. Ten prep games for the US women’s soccer team this year ended with an unimpressive 3-0 win over Mexico in a send-off match on Sunday. The Americans travel to England on Monday and will work out at Tottenham’s training grounds before heading to France on June 7, four days before starting their World Cup title defense against Thailand. “We want to win everything. We want to win every game,” said midfielder Megan Rapinoe, her spiky hair newly dyed pink. “It’s going to be extremely tough. It’s going to be a grueling tournament. But, yeah, like I said, the expectation for us is always to win.” Seeking their fourth World Cup title, the top-ranked Americans have seven wins and two draws since a January 19 loss at France, outscoring opponents 28-8. That defeat ended a 28-game unbeaten streak and the current run has been largely against lesser opponents, but confidence is high. After playing No. 34 Thailand, the US closes group play against 39th-ranked Chile and No. 9 Sweden. “Pressure is starting to build, and I think for us it’s just getting more real and that’s why we’re excited to go over to London because we’re going to be away from

all the distractions and it’s just going to be us and the tournament ahead,” star forward Alex Morgan said. During training next week in London, more focus is likely to be a few pitches away on a Spurs side preparing for its first Champions League final, against Liverpool on June 1. Team bonding will be as important as training. “So much of it is a mindset and an approach,” US Coach Jill Ellis said. “There’s a lot of good teams and we’re all aware of that, but want to be the team to beat.” Mexico failed to qualify after consecutive group stage eliminations, is ranked 26th and fielded a relatively inexperienced team mixed with a few veterans. But while the Americans had a 25-3 advantage in shots—including 11-0 on target—they struggled to score against an inferior rival. Tobin Heath was gifted her 30th international goal in the 11th minute when she ran onto a pass from goalkeeper Cecilia Santiago to unaware defender Rebeca Bernal. After the US misfired in front of the net on a hot afternoon that displayed failings more than facets, the Americans pulled away on the strength of second-half substitutes. Mallory Pugh knocked in a short cross from New Jersey native Carli Lloyd in the 76th minute for her 16th goal. Twelve minutes later, Christen Press took a pass from Julie Ertz, spun and faked a defender to score from the top of the penalty area for her 48th.

“We can definitely be sharper in the final pass and inside 18,” Ellis said. “This group creates a lot and they’re very potent, and I think in time we wear teams down.” A crowd of 26,332 filled the third straight send-off match at Red Bull Arena, about the same as the 26,467 for a 0-0 draw against South Korea four years ago and markedly higher than the 5,582 for a 1-0 victory over Mexico in 2011. Young girls shrieked as players came off the team bus to enter the stadium. Players repeatedly speak of their responsibility as role models and need to grow the sport and push for equality—a reason they have sued the US Soccer Federation for gender discrimination. They drew 22,788 for a 3-0 victory over South Africa at Santa Clara, California, on May 12 and 35,761 four days later for a 5-0 romp over New Zealand in Saint Louis, then spent much of the past week engaged in media interviews and promotion in New York. Morgan was featured on Time magazine’s cover. “There’s so many things bigger than soccer that we want to draw attention to. So it’s really part of the job that we have,” she said. Rapinoe, the team’s most outspoken player, laughed as she said: “I’m happy to be leaving the country.” AP

THE Unites States’ Tobin Heath scores against Mexico and gets a hug from teammates Megan Rapinoe (15) and Alex Morgan (13). AP

Creating God

EAR God, You delight in saving a helpless people. We rejoice in Jesus’ victory over death and pray: God, shepherd us in love. Nourish Your Church by Your word and grace, strengthen us by the sacraments to participate in Jesus’ life, love and work. Free those who live in the shadow of violence and oppression. Sustain those who speak out against injustice and falsehood. May God bless us, be gracious to us, and give us peace, through Jesus, the Bread of Life. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

❶ PPG Paints’s

Red Gumball packs a stylish punch; use on an accent wall or go all out and do the whole room.

Life

BOX OFFICE: ‘ALADDIN’ SOARS, BUT ‘BOOKSMART’ BARELY PASSES D3

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Tuesday, May 28, 2019

PHOTOS: AP

❷ GLIDDEN’S

Coral Beach paint color on the wall of a room is a soothing, warm color that complements both darker and lighter hues. The vibrancy of these type of colors works well in any room; in small spaces they create an intimate, cozy environment, while in larger rooms they can provide drama and energy.

Why those insidious little termites are veritable fire hazards

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A CURVY lamp like this glass midcentury modern from Lamps Plus is an inexpensive way to experiment with intense hues.

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Home décor has a steamy new color palette

By KiM COOK The Associated Press

HILE it seems like white, gray and other cool neutrals have taken over many shelter magazines and blogs in the past few seasons, there’s starting to be little rise in temperature. Here and there, dollops of hothouse pink, sultry red and sunset orange are showing up in décorative accessories, rugs and upholstery. Misty Yeomans, PPG’s color marketing manager for Glidden paint, says a recent company survey found that red is one of the most popular paint colors. That may be because of its range. “Each red can give off different impressions,” she says. “A dark red implies sophistication, whereas bright red can be considered more powerful and romantic.” Designers like Amanda Nisbet, Mark D. Sikes and Jessica McClendon have called Benjamin Moore’s Exotic Red, Sherwin-Williams’s Heartthrob, and Farrow and Ball’s Rectory Red among their favorite versions. “Lighter reds—like pinks—are often

thought of as more youthful,” says Yeomans. That may partly explain the ubiquity of millennial pink, which has shown a lot of stamina over several décor cycles. But there are some new kids on the block. “Looking ahead, we’re seeing a shift toward burgundy, and oranges are becoming brighter,” says Dee Schlotter, PPG’s senior color marketing manager. Orange hues like Olympic Paints’s Orange Poppy and PPG Paints’s Caramelized Orange are cheerful and contemporary, she says. Corals are also starting to emerge as a transition from the pinks, reports Yeomans, noting Glidden’s Coral Beach and Roseland as examples. Color specialist Leatrice Eiseman, the author of The Complete Color Harmony: Pantone Edition (Rockport, October 2017), says décor trends are often an outgrowth of a desire for change. “And color can certainly provide the spark, specifically in the more vivid tones.” A few of her favorites in the “hot” spectrum? “Pantone’s Cayenne, Molten Lava, Fuchsia Purple and Mimosa are all exuberant, dynamic and energizing hues,” she says. For those who want some heat, but not too much, she recommends peachy

tones like Pantone’s Canyon Sunset or Coral Sands. Benjamin-Moore named Caliente, a rich spitfire of a red, as its 2018 Color of the Year. There are lots of ways to bring these energetic colors into a room. “You can easily tap into the trend by adding an accent wall,” Yeomans suggests. “If you’re not ready to add these bold tones to walls, the back of bookshelves, interior and exterior doors and accent furnishings provide great alternative spaces.” Temper the heat with black, navy, gray, cream or green. Not ready to paint? Consider a lamp. Lamps Plus’s Gillan glass base comes in lipstick-rich pinks and reds like Vivacious, Ribbon and Samba. Sleek aluminum is given a coat of juicy orange paint to make a fresh and fun pendant lamp at Houzz. There are some smart little side tables in the hue here, too, in wood, glass or metal. n

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DID you know that those insidious little pests called termites can cause fire in your home, even when no part of it is made of wood? You see, termites feed on anything that contains cellulose—a type of nutrient found in materials such as wood, paper and crops. This means that even your money bills, important documents, and clothes are not safe from potential damage wrought by termite attacks. Worse, termites can also do damage to your electrical cables and wires, resulting in accidental fires. This is because some electrical wires, especially old ones, contain cellulosic materials that termites feed on. It’s imperative to always think of ways to protect your home from termites. Averting the numerous threats brought on by such pests, including the hazards brought on by accidental fires due to termite infestation, you need an extraordinary protectant for your home. Yes, the Fire Prevention month of March has come and gone but we’re still experiencing rising temperatures. The past few weeks have shown scorching temperatures to be the norm and sure enough, we’re still in the thick of summer season and it looks like things are going to get worse before they get better. Even if Fire Prevention Month is over, it remains important to make it a habit to check our homes of possible termite attacks that can lead to fire, and the Total Termite Solution of Jardine Distribution Inc. (JDI, www.jardinedistribution. com) can effectively address this concern. Shield your home from termite infestation with Solignum and Soilguard. Solignum and Soilguard have been the trusted allies of Filipino families in protecting the structural integrity of their homes from termite attacks. Solignum and Soilguard prevent subterranean termites from entering your home by creating a termitelethal barrier. No termites eating your electric cables means you’re protecting your home from potential fire hazards.

Modern mix

MINIMALIST, sleek and linear, the Van Dyke Chair’s armrests wrap around the back and flare out at the elbows. Smartly tailored in a chunky, multitoned weave.

OF course the United Kingdom has the Tate Modern. Meanwhile, global home specialty store Crate & Barrel has the Crate Modern, the brand’s second trend for spring-summer 2019 that is the ultimate definition of the modern mix. The collection features an inspired blend of thoroughly updated mid-century styles, plus Scandinavian and shaker designs. Seen through the lens of the 21stcentury designer, pieces in this collection feature a touch of modern Japanese design, black and silver-toned metals, walnut and medium-toned woods, graywashed woods and stoneware. Other design elements include stripes, hexagons, as well as patterns of Geo tile designs. The Crate Modern and the rest of the vibrant assortments from Crate & Barrel’s seasonal collection is now available in their stores at SM Aura Premier, SM Makati and SM Mega Fashion Hall.

ANNISA Vases get their unique matte blue color from cold finishing, a technique in which pigment is applied after the ceramic is fired.

BELLA DAYBED’S round tapered legs and a sinuous silhouette flirt with mid-century design, while the organic lines, single block arm and open bumper end feel right in the moment.

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Tuesday, May 28, 2019

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Rachel Howzell Hall writes a breakout novel By Oline H. Cogdill The Associated Press

FTER four well-received novels about Los Angeles Police Department homicide cop Elouise “Lou” Norton, Rachel Howzell Hall confidently delivers a highly entertaining stand-alone that pays homage to Agatha Christie while finding its own individual approach. Hall’s They All Fall Down (Forge) uses the same set up as Christie’s classic And Then There Were None in which strangers are lured to an isolated island and then start dying. But the Christie homage quickly morphs into Hall’s perspective with a diverse cast of characters and her own spin on the plot. The narrator of They All Fall Down is Miriam “Mimi” Macy, who is probably the last person anyone would want to be marooned with, even in a mansion as nice as the one on Mictlan Island near Puerto Penasco, Sonora, Mexico. The vain, anxiety-riddled Mimi is consumed with jealousy and hatred. Every conversation and minor slight becomes a challenge for her to pushback, or to plan revenge, as she is incapable of letting anything go.

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Carey Mulligan, 34; Kylie Minogue, 51; Christa Miller, 55; Gladys Knight, 75. HAPPY BIRTHDAY: Know what you want, and stick to it. Refuse to be manipulated into thinking you should defer to someone else’s plan. A partnership opportunity is only as good as the contract. Don’t take on someone else’s problems or agree to a deal that is one-sided. Equality will be necessary if you are going to get ahead this year. Your lucky numbers are 4, 15, 21, 29, 36, 43, 47.

Her attitude has caused her husband to leave her, wrecked the relationship with their daughter and gotten her fired. The police also want to question her regarding an incident that may have led to a death, and a neighbor may be suing her. Yet, Mimi may be the weekend’s most congenial guest. The others include a former policeman, a chef, a financial adviser, a nurse, a lawyer and a young widow. They’ve all been lured to the island for different reasons— Mimi thinks she will be on a reality TV show. Actually, each has been brought there by their late attorney, Phillip Omeke, who leaves a letter promising that by the end of the weekend each will be remembered in his will. That promise may hinge on who’s still alive as one by one the guests begin dying. Each’s secrets, and reason for being invited to the island, are carefully doled out. As she does in her series, Hall delivers a racially diverse group of characters with contemporary sensibilities. At the same time, They All Fall Down adheres to the classic plot twists established by Christie. While Hall’s series is superb, They All Fall Down should be her breakout novel. n

ARIES (March 21-April 19): Learn all you can from the experts. If you are receptive to constructive criticism and your aim is to keep up with what’s new, you will find a way into a position that offers potential growth and financial security. HHH

TAURUS (April 20-May 20): It’s up to you to make change happen. Look at the possibilities, and use your resources strategically to bring about positive change that will improve your life both personally and professionally. Physical improvements can be made. HHHH

GEMINI (May 21-June 20): Trust in yourself and what you know. Expand your relationships with people who have something to offer. Don’t put up with emotional tactics being used to take advantage of you. Offer only what you feel is fair. HHH

CANCER (June 21-July 22): Change what you don’t like. Take the steps that will lead to a better life. A physical change will boost your confidence and fetch compliments. Something you do for someone will change his or her life. Romance is encouraged. HHHHH

LEO (July 23-Aug. 22): Form a coalition with someone who shares your concerns. A change at work or to the way you earn your living should be handled carefully. Don’t walk away from a secure position if you don’t have something better lined up. HHH

VIRGO (Aug. 23-Sept. 22): Emphasize personal growth and changes that will make you feel good physically. An energetic approach to whatever you do will bring positive results and deter someone from meddling or using emotional tactics to pressure you into something you don’t want to do. HHH

Naomi Wolf and publisher discussing fixes for new book NEW YORK—The publisher of Naomi Wolf says it is discussing possible corrections in her new book after an interviewer challenged some of her conclusions. Wolf’s Outrages: Sex, Censorship, and the Criminalization of Love, coming out from Houghton Mifflin Harcourt (HMH) next month, describes severe punishment for gays in the 19th century. But her contention that dozens in England were executed under sodomy law was questioned during a recent BBC conversation with historian Matthew Sweet, author of Inventing the Victorians. Sweet noted that sodomy laws didn’t only refer to gays, but also to the abuse of children. He also pointed out that Wolf had misinterpreted the term

“death recorded,” which the author had assumed meant the accused was executed. Death recorded meant the sentence was documented, but not carried out. In a statement on Friday, Wolf’s publisher said that “While HMH employs professional editors, copy editors, and proofreaders for each book project, we rely ultimately on authors for the integrity of their research and fact-checking. Despite this unfortunate error we believe the overall thesis of the book Outrages still holds. We are discussing corrections with the author.” Publishers rarely fact-check books, citing time and expense. Wolf is known for best sellers, such as The Beauty Myth

and Misconceptions. She responded on the air to Sweet by saying he had made an “important point” and later tweeted that she had fixed passages referring, erroneously, to two men being executed. She has also defended herself on Twitter, linking to a 1978 article in The Historical Journal that refers to over 50 executions in Britain under sodomy law in the early 19th century. (The author of that piece, A.D. Harvey, later became notorious for fabricating a meeting between Dickens and Dostoevsky). As of midday on Friday, Sweet had not responded, but in an earlier tweet praised her for being “generous enough to revisit her research.” AP

EXPECT THE UNEXPECTED IN ‘THE NEVER GAME’ By Jeff Ayers The Associated Press IN Jeffery Deaver’s The Never Game (Putnam), Sophie doesn’t fit the profile of a runaway, and her father believes she’s been abducted. He offers a $10,000 reward for her whereabouts, and that reward gets Colter Shaw to look into the case. He constantly calculates the odds of success and percentages of various scenarios and possesses an uncanny ability to see details the experts miss. He makes money off collecting

LIBRA (Sept. 23-Oct. 22): Intelligence will be required to ward off a dispute with someone who takes advantage of you. Have your schedule in place, and make sure it is geared toward learning, new experiences and being with people you find mentally stimulating. HHH

SCORPIO (Oct. 23-Nov. 21): Keep moving in a direction that suits you. Physical activities will motivate you to make a personal connection with someone who enjoys the same things you do. Romance is on the rise, and greater personal stability will follow. HHH

SAGITTARIUS (Nov. 22-Dec. 21): Don’t let a problem escalate. If something needs to be done at home or with personal financial, legal or medical issues, don’t wait. Keep things in perspective to avoid an emotional meltdown. HHHHH

rewards, and he’s good enough to make a decent living at it. Shaw agrees that Sophie didn’t run away, and when he goes to the police to offer his help, he learns they haven’t started an investigation. A quick probe finds Sophie’s cell phone near a site showing obvious signs of a struggle. Revealing this new information to the police peaks their interest and now paints Shaw as a person of interest in Sophie’s disappearance. Readers come to expect the unexpected in Deaver’s novels, and this story proves to be no exception.

The first massive twist involves how quickly he solves the case, which in the hands of a lesser writer would be the entire tale. But Deaver is just getting started, as the story pivots into the world of online video gaming toward someone who believes that a fictitious creation is actually real. In the real world, lives aren’t unlimited, and unfortunately for Shaw, he has no more to protect him from what’s coming. Deaver introduces a fascinating new character in the methodical Colter Shaw.

CAPRICORN (Dec. 22-Jan. 19): Make it clear what you won’t put up with when dealing with a friend, relative or lover. An emotional situation will turn into a dispute if left to fester. A positive personal change will give you a boost. HH

AQUARIUS (Jan. 20-Feb. 18): Listen, and counter what you are told with facts. Ask questions, and stick to a budget you can afford if adjustments need to be made. Take good care of your health. HHH

PISCES (Feb. 19-March 20): Look at your options, and lean toward what’s doable. If you expect too much or rely on others, you will end up being disappointed. Personal change is the best place to put your energy. Focus on physical fitness and proper health. HHH BIRTHDAY BABY: You are intelligent, liberal and original. You are imaginative and charismatic.

‘feeling of closure’ BY JEREMY NEWTON The Universal Crossword/Edited by David Steinberg

ACROSS 1 Star Wars warrior 5 Elapse 11 Courtroom VIPs 14 It’s pumped in a gym 15 Complete 16 Span of history 17 Showered and shaved, say 19 Sushi bar sauce 20 Belly laugh syllable 21 Giants giant Manning 22 Go out on a ___ 23 Czech or Serb 25 Out of the closet 27 G.I. Joe’s base? 29 Anxiety-filled 30 Machine that munches branches 34 Bed-and-breakfasts 35 “Them’s fightin’ words!” 36 Heap praise on 40 A little unclear? 42 “Nuh-uh!” comeback 46 Some cuddly pets 47 Sesame Street game show host 51 “All right, let me get this straight...”

2 “Strike!” yellers 5 53 Put the whammy on 54 Blue peg in Life, perhaps 55 Pal, in Paris 56 Feature of a fairy-tale...or each starred answer? 61 Super ___ (Wii ancestor) 62 Ready to move on 63 Play-of-color stone 64 Louvre filler 65 “Romeo and Juliet” city 66 ___ dancer (1960s performer) DOWN 1 Skippy competitor 2 Make a blunder 3 Buck’s sweetheart 4 Broken, like a vase 5 Colleague 6 Raggedy doll 7 Verb whose middle letters aptly sound like “tea” 8 Move like a crab 9 UCLA student 10 “Indeed!” 11 Decorator’s concern

2 Inviting scents 1 13 Bid farewell, informally 18 Wreak ___ 22 Caustic substance 23 Shortly 24 City on the Rhone 25 Neglects to mention 26 USPS delivery: Abbr. 27 ___-night doubleheader 28 Easternmost four-letter state 31 L.A. winter hours 32 Common parrot name 33 One-named Irish singer 36 “Can’t believe you won the lottery!” 37 Santa ___ (hot winds) 38 Golden Rule word 39 Prefix for “function” 40 Michelle, to Malia 41 Creme brulee utensil 42 Pet shop lizard 43 Crop top season 44 Key figure? 45 Pre-CIA spy org. 48 “___ a dream...” 49 Biblical outcast

0 One no longer in the big leagues 5 54 Letter after alpha 56 Carpool lane initials 57 Yang’s go-with 58 Stock market debut, briefly 59 Bother with reminders 60 Day-___ paint

Solution to yesterday’s puzzle:

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‘BINONDO, A TSINOY MUSICAL’ SET TO RERUN JULY 12 TO 14

THE Maritess Alava-Yong Foundation presents the restaging of Binondo, A Tsinoy Musical, to be directed by Joel Lamangan, from the original story by Rebecca Chuaunsu and written by Ricky Lee with Gershom Chua, Eljay Deldoc and music by Von de Guzman. The times were changing. Political unrest enveloped the Philippines. The Cultural Revolution was in full swing in China. But in Manila’s Chinatown during the 1971 Mid Autumn Festival and under one of the brightest moons ever recorded in history, Lily, a Filipina night club singer, and Ah Tiong, a mainland Chinese scholar, meet at the birthday celebration of the Chinese Love Deity Ge Lao. Lily, a hopeless romantic, and Ah Tiong, a cynic about love and destiny, embark on a journey of love that defies all expectations. But Lily’s local Chinese childhood friend Carlos, who has long harbored hidden feelings for her, will not make things easy for the star-crossed lovers as all three are forced to discover the different ways of giving and receiving love. Spanning two decades and two countries, Binondo, A Tsinoy Musical explores how love prevails even in times of racial prejudice, political turmoil, absence and longing. This is a story of a deep and enduring love that transforms the lives of everyone who dares to put their hearts on the line. Shiela Valderrama-Martinez reprises the role of Lily, and Arman Ferrer again plays the role of Ah Tiong. Noel Rayos plays the role of Carlos. The schedule of performances are July 12 at 8 pm; July 13 at 3 pm and 8pm; July 14, 3 pm, at Theatre at Solaire. For tickets, call Ticketworld at 891-9999.

THE Walt Disney Co.’s live-action remake of Aladdin crushed the competition, grossing an estimated $86.1 million to take the top spot at the North American box office.

‘Aladdin’ soars, but ‘Booksmart’ barely passes at box office

STAN LEE (left) and Keya Morgan arrive at the world premiere of Avengers: Infinity War in Los Angeles in 2018. AP

Stan Lee’s former manager arrested on elder abuse charges LOS ANGELES—A former business manager of Stan Lee was arrested on Saturday on elder abuse charges involving the late comic book legend. Keya Morgan was taken into custody in Arizona on an outstanding arrest warrant after being charged by Los Angeles County prosecutors earlier this month. Morgan faces felony charges, including theft, embezzlement, forgery or fraud against an elder adult, and false imprisonment of an elder adult. A misdemeanor count also alleges elder abuse. Authorities say Morgan sought to capitalize on the Marvel Comic mastermind’s wealth and exert influence over Lee even though he had no authority to act on his behalf. Police say Morgan pocketed more than $262,000 from autograph signing sessions Lee did in May 2018. Authorities say Morgan at one point also took Lee from his Hollywood Hills home to a Beverly Hills condominium “where Morgan had more control over Lee.” Lee’s daughter said in a request for a restraining order last year that Morgan was manipulating the mentally declining Lee, preventing him from seeing family and friends, and trying to take control of his money and business affairs. Attorney Alex Kessel has said Morgan has never abused or taken advantage of Lee. Kessel said in an e-mail on Saturday that he had been in contact with prosecutors to arrange for Morgan to surrender on Tuesday. “It is unfortunate that the district attorney and police did not honor our commitment to surrender next week and arrested him,” Kessel said in an e-mail. Lee died in November at the age of 95. Morgan’s bail has been set at $300,000. He will eventually be extradited to Los Angeles to face the charges. AP

By Lindsey Bahr The Associated Press

OS ANGELES—Moviegoers voted with their dollars and chose the familiar over the new this Memorial Day weekend. The Walt Disney Co.’s live-action remake of Aladdin crushed the competition at the box office, which included two new original R-rated films that opened as counterprogramming to the family pic: The critically acclaimed teen comedy Booksmart and the horror movie Brightburn. But the strategy didn’t quite work. Aladdin did better than expected, grossing an estimated $86.1 million to take the top spot at the North American box office, according to studio estimates on Sunday. It’ll likely pass $100 million by Monday. The others didn’t even break $10 million. Aladdin, a musical-adventure directed by Guy Ritchie, stars Will Smith, Mena Massoud and Naomi Scott, and draws heavily on the music and story of the 1992 animated film (the top earner of that year) that it’s based on. “We’re delighted,” said Cathleen Taff, Disney’s president of theatrical distribution. “Between the fun action-adventure and spectacular music combined with the cast, which is so charming and has such great chemistry together, we’ve hit something that fans are embracing and walking out of wanting to share with others.” Audiences, who were 54 percent women and 51 percent families, gave the remake an “A” CinemaScore, which is much more promising for its continued success than the tepid critical reviews. The studio also got another metric with the newly launched verified Rotten Tomatoes audience rating.

Over 7,000 people rated the film to give it a 93 percent. “I’m so pleased that Rotten Tomatoes launched this, it means people bought the ticket. You can trust that people giving you the score actually sat through the movie,” Taff said. “We couldn’t ask for a better barometer of fan reception.” With an international gross of $121 million, Aladdin has already earned over $207 million globally. It cost a reported $183 million to produce. The top few spots at the holiday box office were populated by known brands and sequels. John Wick: Chapter 3-Parabellum, now in its second weekend, placed second with $24.4 million. Avengers: Endgame took third with $16.8 million, and Pokémon Detective Pikachu landed in fourth with $13.3 million. Original films are struggling to attract significant audiences at the moment. Sony’s modestly budgeted horror movie Brightburn opened in fifth with $7.5 million. The James Gunn-produced film starring Elizabeth Banks puts a sinister spin on the Superman myth and has received mediocre reviews from critics. A surprise for many, however, was Booksmart, an Annapurna film distributed by United Artists Releasing, which debuted in sixth with only $6.5 million, despite excellent reviews and steady buzz from its SXSW film festival debut. Although in line with studio expectations going into the weekend, some had thought that this would be a summer breakout hit. Olivia Wilde directed the film that stars Kaitlyn Dever and Beanie Feldstein as two teenage overachievers and rule-followers who decide to go to a party on their last night of high school. Many compared it to Superbad, which opened in August 2007 to $33 million. But despite all the hype, including a lot of celebrity endorsements on social media from the likes of Natalie Portman and Ryan Reynolds, audiences just didn’t turn out for Booksmart in noteworthy numbers. Wilde saw the writing on the wall on Saturday and tried to change the course with a Twitter plea. “Anyone out there saving @Booksmart for another day, consider making that day today,” Wilde wrote. “We are getting creamed by the big dogs out there and need your support. Don’t give studios an excuse not to green-light movies made by and about women.” Those who did make to Booksmart were mostly women (61 and under the age of 35 (74 percent). And the target 17 to 34 age group gave a more favorable exit score (an “A”) than audiences overall, who gave it a “B+.”

“People are in a popcorn mood,” comScore senior media analyst Paul Dergarabedian said. “Films trying to be more introspective and fresh are having a tougher time getting their head above water.” Still, he noted, to have three R-rated films in the top 6 (Brightburn, Booksmart and John Wick: Chapter 3) is impressive. And one limited release that did manage to connect was the Laurel Canyon music documentary Echo in the Canyon, which earned an impressive $103,716 from two locations in Los Angeles. It expands to New York next week. The deficit is still running around 9 percent for the year, but next weekend could chip away at that with a diverse set of new offerings including the Elton John biopic Rocketman, Godzilla: King of the Monsters and the Octavia Spencer thriller Ma. Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore. Where available, the latest international numbers for Friday through Sunday are also included. 1. Aladdin, $86.1 million ($121 million international) 2. John Wick: Chapter 3-Parabellum, $24.4 million ($24.8 million international) 3. Avengers: Endgame, $16.8 million ($15.3 million international) 4. Pokémon Detective Pikachu, $13.3 million ($24.3 million international) 5. Brightburn, $7.5 million ($4.5 million international) 6. Booksmart, $6.5 million 7. A Dog’s Journey, $4.1 million ($6.5 million international) 8. The Hustle, $3.8 million ($4.6 million international) 9. The Intruder, $2.3 million 10. Long Shot, $1.6 million ($788,000 international). Estimated ticket sales for Friday through Sunday at international theaters (excluding the US and Canada), according to comScore: 1. Aladdin, $121 million 2. John Wick: Chapter 3-Parabellum, $24.8 million 3. Pokémon Detective Pikachu, $24.3 million 4. Avengers: Endgame, $15.3 million 5. A Dog’s Journey, $6.5 million 6. The Gangster, The Cop, The Devil, $6.4 million 7. Rocketman, $6.4 million 8. Mayday Life 3D, $5.5 million 9. The Hustle, $4.6 million 10. Brightburn, $4.5 million. n

When uncertainties lead to self-discovery in ‘Between Maybes’ TRAVELING is often related to soulsearching, where people explore new destinations, hoping to get away from the things or heal from experiences they feel are derailing their lives. Digital journalist and traveler Noma Nazish in her Forbes online article “Five Reasons Why Travel is Good for Your Mental Health” affirms that traveling has a lot of benefits, including helping a person “re-evaluate and reinvent” their life or, simply said, to have a fresh start. In the film Between Maybes, to have a fresh start is what Julia Barretto’s character Hazel hopes to have when she impulsively flies to Japan after being overwhelmed by the issues in her career and the pressure from her family.

“Maybe she got tired, she is done with the life where she has no control,” said Julia about her character. “I can relate so much to her. When I first heard about it, I had a soft spot for her already because I understand where she is coming from. You cannot really hate her because there is a reason behind her character.” In her isolation, Hazel meets Louie, portrayed by Gerald Anderson. Louie is content living a quiet and simple life in Saga, Japan, but his chance encounter with Hazel makes him realize that life could get better. Summing up the message of their film, Gerald said: “Keeping it simple, losing yourself and finding yourself, how someone could help you find yourself

again—that is the base of this story.” As Hazel and Louie slowly fill the gaps in each other’s lives, reality catches up with them after Louie finds out about the life that Hazel left behind back in the Philippines. Between Maybes is written and directed by Jason Paul Laxamana, under ABS-CBN Film’s production arm, Black Sheep. Does finding their selves again mean they have to drift apart? Will they choose the life they have together or their own separate lives? Find out the decision that Hazel and Louie are going to make, as Between Maybes screens on the following dates in these regions: May 30 in Australia and New Zealand; June 16 in Busan, South Korea; and June 23 in Oslo, Norway.

GERALD ANDERSON and Julia Barretto teams up for the first time for Black Sheep’s latest movie offering, Between Maybes.

Art

BusinessMirror

Tuesday, May 28, 2019

www.businessmirror.com.ph

Museum apologizes to minority students told: ‘No watermelon’

THE wreck of the “Barca Nostra” fishing boat, which sank in the Mediterranean Sea in 2015 with 700 migrants on board, is part of an artistic installation of Art, a project of artist Christoph Büchel. Political issues that excite newsprint, airwaves and social media, such as fake news, migration, poverty, global warming and armed conflict, are getting a very open airing at the 58th Venice Biennale contemporary art fair, which runs through November 24. AP

BOSTON—Boston’s venerable Museum of Fine Arts has apologized to a group of minority middle school students who say they were subjected to racism by staff and some other patrons during a field trip. Museum officials in a letter posted on its web site on Wednesday apologized to the students and staff at the Helen Y. Davis Leadership Academy in the city’s Dorchester neighborhood for “a range of challenging and unacceptable experiences that made them feel unwelcome.” Principal Arturo Forrest tells The Boston Globe he was told that one museum staff member told the students “no food, no drink and no watermelon.” He heard other reports of museum security following his students while leaving white students alone. Forrest said about 30 seventh grade students were on last week’s field trip, all students of color. AP

Venice Biennale inspires deep thoughts on political issues CIAN DAYRIT, Tiis Ganda, Kutis Amerika, 2017

BIGGEST PHILIPPINE CONTEMPORARY ART SHOW IN LONDON EXPLORES HOW IDEAS TRAVEL TO GLOBAL SHORES CONTINUING its mission to build trust and cultural relations between the Philippines and the United Kingdom, the British Council (www.britishcouncil.ph) supports Motions of This Kind: Propositions and Problems of Belatedness, which is on view until June 22 at the Brunei Gallery, SOAS University in London. Eleven contemporary artists from the Philippines are in spotlight at the exhibition. Motions of This Kind explores the ebb and flow of images, the surge and sweep of concepts and bodies alike. A title taken from Sir Isaac Newton’s Principia, the expression considers the literal rise and fall of tides as much as the metaphorical fluctuation of ideas. The project explores the historical and contemporary forces linking this archipelago with other key global spheres of social, political and economic power. With belatedness as the central theme, Motions of This Kind examines the ways in which time and contemporaneity move through turbulent eddies rather than smooth flowing rivers, creating, as Homi Bhabha termed it, “ambivalent,” “disjunctive” temporalities. It explores the way that time and space are drawn together into tidal currents that can both hasten and delay circulation, disrupt or enable new pathways to emerge. It attempts to diagram the relationships of movement, and the politics of speed, from, within and between the Philippine islands. The show features newly commissioned work, as well as materials from the never-before-exhibited Ifor B. Powell archive. The artists include: Yason Banal, Jon Cuyson, Lizza May David/Gabriel Rossell Santillàn, Cian Dayrit, Michelle Dizon, Eisa Jocson, Amy Lien and Enzo Camacho, Kat Medina and Mark Salvatus. Motions of This Kind is cocurated by practitioners from the UK and Philippines, namely Rafael Schacter, Renan Laru-an and Merv Espina. The Foyle Special Collections Gallery is curated by Cristina Juan with support from Delphine Mercier. Motions of This Kind has been initiated and generously sponsored by Mercedes Zobel, partner of Outset Contemporary Art Fund, with support from Philippine Studies, SOAS, and The Office of Senator Loren Legarda. The initiative has been made possible by the kind assistance of Approved by Pablo, British Academy, British Council, Delfina Foundation, The Department of Anthropology of University College London, Gaswork and Philippine Airlines.

By Colleen Barry The Associated Press

ENICE, Italy—Fake news. Migration. Poverty. Global warming. Armed conflict. Political issues that light up the airwaves and social media are getting a very open airing at the ongoing 58th Venice Biennale contemporary art fair, like so much laundry hung out to dry in the lagoon breeze. American curator Ralph Rugoff, director of London’s Hayward Gallery, titled the main exhibition May You Live in Interesting Times, which runs through November 24. The title is itself an exemplary piece of fake news, delivered by a British lawmaker as Europe hurled toward World War II as an ancient Chinese curse. It was, in fact, made up. Yet, Rugoff notes, “it’s had a presence in political discourse ever since.” Rugoff says contemporary art is particularly effective at unpacking the present-day specter of never-ending crises, by revealing complexity, ambiguity and conflicting emotions in a way that more traditional media often do not. “Where do we have a space in our culture where this part of being human is given a place? It really exists in contemporary art,” Rugoff said on a preview walk through the main exhibit, split between the Biennale’s two main venues, in the leafy Giardini and the former Arsenale shipyard. Many of the 79 artists invited to participate in the main exhibition make very literal references to present-day woes. Swiss artist Christoph Büchel transported a hulking smugglers’ ship where 700 migrants perished in April 2015 to the edge of the Arsenale, exposing to viewers the gaping holes in the hull that caused it to sink in the Mediterranean. Chinese collaborators Sun Yuan and Peng Yu constructed a robot that

mechanically spreads a blood-like substance evenly around. The impact of drug violence is portrayed in Teresa Margolles’s razor wire-topped concrete wall Muro Ciudad Juarez. Zhanna Kadyrova of Ukraine used old tiles to create pieces of laundry that are hung outside the central pavilion, which Rugoff says serves as a reminder that while inside the building “there is a lot of heavy thinking and challenging art,” ordinary life continues just outside, in the narrow Venetian alleyways where everyday flapping laundry is a show of its own. By juxtaposing art to provide comment on worldly events, Rugoff wants to create conversations and the Giardini Central Pavilion emits a vapor suggestive in a very literal way of thought processes, which, in turn, casts a veil of fog over the pavilion’s façade, “questioning the authority of that institution.” In a Biennale that puts a real emphasis on the interactive experience of art, mist has emerged a major artistic medium across the sprawling exhibition, which extends into 90 national pavilions and manifold collateral events. Israeli artist Aya Ben Ron has created a field hospital to treat social ills from domestic abuse to racism to occupation, which forces hurried visitors to slow down, take a number and wait their turn. Australian artist Angelica Mesiti uses film to examine ways citizens can assemble and communicate against the backdrop of fragile democracy. And American Martin Puryear explores liberty through a series of clear, declarative sculptures and installations that are a rebuke against racism and testosterone-driven power. Beyond the Biennale, Marina Abramovic of Serbia asks whether empathy created in a virtual reality experience can motivate action against climate change. The French pavilion also emits vapor, meant to create a dreamlike environment for the journey

Kaida Contemporary presents ‘Pares’ and ‘Double Feature’ PARES, a solo exhibition by Carlo “Caloy” Gernale, and Double Feature, a group exhibition featuring the works of Aldy Aguirre, Fran Alvarez, Mark Bardinas, Yas Doctor, Rolf Campos, Jobert Cruz, Jacob Lindo and David Viray, is on view at Kaida Contemporary. In Pares, Gernale’s diptychs form a compelling narrative of the current issues that plague our society. Body parts are rendered in detail—a lone hand, the snapshot of a torso, a stranger’s face—and juxtaposed against one another, at times against inanimate objects, creating a cohesive and thoughtprovoking depiction of Philippine society. Double Feature presents various explorations on the concept of duality. Objects are illustrated as possessing an inherent ability to be perceived in multiple ways, while their corresponding similarities and differences become mere reflections of one another. Pares and Double Feature is on view until June 10. Kaida Contemporary is at 45 Scout Madriñan Street, South Triangle, Quezon City.

proposed by 41-year-old artist Laure Prouvost, only the third woman to represent France at the Biennale. Hers is an immersive experience of film, performance and installations featuring, among other details, two living white seabirds pecking along a neglected seaside where Murano glass shoes representing humanity’s castoffs lie alongside colorful sea life, representing the artist’s concern about climate change and ecology, according to curator Martha Kirszenbaum. Mist is also put to effective use inside the Indian Pavilion, which is a thematic tribute to Mahatma Gandhi, marking the 150th anniversary of his birth. Artist Jitish Kallat projects a 1939 letter written by Gandhi to Adolf Hitler, appealing to him to prevent war and addressing him as “friend.” Kallat said the “Dear friend” salutation projects Gandhi’s message across time “and asks the reader to rethink what they...can do to save the world from going to a savage state.” Ghana also is making its Biennale debut, one of only six African nations participating. The pavilion was designed by Arch. David Adjaye as a series of interconnected units that form a whole, recalling West African dwellings, while the late Okwui Enwezor, the 2015 Biennale curator who died in March, served as an adviser. It features all newly commissioned works, from sculpture, to film and photography, which will travel to Ghana after the Biennale for show. “Things like this, I guess, is a form of self-politics. It is a way of representing your culture in a way other than political and economic,” said curator Nana Oforiatta Ayim. “We have so many pluralistic expressions, so many ways of being in Ghana, but often so often in the outside world, you just get one, and very often it is negative. This is very much how we represent ourselves to the world in all our plurality, in all our diversity, in all our different layers.” n