BusinessMirror May 30, 2019 by BusinessMirror

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BusinessMirror A broader look at today’s business

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n Thursday, May 30, 2019 Vol. 14 No. 232

PHL, Japan firms ink ₧288-B business deals

By Bernadette D. Nicolas

@BNicolasBM

HILIPPINE and Japanese firms have signed 26 business agreements worth P288.804 billion in areas of infrastructure, manufacturing, energy, industrial parks, retail and food businesses.

These agreements that were signed in Tokyo on Wednesday— as President Duterte arrived for a four-day working visit—are expected to generate more than 82,000 jobs. Out of 26 accords, there were 19

letters of intent signed by Trade Secretary Ramon Lopez and officials from Japanese firms. Broken down, the seven other deals were composed of three memoranda of understanding, two franchise agreements, one memo-

randum of cooperation and one joint-venture agreement. Duterte, who is in Tokyo to attend the 25th Nikkei Conference on the Future of Asia starting today (Thursday) until Friday, also expressed his gratitude to

82,000 Number of jobs expected to be generated by the 26 business agreements signed in Tokyo as President Duterte arrived for a fourday visit

the Japanese businessmen for choosing to do business in the Philippines.

Duterte’s guarantee

“I UNDERSTAND that some of you have signed business deals ahead for this event and I thank you. It is a vote of economic confidence in the Philippines’s bright prospects,” Duterte said in a speech during a Continued on A2

Anti-red tape body seeks ₧.5-B 2020 budget

HE Anti-Red Tape Authority (Arta) is asking for a budget of half a billion pesos for its operations next year, as the agency is keen on beefing up efforts to cut bureaucratic red tape in line with the Ease of Doing Business (EODB) law. Arta Deputy Director General Ernesto V. Perez said he submitted a budget proposal of over P500 million to the Department of Budget and Management (DBM). Defending his request, he said the bulk of the fund will be allocated to operating expenses covering frontline services, trainings and payroll. “Last Friday we submitted our budget proposal of more than P500 million to cover plantilla positions that have been approved by the DBM,” Perez told reporters on Tuesday. “The bulk of this budget is really the operating expenses, like trainings for regulatory impact assessment [and] capacity building for government agencies. [It will also include] the expenses for complaint actions center, which See “Anti-red,” A2

Strategizing growth in a multipolar, divided world Rene E. Ofreneo

LABOREM EXERCENS

T is a multipolar, divided world. After the collapse of the Berlin Wall in 1989, major political and economic commentators from the West declared total victory in the Cold War against communism, in particular against the Soviet Union and its “socialist” allies in Eastern Europe. Francis Fukuyama, a Rand Corporation Soviet analyst, proclaimed the arrival of one global capitalist liberal order in his celebrated book The End of History (1992). The end of history means the rise of a unipolar and stable global capitalist order based on harmonious relations among nations and a shared ideology of marketization and free markets. Continued on A11

Moody’s to BSP: Start focusing on PHL’s current-account deficit

@alyasjah

BANTAY LANGIS Resorts World Manila (RWM) has partnered with ABS-CBN Lingkod Kapamilya Foundation Inc. Bantay Kalikasan for the foundation’s Bantay Langis Project, to inform people of the dangers of improper handling and disposal of used industrial and engine oil. The project asks companies like RWM to donate used industrial oil for proper treatment, recycling or disposal. Environmental Management Bureau-National Capital Region Regional Director Domingo Clemente Jr. (left) witnessed the signing. With him are (from left): Pollution Control Association of the Philippines VP-External Affairs Gretchen Fontejon-Enarle; RWM’s COO Stephen Reilly; DENR-EMB Hazardous Waste Section Chief Geri-Geronimo Sañez; ABS-CBN Lingkod Kapamilya Foundation Managing Director Susan Afan; and Genetron International Marketing Technical Sales Director Jocelyn Panen. CONTRIBUTED PHOTO

PCIC to indemnify farms struck by AI, ASF By Jasper Emmanuel Y. Arcalas

@jearcalas

OCAL swine and poultry raisers may now seek indemnification from the government if their farms are hit by avian influenza (AI) or African swine fever (ASF), the Bureau of Animal Industry (BAI) said.

PESO EXCHANGE RATES n US 52.2680

The BAI-ASF Task Force said in a social-media post that the Philippine Crop Insurance Corp. (PCIC) approved the inclusion of the two animal diseases in their list of “compensable perils.” The BAI-ASF Task Force encouraged Filipino raisers to take advantage of this development and avail themselves of the PCIC’s

insurance program. The BAI and the PCIC are both under the Department of Agriculture. “Take advantage of this and secure your livelihood especially now that AI and ASF are a very much real and looming threat to our industry,” the BAI-ASF Task Force said in a Facebook post on Wednesday morning. See “PCIC,” A2

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By Bianca Cuaresma

By Elijah Felice E. Rosales

2017 EJAP JOURNALISM AWARDS

@BcuaresmaBM

HE Bangko Sentral ng Pilipinas (BSP) should start looking at the country’s external position as one of its main considerations in formulating its monetarypolicy decisions, as sustaining an economy’s positive external position is gaining importance among central banks. Moody’s Senior Credit Officer Christian de Guzman said that while the BSP’s framework is centered in controlling the country’s inflation, a medium-term concern should also be the country’s external position. “Perhaps not such a short-term concern, but external sustainability is something of a medium-term concern. So, to the extent that, you know, we’ve already seen a currentaccount surplus revert to a currentaccount deficit,” de Guzman said in an Economic Journalists Association of the Philippines’s economic briefing held in Makati City on Wednesday. Latest data from the Central Bank showed that the country’s current account remains at a deficit in the fourth quarter of 2018, to the tune of $2.4 billion. “If growth rebounds from the low that we saw in the first quarter, if that perhaps is exacerbating the trade deficit—which should be of course negative for the current-account deficit—then it is something

$2.4B The current-account deficit, per latest data from the Central Bank, in the fourth quarter of 2018

that...I think is well something to also look out for. I think we’ve seen similar inflation targeters in the region also start to take into account more matters of external sustainability,” the Moody’s official said. The BSP traced the continued deficit in the current account to the widening of the trade-in-goods deficit, even as the net receipts of primary and secondary income and trade-in-services increased during the quarter. “A year or two down the road, when growth picks back up, you know, when the current accounts starts to see some stress, perhaps it should be a consideration, an additional consideration that the BSP might take into account in terms of its monetary-policy decisions,” de Guzman said. With inflation at the core of its mandate, the BSP just this month started to ease its monetary-policy stance, with a 25-basis-point cut to their overnight reverse repurchase rate effective May 10. BSP Governor Benjamin Diokno told reporters that their decision See “Current account,” B3

n JAPAN 0.4779 n UK 66.1452 n HK 6.6595 n CHINA 7.5663 n SINGAPORE 37.8918 n AUSTRALIA 36.1799 n EU 58.3363 n SAUDI ARABIA 13.9389

Source: BSP (29 May 2019 )

News

BusinessMirror

A2 Thursday, May 30, 2019

Senate ‘fellowship’ to settle contests over choice posts

By Recto Mercene

@rectomercene

LOOMING showdown between incumbent and neophyte senators over choice committee chairmanships is likely to be averted in a closed-door caucus way before the next Congress convenes regular session in July. That, at least, is the hope of the Senate leadership. Senate President Vicente Sotto III, however, opted to play down their upcoming caucus as a “fellowship” event, rather than a confrontation to settle conflicting claims over coveted committee assignments when the new Senate convenes.

Sotto told the BusinessMirror he preferred to call the senators’ caucus “a fellowship” in hopes of settling without rancor contested committee assignments “by consensus” before the new batch of 24 senators convene the First Regular Session of the 18th

Congress in July. He added that if no accord is reached in their fellowship meeting, then the new assignments will be settled by plenary vote. “Fellowship on June 5. If we cannot reach a consensus then we wait to vote in July 22,” the Senate President said in a text message to the BusinessMirror. Other Senate sources contacted by the BusinessMirror confided that neophyte Sen. Francis Tolentino had indicated interest in chairing the committees on Public Services, currently chaired by Sen. Grace Poe; the Local Governments Committee currently chaired by Sen. Juan Edgardo Angara; as well as the Blue Ribbon Committee, currently chaired by Sen. Richard Gordon. A reliable source said Tolentino wanted the “chairmanship, not just membership” in the prime committees. Gordon is reportedly not keen

on giving up Blue Ribbon. Neither is Poe on Public Services, as she signaled in an ambush interview on Wednesday where she expressed hope the neophytes will honor the Senate tradition of “equity of the incumbent.” On the other hand, first-term Sen. Christopher “Bong” Go, who placed third in the May 13 Senate race, is eyeing chairmanship of the Committees on Health (chaired by outgoing Sen. Joseph Victor Ejercito), Banks and Financial Institutions (chaired by Sen. Francis Escudero), and Urban Planning (also chaired by Ejercito). Their fellow neophyte Sen. Ronald dela Rosa expressed preference to chair the Committee on Public Order, currently chaired by Sen. Panfilo Lacson. Earlier interviews said Lacson, himself a former National Police chief like dela Rosa, was open to yielding the post to him.

PHL, Japan firms ink P288-B business deals Continued from A1

business forum on Wednesday. Duterte also invited Japanese investors to take part in the country’s massive infrastructure push, the “Build, Build, Build” program as he gave them the assurance that the country’s historic credit rating and efforts of the Duterte administration to stamp out corruption is to make the Philippines a safe haven for foreign investments. “With our sound macroeconomic policies and outgoing reforms, we guarantee a competitive and corruption-free, and I repeat, a competitive and corruption-free business climate…,” Duterte said. “I am pleased to note that Standard & Poor’s has upgraded the country’s economic rating to BBB+ with a positive outlook. This is the highest rating in our history and is only a notch below the credit rating of A. Given all these, your investments are assured of protection and gains, I guarantee.” The President also vowed to lend all ears to every Japanese investor whether big or small, and help them if there is any obstruction as they do business in the country. “May I just assure you that during my time, I said there will be no corruption and every Japanese investor in my country, however small or however big, I can assure you that if there is any complaint regarding hindrances, obstruction or outright corruption, let me know. I will give you at any hour, day or night, you can contact any cabinet member or your Filipino lawyers or Filipino work force, and you can ask for an audience with me in 24 hours and talk to me and just let me know what your problem is and we will kill that problem,” he said. The President is also expected to attend a Filipino community meeting and deliver a keynote address on the second day of the Nikkei conference. He is also scheduled to have a bilateral meeting with Japan Prime Minister Shinzo Abe. Japan has been one of the

Tieza. . .

Continued from A12

of the agency’s authority to issue tax perks to TEZ locators will come mainly from the private sector. “It was based on the average investment by the private sector to-

crucial partners of the Philippines in terms of economic development. It has been the top source of official development assistance (ODA) loans to the country aside from being the country’s secondbiggest trading partner and fourth largest tourism market. Meanwhile, the 26 deals signed in Tokyo are: 1) Memorandum of Cooperation between the Department of Trade and Industry (DTI) and Japan External Trade Organization (Jetro), to enhance bilateral cooperation on investment promotion activities between the Philippines and Japan. 2) Memorandum of Understanding between the Philippines’s EMS Group and Japan’s Tescom Denki Co. Ltd. and Outsourcing Inc., to cover skills training and human resource development and deployment, manufacturing and assembly. 3) Memorandum of Understanding between Advanced World Systems Inc. Alsons/AWS Information Systems Inc. and Ubicom Holdings Inc., covering the outsourcing of projects involving software development, testing and maintenance. 4) Joint Venture Agreement between the Bases Conversion and Development Authority and Meralco Marubeni Consortium, involving the financing, design, engineering, establishment, construction, development and operation and maintenance of the electric power distribution system in New Clark City. 5) Master Franchise Agreement entailing the grant of development rights for the “Dohtonbori Okonomiyaki” restaurant business within the Philippines. 6) Franchise Agreement for the grant of license to open and operate Karayama outlets within the Philippines. 7) Memorandum of Understanding between Asia Defense and Armament Corp., Kenko Tokina Co. Ltd. and Diversified Ecozone Corp. This is to establish a manufacturing facility in the Philippines for op-

ward a specific site,” he explained. Tieza targets to develop or register three new TEZs every year, at an average investment of P7.4 billion each, for 10 years. Tieza’s flagship projects are San Vicente, Palawan; Rizal Park Complex, Manila; Mount Samat Shrine, Bataan; Panglao Bay, Bohol; and Bucas Grande,

tics equipment, injection molded holsters, and related equipment to supply customized equipment for the AFP, PNP, and other defense units of the Philippine Government. 8) Letter of Intent involving Toyota Motor Corp.’s additional investments for further parts localization under the CARS Program, including side member panels, radiator assy, fan assy with motor, and FR axle assy. 9) Letter of Intent involving Murata Manufacturing Co. Ltd. to expand the manufacturing capacity of the Philippine Manufacturing Co. of Murata Inc. (PMM) to service demands of existing customers, accommodate new customers, and anticipate increase in sales of multilayer ceramic capacitors. 10) Letter of Intent involving Aeon Fantasy Co. Ltd. to increase investments in the country for indoor theme parks and amusement facilities through the local subsidiary. 11) Letter of Intent of Sojitz Corp. (Sojitz FUSO Truck) to expand investments in the distribution of FUSO truck and bus products through the local subsidiary. 12) Letter of Intent of Sojitz Corp. to invest in a bakery company (Nippon Premium Bakery Inc.) and the upstream business through flour milling and other ancillary services. 13) Letter of Intent of Sojitz Corp. for the codevelopment of a general industrial park. 14) Letter of Intent of JACCS Co. Ltd. to invest in the credit and finance business by extending credit facilities to individual and corporate buyers. 15) Letter of Intent of Terumo Corp. to expand investments in manufacturing, selling, and exporting medical devices (disposable syringes, needles, safetyneedles, IV catheters, and urinary drainage bags) and the development of new products and new technologies in sterilization capability and eco- and smart factories. 16) Letter of Intent of Ibiden Co. Ltd. to expand existing in-

Surigao del Norte. It also has designated TEZs, which were developed by the private sector such as: Ciudad de Victoria, Bulacan; Bravo Golf Resort, Dumaguete; Hijo Plantation, Davao; Queen’s Castle, Cebu; and Resorts World, Manila. Tieza, the infrastructure arm of the

vestments in the manufacture of Flip Chip Ball Grid Array (FCBGA) products, as well as capacity to cater to new drivers of growth such as artificial intelligence and establishment of data centers. 17) Letter of Intent of Sumitomo Electric Industries Ltd. to build a new facility for wiring harness and related products for export to Japan and North America. 18) Letter of Intent of Mitsui & Co. Ltd. to develop the Philippine automotive industry through a local partner (GT Capital Holdings Inc.) 19) Letter of Intent of Marubeni Corp. to develop possible new and existing infrastructure projects in energy development, New Clark City, railways, and water services. 20) Letter of Intent of Furukawa Electric Co. Ltd. to expand the production capacity of the local wholly-owned center for wire harnesses. 21) Letter of Intent of Lawson Inc. to expand investments through the opening of additional convenience stores. 22) Letter of Intent of Japan Marine United Corp. and Marubeni Corp. to develop the country’s maritime safety capability by providing maritime expertise, including but not limited to the service of design and construction of ships. 23) Letter of Intent of Canon Inc. to expand existing investments in the Philippines for monochrome laser beam printers, including service parts, packaging materials, and optional products. 24) Letter of Intent of Nidec Corp. to expand current investments in the Philippines as manufacturer of hard disk drives, spindle motors, and related parts. 25) Letter of Intent of Mitsubishi Motors Corp. to expand current investment to support local production of completed vehicles. 26) Letter of Intent of Tokyo Gas to create an inter-island liquefied natural gas (LNG) distribution network to serve new markets for natural gas in the Philippines.

Department of Tourism, also recently awarded certificates of registration to Magikland inside the Aton Land and Leisure TEZ in Silay City, Negros Occidental; Kingdom Stadium inside the Kingdom Global City TEZ in Davao; Lazuli Resort and Kabote Beach Resort in San Vicente, Palawan; and the Signature Suites in Boracay.

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For ‘A’ rating, govt must hike revenues, GDP per capita–expert By Bianca Cuaresma

@BcuaresmaBM

OCAL economic managers should work specific economic sectors if they are looking to grab the coveted “A” rating from international credit waters, a senior official from a major ratings agency said. In an economic briefing in Makati City hosted by the Economic Journalists Association of the Philippines (EJAP), in partnership with the Aboitiz Group of Cos., Moody’s Senior Credit Officer Christian de Guzman said the Philippines should focus on its integral weaknesses: its revenue growth and its GDP per capita. Asked about how the country can move upward to get an A sovereign rating, de Guzman said that while he cannot give a step-by-step analysis, he could point out the country’s weaknesses compared to its similarly rated peers. Addressing such weaknesses, the Moody’s senior official said, will support a possible repositioning of the country’s rating. The top 2 concerns of the Philippines, he said, should be revenue generation and GDP per capita. “I think we have acknowledged the gains of this administration, in particular, in terms of tax reform, and how that has benefited revenue generation,” de Guzman said. “What we’re still saying is that revenue in the Philippines continues to be below that of most investment grade peers. So from what we’ve seen, over the past few years, it’s been nine consecutive years of improvement with regards to debt affordability,” he added. “But nevertheless, despite these little bits, the revenue generation in the Philippines remains below that of other similarly rated countries. So I think that’s one weakness that perhaps can be addressed,” he further said.

PCIC. . .

Continued from A1

The BAI-ASF Task Force shared on Facebook the letter sent by PCIC President Jovy C. Bernabe to Agriculture Assistant Secretary Enrico P. Garzon Jr., informing the latter of the inclusion of the two diseases in PCIC’s indemnification coverage. “We are pleased to inform you that the PCIC Board of Directors has recently approved the inclusion of African Swine Fever and Avian Influenza as compensable perils under our livestock and poultry insurance program,” Bernabe said in his letter dated April 30. The BusinessMirror earlier reported that the BAI has urged the government to set aside P1 billion as indemnity fund in case local hog farms are struck by ASF. The measure is part of the contingency plan crafted by the BAI in case the fatal hog disease enters the country. The Philippines is currently on high

Anti-red. . .

Continued from A1

will answer the complaints referred to us by other agencies or even anybody who filed a complaint with us [that we need to] act on,” he added. According to Perez, the Arta is operating on a budget of P110 million secured from the Department of Trade and Industry’s coffers last year. This was enough for the anti-red tape body to rent its office until December and sustain its labor force. However, this will not be enough next year, as the Arta expands its head count to 308 personnel, from 44 workers. “It [proposed budget] will also cover those 308 personnel, not only from the central office, but also [those from the] eight regional offices that will be set up

“You can only see GDP per capita improve if the economic growth itself can be sustained at a high level. So it is one of those challenges.”—de Guzman

The other one, de Guzman said, is a general discussion on poverty, growth and the country’s GDP per capita. “You can only see GDP per capita improve if the economic growth itself can be sustained at a high level. So it is one of those challenges. I think much of the discussion today on this policy or that policy, in the end ultimately relates to that role can be sustained, higher growth over the medium to long term. So I think that’s all I could say at this point,” he said. Just last month, the Philippines received its highest credit rating from an international ratings agency to date as S&P Global Ratings assigned a “BBB+” rating on the Philippines’s long-term sovereign credit rating. “We raised the rating to ref lect the Philippines’s strong econom ic g row t h t rajec tor y, which we expect to continue to drive constructive development outcomes and underpin broader credit metrics over the medium term,” S&P said. “The rating is also supported by solid government fiscal accounts, low public indebtedness and the economy’s sound external settings,” the ratings agency added. This prompted local economic managers to shoot for the A rating, the highest tier of ratings for a sovereign. The Philippines started climbing the investment grade ratings scale ladder in 2013, when Fitch gave the country’s its first investment grade rating of “BBB-.” alert as ASF is spreading in Asian and Southeast Asian countries, killing millions of swine and causing farmers to incur huge losses. Currently, there is no vaccine for ASF. International organizations said the virus could kill swine in two days. However, the virus is not known to be harmful to human health. Under PCIC’s guidelines, backyard raisers that have two to 10 breeder swine or seven to 20 fattener swine are eligible for the livestock insurance program. As for backyard poultry raisers, they should have a minimum of 5,001 broilers or 1,001 layers to avail themselves of the insurance program, PCIC documents showed. For commercial hog growers, they should have at least 11 breeder swine or 21 breeder fatteners to tap PCIC’s insurance program. For commercial poultry raisers to be eligible for the insurance program, they should have at least 5,000 broilers or 1,000 layers.

eventually,” Perez explained. Higher capital to work with will also give the Arta fiscal space to beef up its services. The Arta chief said half a billion pesos is enough to keep its legal and technical team, as well as improve its frontline services and anti-red tape measures. The Arta is the lead implementer of the EODB law, as it is in charge of receiving complaints of bureaucratic red tape and acting on them in accordance with the law’s provisions. However, one year after it was signed by President Duterte, the law, as well as the Arta, has yet to be fully functional. The President has not yet appointed his anti-red tape czar, who, under the law, is the sole authority to issue the implementing rules and regulations, and lead the Arta.

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BusinessMirror Special Feature

Thursday, May 30, 2019 A3

A4 Thursday, May 30, 2019 • Editor: Vittorio V. Vitug

PIDS backs govt’s cash transfer, livelihood programs to meet SDGs By Cai U. Ordinario @caiordinario

HERE is a need to continue the government’s cash transfer and sustainable livelihood programs in order to improve the country’s performance in meeting the Sustainable Development Goals (SDGs), according to the Philippine Institute for Development Studies (PIDS). In a news statement, PIDS Senior Research Fellow Jose Ramon Albert said these and other programs like the Kalahi-CIDSS will help improve the Philippines’s performance in achieving the SDGs. Some of these challenges include the fact that despite high economic growth in recent years, the country still struggled to address high underemployment. The country’s underemployment rate was still at 16 percent. “This suggests that a considerable proportion of those employed are looking for extra jobs or other jobs, which implies that the quality of jobs in the Philippines needs further improvement,” Albert said. A way to resolve this, Albert said, is to strengthen the government’s implementation of the Inclusive Innovation Industrial Strategy or i3S, which aims to build new industries and increase the growth of micro, small and medium enterprises, as well as strengthen human resources. Albert also stressed that the provision of a full and productive employment and decent work is not the sole responsibility of the Department of Labor and Employment (DOLE) but of the whole government system. He said agencies such as the Department of Trade and Industry, Department of Agriculture, Department of Finance, Department of Budget and Management, National Economic and Development Authority, Department of Education, Technical Education and Skills Development Authority, and the Department of Public Works and Highways should also collaborate with the business community. These efforts, Albert said, could also help address other development challenges such as reducing income inequality. While economic growth has been high, he pointed out, inequality remains proportionally high in various regions in the country. “The average per-capita income has been growing at 1.7 percent from 2006 to 2015, with the bottom 40 percent of the income distribution even growing faster at 2.2 percent in the same period,” Albert said. “Regional income disparities are stark. For instance, the average per- capita income of the National Capital Region is thrice that of the Autonomous Region in Muslim Mindanao,” he added. The findings were part of the preliminary results of the Philippines 2019 Voluntary National Review (VNR) Report on the SDGs, which was discussed in a recent policy dialogue recently organized by the Institute and the United Nations Economic and Social Commission for Asia and the Pacific.

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Gencos assure 4,835.6 MW of new power capacity for Luzon until 2023

By Lenie Lectura

@llectura

OWER-GENERATION firms, or gencos, have committed to supply the Luzon grid 4,835.6 megawatts (MW) of new capacity from 2019 until 2023, with half of the committed capacity to start supplying the grid within the year. Data from the Department of Energy (DOE), however, showed that coal still dominates the mix of new capacity at 81.7 percent or 3,950 MW out of the 4,835.6 MW, followed by gas at 13.4 percent or 650 MW. The remaining additional capacity will come from renewable energy (RE) sources. For this year, power projects with 2,449 MW of combined capacity are up for commercial operation. Of which, 1,610 MW of capacity will be produced from coal, 650 MW from gas, 7.8 MW from hydro, 115 MW from wind and 66.2 MW from biomass. Based on the DOE list, as of April 30, the Limay coal power plant project Phase II (150 MW) of SMC Consolidated Power Corp. is targeted for commercial operation this month,

while the 300-MW Masinloc expansion project of AES Masinloc Power Partners Co. Ltd. is up for testing and commissioning in August this year. In December this year, the 500-MW coal-power plant of San Buenaventura Power Ltd. Co. is expected to proceed with its commercial operation. GNPower Dinginin Coal Plant Ltd. Co.’s Unit 1 (660 MW) is also up for commercial operation in October this year. Meanwhile, the 650-MW Pagbilao gas plant of Energy World Corp. is still included in the DOE list of committed power projects this year. A total of 7.8 MW of hydropower projects of four RE firms are expected to supply the grid in May, June, July and December this year. The 115-MW Concepcion 1 solar

power project of Solar Philippines Tarlac Corp. is expected to start commercial operation in July. Seven biomass power projects with 66.2 MW will be ready by June, September and December this year. “We are safe until 2022. Within our term, we are safe,” said Energy Assistant Secretary Redentor Delola in an interview when asked how these power projects will help the country’s power supply in the coming years. He said peak demand next year could reach nearly 12,000 MW as against this year’s 11,400 MW. Each year, demand for electricity is predicted to increase anywhere from 500 MW to 800 MW. “The new plants will cover our demand for next year until 2021. By 2020, we will be connected to the Mindanao grid,” said Delola referring to the Mindanao-Visayas Interconnection Project (MVIP) of the National Grid Corp. of the Philippines (NGCP). Construction of the multibillion-peso interconnection project is on schedule, with completion expected in December 2020. The MVIP aims to connect the Mindanao grid to the Visayas grid, and which will ultimately lead to a single, unified national grid by the time of its completion in 2020. With a unified national grid, power transmission services in the

country will be more reliable as there will be less power interruptions nationwide due to the sharing of local energy resources. Reliable electricity transmission, in turn, could help boost investments, infrastructure development and commerce in the country, said NGCP. First Gen Corp. President Francis Giles Puno commented that “gas is a superior option” than coal and that the country must develop a more sustainable power mix. “We need to make sure the grid can accommodate the entry of variable RE and that’s where natural gas plays a superior role compared to any other technology we have today. “Our San Gabriel plant? The tariff of that plant is lower. So, we are able to lower the price for consumers but, at same time, it benefits from [the] flexibility of operation such that when it needs to ramp down, it [would only take] a few minutes and if it needs to ramp up, it [would only be] in a few minutes. In our view, we believe gas is a superior option,” said Puno. Aboitiz Power Chief Operating Officer Emmanuel Rubio, meanwhile, stressed the need for industry stakeholders to focus more on ramping up the country’s power reserves. “Recently, we have been talking about shortage of power.... We should be allowing plants to be constructed ahead of reserve re-

quirement,” said Rubio. “We need a certain balance mix of technology in order to meet the requirements of energy demands of country.” Aboitiz Power plans to hike its portfolio to 4,000 MW by 2020. San Miguel Corp. (SMC) President Ramon Ang, meanwhile, commented that new capacity and proper maintenance schedule of power plants are two ways by which the country can address the lack of supply which would sometimes lead to power outage. “It’s a matter of scheduling and policy so this issue on power supply can be solved. But, of course, continued investment on new power projects is needed,” said Ang. AC Energy Inc. President Eric Francia, meanwhile, commented that the Electric Power Industry Reform Act (Epira) plays an important role in the success of the country’s power sector. “Beyond 2022, there’s a huge uncertainty facing the industry in terms of future of gas, LNG [liquefied natural gas], and future of new plants. Epira is working albeit not yet fully implemented. The full implementation of RCOA [retail competition and open access] has been stalled. That should be tabled as front and center because with an open and transparent market, we will be in an entirely different level,” said Francia.

GOCC dividend remittance jumped 45% from Jan to May–DOF report

HE government is on track to meeting its dividend collection targets after the remitted dividends of state-run firms and financial institutions grew 45 percent from the January-to-May period this year, the Department of Finance (DOF) reported on Wednesday. The DOF, in a news statement, reported that dividend collections from government-owned and -controlled corporations (GOCCs) rose to P38.9 billion in the January-to-May period in 2019, from P26.8 billion in the same period for 2018. The DOF said the dividend collections in the first five months in 2019 were only 3 percent shy of the government’s full-year target this

year. A total of 46 GOCCs remitted dividends as of May 16 this year. “Given this robust trend in the first five months of the year alone, the 2019 dividend collections will easily surpass the previous year’s figures, setting the stage for a new unprecedented amount of dividend contributions from GOCCs,” Finance Secretary Carlos Dominguez III said. The total cash dividend collections under the Duterte administration now amounts to P109.8 billion between July 2016 to May 2019, according to the the DOF’s Corporate Affairs Group (CAG), Dominguez attributed the significantly higher dividend remit-

tances under the Duterte administration to the efficient monitoring of, and fiscal discipline instilled to GOCCs by the DOF-CAG, as well as by other finance officials sitting on the respective boards of these state-run firms. “The Department of Transportation [DOTr], under the leadership of Secretary Arthur P. Tugade, also helped ensure that GOCCs under the administrative supervision of the DOTr remitted their dividends to the BTr,” Dominguez said. In her report to Dominguez during a recent DOF Executive Committee (Execom) meeting, Fi n a nce Undersec ret a r y A ntonette Tionko said the dividend

collections of P38.9 billion from January to May 16 this year was 45 percent higher than the 2018 collections of P26.8 billion for the same period. Tionko, who heads the DOF’s CAG, said a total of 46 GOCCs remitted dividends as of May 16 this year. She said the highest dividend contributor as of May 16 this year was the Philippine Amusement and Gaming Corp. with P16.17 billion; followed by the Philippine Deposit Insurance Corp. with P4.58 billion; and the Bangko Sentral ng Pilipinas with P4 billion. The rest of the Top 10 dividend contributors from January 1 to May 16 this year were the Philippine Ports

Palace lauds PHL’s improved rank in World Competitiveness Yearbook By Bernadette D. Nicolas @BNicolasBM

ALAC AÑANG said on Wednesday that the Philippines improved ranking in the 2019 World Competitiveness Yearbook proves that the country’s trade environment remains attractive and viable to foreign businesses. “The improved ranking of the Philippines in this year’s World Competitiveness Yearbook by the International Institute for Management Development (IMD) augurs well for the country and our economy. There is an emerging investor confidence in our country,” said Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo in a news statement. The Philippines climbed four

notches to 46th among 63 economies in the IMD World Competitiveness Ranking 2019 on improvements in economic performance, government and business efficiency, and infrastructure buildup. Moreover, the Palace expressed confidence that the strong and effective style of governance of the President will yield economic improvements. “Putting premium on cutting down red tape and promoting ease in doing business while we begin to implement the nation’s most ambitious infrastructure program, ‘Build, Build, Build’ [program], boost the government’s strategy for sustained and inclusive growth,” Panelo said. “There is every reason to look forward to a bright future for our

country’s economy and our people.” Among 14 Asia Pacific economies, the country placed 13th. While Manila did very well in terms of economic performance as it jumped 38th from 50th last year, the country got lower rankings on international trade and price stability. The country also went up six notches to 32nd spot in business efficiency while it retained its standing in finance and management practices. The Philippines also moved up to 41st from 44th in government efficiency on improved fiscal policy, business legislation and societal framework. Although it is now higher by one notch to 59th in terms of infrastructure, it was the country’s

lowest indicator. Better rankings were recorded for the country in technological infrastructure, scientific infrastructure and education but retained its standing in basic infrastructure and received worse in health and environment. The survey also stressed “the need for the Philippines to speed up and sustain investments in physical infrastructure,” as well as “inadequate investment in human capital.” It also pointed out Manila’s poor digital innovation and readiness for products of the future, and the need to sustain investor and consumer confidence. Political risks could also take a toll on its competitiveness, the report added.

Authority at P3.51 billion; Manila International Airport Authority, P3.42 billion; National Power Corp., P842 million; and Clark Development Corp., P815 million. Data from the Bureau of the Treasury also showed that other top dividend contributors included the Philippine Charity Sweepstakes Office, P744 billion; Philippine National Oil Corp. Exploration Corp., P699 million; and Philippine Economic Zone Authority, P650 million. GOCCs are required to declare and remit at least half of their income as dividends to the national government, under Republic Act 7656. Cai U. Ordinario

Malacañang declares June 5 regular holiday for Eid’l Fitr

RESIDENT Duterte has declared June 5, Wednesday, a regular holiday throughout the country in observance of Eid’l Fitr, or Feast of Ramadan. Duterte signed Proclamation 729 on May 28, according to a document released by Malacañang on Wednesday. This, after National Commission on Muslim Filipinos made a recommendation to declare June 5 as a holiday. “Whereas the entire Filipino nation should have the full opportunity to join the Muslim brothers and sisters in peace and harmony in the observance and celebration of Eidl’l Fitr,” read the proclamation. Bernadette D. Nicolas

Neda exec: Canned meat goods recall won’t impact on inflation

HEgovernment’sdecisiontorecall and seize all canned meat goods thatwereimportedfromcountries struck by the dreaded African swine fever (ASF) from supermarkets will not cause an inflation uptick in the coming months, according to the National Economic and Development Authority (Neda). In the Economic Journalists Association of the Philippines (Ejap)-

Aboitiz Economy InFocus forum in Makati City on Wednesday, Neda Undersecretary for Planning and Policy Rosemarie G. Edillon said meat prices only account for a small portion of the Consumer Price Index (CPI). Edillon said with this, the government is not keen on adjusting its inflation targets. Inflation, she said, is expected to remain within 2 percent

to 4 percent for the rest of the year. “In terms of its contribution to the basket, it’s not really that high and especially with respect to the basket that is consumed by the poor. So with respect to the impact of inflation, there will be some, but I guess since we have reigned in on the inflation of some of the more basic commodities, then yeah, we will be more than okay,” Edillon said.

The Food and Drug Administration (FDA) on Tuesday ordered the total recall and seizure of all processed pork meat products, including canned goods, being sold in the market that were imported from countries struck by ASF. The FDA, an agency under the Department of Health, issued the order after it met with the Department of Agriculture to discuss strategies to

prevent the entry of the fatal hog disease into the country. Meat importers and traders warned, however, that measures such as the twomonth import ban recommended by hog raisers, could jack up the prices of local meat and processed meat products. The order dated May 27 issued by FDA Officer in Charge director General Rolando Enrique D. Domingo will

cover all importers, distributors, retail outlets and other dealers who were asked to immediately recall all pork products from ASF-affected countries. FDA Order 2019-046 also authorized FDA’s food-drug regulation officers to seize all imported meat products that have been sourced from countries, which confirmed outbreaks of ASF. Cai U. Ordinario

TheBroa

Business

A6 Thursday, May 30, 2019 | www.businessmirror.com.ph

IN BOXING BOU PHL STILL A FEA I

By Bernadette D. Nicolas @BNicolasBM & Cai U. Ordinario @caiordinario

F GDP growth were a sport, it would be one of the bloodiest—boxing. And Metro Manila would be its undefeated heavyweight champion. For many decades, Metro Manila has carried the countr y’s economy on its shoulders. And every punch, every jab works toward winning the battle against poverty. But, just like all boxers after years of fighting on the ring, Metro Manila’s punches are getting slower, its footwork getting sloppy. It’s not as agile as it used to be. Many even say Metro Manila is losing its charm. In the latest Gross Regional Domestic Product (GRDP) data released by the Philippine Statistics Authority (PSA), Metro Manila or the National Capital Region (NCR) posted a growth of only 4.8 percent in 2018. This is slower than the 6.2-percent GRDP growth posted in 2017 and the 7.4 percent in 2016. T hes e r ate s m i r rore d t he performance of the Philippine economy in 2018 and 2017 when gross domestic product reached only 6.2 percent and 6.7 percent, respectively. These levels were nowhere near the GDP growth of 7.1 percent in 2013 and 7.6 percent in 2010. These growth rates may have resulted to a weak jab against poverty as the megacity posted a slower reduction in poverty levels. Based on the first semester results of the Family Income and Expenditure Survey (FIES), three districts of the NCR posted increases in poverty. The third district of Metro Manila, composed of Caloocan, Malabon, Navotas and Valenzuela, saw the highest increase in poverty of 1.57 percentage points to 8.1 percent in the first semester of 2018 from 6.5 percent in the same period of 2015.

Cause to increase

OTHER districts that saw increases were the first district, which is the City of Manila, and the fourth district, which is composed of Las Piñas, Makati, Muntinlupa, Parañaque, Pasay, Pateros and Taguig. The first district saw poverty increase by 0.91 percentage points to 5.7 percent in in the first half of 2018 from 4.8 percent in the same period of 2015. The fourth district, meanwhile, saw poverty increase by 0.13 percentage points to 3.9 percent from 3.8 percent. Only the second district of Metro Manila (composed of the cities of Mandaluyong, Marikina, Pasig, Quezon and San Juan) posted a decrease in poverty. Data showed District 2 saw poverty decrease to 3.5 percent in the first half of 2018 from 3.9 percent the same period in 2015. As of this writing, the National Economic and Development Authority (Neda) could not offer an explanation what ailed the Philippine economy’s prizefighter that caused poverty to increase in the NCR. Neda Undersecretary for

Regional Development Adoracion S. Navarro merely said “we’re still gathering possible explanations from the regions; will update once ready.” Economists such as Ateneo Center for Economic Research and Development (Acerd) Director Alvin P. Ang said given the multidimensionality of poverty, there are many factors that affect poverty incidence, which include factors beyond income such as education, housing, health and other similar factors. However, Ang said one factor that could improve poverty eradication and boost the economy is job generation. This means more Filipinos need to secure decent jobs. But these types of employment are not always available, even in a bustling city like Metro Manila.

Average job creation

BASED on the preliminary 2018 annual Labor and Employment Status data of the PSA, Metro Manila had one of the highest unemployment rates at 6.6 percent in 2018. This was higher than the average jobless rate nationwide at 5.3 percent last year, representing 2.3 million Filipinos. Citing data from the PSA, nongovernment IBON Foundation Inc. earlier said average annual job creation for 2017 and 2018 was only 81,000. The number of employed only increased by 162,000 from 41 million in 2016 to 41.2 million in 2018. The increase is below the annual average job creation under the administration of Corazon C. Aquino in 1987 to 1992 at 810,000 and Ramos in 1993 to 1998 at 489,000; Estrada in 1999 to 2001 at 842,000; Arroyo in 2002 to 2010 at 764,000; and Benigno Aquino III in 2011 to 2016 at 827,000 jobs. IBON Foundation Head Jose Enrique A. Africa has claimed that wages remained flat in the past 10.5 years. Africa added this indicated that while the growth in labor productivity has been increasing, it has mainly benefitted companies and not workers. “The simplest way for growth to be inclusive is to increase wages,” Africa said. “For us, jobless growth is a reality, wage-less growth is also a reality. And again it’s a structural problem. If there is no determination on how the economy is run, this will continue.” However, Action for Economic Reform (AER) Coordinator Filomeno S. Sta. Ana III disagreed with IBON Foundation and told the BusinessMirror that there were still many jobs generated. He said that was an increase among full time and wage workers.

Important refocusing

PSA data showed the annual employment rate in 2018 was estimated at 94.7 percent, higher than

the 94.3 percent in 2017. Data revealed the total employed persons in 2018 was approximately 41.2 million. Workers in the services sector composed the largest proportion of the employed persons. These workers made up 56.6 percent of the total employed in 2018. The data also showed that among them, those engaged in the wholesale and retail trade; repair of motor vehicles and motorcycles accounted the largest proportion (19.4 percent) of workers. In 2017, workers in services sector accounted for 56.3 percent of the total employed, with those engaged in wholesale and retail trade; repair of motor vehicles and motorcycles made up the largest proportion (19.6 percent) of workers. “To be accurate, the GRDP grew but at a slower rate than previous year,” Sta. Ana said. “But even the growth slowdown is relatively higher than prev ious grow th episodes.” He explained that “whereas before we had jobless growth, sustained high growth since 2012 underpinned by structural reforms like the tax reform, infrastructure spending, public finance management and now rice tariffication is leading to an early stage of economic transformation.” “This restructuring is making growth more responsive to poverty reduction and job creation,” he added. Apart from jobs, Sta. Ana said it was important to look at the role of remittances to economic growth and poverty reduction. This has been one of the driving forces of GRDP in other regions apart from Metro Manila.

Assumptions, CCT

BASED on PSA data, the fastestgrowing regions in 2018 were Eastern Visayas, Bicol, Zamboanga Peninsula and Mimaropa. These regions saw the highest increase in their GRDPs in 2018. Eastern Visayas saw its GRDP increase by 4.1 percentage points to 5.9 percent in 2018 from 1.8 percent 2017 while Bicol region, which posted the highest GRDP in 2018, saw a 3.9 percentage point growth to 8.9 percent in 2018 from 5 percent in 2017. Zamboanga Peninsula also posted the highest increase in GRDP at 3.9 percentage points to 6.3 percent in 2018 from 2.4 percent in 2017 while Mimaropa saw a 3.4-percentage-point growth in its GRDP to 8.6 percent from 5.2 percent. This has translated to slower poverty incidence rates in at least three of these regions. PSA data showed poverty incidence slowed in Eastern Visayas to 37.6 percent in the first semester of 2018 from 38.7 percent in 2017; Bicol, 28 percent from 36 percent; and Mimaropa (Mindoro, Marinduque, Romblon and Palawan), 20.6 percent from 24.4 percent. Poverty in Zamboanga Peninsula, however, increased to 39.5 percent in the first six months of 2018 from 33.9 percent during the period in 2017. “Higher GDP is not enough to lower poverty,” Ang said. “We can’t assume one causes t he other strongly.” Meanwhile, the government has recently institutionalized

A MAKESHIFT house seen here in Pasong Tirad, Makati City, serves as a house to some people who are homeless. NONIE REYES

the Conditional Cash Transfer (CCT) program. This was seen as a victory for millions of households relying on the program. The program is also being credited by the government as instrumental to the decline in the country’s poverty incidence. The CCT program, which began under the Arroyo administration, has been expanded prior to its institutionalization. It’s known locally as the Pantawid Pamilyang Pilipino program (4Ps; bridging program for the Filipino family) and gives cash grants to poor families if they send their children to school, visit health centers and attend family-development sessions.

No anti-poor program

SINCE the program’s inception, the number of CCT partner-beneficiaries increased from 340,000 to more than 4.4 million at the end of 2015—making it the fourth-largest CCT after programs in India, Brazil and Mexico. The program has expanded rapidly since it began in 2008 and has evolved over time based on lessons and experience. “Whatever reduction in 2018 is traction from the previous efforts, likely CCT, which was upscaled in the previous government, is already yielding its impact in reducing poverty and inequality,” Philippine Institute for

Development Studies (PIDS) Senior Research Fellow Jose Ramon Albert told the BusinessMirror. However, Ang said the Philippines should stop looking at CCTs as a poverty-reduction measure. Ang said it is a “human capital investment program” meant “to prevent people from falling into difficulty and poverty.” In order to measure poverty from a wider perspective, the PSA came up with a multidimensional poverty index (MPI). The MPI aims to measure poverty through deprivations in the following: education; health and nutrition; housing, water and sanitation; and employment. The PSA said one is “multidimensionally deprived” or poor if he or she is deprived in at least one third or four of the 13 indicators. Results of the PSA survey show that multidimensionally deprived Filipinos—or the proportion of Filipinos deprived in at least four out of the 13 indicators—were estimated at 23.9 percent in 2016 and 17.3 percent in 2017.

Betting vs poverty

AFTER decades of cracking the right code to beat the odds in solving poverty, the government now seemed to have the proper combination of policies to finally uplift millions of poor families in the Philippines.

The recently released FIES showed a huge cut in poverty incidence nationwide to 21 percent in the first half of 2018 from 27.6 percent in the same period in 2015. With this result, the government can heave a sigh of relief, in the meantime, as they look like they are on the right track to meeting its poverty target of 14 percent by 2022. Philippine government officials are unanimous that the long-time ailment cannot be fully cured with just one magic pill taken overnight. According to these officials, good social protection fundamentals, along with the 4Ps, significantly contributed in poverty reduction in the country. Under t he P3.662-t r i l l ion 2019 General Appropr iations Act, the government has allotted P89.75 million for the 4Ps, of which P82 million is allotted for cash grants including the amount of rice subsidy. Introduced during the Arroyo administration and carried by the succeeding administrations, 4Ps mandates the government to implement Conditional Cash Transfers, ranging from P300 per child to P700 per child (depending on his/her educational level) to eligible poor households. Now an official added function of the Department of Social

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Editor: Dennis D. Estopace | Thursday, May 30, 2019

UT VS. POVERTY, ATHERWEIGHT to implement the [on-site] cash transfer there,” he said estimating that at least 15 percent of the 4.1 million 4Ps household beneficiaries are living in these areas. Besides, the economic benefits of the cash transfers also depend on the market institutions that are in place in the particular area. “It is not happening in [some areas] because the market is so diverse. So it really depends on the advantages of each area, the market institutions that are put in place,” he said. “In some areas, there is no market [activity] there so they buy their stuff somewhere else so that is where the benefits go.”

Agency heads views

Welfare and Development, the government is now mandated under the law to give CCTs to beneficiaries for a maximum period of seven years.

and the more money we invest in them, [in] human development, there are more people getting out of poverty.”

Extolling 4Ps

ACCORDING to Deloria, beneficiaries of the CCT program now have extra money to spend on putting up small businesses, which in turn could boost the local economy. He added the total amount of money the government spends especially in low-income municipalities, under the 4Ps is even sometimes 90-percent bigger compared to the amount that these municipalities receive under their internal revenue allotment. “So just imagine the inflow of this money in the local area, municipality,” Deloria said. “There’s more actually literally more [money] coming in and this would incentivize small business to pop out so they are generating more income.” He added that since some 4Ps beneficiaries already addressed some of the basic needs, “they have some little extra money. “Because if you get the incentive of P1,200 per month, supposedly the money you have, you are not going to spend that anymore for that because it’s being provided for you,” Deloria said. “So the money you have, some [people] are very enterprising, and they even set up their own sari-sari store with that

HOW E V ER , t he gover n ment deemed it rational to only give the dole-out if recipient beneficiaries will meet certain conditions, such as availing themselves of health services or sending their children to school. In this way, the government aims to hit two birds with one stone in the long run since the children of these beneficiaries are expected to help their family rise from poverty after they get the proper education and be able to work in the future. Christian R. Deloria, director IV of the DSWD National Convergence and Technical Support Unit, believes that government spending more money for the poor through the 4Ps was one of the best decisions it has made. “Because if you don’t spend money for the poor, they will remain poor. But in the last 10 years, since the 4Ps program was implemented, we’ve been spending more money for them, and we are now reaping the benefits,” Deloria told the BusinessMirror. “And at the same time that the economy is developing, we have more money going into these programs

Refurbished buying power

small capital.” Aside from the Conditional Cash Transfers, beneficiaries also receive a fixed monthly health and nutrition grant worth at least P750 to encourage them to use health services of the government.

Negative impact

MEANWHILE, the 4Ps beneficiaries also receive Unconditional Cash Transfers, or UCTs, tied as part of the government’s mitigating efforts for imposing higher excise taxes for several products under the Package 1 of the Tax Reform for Acceleration and Inclusion Law. Deloria explained that the UCT and the CCT two differ in purpose: the former is specifically meant to counter the negative impact of a government policy while the CCT is really intended to help poor households get out of poverty. While beneficiaries said CCTs help to make ends meet, Deloria said there is no guarantee that the success achieved through the implementation of CCTs in certain areas will be replicated in others as well. Not every nook and cranny of the country can be reached by the modalities of the cash transfer, via automated teller machines or wire transfer. “There are a lot of [geographically isolated and depressed areas] in the Philippines and it is very expensive

MOR E OV ER , of f ic i a l s f rom DSWD, National Anti-Poverty Commission (NAPC) and Philippine Commission for the Urban Poor (PCUP) admitted budget constraints also play a factor in the implementation of povertyalleviation programs. NAPC Secretary and Lead Convenor Noel K. Felongco revealed they were supposed to experience an P18-million budget cut in 2019, which was allocated for their prototype of rapid community-based monitor ing system (RCBMS). Fortunately, Felongco said the budget cut was later on restored after they made representations in the Senate. Felongco said that through the RCBMS, they will be able to know the situation per household if they are able to know if a particular household is receiving any help from the government to meet their basic needs. “This rapid community-based monitoring system is a real-time data collection system wherein we can collect data from each barangay,” he said in an interview with BusinessMirror. “We will have an inventory which is important for the planning and budgeting of our anti-poverty programs.” However, the same could not be said of PCUP. While the PCUP proposed to have P220-million budget for 2019, the national government was only able to grant them P180 million. Due to this cut, PCUP Commissioner Norman B. Baloro lamented that they would not be able to have a data banking system to determine the actual number of urban poor nationwide. “The most important thing, what is lacking in our office is really a data banking system for the number of urban poor sector or the urban poor communities that we have in the country,” Baloro said noting that what they currently have is just the number of families who have been accredited by PCUP.

Data as basis

THE data the PCUP could acquire was supposed to serve as their basis in crafting particular programs to address the needs of the urban poor. “[The system] might cost us a lot or expensive but I think it would also help us sooner or later,” Baloro said. “It will help us come up with a very comprehensive program for this particular people because you already have a data of how many people are in need of this assistance from the government, especially from the PCUP.”

W hile the overall poverty incidence painted a rosier future for the country, there are still some provinces and cities which unfortunately saw worsening poverty incidence. Based on BusinessMirror computations, the highest increases in poverty incidence were recorded in Basilan and Isabela City, where it worsened to 65.3 percent and 52.6 percent, respectively. The rate rose by 36.5 percentage points from 28.8 percent in Basilan and by 31.97 percentage points in Isabela City compared to the first half of 2015. Other provinces and cities that recorded increases in poverty incidence were Tawi-Tawi which recorded a percentage-point increase of 6.34; Bataan, 5.79; Davao Oriental, 4.68; Batanes, 3.26; Zamboanga del Sur, 2.02; Biliran, 1.96; and Zambales, 1.91. The provinces of Benguet, Maguindanao, Eastern Samar and Misamis Oriental and Metro Manila’s fourth district are other areas that posted a slight increase in poverty incidence.

Expanding reach

IN order to dig deeper into on the root causes of poverty, Cabinet Secretary Karlo Alexei B. Nograles told the BusinessMirror that the government has already mapped out the 32 priority provinces wherein it may step in and lend its resources to help. These priority provinces were identified in the Human Development and Poverty Reduction Cluster based on the highest magnitude of poverty and highest poverty incidence as well as according to Neda’s spatial strategy. “Poverty and hunger is a complex issue. The first thing we have to accept is it’s not a one-size-fitsall approach here, that’s why we mapped out the provinces because there might be a specific concern that they are currently facing, which is why they are having a hard time, [such as] lack of resources, peace and order, security problem, insurgency problem, factors like that,” Nograles said. President Duterte also knew that war and conflict can hugely dent the poverty- and hungerreduction efforts of government, Nograles said. “Once we solve the peace problem, it will be easy for us to achieve progress. Like I said, if there is conflict in an area, the government will be having a hard time stepping in,” Nograles added. “No matter what interventions we do, as long as there is war and conflict, we will be having a hard time getting them out of poverty.”

Taking stock

ASIDE from war and conf lict, DSWD and NAPC also pointed to migration as one the potential causes of worsening poverty, especially in three districts in Metro Manila. Both NAPC and DSWD said the underdevelopment of some areas led to the migration problem in Metro Manila. “There are a lot of opportunities in the urban areas, in the countryside not so much. A lot of them go here, thinking that their lives are better off here but when they are already here, [sometimes] they

become victims of labor abuses,” Felongco said. For his part, Deloria said population moves where economic centers are so the government must find ways to develop adjacent regions to make sure that job employment is available to the general population. “Urban migration is something that we really have to address because we cannot not let people come in these areas because that’s part of their freedom to travel,” he added. Deloria also noted that having more people concentrated in certain areas will not be good in the long run since it would be hard for the government for all of their basic needs. But for PCUP and NAPC, some local government units are also partly to blame for worsening poverty reduction in their areas. To address this, Felongco said they have been talking with Department of the Interior and Local Government so that another memorandum circular or an executive order will be issued to direct local government units to use their 20 percent of internal revenue allotment, which was supposedly intended for development projects and for poverty-reduction activities instead of using these funds for construction of basketball courts or roads.

Task-force creation

ALTHOUGH Feloria and Deloria expressed confidence that poverty reduction continued until the second half of 2018, they both conceded that the reduction would not be as significant like what happened during the first part of the year due to inflation. Nograles believes the government will be prioritizing antipover t y prog ra ms, inc lud ing reduction in hunger incidence, especially as Duterte is expected to sign soon an order creating the task force on zero hunger. “If the first half was concentrated on anti-crime, anti-drugs, anti-insurgency and peace process in Mindanao, although that already included our anti-poverty efforts since we have managed the peace and security problems very well already, and records will bear us out, and even public sentiment will bear us out that the President was known for that, the second half will now be concentrated on anti-poverty and anti-hunger programs,” he said.

Economic fighters

THE battle for poverty and inequa lit y continues, and w ith Metro Manila losing its steam, one thing is clear: the Philippines needs a new economic champion. It can no longer rely on Metro Manila’s unblemished track record of keeping the economy afloat. The megacity can continue to deliver its punches but other economic fighters must contribute to win not just the battle but the war against underdevelopment and depravity. Other regions will need step up and try punching above their weight. Local government officials recently elected are the new coaches of these featherweights. It is hoped their direction would be enough to turn these amateurs into economic prizefighters in the years to come.

The World BusinessMirror

Thursday, May 30, 2019

Singapore, Malaysia, Vietnam added to US currency watch list

HE US Treasury added Singapore, Malaysia and Vietnam to a watch list for currency manipulation, putting their foreign-exchange policies under scrutiny. Singapore made the list because of its large current -account surplus and net foreign currency purchases of at least $17 billion in 2018, equivalent to 4.6 percent of GDP, according to the Treasury. Malaysia and Vietnam were cited for their bilateral trade and current-account surpluses. Countries with a current-account surplus with the US equivalent to 2 percent of gross domestic product are now eligible for the list, down from 3 percent. Other thresholds include persistent intervention in markets for a nation’s currency, and a trade surplus of at least $20 billion. Countries that meet two of the three criteria are placed on the watch list. Being labeled a currency manipulator doesn’t come with immediate penalties but can rattle

financial markets. The Treasury said Singapore should undertake reforms that will lower its high saving rate and boost low domestic consumption, while striving to ensure that its real exchange rate is in line with economic fundamentals, to help narrow its large and persistent external surpluses. It also welcomed Singapore’s pledge to report more intervention data, while acknowledging that currency adjustments are its main monetary-policy tool. Singapore’s central bank said in a statement “it does not manipulate its currency for export advantage.” The Monetary Authority of Singapore uses the exchange rate to ensure price stability and can’t use it to gain an export advantage or achieve a current-account surplus, it said.

“Singapore’s monetary-policy adjustments are primarily made through its currency, hence, intervention activities are relatively heavier,” said Christy Tan, head of markets strategy at National Australia Bank. “I doubt it will have a meaningful impact,” she said.

Malaysia intervention

MALAYSIA was cited for its bilateral trade surplus with the US of $27 billion last year and its current-account surplus of 2.1 percent of GDP. The Treasury noted Malaysia intervened in foreign currency markets in both directions in the past, and had net sales of foreign exchange equivalent to 3.1 percent of GDP last year to resist the depreciation of the ringgit. Malaysia’s central bank said the country supported free and fair trade and didn’t have unfair currency practices, adding that inclusion on the list had no consequences for the country’s economy. “The ringgit exchange rate is market-determined and is not relied upon for exports competitiveness,” Bank Negara Malaysia said in a statement.

Trade war

THE other two Asian countries on

the list are Japan and South Korea. India was removed from the watch group, given that it’s met only one of the three criteria—a “significant” bilateral surplus with the US—for two straight reports. Vietnam was at risk of meeting all three of the Treasury’s new criteria for the currency manipulator tag. The Treasury excused Vietnam’s recent currency intervention, citing movements in both directions and net foreign-exchange purposes that had “reasonable rationale” to rebuild reserves. Kim Hwan, an economist at NH Investment & Securities in Seoul, said US-China trade tensions may have played a role in the Treasury’s move. The fact that Singapore, Vietnam and Malaysia are added to the list “indicates the US is continuing to pressure China,” said Kim. “These countries are all Southeast Asian countries that have close economic correlations with China.” Japan was urged to enact structural reforms that would ease the public debt burden and trade imbalances, and South Korea was called on to limit currency interventions even as it was applauded for fresh disclosures on those actions. Bloomberg News

www.businessmirror.com.ph

US national security adviser in UAE amid tensions with Iran

NATIONAL Security Adviser John Bolton arrives to speak at the commencement for the United States Coast Guard Academy in New London, Connecticut, on May 22, 2019. AP/ JESSICA HILL

BU DHABI, United Arab Emirates—President Donald J. Trump’s national security adviser, a longtime hawk on Iran, is visiting the UAE amid heightened tensions across the Persian Gulf. John Bolton t weeted he had a r r ive d i n t he Em i r ates for meet i ngs on Wed nesd ay “to d isc uss impor t a nt a nd t imely reg iona l sec u r it y mat ters.” America recently deployed an aircraft carrier and B-52 bombers to the Persian Gulf over a still-

unexplained threat it perceives from Tehran. The United States also pulled nonessential diplomats out of Iraq and sent hundreds more troops to the region. Me a nw h i l e , E m i r at i o f f i cials allege four ships off their coast were sabotaged. Yemen’s Iranian-backed Houthi rebels have launched drone attacks on Saudi Arabia. The US pulled out of Iran’s nuclear deal with world powers a year ago. Iran now says it too will begin backing away from the accord. AP

Editor: Angel R. Calso

The World BusinessMirror

Thursday, May 30, 2019

E.U. DIVIDED OVER TOP JOBS AFTER ELECTIONS REDRAW POLITICAL MAP

RUSSELS—European Union (EU) leaders stood divided on Tuesday over who to name to the bloc’s top jobs, after elections shredded comfortable old political alliances and raised troubling questions about the future of the European project. At a summit in Brussels, major powers France, Germany and Spain all differed over who is best suited to lead the EU’s powerful executive arm, the European Commission, for the next five years. Former Luxembourg Premier Jean-Claude heads the commission, which proposes EU laws and ensures they are respected, until October 31.

After voters turned out for last week’s European Parliament elections in numbers not seen in 20 years, the leaders want to show they can respond quickly to people’s concerns. The aim is to name all four top jobs—the commission chief, a replacement for Donald Tusk as European Council president, a new foreign policy chief and head of the European Central Bank—at a summit on June 21 and 22. Avoiding any mention of the differences or candidate names, Tusk said the leaders hope “we can provide clarity on all these posts already in June,” but he said that “this

depends not only my good will but also on the good will of everyone involved.” French President Emmanuel Macron, whose party is joining forces with a new probusiness liberal group in the EU parliament for the first time, insisted the choices should represent the new political project that European voters are demanding. “The new order means one thing: It’s that we cannot just repeat the old habits,” Macron told reporters. “It is important to me that these nominations have parity, that we have two men and two women. It is important for me

to have the best profiles possible,” he said, noting that there must “be balance in terms of political leanings and in terms of geography.” Other leaders, too, said the aim is to have two women in top posts. Last week’s elections saw Europe’s mainstream center-right and center-left parties lose seats in the European Parliament. The conservative European People’s party, which has been the largest group in the assembly, and the Socialists and Democrats have held a majority in the body for 40 years. But voters concerned about climate change, migration or security turned instead to the

Greens, the pro-business ALDE group or far-right parties. As a result, it is unclear what workable majority will emerge in the assembly, which sits in Brussels and Strasbourg, France, when lawmakers gather in July, especially as the leaders and party groups jockey for position. Still, German Chancellor Angela Merkel described the summit as “good and harmonious,” even though Macron virtually ruled out the prospect of her favorite, Manfred Weber, replacing Juncker. He suggested that the former Bavarian lawmaker lacked solid experience.

Weber has never served in government or at a major institution like the European Commission. He has led the European People’s Party since 2014, but the group suffered major losses at the polls. Macron said Denmark’s Margrethe Vestager, who is now the EU’s competition commissioner, would be a suitable replacement, as would Michel Barnier, the Frenchman who has led the EU’s Brexit negotiations with the United Kingdom. Getting Barnier to head the commission would mark a fillip for Macron following the strong showing of the French far right in Sunday’s elections. AP

A10 Thursday, May 30, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

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Understanding Duterte’s pivot to Asia strategy

WO of President Duterte’s closest friends among Asian leaders are Japanese Prime Minister Shinzo Abe and Chinese President Xi Jinping. During the latter’s state visit last year, Duterte said that he and President Xi are committed to forging a new legacy of friendship and cooperation while working together to further consolidate the close ties between the Philippines and the People’s Republic of China, adding that the Philippines-China friendship is bound by centuries of trade and interaction. Not to be outdone, the Japanese leader said during a state visit to the Philippines that he aims to do the best thing he could in the face of the shifting balance of power in Southeast Asia: Be a better friend than China. This elicited a reply from Duterte, assuring Abe that “we remain your true and loyal partner.” If the President’s overtures to China and Japan are nothing but subtle, Foreign Affairs Secretary Teodoro Locsin Jr. explains what prompted the Chief Executive to deepen Philippine ties with the two countries. He said: “China’s offer of a strategic partnership is a bit more attractive than the current offer of the US of strategic confusion.” Locsin recalled how former President Barack Obama, on a visit to Manila in 2014, didn’t give a clear assurance that the US would defend the Philippines against China in case of a conflict in the South China Sea. Since then, President Donald Trump’s administration has been at pains to stress, “we have your back.” Locsin, however, added: “It has always been clear, that in a war, we are allies of the United States. There’s no question about that.” We have no reason to doubt that Duterte has the country’s interest at heart when he declared his “pivot to China,” considering the changing geopolitical order in the region. In his book, The Future is Asian, Parag Khanna said: “In the 19th century, the world was Europeanized. In the 20th century, it was Americanized. Now, in the 21st century, the world is being irreversibly Asianized.” Khanna said the Belt and Road Initiative is the most significant diplomatic project of the 21st century, the equivalent of the mid-20th-century founding of the United Nations and World Bank plus the Marshall Plan all rolled into one. The crucial difference: BRI was conceived in Asia and launched in Asia and will be led by Asians. This is the story of one entire side of the planet—the Asian side—and its impact on the 21st-century world. Khanna said that although China has taken the lead in building the new Silk Roads across Asia, it will not lead it alone. Rather, Asia is returning to the stable multipolar order that existed long before European colonialism and American dominance, with India and Southeast Asia coming into their own as economic and strategic hubs. Calling the 21st century the “Asian Century,” Khanna explained that Asia accounts for 60 percent of the world’s population. It has 10 times as many people as Europe and 12 times as many people as North America. As the world population climbs toward a plateau of around 10 billion people, Asia will forever be home to more people than the rest of the world combined. Duterte’s efforts to cultivate closer ties with Xi and Abe clearly reflect his pragmatism. As Khanna said, Asia produces and exports, as well as imports and consumes, more goods than any other region, and Asians trade and invest more with one another than they do with Europe or North America. Asia has several of the world’s largest economies, most of the world’s foreign-exchange reserves, many of the largest banks and industrial and technology companies, and most of the world’s biggest armies.

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Learning stock analysis from the Mafia John Mangun

OUTSIDE THE BOX

VERYTHING I need to know about fundamental analysis, I learned from the Genovese crime family. Let me clarify something. The “fundamentals” of a corporation are important for stock-market investors. By definition this is information, such as profitability, revenue, assets, liabilities and growth potential of the core business. “Fundamental analysis” is the interpretation of that information in hopes of arriving at a stock-market price evaluation. Benjamin Graham published a book in 1934 that created the idea of value investing. You buy when the price is lower than the “fundamental value” and sell when the price is too high. By 1970 many other books had been written validating value investing. By the 1990s, though, studies started showing that there were “anomalies” in the theory. For example, companies considered to have too high a “book value to market price” performed much better in the stock market. Book value is net asset value of a company—total assets minus intangible assets and liabilities. In other words, the stock price could be consistently higher than the “value” of the corporation.

The same situation started showing up in studies using Priceto-Earnings Ratios, Return on Equity and the discounted cash flow model. Warren Buffett used value investing to successfully buy distressed companies. But for the average stock market investor, there were problems. Proponents kept looking at stock prices from 1931 through 1975 and concluded that the theory was correct but that the now-frequent anomalies showed that investors were not following the proper rules of investing. It is sort of like calling voters stupid for electing the wrong candidate. The Genovese crime family was closely tied with corrupt officials who were running large labor unions. In spite of holding nearly uncounted millions in employee

The crime families started substantial buying of shares in public corporations as did the union pension funds to the extent that the families could exercise some control of corporate decisions. They could ask a union to go on strike against a company, forcing that company to eventually sell assets to stay in business, which would be bought at a discount by the criminal organization.

pension funds, unions borrowed money through mafia front corporations with generous “commissions” to the union bosses. The crime families started substantial buying of shares in public corporations as did the union pension funds to the extent that the families could exercise some control of corporate decisions. They could ask a union to go on strike against a company, forcing that company to eventually sell assets to stay in business, which would be bought at a discount by the criminal organization. One particular transportation company in 1972 was the darling of all the stockbrokerage analysts. However, the guys in the basement who did the technical analysis were recommending a sell as the price showed weakness. By 1975 the company was

bankrupt, having sold most of its assets. Further the stock price had gradually gone down 85 percent and it was the fundamental analysts that were left holding the bag, not the crime family. Jollibee Foods Corp. started 2019 with its price at about P320 and it basically stayed between there and P300 until April 15th when it broke below that support. On May 5th—in the words of one local stockbroker —the earnings were “Smashed by Smashburger.” Jollibee is now trading around P270. A move from P310 to P270 is not large, about 12 percent. However, the market moved the price—and generated a “sell” signal—long before the fundamental analysis moved its recommendation to “hold.” Graham’s value investing is not wrong. However, fundamental analysis is rooted in a time before all currencies were backed by ever increasing government debt. The world did not run on crude oil, which price is determined by traders sitting at a commodity futures desk. Graham who died in 1976 could not imagine interest rates being artificially controlled by central bankers and stockmarket investors executing trades at the speed of light. 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.

Let’s hope the new Congress will not experience a new round of pork barrel scams Cecilio T. Arillo

DATABASE

OW that we have elected the new members of Congress in the House and the Senate, they must understand that human behavior has two important elements: antecedent and consequence. For instance, the past controversial multibillion-peso Priority Development Assistance Fund (PDAF) or pork barrel issue is just the consequence and unless you look at the antecedent, you’ll only end up wondering why it happened again instead of being prevented to recur by putting as a painful lesson the important people in jail for corruption and plunder.

Let’s look at the antecedent of how the crime was committed and how and why it should have been prevented in the first place by officials from the four independent agencies established by the 1987 Constitution with vast powers to safeguard public funds, to choose the upright and dedicated people involved in governance, to monitor the three branches of the

Looking back, it is not just the president, the budget secretary, the senators and the congressmen who have allowed the likes of Napoles to thrive but the constitutional oversight officials as well, and as a consequence, finger-pointing and buck-passing became the order of the day, endangering the State.

government against corrupt officials, and to control and supervise employees in the government against immoral and criminal acts. These important agencies in government are the Commission on Audit (COA), the Commission on Elections (Comelec), the Ombudsman and the Civil Service Commission (CSC), all with sweeping judicial and quasi-judicial powers to prevent the commission of orruption and plunder.

Looking deeper into the scams that broke out one after another involving some members of Congress, it can be legally and morally argued that some officials from these four constitutional agencies may have also committed criminal negligence in the performance of their duties. The basic principle that one does not only commit a crime by commission but also by omission applies to them. Worse, many of them, particularly from COA, the agency mandated by the Constitution to strictly audit and account public funds getting in and out of the National Treasury, appears to have colluded with those involved in the scams. The question is who will now investigate these impeachable officials? Under the Constitution, the House initiates and investigates impeachable officers and if evidence is established, the Senate tries and punishes the culprits. See “Arillo,” A11

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Philippines, which way?

An end which is a beginning

BusinessMirror

Msgr. Sabino A. Vengco Jr.

Val A. Villanueva

BUSINESSWISE

TURNED a year older today. Although grateful to God that I’m blessed with a caring and supportive family and friends whom I can always count on, I can’t help but reflect on what lies ahead for all of us. Am I—are we—better off now than we were more three years ago? Many of the issues that drove 16 million Filipinos to choose Rodrigo Duterte in 2016 to occupy the seat of power in Malacañang remain unresolved, and some have even become worse. Those 16 million Filipinos were so riled up with the traffic situation and the previous administration’s perceived apathy to their plight that they picked a strongman who vowed to have their respective backs. The 2016 political intramurals have simmered down, and those 16 million Filipinos seem to have forgotten what they have been promised. Out of blind loyalty and admiration, they have (figuratively) molded their president into an icon to idolize. Let me just ask some basic questions. Has travel time on Edsa shortened? Do they feel safer and comfortable riding the MRT? Have motorists been issued their respective license plates for the vehicles they bought three years ago? Has Duterte accomplished anything under his “Build, Build, Build” program? The project we see being built and/or inaugurated by this government are carryovers from the previous administration. I don’t even want to dwell on the analytics. I, for one, refuse to be a dot on the Excel spreadsheets of these so-called expert pollsters’ spreadsheets. Since June 2016, what has Duterte accomplished in his muchvaunted and vicious nationwide war on drugs after he encouraged the police authorities and the public to “go ahead and kill” drug addicts? Local and foreign human-rights advocates condemn the thousands of extrajudicial killings of alleged drug dealers and addicts because many of the cadavers that started piling up on the streets belonged to innocent Filipino bystanders and unverified drug users or pushers, all of them young and marginalized. The 2019 midterm election proved disastrous for the political opposition. Propped up by a huge government war chest, mind-conditioning poll surveys, religious cult bootlickers and hungry people who are magnetized by the glitter of a dime, Duterte’s senatorial candidates were able to sweep that once-august chamber. I was hoping against hope that Filipino voters have gone beyond stereotyping. I was wrong. They still went for celebrity or name recognition and the color of the candidate’s money. I’m still not discounting that there could be some manipulation done in the last elections. The Senate used to be the country’s most self-exalted Legislative body. It was governed by people of eloquence, good humor and energy. They possessed the intelligence and diligence to comprehend and familiarize themselves with the provisions of the bills being considered on the floor. It was their drive or instinct which took them to the heart of crucial issues and enabled them to contribute their full share to the making of national policy. They were men and women of integrity, whose moral compass was neither broken nor missing. They abhorred the confines of the narrow-minded concerns of their hometown or region, but instead served the national interest. I could only hope (again, against hope) that the present crop of senators would live by their sacrosanct duty to the country. But as it is, however, the Senate will be without an opposition. The system of checks and balances, which is crucial to a democracy, has

But as it is, however, the Senate will be without an opposition. The system of checks and balances, which is crucial to a democracy, has been severely compromised. The lower and upper chamber’s lineup could be conditioning our minds for authoritarian regime. The Senate is the first line of defense against the excesses of the Executive branch. been severely compromised. The lower and upper chamber’s lineup could be conditioning our minds for authoritarian regime. The Senate is the first line of defense against the excesses of the Executive branch. Now, Duterte can do as he wishes: reinstate the death penalty; lower the age of criminal liability from 15 to nine years old; push for Charter change; incarcerate more of his political opponents…all geared to strengthen his already tight grip on power. Worldwide, authoritarianism has been resurrected as a geopolitical force, with big and nuclearpowered nations, such as China and Russia, advocating anti-liberalism as a substitute to a wobbling liberal dominion. They are reinforcing authoritarian rule worldwide right smack into the very heart of liberal societies to destabilize them from within. Authoritarianism is now as an ideological force, which offers Jurassic appraisal of liberalism, at a time when the liberal world is going through its greatest crisis of confidence since the 1930s. Its comeback accompanies new and inconceivable tools of social control and interference. Duterte was spawned from this political discipline. Only time can tell when he would be wise enough to build a system of espionage to monitor ordinary people, and jail, torture and kill those suspected of provoking dissent. To a smaller degree, the socalled Duterte Death Squad (DDS) has already been quick to the task. Despite his overwhelming popularity according to recent surveys, I find it odd that Duterte feels increasingly insecure, concocting ouster plots adorned by web-like matrices that even the Defense Department was quick to disavow. I hate to think that Filipinos do not yearn for freedom. When those 16 million elected Duterte, they sought security (“I will kill all the drug addicts and make the streets safe again”). Exasperated in part by the slow grind of justice in a dysfunctional Judiciary, they mistakenly assumed that the rule of law has no particular answer to their needs. Dictators, such as Ferdinand Marcos, Chile’s Augusto Pinochet, Haiti’s Jean-Claude Duvalier, and Paraguay’s Alfredo Stroessner were all thrown out by the Reagan administration when it buried the Kirkpatrick Doctrine of the early 1980s, which supported repressive dictatorships. I see no similar action from Trump who is just too willing to embrace such doctrine. Philippines, which way are you headed? Have we become numb to the profanities coming out of Duterte’s mouth? Is rape just a topic to be tossed around as a joke? Have we become desensitized to the daily senseless killings that have flooded our streets with blood? For comments and suggestions, e-mail me at mvala.v@gmail.com

ALÁLAONG BAGÁ

CCORDING to Acts 1:3, the Ascension of Jesus to heaven took place at the end of 40 days of His resurrection appearances, which would normally fall on a Thursday. In the Philippines we celebrate the event on the nearest Sunday (the Seventh Sunday of Easter), to facilitate the participation of everyone. Ascension is not really an end to the saving presence of Jesus Christ among His followers; it is more the beginning for the Church to be the Lord’s sacrament in the world (Luke 24:46-53).

Of the Paschal Mystery THE ascension of Jesus is part of the Paschal Mystery. His Passover, as the Messiah who must “suffer and rise from the dead on the third day,” is the finale of the divine plan for our salvation. As the fulfillment of things written in Scripture, it includes His glorification in heaven, His being once more “seated at the right hand of the Father.” It means the end of His earthly mission, and the last appearance of the risen Jesus. As the conclusion of the Gospel according to Luke, the ascension is painted as a picture of stark holiness and majesty with Jesus sending off His followers with their

mission to the world. This final stage of Jesus’ Passover is the realization of God’s plan progressively revealed in Scripture that “repentance, for the forgiveness of sins, would be preached in His name to all nations, beginning from Jerusalem.” The beginning of a new chapter in salvation history, the era of the Church on mission, would be picked up by Saint Luke in his second book, the Acts of the Apostles. This unfolding saga is part of the ongoing victorious Passover of Jesus Christ.

As His witnesses in the Holy Spirit

THE mission of the Church is to preach repentance to all nations for

Thursday, May 30, 2019 A11

the forgiveness of sins. And Jesus’ expectation of His disciples is clear: “You are witnesses of these things.” They have witnessed His death and His victory; they were His companions in His teaching and ministry. They can now confidently attest to everything they have seen and heard and know, so that people may believe in Jesus and be converted. The time of the Church as a community of faith in Jesus is a time of sacramentality. As Jesus in His death and resurrection was the primordial sacrament or sign that made real and accessible to humankind God’s saving love for us, so now after the Lord’s ascension the Church as His embodiment continues to make present and visible this redemptive love. The disciples as His witnesses are now His sacrament and visible sign as ambassadors of reconciliation. Though exalted in heaven, Jesus remains in them through the Holy Spirit, suffering what they suffer as He loves through their love. If ordinary mortals can be credible witnesses of divine phenomena, if the disciples to whom Jesus explained time and again the mystery of His death and resurrection are not to succumb to doubts, if we are to understand His teaching in the light of Scripture, it is all due to the promised “power from on high.” The Holy Spirit promised by

the Father and sent by Jesus Christ is the reason we as the Church can be witnesses of Jesus and be the embodiment of His salvific love. The Spirit teaches us and strengthens us, guiding us and sanctifying us. Alalaong baga, as the risen Lord gathered the faithful and sent them forth with the mission to share with everyone His saving Paschal Mystery, the disciples were filled with “great joy.” The ministry of the Church following the ascension of Jesus is a time of rejoicing and praising God. Like the end of the liturgy: “Go in peace,” it is to begin the “Eucharist of the world”—the transformation of the world in repentance and forgiveness. Ascended into heaven, Jesus carried up before the throne of God our saved humanity. We are already in heaven with Him, even as He remains with us now on earth in the power of the Holy Spirit, His visible presence passed on into the Church and her sacraments. In the promised Spirit we carry His name in this world and are filled with His love; in the Spirit our faith does not fail, our hope unshaken and our charity does not grow cold. Join me in meditating on the Word of God every

Sunday, from 5 to 6 a.m. on DWIZ 882, or by audio streaming on www.dwiz882.com.

Strategizing growth in a multipolar, divided world

corporations. The old state-owned enterprises (SOEs) are crumbling, and yet, new state-funded corporations are covering the world. It is abundantly clear that we are now in a new stage of global capitalist development. This is a stage that is very different from the one originally envisioned by the globalists or neoliberal economists in the 1980s-1990s, at the height of the globalization frenzy among economic planners and advocates of untrammelled privatization such as Margaret Thatcher and Ronald Reagan. Today, big powers unilaterally ignore the so-called rules of free-market competition that they themselves helped develop in earlier decades. In particular, the rules laid out by those who engineered the establishment of the WTO in 1994-1995 and who have been pushing for the universalization of the triple programs of liberalization, deregulation and privatization (collectively called the Washington Consensus) are routinely being ignored by the strong men and women who have won the hearts of their electorates through populist

rhetorics against migration, weakening jobs markets and so on. Thus, we have an ironic situation: both the United States and China are calling each other protectionist. However, instead of directly parrying the protectionist charge, Donald J. Trump simply ignored the accusation by bluntly proclaiming his protectionist “development agenda”—America First, jobs at home first. Thus, No to the Trans-Pacific Partnership if America’s interests are not served first. Regional and global free-trade talks have been transformed into bilateral oneon-one negotiations, with America holding all the aces. As to China, it shares the same “nationalist” goals—China First, jobs for the Chinese workers first. However, China’s position is more subtle and nuanced. It is using all global platforms, e.g., Davos and G-20 meetings, in appealing for support for globalization and free-trade rules. China as the global champion of free-trade globalization? And yet, the very issues being raised by Trump against China—poaching of technology, protection for Chinese industry—are not being sufficiently answered. So what should the Philippines do? First, it is time to acknowledge that the “national interests” of a country always come first. In a multipolar and divided world, defining our own development priorities, like what the United States and China are doing, is a must. In the first place, globalization means competition. Well-organized national teams naturally win. Second and relatedly, the Philippines should indeed have a balanced

and independent foreign policy. We cannot and should not be seen as favoring one major trading partner at the expense of the other. Nor should we be beholden to any of the big powers. Third and finally, trade is a means to achieve development, not an end in itself. The problem is that the government, under the various administrations, has reduced trade policy into a narrow program of simply opening up the domestic market by lowering tariffs and deregulating various sectors of the economy. Growing domestic industries and strengthening domestic agriculture were neglected. Look how past unilateral tradeliberalization measures adopted by the Philippines had injured so many domestic industries such as textiles, shoes, tires, etc. And contrast this with how the United States today is loudly protesting how American industry is being harmed by the imbalances in trade and protectionism of other countries. In this context, the trade and economic realities in the present multipolar and divided world require not only a clearer definition of our own national interests and development priorities but also the formulation and implementation of strategic measures needed to secure these interests and priorities. Hopefully, the 18th Congress shall be an ally in the review and overhaul of the existing trade-economic policy regime, a policy regime that is not new for it is, according to Finance Secretary Carlos Dominguez III, merely a continuation of the past. But is this the trade-economic policy regime working? Is this what the country needs in a divided, multipolar world?

president, senators and congressmen, and make sure that the Omnibus Election Code is followed. Curiously, and this has not been corrected up to this writing, the Comelec itself appears to be encouraging the commission of corruption and plunder, particularly under Section 100, which allows a presidential candidate to spend P10 per voter and another P5 if he or she is running under a legally recognized political party. This means P750 million in allowable expenses based on 50 million voting population. A senatorial candidate is allowed to spend P3 per voter, and a congressman a little bit lower. Can you imagine a law allowing a presidential candidate to spend P750 million for a position that has a maxiumum salary in six years of only P3.8

million? It’s even a joke to run for president with this measly sum. In recent years, expenses for presidential elections ran to billions of pesos. The implication is that when you get elected, the first order of the day is to recoup or recover your expenses and along the way, comes the pork barrel of every size, shape and color. For its part, the CSC, with the new Administrative Code of 1987 (EO 292), is constitutionally mandated to promote morale, efficiency, integrity, responsiveness, progressiveness and courtesy in all branches of government. Arguably, the PDAF scam happened because of the breakdown of morale and discipline in the bureaucracy, and this is largely due to criminal negligence. Briefly, the government accumulated budgets for the past 25 years

alone (1989-2019) at approximately P25 trillion, with over P2 trillion of this earmarked as pork barrel. Looking back, it is not just the president, the budget secretary, the senators and the congressmen who have allowed the likes of Napoles to thrive but the constitutional oversight officials as well, and as a consequence, finger-pointing and buckpassing became the order of the day, endangering the State. What can the angry people do? Stage a massive protest rally? Or wait until those in the armed services come to their senses and finally save the State? Mind you, this is not a remote possibility if pork barrel scams persist.

Dr. Rene E. Ofreneo

LABOREM EXERCENS Continued from A1

ODAY, Fukuyama and his ideas are receding in history. And so is the ambitious goal of the neoliberal economic globalists: a borderless, seamless economic arrangement among nations that allows the free flow of goods, services and capital. The Cold War has been replaced by the war against terror and the Islamic jihadists. Brexit is dividing not only Great Britain but the whole of Europe. And the United States, the presumed leader of the post-Cold War era, is waging a trade war against China and openly airing trade complaints against Europe, Canada and Japan. The World Trade Organization (WTO), the global trade arbitrator, has become a passive onlooker, an ineffectual trade policeman, in all these conflicts. Meanwhile, China, Russia and other formerly socialist countries have embraced marketization with gusto. But they have transformed the policy of free-market economic opening into state-led capitalism. The Chinese Communist Party is presiding over the world’s biggest experiment in the transformation of a collectivist command economy into a market-oriented but statecontrolled one. These countries have also discovered that they can compete with the big multinationals of the West by developing their own multinationals or state-assisted

Arillo . . .

continued from A10

But you have a situation where most members of the Senate and House were themselves under public scrutiny for possible involvement in the pork barrel scam. Will the Ombudsman do it and finish the job? But isn’t it also under scrutiny for gross negligence? Under the Constitution, the office of the Ombudsman independently monitors all three branches of government and it has the power to prevent, investigate, and prosecute grafters and plunderers in government. The Comelec periodically screens out candidates for more than 17,000 elective positions, including those running for president, vice

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

2nd Front Page BusinessMirror

A12 Thursday, May 30, 2019

DOF: Tieza gave ₧123-M tax holidays from 2015 to 2017 By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

HE Tourism and Infrastructure Enterprise Zone Authority (Tieza) extended some P122.8 million in income-tax holidays (ITH) from 2015 to 2017 to locators in tourism enterprise zones (TEZs). This was according to data released by the Department of Finance, in lieu of estimates on possible forgone revenues from the extension of Tieza’s mandate to grant fiscal incentives to TEZ locators until December 31, 2029. DOF Director Juvy Danofrata told the BusinessMirror the agency had no estimates on forgone revenues under the new measure, Republic Act 11262, signed by President Duterte in April, which gives Tieza “sole and exclusive jurisdiction to grant incentives…” to TEZ locators for another 10 years. “We have not made any estimates. I think it would also be more substantive if we would have a cost-benefit analysis from Tieza that would consider the revenue and economic implications,” she stressed. Tieza projects P222 billion in capi-

tal investments to pour in from 2019 to 2029 with the extension of the tax incentives for another 10 years. The new law amends Sections 84 and 103 of the RA 9593 (Tourism Act of 2099), as the tax incentives didn’t become available until the Bureau of Internal Revenue issued a revenue regulation in December 2016. The tax incentives, which include ITH, tax-free import on capital goods and services, exemption from value-added tax and excise tax, tax credits and the like, were to be accorded from 2017 to 2019, due to the sunset clause in TA 2009. (See, “10-yr extension of Tieza tax perks to yield P222B,” in the BusinessMirror, May 28, 2019.) “We oppose the [new law] on the basis of policy,” said Danofrata. “The Tieza law has one of the most generous policies when it comes to

the grant of tax incentives since they are allowed to grant [these to] businesses even those outside the tourism zone.” She underscored that the amendment provided by RA 11262 is “misaligned with the principles of the Package 2 tax reform [program].” Package 2 of the DOF’s comprehensive tax-reform program seeks to simplify the corporate tax system, and make it more transparent and fairer to all. This package includes modernizing fiscal incentives “so that these are given to investors who make positive contributions to society.” Finance Secretary Carlos G. Dominguez III could not be reached for comment as of press time as he was flying out to Japan with President Duterte for a four-day visit where the Philippines expects to sign some P300 billion in deals, and to attend Nikkei’s 25th Internation-

al Conference on the Future of Asia. But he had told this paper in April that “Yes, I am [still opposing the 10-year extension of tax perks to TEZs].” The finance chief had previously championed the extension of fiscal incentives to TEZs in keeping with the spirit of the original law, TA 2009. (See, “Tax perks to yield P70-B tourism investments—Tieza,” in the BusinessMirror, January 16, 2017.) The Aquino administration, despite identifying tourism as an engine of growth, failed to release a revenue regulation to trigger said Tieza tax incentives on concerns it would reduce government’s tax take. Meanwhile, Tieza Chief Operating Officer Pocholo Paragas said, the projected P222 billion in capital investments in the economy from 2019 to 2029 from the extension See “Tieza,” A2

We oppose the [new law] on the basis of policy. The Tieza law has one of the most generous policies when it comes to the grant of tax incentives since they are allowed to grant [these to] businesses even those outside the tourism zone.”—Danofrata

SSS condones ₧9.5-B loan penalties under LRP

TATE-OWNED pension fund Social Security System (SSS) has condoned P9.5 billion worth of short-term loan penal-

ties under its Loan Restructuring Program (LRP). In a statement, SSS President and Chief Executive Officer Au-

FRONTAL SYSTEM AFFECTING NORTHERN LUZON as of 4:00 pm - May 29, 2019

rora C. Ignacio said the fund generated an income of P4.4 billion from restructuring P10.9 billion worth of loans between April 2018

and April 2019. “Members who paid their outstanding loans in full through LRP will again enjoy their loan privileges after six months from the time that they have paid their loans. They are now worry-free from any loan deductions on their future benefits such as their retirement pension. We encourage those who are paying their restructured loans in installment terms to ensure that they are paying their loan obligations on time to eventually regain their good standing with the pension fund,” said Ignacio. While the first LRP posted remarkable results, many members failed to avail themselves of the program and clamored for another LRP. In response, SSS opened the second implementation of the program upon the approval of President Duterte. Ignacio said they are pleased with the results of the two LRPs, especially with the number of memberborrowers who applied under the program. Both the first and second LRP exceeded its target number of applicants by 68 percent and 28 percent, respectively. “SSS understands that natural calamities make it difficult for its members to pay their loan obligations. We are glad that through the LRP, the pension fund was able to help more than 1.51 million member-borrowers who were affected by various calamities to settle their unpaid loans,” Ignacio said. The SSS first opened its LRP on April 28, 2016, until April 27, 2017, to assist calamity-affected members who were struggling to pay their short-term loans such as salary, emergency, educational (old), Study-Now-Pay-Later Plan, Voc-Tech and Investment Incentive. In its first implementation, the SSS restructured P13.8 billion worth of loans and condoned P13.5 billion worth of penalties, which benefited more than 856,000 members. It also generated an income amounting to P5.8 billion. Cai U. Ordinario

www.businessmirror.com.ph

CHINESE ‘SWARMING’ STRAT FAILS TO HALT PAG-ASA REHAB WORKS By Rene Acosta

@reneacostaBM

HE government’s rehabilitation project in Pag-Asa, particularly the construction of a beaching ramp and the repair of a runway, is ongoing, despite the “swarming” of boats carrying Chinese militiamen disguised as fishermen, Defense Secretary Delfin Lorenzana said on Tuesday. He said the construction and improvement projects were ongoing as planned despite the hundreds of Chinese vessels near and around the island in the West Philippine Sea. “The repair that we are undertaking is ongoing. They are not cutting it off,” the defense chief told a digital news program of television network GMA, referring to the project and the sustained presence of Chinese fishing boats in the area. The Chinese government had earlier acknowledged that the Philippine defense department’s rehabilitation project on Pag-ASA Island, which is disputed by China, triggered its move to deploy its “fishermen” in the territory that it is contesting, apparently to stall the project. However, while Beijing protests the rehabilitation project, it has continuously built, fortified and armed the features that it developed within its claimed territory and those it disputed, transforming them into massive military bases. The presence of Chinese fish-

ing boats near and around PagAsa—including Sandy Cay that Lorenzana said is still in Manila’s possession but which Supreme Court Senior Associate Justice Antonio Carpio said has been lost to China since 2017—has sparked complaints from Filipino fishermen of harassment and intimidation. The fishermen claimed they could no longer fish or are having difficulty fishing in waters within and surrounding Pag-ASA Island, the seat of the local government of the Kalayaan Municipality in the West Philippine Sea. While Lorenzana did not disclose the status of the ongoing projects, he said in October last year that the rehabilitation was targeted to be finished, supposedly in December 2018, as told to him by the contractors. The improvement of the facilities at Pag-Asa, including the construction of the beaching ramp and the repair of the Rancudo Airfield, was funded with P1.6 billion in 2017, but the works have been affected by the government’s “on and off” spat with China, which was supposed to have already improved under President Duterte. The government has targeted to first construct the beaching ramp in order to support the delivery or landing of needed materials for the upgrading of the airfield, but the US think thank CSIS recently reported that both the construction of the ramp and the runway were being undertaken at the same time.

SC junks tipster’s bid to hasten reward for ₧4-B smuggling case By Joel R. San Juan @jrsanjuan1573

HE Supreme Court (SC) has junked the petition filed by an oil-smuggling tipster seeking to compel the government to immediately release his second claim for cash reward amounting to P272 million. The cash reward was for vital information that led to the discovery of smuggled oil products amounting to P4 billion. In a three-page resolution, the SC’s First Division dismissed outright the petition for certiorari and mandamus filed by Felicito Mejorado for his failure to exhaust all legal remedies available before elevating the matter to the High Tribunal. The SC said Mejorado should have first appealed before the Office of the President (OP) the decision and resolution issued by the Department of Finance-Committee on Rewards (DOF-COR) denying his bid for the immediate release of his reward claims. “Mejorado committed a fatal error when he proceeded directly to the Court and questioned the decision, and, later on, the resolution of the Department of Finance-Committee on Rewards—issued by the authority of the secretary of finance—which should have been appealed to the OP,” the SC said. The SC explained that the doctrine of exhaustion of administrative remedies requires that a party aggrieved by an order of administrative officials should first appeal to the higher administrative authority

before seeking judicial relief. “Since Mejorado did not pursue the administrative remedies available to him, his petition for certiorari and mandamus cannot prosper. The availability of the remedy of appealing the assailed decision to the Office of the President effectively proscribes the right to resort to a special civil action for certiorari and mandamus because one of the requirements to avail of these remedies is that there be no appeal nor any plain, speedy and adequate remedy in the ordinary course of law,” the SC explained. Earlier, Mejorado wrote to President Duterte to fast-track the release of his long-delayed reward, reiterating that through his initiative in reporting the “oil-smuggling mafia,” the government was able to collect P4 billion from the smuggling syndicates. Mejorado insisted that that under Section 3513 of the Tariffs and Customs Code of the Philippines, “a cash reward equivalent to 20 percent of the fair market value of the smuggled goods shall be given to the informers.” The DOF-COR had earlier approved the cash reward intended for Mejorada. The SC also noted that Mejorado’s petition has already been rendered moot and academic due to the issuance of DOF-CORs decision settling the substantive aspect of his claim, the determination of his legal right to his second claim for informer’s reward. The Department of Budget and Management had already paid Mejorado P68.682 million, which represents the first installment of his cash reward.

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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

Editor: Efleda P. Campos

Companies BusinessMirror

Thursday, May 30, 2019

Rockwell capex increases 10% to ₧14 billion this year

By VG Cabuag

@villygc

OPEZ-LED property developer Rockwell Land Corp. on Wednesday said it will spend between P12 billion and P14 billion this year, mainly to carry out its projects. Ellen Almodiel, the company’s chief finance and compliance officer, said the amount is 10 percent higher than last year’s actual spend of P12.7 billion. “Most of the amount is still for the development of our projects, but we have allotted 15 percent for land acquisitions,” Almodiel said at the sidelines of the company’s stockholders’ meeting. Rockwell, known for its upscale developments such as its flagship Power Plant Mall in Makati, is ex-

Infor keen on logistics, BPOs, public sector in PHL

INGAPORE—Infor said on Tuesday that it is keen on expanding further its presence in various industries in the Philippines given the country’s constant progress and development, robust movement of goods and young population. “The Philippines is such a millennial country,” Infor Asia Pacific (AsPac) SVP and GM Helen Masters told members of Southeast Asian media during their Executive Summit held at their regional headquarters here. “So we’re investigating the market in the Philippines and just looking at how we can expand there.” She said Infor is currently doing well in verticals, such as the food and beverage, fashion, manufacturing, and distribution in terms of the number of clients they serve in the domestic market. Bullish on their local business prospects, she revealed they are setting sights on other sectors as well as potential growth areas. “The logistics per se is one, I think, we are keen on,” Masters cited. “The other [area] which is also very interesting to us would be around the BPOs.” The top executive noted business-process outsourcing companies continue to gain momentum, helping buttress the country’s economy while providing more job opportunities to Filipino work force, particularly the so-called millennials. It is estimated that around 1.2 million people are directly employed in BPOs, with revenues reaching up to $24 billion in 2018. “We already have a footprint there for that [sector with] a couple of customers. Because they hire so many people, we use our talent assessment software, for instance, to some of our customers there,” she said. The company aims to work with the public sector, given the massive “Build, Build, Build” program of the Duterte administration. “The government is spending a lot and pumping the money back into the economy,” Masters said, observing the same trend in other AsPac countries like China, Thailand, Indonesia and Vietnam. “We’re starting to see the money going into infrastructure. So that’s good for all of us.” Roderick L. Abad

panding to horizontal developments. It will launch a residential neighborhood in Canlubang, Laguna, called Rockwell South at Carmelray, by the third quarter of this year. Rockwell Land’s first premium horizontal project will initially launch over 250 lots as part of the 63-hectare Phase 1 of the development. The new development is a joint venture with Carmelray Property Holdings Inc., a company jointly owned by Rockwell and the Yulo

family’s San Ramon Holdings Inc. Its first offering of 252 lots is expected to bring in a revenue of P3.9 billion. “After creating a master-planned community in our current 19.1-hectare Rockwell Center in Makati, we look forward to bring the same success to Rockwell South, set to be another flagship development in a much larger scale,” Rockwell President and CEO Nestor Padilla said. The Canlubang development is its first project that will offer residential lots ranging from 650 square meters to 1,000 sq.m. each. The development will come complete with its open spaces, landscape and amenities. It will feature function rooms, pocket gardens, dog parks, a multipurpose court and other recreational facilities, bringing Rockwell Land’s unparalleled standard of living to the South. By year-end, Rockwell Land is set to establish presence in Bacolod, with the launch of its high-end develop-

ment in September 2019. The P8billion project will feature eight midrise residential towers, plus retail and activity areas in a 10.9-hectare land. Another mid-rise low-density development by Rockwell will merge condominium and townhouse living. The P2.8-billion project called Benitez Suites is scheduled to launch in November 2019. With its first tower, Fordham, now 86-percent sold, East Bay Residences by Rockwell Primaries located in Sucat, Muntinlupa, is also set to launch its second tower by the third quarter this year. It will feature more unit options to attract the broader market. “After several launches scheduled in the second half of 2019, we are optimistic about more geographic growth in the years after, that will allow us to create new Rockwell communities in new markets, including one in Central Luzon,” Padilla said.

DOE names more energy projects of natl significance By Lenie Lectura @llectura

HE power projects of SN Aboitiz Power Group, PNOC Exploration Corp. (PNOCEC), National Grid Corp. of the Philippines (NGCP) and the National Power Corp. (NPC) were included in the Department of Energy’s (DOE) list of Energy Projects of National Significance (EPNS). On May 27 the agency issued EPNS certificate to PNOC-EC’s petroleum service contract (SC) 59, which is currently in its predevelopment phase, located in the offshore West of Balabac Island, Palawan. PNOC-EC is mandated to take the lead in the exploration, development,

and production of the country’s oil, gas, and coal resources. Its SC 59 project shall be entitled to all the rights and privileges stipulated in Executive Order 30. SN Aboitiz-Power Ifugao Inc.’s Alimit hydroelectric power plant, located in the municipalities of Lagawe, Aguinaldo and Mayoyao in Ifugao province, was also issued a certificate on May 27. Meanwhile, NGCP’s 14 transmission reinforcement projects were also issued EPNS certificates on May 2. These projects are now being carried out. State-firm NPC’s island service delivery improvement projects and grid development projects in Palawan were also declared EPNS by the

DOE on May 2. On April 15, the DOE issued an EPNS certificate to the 15-MW Palawan coal-power plant project of DMCI Power Corp. The issuance of EPNS certificates is stipulated under EO 30, which states that concerned government agencies shall act upon applications for permits not exceeding a 30-day period. If no decision is made within the specified processing time frame, the application is deemed approved by the concerned agency. As of April 30, the DOE has received 352 EPNS applications. Of these, 281 were accepted while 71 did not comply with the necessary requirements.

SAP: PHL companies must embrace new digital solutions to ensure growth

OCAL businesses are assured of their growth in this era of digitization had they keep on adopting emerging technologies designed to surpass client experience, said a top executive of an enterprise application software provider. “For Philippine businesses to secure growth and maintain high-quality performance in the digital landscape, they must continuously integrate new solutions into their current systems to ensure that they exceed customer expectations,” said Edler Panlilio, managing director of SAP Philippines. He noted, in particular, new data management tools, product road maps, and updates to SAP HANA, as well as other applications that were announced during this year’s “SAPPHIRE NOW” event. “[They] can be utilized by all types of businesses in the Philippines regardless of size, especially that they present next-gen [next-generation] capabilities to support them to achieve their desired outcomes, and make the world run better,” he said. The three-day event held in the United States early this month featured the 10 latest offerings of Qualtrics solutions aimed at improving experience management (XM)—a critical factor for business growth and positive breakthroughs. These enhance the way organizations engage with consumers by using the experience data (X-data) and operational data (O-data) and, embedding them into existing CRM, ERP, and HCM systems, as well as to the SAP C/4HANA suite. Doing so, with guidance of data collected, enables them to gain insights from the values,

intention, and emotions of employees, customers, partners, and stakeholders. Entities can then formulate strategies based on these trends to improve customer and employee relationships, along with the quality of product and brand. For businesses to outgrow competition and at the same time, deliver unique customer experience through seamless data processes, they can leverage on the new SAP HANA Cloud Services and SAP Cloud Platform. The former serves as a single gateway to data of any size to address the challenges of distributed data landscapes. Combining its in-memory technology with data virtualization leads to simplicity for data consumers and flexibility for data management. A data lake storage tier aids businesses to expand their data managed by SAP HANA sans limits. On-premise customers can reap more benefits from the new cloud services as they can flexibly add capacity as needed. SAP Cloud Platform is evolving more into a business technology platform, assisting customers to easily extend and integrate SAP applications with various capabilities. SAP and partners alike enrich the platform by contributing and scaling their business expertise. Organizations likewise stand to benefit from the company’s project called “Embrace,” a collaboration program with Microsoft Azure, Amazon Web Services (AWS) and Google Cloud as well as global strategic service partners (GSSPs). This initiative puts the customer’s move to SAP S/4HANA in the cloud in the language and context

of their primary industry, by recommending the platform, software, services and infrastructure from SAP, as well as their preferred hyperscaler and chosen service partner. Their digital shift is planned to come in the form of market-approved journeys, reference architectures and easy access to the underpinning technology services needed to help customers achieve the best business outcomes. Such collaborative effort of SAP seeks to provide its customers a single blueprint to support their transition and journey toward an intelligent enterprise. Another welcome development for companies going digital is the announcement of its tie-up with the giant Apple to expand its app services to iOS and Mac. Under this partnership, Apple’s on-device machine learning (ML) technology, CORE ML, will be available for the first time as part of the SAP Cloud Platform SDK for its very own operating system. The latest version of the Cloud channel of SAP allows businesses to create custom, intelligent iOS apps powered by SAP Leonardo. ML models automatically will download to iPhone and iPad so apps can run offline, and then dynamically update while connected to SAP Cloud Platform. The partnership has paved the way for SAP to rebuild its most popular mobile apps for SAP SuccessFactors and SAP Concur solutions, along with SAP Asset Manager, to run natively on iOS. They are fully integrated with iPhone and iPad, to optimize security, performance and the latest platform innovations from Apple. Roderick L. Abad

Toyota exec: Imported power supply stymies e-vehicle devt in PHL By Elijah Felice E. Rosales @alyasjah

HE lack of a stable and affordable power supply is making it doubly hard for the local electric vehicle market to prosper, the president of Toyota Motor Philippines Corp. (TMP) said. TMP President Satoru Suzuki told reporters on Wednesday the car firm is hesitant to bring in, more so manufacture, e-vehicles in the Philippines because of issues on power supply. On top of being costly, he said the country imports most of its electricity, making it susceptible to shortage. “We have two issues about the evehicle development [in the Philippines],” Suzuki said. “[First] is related to the electricity supply, on how [power distributors] deliver electricity, including to the charging stations. The other one is the supply itself, [as] the energy source in the Philippines is mainly imported, so supply is not good.” Power rates in the Philippines are significantly higher by P4 to P7 per kilowatt hour than in Southeast Asian competitors Indonesia, Thailand and Vietnam, according to figures from the private sector. “If the [power] demand has increased because of e-vehicle progressions, price also even now is relatively higher compared to other countries. I think e-vehicle development here is

improbable [because of] the supply problem of electricity,” Suzuki said. With this, the TMP chief turned down any possibility of global Toyota investing in the local e-vehicle market and producing the units here. “For e-vehicle production, we are thinking it is too early. Someday, in the future, [but] not now. At this moment, the importation of hybrid and electric vehicle is our best choice for the Philippines. That is why we just stay [with what we have],” Suzuki said. At the Toyota Hybrid Electric Technology Conference on Wednesday, Trade Undersecretary Rafaelita M. Aldaba said there are 4,362 registered e-vehicles in the Philippines as of December last year. Further, there are 54 manufacturers and importers of this product of the future, 11 parts makers and 18 dealers and traders. Aldaba said public transport is driving the local e-vehicle industry, particularly etricycle, as it accounts for 83 percent of total market. The trade executive said the government is targeting to put up at least 200 charging stations in SM and Shell branches by 2022, from 19 charging outlets at present. Aldaba said the government is eyeing to get 10,000 e-jeepneys plying the roads by 2022. This will be made attainable by the government’s drive to modernize public jeepneys.

SEC approves maiden offering of Malolos Doctors

HE Securities and Exchange Com m i ssion (SEC ) on Wednesday said it cleared the initial public offering of Allied Care Experts (ACE) Malolos Doctors Inc. for a maximum of P1 billion. In its meeting on Tuesday, the SEC’s commission en banc approved the registration statement of ACE Malolos and approved the issuance of the corresponding order of registration and permit to sell securities upon submission of the final prospectus. The registration statement covers 600 founder shares and 239,400 common shares, comprising 203,400 issued and outstanding common shares and 36,000 newly issued shares, with a par value of P1,000 apiece. ACE Malolos intends to offer the primary shares in tranches at an offer price ranging from P200,000 to P400,000 for every block of 10 shares. The offer shares may be traded over the counter. The company targets to raise about P1 billion in net proceeds. It intends to allocate P500 million for project construction, P300 million for medical equipment, P32.07 mil-

lion for loan payments and P165.032 million for working capital. ACE Malolos is building a tertiary health-care facility, which will be the biggest private hospital in Malolos City in Bulacan. As of end March, the construction of the 172-bed hospital is 15 percent complete. The offer comes with benefits and privileges such as discounts on medical and dental services, which the principal investor, his/her spouse, dependents and natural parents may avail of in all medical facilities under or affiliated with the ACE Group of Hospitals across the country. Meanwhile, physicians and medical specialists holding founder or common shares in ACE Malolos will have the privilege to co-admit and/or comanage patients on special cases in other ACE Medical Centers. Subscribing to the offer shares is a prerequisite for physicians and medical specialists to practice at ACE Malolos. Such stockholders, however, must undergo a screening process and possess the minimum requirements provided in the company’s articles of incorporation, bylaws and internal rules. VG Cabuag

PLDT partners with Conversant for new content delivery network

LDT Global Corp. (PGC), the international retail arm of Filipino telco PLDT Inc., has partnered with Singaporean tech firm Conversant to introduce a new content delivery network in the territories where it operates. The partnership broadens the reach of the Filipino digital services provider and “makes its services more accessible to clients across all borders,” as the content delivery network will act as a conduit for media companies, producers and e-commerce organizations to distribute their content globally. “This partnership with Conversant will allow PGC to build a new digital marketplace for content providers and publishers,”said Albert Villa-Real,

chief commercial officer at PLDT Global. “This will also help us achieve our mission to enable, empower, and delight the overseas Filipino community by giving them a greater Internet experience with the help of this platform.” This also creates a new “avenue” for overseas Filipino workers in Guam, Japan, Australia, South Korea, and Dubai, to experience PGC’s digital products, services, and applications. “Our team at Conversant is very excited to be part of PGC’s digital transformation program. Through this partnership, we are looking forward to providing them with a faster and more secure content delivery platform for their clients and subscribers,” said Cheong Kong Wai, CEO at Conversant. Lorenz S. Marasigan

Companies BusinessMirror

Thursday, May 30, 2019

Adobomall raises $15-M investment for expansion By Roderick L. Abad

@rodrik_28

Contributor

OMEGROWN company Adobomall is raising between $10 million and $15 million to finance its expansion plan next quarter. The digital-commerce firm was reportedly soliciting fresh capitalization from potential investors in the region. Such activity commenced in May 2019. This is to bankroll the upscale of its operations to better serve its growing clientele, increase its investments in technology innovations and recruit more talents. Adobomall Founder and CEO Walt Young confirmed this, saying they are “currently in talks with investors who have shown eager inter-

est in Adobomall.” He attributed “the company’s strong performance and unique B2BB2C [business-to-business-businessto-customer] hybrid model, and the robust growth of the e-commerce sector coupled with the country’s positive economic outlook” as the deciding factors for these investors to reach out to them. The Filipino-owned firm is a lone digital commerce platform that carries only authentic brands and official distributors. Since its launch

in November 2017, it has shown impressive business growth. Organic conversion rate or the number of web site visitors who buy a product in Adobomall stands at 3.2 percent, or more than double the industry average of 1.33 percent for e-commerce web sites. On the average, the basket size of its shoppers grew by 286 percent over the last six months, the highest and six times that of the industry mean. The number of brands carried in the marketplace has also ballooned by nearly 500 percent due to its B2BB2C hybrid model. Apart from being an e-commerce portal, Adobomall is also the country’s pioneering end-toend digital commerce platform that offers unique and innovative business solutions, such as B2B services for merchants and brands, e-commerce (B2C services) and strategic partnerships (customer experience).

All these indicators resulted to a whopping 600-percent organic sales hike in the past six months amid the company’s relaxed advertising and marketing initiatives. “We’re now reaping the rewards of our hard work and perseverance since our launch that has since disrupted the norms of the online shopping experience in the country,” Young said. “What we’re seeing now is a testament to the value and trust our consumers and brand partners have placed in our platform,” he added. An industry maverick, Adobomall is launching key technological innovations in the next three months to level up the online shopping experience in the country. “We’re gearing up for the launch of our patented Augmented Reality Shopping technology which we are set to unveil together with our major partners this year,” Young said. “This will further enrich our customers’ user experience, making shopping more fun and interactive.”

GCash partners with Lalamove By Lorenz S. Marasigan @lorenzmarasigan

LOBE Fintech Innovations Inc. (Mynt), the operator of GCash, has been tapped by logistics firm Lalamove Philippines to provide a secure payments channel for its riders, while the two companies explore more avenues on how to expand their partnership. Under their deal, GCash will be providing its payroll solution to Lalamove for easier and more efficient disbursement of payments to Lalamove riders. “GCash and Lalamove share the same start-up mindset, and we’re very happy to continue working with them toward a more convenient and financially inclusive employee pay roll ecosystem,”

Mynt President Anthony Thomas said. The financial technology (fintech) player’s payroll solution is designed for quick and easy disbursements for small and medium enterprises, and even big corporations. It features a GCash Mastercard, which doubles as an ATM card and a debit card, available for use in over 5,000 point-of-sale terminals and over 12,000 ATMs nationwide. With the increasing demand for more logistics solutions, Lalamove Managing Director Dan Marajocon said the group is looking at expanding its partnership with GCash. “We’re definitely looking forward to exploring more opportunities with them,” she said, noting one avenue to explore is the offering of GCash QR for delivery payments.

Apple, Nike brace for China’s wrath after Huawei ban

NITED States companies counting on China for a major part of their growth have targets on their backs as Beijing and Washington ratchet up tradewar tensions. President Donald Trump’s decision to blacklist Huawei Technologies Co., the Chinese maker of smartphones, while also threatening bans on other Chinese technology companies, could open the door to retaliation against US brands from hotels to sportswear to even Captain America. State media last week said China is “well armed to deliver counterpunches,” without giving specific details. As companies await China’s next move, there is uncertainty about what form retaliation might take. Companies might “just have to read the tea leaves on how their business operations are being treated,’’ Erin Ennis, senior vice president of the US-China Business Council, said in an interview with Bloomberg Television on Saturday. China could use the template it honed in 2017 when relations with South Korea deteriorated over Seoul’s decision to deploy a missile shield. The government curbed travel to South Korea, hurting cosmetics companies that rely on Chinese tourists, while local authorities shut most of Lotte Shopping Co.’s China stores, alleging fire-safety violations. Consumers boycotted South Korean products, dealing a devastating blow to Hyundai Motor Co.’s sales. Bloomberg News

MUTUAL FUNDS

May 29, 2019

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 259.32 -0.89% 0.18% 0.45% 2.81% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.5904 4.56% 8.57% 2.76% 10.38% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 4.0485 -2.89% 0.36% -0.24% 3.73% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9265 1.58% N.A. N.A. 4.04% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8583 1.59% N.A. N.A. 4.58% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.3857 0.01% 0.32% 0.5% 2.17% MBG EQUITY INVESTMENT FUND, INC. -A 123.69 9.15% N.A. N.A. 6.21% ONE WEALTHY NATION FUND, INC. -A 0.8614 -1.39% -4.26% N.A. 3.48% PAMI EQUITY INDEX FUND, INC. -A 51.2619 1.66% 1.09% N.A. 4.18% PHILAM STRATEGIC GROWTH FUND, INC. -A 534.52 0.9% 0.13% 0.4% 3.84% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.3017 2.82% 1.93% 3.03% 3.8% PHILEQUITY FUND, INC. -A 38.261 2.68% 2.68% 2.55% 4.45% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0263 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A 5.1953 2.18% 2.03% 2.71% 4.77% PHILIPPINE STOCK INDEX FUND CORP. -A 867.27 2.24% 1.73% 2.67% 4.68% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.9206 4.47% 1.26% N.A. 6.9% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.2605 2.88% 1.99% 1.93% 4.97% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.997 1.75% 1.68% N.A. 4.47% UNITED FUND, INC. -A 3.6936 3.33% 3.97% 2.84% 5.5% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 116.1224 2.62% 2.75% 3.74% 4.85% ATRAM ASIAPLUS EQUITY FUND, INC. -B $0.9449 -13.94% 5.16% -0.59% 1.7% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2536 -3.05% 7.35% N.A. 13.44% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.7034 -0.4% -1.29% -1.73% 3.16% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.2907 -0.91% 0.35% 0.39% 3.69% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6132 0.64% -0.8% -1.73% 2.73% GREPALIFE BALANCED FUND CORPORATION -A 1.3458 -0.1% N.A. N.A. 3.18% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9145 2.65% 0.87% 1.1% 3.87% PAMI HORIZON FUND, INC. -A 3.6608 0.44% -0.52% 0.11% 3.73% PHILAM FUND, INC. -A 16.5208 1.55% -0.31% 0.18% 3.85% SOLIDARITAS FUND, INC. -A 2.1266 1.57% 0.99% 1.63% 2.62% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.8217 3.17% 0.82% 1.17% 4.66% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 0.994 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 0.9886 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 0.986 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9789 3.37% 1.05% N.A. 6.21% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03664 5.2% 0.9% 1.57% 3.94% PAMI ASIA BALANCED FUND, INC. -A $0.9489 -9.25% 2.97% -1.35% 1.36% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.6486 -0.56% 5.49% 2.35% 10.28% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.0843 0.89% 3.44% N.A. 7.36% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 348.95 3.06% 2.04% 2.11% 1.62% ATRAM CORPORATE BOND FUND, INC. -A,1 1.8874 1.59% -0.29% -0.36% 1.52% COCOLIFE FIXED INCOME FUND, INC. -A 3.0373 5.45% 5.28% 5.28% 2.24% EKKLESIA MUTUAL FUND INC. -A 2.1684 2.57% 1.05% 1.64% 1.78% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.2773 2.63% 0.61% 1% 3.08% GREPALIFE FIXED INCOME FUND CORP. -A P 1.605 1.81% -0.81% -0.04% 2.6% PHILAM BOND FUND, INC. -A 4.0827 2.4% -0.44% 0.61% 4.16% PHILEQUITY PESO BOND FUND, INC. -A 3.6309 4.08% 1.12% 1.01% 3.24% SOLDIVO BOND FUND, INC. -A 0.9256 1.42% -0.66% N.A. 3.7% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 2.9115 6.23% 1.51% 1.69% 5.26% SUN LIFE PROSPERITY GS FUND, INC. -A 1.6149 5.9% 0.97% 1.24% 4.87% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $456.1 3.2% 1.86% 2.71% 1.74% ALFM EURO BOND FUND, INC. -A Є216.11 1.64% 1.45% 1.44% 1.63% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.1717 5.45% 1.7% 2.1% 4.08% 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 $1.7157 0.72% -1.23% 0.63% 1.51% PAMI GLOBAL BOND FUND, INC -A $1.0737 3.83% -0.21% -2.12% 3.48% PHILAM DOLLAR BOND FUND, INC. -A $2.2908 6.6% 0.9% 2.67% 5.51% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0586528 3.55% 1.39% 1.71% 2.93% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.0126 3.74% 0.28% 2.09% 4.89% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 123.03 3.51% 2.31% 1.86% 1.81% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0122 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.2043 3.18% 1.43% 0.9% 1.9% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2398 3.53% 2.58% 1.95% 1.71% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0261 2.1% N.A. N.A. 1% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. D - IN NET ASSET VALUE PER UNIT (NAVPU). 1 - ADJUSTED DUE TO CASH DIVIDEND ISSUANCE LAST JANUARY 29, 2018. 2 - ADJUSTED DUE TO STOCK DIVIDEND ISSUANCE LAST JUNE 5, 2018. 3 - LAUNCH DATE IS JANUARY 3, 2019. 4 - LAUNCH DATE IS JANUARY 28, 2019. 5 - LAUNCH DATE IS FEBRUARY 1, 2019.

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PSE STOCK QUOTATIONS

May 29, 2019

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

58.95 133.5 77.3 26.65 11.44 71.9 13.2 18.04 58.9 57.15 174.9 59.8 1.17 2.23 18.76 0.52 4.43 0.445 0.98 184 1750

59 133.7 77.6 26.7 11.46 72 13.3 22.05 59.15 57.5 175.4 60 1.23 2.24 18.8 0.59 4.5 0.465 1.01 185 1819

57.55 132.6 80 26.6 11.5 72.95 13.3 22.05 58.95 57.5 173.8 60 1.18 2.24 18.8 0.53 4.43 0.45 0.98 185 1760

59 134 80.5 26.7 11.56 73.2 13.3 22.05 61 57.5 177 60 1.18 2.24 18.8 0.53 4.5 0.45 1.02 185 1760

57.05 132.6 77.25 26.5 11.46 71.8 13.3 22.05 58.85 57.5 172 59.8 1.16 2.21 18.8 0.53 4.42 0.445 0.98 184.5 1750

58.95 133.5 77.3 26.65 11.46 72 13.3 22.05 58.9 57.5 175 60 1.16 2.23 18.8 0.53 4.5 0.445 1.01 184.5 1750

22830 2192550 6146370 32600 889600 1853340 2000 300 890220 1090 750050 7410 29000 7000 1600 50000 9000 40000 244000 640 95

1343461 292897238 479462665 868125 10226990 133541208.5 26600 6615 52874232 62675 131712346 444578.5 34180 15620 30080 26500 40000 17850 241950 118340 166395

1249936.5 -101214331 -112377452 15920 -6736148 -11238878 17126590.5 -61601480 -313197 -3960 -

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

1.38 35.55 0.28 21.8 78 378.2 21.9 6.06 4.75 2.21 12.12 41.8 6.5 14.34 14.62 14.32 5.52 10.4 7.49 104.8 0.71 43.15 273 9.18 13.06 0.19 1.23 13.18 1.54 4.9 1.95 0.127 159 1.2 2.5 2.57 15.86 9.81 13.52 20.4 9.08 1.23 1.33 2.02 1.6 4.22 3.37 4.8 43.75 2.37 10.5 1.65 1.17 24.95

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

0.6 12.46 898.5 54.7 15.1 6.7 0.75 1.24 1.24 6.81 10.38 13.94 4.45 0.25 872 6.15 61.6 5.98 4.64 0.48 4.61 14.72 0.52 4.33 0.039 3.37 1.07 1.33 935.5 181.7 0.94 2.38 265 0.232 0.285

1.42 35.7 0.285 21.85 78.35 378.8 22.1 6.07 4.82 2.22 12.2 41.85 6.58 14.38 16.2 14.5 5.8 10.44 7.5 105 0.72 43.65 274.6 9.39 13.08 0.195 1.24 13.22 1.55 4.99 1.99 0.13 160 1.21 2.6 2.58 15.9 9.9 13.54 20.45 9.4 1.26 1.34 2.03 1.69 4.49 3.5 4.88 44.75 2.38 10.6 1.69 1.18 25.95

1.43 35.95 0.29 21.75 76.5 372 21.95 6.18 4.78 2.21 12.1 42.2 6.48 14.7 15.98 14.66 5.5 10.2 7.5 107 0.71 44.2 270.8 9.16 12.56 0.189 1.23 13 1.55 4.98 1.99 0.132 157 1.24 2.47 2.63 16 9.9 13.6 20.7 9.4 1.25 1.43 2.03 1.69 4.25 3.37 4.99 45.5 2.26 10.68 1.69 1.18 25.9

1.43 35.95 0.3 21.9 78.45 378.8 22.5 6.18 4.82 2.26 12.12 42.2 6.6 14.7 16 14.66 5.8 10.44 7.5 107 0.73 44.2 274.8 9.48 13.18 0.195 1.26 13.28 1.56 5 2 0.132 161.4 1.26 2.5 2.69 16.2 10 13.6 21.45 9.4 1.35 1.44 2.03 1.69 4.61 3.5 4.99 45.5 2.38 10.74 1.69 1.18 26.2

1.38 35.5 0.28 21.3 76.5 371.6 21.9 6.07 4.72 2.18 11.86 41.75 6.48 14.24 15.98 14.32 5.5 10.2 7.48 104.8 0.71 43 270.6 9.12 12.56 0.189 1.23 13 1.55 4.98 1.95 0.128 156.1 1.19 2.47 2.58 15.86 9.81 13.4 20.35 9.08 1.22 1.33 2 1.69 4.21 3.37 4.78 44 2.26 10.5 1.65 1.17 25

1.42 35.7 0.28 21.8 78.35 378.8 21.9 6.07 4.75 2.21 12.12 41.85 6.58 14.38 16 14.32 5.6 10.4 7.49 105 0.71 43.65 273 9.41 13.08 0.195 1.24 13.18 1.55 5 1.95 0.128 159 1.2 2.5 2.58 15.86 9.81 13.54 20.45 9.08 1.23 1.33 2.03 1.69 4.22 3.5 4.81 44 2.37 10.5 1.69 1.17 25.95

344000 2228000 16840000 557400 161570 234810 439500 503200 105000 20635000 37200 71500 61400 600700 1600 282600 6700 2964500 175400 491090 1009000 88200 699980 20800 1652800 580000 793000 190700 289000 90000 18000 200000 1093080 11912000 802000 13405000 1124500 1320200 841600 2256500 300 8499000 27986000 425000 10000 575000 7000 27000 48600 7001000 595700 261000 123000 311800

482720 -11440 79627860 16539875 4913550 12128505 1337320 12581054.5 -7692072.5 88576546 30692320 9665705 -2738595 3074388 -178860 500070 45974650 306080 450530 2998140 541000 400696 8668506 -306660 25588 4050846 -308146 38534 -1680 30,717,210( 21,494,679.9996) 1313258 250126 51587488 -29530169 722000 99600 3842810 2469100 190810578 -135211710 190640 21523526 -4781644 111420 987050 -110000 2519168 273102 449170 448400 -50000 35550 25640 173874334 -13820260 14673090 -9329430 2004940 1979940 35258530 12533110 17983954 -859120 13050639 -3105232 11360260 -1977148 47352125 -20765595 2788 10917300 268450 38630560 268080 861880 -20299.9999 16900 2453900 23880 129990 2185040 -126000 16358070 -269540.0001 6338908 2128134 434920 144080 8026415 -

HOLDING & FRIMS 0.61 12.58 899 54.8 15.14 6.79 0.77 1.25 1.25 6.83 10.4 14.26 4.75 0.26 879 6.18 61.9 5.99 5.49 0.5 4.65 14.9 0.54 4.38 0.04 3.39 1.15 1.35 936 182 0.95 2.48 269 0.235 0.29

0.63 12.5 892 54.2 14.98 6.5 0.78 1.24 1.23 6.75 10.46 14.4 4.5 0.249 865 6.15 60.8 6.18 5 0.47 4.64 14.98 0.51 4.33 0.04 3.5 1.07 1.33 925.5 178.4 0.92 2.38 265 0.233 0.29

0.63 12.96 900.5 55.4 15.16 6.7 0.79 1.24 1.25 6.92 10.54 14.48 4.5 0.26 880 6.16 62 6.18 5 0.51 4.65 15 0.51 4.43 0.04 3.52 1.07 1.35 940 183 0.96 2.38 270 0.236 0.3

0.6 12.44 892 53.35 14.9 6.5 0.75 1.22 1.23 6.75 10.3 13.94 4.5 0.249 865 6.14 60.5 5.99 5 0.47 4.6 14.68 0.51 4.31 0.038 3.37 1.06 1.33 925 178.4 0.88 2.38 264.4 0.233 0.285

0.61 12.58 899 54.8 15.1 6.7 0.75 1.24 1.25 6.81 10.4 14.2 4.5 0.26 872 6.14 61.6 5.99 5 0.51 4.65 14.72 0.51 4.33 0.039 3.39 1.06 1.35 935.5 182 0.95 2.38 270 0.236 0.29

9568000 76600 273820 1664720 4631700 14700 714000 1072000 6000 907200 2316400 13700 3000 70000 46680 32500 1771700 9000 10000 30000 1376000 11685600 10000 15908000 22300000 3271000 82000 6000 698570 186040 4918000 1000 350 390000 8280000

5850470 962002 246296250 91104394 69646754 98250 543110 1322860 7420 6211008 24163062 195308 13500 17540 40740200 199802 108995391 54041 50000 14500 6352290 172383402 5100 69603730 870700 11251910 87590 8000 648710755 33709600 4530230 2380 93092 91400 2422250

-228690 18186975 -5480301.5 15578452 90450 -327496 -8920982 -17076 -12581165 -12280 24800610 -1082810 -16110514 -23276330 424600 493599635 15299497 -1400 -37130 -8200

PROPERTY

ARTHALAND CORP 0.79 0.8 0.76 0.82 0.76 0.8 5427000 4341530 -331800 AYALA LAND 48.5 48.55 48.6 48.7 48.4 48.5 8398400 407538115 -66117270 ARANETA PROP 2.1 2.11 2.09 2.11 2.09 2.1 134000 281320 -42000 BELLE CORP 2.25 2.26 2.27 2.27 2.25 2.26 280000 633020 -131590 A BROWN 0.77 0.78 0.79 0.79 0.77 0.78 638000 497180 -54600 CITYLAND DEVT 0.86 0.88 0.86 0.88 0.85 0.88 77000 66470 CROWN EQUITIES 0.225 0.226 0.226 0.226 0.225 0.226 660000 148970 -11300 CEBU HLDG 6.22 6.39 6.39 6.4 6.39 6.4 13400 85741 CEB LANDMASTERS 5 5.01 4.95 5.04 4.93 5 752000 3751870 100600 CENTURY PROP 0.59 0.6 0.59 0.61 0.58 0.6 31257000 18703320 -476490 CYBER BAY 0.38 0.405 0.375 0.395 0.375 0.395 700000 264500 DOUBLEDRAGON 25.15 25.3 25.25 25.4 25 25.15 581400 14640530 5604015 DM WENCESLAO 9.5 9.58 9.3 9.75 9.2 9.5 4436600 41989736 -11838768 EMPIRE EAST 0.47 0.475 0.485 0.485 0.475 0.475 1610000 768650 -608900 FILINVEST LAND 1.59 1.6 1.61 1.62 1.58 1.6 12060000 19287340 -11808150 GLOBAL ESTATE 1.4 1.41 1.39 1.42 1.38 1.41 2605000 3650210 218979.9999 8990 HLDG 15.7 15.88 15.88 15.98 15.7 15.88 208800 3322148 18562 PHIL INFRADEV 1.85 1.86 1.78 1.88 1.76 1.86 3785000 6930630 -106310 MEGAWORLD 5.62 5.63 5.57 5.65 5.52 5.62 17769500 99882874 -301287 MRC ALLIED 0.32 0.325 0.315 0.325 0.31 0.325 14480000 4632500 PRIMEX CORP 2.19 2.23 2.02 2.23 2.02 2.23 4117000 8863640 -8199.9998 ROBINSONS LAND 24.8 25 24.75 25.2 24.1 25 1801900 44872570 11254510 PHIL REALTY 0.41 0.415 0.395 0.415 0.395 0.415 670000 270600 ROCKWELL 2.06 2.08 2.05 2.09 2.05 2.06 279000 577710 -94050 SHANG PROP 2.99 3 2.99 2.99 2.99 2.99 31000 92690 STA LUCIA LAND 1.93 1.94 1.91 1.95 1.91 1.94 1554000 2985760 SM PRIME HLDG 39.2 39.25 39.3 39.95 39.15 39.2 8876200 349531720 -131067790 STARMALLS 6.38 6.39 6.4 6.44 6.38 6.39 39400 252121 SUNTRUST HOME 0.73 0.78 0.73 0.73 0.73 0.73 4000 2920 PTFC REDEV CORP 40.05 49 49 49 49 49 1500 73500 VISTA LAND 7.12 7.13 7.08 7.14 7.06 7.13 3783900 26953071 12014050 SERVICES ABS CBN 18.2 18.22 18.16 18.5 18.14 18.2 28500 519866 GMA NETWORK 5.35 5.37 5.37 5.39 5.35 5.37 65900 353731 MANILA BULLETIN 0.55 0.56 0.55 0.56 0.54 0.55 109000 60030 MLA BRDCASTING 14.22 15.9 15.98 15.98 15.9 15.9 700 11144 GLOBE TELECOM 2176 2180 2140 2186 2134 2176 61135 132533130 28469870 PLDT 1270 1273 1281 1300 1273 1273 88160 112862105 -10167165 APOLLO GLOBAL 0.044 0.046 0.045 0.046 0.045 0.046 2400000 109000 DFNN INC 5.64 6 6.4 6.4 6.4 6.4 200 1280 -1280 IMPERIAL 1.75 1.94 1.75 1.75 1.75 1.75 26000 45500 ISLAND INFO 0.124 0.125 0.124 0.125 0.123 0.125 830000 102840 ISM COMM 6.06 6.09 6.02 6.3 5.98 6.06 5944800 36574196 941173.9997 JACKSTONES 2.91 3.07 2.91 2.91 2.91 2.91 13000 37830 8730 NOW CORP 2.27 2.28 2.33 2.34 2.22 2.28 3101000 7078920 217530 TRANSPACIFIC BR 0.36 0.365 0.365 0.365 0.355 0.36 14440000 5168400 31950 PHILWEB 3.25 3.34 3.3 3.45 3.25 3.25 3109000 10397710 -1335900 2GO GROUP 11.38 11.5 11.4 11.5 11.32 11.5 10500 119644 4540 ASIAN TERMINALS 20.6 21 21 21 21 21 1208200 25372200 -111300 CHELSEA 6.75 6.76 6.5 6.85 6.5 6.75 3592200 24252275 274749 CEBU AIR 87.2 87.35 87 88.05 86.2 87.2 806730 70256549.5 -44804405.5 INTL CONTAINER 134 134.3 135.5 137.7 133.8 134 1478260 199837337 -16916091 LORENZO SHIPPNG 0.82 0.85 0.85 0.88 0.82 0.85 603000 508750 MACROASIA 20.3 20.4 20.25 20.65 20.25 20.4 636000 12966085 9219685 PAL HLDG 9.65 9.9 9.97 9.97 9.9 9.9 2600 25827 -994.9999 HARBOR STAR 2.2 2.21 2.34 2.36 2.2 2.2 3511000 7936270 508340 ACESITE HOTEL 1.33 1.41 1.42 1.45 1.35 1.42 236000 338100 BOULEVARD HLDG 0.059 0.061 0.06 0.061 0.06 0.061 2350000 141480 WATERFRONT 0.7 0.71 0.68 0.7 0.67 0.7 3189000 2188850 680 IPEOPLE 10.2 10.68 10.32 10.78 10.2 10.2 38300 392530 STI HLDG 0.67 0.68 0.67 0.69 0.66 0.68 2741000 1850250 83840 BERJAYA 3.05 3.06 2.94 3.14 2.93 3.05 3535000 10794400 187110 BLOOMBERRY 11.68 11.7 11.5 11.68 11.4 11.68 3974400 46140562 -4810338 PACIFIC ONLINE 3.13 3.21 3.15 3.24 3.11 3.2 141000 442060 LEISURE AND RES 4.49 4.5 4.77 4.77 4.49 4.49 4191000 19049180 -2134690 MANILA JOCKEY 3.5 3.6 3.65 3.65 3.5 3.6 55000 196350 PH RESORTS GRP 4.73 4.75 4.53 4.73 4.53 4.73 83000 384290 -22850 PREMIUM LEISURE 0.73 0.74 0.74 0.75 0.73 0.73 2386000 1755260 -555410 TRAVELLERS 5.3 5.31 5.3 5.3 5.28 5.3 74400 393600 2120 METRO RETAIL 2.7 2.71 2.67 2.75 2.67 2.71 768000 2086580 -87120 PUREGOLD 45.45 45.6 46.1 46.45 45 45.6 436900 19913970 -6842470 ROBINSONS RTL 70.65 70.85 71.5 71.5 70.6 70.85 458580 32501086.5 1072276 PHIL SEVEN CORP 120 125.8 118.8 125.9 118.8 125.8 862070 103663857 1258 SSI GROUP 3.12 3.15 3.13 3.17 3.08 3.15 3266000 10200790 1308430 WILCON DEPOT 16.98 17 17.12 17.12 16.7 17 662300 11245478 1530984 APC GROUP 0.42 0.425 0.41 0.42 0.41 0.42 440000 184700 EASYCALL 10.4 10.48 11.04 11.08 10.38 10.48 161400 1699122 GOLDEN BRIA 402.8 410 401.6 414.8 401.6 410 1210 493344 PAXYS 2.92 3.18 2.92 2.92 2.92 2.92 1000 2920 PRMIERE HORIZON 0.79 0.8 0.82 0.82 0.78 0.79 18925000 15079750 -796330 SBS PHIL CORP 9.6 9.61 9.63 9.63 9.5 9.6 45800 438210 MINING & OIL ATOK 10.64 11.9 11.8 11.9 11.8 11.9 1200 14180 APEX MINING 1.1 1.12 1.13 1.13 1.09 1.11 856000 948810 -332729.9998 ABRA MINING 0.0018 0.0019 0.0018 0.0019 0.0018 0.0019 19000000 35900 ATLAS MINING 2.66 2.82 2.66 2.66 2.66 2.66 33000 87780 BENGUET A 1.1 1.19 1.19 1.19 1.19 1.19 2000 2380 COAL ASIA HLDG 0.285 0.29 0.285 0.285 0.285 0.285 70000 19950 CENTURY PEAK 2.79 2.8 2.74 2.82 2.73 2.8 880000 2449250 DIZON MINES 7.68 7.73 7.79 7.79 7.68 7.68 1000 7710 FERRONICKEL 1.46 1.47 1.46 1.5 1.46 1.47 2230000 3313840 1555350 GEOGRACE 0.23 0.24 0.242 0.242 0.23 0.24 1490000 354860 11500 LEPANTO A 0.104 0.105 0.104 0.111 0.104 0.105 330000 34970 LEPANTO B 0.104 0.105 0.105 0.105 0.105 0.105 100000 10500 MARCVENTURES 1.01 1.04 1.04 1.04 1.04 1.04 8000 8320 NIHAO 0.97 1.01 0.99 1.02 0.97 1.01 68000 68570 NICKEL ASIA 2.14 2.15 2.14 2.16 2.13 2.14 1300000 2785910 -1733910 OMICO CORP 0.57 0.6 0.57 0.6 0.57 0.6 30000 17130 ORNTL PENINSULA 0.89 0.9 0.88 0.89 0.86 0.89 237000 207640 PX MINING 2.87 2.89 2.87 2.89 2.86 2.86 187000 536480 -37340 SEMIRARA MINING 21.9 21.95 22 22.35 21.85 21.95 1532700 33661085 -6876435 UNITED PARAGON 0.0069 0.007 0.0066 0.0069 0.0066 0.0069 6000000 40700 ORNTL PETROL A 0.011 0.012 0.011 0.011 0.011 0.011 20100000 221100 PHILODRILL 0.01 0.011 0.01 0.011 0.01 0.011 101900000 1025900 PHINMA PETRO 3.74 3.84 3.96 3.96 3.74 3.74 229000 866580 PXP ENERGY 8 8.05 8.18 8.18 7.99 8 778600 6264087 -713267.9998 PREFFERED HOUSE PREF A 95 97 95 95 95 95 400 38000 AC PREF B1 475 484.6 475 475 475 475 6000 2850000 AC PREF B2 485 499 486.8 486.8 485 485 1000 485028 4860 DD PREF 97.5 98 98 98 98 98 19310 1892380 SMC FB PREF 2 970 980 970 970 970 970 10 9700 FGEN PREF G 104 104.3 104.3 104.3 104.3 104.3 90 9387 -9387 LR PREF 0.98 0.99 0.99 0.99 0.99 0.99 20000 19800 MWIDE PREF 100.5 102.5 102.5 102.5 102.5 102.5 10 1025 PCOR PREF 2A 970 997 997 997 997 997 50 49850 SMC PREF 2B 75.2 75.45 75.3 75.45 75.3 75.45 600 45255 SMC PREF 2C 76.5 76.9 76.95 76.95 76.95 76.95 790 60790.5 SMC PREF 2D 71.75 71.95 71.6 72 71.5 71.75 64650 4634040 SMC PREF 2E 71.65 73 73 73 73 73 12700 927100 SMC PREF 2F 73.9 74.7 74 74 73.85 73.85 5000 369320 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR

17.9

18400

331070

WARRANTS LR WARRANT

2.06

SMALL & MEDIUM ENTERPRISES ITALPINAS 4.82 XURPAS 1.02

2.07

2.27

2.05

2.06

1292000

2722700

4.87 1.03

4.67 1.05

4.89 1.05

4.67 1.01

4.82 1.02

358000 2518000

1716540 2605670

23500 91400

EXHANGE TRADE FUNDS FIRST METRO ETF

116.3

-313169.9999

116.7

116

116.7

115.2

116.7

3100

360411

News BusinessMirror

www.businessmirror.com.ph

Current account. . .

Continued from A1

to cut after several months of unchanged monetary-policy stance and aggressive rate hikes in 2018 was based on the BSP’s assessment that the inflation outlook continues to be

“manageable.” Price pressures have eased in recent months due to the decline in food prices and improved supply conditions. Diokno also said the decision was

made in a “right policy point” environment, with considerations for the country’s disappointing growth numbers in the first quarter of the year. The Monetary Board also decided

Thursday, May 30, 2019 to cut its reserve requirement ratios (RRR) by 200 basis points (bps). The cut is expected to help spur growth in the local economy, thereby cementing the new governor’s identity as a “pro-

growth” Central Bank chief. The implementation of the cut will be in three stages: the first 100 will be effective May 31; 50 bps on June 28; and another 50-bps cut on July 26.

B4 Thursday, May 30, 2019

CITY COLLEGE IN LAS PIÑAS TO ENLIST 500 SCHOLARS FOR I.T. COURSE

T SUNTRUST ASMARA TOPS OFF TOWER 3 IN QUEZON CITY Suntrust Properties Inc., a wholly owned subsidiary of Megaworld Corp., recently topped off Tower 3 of its Asmara project in May 24, following the recent inauguration of the development’s showroom and property management office in March. In photo are Nelda San Jose, vice president and general manager of Sunrays Property Management Inc.; Jerry R. Rubis, first vice president for sales, marketing and training; Engr. Gil A. Escarcha, vice president for vertical operations; and Dr. Edna D. Reyes, PhD, vice president for human resource and administration, along with the company’s official mascots Sunny and Sunshine.

UPHOLDING WORKPLACE RIGHTS FOR CONTACT-CENTER PROFESSIONALS

OW are safety standards observed in contact centers? Is there an alternative working arrangement, so employees can spend more quality time with family? What are the latest regulations for working moms in need of leave of absence from work due to childbirth? These are some of the most pressing questions from most of the contact-center professionals nationwide. To shed some light and understand amendments to existing laws, the Contact Center Association of the Philippines (CCAP) has invited the Department of Labor and Employment (DOLE) to the organization’s first general membership meeting this year. Labor director Teresita Cucueco was tapped as a resource person at the gathering, which was held on April 30 at the Shangri-La Makati function room. Cucueco focused on these three laws and explained why and how each legislation could be advantageous to every contactcenter agent and employee across the country. Health and safety at the workplace. Republic Act 11058, or the Occupational Safety and Health law, upholds the overall safety of all employees in workplace at all times. It gives protection to all employees and serves as a penalizing regulation for

employers that fail to observe measures provisioned by the law in times of calamities and disasters. Working through telecommuting. Republic Act 11165, or the Telecommuting Act, provides a viable option for any contact-center agent to render work hours outside the company’s designated workplace. The employee can work at home or at a coworking space where he/she can still perform the activities without any disruption and there is available equipment and technology to facilitate business processes. The law also specifies provisions that serve as protection to the rights of volunteer agents who intend to undergo this setup. Extended maternity leave. Working moms welcome Republic Act 11210, or the Expanded Maternity Leave law. Under this new legislation, a working mother can file a paid leave of up to 105 days, along with an added option to extend that leave—though without pay—for another 30 days. The idea is to give working mothers more time to physically, mentally and emotionally recover following childbirth. They can even allocate up to seven days of leave (though this will be deducted from the 105 days) to the child’s father, aside from his own paternity leave.

‘FOOD’ FOR THE SOUL

N Sunan an-Nasa’i we read: “And the most beloved of deeds to Allah are those that are continuous, even if they are few.” A life of regular prayer and fasting is a good habit for many Muslims or non-Muslims alike. Starting and breaking the fast the proper way is critical knowledge to stay fit and strong while on the wings of reflecting and body cleansing. That’s why oatmeal remains a favorite suhour food every Ramadan. Suhour is the keynote predawn meal that is allowed, after which no food intake is permitted for the day, until sunset. An oatmeal-power breakfast allows your body to release energy in sustained intervals throughout the day, because oatmeal takes time to digest and has a low glycemic index. An all-time favorite is whole-grain rolled oats, with its chunky goodness and nutty flavor, and health benefits. For people on the go who prefer instant preparations, there is this instant oatmeal. For customers loving the goodness of chunky oats but

at a shorter cooking time, there is this quick-cooking oats. All these oat variants are available with Australia Harvest, an affordable brand that is renowned among hard-core health aficionados. The brand has a unique variant— Australia Harvest oat bran—which boasts of immense levels of dietary fiber, making it perfect food for diabetics and for people with cardiovascular ailments. Continue on the path of good habits, and prayer and fasting even after Ramadan, and reap the benefits of body-and-soul nurturing. Australia Harvest products are available in all leading Philippine supermarkets all year.

FIRST METRO FURTHER SHARES THE GIFT OF SIGHT First Metro Investment Corp., the investment-banking arm of the Metrobank Group, made the vision of 257 public elementary-school students clearer and brighter via its Bigay Liwanag project. Students of Dr. Benigno Aldana Elementary School and Legarda Elementary School (in photo) received free eye checkups and prescription glasses from the investment bank. Recipients of the prescription glasses were also given children’s story books that inspire and inculcate good values. Bigay Liwanag is a vision-care project under First Metro’s CSR platform, dubbed “First Metro Inspires Cares”. The project aims to help indigent public-school children to read, study and fare better in school and in life. Since its inception 11 years ago, Bigay Liwanag has benefitted over 3,000 public-school students.

HEDr.FilemonC.AguilarMemorial College of Las Piñas Institute of Technology (DFCAMCLP-IT) is offering 500 scholarship slots for its new course on information system this School Year 2019-2020. Mayor Imelda Aguilar said the Bachelor of Science in Information System (BSIS) course was opened only this incoming school year, after the Commission on Higher Education approved t he c it y gover nment ’s ap pl ic at ion for p e r m it for t he DFC AMCLP-IT to offer the fouryear course. “We wish to provide every Las Piñero,

especially the youth, the opportunity to obtain diploma from a four-year college education for free, to help them reach their goal,” Mayor Aguilar said. A g u i l a r, a l so DFC A MC L P-I T president, said they already have 400 enlisted and screened applicants as of May 24, while she encourage other interested Las Piñeros to avail themselves of the scholarship. The general admission test will be conducted on May 30 and 31 at the DFCAMCLP-IT campus at Dandelion Street, Doña Manuela Subdivision, Pamplona III, Las Piñas City, according to Eugenia Guerra, school’s officer in

charge. Classes will start on July 22. The new course is an addition to the existing four-year courses being offered at the city college, such as accountancy, financial management, human resource and marketing. DFCAMCLP accepts a total of 1,000 scholars every school year enrolled in various courses that, for the past years, have produced certified public accountants and are among the top 10 board passers. Las Piñas continue to provide free and quality education from pre-school to college, including technical and vocational training courses, with corresponding assistance to for livelihood opportunities.

PHILBEAUTY 2019 TO HIGHLIGHT FILIPINO INGENUITY IN COSMETICS SCIENCE

ACKED up by 30 years of global beauty trade-show experience, Malaysian company Informa Markets is bringing the fifth edition of Philbeauty from June 4 to 6 at the SMX Convention Center. Informa Markets is the force behind 16 of the world’s top beauty trade shows, including Cosmoprof Asia in Hong Kong, China Beauty Expo in Shanghai China, Cosmobeaute in Indonesia, Malaysia and Vietnam, Beyond Beauty Asean Bangkok and AseanBeauty in Thailand, Beautyexpo in Malaysia and Vietbeauty in Vietnam. Philbeauty has partnered with Philippine Society for Cosmetics Science (PSCS) this year to bring together the country’s most respected cosmetic scientists under one roof, plus over 200 international beauty brand manufacturers and producers from 24 countries. Philbeauty is bringing the world’s leading beauty brand producers, from raw-material suppl iers, for mu l at ion c hem ists down to packaging manufacturers here and abroad. Moreover, Philbeauty 2019 is going to be the launch platform of the firstever organic cosmetic garden in the Philippines, which was conceptualized by the PSCS in a space provided by the University of Santo Tomas. “...Plants like madre de cacao, which has anti-inflammatory properties that can cure skin problems; coconut, which is the mother of all cosmetic materials; [and] aloe vera and calamansi, which are famous for whitening and moisturizing, are being grown and protected in our cosmetic garden,” said Linda Yu, president of the PSCS. Philbeauty, together with the

PSCS, is also organizing educational workshops on creating various vegan products under the expertise of the country’s top cosmetic scientists. Marrie Strachan, cosmetic scientist of Organic Artisan Lab, which produces vegan beauty products in the Philippines and Australia, will be teaching participants on producing a vegan matte lipstick. Ref inet te Cosmet ics Cor p., a proud Filipino company that’s been producing makeup products for both local and international cosmetics brands for 28 years, will also be there. Refinette has been developing and producing cosmetic products right from conceptualization, formulation, stability tests down to packaging. The first-ever permanent makeup masterclass (PMU) is happening at the Philbeauty, too. PMU experts from South Korea, Thailand, China and the Philippines will hold their

masterclasses on pixel brows, pearl BB -glow sk in, eyelash breeding, microblading, paradise-shine lips and scalp micropigmentation. Participants will have hands-on experience with models as they learn from Asia’s top PMU professionals and be part of on-the-spot competitions. Jim Ryan Ros, hair and makeup artist and coach for Aces and Queens and consultant for Inglot Cosmetics, among others, is one of the 12 featured makeup stylists this year. “MakeUp Box aims to make sure that the makeup artists are at par with the growth of the makeup artistry and industry in the Southeast Asian region,” Ros shared. Event admission is f ree. For selected special workshops, reserve your slots by paying registration fees at www.philbeauty.com. For pre-event registration and further information, visit www.philbeautyshow.com.

SPICING UP TAYABAS CITY WITH PRIMARK

OMETHING exciting is up in Tayabas City, as Philippine Primark Properties Inc. recently opened its 37th branch at the scenic city, by the foot of legendary Mount Banahaw. A leading developer of community malls, Primark carries Savemore’s 308th branch as anchor tenant, with popular brands, such as McDonald’s, Dunkin Donuts, Generika, Watson’s Pharmacy, Potato Corner, Oppo, Wonderpark and

Cebuana Lhuillier; and homegrown enterprises, such as Villariza Bakery, Today’s Mango, Conez-Garcia Optical, Umaykhan Fashion Club and Kim’s Silver. A part of the LKY Group of Companies, Primark offers shopping convenience through well-designed, customer-friendly facilities, quality products and key consumer services, such as banks and the government-run post office. As Tayabas City’s biggest commercial

center, the town center provides residents with well-known brands and opportunities for homegrown entrepreneurs to grow their businesses.Thecommunitymallalsoserves as the new recreational hub with the daily Zumba activities and exciting monthly promotional activities. According to Primark Chief Operating Officer Ben Lua, the firm is a vital partner of local governments in creating vibrantfree enterprise in the countryside, by operating town centers, village centers and public markets in more than 40 key cities and urban centers, which have notable economic growth manifested in high consumption patterns. In photo at the opening are WTA Architecture and Design Studio Architect Carlos Dave Nonan, Primark engineering assistant Jacquilyn Bartolome, Tim Zhang of Ale Builders Construction, Primark regional south manager Rym Altavas, facilitymaintenancesupervisorRicoOrticio, leasing assistant Jamila Jane Zamora, leasing officer Ma. Ellysa Katrene Boledo, Lua, marketing officer Mariela Quilala, administrative officer Mildred Tadiosa, special projects officer Ace Lopez, account payables supervisor Helmina Morales and marketing assistant Raymund Tampus.

JOB AIN’T DONE FOR RAPTORS Sports BusinessMirror

| Thursday, May 30, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

YOUNG fans cheer for the Raptors outside Maple Leaf Square. AP

By Tim Dahlberg

The Associated Press

ETTA WORLD PEACE needed to win a championship ring so his career wasn’t defined only by one angry moment in Detroit. Before he could get it with the Los Angeles Lakers, though, World Peace had to heal his mind. The therapy had to come first if the former Ron Artest was to make it to Game Seven of the 2010 National Basketball Association (NBA) Finals against the Boston Celtics. “I would not have been able to deal with the adversity. I would have been ejected,”World Peace said about the therapy that finally helped lift him out of the dark places he always seemed to frequent. “I would have probably gotten into a fight or done something stupid. I don’t think the old Ron Artest would have been ready for that final.” The old Ron Artest, of course, was best known for going into the stands in 2004 in Detroit to battle fans in what became known as “Malice at the Palace.” He was a hard-nosed defensive specialist

Metta World Peace finally finds his peace who brought playground grudges from the housing projects in Queens onto the court, often with bad consequences. The new World Peace was not only a good teammate but an NBA champion so thankful for his awakening that he raffled off his championship ring to help mentalhealth causes. “Why shouldn’t I?” he asked. “I don’t wear jewelry anyway.” On the eve of this year’s NBA Finals, World Peace is, well, at peace with himself. The 39-year-old lives happily retired in Southern California, working with developing players and developing his assorted business interests. He’s also the subject of a new documentary being broadcast by Showtime during Mental Health Awareness Month for a reason. The documentary traces Artest’s rise from a playground player in the projects to perhaps the most vilified player in the NBA and, finally, to his championship season alongside Kobe Bryant in Los Angeles. It’s a raw look at a raw subject, though for the most part sympathetic to World Peace and his issues. It’s also a story with a happy ending, although one that World Peace wasn’t all that eager to fully tell. “For me, I don’t really care necessarily how people look at me,” he said in a recent interview with The Associated Press. “I’m happy with just doing my daily routine and enjoying life. I’m not looking for any feedback or publicity or to build my image.” Unlike some documentaries

that use D-list celebs to recount what people might have thought, the makers of Quiet Storm: The Ron Artest Story go right to the sources who were involved in his life— and to World Peace himself—to tell his remarkable story. And most of them are there, beginning with his father, Ron, who recounts playing one-on-one with his son in 10-degree weather on the courts at the dangerous Queensbridge housing project. The elder Artest made up a rule that layups were to be denied at all costs, the perfect training ground for a playing style that would carry Artest through a rough-and-tumble 17-year NBA career. But it’s the interviews with former teammate Jermaine O’Neal that resonate the most. While World Peace has tried to make amends with those in his past, he and O’Neal are still trying to figure out how to repair a relationship that was fractured because O’Neal believes World Peace broke up an Indiana Pacers team that had the potential to win multiple NBA titles in the early 2000’s. “He does consider me a friend but even when he didn’t consider me a friend I considered him a friend,” World Peace said. “Because he was a friend to me. I wasn’t a friend to him.” A good part of the documentary—which was produced by Bleacher Report—revolves around the November 2004 game in Detroit, where the defending champion Pistons took a beating at

home from the up-and-coming Pacers—and then the real beatings began. Artest remains unapologetic for going into the stands after a Diet Coke landed on his chest following a brawl that was precipitated by a hard foul World Peace made on Pistons center Ben Wallace in the final seconds of the game. He would later reach out to the man who threw the drink, though for some reason not the man he went into the stands to beat up after mistakenly believing he was the culprit. A livid NBA commissioner David Stern suspended World Peace for the remainder of the season—which cost him $5 million in salary—and the NBA changed its rules and policies to prevent future altercations. But while World Peace would begin therapy and medication, it wasn’t until intense therapy while playing in Sacramento in 2008 finally began making him into the man he wanted to be. He sees some of himself in Golden State’s Draymond Green, with one big difference. Green plays hard and with passion, too, but unlike World Peace knows how to set limits and stay in control. And for that World Peace does have some regrets. “Although I can’t go back in time I can always dream, I can always envision to myself, how it would have been if I could have had that type of attitude,” he said. Like Green, though, World Peace can say he is an NBA champion, something he helped ensure by taking a pass from Bryant with one minute left and sinking a 3-pointer that helped seal the Game Seven win against the Celtics. And the first thing World Peace did in his joyous on court interview afterward? He thanked his therapist.

METTA WORLD PEACE: Although I can’t go back in time I can always dream, I can always envision to myself, how it would have been if I could have had that type of attitude. AP

KEVIN DURANT has already been ruled out for Game One on Thursday night.

EVIN DURANT is traveling with the Golden State Warriors to Toronto for the first two games of the National Basketball Association (NBA) Finals, leaving open the chance he could be ready to return from a strained right calf in time for Game Two. Durant, the two-time reigning Finals Most Valuable Player who has missed the past five games since getting hurt in Game Five of the Western Conference semifinals against Houston, has already been ruled out for Game One on Thursday night. As of Tuesday, when Golden State held an optional practice before flying, he had yet to do any full-speed work on the court. He has done some shooting, Coach Steve Kerr said. “If he did anything on the court, it would have been pretty light,” Kerr said. Warriors Spokesman Raymond Ridder confirmed Durant was on the two-time defending champions’ team plane that took off early afternoon West Coast time and landed late in Canada. There will be two full days off before Game Two on Sunday, giving Durant time to get further on-court work done that the Warriors would need to see before he is medically cleared. “We’ll see where it goes from here,” Kerr said on Monday. “This is where the fact that there’s a lot of days in between

By Tim Reynolds

The Associated Press

ORONTO—The parade that the Toronto Raptors enjoyed last week was an impromptu and quick one. A chance at the real parade awaits. There is a clear back-to-work vibe coming from the Raptors as they get ready for Game One of the National Basketball Association (NBA) Finals against the two-time defending champion Golden State Warriors on Thursday night in Toronto. There was some reveling late last week for an hour or two after winning the Eastern Conference title, but that feeling is nowhere to be found anymore. “We know that we accomplished some great things,” Raptors guard Danny Green said. “But the job’s not done.” When the Raptors won the East, after the on-court celebrations and a few moments back in the locker room, someone got the brilliant notion to take the silver conference-championship trophy to what’s known as “Jurassic Park”—the outdoor area usually called Maple Leaf Square, unless the Raptors are playing. So, with players flanked by security and Drake—of course—Kyle Lowry carried the trophy out through an arena concourse long after the game was over on Saturday night, past hundreds of lingering fans who tried to get hugs and photos, and the group eventually made their way toward the outdoor stage. Most fans were gone by then, and the party didn’t last long. By Sunday, Lowry had shifted his focus to the finals anyway. “Pretty much,” Lowry said. “It’s a big task at hand. We know we’ve got a good team, and we’ve got to be focused every single possession. They’re all going to be massive in this series.” Handling this moment is sure to be a challenge for the Raptors, since most of the players on Toronto’s roster haven’t been to the finals before. If there is a silver lining there, it’s that Toronto has already dealt with the mood-swing pendulum in these playoffs. The most worried Raptors Coach Nick Nurse has been about a game so far this postseason was Game One of the East finals at Milwaukee—a game that came a couple days after Kawhi Leonard’s buzzerbeating jumper hit the rim four times before dropping in and giving Toronto a win in Game Seven of the East semifinals against Philadelphia. “If there was ever a time I thought maybe a disastrous moment could happen, it was then,” Nurse said. “But man, we played great. Totally outplayed them. We played tough. We didn’t win the game but I thought we outplayed them almost all the way through. We just didn’t get the ball to bounce our way. We might have used a couple bounces a couple days earlier. But again, that just showed me our team was capable of kind of keeping their emotions in check.” They’ll need to be that way again on Thursday night. Fred VanVleet doesn’t think it’ll be a problem. “None of us in October and July and June of last year were working out thinking about the conference finals,” the Raptors’ backup guard said on Tuesday. “Obviously, it’s a great accomplishment, and we’re happy to be taking that next step. But you want to win a championship. You want to win the whole thing. It’s not about just making it to the finals.” The arena will be electric for Game One. Jurassic Park will be rocking yet again. But the quick little trophy parade through the halls and stairwells of Scotiabank Arena—one where Green revealed on his podcast earlier this week that reserve OG Anunoby was inadvertently decked in the eye by a celebrating fan, and where Leonard needed two security staffers to clear his path—will be long forgotten by the Raptors when Game One rolls around. “I think everybody understands that,” Raptors center Marc Gasol said. “You get to kind of soak it in and enjoy that moment and after that night, the next morning, it’s on to the next challenge.” Everyone knows what that challenge is, too. The Warriors are coming. “I think along this little playoff run there’s been some critical, critical games,” Nurse said. “There’s been some ups and downs, and again, I know I keep [sounding like a] broken record, but we’re just trying to take what’s in front of us. And right now, it’s Game One.”

KD joins Warriors in Toronto

games during the finals helps us, so we’ll see.” Durant didn’t travel to Houston for Game Six of that round or to Portland for the two road games against the Trail Blazers in the Western Conference finals. He remained in the Bay Area to rehab, and the Warriors are unbeaten without him. An impending free agent this summer, he was hurt May 8 when he landed awkwardly on his right foot following a baseline jumper late in the third quarter of a 104-99 victory over the Rockets at Oracle Arena. Durant is averaging 34.2 points per game this postseason. Kerr said Durant has been spending countless hours rehabbing to recover—hoping to get back soon to what he loves most. “You get that fear of missing out on stuff, like practices and shootarounds, and new game plans and stuff like that. That’s what I miss the most, obviously, grinding on the court individually and with my team. But that’s out of my hands. Out of my control,” Durant said on Friday. “My task is to try to conquer this, and I think that’s the journey [we’re] on as basketball players. So I’m pretty much down for anything but I’m excited that I’m making progress.” Center DeMarcus Cousins, out with a torn left quadriceps muscle he injured in Game Two of the first round against the Clippers, hadn’t been ruled out for Game One though Kerr mentioned the magnitude of coming back on the finals stage after so much missed time. AP

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C2 Thursday, May 30, 2019

PARKS MAKES PRESENCE FELT

NAOMI OSAKA: It’s one of those matches where you’re not playing well, but you have to find a way to win. AP

OBBY RAY PARKS immediately showed his impact with Blackwater by leading the team to three straight victories to jump-start their Philippine Basketball Association (PBA) Commissioner’s Cup campaign. Last year’s no. 2 overall pick finally made his highly awaited league debut and in a span of a week, averaged 23.7 points, 5.3 rebounds, 3.0 assists and 2.3 steals in three games—all victories by the fast-starting Elite. The numbers speak volumes for the talented 26-year-old guard out of National University, who copped his very first PBA Press Corps-Cignal Player of the Week honor for the period of May 19 to 26. The 6-foot-4 Parks bested NorthPort’s Sean Anthony and Anthony Semerad for the weekly citation as he also submitted a high 37 percent shooting from three-point range (seven of 19) and 82 percent from the foul line (18 of 22). The Blackwater rookie suited up in his first PBA game during the conference opener on May 19 against Meralco and quickly made his presence felt by scoring 20 points and grabbing eight rebounds in a 94-91 overtime win. Five days later, Parks proved his first game was no fluke after taking charge in the extra period as the Elite made it back-to-back wins by turning back defending champion Barangay Ginebra, 108-107. The son of the late legendary PBA import Bobby Parks scattered a league 28 points, including 10 in overtime capped by two

BOBBY RAY PARKS is named Player of the Week.

3-pointers that allowed the Elite to take control of the game for good. Parks capped the winning stretch by coming through with 23 points, five rebounds and five assists in a 118-110 Blackwater win over Columbian Dyip. The streak of 20 points or more by Parks in his first three games made him the first rookie in 22 years to achieve the feat or since top pick Andy Seigle did it with Mobiline in 1997, according to PBA chief statistician Fidel Mangonon III.

OSAKA AVOIDS UPSET AX

ARIS—Naomi Osaka’s body language made her plight plain. For all she’s already accomplished, the internal pressure stemming from aiming to do even more was ruining her debut as the No. 1 seed at a Grand Slam tournament. Fed up with her poor play in a first-round match at the French Open—errors off Osaka’s racket gave her opponent her first 30 points on Tuesday—she missed yet another shot. She was within a game of losing. Osaka wheeled around to look at her box and display what seemed to be a sarcastic thumbs-up. “Definitely sarcastic. I was kind of thinking:

Go for Gold, Scorpions dispute last semifinals slot

NE spot remains up for grabs in the Philippine Basketball Association Developmental League semifinals and only one between Go for Gold-College of Saint Benilde (CSB) and Centro Escolar University (CEU) will catch that last ticket when they face off on Thursday at Ynares Sports Arena in Pasig City. The only quarterfinal series to go the distance will reach its end at 4 p.m. with the winner facing Saint Clare College Virtual Reality in the semifinals next week. The Scratchers threw the Scorpions’ twiceto-beat advantage to the trash with a gutsy 84-81 victory on Tuesday, but the Game One

win did not come without a scare. Despite a hot start spurred by Roosevelt Adams, Justin Gutang, and Santi Santillan that gave Go for Gold-CSB a 20-point advantage, CEU refused to back down and banked on Judel Fuentes and Maodo Malick Diouf to make it a game and even tie the affair at 11 in the final minute. The Scratchers needed Gab Banal to put the game beyond reach and force this winnertake-all decider. “We probably deserve to lose that game,” an incensed Coach Charles Tiu rued, hoping that his young side learn from their mistakes if

Italian noses out Czech in Giro’s back breaking 16th stage climb

ONTE DI LEGNO, Italy—Giulio Ciccone of Italy won the toughest stage of the Giro d’Italia on Tuesday, while Richard Carapaz remained in the overall lead after another disappointing day for race favorite Primoz Roglic. Ciccone, who rides for Trek-Segafredo, edged out Czech cyclist Jan Hirt at the end of the grueling mountain leg. The duo had been part of a large breakaway which escaped early on the 16th stage. “I’ve been waiting for this second stage win for two years now,” said the 24-year-old Ciccone, who won a stage on his Giro debut in 2016. “So I yelled with joy on the finishing line because it’s been a complicated day with lots of rain and cold. “Jan Hirt didn’t want to cooperate so it’s been a bit nervous between us but at the end I’m happy with everything.” The route had to be altered because of heavy snow on the Passo Gavia and an avalanche risk but still included the daunting climb up the Mortirolo toward the end of a 194-kilometer (121-mile) ride from Lovere to Ponte di Legno. Fausto Masnada was third, one minute and 20 seconds behind the front two and 21 seconds ahead of home favorite Vincenzo Nibali, who leapfrogged Roglic into second in the overall standings. Nibali is 1:47 behind Carapaz. Roglic slipped to third, 2:09 behind the Ecuadorian cyclist, who rides for Movistar. “The truth is that it’s been a very

complicated day, especially because of the weather conditions and the climbs,” Carapaz said. “But as a team we’ve worked very well for Mikel Landa and myself. It’s another good day in terms of time gained.” Roglic, who lost time after he was involved in a crash on Sunday’s 15th stage, had started the day 47 seconds behind Carapaz but was unable to follow when Nibali attacked shortly before the halfway stage of the Mortirolo climb, 34 kilometers from the finish line. The fearsome climb is 11.9 kilometers long, with average gradients of 10.9 percent and with sustained ramps of 18 percent. Roglic made up time on the rainy descent, cutting the deficit to 40 seconds, but Nibali and Carapaz responded. “We wanted to try to do something and we succeeded, reversing the situation with Roglic,” said Alberto Volpi, who is sports director of Bahrain-Merida—the team Nibali rides for. “I have to congratulate the guys.... Carapaz is becoming a tough opponent, but we have Nibali.” The Giro continues in the mountains on Wednesday’s 17th stage, a 181-kilometer route from Commezzadura to Anterselva, near the Austrian border. The three-week race finishes in Verona on Sunday. AP

GIULIO CICCONE wins the toughest stage of the Giro d’Italia. AP

they want to make it to the semis. “When you start getting careless and not pay attention to details, that happens. So I trust our players and our staff to take care of business come Game Two.” For Scorpions Coach Derrick Pumaren, as much as the opposition caught his side offguard, that’s already a thing of the past now as they aim to bounce back. “We just have to come out and be ready to play for 40 minutes. We can’t just play for 20 minutes of good basketball. I’ve been preaching to them that we have to play our game,” he said.

‘Do you guys see this amazing tennis I’m playing right here? Thumbs-up.’ I don’t even know what I wanted them to do. I felt kind of bad after I did it. It was more like I had to put my emotions somewhere,” Osaka said. “It’s one of those matches where you’re not playing well, but you have to find a way to win. For me, I’ve just begun learning how to do that.” Five times just two points from defeat in a swirling wind, Osaka held it together enough to overcome all of those miscues and stretch her winning streak at majors to 15 matches by eventually beating 90th-ranked Anna Karolina Schmiedlova of Slovakia, 0-6, 7-6 (4), 6-1. As she got going, Osaka delivered a pinpoint cross-court forehand that was too hard to handle, then looked at her box again, this time with a pumping clenched left fist. Afterward, she acknowledged having jitters as she pursues a third consecutive major title while topping the seedings. “I feel like I’m thinking too much about the number next to my name right now, instead of feeling free and having fun like I normally do

Carlos snatches 2 netfest titles in Valle Verde

in Grand Slams,” Osaka said. “The reason that I wasn’t moving my feet is because I was super nervous, super stressed.” Defending champion Simona Halep could relate. Starting her first defense of a Slam title, she also turned in an uneven performance and needed three sets to get by, topping 47thranked Ajla Tomljanovic, 6-2, 3-6, 6-1. “I need to be calm. Just focused on my game. Not thinking about my opponents and not thinking about the result,” said Halep, who was a runner-up twice in Paris before earning the trophy in 2018. Clay has never been Osaka’s best surface; her power-based style is more suited to hard courts, such as those at the US Open, which she won last September, or the Australian Open, which she won in January to become the first tennis player from Japan to be ranked No. 1. Her only first-round exit in 13 appearances at majors came at the French Open two years ago. The only 6-0 Grand Slam set she has lost came

LUB bet Macie Carlos played true to form in the girls’ 16-under division then foiled an upstart in the premier class to complete a twinkill in the Palawan PawnshopPalawan Express Pera Padala (PPS-PEPP) Valle Verde national age group tennis tournament in Pasig City recently. The top seeded Carlos crushed Mica Emana from Quezon City, 6-1, 6-0, in the 16-under finals and, as No. 3 in the 18-under class, ripped No. 2 Francesca Cruz, 4-1, 4-1, in the semis before blasting top ranked Anna Demyer tormentor Althea Ong, 6-0, 6-1, to emerge the lone “double’ winner in the Group I tournament presented by Dunlop. Kriz Lim overpowered Ario Quines, 4-0, 4-0, to run away with the 10-unisex title then teamed up with Samuel Davila to whip Noval Brazal and Godwin Jumarang, 8-2, to clinch the 10-under doubles diadem and share the Most Valuable Player honors with Carlos in the event. Other winners in the country’s longestrunning talent-search put up by Palawan Pawnshop headed by President and CEO Bobby Castro were Team Solinco’s Josiah Salangsang (boys’ 12-under) and Hadassah Pascua (girls’ 12-under), Quezon City Sports Club’s Lance

on Tuesday. Yet, after having a career record of 9-11 on clay entering this season, she is 8-1 on the slow stuff in 2019. She talked about feeling more and more comfortable on the surface and assured everyone that the abdominal and thumb injuries she’d dealt with in recent weeks were no longer any issue. But nothing seemed right at the outset against Schmiedlova, who has never been past the third round at a major and is 6-15 in openers. Schmiedlova’s first 30 points came via 18 unforced errors and 12 forced errors by Osaka— and zero winners of her own. By the end, Osaka won despite 38 unforced errors, 24 more than her foe. She’ll probably want to play better in her next match, against two-time Australian Open champion and former No. 1 Victoria Azarenka. “It’s going to be exciting for me,” said Azarenka, who eliminated 2017 French Open winner Jelena Ostapenko 6-4, 7-6 (4). “I love to challenge myself against the best players.” AP Fernandez (boys’ 14-U) and Loucas Fernandez (boys’ 18-U), Manila Polo Club’s Miguel Castillo (boys’ 16-under) and Emana (girls’ 14-under). Salangsang stopped Kriz Lim, 4-1, 4-0, in the semis then held off Prince Lim, 7-6(4), 6-2; Pascua upended top seed Felicia Araneta, 6-1, 6-1; Lance Fernandez warded off Kidron Pascua, 6-1, 6-4; Loucas Fernandez outlasted Daniel Estanislao III, 7-6(4), 6-4; Castillo repulsed Edgardo Angara, 7-5, 6-0; and Emana beat Hadassah Pascua, 6-0, 6-0. Mica Emana also partnered with sister Kaye Ann to edge Kryshanna Brazal and Anna Demyer, 8-6, to snare the 18-U doubles plum with Lance and Loucas Fernandez taking the boys’ crown with an 8-3 romp over Emmanuel Davila and Pablo Gonzaga. Sabdra Apostol and Chelsea took the girls’ 14-under diadem with an 8-1 rout of Felicia Araneta and Dominique Lhuillier, 8-1, with Joshua Diva and Prince Ricamara stopping the Lim siblings, Prince and Kriz, 8-4, for the boys’ crown in the event sanctioned by the Unified Tennis Philippines made up of PPS-PEPP, Cebuana Lhuillier, Wilson, Toby’s, Dunlop, Slazenger and B-MEG.

JAY JAY, DONDON LEAD LEGENDS

COMMISSIONER Fortunato “Atoy” Co expounds on the tournament.

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sMirror

Four teams vying in crucial matches

By Rick Olivares

AR Eastern University (FEU), San Sebastian College, College of Saint Benilde and National University (NU) try to solidify their positions for the quarterfinals stage of the Filoil Flying V Preseason Cup on Thursday at the Filoil Flying V Centre in San Juan. FEU battles Emilio Aguinaldo College (EAC) at 2:15 p.m., while San Sebastian (3-0 won-lost) takes on winless Arellano University at 4:15 p.m. College of Saint Benilde and NU collide at 5:15 p.m. In the high-school division, University of Santo Tomas (UST) battles Jose Rizal University (JRU) at 9 a.m., while Adamson University crosses paths with San Beda at 12:30 p.m. San Sebastian battles San Beda in the lone 11-Under match at 8 a.m. For the upcoming Filoil All-Star Game, the fans voted for University of the Philippines (UP) stars Ricci Rivero, Kobe Paras and Bright Akhuetie to lead the University Athletic Association of the Philippines (UAAP) selection against the National Collegiate Athletic Association side to be bannered by JC and JV Marcelino of Lyceum of the Philippines University. The All-Star Game is set at 4 p.m. on Friday also at the Filoil Flying V Centre in San Juan. Also named to the UAAP selection are De La Salle’s Aljun Melecio, Justine Baltazar and Andrei Caracut; Adamson University’s Jerrick Ahanmisi, Jerom Lastimosa and Simon Camacho; FEU’s Ken Tuffin and LJ Gonzales; NU’s Dave Ildefonso and John Lloyd Clemente; and UST’s Mark Nonoy. Joining the Marcelino twins in the NCAA selection is their teammate Mike Nzeusseu; Arellano University’s Kent Michael Salado; San Sebastian College’s Rommel Calahat; JRU’s MJ de la Virgen; San Beda’s James Kwekuteye, Clint Doliguez and Donald Tankoua; Letran’s Jerrick Balanza and Larry Muyang; EAC’s JP Maguliano; and Mapua’s Warren Bonifacio and Laurenz Victoria. The All-Stag Game’s festivities tip off with the Three-Point Shootout at 2 p.m. followed by the Slam Dunk ConteSaint Tickets to the Filoil All-Star Games are available at the gate of the Filoil Flying V Centre, as well as through Ticketnet.

ALACAÑANG threw its full support behind the current leadership at the Philippine Olympic Committee and Philippine Sports Commission (PSC) Chairman William Ramirez followed suit by accepting the POC offer for the post of chef de mission of the 30th Southeast Asian Games. The Palace announced its support of POC President Ricky Vargas and Chairman Rep. Abraham Tolentino on Tuesday night—through Spokesman Salvador Panelo—while President Duterte is attending the 25th Nikkei Conference on the Future of Asia in Tokyo. And in a whirlwind, Ramirez told a press conference at the PSC offices in Manila on Wednesday morning that he has reconsidered and accepted the position of chief of mission for the November 30 to December 11 SEA Games the county is holding in several venues. “Last night, I was given firm instructions which I shall carry out, knowing beyond any doubt that national interest is primary concern of government, and should be all of it. I humbly accept the chef de mission post for Team Philippines,” Ramirez told the press conference where he was joined by Vargas, POC Spokesman Ed Picson and Deputy SecretaryGeneral Karen Caballero. “I humbly accept the chef de mission

PHILIPPINE Sports Commission Chairman William Ramirez and Philippine Olympic Committee President Ricky Vargas shake hands as (from left) Deputy Executive Secretary Kim Yu and POC Spokesman Ed Picson and Deputy Secretary-General Karen Caballero look on.

post,” Ramirez furthered in a statement he read during the press conference. “I accept the challenges of the CDM position, aside from the instructions of my bosses, is to heed the call for help of the Philippine Olympic Committee.” Kim Yu, deputy to Executive Secretary Salvador Medialdea, sat beside Ramirez in the press conference, proof of the Palace’s support to the PSC and POC leadership that was hounded by controversies on Monday. Vargas replaced the members of the POC executive board during a fiery POC general assembly on Monday that saw at least two of the former board members cursing Vargas. Besides replacing Monsour del Rosario as chief of mission to the SEA Games, Tolentino took over POC First Vice President Jose Romasanta as chief of mission to the Tokyo 2020 Olympics.

ETIRED “young” players JayJay Helterbrand and Dondon Hontiveros will lead their respective teams in the UNTV Cup Philippine Basketball Association (PBA) Legends Faceoff, which kicks off on Sunday at the Pasig City Sports Center. Hontiveros rekindles the past as he dons the San Miguel Beer jersey anew, while Helterbrand, the former PBA Most Valuable Player, will be at the forefront of Ginebra San Miguel’s campaign in the month-long, four-team meet that also features Purefoods and Alaska. Hontiveros and Helterbrand retired from Asia’s pioneering pro league in 2017. They qualified for the tournament that offers a P1-million prize to the champion team in the 40 years old and above category. Helterbrand and Hontiveros are expected to add excitement to the meet that is an offshoot of the highly successful “Return of the Rivals” staged last February, which also featured the four popular ball clubs.

Ramirez’s acceptance of the SEA Games post came less than 24 hours after declining the POC appointment in an official statement. “Yesterday I declined the offer to be chef de mission of Team Philippines for the upcoming 30th Southeast Asian Games, which we host in five months,” Ramirez said. “I declined for many reasons...that I see no need to have a title to help the team, being already involved as chairman of the government’s sports agency and, delicadeza.” “We show our readiness to step in, to help in the capacity being requested and if possible, mediate to make the unity [in sports] happen,” said Ramirez, who asked for reconciliation among the warring parties in the POC with Vargas on one side and his predecessor, Jose Cojuangco Jr., on the other side. Ramon Rafael Bonilla

Valdez powers Cool Smashers

ULTI-TITLED Tim Reed of Australia expects to race in top form as he seeks to bounce back from a series of setbacks and reclaim the crown in the Century Tuna Ironman 70.3 Subic Bay presented by Big Boss Cement, which unfolds Sunday in Subic Bay. Winner of the inaugurals of this event in 2015 and a three-time Ironman 70.3 champion in Cebu, Reed has had a number of sorry finishes in the last top-level endurance races, including a fourth-place effort in Davao Ironman 70.3 in March. But the 2016 Ironman 70.3 world champion sees a big turnaround come Sunday, ready to take on the best in the premier men’s pro division, including first Philippines full Ironman champion Nick Baldwin of Seychelles no less. “I’m really excited to return to Subic Bay. With the race previously held in March, I’m often rebuilding fitness after a short off-season, and I’m really excited about racing Ironman 70.3 Subic Bay further into my season when my race fitness should be at a really high level,” Reed said. Aside from his world-class rivals, the Aussie ace also braces for a tough outing on a new course lined up for the 1.9-km swim/90-km bike/21-km run event and the weather condition at this time of the season. “Ironman 70.3 Subic Bay is a truly challenging event even by Ironman 70.3 standards. An undulating course combined with the heat makes it a true test. I think the more times you have raced in Subic Bay the more lessons you have learnt, and I hope I can put all that knowledge into helping me have a great race,” Reed added.

PALACE SUPPORTS VARGAS, TOLENTINO

Aussie Reed in top form for Ironman

S FACEOFF HOOPS

Thursday, May 30, 2019

REVVING UP Sen. Manny Pacquiao and members of his training and security team jog around Dasmariñas Village in Makati City on Wednesday morning. The fighting senator is in the initial phase of his preparation for his fight with American World Boxing Association super welterweight champion Keith Thurman at the MGM Grand Arena in Las Vegas, Nevada, on July 20.

CEBU CC IN CONTROL C

Medestomas shooting 41 points, showed the way in Emerald class with a 149, four points ahead of Camp Aguinaldo I and Forest Hills, which turned in identical 145s with Camp John Hay and Alabang putting in a pair of 140s. Lorna Tabuena came away with 40 points while Myoung Hee Cheon scored 37 points as they powered Manila Golf to the Ruby division lead with a 138, also four points up on Villamor (134) with Orchard too far behind with a 119. Bacolod, on the other hand, set the pace in the Pearl class with Sharon Cho and Monina Gudaca leading the charge with identical 31 points, for a one-point lead over Camp Aguinaldo 2, led by Mencie Millionado’s 31 points, with Baguio, powered by Nora Sy’s 30 points, just within striking distance at 106. Sharing the first round spotlight were individual leaders Myung Seon Park of Rancho Palos Verdes (43 points-Class B) and Club Filipino’s Arlene Villordon (39 points-Class C).

EBU Country Club took charge in the early going of the Champion Luzvimin Invitational golf tournament, using its local knowledge of the CCC layout to pool a 187 for a one-point edge over Pueblo de Oro in Cebu City on Wednesday. Mary Kim Hong fired 50 points under the Molave scoring system while Riko Nagai, Crystal Neri and Catrina Martinez backed her up with 48, 46 and 43 points, respectively, as the hosts and the equally hot-starting Pueblo de Oro ladies took the spotlight from defending champion Del Monte and former titlist Manila Southwoods after 18 holes of the six-to-play, four-to-count format event. Pamela Mariano sizzled with 53 points

while Alethea Gaccion shot 50 points, and Juliane Borlongan and Gladys Opitz added 42 and 41 points, respectively, for Pueblo de Oro, which stayed just within at 186 heading to the last two days of the annual championship sponsored by Champion and organized by the Women’s Golf Association of the Philippines. Valley Golf, behind leading Class A individual scorer Mariel Tee’s 55 points, placed third with a 170 as last year’s winner Del Monte found the flat but tight layout not to its liking and groped for a 167 with Manila Southwoods settling for fifth with a 163 in the premier Diamond division of the event backed by Henna, San Miguel Corp., Diamond Motors, Quest Hotel, Cebu Country Club, Ayala Land Premier, Celium Fibre, Derma C,

Gothong Lines and Vermogen. Leslie Icoy and Martina Miñoza shot 43 points each for Del Monte but last year’s Class B individual champion Sophia Abarcas could only add 41 points and Kiara Montebon chipped in 40 markers. Southwoods, on the other hand, got 46 points from Laia Barro and 45 points from Loralie Roberto, but their next two scorers could only churn out 36 points at best, two of which coming from Yeun Jea Baek, Claudine Garcia or Christine Naidoo. Fernando Air Base made a 147 for sixth followed by Club Filipino (142), Rancho Palos Verdes (131), Sta. Elena (114), Eagle Ridge (109) and Victorias (88). Tagaytay Highlands, with Gilda

“The PBA Legends Faceoff is an offshoot of the previous event where the fans came in droves to cheer for their idols,” tournament commissioner Fortunato “Atoy” Co told Tuesday’s Philippine Sportswriters Association Forum at the Amelie HotelManila. With Helterbrand at Ginebra are Bal David, Vince Hizon, Rudy Distrito, Edward Joseph Feihl, Marlou Aquino, Bobby Jose, Benny Cheng, Mike Orquillas, Banjo Calpito and Pido Jarencio. Joining Hontiveros at San Miguel are Allan Caidic, Nic Belasco, Ato Agustin, Danny Ildefonso, Nelson Asaytono, Olsen Racela, Arnold Gamboa, Bong Alvarez, Francis Adriano, Danny Seigle and Chris Calaguio. Four-time MVP Alvin Patrimonio will be at the forefront of Purefoods’s campaign along with frontcourt partner Jerry Codinera, Dindo Pumaren, Glenn Capacio, Bong Ravena, Richard Yee, Joey Santamaria, Bonel Balingit, Tony Boy Espinosa, Dwight Lago, Roger Yap

and Rommel Adducul. Alaska has only 10 players led by Johnny Abarrientos, Jojo Lastimosa, Bong Hawkins, Jeffrey Cariaso, Edward Juinio, Rodney Santos, Eddie Laure, Willie Miller, John Ferriols and Kenneth Duremdes. “This is fun and exciting for the former teammates and former players,” said the 67-year-old Co, a former MVP himself and regarded as one of the deadliest shooters in PBA history, during the forum presented by San Miguel Beer, Braska Restaurant, Amelie Hotel, and the Philippine Amusement and Gaming Corp. San Miguel battles Purefoods on opening day on Sunday at 12 noon, followed by the Ginebra-Alaska tussle at 2 p.m. A week later, San Miguel takes on Alaska and Purefoods clashes with Ginebra. The Alaska-Purefoods encounter and Ginebra-San Miguel collision on June 16 wrap up the elimination phase. The finals is set on July 2 at the Smart Araneta Coliseum.

TEAM Forest Hills Ladies shoots for its first victory in the Luzvimin tournament. Shown above are (from left) Jee Cabochan, Grace Atienza, Nati Toribio, Cecil Tan, Christine Lava and Tess Staub.

LYSSA VALDEZ bounced back strong and Creamline rebounded from a straight-set defeat to PetroGazz with a 25-21, 25-16, 25-18 victory over PacificTown Army in the Premier Volleyball League Reinforced Conference at the Flying V Centre in San Juan on Wednesday. Valdez shook off a left-ankle injury that sidelined her in their loss to the Angels in Sunday’s inaugurals of the third season of the country’s premier league, firing 12 points while imports Kuttika Kaewpin of Thailand and Aleoscar Blanco combined for 21 hits for the defending champions, who responded to Assistant Coach Ed Ortega. “We worked on our rotation and we came in prepared against Army. We studied their moves and plays during training,” said Ortega, who will still call the shots for the crowd favorites against the Banko-Perlas Spikers on Sunday. Creamline dumped Chinese Coach Li Huanning following the fancied Cool Smashers’ loss with Thai Coach Tai Bundit set to take over next week for the team he steered to the Reinforced and Open Conference crowns last year. The Lady Troopers, who debuted with a fourset victory over the BaliPure Water Defenders last Sunday, kept the game close in the early going but failed to neutralize the Cool Smashers’ strong finishing kick to drop the first two sets. Creamline then pounced Army’s poor reception in the third frame, posting leads of as many as nine, 17-8. Though the Lady Troopers struck back to within 14-18, Kaewpin took charge with key hits before Valdez blasted in a kill to wrap up the match.

PHL volleybelles reap positives

LOT of positives— highlighted by the gallant fifth-place finish by Sisi Rondina and Bernadeth Pons—were reaped in the Philippine campaign in the recent International Volleyball Federation Beach Volleyball World Tour Boracay Open. After matching last year’s quarterfinals run in the Beach World Tour over the weekend, the country’s top sand-court players are looking forward to elevate their level of play in future international competitions. “Given a chance, we will prepare hard for this one,” said Rondina, a four-time University Athletic Association of the Philippines beach volleyball champion with University of Santo Tomas. “We are grateful and blessed to have experienced to much.” Reunited with Pons, Rondina powered the Philippines to two victories against Japan’s Shinako Tanaka and Miyuki Matsumura, 21-14, 21-8, in pool play and a dominant 21-18, 21-6 win over Ekaterina Filina and Ekaterina Zazhigina of Russia in the Round of 12. The erstwhile collegiate rivals lost to Japan’s Sakurako Fujii and Minori Kumada, 17-21, 19-21, in the quarters, but not without putting up a gutsy stand in front of an energetic crowd at the White House Beach Station 1. “We are so thankful for the opportunity to play in this tournament. Maybe in the next tournament, we can go deeper,” said Pons after her international debut in the Beach Volleyball Republic-organized tournament.

‘SPORTS ILLUSTRATED’ SOLD FOR $110 MILLION Sports SPORTS PLUS

MARTA EYES RECOVERY

RIO DE JANEIRO—Brazil star Marta is optimistic she will fully recover from a left thigh injury before the women’s World Cup starts in France next month. Speaking for the first time since she was injured in training in Portugal on Friday, the 33-year-old Marta said in a video released by Brazil’s football confederation that she expects to return to action “very soon.” The confederation said on Saturday that Marta had suffered a left thigh muscle injury and would need need physical therapy for a week before undertaking another fitness test. The Women’s World Cup starts on June 7 in France. Marta has won the award for world’s best women’s player six times. AP

TICKETS SOLD FOR TOKYO 2020 TOKYO—Olympic organizers say millions of Japan residents have shown interest in buying tickets for next year’s Tokyo 2020 Games. Organizers closed the first phase of ticket applications on Wednesday for Japan residents, and applicants will be told on June 20 what tickets they have been allocated through a lottery system. Organizers extended the application period by 12 hours, citing high demand. Overseas residents will have to wait until June 15 when tickets are put on sale by special distributors in each country—known as Authorized Ticket Resellers. Organizers declined to say how many tickets have been applied for through the online system. They say only that 7.5 million “ID registrations” have been recorded, which then allows people to apply and enter the lottery. Organizers estimate 7.8 million tickets will be available, with 20 percent to 30 percent dedicated to sales outside Japan. AP

AFRICA HOOPS LEAGUE UP NEW YORK—Amadou Gallo Fall is the first president of the Basketball Africa League, and Anibal Manave has been tabbed as the inaugural president of the board for the new league. The National Basketball Association (NBA) and International Basketball Federation (Fiba) made the announcements on Tuesday. Fall has been with the NBA since 2010, most recently as its vice president and managing director for Africa. Manave has been a member of Fiba’s Central Board. The NBA announced in February that it was collaborating with Fiba to start a league in Africa. The 12-team league is scheduled to begin play next year. Fall is a native of Senegal and has helped oversee the NBA’s growth in Africa, such as the execution of three sold-out Africa Games, the Basketball Without Borders programs there and The NBA Academy Africa—which opened in 2017. Manave is a native of Mozambique and is a former player, coach and commissioner in his homeland. “It’s definitely great for the continent, and every African player being able to have that,” Toronto forward Pascal Siakam, a native of Cameroon, said on Tuesday. “They have the NBA Academy and things like that, just growing the game in Africa. We can all just be proud of that.” AP

THEY’RE GETTING DOUSED

Houston Astros catcher Garrett Stubbs is doused with water in Houston and so is Cincinnati Reds’ Derek Dietrich in Cincinnati after their Major League Baseball games on Tuesday. AP

Authentic Brands Group said it sees opportunities to grow Sports Illustrated in digital, TV and social media, making it “a leader in lifestyle and entertainment.”

BusinessMirror

| Thursday, May 30, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

By Tali Arbel

The Associated Press

EW YORK—Sports Illustrated magazine has been sold for $110 million to a company that specializes in managing fashion, entertainment and sports brands, including marketing rights to Shaquille O’Neal and Muhammad Ali. The seller, Meredith Corp., will continue running the print edition and the web site SI.com for at least two years. Its editor and publisher are staying on, and the magazine will have editorial independence. The deal lets Sports Illustrated grow in new areas such as esports, while Meredith can continue to “produce independent, award-winning journalism and storytelling,” Sports Illustrated Editor in Chief Chris Stone said in a statement. It’s not clear what will happen after two years, though it’s possible Meredith and the new buyer, Authentic Brands Group, could extend their licensing deal, terms for which weren’t disclosed. The magazine is “so essential in the psyche of sports,” said Samir Husni, director of the Magazine Innovation Center at the University of Mississippi, even after the magazine lost some of its luster with ESPN’s entry to sports journalism decades ago. “I don’t think Sports Illustrated is going anywhere soon,” Husni said. Meredith has long published Martha Stewart Living magazine under a licensing deal. “We believe we will have similar, great success developing the vitality and profitability of Sports Illustrated,” Meredith Spokesman Jill Davison said. For now, she said Meredith and Authentic have

AN issue of Sports Illustrated is displayed on a newsstand in New York. AP

“achievable and ambitious goals to meet” and will evaluate the partnership after two years. She said there are no plans to change the magazine’s frequency. The once-weekly print edition currently comes out every other week. Authentic said it sees opportunities to grow Sports Illustrated in digital, TV and social media, making it “a leader in lifestyle and entertainment.” Authentic will take over marketing and business development and will look for other licensing opportunities in products, original content and live events. The company said it sees opportunities to use the Sports Illustrated brand in growing markets for sports gambling and video

F1 confident in US GP future in Texas

USTIN, Texas—Formula One (F1) expects to race the US Grand Prix at the Circuit of the Americas for “many years to come,” a series official said on Tuesday, despite the track’s failed effort to secure $25 million in public money it was denied in 2018. Sean Bratches, F1’s managing director of commercial operations, suggested the series remains confident in the financial security of the Texas race. “We have a great relationship with [the track] and it is a highly regarded and valued part of our season,” Bratches said. “We look forward to the Grand Prix in Austin this October and for many years to come. [It] is a circuit that is loved by teams, drivers and fans.” The Circuit of the Americas relies heavily on annual payments from the state’s Major Events Reimbursement Program to cover race expenses—including an estimated

$30 million licensing fee paid to F1—and has collected more than $150 million in public money since 2012. The fund is typically used to help Texas host events such as the Super Bowl and the NCAA basketball Final Four, but the annual US Grand Prix has been the biggest recipient of cash by far. Race organizers can still apply for money for future races. The problem with the 2018 race came when organizers were late in filing a mandatory antihuman trafficking plan that is supposed to help local authorities combat prostitution around the event. That omission disqualified the application under law. Shortly after the race last November, track President Bobby Epstein made a series of campaign donations totally nearly $100,000 to Gov. Greg Abbott, whose office runs the reimbursement

game competitions known as esports. “The aim is not only to extend the partnership past the two-year mark, but to expand the relationship beyond the Sports Illustrated brand,” Authentic Spokesman Haley Steinberg said. She said there was an opportunity for Meredith to help develop content for Authentic’s other brands. Authentic’s portfolio includes Nine West, Nautica, Juicy Couture and Frederick’s of Hollywood. Sports Illustrated, which began publishing in 1954, covers sports and has an annual swimsuit edition. It has struggled as print advertisers flee for the Internet and digital sports outlets crop up. The magazine’s circulation has dropped 8.6 percent in the past five

years, to 2.8 million, according to the Alliance for Audited Media. Rival publications have suffered, too. ESPN, for example, said in April that it would shut down its print magazine. Meredith got Sports Illustrated as part of its purchase of the Time Inc. magazine company in January 2018. Meredith, the publisher of lifestyle magazines and sites like Martha Stewart Living and Allrecipes, said shortly after buying Time Inc. that it wanted to sell the publisher’s news and sports magazines while keeping the titles more aligned with its brand like People. It has already offloaded Time magazine and Fortune. Meredith also wanted to sell Money, but instead is shutting down the print version of the magazine.

program; Lt. Gov. Dan Patrick, who presides over the state Senate; and several lawmakers whose districts include or border the race track. A group of lawmakers attempted to rewrite state law to allow the track to reapply for the 2018 money, but the effort failed before the Legislature adjourned on Monday until 2020. State Rep. John Frullo, the Republican who led the effort to help the racetrack, called the race, “important not only to Austin, but the state of Texas and the United States.” Critics have called payments to the Circuit of the Americas a corporate handout. The Formula One race is one of the few events specifically designated by law to be eligible for millions of dollars from the reimbursement program. “This case highlights the vast difference between the special treatment offered a high-profile project and its wealthy owner compared to the obstacles the state puts between lower-income folks and the health care, and other benefits they are fully entitled

to receive,” said Dick Lavine of the Center for Public Policy Priorities. Epstein declined comment on Tuesday. Family, friends and fans have gathered at Saint Stephen’s Cathedral in Vienna for a last farewell to Formula One great Niki Lauda in Vienna. The wooden coffin of the three-time champion was decorated on Wednesday with his red racing helmet and surrounded by six white candles, with two larger-than life portraits of Lauda behind it. The Austrian died May 20 at age 70, less than a year after undergoing a lung transplant. Lauda, who won two of his Formula One titles after a horrific crash in which he suffered serious burns, later became a prominent figure in the aviation industry and in recent years served as a nonexecutive chairman of the Mercedes F1 team. Austrian President Alexander Van der Bellen, Arnold Schwarzenegger and several Formula One stars were expected to attend the service. AP

God of all grace

EAR God, You bless us with every gift of the Spirit. In faith and love we pray: Hear our prayer, oh God. Grant safety to miners, firemen and navigators, and all who work in jobs that are dangerous. Protect children and youth from human trafficking and help us to end all forms of slavery and oppression. Welcome into the light of Your face all who have died in the hope of resurrection. Guard our tongue so we always speak the good of ourselves and others. May God enlighten our hearts so that we may know the surpassing greatness of His power, through Jesus our Savior. Amen. GIVE US THIS DAY, SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

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THE MiagAo Church is a Unesco heritage site

Life

REELING: THOSE AMAZING, SHORT, SHORT FILMS D4

BusinessMirror

Thursday, May 30, 2019

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ASIDE from La Paz Batchoy, Netong’s Restaurant at the La Paz public market also offers Linaga, a beef stew which uses local fruit batwan, as a souring agent

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THIS ginormous old acacia tree marks the spot where supposedly a white lady hails a cab to go to her mansion through a gate

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EACH room in Park Inn by Radisson in Iloilo has a colorful, youthful, hip vibe

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Discovering the delights of Iloilo

sTOry & PhOTOs By sTeLLA ArnALDO

ELIZABETH T. SY (third from left), president of SM Hotels and Conventions Corp. (SMHCC) leads the beating of the Dinagyang drums at the launch of Park Inn by Radisson Iloilo on April 2. Joining her are: (from left) SMHCC Executive Vice President Peggy Angeles, Iloilo City Mayor Jose S. Espinosa III and Hotel Manager Walid El Zeer. (PHOTO COURTESY SMHCC)

’VE always held a certain fondness for the province of Iloilo. Over the years, I’ve seen its city grow and improve from a once sleepy town, to a bustling commercial metropolis with well-paved roads and strong bridges, and an exciting destination for tourists and shoppers not just from its neighboring provinces in Western Visayas, but from Manila, Cebu and Davao, as well. The occasion for my recent visit to Iloilo was the formal opening and launch of Park Inn by Radisson. The 199-room hotel is the third Park Inn in the portfolio of SM Hotels and Conventions Corp. (SMHCC), and is the first under the company’s licensing agreement with the Radisson Hotel Group. Park Inn by Radisson Iloilo enjoys a prime location next to SM City Iloilo in Mandurriao. The hotel is 25 minutes away from the Iloilo International Airport and strategically near the city’s main commercial district, tourist attractions, museums and historical landmarks. The hotel offers a vibrant ambiance and complimentary high-speed Internet for unlimited connectivity. Its all-day dining restaurant Ani (Harvest) provides a hip setting in which groups can

meet over exciting food and beverage options. Also available is Dash, a convenient self-serve section which offers busy travelers a variety of ready-toeat choices that can be consumed on-the-go. It also features a bar serving up your favorite poison for one’s nightcap, or a great-tasting flat white for a free and easy kick on lazy afternoons. The lobby is designed with a living room in mind, so it allows guests to socialize while also providing an intimate space for individuals who wish to unwind through reading or surfing the net. For recreation, the hotel has a gym, and a swimming pool for both adults and children. From the hotel, we were able to go around the city’s landmarks and visit nearby historical churches, heritage homes, and feasted on indulgent and iconic Ilonggo dishes. Some of the must-see spots: n GUIMBAL VANISHING MANSION. Only a humongous old acacia tree and a statue now mark the spot where many a taxi driver have reportedly picked up a lady in white at night, who then directs them to a gate that leads to a mansion. After the lady supposedly pays the cab fare and then alights from the taxi, the driver leaves, but when looking back from his rearview mirror, the mansion is gone. (Our group of cynical journalists, of course, pointed out that there still was a gate nearby—that of a school just adjacent to the old tree, with school buildings resembling large houses— at the back quite visible.) n MIAG-AO CHURCH.Also known as the Santo Tomas de Villanueva Parish Church, this Roman Catholic church was declared a Unesco World Heritage Site in 1993. It is one of four Baroque Spanish-era churches in the Philippines, which was founded in 1731, and constructed from adobe, egg whites, coral and limestone. (The egg yolks were said to have been donated to nuns to make into biscuits and other pastries.) n CAMIÑA BALAY NGA BATO. Over 150 years old, this home to the Camiña family is still in use by the brood’s fourth generation. Its second floor, patterned after houses from the Spanish era, is the traditional living area of homeowners. On it are the receiving area, or sala, and dining area, and off to one side are the bedrooms and kitchen. The dining area features

large windows, which allow the air to circulate the entire house, although with the humid summer now on us, our cool air was aided by electric fans, which stand out quite surreally amid the antique furniture positioned all over the floor. The must-eats: Along with the historic and curious sites to behold, Ilonggo cuisine served up in heritage homes like that owned by the Camiña family, as well as in city markets and local restaurants, is definitely one of the best reasons to visit Iloilo The traditional Pansit Molo, for instance, is a hearty soup made with delicately seasoned pork dumplings cooked in a flavorful chicken broth. At the Camiña home, the pansit molo here is supposedly cooked up by the legendary Kap. Ising, a former barangay captain in the Molo district, who inherited the recipe from his mother. Kap. Ising’s pansit molo has been the favorite of Ilonggos for decades, and is usually ordered in large batches especially for parties. Another iconic Ilonggo dish is the La Paz Batchoy, a soup consisting largely of pork offal, sliced beef, and chicharon cracklings in a steaming broth of noodles. If one wishes, it may be topped with a boiled egg or a raw egg, the latter meant to be a thickening agent. On this trip we were brought to Netong’s inside the La Paz market, but my favorite still has to be Deco’s, with a stall at the perimeter of the same market. The latter’s broth is much deeper and richer, perhaps owing to the long boiling of soup bones. Also at the La Paz market is Madge Café, a popular gathering place for local folk passing the time away by trading war stories and swapping opinions on the current events of the day, as they sip cups of piping hot brewed coffee or iced coffee. The beans here, according to its store manager Nonoy, are grown from the most fertile farms in Iloilo. I ordered half a kilo of newly roasted beans, for P500, just to take home to Manila. At the same market, I also bought a few kilos of green Guimaras mangoes for P120 per kilo. Now fully ripened, I’ve been relishing their golden sweetness, and, yes, they are really the sweetest mangoes in the world! Just a few meters away from Park Inn by Radisson is a local favorite, called Ponsyon by Breakthrough, at the Plazuela de Iloilo, which hosts a row of restaurants

and cafés. A city branch of the popular seafood dining establishment, Breakthrough, Ponsyon indulged our hungry tummies’ desires. With my media colleague Joyce, and my cousin Bic-Boc who lives in Iloilo, we feasted on a variety of dishes in a quest to satiate our hankering for God’s gifts from the sea. We ordered kinilaw na tanigue, which had coconut milk mixed in—it was quite the revelation for me, as the gata tempered the sourness with its sweetness. Between Joyce and I, we devoured three plates of the plumpest oysters (two steamed and one baked in cheese). We also enjoyed steamed shrimps and grilled pork belly with our white rice. It was quite an exhilarating experience that left our tummies quite happy, and our wallets beaming, too. For all that we ordered, we spent only P1,300; in Manila, I would imagine all that food we ate would’ve cost us double or triple the price. We were so stuffed I had to walk around the row of eateries beside Park Inn, while Joyce took drags on her cigarettes at a secret location, away from the prying eyes of the anti-smoking police. (Apparently, Iloilo City is now a no-smoking city, and provides very few designated smoking areas, nor does it require establishments to build one like in Makati or Davao City. So good luck to all my smoker friends who intend to visit.) Biscocho Haus and the venerable Panaderia de Molo are must-stops for buying pasalubong for the folk back home. Both bake traditional Ilonggo biscuits like the kinihad, galletas and piaya, as well as sweet treats like pinasugbo (plantains cooked in sugar) and butterscotch cakes. I remember as a child eagerly waiting for my Papa or Mama to return from short trips from Roxas City and Iloilo City, and lugging a large tin of assorted Panaderia de Molo goodies. These days the biscuits are packed in more practical carton boxes. So whether on a food trip, a heritage tour, attending a meeting or a conference, Iloilo City is a feast for the eyes and the soul, as well as an exciting destination for hungry palates and other gustatory pleasures. n For reservations, call Park Inn by Radisson in Iloilo at (6333) 500-0000.

SIA takes in-flight wellness to new levels Singapore Airlines’s (SIA) acclaimed International Culinary Panel (ICP) will be embarking on a new approach in the year ahead with seasonal menus prepared in a lighter cuisine style. The initiative, which was one of many announced at SIA’s World Gourmet Forum, is the latest addition to the airline’s series of in-flight wellness offerings. “Customers are increasingly mindful about their diet and the type of ingredients that go into their meals, and using fresh

produce that’s in season, as well as a lighter cuisine style are becoming more important in helping health-conscious customers feel more refreshed after their flights,” said SIA Executive Vice President Commercial Mak Swee Wah. “Our ICP chefs are on board the wellness movement with their own creations to enable travelers to eat just as healthily in the air as on the ground.” For these seasonal menus, the ICP chefs

will focus on designing dishes which use fresh ingredients to achieve bold flavors and textures. Menus will include appetizer, soup, main course, as well as dessert. A lighter cuisine style will be adopted—for example substituting cream and butter with olive oil as the base for soups. The chefs will also explore the use of lighter sauces and alternative starches, such as farro, millet, bulgar and freekeh. Each ICP chef will create seasonal dishes in their own unique cuisine

style. The ICP chefs at the World Gourmet Forum presented some of their new dishes, which incorporated seasonal ingredients, such as morel mushrooms, firefly squid, and produce such as pea shoots and asparagus. The new seasonal menus will be made available to customers traveling in Suites, First Class and Business Class. Customers can expect them to be progressively introduced into service from September 2019. The seasonal menus are complementary

to SIA’s in-flight wellness movement. The airline continues to work with premier integrative wellness brand Canyon Ranch on its ultra long haul US flights, and the wellness offerings, specifically the cuisines on board, have been warmly received by customers in helping to make their travels more comfortable. Customers on SIA’s upcoming nonstop flights to Seattle from September this year can also enjoy the Canyon Ranch cuisines.

Thursday, May 30, 2019

Entertaining BusinessMirror

This Chinese salt and pepper shrimp is a savory-spicy joy

By America’s Test Kitchen The Associated Press

HERE’S probably no recipe that better showcases salt and pepper working in multiple ways and together than Chinese salt and pepper shrimp, an enticing dish of plump, moist fried shrimp with shells as shatteringly crispy—and appealing to eat—as fried chicken skin, and a killer savory-spicy flavor profile. A quick salt-rice wine soak improved the shrimp’s texture, plumping them, as well as contributing flavor; the Sichuan peppercorns gave the dish sparkling spice and aromatic piquancy, while black peppercorns provided a straightforward hit of heat. We added the black peppercorns and Sichuan peppercorns along with cayenne and sugar to the coating and then fried more of the same with ginger and garlic to make a flavorful paste that we tossed the fried shrimp in for great depth. For an extra jolt of spiciness, we also fried a couple of thinly sliced jalapeños. We like to use frozen shrimp; thaw them overnight in the fridge or under running cold water and blot them dry. Use a Dutch oven that holds 6 quarts or more for this recipe. Serve with steamed white rice.

Adjust oven rack to upper-middle position and heat oven to 225°F. Set wire rack in rimmed baking sheet and line large plate with triple layer of paper towels. Toss shrimp with rice wine and 1 teaspoon salt in large bowl and let sit at room temperature for 15 minutes. Combine black peppercorns, Sichuan peppercorns, sugar and cayenne in small bowl. Heat oil in large Dutch oven over medium heat

THREEMICHELIN star Chef Jun Yukimura

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Jennifer Winget, 33; Rory Bushfield, 35; Idina Menzel, 47; Wynonna Judd, 54. HAPPY BIRTHDAY: Get cracking; there is so much you can accomplish this year if you channel your energy and concentrate on your priorities. Travel, learning and partnerships are all highlighted, and building closer bonds with friends and relatives will encourage a strong support system that will help you reach your goals. Make up for the setbacks you’ve endured. Initiate change and forge ahead. Your lucky numbers are 8, 15, 22, 26, 31, 42, 45.

TAURUS (April 20-May 20): Remain silent when it comes to conversations that might reveal your financial, legal or medical situation. The less others know, the easier it will be for you to take care of important matters without interference. Stabilize a romantic situation. HHH

GEMINI (May 21-June 20): Talks will lead to actions. Don’t sit back when you should be making a difference that will impact your life. Start the ball rolling and don’t stop until you reach your goal. HHH

CANCER (June 21-July 22): Personal changes will turn out well if you let your creative imagination take over. Relationships will undergo an adjustment that will change your life. Children, friendships and elders will play a role when it comes to making a decision. HHH

LEO (July 23-Aug. 22): Think before you end up in a compromising position. If your objective is to have a little fun, find a way to do so without being excessive or inconsiderate. Focus on health, personal relationships and living within your means. HHHHH

f until oil registers 385°F. Meanwhile, drain shrimp and pat dry with paper towels; wipe bowl dry with paper towels. Transfer shrimp to now-empty bowl, add 3 tablespoons cornstarch and 1 tablespoon peppercorn mixture, and toss until well coated. Carefully add one-third of shrimp to hot oil and fry, stirring occasionally to keep shrimp from sticking together, until light brown, two to three minutes. Adjust burner, if necessary, to maintain oil temperature between 375°F and 385°F. Using wire skimmer or slotted spoon, transfer shrimp to prepared plate and let drain briefly. Transfer shrimp to prepared rack and keep warm in oven. Return oil to 385°F and repeat frying shrimp in two more batches, re-tossing each batch thoroughly with coating mixture before frying. Line plate with clean paper

towels as needed. Return oil to 385°F. Toss jalapeño rings with remaining 2 tablespoons cornstarch in separate bowl. Shake off excess cornstarch, then carefully add jalapeño rings to oil and fry until crisp, one to two minutes. Transfer jalapeño rings to prepared plate. After frying, reserve 2 tablespoons frying oil. Heat reserved oil in 12 inch skillet over mediumhigh heat until shimmering. Add garlic, ginger, and remaining peppercorn mixture and cook, stirring occasionally, until mixture is fragrant and just beginning to brown, about 45 seconds. Add shrimp, scallions, and 1/2 teaspoon salt and toss to coat. Line serving platter with shredded lettuce. Arrange shrimp on platter and sprinkle with jalapeño rings. Serve immediately. n

VIRGO (Aug. 23-Sept. 22): Listen carefully and document what’s going on around you. Someone will mislead you or withhold information that can cause an emotional situation to fester. Take the high road and enforce positive thought and integrity in everything you do. HH

LIBRA (Sept. 23-Oct. 22): Be open to suggestions, but gather your own research and facts. The time and effort you put in will ensure that someone trying to control or manipulate you will not take advantage of you. HHHH

SCORPIO (Oct. 23-Nov. 21): Settle into whatever it is you are trying to accomplish. Give your undivided attention to doing the best you can and to finishing what you start. Your effort will not go unnoticed, and an unusual reward will be offered. HHH

SAGITTARIUS (Nov. 22-Dec. 21): Face whatever comes your way. Don’t take anyone’s word or leave personal decisions up to someone else. Your involvement will be necessary if you want situations to unfold fairly. Focus on alternative methods when dealing with health and finance. HHH

CAPRICORN (Dec. 22-Jan. 19): Observe what other people do, but don’t follow suit. You are better off biding your time and making decisions that will add to your security and stability, not tear it apart. Do your own thing and don’t look back. HHH

Michelin-starred master chef at Solaire’s Yakumi SOLAIRE Resort and Casino offers another gastronomic experience with “Culinary Masters: Chef Jun Yukimura” as the three Michelin star chef takes over the kitchen of Yakumi on June 6, 7 and 8, from 7 to 10 pm. Continuing the tradition of bringing the most unique dining experience right on the table, “Culinary Masters” brings a series of special dinner events that feature the ingenuity of the most prominent chefs from all over the globe. The first act to take on the helm of Solaire’s Yakumi is Chef Jun Yukimura, whose culinary excellence was sharpened with 25 years of training in the former capital of Japan. Known for his imaginative take on the long-established

Today’s Horoscope

ARIES (March 21-April 19): Distance yourself from anyone putting demands on you. Be direct when dealing with people asking for something. Don’t take over or take on something you don’t have time for. HHHHH

CRISPY SALT AND PEPPER SHRIMP Servings: 4-6 Start to finish: 1 hour 1 1/2 pounds shell-on medium-large shrimp (31 to 40 per pound) 2 tablespoons Chinese rice wine or dry sherry Kosher salt 2 1/2 teaspoons black peppercorns, coarsely ground 2 teaspoons Sichuan peppercorns, coarsely ground 2 teaspoons sugar 1/4 teaspoon cayenne pepper 4 cups vegetable oil 5 tablespoons cornstarch 2 jalapeño chiles, stemmed, seeded, and sliced into 1/8 inch-thick rings 3 garlic cloves, minced 1 tablespoon grated fresh ginger 2 scallions, sliced thin on bias Shredded iceberg lettuce

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tradition of Kyoto cuisine, he opened Azabu Yukimura in 2000 which has garnered the prestigious three Michelin stars and propelled his brainchild to be a must-visit in Tokyo. Chef Jun Yukimura is bringing his signature touch to Yakumi together with the restaurant’s renowned Executive Japanese Chef Norimasa Kosaka. A bespoke eight-course Kaiseki menu will highlight the unique flavorful twists of each dish that are distinct yet familiar to the palate. This experience also features the best sakes that will complement each course perfectly. To immerse each guest in the culture of Japan, a traditional Japanese Koto player will provide deep and relaxing music as you savor every bite.

AQUARIUS (Jan. 20-Feb. 18): Stick close to home and make changes that will require you to use your physical and mental attributes to alter your current personal situation. Know what you want; don’t stop until you have made it happen. HHHH

PISCES (Feb. 19-March 20): Stick close to home, and don’t share personal information. Problems with a friend, relative or communications in general will leave you in an uncertain position. HH BIRTHDAY BABY: You are energetic, verbose and playful. You are youthful and entertaining.

‘body building’ BY DEBBIE ELLERIN The Universal Crossword/Edited by David Steinberg

ACROSS 1 FaceTime computers 5 The Da Vinci Code author Brown 8 Brag 12 Eight, in España 13 Palm starch 14 Fertilizer from bats 15 Suspect fishiness 17 Brilliant hunter? 18 Totally in love 20 Ability to pick things up, briefly 21 Ref. that took 70 years to complete 22 Job connections 23 Nest egg letters 26 Thin as a rail 29 November 2020 verb 32 Help for the stranded 33 Having the most marbles? 34 About to explode 36 ___ Mahal 38 Try to prevent 39 Cosine reciprocal 41 Race, as an engine 43 In the matter of

4 Intense way to fight 4 47 Stubborn animal 48 Santa ___ winds 49 Tiny criticism 50 Party mixers, for short 53 Sarcastically 57 Father of biblical twins 59 A mole may emerge from one 60 Inferno writer 61 Happily-after connector 62 “Tartuffe” segment 63 Casino statistic 64 ___ Lingus 65 Remainder DOWN 1 Israeli leader Dayan 2 High points 3 Like peanut gallery seats 4 Fully on board 5 Lacked the courage to 6 Culture medium 7 “___ doin’!” 8 Play with brooms on ice 9 Movie theater candy

0 Double Fantasy artist Yoko 1 11 Got gold 13 “Don’t waste your breath!” 14 Rots 16 Take a gander 19 “Tight” or “loose” follower 24 Bowling lane button 25 2017 World Series champ 26 Go after 27 Tony or Oscar 28 Inside the NBA analyst Shaquille 29 Scenic view 30 Layered treats 31 Mexican street food vendor 35 Spice up 37 Hudson of Dreamgirls 40 Drink for astronauts 42 More narcissistic 45 Common early pregnancy symptom 46 Longing 50 Tie at Wimbledon 51 Speaks jokingly 52 Clay target shooting 54 Cheerios ingredients

5 Roof overhang 5 56 Frost 57 Vow hidden in “maid of honor” 58 Blue

Solution to yesterday’s puzzle:

Parentlife BusinessMirror

www.businessmirror.com.ph

Thursday, May 30, 2019

PHOTOS with Prinz and our friends in parties, weddings and trips out of town. Advanced Happy Birthday, Prinz.

FROM left: Gaile Guevarra, Marketing Services director, Globe myBusiness; Faith Salazar, Digital marketing manager, Globe myBusiness; Isa Suarez, PR, Events and Partnership Alliances manager; Grace Cabanilla of Gavrie’s Grace of Cakes; Donna Elefante of Stellarbeauty; Rachelle Estatilla, cofounder of Let’s Radiate Mare; Diana Soto Dayao of Streetlove Manila; Rosa Soriano of Rosa Manila PH; and Lisa Capito of Browbabe.ph.

MOMPRENEURS take a break from work

Mompreneurs get early pampering for Mother’s Day IT’S tough being a mom because embracing motherhood is a life-altering decision but nonetheless very fulfilling. Some even choose to leave their corporate jobs and start their own business to have more control of their time as an entrepreneur and fulfill their motherly duties and take care of the family. To honor the triumphs and acknowledge the struggles these so-called mompreneurs face every day, Globe myBusiness and Let’s Radiate Mare surprised them with an early Mother’s Day treat at La Provence Hair and Beauty Salon in Bonifacio Global City, Taguig. “We are happy that Globe myBusiness initiated an event like this. We are glad to partner with them because they are very much aligned with our thrust to empower these ladies to become successful in business and become an inspiration to other Filipinas who want to become entrepreneurs. Having a trusted digital partner like Globe myBusiness can help mompreneurs in running their business more efficiently so that they can spend more time enjoying what matters most to them,” said Rachelle Estatilla, cofounder and community director of Let’s Radiate Mare. For her part, Gaile Guevarra, Globe myBusiness Marketing Services head, said: “More than just celebrating motherhood, we want to celebrate mothers who are also mompreneurs. We want to say ‘thank you’ for their hard work and for contributing to our country’s growth. We want to let them know that Globe myBusiness empowers SMEs by providing them with digital solutions that can help them run their business with ease. In Globe, our purpose is to help businesses flourish and make Filipinos’ dreams come true, and the country admired.” The pampering session was participated in by Let’s Radiate Mare community business owners and the winners of the Globe myBusiness “MOMpreneur MOMents” social-media contest who took time off from their busy schedule to have their nails done, have a haircut or enjoy a relaxing massage. Using Globe myBusiness GoCanvas, a digital form builder that lets businesses collect, file and process forms online, participants only needed to input their information and the pampering service they want to avail of simply by using their mobile device. This enabled La Provence at the Central Mall in BGC to generate the data real time for a better customer experience. Aside from enjoying their “me time,” the mompreneurs were also given the opportunity to showcase their products and get to know the importance of having a trusted digital business partner to help them achieve success in doing business. Grace Cabanilla, owner of Gavrie’s Grace of Cakes and one of the winners of the Globe myBusiness online contest, makes good use of social media in promoting her baked products. She started her business in 2013 to satisfy her passion for baking but it was only last year when she decided to legitimize her business, leave her office job and go full time with Gavrie’s. Her brand became known when her Frozen Brazo and Browned Butter Muscovado Cookies were hailed as the best desserts at the Ultimate Taste Test Master’s Edition by Our Awesome Planet in 2018. Soon after receiving this accolade, orders started to pour in. Grace attested that technology has helped her in keeping up with the demands of the business. Globe myBusiness is the trusted digital business partner for Filipino MSMEs. Regardless of size, industry and where they are in their business journey, Globe myBusiness always finds a way to guide and empower these micro, small and medium enterprises toward success. More inspiring SME success stories and tips and trips in running your growing business are available at www. mybusinessacademy.ph.

Diary of a mom with no limits: ‘Family-friendships’ MOMMY NO LIMITS

MAYE YAO CO SAY

mommynolimits@gmail.com

T’S been a while since I added to my series “Diary of a mom with no limits.” Just a short trivia, Mommy No Limits started out as a diary-blog (www.mommynolimits.com). It was my attempt to write down my life for my kids, telling my stories through all the journals I have been keeping since I was 10. My first childhood journal entry was about friendship. The reason I was bold enough to publish my first blog entry was because my best friend Liza read my drafts when I visited her in New York. She said encouragingly that it felt like she was reading The Joy Luck Club by Amy Tan. There were recent incidents that made me reflect on the journey and the value of true friendships in my life. My life with my friends is an ongoing story I want my kids to see how vulnerability can become strength when the right people are by your side. I once shared that I was always teased as being “adopted” in the family. The teasing was on account of my skin being darker in color than my siblings. I was also boyish in my early years. I remember always wanting to find a brother so I had more friends who were boys. I have been lucky to have a guy friend, Bing, who had been my classmate since nursery, and today remains a dear friend.

I guess man being a social being, I grew to love the process of knowing another person’s life, finding similarities but be even more amazed by the differences. I loved the shared laughter and valued how we made each other’s lives better. I started in search of one best friend and have been lucky enough to find more than one great company. What was clear to me then was “friends forever.” Friendship is being there for each other no matter what. And so I was there for my friends, whether it was for homework or emotional issues. I would be scolded at home for being on the phone too much, or staying in school late to tutor my friends. A sibling would even question my choice of friends because I had more friends who were not of my same academic standing. I always argued they needed my help more. When I look back, I would never trade off the memories, the stories and the deep friendships built. I will always feel great gratitude for these friendships, from the simple gestures of carrying my heavy bags, to being there for me at so many points in my childhood. It’s funny how just last Sunday, I bumped into one of my grade school buddies, Howard, over breakfast with my kids. When he was about to leave with his family, he said he had already paid for my bill. It’s just like reliving all these delightful surprises in grade school all over again. Through the years, I brought this love of “relating” with me. I have been blessed with deep bonds with people who are genuine and nonutilitarian. From preschool to postgraduate school, to friendships from work, I am lucky to have my “circle of trust” who push me and love me for who I am. Friendships, new and old, taught me that it is okay to laugh, to fall and to seek help. Twenty-ten was a year that shook my world, with tragedies in my family and business life. It was also that year that I found my “family-friendships.” In my

“disheveled” state, certain friends stepped up and took very clear positions. When they saw what I needed to rebuild, my best friend Liza, Joey, Princesse and Chame, my “Mafia” friends among others, were there, anticipating the support I needed. It was beyond cradling my sorrow. It was a steady stream of energy I badly needed at the time. When I was a child, I was taught that friends are just friends because family comes first. I realize today true friends can and should not be isolated from our family circle. It is not blood which defines genuine affinity. It is character and intention. Princesse and I were not childhood friends. We were not even the same batch. We met after college through one of my customers and now a good friend from Bacolod. In our younger years, she taught me what true partying meant, like drinking 20 shots of tequila in Boracay and being able to stay up for sunrise. We had many adventures whether Baguio, Bangkok or Shanghai. But our most priceless moments were our conversations on our being. One time I told her I was fascinated by how our friendship had grown over the years. She said it was rare to find a friendship that, when you asked for advice, it was free of any hidden envy, nothing else but a pure thought for your best interest. Today, Princesse is a sister to both my husband and I. She is my daughter’s godmother. We even plan to retire together in one house with our own nurses. I have come to realize that meaning comes from the summation of our relationships. I am blessed to have great friends through the years. I feel even more blessed to have discovered the gift of familyfriendships in this lifetime. To my favorite and everyone’s favorite achi [eldest sister in Fukien], advanced Happy Birthday, Prinz! Here’s to our lifelong sisterhood! n

MakatiMed partners with top US hospital to advance cancer care AS Makati Medical Center celebrates its 50th anniversary this year, the premier health institution continues to drive advancement in medical care in the country by forging a partnership with one of the leading cancer centers in the United States. MakatiMed (www.makatimed.net.ph) has partnered with UC Davis Comprehensive Cancer Center (UCDCCC) in a bid to boost cancer care in the Philippines. The agreement with the University of California, Davis-affiliated medical center includes the development of an international Cancer Care Network, a cancer registry in MakatiMed, training programs for cancer care, a second opinion program and on-site clinical rotation from various subspecialties in oncology. Inpatient and outpatient procedures will be evaluated to enhance clinical workflows. The two hospitals will also share telemedicine programs and potentially collaborate in clinical trials, research studies, seminars, and multidisciplinary teleconferences. UCDCCC, which was designated as a comprehensive cancer center by the US National Cancer Institute, offers the most advanced methods

MA. CORAZON C. CONSUNJI, MD, Makati Medical Center president and CEO (second from the left), signs the contract with UC Davis Comprehensive Cancer Center representatives.

for the diagnosis, prevention, and treatment of cancers and blood disorders. “We want to introduce a collaborative approach in cancer care to offer the ideal treatments to our patients,” says Maria Corazon C. Consunji, MD, MakatiMed president and CEO. “This partnership will help MakatiMed achieve the best patient outcomes by

embracing the advancements in oncology.” Consunji inked the contract with Primo N. Lara Jr., MD, UCDCCC director. Also present in the contract signing were UCDCCC’s Gina Dayton, chief administrative officer and associate director for Administration, and Kristin Jones, director for Oncology Services.

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Thursday, May 30, 2019

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THE great Nora Aunor and Alden Richards powerfully make the case for short films in Adolf Alix’s 2014 short masterpiece Kinabukasan.

BLIND SPOT BRUCE C.

WHAT WAS SHE THINKING?

IT’S not a secret anymore that the young actress from a certain network auditioned for a much coveted role in a show for another network. What kind of person does that? Well, this young actress is that kind of person. Network executives have asked her for an explanation with regards to her behavior because it is really strange for an artist to do that. According to rumors, the actress really wanted the role. It’s not clear whether she will get it though. But other stars in her network are said to be wishing that the network ends the actress’s contract because she isn’t really well-liked there.

HIS PRICE IS HIGHER

SO the two artists were commissioned by a big movie to do the theme song. The thing is that one of the requirements is for both of them to post the duet in their social-media accounts. The female singer did so but the management of the male singer was asking for a hefty amount to do so. The point of his management is that he is more popular than the female singer so it’s just right that he charge for the “extra work.” Well, the production company of the movie that hired him said, “Never again.”

WHO HAS CLOUT?

WHO is the network star who has been reprimanded for using scenes taken while she was working to up her clout? In the past, they have been lenient with her and allowed her to post behind-the-scenes shots of tapings and even live shows. This, of course, has resulted in more likes and engagements. But the network is having none of that at this point. They figured that since the network star is no longer hot property, she needs them more than they need her. So from now on, anything network-related that she wants to post on social media needs their approval.

SHE WANTS TO TRANSFER?

SO the young star has been let go by her management and she’s been sending feelers to another network for a possible transfer. But does the other network want her? Apparently not. She is known to be polarizing, and she and her family will use any means for her to achieve her dreams and there’s really nothing wrong with this. The thing with the actress is that she doesn’t care who she hurts in the process. She has lost friends along the way, which is sad. But she’s still at it and she shows no signs of stopping. So the other network is turning a deaf ear to her messages of wanting to meet and “explore possibilities.”

Pelley says complaints to execs led to evening news ouster By LinDsey BAhr The Associated Press LOS ANGELES—Former CBS Evening News anchor Scott Pelley says he lost that job because he wouldn’t stop complaining to management about the hostile work environment for men and women. Pelley was forced out of the position in 2017 after six years on the job. The 60 Minutes correspondent told CNN’s Reliable Sources Sunday, however, that things have changed after 18 months of dramatic management changes amid a slew of scandals and misconduct claims at CBS. Executives who have departed include Jeff Fager of 60 Minutes, network news president David Rhodes, anchor Charlie Rose and CBS Corp. CEO Leslie Moonves, who left in September after multiple women alleged sexual misconduct. When asked to elaborate, Pelley said that four or five years ago he went to the president of the news division, who was then Rhodes, and described the hostile environment. “He told me if I kept agitating about that internally then I’d lose my job,” Pelley said. “Having exhausted the possibilities in the news division, I went to the chairman of the CBS Corp. who listened to me very concerned for an hour, asked me some penetrating questions about what was going on...I didn’t hear back from him, but in the next opportunity in my contract I was let go from the evening news.” Now, Pelley said, with the promotion of people like Susan Zirinsky to head the news division, who is the first woman to hold that position, it’s all blue sky from here. Pelley added that the network is on the right track. Representatives from CBS did not immediately respond to request for comment.

Those amazing, short, short films REELING

TITO GENOVA VALIENTE

titovaliente@yahoo.com

HE short film The Red Balloon runs for some 35 minutes. It is called a short film. It has also been called a love story. Directed by Albert Lamorisse, the film was a hit among the jaded filmmakers and cineastes who saw in the brevity of the piece more than wit, more than wisdom. In the film, a red balloon discovers a boy, or a boy finds in the red balloon a playmate. He follows the red balloon float and fly. When he turns away, the red balloon turns around and follows the boy. Other little boys disrupt the link between this flying red thing and the boy, but the two—the boy and the balloon— continue to be at and into each other. The pace with which Lamorisse negotiates the life of the red balloon in the interest—or love—of the boy in the ethereal, eternal balloon is at the heart of this work. The affect of the rhythm of The Red Balloon is such that we are not made conscious of how slow or how fast the narrative is told. Scholars are not certain when the short film has become a category all of its own, one that soon opened to competition. This is because short films, as they are seen as “short” and not full-length feature films, have always been with us. Some were considered as “fillers” when the film to be exhibited was not “long” enough; some began in their incarnation as animations meant as bonus for the audience. Whether they be in lengths that go beyond 30 minutes (40 minutes is considered in film festivals and film industries as full-length), or in works that satisfy the filmmakers at 10 minutes, the short film has made many young filmmakers in the country. Realized without much need for logistics, the rediscovery of the short film as a medium for cinematic storytelling has been a boon to the growth of the

independent film industry in the country. The maker of the short film has in his or her hands a form that is malleable and magical. The quickness with which one can finish a short film has given rise to a number in finished products that, even at this point, demand documentation, perusal and preservation. Three of the major film festivals in the country— Cinemalaya, Cinema One Originals, and the QC International Film Festival—have a short film festival in its program for competition. Regional film festivals have developed mainly because of short films, with regional artists all trying their hand in what seems like a deceptively easy art form to make. A product unto itself, the short film has also become a platform for many young (or even not-s0young) filmmakers to experiment on storytelling and editing. Organic almost in short films is the nature/ culture of “experimentation.” Within the collapsed time-and-space dimensions happening in the furtive and fast telling of the plot is the dominance of the elliptical—that manner of ending a film without ending it. The bitin (literally “suspended” or “left hanging”) is a dominant tendency in the burgeoning industry of short films. We, in the Manunuri, are right now pleasantly struggling with coming up with our nominations for the short film category and the documentaries. We are dealing with some 40 0r even more short films for consideration. Given that number, it is no surprise that we end up having 10 or even more nominees for this category. The short film category is also interesting in the profile of filmmakers participating. Short films are not limited to filmmakers at the beginning of their career. It must be said though that many of the filmmakers we have now started experimenting with plots through the short film. The lack of pressure on the part of the filmmaker to satisfy a producer’s expectation can allow the artist to “go to town,” to pull all the artistic brakes and fly away into all kinds of aesthetic horizons. The result is always good for an industry that relies on formulae or the tested. The notions of what makes a good film and what films sell is open season when one talks about short films. For some filmmakers, the short film is not a

stepping stone to the greatness and size of a feature film. A short film is always there, a vibrant mode of presentation in place of a feature film that cannot be produced, or as a break from the commercial concern of mainstream filmmaking. Adolf Alix was already an established filmmaker, with international awards to his name, when he did Kinabukasan. In my earlier review, I described this film as a story about a middle-aged woman who waits for a visitor who happens to be a young man. They talk about a person who has died recently and has left mementoes, letters and poems. The young man seems bent on getting the poems while the woman insists on her right to keep them. As the conversation progresses, we learn that the deceased is the young man’s mother and the woman’s lover. Nora Aunor is the lead of the short film. Naturally introspective onscreen, Aunor lends a brooding presence to the character whose only hold to a love are artefacts of memories now being threatened to be taken away from her. Engaging already in fulllength films where characters are drawn out and even stretched to points of breaking, Aunor seems made for short films. The actor’s closeups are delicious forays to what the camera can do when the actor knows how to deal with that most obtrusive technological device. As the young man who comes to collect the remains of a mother not as an urn filled with ashes but as box of writings, Alden Richards acts a quiet storm. This was before stardom snatched him away from serious performances. The short film Kinabukasan was completed in 2014, just a month shy away from that moment, Richards and an unknown, Maine Mendoza, were hurled into the skies of outrageous prominence. Alden Richards is now again being given chances to, well, “act.” Whatever happens, there is this tiny gem of cinema, Kinabukasan, showing Alden Richards so confident and yet so vulnerable, both as a young person and an actor, perhaps,hiding marvelously his terror in being placed squarely in the frame with Nora Aunor, the greatest there is you can cast in a cinema of any length and any form. Kinabukasan was given the Gawad Urian for Best Short Film that night of June 16, 2014. The night was felicitous because that night, Nora Aunor received the Natatanging Gawad Urian for her lifetime achievement in films. n

Netflix survey in PHL breaks down love, heartbreak and everything in between PINOYS love love! From the highs of kilig and ligaw to the lows of hugot and the one that got away, Filipinos embrace love in every stage and every situation. According to a new survey conducted by Netflix, when it comes to finding “The One,” 72 percent of Filipinos believe in soulmates... even those who said they are NBSB/NGSB (No Boyfriend/ Girlfriend Since Birth). The online survey covered 800 Filipino video streamers, aged 18 to 34, across Metro Manila, North and Central Luzon, South Luzon, Visayas and Mindanao to find out how they view love. And it turns out that a majority of Pinoys online (85 percent) say that love rules. And who says romance is dead? 89 percent of Filipinos say that romance is very much alive in the Philippines. Cue the harana. But let’s face it: when love rules, it can sometimes suck, too. Sixty-eight percent of those in a relationship say they’ve found The One, but one in five Filipinos in a relationship also confess that they do not see their partners as their soulmates. And 65 percent say that they’ve been heartbroken by someone they didn’t even officially date. Ouch! When love sucks, 52 percent turn to friends and family for comfort, and 29 percent watch romantic movies and shows to nurse their broken heart. In fact, 63 percent prefer to laugh off the pain with comedies. Sawi men go for action and sci-fi,

NOAH CENTINEO on Netflix’s The Perfect Date.

while heartbroken ladies watch more romance and dramas. But no matter what the state of the heart is, Pinoys just really love on-screen romance. A whopping 80 percent say romantic movies cheer them up when they’re down, and 71 percent feel kilig when watching romantic films. Pinoys love to share the love, too: more than half of the respondents

watch romance (53 percent) and rom-coms (55 percent) with bae. In fact, they love romance so much that two out of three Filipinos say they tend to compare their relationships with the ones they see on-screen. When it comes to Netflix rom-coms, the top 5 romcoms that Pinoys would want to find themselves in are (in particular order): n To All The Boys I’ve Loved Before n The Kissing Booth n The Perfect Date n Isn’t It Romantic n Set It Up So, who are the Netflix heartthrobs that get Pinoys kilig the most? Among the male Netflix stars, The Perfect Date’s Noah Centineo, Riverdale’s Cole Sprouse, Romance Is a Bonus Book’s Lee Jong-suk, The Kissing Booth’s Jacob Elordi, Riverdale and The Last Summer’s KJ Apa generate the most kilig. Among the female stars, The Princess Switch’s Vanessa Hudgens, The Kissing Booth’s Joey King, To All The Boys I’ve Loved Before’s Lana Condor, Chilling Adventures of Sabrina’s Kiernan Shipka, and YOU’s Shay Mitchell create the most kilig. Stream and download all your favorite romantic movies and shows on Netflix by visiting www.netflix.com/ lovesucksloverules.

Envoys&Expats BusinessMirror

www.businessmirror.com.ph | Thursday, May 30 , 2019 E1

CELEBRATING ITALIAN NAT’L DAY; 7 DECADES OF RELATIONS WITH PHL

‘In the spirit of camaraderie and goodwill’

By Recto L. Mercene

@rectomercene

OR the longest time, Filipinos have been enamored with anything and everything about Italy: Flavorful cuisine, designer brands, luxury goods, as well as its arts and culture. Ambassador of Italy Giorgio Guglielmino, however, cannot help but wonder why there are very few of his compatriots in town, compared to, say, the country’s Asean neighbor Bangkok. In Thailand, he said, there’s an estimated 500,000 Italians living la dolce vita in that corner of the world; whereas in the Philippines, there’s only about a handful of them. The good ambassador could only give BusinessMirror a ready answer: That our archipelago seems to be “so far away from the rest of the world, that coming in and going out would actually take up two precious days out of a tourist’s limited time.” “The difficulty for Italy, and for Italians, is the fact that the Philippines is seen as a fascinating, beautiful country, [yet] very far. This is why I [have been lobbying] for a direct flight,” said the Italian diplomat who hails from Genoa which, quite

fittingly, is known as the “Land of Explorers” (think of Christopher Colombus). “Thailand gets half a million—a huge number. The Philippines has 20,000. So we have to find ways to bring here more [of my] people. [If one has a week to spare as a tourist by coming] to the Philippines, two days are to be spent inside a plane.” This current state of traveling between Manila and Rome must be revisited, as he would like to cap his four-year tour of duty here by achieving two feats: “I would like to go back to Italy with the idea that, one: I have given Filipinos a better and more modern notion of Italy; and second, to give Italians [a better] perspective of what Filipinos are now.” Thus, many Italian activities that Filipinos will soon experience would be courtesy of the valiant efforts of the ambassador. In the coming months, he said he would

see to it that the links between Filipino-Italians are substantially increased, in the spirit of camaraderie and goodwill. These will commence with the Italian National Day on June 2, Sunday. The celebration will feature many activities. “And not just shaking the hand of the ambassador…” he reproved in jest. The engagement will be held at the Areté of the Ateneo de Manila University. Guglielmino has extended the invitation to everyone: families and friends, as they immerse themselves in a day worth of activities that celebrate anything and everything Italian: arts, music, food and everything else in between.

‘Manila: Modern city’

THE Italian envoy would like to highlight his Philippine posting by inviting his country’s deputy foreign minister in July. “It is important to show the Italian government the values of the Philippines by having them experience walking through Bonifacio High Street, Greenbelt and Rockwell. I would like to let them [personally] see how this part of the [world] has moved to being a first-class city in a matter of decades,” Guglielmino explained. “I want them to exclaim, ‘Wow!’ when they see that Metro Manila is not just an old city, but also a modern one, [which is] in tune with the times.”

That same sense of wonder when he first saw Bonifacio Global City (BGC) is what Guglielmino wants for his country’s top-ranking foreign affairs officials to experience, the way he felt it upon setting foot there three years ago. “While in Italy, I bought an old map of the Philippines just to prefamiliarize myself with it before my posting,” he narrated. Referencing BGC on the map, the upscale center was not plotted there yet—more than 15 years ago. “That’s how fast the country has moved economically in the last two decades,” the diplomat noted, as he spoke of gleaming, high-rise edifices dotting the skylines of Makati and Taguig, as well as the remarkable development in key cities of Cebu, Davao and Iloilo or Bacolod. (He volunteered that he also likes to visit Cubao Expo inside the Araneta Center in Quezon City for its expansive spaces. It was then he shared that he wanted to hold the next Italian National Day festivities there.)

Land of immigrants

TODAY Filipinos converge within the boot-shaped country’s cities, with the majority of an estimated 200,000 of them classified as migrant workers. About half that number, however, remains undocumented. The embassy of Italy in Manila issues visas to those that have been to Rome before, including Pinoys

operating some form of business in the Mediterranean country. Multiple, long-term visas could be valid from three to five years. Guglielmino said, “At least 40,000 Filipinos come to Italy every year.” In the next twelve months, the Italian envoy said his country will issue 31,000 new working permits for different nationalities, and that Filipinos are among the short list of those privileged to be part of this program. He volunteered that the laidback attitude toward foreigners, especially on Filipinos, stems from the truism that Italy, in its long history, is also a “land of immigrants,” at least up until World War II. The Vatican, which is enclaved inside Rome, is also a magnet for many Filipino Catholics, the diplomat pointed out Knowing that many of them trek to the Vatican as a sort of pilgrimage, the ambassador openly wondered about the potentially massive number of Filipinos who would apply for an Italian visa and instantly book themselves a flight to Rome once a Filipino cardinal is proclaimed as the next pope. “It would be easier to waive the visa fees if there’s a Filipino pontiff,” he went on to say. Processing time for an applicant is at most two weeks, then “we either issue a visa, or reject the application.” (Speculations are rife that Cardinal Luis Antonio “Chito” G.

Tagle, Manila’s 32nd archbishop who serves as a member of the Presidential Committee of the Pontifical Council, is seeded to succeed Pope Francis, the former archbishop of Buenos Aires Jorge Mario Bergoglio, who traces his family roots to Piedmont, Italy.) The salt-and-pepper haired diplomat believes that tourism between the two capital cities would increase several folds if a direct flight by flag carrier Philippine Airlines (PAL) would become reality. “I will push Mr. Jaime Bautista [PAL president and COO] to try to make the connections. We will offer him an incredible time slot of 6:30 a.m.,” the ambassador said, as he noted that an early arrival in Rome would enable the four-star carrier to connect to other European cities as well. “Unlike in London,” he compared, “where they [flights] arrive late at night and travelers spend the rest of the evening there without going to another country.”

Seven decades of ties

CONNECTIONS between Italy and the Philippines could be traced back to 1947, when diplomatic relations were established with the signing of the Treaty of Friendship and General Relations in Rome. Last year saw the commemoration of the 71st year of the start of the two countries’ amiable state. Continued on E2

Envoys& BusinessMirror

E2 Thursday, May 30, 2019

Triple cultural treat for Pinoys in N. Italy

ILAN—Overseas Filipinos in Northern Italy got a triple aesthetic treat through a series of exhibits in Corbetta, Milan and Venice featuring works of Filipino artists. “It is a wonderful coincidence that these exhibits are taking place in...May, when we celebrate National Heritage Month,” Consul General to Milan Irene Susan Natividad remarked. Kicking off the celebration was Richard Gabriel’s exhibit La Mie Due Patrie (My Two Homelands) on May 4 in the City of Corbetta. Gabriel, who hails from Pampanga and moved to Italy to study art, was conferred the Bagong Bayani Award (Arts) for Outstanding Filipinos Overseas in 2007. His exhibit features sculptures of carabao horns to represent the land of his birth, and shoe sculptures to depict Rome, the fashion capital of Italy, his second home. This was followed by the opening of an impressive collection of art works organized by Pinto International at the Musica Arte Cultura in Milan on May 6. The

exhibit Living Earth: Contemporary Philippine Art featured the works of Leon Pacunayen, Mark Justiniani and 25 other contemporary Filipino artists. A pioneer of modernism, Pacunayen has earned numerous awards and recognition for his work. He has exhibited in the Philippines and in Italy where he spent a great part of his career. Now in his 80s, he continues to paint in his home in Puglia. Members of the Filipino community then trooped to Venice on May 8 for the opening of the Philippine Pavilion at the 58th Arte Biennale. The Philippine Pavilion was curated by Prof. Tessa Maria Guazon, with Justiniani as participating artist. He works with mirrors to create illusions and perceptions across three huge platforms depicting snippets of the Philippines’s story as a nation and people. DFA

Filipino students train in top Italian culinary institutions

LEFT photo: Sculptor Richard Gabriel of Pampanga (second from left) with Cultural Councilor Guiliano Gubert, Corbetta Mayor Marco Ballarini (with sash) and Consul General Irene Susan Natividad. Right photo: Sculptures of carabao horns and shoes in fiberglass, ceramics and other materials are the main pieces on exhibit. MILAN PCG THE much-talked about installations at the Philippine Pavilion use mirrors to create illusions of breadth and depth. Viewers are invited to stand atop three huge platforms to peer into objects and structures representative of Philippine life and history. MILAN PCG

LEFT photo: Curator Tessa Maria Guazon (left) and featured artist Mark Justiniani field questions from the media and the public at the press conference of the 58th Arte Biennale in Venice. Right photo: National Artist and NCCA Chairman Virgilio Almario (left) welcomes guests and viewers to the Philippine Pavilion. MILAN PCG

PHL donates Filipino books to Malta libraries

AMBASSADOR to Italy and Nonresident Ambassador to Malta Domingo P. Nolasco (right) shows to Malta’s Minister of Education and Employment the trilingual edition of a collection of poems by Filipino National Artist Virgilio Almario, which was donated by the NCCA to Malta’s Multicultural Library Project. CENTRAL PUBLIC LIBRARY OF MALTA

HE premier Italian Food Style Education (IFSE) Culinary Institute in Turin, Italy, recognized with the prestigious Eccellenza Italiana title by the General Secretariat of the Italian Republic, recently hosted 19 budding Filipino culinarians from De La Salle-College of Saint Benilde (DLSCSB) School of Hotel, Restaurant and Institution Management (SHRIM) who successfully finished their extensive three-month practicum training and exposure to traditional and modern Italian cuisine and service. Through the international partnership between IFSE and DLS-CSB SHRIM, the students participated in a series of comprehensive lectures and hands-on workshops as they were introduced to the fundamentals of Italian hospitality, ancient gastronomic techniques and menu courses from antipasti (appetizers), primi piatti (first course of pasta or grains), secondi piatti (second course of meat dishes), and pesce (fish), to pasticceria (pastries and cakes) and pane il Italiano (Italian breads). IFSE Chef Principal Riccardo Marello spearheaded discussions on food, while IFSE seasoned instructor Chef Ugo Mura lectured on Italian wines. The culinary aspirants likewise experienced various firsthand trainings through immersive field trips such as a coffee-making workshop in the global University Lavazza Training Centre in Turin. They expanded their knowledge even outside their home base, as they personally witnessed the century-old production of the famous Parmigiano Reggiano in the factory of 4 Madonne Caseificio dell’Emilia in Lesignana, appreciated the unique and traditional balsamic vinegar through its leading producer Acetaia Malpighi in Modena, and studied the usage and production of renowned wines at the World Unesco Heritage site Contratto Vinery in Canelli. As part of the program, the students were assigned for two months to IFSE-approved toptier restaurants in and around Turin such as the Michelin Star restos All’Enoteca in Canale, Florian Maison in San Paolo d’Argon, Antica Corte Pallavicina in Polesine Parmense, the Michelin Guide three red forks awardee San Quintino Resort in Busca and the Michelin Guide-approved Dispensa

Pani e Vini Franciacorta in Torbiato. Added to the list are the all locally sourced Ristorante Del Gallo in San Francisco al Campo, the modern Tenuta La Cascinetta in Buriasco, the historical venue of the Ristorante al Castello in Grizane Cavour, the sustainable and innovative Al Cavallo Scosso in Asti and the four-star hotel bistro Monastero Cherasco-Hotel Somaschi in Cherasco. The batch of the fortunate trainees comprised of Lhemuel Alandy, Roseanne Benjamino, Tomari Eldon Bocago, Julia Karenina Chua, Rica de Castro, Darleen Khaye Francisco, Gwyndl Kym Galvez, Mark Erwin Madriaga, Zian Khristopher Mojica, Mikee Michelle Onia, Jose Mari Paulo Requiron, Mikaella Marie Rivera, Janina Mikaela San Pedro, Melody Madel Santos, Bryan Jon Sanvicente, Ma. Chale Cynah Tuazon, Ma. Allyssandra Yabut, Eljine John Zhang and the first-ever DLS-CSB SHRIMfunded IFSE scholar Francis Marko Alfonso Javier. Through the IFSE scholarship, Javier trained in Italy, with the college shouldering his full IFSE tuition and program fee, supplemented by allexpenses-paid travel document processing and insurance coverage, round-trip airfare, accommodation and living allowance, as well as local transportation fare for his entire stay. Javier, who had his apprenticeship at the luxurious Il Cavallo Scosso restaurant in Asti, shared the value of learning the essentials of authentic Italian cuisine: “Learning local cuisine at its origin is just a whole new level of information and skill being passed down. It was simply amazing! I hope that Benilde will continue to provide this kind of learning opportunity to future deserving scholars.” The accompanying faculty member Tiffany Santuyo, Registered Nutritionist-Dietician (RND), who guided the students in their fruitful trip, stated that the practicum allowed the culinarians to experience, understand and better appreciate firsthand the core of Italian cuisine. “They discovered why Italians always take pride in their raw ingredients. It taught them the importance of sourcing good materials to create quality dishes,” Santuyo shared. “They also learned to maximize ingredients and minimize wastage the way Italians do it.”

OME—The Philippine Embassy and the branch of Sentro Rizal in the “Eternal City,” as part of their cultural diplomacy efforts, donated Philippine books to the Multicultural Library Project of Malta Libraries at the Central Public Library in Floriana, Malta, on April 23. The embassy has jurisdiction over Malta. The book donation was part of the commemoration of Libraries Day 2019 by Malta Libraries, the government entity managing all the public libraries of Malta, including the country’s National Library and the Central Public Library. Ambassador to Italy and Nonresident Ambassador to Malta Domingo P. Nolasco led the Philippine donation of a 12-volume set of the

Cultural Center of the Philippines’s Encyclopedia of Philippine Art. The encyclopedia is the most authoritative and comprehensive source of information on Philippine art and culture, covering the peoples of the Philippines, architecture, visual arts, film, music, theater, broadcast arts and literature. Also donated with the encyclopedia were copies of the trilingual edition of In the Hour of the Merchant and Felon, a collection of poems by National Commission for Culture and the Arts (NCCA) Chairman and Philippine National Artist Virgilio Almario. “Given the fast-growing Filipino community in Malta, donating Philippine books to Malta Libraries will not only give access to publications on Philippine culture

NOLASCO (center) talks with Malta’s National Librarian Cheryl Falzon (left) at the reception for the Multicultural Library Project. CENTRAL PUBLIC LIBRARY OF MALTA

THE 12-volume Encyclopedia of Philippine Art by the Cultural Center of the Philippines, the set of black books left of the display, is now part of the collection of Malta Libraries—the entity responsible for all the public libraries of Malta. CENTRAL PUBLIC LIBRARY OF MALTA

to Filipinos migrants, but also to interested Maltese readers and researchers. This helps in creating mutual understanding and trust

between Filipinos and the Maltese,” said Nolasco. The donated books were supplied courtesy of the NCCA. DFA

Celebrating Italian Nat’l Day; 7 decades of relations with Continued from E1

Many Filipinos could not explain their fondness for things Italian, like its cuisine, the high-end footwear and fashion accessories, and the supercars, among others—elements that perhaps speak volumes about the nation’s economic robustness translating into Filipinos’ financial capabilities. It also used to be that Pinoys are familiar with the cinematic masterpieces of directors like Federico Fellini, Bernardo Bertolluci, Franco Zeffirelli or Vittorio De Sica, among many others. And who would forget gorgeous movie stars Sofia Loren, Gina Lolobrigida or Brigitte Bardot? (The ambassador opined the inroads made by digitization of movies from Hollywood prob-

ably weighed upon the Italian movie industry.) Still, Italy, a European country with a long Mediterranean coastline, has left a powerful mark on Western culture. Its capital, Rome, is home to landmark art and ancient ruins. Filipino students learned about the Renaissance, a period in European history which spanned the 14th and 17th centuries and marked the transition from the Middle Ages to modernity where Italian art flourished. Aside from our shared love of the good life and friendly temperament, the 60-year-old envoy pointed out similarities. Both nationalities, he said, contribute about 10 percent of its population to global diaspora, mainly as overseas workers.

He said he was in Argentina some years ago, and found out that there were about 800,000 Italians residing there, “considering the fact that about 40 percent of [the South American nation’s] population is of Italian origin.” Likewise noted was the considerable number of Filipinos who were former migrant professionals in Italy and married a national: “Provided you don’t have any criminal record, you are granted citizenship,” Guglielmino explained. The latest addition to our Italian fetish is a replica of a Venitian Canal inside a mall in McKinley Hill, Taguig City, complete with signature boats and troubadours. It is in this fast-growing slice of real estate that the Italian Embassy would soon relocate in July from their current

office in Salcedo Steet, Makati City, as intimated by Guglielmino.

Biddings, Boracay, books

THE highest-ranking representative of Italy in the Philippines said their businessmen in Manila are able to participate in biddings (or tender, in British English) in some infrastructure projects. “Of course, the difficulty is, to be able to gain a tender, you have to offer something very sophisticated. If there’s [one] where the public works need a lot of specialized engineering, then we can participate. We can win,” Guglielmino declared. Currently, there are two Italian firms digging through mountains in the country using the tunnel-boring

&Expats

envoys.expats.bm@gmail.com | Thursday, May 30, 2019 E3

LANGUAGES OF OUR LAND

Alberta educ minister bats for Filipino language program MISSION Minister Ariel Peñaranda (center), flanked by Marvie Misolas of Maryknoll Office for Global Concerns (left) and Elsa Muttathu of International Presentation Association. NEW YORK PM

PHL pursues preservation of indigenous languages at United Nations conference

N CONSUL General to Calgary Gilberto Asuque (right) and Deputy Consul General Zaldy Patron (left), with Alberta Education Minister David Eggen CALGARY PCG

ALGARY—Consul General Gilberto Asuque, accompanied by Deputy Consul General Zaldy Patron, met with Alberta Education Minister David Eggen at his Edmonton office on March 1, as the former expressed the Philippine government’s appreciation to the provincial government of Alberta, Canada, for its recent announcement to introduce a Kindergarten to Grade 12 Filipino Language and Culture program to Alberta K to 12 students beginning 2020. The curriculum will include the teaching of Tagalog as an optional language course.

The Consul General offered the assistance of the Philippine government in

the development of a Filipino language and culture program should the Alberta Ministry of Education require experts who can train teachers of the Canadian province about Filipino language, culture, arts and history. Eggen shared that consultations would begin soon on the development of the Filipino program, and it is hoped that the final one will be rolled out in time for school year 2020-2021. The minister pointed out that providing learning opportunities for Filipino students on language and culture would enable them to maintain their heritage, strengthen their cultural identity, as well as build language and literacy skills. He encouraged the Filipino community in Alberta to start engaging the school boards in districts where there are large Filipino communities concerning the introduction of the Filipino curriculum in their areas. DFA

Basic Filipino taught in New Zealand

ELLINGTON—Children aged five to 12 years old from Saint Benedict’s School in Khandallah suburb participated in the first session of the Philippine Embassy to Wellington’s Filipino Language and Culture Programme NZ (#FLCPNZ) on May 10. Ambassador of the Philippines to New Zealand Jesus S. Domingo said, “It’s best to start them young. These heritage learners, or the children of Filipino migrants here in New Zealand, will finally have the chance to reconnect with their roots. For the young Kiwis who chose this class as an elective, this will give them the opportunity to learn more about Philippine culture.” 'The program will run for a total of eight one-hour sessions and will cover the basics of the Filipino language, culture and history. After piloting at Saint Benedict’s, it will be offered on the weekends at the embassy, as well as to interested schools and communities. More advanced programs are being planned to also cover other regional Philippine languages. It will also be the basic requirement of the embassy’s Youth Ambassador Program (#YAMBA). DFA

YOUNG Filipino and Kiwi students look on as Vice Consul Feamor Vyn S. Tiosen shows them an interactive video. WELLINGTON PE

Phl: ‘In the spirit of camaraderie and goodwill’ machines to lay huge pipelines for some water projects. He offered that the easiest way to sell Italian products in the country is to link with some noted Filipino distributors, “which what most Italian brands do, like in food and fashion,” as he named Nedy Tantoco of Rustans, a distributor of popular Italian brands, along with Ben Chan of Bench, which locally markets Forme Italia. “Another way of starting a business [in the Philippines] is to fall in love with a Filipina, which happens very often.” The Italian ambassador promised that he would open the eyes of his compatriots to the beauty of Philippine scenic spots and entice them to come over, as he gushed over the uniqueness of El Nido,

Palawan, which he described as paradiso. Guglielmino revealed he had been to Bangkok, but “to be honest, the beaches you have here [in your country] are amazing.” “My target for the next two years is to visit more beaches. There’s just so much more to see. I still have to go to Boracay,” he admitted, as he praised President Duterte’s directive to temporarily close the island last year for a much-needed overhaul. “That was a brave and wise decision.” Guglielmino has actually written books on contemporary art. That’s why he loves visiting galleries to meet some of our young artists and spend some time with them. He was once Italy’s envoy to London, Nairobi, Buenos Aires and Dhaka.

AMBASSADOR of Italy in the Philippines Giorgio Guglielmino with President Duterte

EW YORK—The Philippines advocated for the preservation of indigenous languages as the Philippine Permanent Mission to the United Nations in New York addressed representatives of UN member-states and civil society organizations, including indigenous peoples organizations at the event entitled, “Language as the Lifeline of Indigenous Identity and Transmission of Culture,” held at the sidelines of the 18th session of the Permanent Forum on Indigenous Issues on April 23. Minister Ariel Peñaranda outlined the Philippines’s policies, programs and activities, including the implementation of the Philippine Indigenous Ethnographies Project. He noted that the output of the multiyear project is centered on the production of ethnographies of indigenous peoples themselves. “Through this project, indigenous peoples will be empowered to create their ethnographies and utilize the

same in the formulation of their own plans for the preservation and development of their culture, heritage and indigenous language, Peñaranda said. Ethnography is the study and systematic recording of human cultures. He shared the Philippine government’s efforts in convening national and regional consortia of government officials, indigenous leaders and indigenous peoples organizations to implement the project. Terms of cooperation among relevant agencies, and advocacy and communication plans have also been formulated. The Permanent Forum of Indigenous Issues took place from April 22 to May 3 at the UN Headquarters in New York. PFII is an advisory body to the Economic and Social Council mandated to deal with indigenous issues related to economic and social development, culture, the environment, health and human rights. DFA

Envoys&Expats BusinessMirror

E4 Thursday, May 30, 2019

www.businessmirror.com.ph

EMBASSIES, EVENTS, ETC.

PHL-US ties: Cornerstone of regional stability (Opening remarks of US Ambassador Sung Y. Kim on May 23 at the Pandesal Forum in Quezon City.)

THE US PERSPECTIVE

Amb. Sung Y. Kim

OOD morning. This is my first time at the Pandesal Forum, and I’m very excited to be here with you all today. I appreciate this opportunity to share with you how things are going in US-Philippine relations, and what lies ahead for us. As you know, our relationship with the Philippines is one of our most enduring in the Indo-Pacific region. The Filipino people are some of our closest friends, partners and allies. During my almost three years here, I have witnessed the strength of our military alliance, the importance of our economic partnership and the depth of our people-to-people ties. Our wide-ranging cooperation includes security, trade and investments, educational exchange, environmental resilience, public health

and sustainable development. There is so much we are doing together. I’d like to provide you with some specific examples of how we are working together to strengthen the connections between our people [while creating] prosperity that will improve livelihoods, and make our nations more secure.

First and foremost, we are friends.

OUR bonds are enriched by more than 4 million Filipinos and FilipinoAmericans in the US, and by some

300,000 Americans in the Philippines—all of whom help shape the political and economic future of our countries. One of my favorite parts of being ambassador is connecting amazing people in both our countries to spark new collaborations and partnerships. One way we do this is through exchange programs. Each year, we send approximately 350 Filipinos to the US on government-funded exchange programs. These opportunities strengthen the connective tissue between our countries and provide opportunities for important knowledge transfer. The Philippine American Educational Foundation, our Fulbright Commission, has sent more than 3,200 Filipino scholars to the US and brought more than 1,000 scholars to the Philippines. One of our other flagship exchange programs is the Young Southeast Asian Leaders Initiative, or YSEALI. This six-year-old initiative harnesses the power of young leaders to address critical challenges facing the Asean region. There are more than 25,000 Filipino YSEALI members who seek to make change in their communities and build a bright future for the nation. YSEALI training and exchanges help these incredible young Filipinos to realize their full potential. Finally, we’ve seen an increase over the past two years in the number of Filipinos studying at US universities. Our college fairs

in Manila and Cebu continue to draw greater and greater numbers. We are working hard to create even more opportunities for Filipino students and mid-career professionals to pursue studies in [our country]. We also hope more US students will come to the Philippines.

Second, we are also partners.

THE Philippines and the US share substantial economic ties. Total trade between our countries equals more than $27 billion annually. The US is one of the Philippines’s largest foreign investors, and its thirdlargest trading partner. On its own, the Philippines’s economic growth story is an impressive one. It has emerged as one of the fastest-growing economies in the Indo-Pacific region, averaging a 6.6-percent GDP [gross domestic product] growth from 2013 to 2018. Poverty rates are in decline, and a youthful Filipino work force is hopeful for the future. We admire the Philippines’s success, and we want it to continue. A key component of our economic strateg y with [your countr y] includes facilitating greater trade and investment to support economic growth that creates jobs, boosts income and develops the skills of Filipino workers. I think it is important to note that US companies are [this] country’s largest employer and largest exporter, and [we were] the top export market for Philippine goods from January to

July of 2018. Looking ahead, we hope to expand our trade and investment relationship, and are linking together our entrepreneurship communities to support development of the Philippines’s start-up ecosystem. In addition to economic cooperation, we are one of the Philippines’s top development-assistance partners. Together, we implement a wide range of development programs to support inclusive growth and development, sustainable use of natural resources, including sustainable fisheries, and good governance. In addition to our extensive assistance to the people of Mindanao in the wake of the Marawi City crisis, we partner with the Philippine government to improve public health. Disaster management and response are also top priorities. The US has been a large and consistent partner for disaster assistance. Just in the past decade, we have delivered disaster relief and recovery valued at P13 billion.

Lastly, we are allies.

OUR security cooperation dates back to World War II, when our forces fought together to liberate the Philippines and protect a free and open Asia-Pacific. Today, our militaries are working to modernize the Armed Forces of the Philippines (AFP), enhance maritime security and counter terrorist threats. In 2018 we conducted more than 250 joint military activities,

welcomed high-level visits by four US military ships, recognized 91 World War II veterans with Congressional Gold Medals, and funded the transfer of more than $35 million in military equipment to the AFP. During his recent trip to the Philippines, Secretary [Mike] Pompeo’s reaffirmation of the 1951 US-Philippines mutual defense treaty and clarification of [its] applicability to the South China Sea underscored the importance we attach to our relationship with the Philippines. The [country] is our oldest treaty ally in Asia, and we stand firm in our commitments. Of course you all covered the return of the Balangiga bells in December 2018. The return was a milestone in the relationship and demonstrated the enduring strength of the US-Philippine alliance and deep bonds of friendship between us. Finally, I am proud of the military assistance US forces provided to the AFP in Marawi City. Our assistance directly contributed to the AFP’s success in ending the siege, and reminded all of us of the critical importance of joint training and interoperability. So this is a very important and special relationship, and I am truly honored to be the US Ambassador to the Philippines. Our bilateral relationship not only benefits both our nations, but also serves as a cornerstone of regional stability. Thank you.

Israel sets record vote Commemorative stamp marks 50 years of PHL-SG diplomatic ties turnout for elections

THE Philippine embassy’s Special Board of Canvassers chaired by Ambassador Neal Imperial convenes the canvassing of electoral returns. TEL AVIV PE SINGPOST’S Majorie Ooi (left) and PHLPost’s Norman Fulgencio (right) present to Ambassador of the Philippines to Singapore Joseph del Mar Yap (second from left) and Ministry of Foreign Affairs Permanent Secretary Chee Wee Kiong framed copies of the commemorative stamps. SINGAPORE PE

S VICE Consul and Chairman of the Special Board of Election Inspectors Judy Razon closes the elections and started the counting of casted votes witnessed by poll watchers from the Filipino community. TEL AVIV PE

EL AVIV—Overseas voting in Israel for the midterm Philippine elections officially closed at 1 p.m. on May 13, with a record turnout of 28.62 percent, or 4,009 out of 14,007 registered voters since the polls opened at the Philippine embassy in Tel Aviv on April 13. This was a substantial improvement from the 2013 polls, which only drew 9 percent, or 835 out of 9,277 registered voters (five times more than the figure six years prior). “The number of people who showed up to vote is encouraging, especially for the midterm elections,” Ambassador to Israel Neal Imperial noted. “We believe that this reflects a high level of political awareness among Filipinos in Israel, and a strong determination to make sure that their voices are heard through the ballot box.” The embassy worked closely with local partners, churches and Filipino community leaders in Israel throughout the registration period in 2018,

and again throughout the first quarter of 2019 to encourage registered voters to come to the embassy to cast their votes. The Filipino community responded enthusiastically as members made arrangements to come to the embassy during weekends and holidays to vote. “We truly appreciate our community’s efforts to rally each other to take part in the elections,” Imperial stated. “From those who invited us to their events to talk about overseas voting, to those who served as watchers and volunteers, we saw everyone’s genuine desire to take part in selecting our country’s legislators.” As chairman of the Special Board of Canvassers, Imperial delivered the results of the elections personally to the National Board of Canvassers in Manila, where it was counted as part of the overall result of the midterm elections. DFA

INGAPORE—Philippine Ambassador to Singapore Joseph del Mar Yap hosted a reception to commemorate the 50th anniversary of Philippines-Singapore diplomatic relations on May 16 at the official residence, where the commemorative stamp jointly released by the Philippine Postal Corp. (PHLPost) and Singapore Post (SingPost) was also officially launched. “The mutual cooperation and coordination that was involved in this project shows the strength and depth of our bilateral relations. I am honored to be part of this milestone, and we look forward to more activities throughout the year that will continue to strengthen the already strong and warm friendly relations between our countries,” Yap said in

his opening remarks. He added, “Like stamps, let us be connectors of our countries and peoples to further strengthen Philippine and Singaporean ties.” Guest of Honor during the event was Singapore Ministry of Foreign Affairs (MFA) Permanent Secretary Chee Wee Kiong. PHLPost Chairman of the Board of Directors Norman Fulgencio and SingPost Ltd. Senior Vice President for Post Office Network & Financial Services Marjorie Ooi also graced the occasion. Meanwhile, MFA Permanent Secretary Chee Wee Kiong highlighted the historical link between the two countries that predates the official establishment of diplomatic relations on May 16, 1969. “Our warm ties actually go back

THE Philippines-Singapore 50th year relations commemorative stamp

even further. In the late 19th century, Philippine national hero Dr. Jose Rizal left the Philippines for the first time. Singapore was his first port of call. Between 1882 and 1896, Rizal visited Singapore four times and made detailed records of his observations. His writings are now precious and [are part of the] important records of 19th-century Singapore,” he said. The commemorative stamps feature the Luzon lacewing butterfly (Cethosia luzonica) and common rose butterfly (Pachllopta aristolochiae) that are endemic to the Philippines and Singapore, respectively. The special-edition stamps were made available to the public on the day of the anniversary itself. Officers of the Philippine em-

bassy in Singapore and the Philippine Overseas Labor Office, representatives of the Southeast Asia II Directorate and Philippine desk of MFA Singapore, as well as Infocomm Media Development Authority, also attended the reception. In a statement, PHLPost said, “Around the world, people view the butterfly as representing endurance, change, hope and life.” It has printed 5,000 copies of the special commemorative stamps designed by in-house graphic artist Rodine C. Teodoro, and sells for P114 each. Limited copies of souvenir sheets and official first-day covers of “Philippines-Singapore: 50 Years of Diplomatic Relationship” are now available at the Philatelic Counter, Manila Central Post Office. DFA/PHLPost

SoKor launches 2019 Korean-Philippine job fair

ELEBRATING the 70th anniversary of the bilateral relations between the two countries, the Embassy of Korea in the Philippines will hold the 2019 KoreaPhilippines Job Fair for Korean and Filipino Employment Permit System (EPS) returnee

workers on June 1, Saturday, at the Dusit Thani Hotel in Makati. Around 40 local and Korean companies will participate in the job fair. Spot and online screen interviews will be held. The Department of Labor and Employment will

also be present to assist returning Filipino EPS workers from Korea who are looking for employment in the Philippines. The venue is provided for the participating companies to interview job seekers. Booklets about the job fair plan and

company information will be given to the applicants. To participate in the job fair, the application form is available for downloading until May 30. For more inquiries, contact hrdkorea63@gmail.com or (02) 470-1853.