BusinessMirror November 05, 2019

‘CHINA BLOCKING ASEAN ACCESS TO $2.5-T ENERGY RESOURCES IN SOUTH CHINA SEA’

B RELIEF FOR MINDANAO Workers from the Department of Social Welfare and Development (DSWD)-National Resource and Logistics Management Bureau in Pasay City arrange food packs to be brought to different parts of Mindanao affected by three strong earthquakes in October. NONIE REYES

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ANGKOK—The United States has accused China of blocking Southeast Asia Nations’ access to $2.5 trillion of energy resources in the South China Sea. This comes as a Filipino-manned ship was allegedly harassed by a Chinese warship in Scarborough Shoal and Vietnam’s foreign ministry recently accused a Chinese oil survey vessel and its escorts of violating its sovereignty and demanded that Beijing remove its ships from the area.

After a tense standoff with the

Vietnamese, the vessel reportedly sped away from Vietnam’s exclusive economic zone toward China.

“Beijing has used intimidation to try to stop Asean nations from exploiting their offshore resources, blocking access to $2.5 trillion in oil and gas reserves alone,” W hite House National Security Adviser Robert O’Brien said in a speech during the Asean-US Summit on Monday.

“These tactics go against the rules of respect, fairness and international law,” he added.

Tuesday, November 5, 2019 Vol. 15 No. 26

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‘Slow inflation, catch-up spending to buoy growth’

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

LOW inflation and a rebound in government spending will help secure the low-end of the government’s growth targets for the year, according to a local think tank.

And, in the view of Finance Secretary Carlos G. Dominguez III, the country’s third quarter economic growth would “definitely” be better than the last two quarters of the year.

In its latest Market Call report, First Metro Investment Corp.

(FMIC)-University of Asia and the Pacific (UA&P) Capital Market Research said GDP growth could average 6 percent to 6.5 percent this year, within the gov-

ernment’s 6-percent to 7-percent target.The think tank said September inf lation of 0.9 percent is the lowest in 40 months while government spending grew 8.8 percent in August.

“Positive economic data point to a rebound in H2, bolstering our view that full-year GDP expansion will hover between 6-6.5 percent,” the think tank said.

“We expect a rebound in GDP starting [in the third quarter] as

ever lower inflation and high employment rates combine to boost consumer spending, while NG [national government] continues to ramp up infrastructure expenditures in [the second half of the year],” it added.

From Bangkok for the 35th Asean Summit, Dominguez still expressed optimism the country can achieve at least the lower end of the government’s full-year GDP growth target of 6 percent to 7 percent.

“Definitely, definitely.

That is going to happen because our spending did ramp up in the last third quarter. We haven’t caught up yet, I think we are still 5 percent short, but we are getting there.”—Dominguez

3rd quarter growth

SOUGHT for comment on some analysts’ predictions on the country’s economic growth for the third quarter, Dominguez said: “Definitely, definitely. That is going to happen because our spending did ramp up in the last third quarter. We haven’t caught up yet, I think we are still 5 percent short, but we are getting there.”

With this, Dominguez said he sees the country’s economic growth for the year reaching at least the lower end of the government’s target considering that there was a delay in the budget passage and the election ban.

See “Growth,” A2

Moreover, O’Brien said America has since been helping its A sean friends to uphold their sovereignt y in the last three years, noting that they have prov ided $1.3 billion in secur it y assistance in the Indo-Pacific.

“The [Asean] region has no interest in a new imperial era, where a big country can rule others on the theory that might makes right,” he said.

Malacañang earlier played down the recently reported incident in the Scarborough Shoal involving a

P25.00 nationwide | 4 sections 42 pages |

NO SURPRISE: CHRISTMAS HAM COSTLIER IN 2019

By Elijah Felice E. Rosales

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@alyasjah

T’S a costly Christmas for Filipinos this year. The traditional ham that families put on their table for Noche Buena is P25 pricier now, as meat processors struggle to find new sources of pork in the face of the African swine fever (ASF) crisis.

Prices of all 31 ham products monitored by the Department of Trade and Industry (DTI) went up by as much as P76 based on the suggested retail price (SRP) list for Noche Buena items as of October 31.

The BusinessMirror computed an average price hike of P25.49 in the ham shelf.

Trade Undersecretary Ruth B. Castelo said the DTI approved the price increases on the request of meat processors and manufacturers, who cited the dreaded ASF hounding many countries, including the Philippines, as one of the reasons for petitioning the hike.

“Some gave ASF as a reason because, due to the ASF in China, other countries had to source from new suppliers. [This resulted in] fewer supply in the

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@BcuaresmaBM

HILIPPINE manufacturing growth outpaced most of the region anew in October, the most recent Purchasing Managers Index (PMI) data showed. Manufacturers, however, showed weaker optimism for the coming months as the rest of the region’s manufacturing sector slumps.

Global think tank IHS Markit on Monday reported that the country’s PMI hit 52.1 in October, up from 51.8 in September. This is the highest reading of the country since July this year when it also hit 52.1.

The PMI is a composite index meant to gauge the health of the country’s manufacturing sector. It is calculated as a weighted average of five individual subcomponents.

Readings above the 50 threshold signal a growth in the manufacturing sector while readings below 50 show deterioration in the industry.

“Posting at 52.1 in October, the IHS Markit Philippines Manufacturing PMI signaled little change in the rate of improvement in operating conditions from September. Production expanded at a slightly quicker rate, alongside a

PESO EXCHANGE RATES n

marginal uptick in the pace of new order growth. On the other hand, employment rose at a slower rate, while stock of purchases grew to the least extent for three months,” IHS Markit economist David Owen said.

The Philippines was the only other country to report an uptick during the period, with Myanmar leading the pack with a PMI reading of 53. Coming in next to the Philippines is Thailand and Vietnam with a PMI reading of 50.

“A standout from October data was a further fall in the pace of output charge inflation [of the Philippine manufacturing sector], which reached the weakest since January 2016. Despite a solid rise in cost burdens, many firms looked to keep prices unchanged in order to maintain a strong market environment,” Owen said.

Malaysia, on the other hand, reported a deterioration in business conditions to hit a PMI reading of 49.3. Indonesia’s headline index fell to a near four-year low of 47.7. Singapore ranked last, with the latest headline figure of 41.4 hitting the lowest in the survey history since August 2012.

See “PMI,” A8

international market,” Castelo said in a text message to the BusinessMirror.

Aside from the ASF crisis, meat processors had to raise the prices of ham to make up for cost increases, particularly in packaging, Castelo added.

Prices of ham products weighing 500 grams ballooned nearly P13 on average; the highest were the P20 hikes in Virginia Brick Ham and Virginia Pear-Shaped Ham. The DTI added Swift Noche Buena Ham 500 grams, priced P135, in its SRP monitoring.

Further, the price of King Sue Pear Shaped Cooked Ham Loaf 700 grams went up P4 to P194, from P190 last year.

On the other hand, prices of ham weighing 800 grams rose an average P20, the sharpest were the increases of P20 in Virginia Pear Shaped Ham, P26 in CDO Pear Shaped Ham and P25 in Purefoods Pear Shaped Ham. The DTI also included Swift Pear Shaped Ham 800 grams, sold P196, under its price watch.

The price of the lone 850gram ham product on the SRP list, CDO Jamon de Bola inSee “Christmas ham,” A2

BSP chief: 2019 policy easing over

PMI: PHL manufacturing outpaces most of Asean

By Bianca Cuaresma

See “China,” A8

T ‘SIN’ TAX, PART 2 With Congress resuming sessions on Monday, the lobbying for tax reforms has begun. From left, Dr. Aurelia Leus and Dr. Yul Doroteo of the Philippine Medical Association and Dr. Maricar Limpin of the Philippine College of Physicians present prescription pad to Sen. Pia Cayetano, chief of the Ways and Means committee, recommending passage of a bill to raise taxes on alcohol and e-cigarettes. They were joined by representatives of the National Sin Tax Coalition in a press conference. ROY DOMINGO

No pork, no parked funds in 2020 budget–House

By Jovee Marie N. dela Cruz

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@joveemarie

S issues of “funds parking” were raised over the 2020 national budget, the leadership of the House of Representatives on Monday reiterated that

its approved budget is “pork- and parked fund-free.”

Speaker Alan Peter Cayetano made the assurance following the claim of Sen. Panfilo Lacson that there were P20 billion worth of questionable projects in the proposed P4.1-trillion General Appro-

priations Act for 2020.

“I can assure all of the people, including Senator Lacson, that there will be no parked fund and no pork. We will try to eradicate corruption or avenues of corruption,” he said.

See “2020 budget,” A2

HE Philippine Central Bank is done with easing monetary policy for this year after it cut interest rates three times and pumped liquidity into the banking system, Bangko Sentral Governor Benjamin Diokno said.

When asked if there would be no more reductions in the benchmark rate or reserve requirement ratio in 2019, Diokno said “absolutely.”

Monetary authorities have done “more than enough” for the year, he said in a text message from his mobile phone.

Bangko Sentral ng Pilipinas has lowered its policy rate by a total of 75 basis points this year and will bring down the reserve ratio to 14 percent by December from 18 percent in May. The Central Bank has two scheduled rate decisions for the rest of the year: next week and December 12.

The Central Bank has been loosening policy this year in the face of slowing inflation and a weakening economy. Data on Tuesday will probably show a further slowdown in inflation to 0.8 percent in October. Bloomberg News

US 50.7690 n JAPAN 0.4691 n UK 65.6443 n HK 6.4792 n CHINA 7.2144 n SINGAPORE 37.4210 n AUSTRALIA 35.1169 n EU 56.7090 n SAUDI ARABIA 13.5395

Source: BSP (4 November 2019 )

News

BusinessMirror

A2 Tuesday, November 5, 2019

www.businessmirror.com.ph

Disaster resilience agency bill OK by Christmas?

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By Butch Fernandez

@butchfBM

ENATE President Vicente Sotto III sees no more hitch in the awaited approval by Congress of a law creating a Department for Disaster Resilience (DDR) that President Duterte has certified as urgent.

“Mabilis naman siguro mapapasa ngayon yan, sapagkat matagal nang kailangan ito; hindi nabibigyan ng

pansin masyado, sapagkat panakanaka yung mga disaster na nakikita. Hindi rin naman nabibigyan ng

focus,” [It’ll probably proceed faster this time, since that’s been needed a long time ago. It didn’t get much attention, since the disasters we witnessed were intermittent. It didn’t get much focus],” Sotto said on Monday.

The two chambers of Congress resumed sessions on Monday (November) after a monthlong break.

Though the Senate leader admitted it did not readily draw support from senators, the recent succession of calamities, capped by three strong earthquakes in Mindanao in the second half of October, turned the tide. “The way I see it, since

calamities have struck in succession, and we all know the Philippines is disaster-prone, this bill will now be given attention. Even while we’re tackling the budget, there’s a strong possibility we will tackle this, too,” Sotto said in a mix of English and Filipino.

He noted that after he filed his version of the bill, several other senators filed similar bills creating a disaster resilience department. “I was just the first to file, but seven of us have filed bills on this. It’s not surprising that I was first to file the bill, since I was also the one who filed the Calamity Fund bill in 1992,” Sotto recalled.

IC helps quake-hit insurance claimants

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NSUR ANCE claimants affected by destructive earthquakes in Mindanao will be assisted by the Insurance Commission (IC), which mobilized the “Agarang Proseso, Benepisyo ay Sigurado” program.

In a statement, IC’s Davao district office said that it has activated its disaster response mechanism to fast-track the processing and releasing of claims in Mindanao.

T he program was earlier

2020 budget. . .

launched by the onsite Claims Action Centers (CAC), the Climbs Life and General Insurance Cooperative in Tacloban, Ormoc, and Cebu right after Supertyphoon Yolanda left the country in 2013.

In October 2019, the province of Cotabato suffered from three consecutive earthquakes that affected also the rest of the region.

The first quake with magnitude 6.3 struck on October 16; the second with magnitude 6.6 on

Continued from A1

While declaring the House-approved budget bill “pork-free” and saying he only found P9.5 billion in institutional amendments made by the chamber, Lacson said there were P20-billion in “parked” funds under the budget of Department of Public Works and Highways (DPWH) and Department of the Interior and Local Government (DILG). With this, Deputy Speaker for Finance Luis Raymund Villafuerte said the executive department should make a clarification on the parked funds. According to Villafuerte, the proposed budget bill was passed in a “highly transparent manner and bereft of pork, illegal insertions and parking of funds.”

‘Objective assessment’

MEANWHILE, the lower chamber thanked Lacson for his “objective assessment” of the 2020 GAB that was passed swiftly last month.

“Under the guidance of Speaker Cayetano, the final version of the 2020 GAB approved by the House is in sync with the inclusive growth agenda of President Duterte. The institutional amendments were all done to ensure funding support to the sectors that need them the most,” said Villafuerte, who represents the second district of CamSur. Villafuerte said the only amendments made by the House to the proposed budget involved P9.5 billion in funds that were realigned to various government agencies to ensure that the government remains on top of the situation in responding to the urgent needs of various sectors.

Among these, he said, was the agriculture sector, where P3.5 billion was allocated through the Department of Agriculture (DA) to enable it to buy more palay from farmers amid the plummeting farm-gate prices in certain parts of the country and to set up a quickresponse fund. The institutional amendments also included P800 million to the Department of Education (DepEd) for the operation of schools from Kinder to Grade 12 and establishment of model day care centers nationwide, Villafuerte said.

He said the Philippine General Hospital (PGH) also got P500 million as part of the realignments, while the Dangerous Drugs Board (DDB) received P250 million for the maintenance and other operating expenses of community-based rehabilitation centers.

October 29; and the last, with magnitude 6.5, on October 31.

At least 22 people have been confirmed dead as of Monday from the series of earthquakes in Mindanao.

Commissioner Dennis B. Funa has required insurance firms to submit reports with the number and types of insurance claims filed, as well as amounts of claims paid with other pertinent information. “We requested insurance providers to relax claims require-

ments, such as documentary evidence and notices of loss for the victims of the earthquakes in Mindanao,” Funa said.

The IC said those who wish to seek assistance may visit the Insurance Commission Davao District on the third floor of Yap building, Quimpo Boulevard, Ecoland Davao.

People may also contact IC through its landiline number 082-327-3651. Jove Moya

Christmas ham. . .

creased P26 to P295, from last year’s P269.

The steepest price hikes were recorded in ham weighing 1 kilogram and above, as increases here averaged over P32. The SRP of CDO Chinese Ham 1 kilo rose P76 to P1,025, from P949, while those of Purefoods Chicken Ham and King Sue Chinese Ham (Bonein) Boiled went up by P51 to P450 and P872, respectively.

The price of the heaviest ham item monitored by the DTI, Purefoods Fiesta Ham 1.5 kilos, also shot up P24 to P832.50, from P808.50 last year.

The DTI monitored fewer ham products this year compared to last year on the removal of six brands, notably five made by Frabelle, from the SRP list. With the addition of two Swift brands, the agency covered a total of 33 hams in this year’s price watch for Noche Buena goods.

Since the ASF crisis broke out

ASF. . .

Continued from A1

in the Philippines in August, the Department of Agriculture (DA) confirmed cases of the dreaded virus in Bulacan, Cavite, Nueva Ecija, Pampanga, Pangasinan, Rizal and Quezon City, compelling over 60 provincial governors to prohibit the entry of live pigs and processed pork into their jurisdictions.

DA authorities have culled more than 62,000 hogs, of which just onethird was infected with ASF, to contain and control the spread of the virus. As much as the ASF poses no threat to human health, it is a fatal disease to pigs, with a mortality rate of up to 100 percent and has no known vaccine nor cure yet.

Last week the World Organisation for Animal Health warned the spread of ASF will cause pork prices to spike around the globe due in large to the situation in China, home to half of the world’s swine population and where over 100 million pigs have been culled so far.

Continued from A8

“[The plan] will impact the market, that’s why it is not the first option being used. For example, Bulacan and Pampanga would have very limited market access for their products under [the zoning] system,” Morales said.

Zones THE zoning plan would identify areas as free zones, containment zones, surveillance zones, protected zones and infected zones.

The free zones would be Visayas, Mindanao and Mimaropa since there is no confirmed case of ASF in these three areas.

Luzon will be declared a containment zone since it is where all the country’s ASF outbreaks are located.

Under the containment zone, there would be protected zones, which are still free from ASF, such as Regions 1, 2, 4B, 5 and CAR; while the areas already affected by ASF would be identified as infected zones. Further, Regions 3 and 4A would be surveillance zones since they have higher risk of contracting ASF. Morales said the national zoning plan was presented to provincial and municipal veterinarians nationwide and they expressed support to the proposal to eradicate ASF in the country. The zoning approach was used by the national government in eradicating FMD by isolating areas already affected by the disease.

In an article published online in 2011, Morales and Ann Catherine Umandal, who were both part of the National FMD Task Force, explained that the progressive zoning plan was “anchored on the approach that uses compartmentalization of the different regions in the country based on their FMD status.”

“The archipelagic nature of the country’s geography plays a very important role in this approach and provides a natural barrier to the spread of the disease from one island to another,” they said. “The basic idea of compartmentalization is to arrest the disease situation of a given area and protect the gains in this area by upgrading its status from infected to protected, and eventually to free zones while building-up measures to prevent re-infection,” they added.

Asked if he expects the bill to take precedence over other bills seeking to create new government departments, Sotto replied: “Yes, this will have priority, because the other departments have issues about right-sizing. In their cases, we can have the right-sizing before the new agencies are set up, but in this [DDR] case, it can’t wait. A national disaster cannot wait.”

The Senate President added that passing the proposed law creating the DDR will “make it clear who is in charge” of government’s quick response in times of disaster, including relief operations.

Sotto noted that the bill splits responsibility “from the municipal, the mayor, the city mayor, up to the secretary of Disaster Resilience,” and there is a “clear unity of command, [as well as the] effective collaboration [that we want].”

This will, he added, “pinpoint responsibilities.” Under the law, “we are going to institutionalize the National Disaster Coordinating Council.”

Sotto sees “a very big chance” that the enabling legislation could be passed by Congress before lawmakers go on their Christmas recess, and signed by the President soon after.

Senate clears agency mandate to buy palay from local farmers

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AJORITY and minority senators, voting 21-0 at Monday’s session, passed a Joint Senate-House Resolution mandating major government departments and local government units to help promote the rice subsidy program.

As passed, the Joint Resolution directs the Department of Social Welfare and Development (DSWD), the Interior and Local Government (DILG), National Defense (DND), Transportation (DOTR), Environment and Natural Resources (DENR) and the local government units to coor-

Growth. . .

Continued from A1

The local think tank FMIC-UA&P Capital Market Research expects third-quarter GDP growth to reach 6 percent and even faster in the last quarter of the year on the back of strong domestic demand. This will be fueled by low inflation, employment gains, and strong consumer spending.

For his part, Dominguez said, “We are certainly in a very good position to hit the lower end of the target of 6 percent to 7 percent this year. Lower end because because unfortunately we have a five-month delay in the approval of the budget and also we had a problem of the law that that does not allow us during election period to start infrastructure projects. That resulted in an underspending of close to P1 billion a day in the Philippines and definitely the investment in our infrastructure suffered because of that,” he said.

Spending

NATIONAL government spending grew 39 percent year-on-year to P415 billion in September as disbursements posted doubledigit growth.

This brought the January-to-September period spending to P2.627 billion in 2019, a 5.5-percent growth from P2.49 billion.

However, this is still 2.1 percent below target for the period.

Data showed the growth of government disbursements this September was mainly driven by an upsurge in disbursements in Capital Outlays, particularly in Infrastructure/Other CO spending — reaching P100.3 billion.

The Department of Budget and Management (DBM) said the 53.9-percent growth in Capital Outlay is the fastest for the year and was mainly due to the completion of Department of Public Works and Highways projects.

The country’s first and second quarter GDP growth were posted at a slower pace of 5.6 percent and 5.5 percent, respectively. Thus, the economy needed to grow 6.4 percent in the second half to reach the lower end of the full-year growth target this year.

Dominguez expects that last year’s delay in the budget passage would not happen again this time around.

The Philippine Statistics Authority (PSA) is set to announce the country’s inflation figures today, November 5, and the third quarter GDP on Thursday.

Moderate inflation

FMIC-UA&P Capital Market Research, meanwhile, said inflation will likely continue to be moderate through 2020 as the seasonally

dinate with the National Food Authority (NFA) and the Department of Agriculture.

The Joint Resolution effectively required the Executive departments listed in the congressional resolution to “directly purchase palay from the local farmers for the rice subsidy program.”

Pressure has mounted in past weeks for the government to speed up assistance to farmers, who have been reeling from the eight-year record low palay prices in the months following the implementation of the rice trade liberalization law.

Butch Fernandez

adjusted annualized rate of inflation already fell to zero percent in September.

Low inflation, the think tank said, is expected to again register a growth of 0.9 percent in October. This will contribute to an average of 1.6 percent in the last quarter of the year.

Rice prices are expected to be muted given that rice inventory in August increased 40.3 percent year-on-year. This does not yet include the last- quarter harvest which is usually the largest for the year.

“Downward adjustments to full-year inflation projections keep resurfacing, but we expect it not to exceed 2.5 percent,”FMIC-UA&P Capital Market Research said.

“Crude oil prices have little upside despite Opec production cuts still intact as US shale oil and other cash-starved Opec and non-Opec countries seek to raise output in the midst of a global economic slowdown,” it added.

Apart from low inflation, the think tank said national government spending is expected to increase on the back of infrastructure and capital outlays programmed for the third and fourth quarters of the year.

It said the national government has already been able to increase spending by 73.1 percent month on month in July, indicating that the trend will continue, adding that “NG’s catch-up plan will likely gain traction in [the second half of the year].”

FMIC-UA&P Capital Market Research said other factors include expectations of stable crude oil prices. In terms of exports, the think tank said, the country posted positive growth while imports contracted. This will not have a dampening effect on GDP, especially in the second half of the year.

The think tank also still sees room for the Bangko Sentral ng Pilipinas (BSP) to cut interest rates by another 25 basis points in the last quarter.

“Broad Money (M2) has grown at a slower pace than GDP growth in H1 and this has likely continued in Q3. With a current account deficit and real-estate loans direct to users rising, banks have felt a liquidity squeeze,” it said.

However, it thinks the peso remains overvalued and indications point toward depreciation in the coming months.

The month-end actual peso-dollar exchange rate in September was above the 30-day moving average (MA) in most days, it noted. The weakness of the peso was mainly driven by the country’s trade deficit which was valued at $24.7 billion in the January-to-August period, albeit 8 percent lower than the $26.85 billion posted in 2018.

“We maintain our view that the lingering trade deficit and the country’s need to increase foreign reserves will continue to put downward pressure on the peso,” the think tank said.

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Trump’s absence prompts Duterte, some Asean leaders, to skip summit meeting

By Bernadette D. Nicolas @BNicolasBM

B

ANGKOK—President Duterte skipped 7th Asean-US Summit along with some Asean leaders due to the absence of US President Donald J. Trump.

Perceived as a snub of the meeting of the Asean leaders, Trump sent his National Security Adviser Robert O’Brien in his behalf.

Meanwhile, Duterte sent Foreign Affairs Secretary Teodoro Locsin Jr. to represent him during the said summit. Aside from the leader of this year’s host country Thailand Prime Minister Prayut Chan-ocha, Vietnam Prime Minister Nguyen Xuan Phuc and Lao PDR Prime Minister Thongloun Sisoulith were the Asean leaders who attended the Asean-US meeting with O’Brien. Others sent their foreign ministers instead.

On the sidelines of the 35th Asean Summit, Finance Secretary Carlos G. Dominguez III told reporters on Monday that Duterte’s decision not to attend the Asean-US meeting may have something to do with the mindset that the leaders will only attend meetings when their counterparts are present.

“So, they attend [like] when their counterparts from the Plus Three nations are here but when it’s not a leader, I think and it comes off as a ministerial level, I think the ministers will take care of that. It’s just a matter of proper balance,” Dominguez said.

W h i le s ay i ng t h at Tr u mp was missed in the meetings, he doesn’t see this impacting the reliability of US as a partner for the regional bloc.

“I don’t think it affects the view of the Asean about the reliability of the US. For reliability, we had better look into their actions rather than in to their presence,” he said.

Pressed further if Trump should put more importance to Asean, Dominguez said: “That would be nice. But I suppose he has other issues that he has to address and most of them are domestic at the moment.

I think he has a slight problem with the legislature there. Let’s allow him to make his choice,” he said.

Responding to the “partial boycott” of some leaders who were supposed to attend the AseanUS Summit, the US was reportedly upset by the regional bloc’s “intentional effort to embarrass” Trump.

Reports also said that a full or partial boycott of the Asean leaders will be damaging to Asean-US relations.

Nonetheless, O’Brien read an invitation letter from Trump inviting Asean leaders to a “special summit” in US next year.

“I would also like to take this opportunity to offer an invitation to the leaders of Asean to join me in the United States for a special summit, meeting at a time of mutual convenience in the first quarter of 2020,” O’Brien said as he read Trump’s letter.

The special summit was said to provide an “excellent opportunity” for leaders to “broaden and deepen their cooperation on matters of great importance.”

Last year, Trump also skipped the Asean-US Summit and sent Vice President Mike Pence instead.

Also in Bangkok, Duterte failed to arrive on time for the family photo of the Asean Plus Three Summit.

Duterte was the last leader to arrive at around 8:50 a.m. for the summit which was scheduled to start at 8:30 a.m.

He was represented instead by Foreign Affairs Assistant Secretary Junever Mahilum-West.

Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo admitted that the President indeed did not make it on time.

“He was late for a few minutes as he had to pass by the restroom,” Panelo said.

Asked if he is feeling well after the gala dinner last night, Panelo said: “He is okay.”

There is also “no change in schedule” for the President’s attendance to the series of summits today, including the Asean-US Summit.

Noisy exhaust tailpipes a ‘no-no’ in Pasay City

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OISY tailpipes—those intentionally made or altered to emit a loud sound—are not allowed on motor vehicles, both private and for public transport, plying the streets of Pasay City, the local government reminded the public on Monday.

Such exhaust outlets have recently come to be widely used on vehicles, especially motorcycles and tricycles.

Mayor Emi Calixto-Rubiano reminded Pasayeños, as well as the general public that these noisy tailpipes are prohibited in the city under Ordinance 6009, or the AntiModified Tail Pipe Ordinance of Pasay City, which was enacted last June 2019.

The ordinance defines modified tailpipes as “[a]n alteration, replacement or removal of the or ig ina l ta i lpipe or muf f ler/ silencer, or parts thereof, of a motorcycle and tricycle.”

Based on information, mufflers or silencers were developed as part of the exhaust gas system of vehicles to reduce the noise of their engines. But over the years, a number of vehicle owners have been removing these mufflers/silencers, or modifying their vehicles’ exhaust system to make their engines emit various loud sounds.

Ordinance 6009 states that, “Excessive noise is a serious hazard to the public health and wel-

fare, and that, exposure to certain levels of noise can result in physiological, psychological and economic damage.” It adds, “Any sound becomes unwanted when it either interferes with normal activities such as sleeping, conversation, or disrupts or diminishes one’s quality life.”

Rubiano said, “We Pasayeños are entitled to a peaceful and quiet environment without the intrusion of noise, which may be hazardous to our health and welfare.”

The ordinance thus declares, “No driver of any kind of motor vehicles, including motorcycles and tricycles, shall operate or permit the operation for private and public use of said vehicle, whose tailpipe has been altered from its original configuration either through the removal or modification, of the silencer/muffler system, or replacement of the whole, or any component of its tailpipe system, resulting in emissions beyond the acceptable standard of ambient noise in our residential, commercial and industrial communities.”

Penalties for violation of the ordinance range from a fine of P2,000 for the first offense; a fine of P3,000, impounding of vehicle for the second offense; and for the third offense, a fine of P4,000, cancellation of driver’s license and cancellation of franchise of the transport business.

Editor: Vittorio V. Vitug • Tuesday, November 5, 2019 A3

House dumps proposals to grant Duterte extra powers to solve Metro traffic woes

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By Jovee Marie N. Dela Cruz

@joveemarie

HE leadership of the House of Representatives on Monday said it would no longer push for the passage of the bill granting President Duterte emergency powers to address the worsening traffic in Metro Manila and other parts of the country.

Instead, Speaker Alan Peter Cayetano said the lower chamber would exercise its oversight powers to address traffic in several areas in the country. “[The emergency powers bill is] not [a priority] anymore because the President said he doesn’t want it anymore, or we cannot attract a crisis with emergency powers when you’re in the middle of it,” said Cayetano in an interview.

“We will push [instead] for the mass transportation [option] and we will not only pass legislation—if needed—we will use our oversight powers, [so] there’s no reason that right of way [issue] should be a problem,” he added.

According to Cayetano, the lower chamber may also step in and discuss with the local government units the construction of the Metro Manila subway.

For 2020, the government has allocated P9.7 billion for the Metro Manila Subway Project Phase 1.

“Before the President leaves, two or three subway stations will open,” he said. “[In the] House we’ll try to tackle and focus on the solutions and how we can help.”

Earlier, Transportation Secretary Arthur Tugade urged Congress to ap-

POEA adapts e-mail system to repatriate distressed OFWs

By Samuel P. Medenilla @sam_medenilla

O

VERSEAS Filipino workers (OFWs) would soon have faster repatriationprocessingtimeunderthe PhilippineOverseasEmployment Administration’s (POEA) new e-mailbased notification system for recruiters.

POEA Administrator Bernard P. Olalia said they will soon be sending their notice to repatriate (NTR) through e-mails.

“This will allow them [recruiters] to comply with POEA process cycle time of 10 days for repatriation,” Olalia told the BusinessMirror in an SMS. Under their new system, the POEA chief said, NTR will no longer be sent by conventional mail, but would be coursed through instead via e-mail. “…. This would ensure that 48-hour/15-day period in processing the documents for the repatriation of distressed overseas Filipino workers will be promptly done,” POEA said in its Advisory 34, Series of 2019.

In preparation for the implementation of the new notification system, POEA required all licensed recruitment agencies to submit to its Repatriation Unit an official e-mail address, or update an existing one, not later than November 8, 2019.

“If the notice is sent by physical mail, it will take a long time [before it is received by recruiters] that is why we are getting their e-mail addresses to speed up sending of notifications for repatriation,” Olalia said.

POEA implemented the reform after the International Organization for Standardization (ISO) 9001:2015 assessed it was noncompliant with the Standard Processing Cycle Time of 10 working days.

prove the pending measures granting President Duterte emergency powers to address the country’s traffic problem.

Tugade told lawmakers that emergency powers for Duterte is needed so that the government can implement faster solutions to the worsening traffic.

Tugade also allayed fears of law-

makers on granting the emergency power, saying the emergency powers that will be given to the President would not be permanent as it will only be granted for two to three years.

The transportation chief added that the emergency powers will also not remove the oversight powers of Congress.

Pampanga Rep. Juan Miguel Arroyo has refiled a bill giving Duterte a two-year emergency power to address the traffic crisis in Metro Manila.

In House Bill 114 or the proposed Metro Manila Traffic Crisis Act, Arroyo said the current traffic congestion in Metro Manila impedes progress and leads to a situation where billions are lost daily in fuel cost, man hours and opportunities.

“The Duterte administration aims for an annual growth rate of at least 7 percent to make significant dent on poverty. One of the ways to speed up growth is to get infrastruc-

ture moving, either by government or by build-operate-transfer, or any of its variants,” he said.

“Contractors would have to accelerate the implementation and completion of infrastructure projects in Metro Manila, in order to decongest it. Drastic traffic reduction measures also need to be undertaken through traffic management reforms,” Arroyo said.

During the 17th Congress, the House of Representatives has approved on third and final reading the proposed Traffic and Congestion Crisis Act to address the traffic gridlock in Metro Manila and megacities, such as Metro Cebu and Davao City.

Under the proposed Traffic and Congestion Crisis Act, it tasks transportation secretary as traffic chief to simplify the country’s management of traffic and transportation and regulate the road use in metropolitan areas.

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Tuesday, November 5, 2019 A5

Duterte admin revisits PPP Japanese firms to invest $215M to boost BBB infra program in Philippine innovation projects

By Cai U. Ordinario @caiordinario

T

HE national government is now fine-tuning the framework of cooperation between the state- and-private sector entities for infrastructure projects to ensure the continuity of public-private partnership (PPP) initiatives.

But the National Economic and Development Authority (Neda) said there’s a need to do so because PPPs have now been included in the list of flagship projects.

“We are seeing already a framework by which we can move forward that’s why the update is not really more on how we are implementing, or how fast we can implement,” Neda Undersecretary Jonathan L. Uy told reporters in an ambush interview in Pasig City on Monday. “[We are] coming up with a better framework of cooperation between the government and private-sector entities,” Uy added.

Flagship projects are considered game-changing undertakings that will create more jobs, address the country’s infrastructure constraints, and stimulate the economy.

The Neda is currently updating the list of flagship projects, including PPPs and unsolicited projects. Prior to this, the Duterte administration said it was not keen on PPPs due to the time it takes to roll out these projects.

According to Uy the government is still targeting to spend P4.7 trillion or 5 percent of gross domestic product for flagship projects until 2022.

Socioeconomic Planning Secretary Ernesto M. Pernia earlier said the flagship projects list will be expanded to include a total of 100 projects.

Pernia said smaller projects would take the place of proposed bridges under the state’s P8-trillion infrastructure plan. After the Neda evaluated the flagship projects, it decided to remove some bridges from the list on technological, economic and financial viability reasons.

The bridges taken out of the government’s priority would have connected islands in the Bicol region, Visayas and Mindanao, particularly Samar to Sorsogon, Leyte to Surigao and Cebu to Bohol.

There will be more of the smaller projects, Pernia said, “but still game changing, especially for the regions that will be included, which we did not include in the first list.” Pernia added, “What we have done is take out certain projects that are impossible given the engineering technology [that these require], or maybe the technology [to build them which] we don’t have yet.”

For example, he said, the Matnog, Sorsogon to Samar bridge was found to be “unfeasible from the feasibility study in terms of economic viability and financial viability [so] that was turned down. The Leyte to Surigao long bridge is also very deep, and really just very challenging. Also going to be very costly is the Cebu to Bohol bridge.”

J

By Elijah Felice E. Rosales

@alyasjah

APANESE firms are investing $215 million in new projects and expansions in the Philippines, as they seek to take advantage of the growing innovation environment here.

On the sidelines of a business forum in Tokyo, Trade Undersecretary Rafaelita M. Aldaba met with Japanese manufacturers to pitch investment opportunities in the Philippines. A total of $215 million worth of projects, most of which related to innovation, were secured during these meetings.

The projects include the opening of the first MOS Burger, Japan’s second-largest burger joint, by March of next year, and the interest of Assemblepoint to develop smart fourwheel electric vehicle using latest Internet of Things technologies.

Also, Satelight is eyeing to outsource animation work from the Philippines, while Kanepackage is planning to build a new factory. Further, Sumitomo Wiring presented during the meetings its expansion projects on wiring har-

ness and components production.

Marubeni Corp. also shared its joint-venture project with two local firms to put up 30 primary care clinics and 10 cancer centers, as well as install five centralized laboratory testing hubs in strategic urban areas.

“There are many potential opportunities for the Philippines and Japan to deepen trade and investment partnership through innovation. I am delighted that the companies I met during this trip are making significant contributions in the areas of creating new industries, products and leapfrogging to Industry 4.0 by adopting smart manufacturing to transform our industries,” Aldaba said in a news statement issued on Monday.

Aside from those who committed to invest, there were investment intentions in infrastructure develop-

ment, railways, electric vehicle public transport system, retail, manufacturing, logistics, warehousing, factory automation, construction and real estate.

Last week Aldaba presented the government’s Inclusive Innovation Industrial Strategy to over 600 Japanese investors at the PhilippineJapan Business Investment Forum organized by the Nikkei Business Publications Inc. Aldaba discussed the areas where Manila and Tokyo can collaborate under the i3s, which is geared toward improving the manufacturing, agriculture and services sectors of the country.

“In the context of these trade and investment trends between the Philippines and Japan, along with global developments, such as the entry of new technologies, we feel the need to focus our efforts on innovation to address the opportunities and challenges arising from Industry 4.0, but also from increasing global competition, United States-China trade war and regional economic integration,” Aldaba added.

Last year Japan is the country’s third-largest foreign source of investments. Based on records from the Philippine Statistics Authority, Japanese investments in 2018 declined 38.33 percent to P19.72 billion, from P31.98 billion in 2017.

Personal integrity and institutional integrity effectively destroy a person’s or group’s label of integrity.

It is important to recognize that a leader of an organization is imbued with personal integrity, because “the personal [eventually] gets translated into the institutional.” This is the principle of leading by example.

But it is imperative that at the institutional or organizational level, all members and stakeholders are bound and expected to abide by the same framework of values, beliefs and norms of behavior. This is equally true for geographic communities, as well as classes of individuals (e.g. professional groups).

Building a culture of integrity

I

By Henry J. Schumacher

T is important to note that an important cause of the unrest is Chileans’ anger at corruption and impunity. With decisive action from the government, the current crisis can be a turning point for Chile, its citizens and institutions. People who want to solve the riots in Chile invite relevant state institutions and elected officials to collaborate with civil-society organizations to find a sustainable way out of the current situation.

A fair and independent judiciary is key to ending impunity and rigorously prosecuting corruption crimes.

Judicial anti-corruption efforts must be part of a comprehensive anti-corruption agenda.

This reminds me of many discussions on behavior and morality. A person is said to have integrity if his or her actions are consistent with his/her principles; and his/her actions, beliefs, methods, measures and principles all come from a single core of values. An individual’s value system provides a framework within which the individual acts in ways which are consistent and expected.

In law, this principle of universal application requires that even those in positions of official power be subject to the same laws as their fellow citizens. This principle requires that one should not act according to any rule that one would not wish to see universally followed, says Wikipedia.

A value system may evolve and significantly change but can retain integrity if those who espouse the values account for and resolve inconsistencies. One essential aspect of a consistent framework is its avoidance of unwarranted (arbitrary) exceptions for a particular person or group—the notion of double-standards can

THE goal of establishing a community of integrity is full of challenges. It needs a well communicated and well-understood set of rules that are observed with care on a sustained basis. It entails the participation of the whole communities and networks that mutually reinforce positive behavior toward more transparent and accountable systems and processes.

In the case of the Philippines, the laws and policies are definitely there—but the level of circumvention, nonobservance and non-implementation of these laws are pretty evident. The need is to have integrity of systems, as much as having leaders willing to deal with issues and problems in order to raise their community’s integrity status. But there is no one-size-fits-all solution.

Integrity tools and approaches

THE need for integrity mechanisms and support systems cannot be overemphasized in efforts to establish observance of integrity practice. This is especially true in the LGU setting because one of their goals is to achieve greater visibility and transparency so that investors are attracted to invest in the LGUs. The following general notes and observations may be treated as essential considerations and models in building a culture of integrity: Good leadership; Participatory management in the public sector by inviting business and civil society to join in the implementation of projects and programs—creating Integrity Circles; and Sustained professionalization of all stakeholders, to establish transparent systems and improved processes.

In the end, a community imbued with integrity will be assured of attracting sustainable investments and more entrepreneurs. This will lead to more jobs, and in the long run lead to the desired inclusive growth.

In conclusion, let’s go back to Chile: The anger is fueled by corruption and impunity. We have the same problems in the Philippines. It’s high time that all stakeholders in the Philippines understand that a fair and independent judiciary is key to ending impunity and rigorously prosecuting corruption crimes. Judicial anti-corruption efforts must be part of a comprehensive anti-corruption agenda.

Feedback is welcome; contact me at schumacher@eitsc.com

A6 Tuesday, November 5, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

New skills for new jobs

H

OW truly different the world is today. It used to be that a college degree guaranteed your success in the job market; that if you finished school you are almost certain to get a job. Schools prepared students for work. They gave you the training needed to be successful in most aspects of a professional career.

Nowadays, while in some respects that may still be true, the reality is that, even for a college graduate, a job is not a given. Not anymore.

Everyone, regardless of education or the lack thereof, has to compete for every job out there. Nobody has a lock on white-collar jobs or high-tech jobs or vocational jobs or whatever kind of job is available in the country or elsewhere.

In fact, according to the latest government statistics, college graduates have a higher unemployment rate in the country at 23.8 percent, compared to only 10.7 of college undergraduates.

Clearly, there is a need to better prepare our graduates and young workers for employment. They have to be taught the skills necessary to compete for jobs that our economy creates—especially jobs that never before existed.

For instance, whoever thought that people can make a living playing video games? Well, now they can and they do.

The growth of the eSports industry has already seen an increase in gaming companies in Southeast Asia, including here in the Philippines, spurring job creation.

The mobile gaming industry is also on the rise, offering new jobs as well.

Due to the high penetration of smartphones, game development companies in the Philippines have put greater focus on digital mobile games.

According to the research firm Newzoo, the global eSports market is expected to surge to $1.1 billion this year.

In a recent story that we featured, The Associated Press wrote about colleges that are starting degrees in eSports with $36,000 programs.

It said the University of Staffordshire last year launched bachelor’s and master’s programs in eSports, expanding it to London this year, while other schools are also debuting eSports degree courses, including Britain’s Chichester University, and schools in Singapore and China.

“It’s not only colleges that are adding eSports to their curriculum. More than 100 high schools in the US have launched dedicated eSports programs alongside their traditional soccer and football teams,” the story said. “And some colleges, like the University of California, Irvine, are giving top players scholarships to entice them to enroll, a privilege long reserved for premier athletes.” “eSports tournaments have become a cultural phenomenon and now rival traditional sports events in size and scale. Big competitions are held in arenas where thousands of fans watch big-name professional video gamers compete for lucrative prize pools,” the AP story added, noting that eSports leagues have franchises in North America, Europe and Asia.

Incidentally, the Philippines is fielding a team of 27 video gamers in the inaugural staging of the 2019 Southeast Asian Games eSports tournament, where six gold medals are up for grabs.

The Philippines is already considered an eSports and gaming hub in the region. With our young population, industry revenues are expected to keep growing, and our government should be providing more opportunities and resources for upcoming players and local video game designers.

Big international game developers can move their services to the Philippines, leading to a burgeoning demand for skilled workers that we should be ready to meet and produce. For instance, in 2016 gaming conglomerate Ubisoft, the Assassin’s Creed developer, opened a production studio in the Philippines.

We have many graduates, many workers worried about getting a job. While here in the eSports and mobile gaming industries, there is a war for attracting quality applicants and a shortage for skilled workers.

We are talking about stable, well-paying jobs with good benefits and plenty of room for advancement; jobs that do not require Filipinos to leave their families and go overseas.

Clearly, the government needs to increase efforts to ensure that as many of our citizens as possible will have the opportunity to qualify for the jobs that are currently available in the marketplace. And the way to create this opportunity has always been, and still is, to provide rigorous education and training—training specific to these jobs.

Our Asean neighbors are doing the same thing: training their people, readapting their education system to serve the requirements of the global economy, so that they too could provide a new work force for the new jobs that are being transferred to the region.

We should not allow ourselves to be left behind.

Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua

PHL: In the face of global problems John Mangun

OUTSIDE THE BOX

F

ORGET the “dot.com” bubble. Ignore “Black Monday” in 1987 and again in 2005. “Black Wednesday in 1992 was of little importance. Certainly “Black Thursday 1929” means nothing. Maybe the most important “black” day to the Philippines is the “Black Friday” when Christmas shopping in the US officially starts and your stateside relatives might be choosing your gift.

The most serious financial disaster prior to the collapse of Lehman Brothers in 2008 and the beginning of Global Debt disintegration never had a “black” day. The 1997 Asian Financial Crisis sort of rolled in like an apocalypse turning one economy after another into zombies slowly but surely. We were never honored by having a “Black Day.” Aside from having to take down a $1-billion credit facility from the International Monetary Fund, and interest rates going sky high, not much happened here. The Philippines was not one of the “Tiger Cubs” that had a strong economy that could crash. We were more like “Tiger Poop” that was already at the bottom of the cage.

The economy was growing at about 4 percent prior to 1997 and went into recession in 1998. But the factor that “saved” the Philippines was that the economy was so small and the peso so insignificant that nobody bothered to take advantage of the situation. The foreign reserves at that time was $12 billion and as other Asian currencies collapsed, the peso did have a day or two of trading $1 billion as Filipinos headed for the US dollar. Had foreign-based currency speculators “attacked” the peso, it would have been “Godzilla versus Tuko.” And tiny lizards do not make much of a meal.

Fast forward twenty-some years and the Philippines did pay a price during the beginning of the global

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debt crisis. While 1997 was more of an annoyance—unless you were one of those brilliant corporations that had borrowed big in dollars—2007 was a “pain in the puwit” but not a disaster.

I have spoken countless times about the next financial “crisis” that is coming, beginning in 2020. But this is not a crisis in the sense of a Black Monday event. While I said that 1997 did not get a black day, that is not exactly accurate. On July 2, 1997, the Bank of Thailand did devalue the baht and everything went to hell quickly around the region.

This time, though, we are looking at a slow burn that will increase with intensity. For example, sales for personal computers and private vehicles have peaked and are now declining. Total global retail sales hit its high in 2018. Many experts

Catch-up spending pays dividends

Founder Publisher

The Philippines is going to prosper; maybe boom. We will see foreign money come to our shores as a safe and profitable haven. Domestic goods production will slowly continue to grow to meet consumer demand.

Global oil prices and Philippine inflation will remain low. And I see 2020 and beyond as a new period of Philippine prosperity.

THE ENTREPRENEUR

I

HAVE been saying that the Philippine economy is doing just fine despite the US-China trade war and the blip in the first and second quarters this year, when it merely expanded 5.5 percent.

Growing above 5 percent or just below 6 percent this year is actually not bad because the Philippine economic expansion remains one of the fastest in Asia. But from the looks of it, and based on the enthusiasm of our economic managers, the economy may pull a little surprise on the critics of the administration.

Our economic managers in the middle of this year unveiled a catchup spending plan to reinvigorate the economy and put it on track with this year’s target range of 6 percent to 7 percent. Coupled with the initiatives of the Bangko Sentral ng Pilipinas to reduce interest rates, the catch-up plan seems to be paying dividends.

The budget deficit jumped 86 percent in September to P178.6 billion from P96.2 billion a year ago after a

39-percent increase in government expenditures. Bureau of Treasury data showed that expenditures in September reached P415.1 billion, up from P298.6 billion in the same month last year, while revenues increased 16.9 percent to P236.5 billion from P202.4 billion.

The big spending in September meant that the government was able to hike the gap in the first nine months to P299 billion, just 18 percent short of the programmed deficit of P364.7 billion for the period.

The Treasury noted that government spending continued to pick up and notched its highest monthly growth “while revenue growth was second only to May of this year.”

The national government, according to the Treasury, continued to

Finance Secretary Carlos Dominguez III is bent on spending to sort of pump-prime the economy.

The government is set to spend around P1.14 trillion in the last quarter to achieve its total program disbursement target of P3.769 trillion for 2019. catch up with its spending plan for the year where 71.2 percent of the P3.769-trillion full-year program is to be disbursed as of end-September despite the delay in the passage of the 2019 budget and the election ban in the earlier part of the year.

Finance Secretary Carlos Dominguez III is bent on spending to sort of pump-prime the economy. The government is set to spend around P1.14 trillion in the last quarter to achieve its total program disbursement target of P3.769 trillion for 2019.

He is confident the government will hit its spending target this year based on the updates of the government’s main infrastructure agencies.

Members of the economic development cluster of the Cabinet have recently met to mainly discuss the progress of the catch-up spending plan in order to spur further the growth of the economy. The Public Works Department is also confident of delivering on

expect the downtrend to reverse in 2022. They are going to be wrong.

US freight railroads, which along with trucking have long been used as a gauge of the country’s economic health, continue to show declines in traffic. Total carload traffic is down 8.8 percent from 2018. Total North American—including Mexico and Canada—rail volume is 3.2 percent lower than 2018.

Newly installed head of the European Central Bank Christine Lagarde said this is the face of negative interest rates that prove the “worthlessness” of cash. “We should be happier to have a job than to have our savings protected.” Or “Eat your lugaw and shut up.” That sums up the current global economic policy in one sentence.

And the Philippines is going to prosper; maybe boom.

We will see foreign money come to our shores as a safe and profitable haven. Domestic goods production will slowly continue to grow to meet consumer demand. Global oil prices and Philippine inflation will remain low. And I see 2020 and beyond as a new period of Philippine prosperity.

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.

its P725-billion disbursement target for the whole of 2019.

“For the first nine months of 2019, so far it has disbursed a total of P424.7 billion. Secretary [Mark] Villar said the P300.3-billion target for the last quarter is attainable,” according to Secretary Dominguez.

The accelerated government spending means more Filipinos are being hired, especially in the construction sector. This will result in higher consumer spending and bolster economic growth. I share the optimism of Secretary Dominguez that with the inflation rate finally reined in, the economy will gather pace toward the end of the year.

The economy, says the finance chief, is expected to expand at a higher clip over the remaining months of 2019 as inflation stays within the official target range of 2 to 4 percent while the government accelerates implementation of the “Build, Build, Build” infrastructure and human capital development projects.

I noted the same upbeat mood of the BSP, which now sees the full-year economic growth hitting near the lower end of the target range of 6 percent to 7 percent because of government’s accelerated spending and the slowdown in the inflation rate.

BSP Deputy Governor Francis See “Villar,” A7

Opinion BusinessMirror

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The economic employer rule Fulvio D. Dawilan

‘Build, Build, Build’ will be a mirage unless we Spend, Spend, Spend

TAX LAW FOR BUSINESS

T

ECHNOLOGY has rendered time zones and borders irrelevant. Suppliers and providers of services can work with clients and colleagues across all corners of the globe, regardless of whether they are in the same jurisdiction or not. Still, many things can be accomplished only through direct or physical presence. It follows that even in this age of virtual connectivity, cross-border movement of persons is still a necessity.

In taxation, international assignments of employees give rise to issues like—how shall the employee be taxed in his home country and in the host country, and what are the obligations of the host entity? And will the assignment result in doing business or the creation of a permanent establishment for the foreign employer/assignor in the host country? The proper determination of the characteristics of the assignment will usually give the answers to these questions. We will discuss more on the tax implications in a subsequent article in this column.

In the meantime, we focus on the characterization of the assignment, specifically in relation to the “economic employer” concept. In international assignment, to avoid the creation of a permanent establishment for the foreign company, the traditional model is the “secondment” or “formal employment” concept. A formal employment arrangement is recognized between the assigned employee and the host company. The employee becomes an employee of the receiving company.

A global trend has emerged with the adoption of the economic employer concept veering away from the traditional “formal employer” model.

Under this arrangement, the employee remains employed with his home country and yet will be economically employed in the host country. Some countries use the economic employer concept in determining the employer of the assignee. An economic employer is most commonly interpreted to be the entity controlling the dayto-day activities of the employee and the one that receives the benefits of the employee’s work. Other countries look at where the costs of an assignment are borne. They maintain that if the costs are borne in those countries, then those countries are expected to retain profits generated from the assignment and, therefore, economically becomes the employer of the individual for the period of the assignment.

The OECD Commentary on the Model Tax Convention, however, cautions that the question of whether the remuneration of the individual is directly charged by the formal employer to the enterprise to which the services are provided is only one of the subsidiary factors that are relevant to determine whether services rendered by the individual may properly be regarded as rendered in an employment relationship. Relevant domestic laws may ignore the way in which the services are characterized in the formal contracts.

Instead, focus is made primarily on the nature of the services rendered by the individual and their integration into the business carried on by the enterprise that acquires the services. Substance prevails over form, such that the assignee will be considered an employee of the host entity if the services rendered by the employee are more integrated to the business activities carried on by the host entity. Thus, it is also important to determine whether the services rendered by the individual constitute an integral part of the business of the enterprise to which the services are provided.

The commentary further provides that an analysis of some factors is necessary in determining the economic employer. Among these factors are the following: the party responsible or at risk for the results produced by the employee’s work, the entity with the authority to instruct the worker, who has control

and responsibility in relation to the employee’s place of work; how the remuneration is calculated; who provides the tools and materials; and who determines the number and qualifications of the employees.

In the Philippines, we have not really adopted the economic employer concept in the area of taxation, such as in the application of the exemption from tax for short-term employment services based on tax treaty provisions. A look at the rulings issued by the tax authority, as well as the decisions of the Courts would show that this economic employer principle had not reached that sophistication, for the tax authority or the courts to scrutinize the economic substance of the arrangements between or among the assignor, the assignee and the host entity. Philippine taxpayers and tax authorities alike have relied heavily on the use of bilateral tax treaties in determining the taxation or exemption from income tax of the income of foreign individual assignees in the Philippines. But it has not gone enough to the extent of determining whether employer functions are exercised primarily by the employing entity in the home state or by the host entity.

Some quarters state that Philippine tax authorities are adopting the economic employer approach based on the principle that when there is a recharge to the Philippine entity, the host entity is considered to be the economic employer and the employee cannot claim tax exemption. I respect this view. However, this is a simple application of the treaty provision which states that if the cost is borne by a Philippine entity or permanent establishment, the exemption will not apply. The tax authorities do not tend to scrutinize whether there is “employer-employee” relationship so the exemption will not be available.

What we have in the Philippines is the four-fold test in determining employer-employee relationship for labor law purposes. These tests in determining the existence of employer-employee relationship approximates that of the tests or factors in determining the economic employer. Thus, an entity determined to be the employer under Philippine domestic law would easily be determined to be an economic employer using the factors stated in the OECD Commentary. Unfortunately, while these four-fold tests had been applied in labor disputes/ issues, that is, in determining the rights and obligations between an (alleged) employer and an employee, it had not been applied in tax issues, especially so with respect to international assignments.

There are peculiarities in the characterization of employment in the area of taxation. The improper application of tax treaty provisions may lead to tax leaks or abuse. Also, application of general labor rules is not sufficient. Policy -makers and tax administrators may need to consider this area and craft laws or rules to address this concern.

The author is the managing partner of DuBaladad and Associates Law Offices (BDB Law), a member-firm of WTS Global.

The article is for general information only and is not intended, nor should be construed, as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at fulvio.dawilan@ bdblaw.com.ph or call 8403-2001 local 310.

Tuesday, November 5, 2019 A7

Manny F. Dooc

TELLTALES

S

EN. Sonny Angara, chairman of the Senate Finance Committee, has urged the various government agencies “to catch up on their spending so that we can hit our growth target. The reenactment of the budget was regrettable but as the data have shown, the targets set are still attainable so we must maintain the momentum….” Former Neda chief Cielito Habito also claimed that the “Build, Build, Build” (BBB) program has remained illusory since the concerned departments, like transportation and public works, continue to have low absorptive capacity. He said these departments have not implemented many of their projects, even after the 2019 budget had been enacted. It is not rocket science to realize that spending will spur economic growth. Spending pumps money into our economy.

What we need is a burst in government spending to provide more employment opportunities to our people. Employed workers will have more spending money, which will help spur our economy. We should give credit to our economic managers for conceptualizing BBB and raising the necessary funds to finance them through budget provision, ODAs, PPPs and loans. BBB will give our economy a boost with an estimated infusion of P9.2 trillion, but as things stand, the problem is in its implementation. BBB is a rationale response to our sluggish economy characterized by lower foreign investments and smaller business expenditures. However, the exuberance that welcomed the launch of the BBB should now be

matched by aggressive implementation of the flagship projects, which our government has identified and approved. It’s not yet late in the day to go full speed ahead and deliver the goods. Likewise, contraction of spending on education, health and social services should not be allowed, otherwise government spending will decline. Infrastructure and social services spending should be accelerated to maximize budget utilization. It will be a challenge to our agencies how they can pull this off. BBB will be a mirage unless we Spend, Spend, Spend.

We can still have a happy ending. nnn

I HAVE always regarded Hong Kong as my second home having worked there for several years until its

We should give credit to our economic managers for conceptualizing BBB and raising the necessary funds to finance them through budget provision, ODAs, PPPs and loans. BBB will give our economy a boost with an estimated infusion of P9.2 trillion, but as things stand, the problem is in its implementation. handover to China. All my children attended schools in HK and my youngest was born there. It tears my heart to watch newsclips of the ongoing anti-government protests and the police crackdown resulting in widespread violence and disorder. Many of my former colleagues and friends are still staying in the territory, and some of them still get in touch with me. It seems that their dream of making HK their permanent abode under the “one country, two systems” has been shattered. Many of them are apolitical people whose only desire is to live a peaceful and prosperous life, which they enjoyed under the British rule.

HK is no longer as critical to the Mainland as it was at the time of the handover when its economy was one-fifth of China’s. Presently, more Chinese ports to ship goods in and out of China were built and more Chinese cities were transformed into financial hubs that rival HK. Now, as the end of the 50-year guarantee approaches, its residents are worried that unless the current conflict is resolved, things may even deteriorate with

the pro-democracy protesters getting bolder and more defiant. China’s security forces may step in and march to HK to restore order. So far, two protesters had been shot, while a police officer was slashed.

However, one upside of the turmoil in HK is that it has inspired other people globally to hold their own demonstrations against their own government to expose corruption and abuses, and to demand for greater freedom and autonomy.

Spain, Chile, Lebanon and Iraq are some of the countries currently being rocked by massive street demonstrations. As Carrie Lam, HK chief executive earlier stated, the HK protest has gone beyond legitimate free assembly. This may force the hands of China to employ a tighter grip and intervene in the territory. This is the last thing that anyone wants to happen to the former Crown Colony of the British Empire, HK, which literally means the “Fragrant Harbor.” Rolling the tanks and marching the Red Army inside HK will have the most odious and execrable effect. nnn

MY good friend, Retired Justice Noel, sent me this joke after learning that I’m having my annual medical exams. He told me that there’s no need to go to a doctor for a simple urine test. Just follow his instruction. “Go outside and pee in the garden. If ants gather—diabetes.

If you pee on your feet—prostate.

If it smells like barbecue—cholesterol. If you shake it and your wrist hurts—osteoarthritis. And if you return to your room with your fly open, Alzheimers.”

Philcoman gives Management Man of the Year Award to Manila Mayor Moreno

by the Philcoman’s Board of Trustees for outstanding achievements and distinguished track records in leadership, governance, innovations and social responsibility, particularly in economics, environment, e-commerce, entrepreneurship, business planning and strategic management.

As Philcoman’s president, it is my humble honor to give the awards on November 23rd at the Centennial Hall, Manila Hotel, in celebration of Philcoman’s 65th Anniversary.

Having started early in politics, Moreno became the youngest ever elected city councilor, the youngest ever elected city vice mayor and the youngest ever elected 27th mayor of the City of Manila.

His dynamic and exciting story has captivated the imagination of many people in the country, business leaders and foreign diplomats, including US Ambassador Sung Kim who described him “the total rockstar.”

Despite his humble beginnings in the slums of Tondo, Moreno pursued and nourished his unwavering passion for learning and leadership. Not only does he read books about great world leaders, but also appreciates

the value of study and research. In 2012, he attended the Executive Education Program at John F. Kennedy School of Government in Harvard University. A year later, he finished the Emerging Leaders Executive Program, also at the JFK School of Government.

In the same year, he completed the Oxford Strategic Leadership Program at University of Oxford. He is also a product of an Executive Education Program at the UP National College of Public Administration and Governance.

In 2014, Moreno received his Doctor of Humanities on Community Development Degree from the Pamantasan ng Lungsod ng Maynila as a fitting recognition for his community service for Manileños. With his background, President Duterte appointed him as undersecretary for special projects of the Department of Social Welfare and Development.

Prior to this, President Duterte named him as chairman and president of the North Rail Corporation.

He studied Law at the Arellano University School of Law, three years after graduating from International Academy of Management and Economics with a degree in Bachelor of Science in Business Administration.

Some of the prestigious awards and recognitions he received include the Most Outstanding Filipino in the field of Public Service Award from Gawad Amerika Foundation, an institution based in Hollywood, California, US; and as one of the Top 10 Men Who Matter by People Asia Magazine.

Philcoman is a federation of professional and technological societies, management developments, institutions, academe, business enterprises and professional managers dedicated

to the development of management and improvement of practices in all aspects of management.

Philcoman was founded in 1954 by 10 associations and organized groups under the inspirational guidance of Dr. Lilian M. Gilbreth and Dr. Daniel M. Braum, (the latter was chief of the training branch, US government’s General Services Administration), both of whom were on the extended assignment in the Philippines, provided the inspirational guidance. Dean Cesar H. Concio was the founder and the first Philcoman president, serving until 1963.

Affiliated with the World Council of Management, Philcoman has chalked up a continuing series of achievements in its 65th-year history. In fulfillment of its mission to propagate the principles and practice of scientific management in the Asian region, Philcoman has hosted two international management congresses, conducted strategic management seminars, and held the effective program on negotiation and conflict management, among others.

Philcoman’s vision is to recognize nationwide partnership of people and businesses inspiring outstanding leadership and cultivating highly productive workplaces, while its mission is to provide management and leadership development opportunities, and related activities that meet the needs of members and contribute to the effectiveness of sponsoring organizations.

Philcoman, in coordination with the Institute of Strategic and International Studies and other linkages, is dedicated to managerial excellence, personal and professional growth, and leadership development.

supporting the growth momentum for the rest of 2019.

“With the recovery in government spending, we see an acceleration in liquidity growth toward the end of the year. The fourth quarter will be

stronger because of the acceleration of government spending coupled with the [high seasonal] spending during the Christmas season,” says Dakila.

I guess I wouldn’t be surprised anymore if the economy expands at

least 6 percent this year. I will not argue with the bullishness of our economic managers.

Cecilio T. Arillo

DATABASE

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HE Philippine Council of Management (Philcoman), one of the country’s oldest and prestigious nonprofit organizations, has officially chosen Manila Mayor Francisco “Isko Moreno” Domagoso as the Management Man of the Year awardee for 2019 to 2020.

Philcoman’s board of judges picked Moreno based on the criteria set forth by the Philcoman Board of Trustees for outstanding achievements and distinguished track records in leadership, governance, education and innovations in sociology, health, sanitation, economics, politics, environment, transportation, e-commerce, entrepreneurship, business planning and strategic management.

The Management Woman of the Year Award goes to Dr. Nymia Pimentel Simbulan of the University of the Philippines Manila, based on the criteria set forth by the Philcoman’s Board of Trustees for outstanding achievements and distinguished track records in academic, leadership, governance, social, behavioral and innovations in health care, economic environmental protection, e-commerce, entrepreneurship, business planning and strategic management, as shown in official records of her decades of formal and experiential learning in the University of the Philippines Manila, and various local and international fora.

San Miguel Corp. won the Corporation of the Year Award for 2019 to 2020 based on the criteria set forth

Villar. . .

Continued from A6

Dakila has confirmed the government’s catch-up spending scheme is

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

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

A8 Tuesday, November 5, 2019

PHL fast-tracks national zoning plan for ASF

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By Jasper Emmanuel Y. Arcalas

@jearcalas

HE Philippines is fast-tracking a national zoning plan that compartmentalizes areas in the country according to their African swine fever (ASF) status so that the government can effectively implement measures to eradicate the fatal disease in infected areas.

The plan aims to establish distinctive statuses among areas in the country, such as free zones, containment zones, surveillance zones, protected zones and infected zones.

This way, the government can effectively isolate areas already infected with ASF and implement eradication measures until these areas regain freedom status.

The plan, one of the key measures used by government in eradicating foot-and-mouth disease (FMD), is also a way not to disrupt

trade among provinces, as each status would entail specific guidelines on transport and sale of hogs, pork and pork products.

The United Nations Food and Agriculture Organization (FAO) defines zoning as the “proclamation of geographical areas in which specific disease control actions are to be carried out.”

The plan is being fast-tracked by the Department of Agriculture’s (DA) ASF Task Force (ASFTF), and will be presented by Agriculture Secretary William D. Dar at the

Smuggled pork brought ASF to PHL, agri dept confirms

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HE Department of Agriculture (DA) concluded on Monday that smuggled pork products tainted with African swine fever (ASF) caused the introduction of the fatal hog disease in the Philippines.

The DA issued the pronouncement after latest laboratory tests on seized smuggled pork products, this time from China, tested positive for ASF virus.

The DA pointed out that these recent laboratory results confirm its earlier hypothesis that smuggled pork products—making their way to backyard hog farms as swill—caused the spread of ASF. “This is really our biggest problem.

The introduction of ASF came from meat, pork and pork products that are infected already. The products we have seized and tested positive for ASF con-

firms our earlier hypothesis that ASF came from other country,” Agriculture Secretary William D. Dar said in a press briefing on Monday.

“This concludes really that [ASF] has been introduced [in the country] by bringing it here through smuggled [ASF-infected] products,” Dar added.

The DA revealed on Monday that the recently seized Chinese pork products, declared as tomato paste and vermicelli, tested positive for ASF. Industry stakeholders like the Meat Importers and Traders Association (Mita) earlier sounded the alarm that ASF could have entered the country through smuggled pork products from affected countries, like China.

The government earlier ordered a total recall of MaLing canned pork earlier this year since the pork products

FRONTAL SYSTEM AFFECTING EXTREME NORTHERN LUZON TROUGH OF LOW PRESSURE AREA AFFECTING CENTRAL AND SOUTHERN LUZON as of 4:00 pm - November 4, 2019

from ASF-hit China are banned from entering the country.

“Our hypothesis is that ASF came from food waste from hotels and restaurants that were dumped in Rodriguez, Rizal, and were eventually collected and sold as swill to hog farms.

The root cause of that are smuggled items,” Dar said.

Skinless longganisa, Picnic hot dogs IN a related development, the DA also confirmed that some pork-based processed meat products of Mekeni Food Corp. (Mekeni), specifically longganisa and Picnic hot dogs, tested positive for ASF virus after the department conducted thorough laboratory tests.

The DA said three laboratory tests, including two confirmatory tests re-

quested by Mekeni, on skinless longganisa and Picnic hot dogs yielded positive results for ASF virus.

However, raw materials collected by the National Meat Inspection Service (NMIS) from Mekeni, which were fresh frozen imported meat from Canada, US and France, were negative for ASF. The DA said it finally decided to disclose the brand and company behind the concerned products “to end consumers’speculations that may have untoward effect on all other processed pork products to the detriment of other meat processors.”

Bureau of Animal Industry OICDirector Ronnie D. Domingo said the DA and the Department of Health have formed a composite team to do further investigation to determine the source of the ASF-positive meat used

by Mekeni.

Food and Drug Administration (FDA) OIC-Director General Eric Domingo said they wrote to Mekeni to explain how the ASF virus infiltrated its production line since government inspections showed that the meat processor has complete documents from authorities. The FDA, under the Food Safety Act of 2013, oversees the trade of processsed meat products.

“Obviously, there’s something wrong because there are ASF-positive products. Depending on our findings, if there is wrongdoing, then they will face administrative case before the FDA which could lead to possible revocation of their license to operate,” Domingo said.

Commended NONETHELESS, the DA and the FDA commended Mekeni for its voluntary total recall of its pork-based products from the market. The Pampanga-based meat processor was asked by the FDA to submit its recall plan to ensure proper disposal of the products.

Further, the FDA encouraged consumers to return their Mekeni pork products from where they bought them and they will get a refund in doing so.

In a statement, Mekeni said it was “unfortunate” that despite its compliance with regulatory protocols, some of their products were found to have DNA traces of ASF. Mekeni said it has suspended the operations for its pork-based products since October 26, with its facility beaing cleansed and disinfected. It tapped a third-party company to conduct swabbing and testing of the facility before it resumes operations.

“Despite this unfortunate development, we assure government that we will continue to cooperate in its ongoing investigation to determine the source of ASF. We will also actively support the review of current protocols on issuing certifications for both local and imported raw meats,” the firm said.

“While only specific batches were found to have DNA traces of ASF, all of our pork-based products have already been pulled out from our selling areas when we initiated a voluntary recall last October 26, 2019. These products are currently quarantined and a batch sampling has been submitted to an independent laboratory for ASF testing. We are still waiting for the results of these tests,” it added.

The ASF is not harmful to humans but fatal to hogs.

Jasper Emmanuel Y. Arcalas

next Cabinet meeting.

The task force seeks to finish the zoning plan before the year ends.

“Zoning is a scientific method which we used when we eradicated FMD, which we called then as progressive zoning approach. We will be doing the same now. Isolate the areas without infection and [shrinking the] infection areas,” ASFTF Head Reildrin Morales told reporters.

Market access

THE DA said discussions on a

zoning plan started last month.

Morales said the plan was not initiated as early as the ASF was confirmed in the country, as it will impact the domestic trade of hogrelated products.

Under the proposed zoning plan, free zones would be allowed to f reely trade among themselves, while those in infected zones would only be allowed to sell hogs, pork and pork products within their respective area.

See “ASF,” A2

LUZON ON YELLOW ALERT AS PLANT-MAINTENANCE CLOSURES CUT RESERVES

By Lenie Lectura @llectura

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UZON was placed on yellow alert notice on Monday (November 4) due to insufficient operating reserves mainly brought about by the shutdown on five major power plants.

The three-hour yellow alert occurred from 1 to 4 p.m., the National Grid Corp. of the Philippines (NGCP) declared.

“Today, will be the 46th day affected by a yellow alert this 2019,” said Lawrence Fernandez, utility economics head of the Manila Electric Co. (Meralco). He said this is on top of the 14 days of red alerts.

A yellow alert is issued when operating reserves have dropped below the required 647 MW contingency in Luzon, or equivalent to the largest unit in Luzon—the 647 MW coal-fired power plant in Sual, Pangasinan.

A red alert notice is raised when there is severe power deficiency and zero contingency reserve. When the red alert is issued, power interruptions are expected.

T he Su a l pl a nt was on forced outage while unit 2 (50 MW) of the Avion natural gas plant of Lopez-led

China

Continued from A1

Greek-owned oil tanker carrying a Liberian flag, saying it is “not a concern” for the Philippine national government.

Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said that they also do not consider it as an affront to the country’s sovereignty.

The Duterte administration has been criticized for taking a “softer approach” when it comes to dealing with China on the maritime dispute in exchange for investments and funding for infrastructure projects.

While the President has raised again the arbitral ruling with China

PMI. . .

Continued from A1

The headline PMI fell from 49.1 in September to 48.5 in October. IHS Markit said this signalled a deterioration in operating conditions across the Asean manufacturing sector for the fifth consecutive month.

“Overall, the Asean manufacturing sector continued to struggle in October, with operating conditions deteriorating at the sharpest rate for nearly four years,” the report read.

Owen, however, said the outlook

First Gen Corp. was still on maintenance shutdown.

Meanwhile, two power plants did not deliver their full output, which contributed to the grid’s thin reserve.

These are Calaca 1 (from 300 MW to 240 MW) and Masinloc 1 (from 315 MW to 280 MW).

Shortly after the yellow alert was issued, one module of Ilijan power plant delivering 190 MW tripped out at 9:44 a.m.

Earlier, a lawmaker commented that yellow and red alert warnings are sending the wrong signals to investors.

“That’s not a good signal because part of the business sector’s requirement is stable electricity. For all industrialized countries, you have the basics like steel and cement industry, car manufacturing, but all this requires energy and power.

What if you have red alert and yellow alert? Who will set up big plants here? It’s not a good signal to the business industries especially if you want to attract foreign investors,” said Senate Energy Committee Head Sherwin Gatchalian, in a mix of English and Filipino.

The Energy Regulatory Commission (ERC) earlier said it wants a study conducted on power plant outages in the country. during his last trip to Beijing, the Chinese government still did not budge on its position in not recognizing the 2016 legal victory of the Philippines handed by a UN arbitral panel.

The Philippines and China, meanwhile, have also officially established a Joint Steering Committee on Cooperation on Oil and Gas Development, according to the Department of Foreign Affairs.

This development came following the countries’ signing of a Memorandum of Understanding on Cooperation on Oil and Gas Development as well as the terms of reference.

The joint committee has agreed to meet again in early 2020.

Bernadette D. Nicolas

among manufacturing companies in the Philippines weakened further, setting a new record low for the survey. “Business expectations dropped to the lowest in the series history.

However, with a good proportion of firms still expecting activity to rise in the year ahead, the overall outlook remained positive,” Owen said.

“While some firms were downbeat, many panelists remained optimistic toward future output levels due to sales growth, new products and store openings,” the report added.

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

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

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Companies BusinessMirror

Tuesday, November 5, 2019

SM Prime 9-mo income rises 18% on new malls, higher condo sales A

B1

AC Energy increasing stake in RE firm that operates Ilocos Norte wind farm

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By VG Cabuag

@villygc

HOPPING mall operator SM Prime Holdings Inc. said its net income grew 18 percent during the three quarters of the year ending September to P27.6 billion from last year’s P23.44 billion on new malls and higher condominium unit sales propel its growth.

Consolidated revenues rose 14 percent to P85.03 billion from P74.56 billion last year, while consolidated operating income grew 17-percent growth to P41 billion from P34.91 billion last year.

For the July to September quarter alone, SM Prime’s net income is up by 22 percent to P8.3 billion from P6.82 billion of the previous year, while revenues increased 13 percent to P27.98 billion from the previous P24.79 billion.

“SM Prime’s recent developments and expansion programs in various progressive cities in the Philippines have contributed significantly to the company’s strong performance in the first nine months of 2019.

Our core businesses, led by the malls and residential segments, are set to sustain the strong performance as we approach the fourth quarter of the year,” SM Prime President Jeffrey C. Lim said in a statement.

The company’s domestic mall revenues recorded an 8-percent growth to P42.03 billion from P38.86 billion last year, while same-mall-sales growth was at 7 percent.

Meanwhile, the company’s local cinema and event ticket sales are up by 6 percent to P4.14 billion from P3.92 billion last year.

Other mall revenues, which include leisure, entertainment and merchandise sales, improved 17 percent to P2.75 billion from the previous P2.35 billion.

Local mall operating income increased

by 9 percent to P23.95 billion from P22 billion, while operating income margin is at 57 percent.

SM Prime has 81 malls, 74 in the Philippines and seven in China. In the Philippines, 42 percent of SM Prime’s mall spaces are in Metro Manila, while the rest are located in key provincial cities and emerging provinces. The company opened SM City Olongapo Central during the third quarter, and SM Center Dagupan last October.

On the other hand, SM Prime’s residential business segment, led by SM Development Corp. (SMDC), account for 38 percent of the company’s consolidated revenues.

The group reported a 26-percent growth in revenues for the three quarters of the year to P31.92 billion from P25.26 billion last year. Gross profit margin rose to 53 percent from 50 percent.

Sales from SMDC’s recent projects in Pampanga, Cavite, Quezon City, Rizal and Parañaque, as well as the fast take-up of various ready-for-occupancy projects, located within the Mall of Asia Complex in Pasay and Makati Central Business District, were the primary drivers of growth in the residential business segment.

SMDC reported a 26-percent growth in reservation sales in the first nine months of 2019 to P66.42 billion from the P52.8 billion last year. These were from newly launched projects including Glam Resi-

ERC: Complaint vs Peco to be thoroughly probed

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HE Energy Regulatory Commission (ERC) on Monday said it would thoroughly evaluate the complaint lodged against Panay Electric Co. (Peco) as it starts its probe on alleged safety violations.

If proven that Peco has violated certain provisions of its provisional certificate of public convenience and necessity (CPCN), the commission may revoke the certificate.

“It may, but still subject to due process,” said ERC Spokesman Atty. Rexie Digal in an interview when asked if Peco’s CPCN could be canceled. “If the ERC finds the revocation to be warranted, it shall revoke the CPCN.” Digal said that under ERC Resolution 5, “Failure, without any justifiable reason, to comply with the provisions of the Act, its IRR, or any of the Commission’s orders or resolutions” is a ground for CPCN revocation.

She cited Section 3, which states that the “ERC may amend or revoke the CPCN of any entity engaged in the transmission and distribution of electricity after due notice and hearing. Such proceedings shall be governed by the ERC Rules of Practice and Procedure.”

The ERC earlier opened an inquiry on a complaint filed by Iloilo City Mayor Jerry Treñas with Malacañang against the alleged threat to public safety by “inadequatelymaintained lines, power outages and hazardous electric posts” owned by Peco.

The ERC conducted a hearing on Wednesday last week and received a briefing from the Bureau of Fire Protection (BFP) on the alleged safety violation incidents.

Treñas had asked the Office of the President (OP) to direct the ERC to address Ilonggos’ reported mounting complaints against

Peco, citing nine incidents of fire that hit Peco’s electricity poles from October 19 to 21, based on the BFP’s report to city hall.

The Iloilo City mayor said he was “obliged to take the necessary steps to address the needs of the people considering that the problems and complaints raised against Peco have direct impact not only on the property but [on] the lives of the residents of Iloilo City.”

“While the attention of Peco had been repeatedly called [by the Office of the City Mayor] to address the [complaints], the city is still plagued by the same problems,” Treñas said in his complaint to Malacañang.

As the agency mandated under Republic Act 9136 or the Electricity Power Industry Reform Act (Epira) to handle consumer complaints to ensure promotion of consumer interests, the ERC had been given disciplinary powers to address the numerous consumer complaints against Peco, the mayor said.

The ERC inquiry coincided with another investigation by the Department of Energy (DOE) into the power outages that hit the entire Panay Island and parts of Negros Island from Monday to Wednesday last week.

Peco’s franchise was not renewed by Congress when it expired on January 19 this year, but it was allowed by the ERC to continue distributing electricity up to two years to ensure uninterrupted supply of electricity in Iloilo City.

The provisional CPCN issued by the ERC to Peco is valid until More Electric and Power Corp. (MEPC) has established and can fully operate its own distribution system.

Peco has filed several court cases against MEPC’s expropriation of its distribution assets. Lenie Lectura

dences in Quezon City, Sail Residences in Pasay, Lane Residences in Davao, and Style Residences in Iloilo.

SM Prime’s Commercial Properties Group and SM Hotels and Convention Centers posted a combined revenue growth of 11 percent to P6.83 billion from P6.17 billion of the same last year.

It operates 12 office buildings with a total gross floor area of more than 662,000 square meters, including the recently launched NU-Mall of Asia in the Mall of Asia Complex, Pasay. The company also manages eight hotels with over 1,900 rooms, four convention centers and three trade halls, including the recently launched Park Inn by Radisson-Iloilo and Park Inn by Radisson-North Edsa.

C Energy Philippines Inc. is increasing its stake in a renewable-energy (RE) firm that operates an 81-megawatt (MW) wind farm in Ilocos Norte.

“At its meeting today, the Executive Committee authorized the signing of a share purchase agreement with the Philippine Investment Alliance for Infrastructure [Pinai] for the Company to acquire Pinai’s ownership interest in North Luzon Renewables Energy Corp. [North Luzon Renewables],” the company said Monday.

Pinai is a fund composed of Macquarie Infrastructure Holdings (Philippines) Pte. Ltd., Langoer Investments Holding BV and the Government Service Insurance System. It has a 31-percent preferred equity ownership and 15-percent common equity ownership in North Luzon Renewables.

AC Energy’s economic stake in North Luzon Renewables is 36 percent.

The acquisition is subject to definitive documentation and approval by the Philippine Competition Commission.

North Luzon Renewables is a joint venture of AC Energy, UPC Philippines, Luzon Wind Energy Holdings (an affiliate of Mitsubishi Corp.), and Pinai. The wind farm started its commercial operations in November 2014.

The wind farm uses 27 units of Siemens SWT-3.0-101 wind turbines, where each turbine has an installed capacity of 3 MW. AC Energy is formerly Phinma Energy Corp. Conglomerate Ayala Corp. acquired Phinma Energy from the del Rosario family for P6.3 billion.

Phinma Energy President Eric Francia had said the company’s RE capacity is targeted to reach 2,000 MW by 2025 from 150 MW at present.

“Our vision for AC Energy Philippines is to be the leader in renewable energy in the country. Our goal is to reach 2,000 MW of renewables by 2025,” said Francia.

The power firm is prepared to spend $2 billion to make this happen.

“With the government’s target of renewables reaching 35 percent of energy output by 2030, the country would need to build over 15 GW of renewables in the next decade.

We will make significant investments in this space,” said Francia, adding that renewables would have to be complemented by other low-carbon technologies such as gas-fired generation and energy storage, which the company will be exploring. Lenie Lectura

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Companies BusinessMirror

Tuesday, November 5, 2019

Cebu Pacific spending $4.8B to expand fleet of A330 neos

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By Lorenz S. Marasigan

@lorenzmarasigan

UDGET carrier Cebu Pacific is expanding its long-range aircraft fleet to the tune of $4.8 billion, as it strengthens its family of high-capacity jets for deployment in key routes in Asia, Australia and the Middle East. mutual funds

November 4, 2019

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 256.29 6.97% 0.72% -0.58% 1.62% ATRAM Alpha Opportunity Fund, Inc. -a 1.5045 9.7% 3.43% -0.22% 4.42% ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.923 5.28% -0.81% -2.28% 0.51% Climbs Share Capital Equity Investment Fund Corp. -a 0.9464 11.41% n.a. n.a.

5.04% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.8686 9.94% n.a. n.a.

5.84% First Metro Save and Learn Equity Fund,Inc. -a 5.431 9.83% 2.14% -0.05% 2.99% First Metro Save and Learn Philippine Index Fund, Inc. -a,6 0.8742 10.46% -2.02% n.a.

4.48% MBG Equity Investment Fund, Inc. -a

113.64 3.9% n.a. n.a.

-2.17% PAMI Equity Index Fund, Inc. -a 52.401 12.94% 3.11% n.a.

6.46% Philam Strategic Growth Fund, Inc. -a 544.12 12.38% 1.95% -0.16% 5.71% Philequity Dividend Yield Fund, Inc. -a 1.3173 9.99% 2.8% 1.01% 5.05% Philequity Fund, Inc. -a 38.812 11.28% 3.73% 0.87% 5.95% Philequity MSCI Philippine Index Fund, Inc. -a,1 1.0409 n.a. n.a. n.a. n.a.

Philequity PSE Index Fund Inc. -a 5.3288 14.25% 3.92% 1.79% 7.46% Philippine Stock Index Fund Corp. -a 889.75 14.25% 3.85% 1.71% 7.4% Soldivo Strategic Growth Fund, Inc. -a 0.905 11.38% 2.05% n.a.

5.23% Sun Life Prosperity Philippine Equity Fund, Inc. -a 4.3142 11.87% 3.36% 0.9% 6.29% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 1.0218 13.77% 3.68% n.a.

7.07% United Fund, Inc. -a 3.732 12.29% 5.09% 2.44% 6.6% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 119.2858 14.53% 4.59% 2.72% 7.71% ATRAM AsiaPlus Equity Fund, Inc. -b $0.9818 9.2% 3.74% -0.5% 5.67% Sun Life Prosperity World Voyager Fund, Inc. -a $1.3127 11.82% 8.77% n.a.

18.77% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5981 -0.1% -2.3% -3.69% -3.22% ATRAM Philippine Balanced Fund, Inc. -a 2.2767 6.4% 0.19% -0.53% 3.06% First Metro Save and Learn Balanced Fund Inc. -a 2.6574 9.13% 2.15% -1.03% 4.49% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,5 0.2346 n.a. n.a. n.a. n.a.

Grepalife Balanced Fund Corporation -a 1.3508 6.56% n.a. n.a.

3.57% NCM Mutual Fund of the Phils., Inc. -a 1.9717 10.52% 2.59% 1.06% 6.98% PAMI Horizon Fund, Inc. -a 3.8217 13.49% 1.8% 0.32% 8.28% Philam Fund, Inc. -a 17.1008 12.53% 1.7% 0.25% 7.5% Solidaritas Fund, Inc. -a 2.1566 8.01% 1.82% 1.11% 4.22% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.9128 11% 2.71% 0.7% 7.16% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d,2 1.0269 n.a. n.a. n.a. n.a.

Sun Life Prosperity Achiever Fund 2038, Inc. -a,d,2 1.0143 n.a. n.a. n.a. n.a.

Sun Life Prosperity Achiever Fund 2048, Inc. -a,d,2 1.0113 n.a. n.a. n.a. n.a.

Sun Life Prosperity Dynamic Fund, Inc. -a 0.9918 10.74% 2.28% -0.03% 7.61% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03816 10.29% 2.27% 2.07% 8.1% PAMI Asia Balanced Fund, Inc. -a $0.998 9.23% 2.92% -0.13% 9.23% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.7907 9.8% 6.44% 3.34% 14.57% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,7 $1.1095 7.88% 3.79% n.a.

10.4% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 355.57 4.13% 2.59% 2.25% 3.52% ATRAM Corporate Bond Fund, Inc. -a 1.923 3.78% 0.28% -0.14% 3.43% Cocolife Fixed Income Fund, Inc. -a 3.0955 5.01% 5.22% 5.21% 4.01% Ekklesia Mutual Fund Inc. -a 2.2142 4.45% 1.91% 1.89% 3.99% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.3451 5.99% 1.8% 1.51% 6.35% Grepalife Fixed Income Fund Corp. -a P 1.6086 2.77% 0.08% -0.16% 2.83% Philam Bond Fund, Inc. -a 4.3341 14.01% 1.88% 1.68% 10.57% Philequity Peso Bond Fund, Inc. -a 3.749 8.36% 2.41% 1.52% 6.59% Soldivo Bond Fund, Inc. -a 0.955 9.21% 0.79% n.a.

7.16% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.0491 10.92% 3.69% 2.4% 10.24% Sun Life Prosperity GS Fund, Inc. -a 1.687 10.42% 3.17% 1.98% 9.55% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $466.12 4.49% 2.13% 2.83% 3.95% ALFM Euro Bond Fund, Inc. -a Є219.75 3.13% 1.31% 1.41% 3.33% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2023 7.26% 2.39% 2.54% 6.8% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0258 4.03% 1.19% 1.37% 4.03% Grepalife Dollar Bond Fund Corp. -a $1.7109 1.3% -1.19% 0.25% 1.22% PAMI Global Bond Fund, Inc -a $1.0948 6.87% 0.05% -1.01% 5.65% Philam Dollar Bond Fund, Inc. -a $2.3971 12.78% 2.28% 3.16% 10.42% Philequity Dollar Income Fund Inc. -a $0.0602777 6.01% 2.07% 2.05% 5.75% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1671 10.11% 1.83% 2.71% 10.27% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 125.1 4.18% 2.73% 2.11% 3.49% First Metro Save and Learn Money Market Fund, Inc. -a,3 1.027 n.a. n.a. n.a. n.a.

Philam Managed Income Fund, Inc. -a 1.2462 6.18% 2.49% 1.57% 5.44% Sun Life Prosperity Money Market Fund, Inc. -a 1.2584 3.85% 2.82% 2.24% 3.22% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0345 2.14% n.a. n.a.

1.83% 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 - Launch date is January 3, 2019. 2 - Launch date is January 28, 2019. 3 - Launch date is February 1, 2019. 4 - Launch date is August 1, 2019.

5 - Launch date is September 28, 2019. 6 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.).

7 - Adjusted due to stock dividend issuance last October 9, 2019.

"While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa. com.ph to see the latest NAVPS/NAVPU."

Airline President Lance Y. Gokongwei said his group has signed a purchase agreement with the French aircraft manufacturer for the purchase of 16 Airbus A330 neos (new generation engine option).

The new jets, which will replace its old A330s, have an extended range capability of up to 15,000 kilometers, and use up to 25 percent less fuel than the old competing aircraft.

“The A330 neo is integral to our fleet modernization program. With this purchase, we aim to reduce our fuel emission and build a more sustainable operation,” Gokongwei said.

The new jets will be delivered between 2021 and 2024. The addition of new airlines will boost the carrier’s plan to boost capacity, upgauge existing routes and introduce new ones in the next few years.

“This will also give us the lowest cost per seat, at the same time, enabling Cebu Pacific to increase seat capacity, and maximize valuable airport slots in Manila and other Asian megacities,” Gokongwei explained.

The new airliners will have a 460seat capacity, which is 5 percent more than the old A330s.

Cebu Pacific has always favored Airbus jets. To date, it has accepted delivery of seven new aircraft from the French company, and expects to receive two more by end-2019.

Currently, the dominant budget carrier has a fleet of 74 aircraft, broken down as: three Airbus A321 neos, four A320 neos, seven Airbus A321 ceos (current engine option), 31 Airbus A320s, eight A330s, seven ATR 72-500s, 13 ATR 72-600s and an ATR cargo freighter.

By 2024, Cebu Pacific will have “an all-next generation fleet” of Airbus jets, Gokongwei said, adding that the carrier has an average fleet age of five years.

Cebu Pacific and subsidiary Cebgo fly to 37 domestic and 26 international destinations, with over 108 routes, operating out of seven strategically placed hubs in the Philippines: Clark, Davao, Cagayan de Oro, Kalibo, Cebu, Iloilo and Manila.

NGO backs DOE’s call for Meralco to change rules in getting suppliers

T

HE Power for People Coalition (P4P) on Monday expressed support for the Department of Energy’s (DOE) call for Meralco to change its rules to give more flexibility for power suppliers bidding for its energy needs.

“We welcome the announcement of [Energy] Secretary [Alfonso] Cusi calling on Meralco to change its terms of reference for its competitive selection process [CSP]. However, we are not happy that the changes he asks for will just allow more coal-fired power plants to participate, instead of taking the opportunity to obey President Duterte’s directive to have more renewable sources available to Filipinos,” said P4P Convenor Gerry Arances.

Meralco is asking for bids for 1,200 megawatts of supply but specified that the electr icit y must come from the controversial “high-efficiency, low-emissions” (HELE) technology.

Under t he ter ms, Mera lco wants the generation companies to bid for the whole supply requirement using plants with highefficiency, low-emission technology, while Cusi wants any plant to be able to sell only part of its capacity so that they can sell the surplus on the open market.

“Meralco’s arcane CSP rules are problematic on many different levels. Unfortunately, Secretary Cusi focused only on the aspects of the rules which are of concern to big investors and not those of concern to ordinary people. Even

if the DOE’s changes are adopted, electricity will not be affordable, reliable, and sustainable, as what President Duterte wants,” said Arances.

Green energy groups, led by the P4P, are against coal, including the “clean coal” technology.

“There is nothing clean about coal. What the so-called clean coal does is simply to change what part of the Earth it’s polluting. Instead of the air, it will pollute our ground and waters,” said Arances.

Cusi said he needs to verify what Meralco meant while commenting that he was surprised with Meralco’s position on the CSP. “I don’t like to say anything until I validate what they really meant. I was surprised to hear it from the news, so I need to validate,” he said.

“We encountered a problem in the CSP in 2016. So we have to untangle all those problems. Now that CSP has resumed, we want it to be really a competitive selection. I don’t like to tweak it to favor anybody. So all plants should be able to participate to get the best price. That’s the objective of the CSP: build capacity, promote competition,” Cusi added.

Meralco wants to conduct a second round of its CSP for 1,200 MW greenfield capacity with relaxed rules. It was, however, not in favor of some of the concerns raised by the DOE regarding changing the terms of reference (TOR) of the competitive bidding. Lenie Lectura

LBC buys Japanese ‘balikbayan box’ operator

C

OURIER LBC Express Holdings Inc. on Monday said it bought all the shares of a Japanese firm that mainly arranges the delivery of balikbayan boxes from Japan to the Philippines.

In its disclosure to the Philippine Stock Exchange, LBC said it purchased all the shares of Mermaid Co. Ltd. from its principal owners Tsukasa Takahashi, Mediatrix Takahashi and Eiichi Gotoh.

It a c q u i r e d Me r m a i d f o r

$200,000 or about P10.2 million, which the company said it will pay in cash.

Mermaid operates a service for the shipping of household and other goods from expatriates living in Japan to their respective home countries, known as the balikbayan box, the company said.

“The acquisition is expected to benefit the company by contributing to the global revenue stream of the company,” LBC said. VG Cabuag

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

November 4, 2019

Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALs

ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK BRIGHT KINDLE BDO LEASING COL FINANCIAL FERRONOUX HLDG IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH

55 156.6 97.25 25.25 12.88 66.35 12.72 45.35 57.15 117.5 25.75 204 60.9 1.12 1.93 18 4.57 1.21 0.405 770 0.88 174

55.4 159.9 97.3 25.35 12.92 66.4 13.1 45.4 58 129 26 204.2 61 1.17 2.01 18.6 4.77 1.25 0.415 775 0.89 174.9

54.35 154.1 97.55 25.4 12.58 67.6 12.7 44.95 57.5 130 25.9 199.1 61.2 1.11 1.92 18 4.57 1.23 0.405 770 0.88 175

55.6 159.9 98.7 25.4 12.94 67.6 13 45.9 57.9 130 26 204.8 61.2 1.18 1.93 18.6 4.84 1.23 0.405 770 0.9 175

54.35 154.1 97 25.2 12.58 66.15 12.7 44.95 57.5 130 25.8 199.1 60.3 1.11 1.92 18 4.56 1.2 0.4 770 0.88 174

55.4 159.9 97.3 25.3 12.92 66.4 13 45.4 57.9 130 26 204 61 1.17 1.93 18.6 4.77 1.2 0.4 770 0.88 175

10830 2114390 4023400 22700 1468500 2817100 20600 62400 800 60 56100 286800 50910 123000 2085000 500 68000 50000 160000 70 304000 440

596275.5 331981695 395105179 574605 18869284 187300160 267618 2824560 46240 7800 1458375 58401848 3107824 137690 4023920 9180 317330 60810 64250 53900 268380 76770

INDUSTRIAL

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

HOLDING & FRIMS ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL AYALA LAND LOG ANSCOR ANGLO PHIL HLDG ATN HLDG A COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL JG SUMMIT LODESTAR LOPEZ HLDG LT GROUP METRO PAC INV PACIFICA SOLID GROUP SYNERGY GRID SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES SEAFRONT RES TOP FRONTIER WELLEX INDUS

333976 158087374 15085060 2535 3763552 18274183 980235 -2580 27765468 -1476964 -3998960 5280 -33250

2.78 1.29 39.95 0.242 25 78.9 346.6 19.82 5.05 4.16 10.82 33.9 7.4 13.02 3.99 17.36 15.1 5.47 8.49 6.99 92 0.67 48.05 232.2 9.1 13.24 1.69 11.3 1.91 5.45 1.98 0.126 152.8 1.32 65.5 71.55 2.55 15.24 10.3 14.54 17.6 9.2 1.07 1.1 120 2.1 1.59 3.5 5.4 30 2.19 8 1.44 0.98 8.31

2.79 1.3 40 0.248 25.35 79 347 19.86 5.06 4.25 11 34 7.49 13.7 4 17.98 15.3 5.58 8.5 7 92.9 0.68 48.45 233 9.23 13.3 1.7 11.46 1.92 5.49 2.02 0.131 154.8 1.33 68.65 75.65 2.56 15.26 10.5 14.58 17.7 9.44 1.1 1.11 135 2.14 1.65 3.58 5.5 30.65 2.21 8.04 1.49 1 8.32

2.81 1.31 39.5 0.244 24.8 78.9 347 20 5.04 4.15 10.82 34 7.37 13.4 3.89 17.36 15.1 5.48 8.54 7 92 0.69 47.8 232.8 9.05 13.22 1.7 11.28 1.94 5.37 2.08 0.132 152.5 1.35 65.35 71.55 2.51 15.48 10.2 14.6 17.78 9.49 1.1 1.07 112.1 2.12 1.65 3.54 5.4 30.55 2.27 7.9 1.47 0.98 8.85

2.82 1.31 40 0.248 25.35 79.4 348 20.05 5.09 4.25 11 34.05 7.5 13.7 4.03 17.98 15.22 5.58 8.54 7.01 92.9 0.69 48.45 233 9.23 13.32 1.71 11.48 1.97 5.49 2.08 0.132 154.8 1.35 65.5 71.55 2.56 15.48 10.3 14.62 17.78 9.49 1.1 1.12 120 2.13 1.65 3.55 5.55 30.65 2.28 8.06 1.51 1 8.9

2.78 1.31 39.5 0.241 24.75 78.9 345 19.82 5.01 4.15 10.82 33.8 7.37 13 3.78 17.36 15.02 5.47 8.48 6.99 91.15 0.67 47.8 231.8 9.04 13.2 1.68 11.28 1.86 5.37 1.98 0.126 151.1 1.31 65.35 71.55 2.51 15.14 10.2 14.58 17.52 9.44 1.07 1.07 112.1 2.1 1.65 3.54 5.4 30 2.18 7.89 1.44 0.98 8.31

2.79 1.31 40 0.248 25.35 79 347 19.86 5.06 4.25 11 34 7.49 13.7 3.99 17.98 15.1 5.47 8.49 7 92.9 0.68 48.05 233 9.23 13.24 1.7 11.46 1.91 5.49 1.98 0.126 154.8 1.33 65.5 71.55 2.56 15.24 10.3 14.58 17.7 9.44 1.1 1.11 120 2.13 1.65 3.55 5.5 30.65 2.21 8.04 1.5 1 8.32

5628000 14000 967800 1480000 774300 42890 163590 1395700 627900 25000 15000 393400 142200 489100 6540000 400 2342600 7600 1687000 310700 26930 172000 45700 248530 3700 60000 1489000 12900 1198000 456800 138000 880000 1421330 4858000 980 400 1600000 74800 921200 33100 862600 5700 288000 1234000 890 421000 2000 9000 54300 21600 11866000 294400 453000 59000 1652600

15733070 18340 38696540 358120 19559835 3388735 56756052 27776122 3180453 103850 163776 13360610 1061082 6589416 25863720 7006 35338022 41665 14335860 2173636 2488414.5 116350 2195220 57767174 33689 794464 2526560 145988 2302380 2475103 278700 111360 216371205 6438540 64072.5 28620 4082220 1139548 9483028 483016 15206646 53853 311430 1356650 106451 893490 3300 31940 298020 654590 26202140 2347485 665080 57860 14071404

196060 21616195 7182825 15150 4039592 -6485706 678115 7505775 740 1269560 8453210.0001 -12386150 -6584 4222759.9999 -1187903 -282665.5 2036825 11391742 -15930 1312750 -23796 208344 -40740 11253297 53710 -691450 351132 -7101702 -43800 -13006182 9485 1100 -651545 -239710 1292737 15000 -1069542

0.83 12.62 863 56.2 11.68 3.64 6.52 0.73 1.13 6.91 8.21 13.12 899 75.85 0.495 4.31 13.38 4.9 0.037 1.27 350.2 1025 168.2 0.85 2.25 226.2 0.216

0.84 13 864 56.55 11.7 3.65 6.89 0.74 1.14 6.92 8.22 13.38 905 77.1 0.51 4.37 13.42 4.91 0.038 1.3 400 1028 169.4 0.88 2.34 226.8 0.226

0.83 12.7 865 55.9 11.48 3.6 6.89 0.72 1.14 6.92 8.17 13.14 894 75.3 0.51 4.38 13.34 4.82 0.038 1.27 395 1030 167.7 0.85 2.34 227 0.216

0.85 13.1 865 56.55 11.74 3.64 6.89 0.75 1.14 6.92 8.34 13.4 905 77.1 0.51 4.38 13.42 4.95 0.038 1.27 395 1035 169.7 0.88 2.34 227 0.216

0.83 12.52 861.5 55.3 11.48 3.6 6.51 0.72 1.12 6.88 8.1 13.12 892.5 75.3 0.495 4.31 13.3 4.82 0.038 1.27 340.2 1022 167 0.85 2.24 226.4 0.216

0.83 13.04 864 56.55 11.7 3.64 6.51 0.74 1.14 6.91 8.21 13.38 905 77.1 0.495 4.37 13.38 4.9 0.038 1.27 340.2 1025 168.2 0.85 2.24 226.8 0.216

6130000 6000 718920 756500 2169400 279000 6600 140000 392000 3018100 15508100 18600 39970 1244560 55000 455000 2264000 32251000 2500000 1000 20 1135880 246450 150000 209000 320 50000

5125250 77738 621385350 42581280 25281492 1009490 44790 102250 440810 20830614 127619037 248342 35987045 95529136 27490 1965710 30281922 157858390 95000 1270 7352 1165743050 41407725 127530 476160 72586 10800

-279170 -80391930 23383006.5 2720752 130270 909020 -37002020 -34346 27419620 36795387.5 -1878980 -2549918 12887590 569504060 6181590 31764 -10800

PROPERTY ARTHALAND CORP 0.86 0.88 0.86 0.88 0.86 0.86 574000 496600 AYALA LAND 48.95 49 49.4 49.9 48.9 49 8138000 400176240 -83657835 BELLE CORP 2.01 2.02 2 2.01 1.99 2.01 349000 699040 -494380 A BROWN 0.81 0.82 0.82 0.82 0.8 0.81 509000 408610 CITYLAND DEVT 0.84 0.87 0.87 0.87 0.87 0.87 33000 28710 CEBU HLDG 6.32 6.35 6.33 6.35 6.15 6.35 43500 275276 257003 CEB LANDMASTERS 4.53 4.58 4.5 4.58 4.5 4.58 83000 376680 -55440 CENTURY PROP 0.59 0.6 0.62 0.62 0.59 0.59 37766000 22919640 -182790 CYBER BAY 0.49 0.495 0.49 0.495 0.48 0.49 2600000 1270100 347900 DOUBLEDRAGON 20.6 20.65 20.2 20.75 20.2 20.65 233100 4785100 1930295 DM WENCESLAO 10.3 10.32 10.22 10.44 10.22 10.28 177100 1821280 1098762 EMPIRE EAST 0.485 0.49 0.49 0.49 0.48 0.485 2870000 1387050 -485050 FILINVEST LAND 1.62 1.63 1.62 1.65 1.61 1.63 19657000 32033220 -3798030 GLOBAL ESTATE 1.26 1.27 1.27 1.27 1.26 1.26 33000 41640 8990 HLDG 14.8 14.86 14.86 14.86 14.8 14.8 12800 189530 PHIL INFRADEV 1.54 1.55 1.56 1.58 1.52 1.55 1901000 2929250 -160590 MEGAWORLD 4.86 4.89 4.85 4.89 4.82 4.89 5074000 24675810 -9927700 MRC ALLIED 0.29 0.295 0.29 0.295 0.29 0.295 2400000 697800 PHIL ESTATES 0.39 0.42 0.41 0.415 0.39 0.39 3110000 1261300 -1147250 PRIMEX CORP 2.02 2.04 2.02 2.04 2.02 2.04 67000 135390 ROBINSONS LAND 26.2 26.4 25.5 26.4 25.5 26.4 614300 16160270 12553120 PHIL REALTY 0.375 0.38 0.38 0.38 0.38 0.38 10000 3800 ROCKWELL 2.27 2.3 2.26 2.3 2.26 2.27 166000 375990 -23000 SHANG PROP 3.25 3.29 3.29 3.3 3.29 3.29 110000 362900 STA LUCIA LAND 2.67 2.68 2.62 2.69 2.6 2.67 815000 2172670 160200 SM PRIME HLDG 39.35 39.5 39 39.5 38.7 39.5 10068900 395322705 227913790 VISTAMALLS 5.53 5.54 5.58 5.58 5.4 5.54 35500 193668 VISTA LAND 7.68 7.69 7.7 7.72 7.66 7.69 3165400 24346173 -6115777

SERVICES ABS CBN 18.54 18.6 18.6 18.7 18.56 18.6 153300 2860750 GMA NETWORK 5.25 5.27 5.26 5.27 5.26 5.27 24700 130129 GLOBE TELECOM 1846 1850 1840 1860 1834 1846 50690 93597385 -34072090 PLDT 1111 1120 1104 1127 1100 1111 64520 71903895 -16557570 APOLLO GLOBAL 0.041 0.042 0.042 0.042 0.042 0.042 300000 12600 DFNN INC 5.22 5.35 5.13 5.35 5.13 5.3 26000 137880 IMPERIAL 1.7 1.83 1.71 1.71 1.7 1.7 141000 239750 170000 ISLAND INFO 0.106 0.11 0.106 0.11 0.106 0.11 520000 55440 ISM COMM 4.77 4.78 4.73 4.8 4.73 4.77 1619000 7709960 166290 JACKSTONES 2.3 2.38 2.31 2.46 2.24 2.3 145000 335140 NOW CORP 3.63 3.64 3.54 3.7 3.5 3.64 11057000 40163590 113340 TRANSPACIFIC BR 0.34 0.345 0.33 0.35 0.325 0.345 50230000 16957300 PHILWEB 3.02 3.03 3.04 3.09 3.01 3.02 419000 1268860 -169380 2GO GROUP 11.02 11.12 11.18 11.2 11 11.02 13100 145102 5590 ASIAN TERMINALS 18.32 19.5 18.2 18.2 18.2 18.2 1100 20020 CHELSEA 6.71 6.73 6.69 6.75 6.69 6.71 199300 1339732 -165240 CEBU AIR 95 95.3 92.4 95.5 92.35 95.3 148740 14154790 9300092.5 INTL CONTAINER 122 123 121.8 124.1 120 122 2303440 283027881 58981058 LBC EXPRESS 13.56 14.18 13.56 13.56 13.56 13.56 100 1356 MACROASIA 20.75 20.8 20.8 21.5 20.8 20.8 941700 19812825 -2295 METROALLIANCE B 1.08 1.09 1.09 1.09 1.09 1.09 5000 5450 PAL HLDG 8 8.25 8.2 8.27 8 8.25 5900 48135 800 HARBOR STAR 1.63 1.64 1.63 1.63 1.6 1.63 337000 544870 ACESITE HOTEL 1.6 1.68 1.65 1.69 1.63 1.69 5000 8310 DISCOVERY WORLD 1.95 2.06 2.06 2.06 2.06 2.06 1000 2060 WATERFRONT 0.67 0.68 0.67 0.68 0.66 0.67 393000 263490 FAR EASTERN U 903 920 920 920 920 920 20 18400 STI HLDG 0.66 0.67 0.68 0.68 0.66 0.67 6043000 4051040 -3876410 BERJAYA 2.48 2.5 2.44 2.52 2.44 2.48 238000 593380 BLOOMBERRY 10.56 10.58 10 10.56 10 10.56 12938400 132938600 -36960512 PACIFIC ONLINE 2.66 2.7 2.68 2.68 2.64 2.66 63000 167710 2670 LEISURE AND RES 3.11 3.12 3.07 3.14 3.07 3.12 215000 666410 PREMIUM LEISURE 0.67 0.68 0.66 0.68 0.66 0.68 2368000 1591860 -134980 ALLHOME 11.46 11.48 11.5 11.5 11.46 11.48 11230900 128942086 5748950 METRO RETAIL 2.43 2.44 2.43 2.44 2.38 2.44 338000 815250 PUREGOLD 40.7 40.85 40.55 40.9 40.55 40.7 75800 3088675 -50910 ROBINSONS RTL 76.1 76.8 76.45 76.95 75.55 76.1 98310 7478929 -4903010 PHIL SEVEN CORP 148.5 150 149 149 149 149 1770 263730 247340 SSI GROUP 2.61 2.62 2.58 2.62 2.58 2.61 470000 1223460 138770 WILCON DEPOT 16.8 16.82 16.5 16.9 16.5 16.82 902000 15179836 13860032 APC GROUP 0.51 0.52 0.54 0.54 0.51 0.51 9864000 5126470 -1034600 EASYCALL 9.02 9.15 9.05 9.2 9 9.15 69600 629328 GOLDEN BRIA 425.8 430 430 430 430 430 10 4300 PAXYS 2.76 2.89 2.79 2.79 2.75 2.75 66000 181960 -85680 PRMIERE HORIZON 0.48 0.485 0.485 0.49 0.48 0.485 2070000 1001600 135800 SBS PHIL CORP 9.11 9.29 8.92 9.29 8.92 9.29 3600 32919

MINING & OIL ATOK 12 12.34 12.46 12.46 12 12.34 21800 263162 APEX MINING 1.13 1.14 1.13 1.14 1.13 1.14 404000 460500 ABRA MINING 0.0017 0.0018 0.0017 0.0017 0.0017 0.0017 11000000 18700 ATLAS MINING 2.54 2.59 2.52 2.59 2.52 2.59 32000 80720 -50400 CENTURY PEAK 2.57 2.6 2.59 2.6 2.58 2.6 120000 311080 DIZON MINES 7.61 7.88 7.61 7.89 7.61 7.88 900 7039 FERRONICKEL 1.88 1.9 1.89 1.93 1.84 1.9 31753000 60094960 30965140 GEOGRACE 0.208 0.212 0.216 0.216 0.209 0.211 350000 74750 LEPANTO A 0.104 0.106 0.105 0.105 0.102 0.105 4050000 419340 LEPANTO B 0.109 0.11 0.108 0.109 0.104 0.109 160000 17100 MANILA MINING B 0.0091 0.0099 0.0092 0.0092 0.0092 0.0092 1000000 9200 MARCVENTURES 1.17 1.2 1.17 1.22 1.15 1.17 27000 31600 NIHAO 1.03 1.07 1.08 1.08 1.03 1.07 8000 8410 NICKEL ASIA 4.11 4.12 4.02 4.16 3.99 4.12 11171000 45,589,180( 11,400,289.9996) ORNTL PENINSULA 0.85 0.87 0.89 0.89 0.84 0.87 158000 134470 PX MINING 3.47 3.49 3.55 3.55 3.44 3.46 72000 250460 -3490 SEMIRARA MINING 23.5 23.65 23.35 23.75 23.35 23.65 595200 14039925 6269790 ORNTL PETROL A 0.011 0.012 0.012 0.012 0.011 0.012 38400000 427400 ORNTL PETROL B 0.011 0.012 0.011 0.011 0.011 0.011 683700000 7520700 -22000 PHILODRILL 0.01 0.011 0.011 0.011 0.01 0.011 4500000 49300 PHINMA PETRO 10.28 10.32 10.14 10.5 10.14 10.28 526200 5495628 PXP ENERGY 12.82 12.84 12.76 12.96 12.6 12.84 622700 7981120 452236

PREFFERED

HOUSE PREF A 98.15 99.7 99.7 99.7 98.15 99.7 6520 640219 AC PREF B1 497.6 502 500 500 500 500 3100 1550000 DD PREF 100.5 101 101 101 100.5 100.5 5040 506540 GLO PREF P 504 505 505 505 505 505 10000 5050000 GTCAP PREF A 980 990 980 980 980 980 410 401800 LR PREF 1 1.02 1 1.02 1 1.01 516000 521160 MWIDE PREF 101 101.5 101 101.5 101 101.5 10050 1015100 PCOR PREF 3A 1026 1052 1051 1052 1051 1052 1000 1051880 PCOR PREF 3B 1061 1081 1081 1081 1081 1081 50 54050 SMC PREF 2C 78.1 78.15 78.2 78.2 78.1 78.15 36790 2875360.5 SMC PREF 2D 75 75.1 75.15 75.15 75.1 75.1 15000 1126750 SMC PREF 2F 76.1 76.9 76.2 76.2 76.1 76.1 22630 1722683.5 SMC PREF 2G 75.2 76 75.5 75.5 75.2 75.2 13400 1008992 SMC PREF 2H 75.15 75.8 75.3 75.3 75.1 75.1 12980 976398 SMC PREF 2I 75.7 76.6 75.7 75.7 75.7 75.7 197500 14950750 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

17.68 5.1

17.7 5.14

17.7 5.15

17.72 5.15

17.7 5.09

17.7 5.14

139700 139700

2473400 717074

WARRANTS LR WARRANT

1.54

SMALL & MEDIUM ENTERPRISES ITALPINAS 6.45 KEPWEALTH 11.98 XURPAS 0.94

1.58

1.57

1.57

1.57

1.57

51000

80070

-

6.5 12 0.95

6.51 11.3 0.94

6.69 12.2 0.95

6.41 11.3 0.93

6.5 11.98 0.95

85700 1064200 831000

556387 12607352 783170

-1005 -61600 -

EXHANGE TRADE FUNDS FIRST METRO ETF

120.5

-2468084 133027

120.6

119.7

120.5

119.5

120.5

6190

743800

-29975

Banking&Finance BusinessMirror

www.businessmirror.com.ph

Sole nominee to lead ADB plans to diversify lender’s resources

I

F elected, the sole nominee for Asian Development Bank (ADB) president said he would diversify the Manila-based multilateral institution’s resources.

In his vision statement, ADB President nominee Masatsugu Asakawa noted that the bank was able to create a solid capital base by merging the bank’s “Ordinary Capital Resources,” or OCR, and “Asian Development Fund,” or ADF. However, Asakawa said that, under his watch, the Manila-based multilateral bank will consider “diverse and innovative approaches” to resource mobilization.

“Examples include thematic bonds, local currency denominated bonds, partnerships with philanthropic funds and other international organizations, and further use of guarantees and public-privatepartnerships,” Asakawa said.

He added that the ADB, also under his watch, will continue its focus on small island developing states (SIDs). The ADB will help these island nations in project management, both in the preparation and implementation phase.

In terms of its engagement with upper middle-income countries, which could soon include the Philippines, Asakawa said the ADB “should carefully consider” its assistance from a broad perspective.

He said these can be achieved given a focus on country and local context in order to provide effective and timely assistance to its developing member-countries. This will be done through ADB’s Resident Missions.

“If elected as president, I would steer the ADB to continue focusing on country and local context, and provide the most appropriate set of assistance in the most effective and timely manner,” Asakawa said. “[The] ADB should continue to respect and learn from the specific context of each recipient member, such as political, economic, social, historical and cultural backgrounds, as well as each of their external surroundings,” he added.

These, Asakawa said, will help the region close infrastructure gaps and inequality in the region. He said the region’s infrastructure gap reached $1.7 trillion annually.

He added that 260 million people in the region were still living below the $1.90/day poverty line in 2015.

This increases based on the daily income below the $3.20/day poverty line.

The key to solving inequality is to invest in human capital, as well as physical infrastructure. Asakawa said there is also a need to push for Universal Health Coverage in the region.

The ADB on Monday opened voting for its next president who will succeed President Takehiko Nakao.

Presidents of the ADB are nominated from among its regional members and elected by its Board of Governors. Nominations were accepted from ADB Governors from October 1 to 31, 2019.

Asakawa, currently special advisor to Japan’s prime minister and minister of finance, is the sole nominee for the position.

Governors are invited to vote on Asakawa’s candidacy on November 30, 2019. The result of the election is scheduled to be announced on December 2, 2019. Cai U. Ordinario

UCPB’s thrift bank bags 6 awards from BancNet

T

HE thrift bank of United Coconut Planters Bank (UCPB) took home six awards—three national and three branch awards—from BancNet Inc. during ceremonies held in Makati City recently.

The UCPB Savings Bank (UCPB SB) was recognized as the “Top 3 Outsourcing Bank with the Highest Volume of Transactions as Issuer for 2019,” “Leading Outsourcing Bank in Innovation” (Pilot outsourcing bank to implement InstaPay, QR Code Payment and PESONet through the bank’s own mobile application) and “Top Outsourcing Bank with the Highest Volume of Transactions as Acquirer for 2019.”

Its Numancia branch in Aklan and Aloran branch in Misamis Occidental were recognized for “Supporting Financial Inclusion by Operating ATMs Exclusively in Remote Locations.” The award recognized the two branches for providing the only Automated Teller Machines in their respective municipalities.

The BancNet said other bank ATMs are located approximately 7 kilometers away from Numancia and Aloran.

UCPB SB’s Libmanan branch in Camarines Sur was awarded as one of the “Top 10 Outsourcing Banks with ATMs in the BancNet Network.” The bank’s La Castellana branch in Negros Occidental was awarded the “Top Performing ATM of an Outsourcing Bank in the Visayas.”

The UCPB SB Sogod branch in Southern Leyte was also given special recognition as the only branch with available ATM and over-the-counter operations during Supertyphoon Yolanda in November 2013, the UCPB said.

“People from Sogod and nearby municipalities lined up to withdraw cash from Sogod’s ATM during the Yolanda aftermath,” the bank said.

UCPB President and CEO Lizette Margaret Mary J. Racela said its thrift banking arm “lives up to its mandate and BSP’s call for financial inclusion by offering innovative products and reliable services to the unbanked and underbanked segment. By reaching out and being with them during crisis or success, we live up to our brand promise.” Manuel T. Cayon

Perspectives

Einstein’s Theory

E

NCOURAGING someone to start investing at the earliest time possible is not as easy as one may think. Most people have offered so many excuses, and others have the “to see is to believe” mentality.

In the field of investment, Albert Einstein is credited in discovering the compound interest rule of 72.

He is quoted as saying that compound interest is the greatest mathematical discovery of all time, and that it is the most powerful force in the universe.

He said: “Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it.”

Depending on the application, compound interest can work for or against an individual. If one uses it to his advantage with his investments, it will make all the difference over the long term. Long term is 30 years, 40 years or more years—not five years.

Let’s explore how it can work against an individual. Let’s assume one has a 30-year mortgage of 2,000,000, and he is paying 5-percent interest.

The monthly principal and interest payment would be 10,736. That means that he will be making 360 equal monthly payments. On that first payment of 10,736, only 2,403 of it goes to pay down the principal, while 8,333 goes toward the interest. Each month, a few more pennies go to the principal, slowly bringing it down. If you add up all of the payments (360 x 10,736), one would have paid a total of 3,865,114 over the 30 years; 2,000,000 went to principal and 1,865,114 went to interest. Note that even if the balance is diminishing, one still pays the monthly due based on the original mortgage. This is similar to the add-on interest charged by the credit-card company.

If one simply takes 2,000,000 and divide it by 360 payments (assuming there is no interest), he would only pay 5,555 per month. So right away we see how damaging interest can be when it’s working against us.

It is interesting to know that the effect on the principal is minimal only at the beginning. In the first 10 years, one has paid 1,288,370 for the privilege of buying the house. Sadly, the remaining balance of the

mortgage is 1,711,628. He has dutifully been paying his payments as a good borrower, and yet seems to have barely diminished his balance. The balance has gone down by less than 288,360 after 10 years (120 payments). This is a perfect example of how compounding interest can work against us.

On the other hand, if compound interest is used to our advantage, we can harness its incredible power to help propel us forward. Remember that Einstein said it was the most powerful force ever discovered.

Let’s use the same payment scheme as our mortgage example. Let’s even use the same interest rate for growth. If a person makes payments of 10,736 per month for 30 years into some interest-bearing account, earning a mere 5 percent, those payments would have grown to 8,789,540. With compound interest working against him, those payments would retire a debt of 2,000,000. With it working for him, the same would grow to 8,789,540.

Assuming that one is able to squeak out a higher rate of return, let us say 8 percent, and made the same payments for 30 years (total payment 3,864,960), one would have grown the account to 15,219,495. At 10 percent, the account would have grown to 22,323,286.

In all these cases, we are looking at the same 30 years and the same cumulative amount of payments of 3,864,960. We can see proof of how compounding can help in growing wealth with great ease. The earlier one starts to invest, the lower is his required amount. Time and money can work together longer to maximize the growth of the money. When one invests later, the heavier the payment will be and time will not be enough to grow the money to its maximum.

Will you let compounding work for you or against you?

Edmund Lao is registered financial planner of RFP Philippines. To learn more about personal financial planning, attend the 80th RFP program this December 2019.

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

Tuesday, November 5, 2019 B3

Security Bank income surges 18% in 9 mos

S

By VG Cabuag

@villygc

ECURITY Bank Corp. announced recently that its net income grew 18 percent during the three quarters of the year, ending September to P7.7 billion from last year’s P6.53 billion, mainly driven by its core business income.

Revenues for the period rose 28 percent to P24.16 billion, from last year’s P18.77 billion.

For the third quarter alone, its income grew P2.7 billion, up 22 percent from last year’s P2.24 billion, while revenue grew 35 percent to P8.78 billion, from the previous P6.49 billion.

Net interest income from customer loans and deposits and peso bond issuance increased 49 percent to P5.9 billion.

“Key to this growth was the continued expansion of retail loans and

low-cost deposits and disciplined pricing in wholesale loans,” the company said.

Retail loans rose 54 percent yearon-year as it now account for 27 percent of total loans versus 19 percent last year. Total net interest income grew 33 percent to P7 billion.

Total loans grew 11 percent yearon-year to P444 billion, while total deposits grew 4 percent to P487 billion.

Total deposits and peso bond issuance combined grew 8 percent to

P504 billion, the bank said.

In September, the bank raised P6 billion in long-term negotiable certificates of deposit with a tenor of 5.5 years, in line with its efforts to tap funding source alternatives to short-term high-cost deposits, as well as to diversify its funding base.

Service charges, fees and commissions increased 44 percent to P1 billion, mainly driven by credit cards, loan fees, deposit charges, bancassurance and stock brokerage.

The company said it had gross nonperforming loan ratio at 1.4 percent, lower than the industry’s 1.7 percent as of August 2019.

Under the new Central Bank regulations implemented last year, requiring “Expected Credit Loss” provisioning by banks, the lender said it set aside P1.1 billion for provision for credit losses in for the third quarter, bringing the provision for credit losses in the nine-month period to P1.75 billion.

The bank said its NPL reserve cover was 110 percent and inclusive of reserves in retained earnings, NPL reserve cover was 146 percent.

The World

B4 Tuesday, November 5, 2019 • Editor: Angel R. Calso

BusinessMirror

Ross optimistic on China deal, Trump wants it signed in US

C

OMMERCE Secretary Wilbur Ross expressed optimism that the United States would reach a “Phase One” trade deal with China this month and said licenses would be coming “very shortly” for American companies to sell components to Huawei Technologies Co. President Donald J. Trump on Sunday told reporters at the White House that a trade agreement, if one is completed, would be signed somewhere in the US. “First of all I want to get the deal,” he said after returning for a trip to New York City. “The meeting place, to me, is going to be very easy.”

Ross said Iowa, Alaska, Hawaii and locations in China were all possible places for Trump and Xi Jinping to sign the deal after the cancellation of this month’s Asia-Pacific Economic Cooperation summit in Chile due to unrest in the country. He called the agreement “particularly complicated” and said the US was “making sure that each side has a very correct

and clear, detailed understanding of what each side has agreed to.”

“We’re in good shape, we’re making good progress, and there’s no natural reason why it couldn’t be,” Ross told Bloomberg Television’s Haslinda Amin in an interview on Sunday in Bangkok, when asked if the deal is on track to be signed this month. “But whether it will slip a little bit, who knows. It’s always possible.”

Stocks edged higher in Asia and American equity futures ticked up amid greater optimism on trade.

Top negotiators both spoke on the phone on Friday and described the talks as “constructive” as they look to lower tensions in a trade war that

has roiled global growth.

On Saturday after the call, Chinese state media reiterated the nation’s core demands, including the removal of all punitive tariffs. “For China, removing all the additional tariffs is a core concern that has not changed and will never change; even if there is a first phase deal, this core concern should be reflected,” wrote Taoran Notes, a blog affiliated with the state-run Economic Daily.

Noncommittal

THE deal would see China increase purchases of US agriculture products, keep its currency stable and open financial services markets to American firms. In return, Beijing wants the US to do away with new import taxes due to take effect December 15 on goods including smartphones.

Ross, who is attending a regional summit hosted by the Association of Southeast Asian Nations, remained noncommittal on whether the Trump administration would suspend the December tariff hike. He also said further phases of the deal would depend on things involving legislation on the part of China and an enforcement mechanism, without which “all you’ve got is a pile of paper.”

Chinese officials have cast doubts

about reaching a comprehensive long-term trade deal even as the two sides close in on the phase one agreement, Bloomberg reported last week.

China has stated for months that a final deal must include the removal of all punitive tariffs, and has balked at reforms in areas such as state-run enterprises that could jeopardize the Communist Party’s grip on power.

Trump has placed dozens of Chinese firms on the Commerce Department’s “entity list,” hampering their ability to purchase American software and components. It first targeted Huawei in May for national security reasons, and last month added 28 more companies including artificial-intelligence giants SenseTime Group Ltd., Megvii Technology Ltd. and Hangzhou Hikvision Digital Technology Co. Entities on the list are prohibited from doing business with American companies without being granted a US government license, although some have maintained relationships with banned companies through international subsidiaries.

China’s government has signaled it will hit back over the blacklist, and the companies have denied wrongdoing.

“There is not any cyber-security issue for us and there is no evidence from the US to say that,” Edward Zhou, a Huawei vice president, said in an address earlier Sunday in Bangkok during the regional summit. “We predict that this year, we can almost keep up the same performance as last year, even under such great pressure from the US government.”

Licenses coming ‘shortly’

THE blacklist is also hurting American companies that do business with China, and particularly Huawei.

Trump said in June after meeting with Xi in Japan that he’d “easily” agreed to allow American firms to continue certain exports to Huawei, and weeks later Trump said he’d accelerate the approval process for licenses.

Still, none have been granted so far. The president as recently as this month green-lit the approval of licenses in a meeting with advisers, according to people familiar with the matter, but an announcement has yet to be made. Ross on Sunday said the licenses “will be forthcoming very shortly,” noting that the government received 260 requests.

“That’s a lot of applications— it’s frankly more than we would’ve thought,” Ross said in the interview.

“Remember too with entity lists there’s a presumption of denial. So the safe thing for these companies would be to assume denial, even though we will obviously approve quite a few of them.”

One of the industry’s main arguments for allowing shipments of nonnational security sensitive items is that Huawei can buy some of those components from competitors around the world, including South Korea, Japan and Taiwan.

Ross also defended the US’s engagement in Asia after Trump skipped the Asean meetings for the second straight year. And he downplayed the significance of a 16-nation trade agreement backed by China that would lower tariffs in an area representing about a third of the world’s economy. Asian leaders were expected to announce a breakthrough on the agreement, known as the Regional Comprehensive Economic Partnership (RCEP), at the end of the meetings. While contentious issues remain and the terms aren’t yet known, RCEP would at least in part fill a trade gap left by the US after Trump withdrew from the Trans-Pacific Partnership in 2017. Southeast Asia, which collectively has the world’s fifthlargest economy, has struggled to wade through the economic fallout of enduring trade tensions between the US and China. Bloomberg News

www.businessmirror.com.ph

Trump invites Asean leaders to US meet after skipping Thailand summit

FROM left, South Korean President Moon Jae-in, Japanese Prime Minister Shinzo Abe, Chinese Premier Li Keqiang and Thailand Prime Minister Prayuth Chan-ocha prepare to pose for a group photo at the Association of Southeast Asian Nations Asean Plus Three summit in Nonthaburi, Thailand, on Monday, November 4, 2019. AP

N

ONTHABURI, Thailand— President Donald J. Trump has invited Southeast Asian leaders to a “special summit” in the United States early next year after skipping their ongoing annual summit in Thailand.

Robert O’Brien, the national security adviser Trump sent in his stead, included the invitation in a letter from Trump that he read at a US-Asean meeting on Monday on the sidelines of the summit of the 10-nation Association of Southeast Asian Nations.

Monday’s meeting with the US would normally be attended by presidents or prime ministers. In a pointed adherence to diplomatic protocol, seven of 10 Southeast Asian countries sent their foreign ministers instead.

Only host Prime Minister Prayuth Chan-ocha of Thailand and the prime ministers of Vietnam and Lao PDR joined O’Brien and the foreign ministers sent by other countries.

Last year, Trump sent Vice President Mike Pence to the annual Asean summit and related meetings. This year, both he and Pence were busy campaigning during the meetings, wrapping up on Monday in the outskirts of Bangkok, Thailand’s capital.

Trump’s absence from the meetings left plenty of room for China and other regional powers to raise their own profiles.

Chinese Premier Li Keqiang, Japanese Prime Minister Shinzo Abe and Indian Prime Minister Narendra Modi were among the leaders who met with their Asean counterparts during the summit.

In addition to O’Brien, US Commerce Secretary Wilbur Ross also traveled to Bangkok with a trade mission that is touring the region.

Despite the apparent downgrading of the Asean gathering by Trump, US businesses and government were seeking to emphasize the American commitment to the region with a privately-led conference attended by about 1,000 business and government officials.

There, Ross outlined a slew of figures on trade and investment between the US and what Washington has dubbed the “Indo-Pacific region.”

“The Trump administration is extremely engaged in and fully committed to this region,” Ross told the meeting.

In his own comments at the meeting with Asean leaders, O’Brien made a swipe at China, saying Beijing “has used intimidation to try to stop Asean nations from exploiting their offshore resources, blocking access to $2.5 trillion in oil and gas reserves alone. These tactics go against the rules of respect, fairness and international law.”

“The region has no interest in a new imperial era where a big country can rule others on the theory that might makes right. America is helping our Asean friends uphold their sovereignty,” he said.

Asean members include Brunei Darussalam, Cambodia, Indonesia, Laos, Myanmar, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Together, they comprise a fast-growing regional market of nearly 650 million people. AP

Abe, Moon break ice after worst Japan-South Korea fight in years

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OUTH Korean President Moon Jae-in and Japanese Prime Minister Shinzo Abe agreed in their first meeting in 14 months to ease tensions, according to the South Korean presidential office.

Moon and Abe shared the view that the relationship between South Korea and Japan is important and reaffirmed in principle that issues between the two nations should be resolved via dialogue, the presidential office said in a text message. Abe conveyed Japan’s “basic stance” on bilateral issues in his exchange with Moon, the Tokyo-based Kyodo News agency said separately, citing the Japanese foreign ministry.

The brief, 11-minute meeting at the Association of Southeast Asian Nations summit in Bangkok came as a long-simmering feud escalated into a trade-and-security dispute, leading to boycotts of Japanese imports and the decision to scrap an intelligence-sharing pact. The

encounter followed a breakthrough meeting last month between Abe and South Korean Prime Minister Lee Nak-yon.

Moon proposed high-level talks, if needed while Abe said every effort should be made to resolve the feud, Moon’s office said. Abe last met Moon in September 2018 and passed up a chance to meet him for formal talks during Group of 20 events in Osaka in June.

The remarks were the most positive yet since South Korean courts issued a series of rulings last year backing the claims of Koreans forced to work for Japanese companies during the country’s 1910-1945 occupation of the Korean Peninsula.

Japan subsequently tightened restrictions on exports of key materials used by South Korean semiconductor manufacturers. South Korea responded by moving to withdraw from a military intelligence-sharing pact with Japan. Bloomberg News

The World BusinessMirror

www.businessmirror.com.ph

Tuesday, November 5, 2019 B5

Attacker bites politician’s ear, others slashed in Hong Kong H

ONG KONG —A knifewielding man slashed several people and bit off part of the ear of a pro-democracy politician in Hong Kong on Sunday, as riot police stormed several malls to thwart protesters who have been demanding government reforms for nearly five months.

The bloody attack erupted outside one of those shopping complexes, Cityplaza on Hong Kong Island. Local media said the attacker told his victims that Hong Kong belongs to China.

Television footage showed the man biting the ear of district councilor Andrew Chiu, who had tried to stop him from leaving after the stabbings. The attacker was then badly beaten up by a crowd before police arrived.

The government, condemning the attack, said five people were hospitalized, including two in critical condition, and appealed to people to stay rational and set aside their political differences. “They should abide by

the law and not to resort to vigilantism,” a government spokesman said in a statement.

The attack came late Sunday, a day in which protesters had been urged online to gather at seven locations, including malls, to sustain a push for political reform.

Most of the rallies didn’t pan out as scores of riot police took positions, searching and arresting people, dispersing crowds and blocking access to a park next to the office of the city’s leader, Carrie Lam. Some small pockets of hardcore demonstrators were undeterred.

As protesters chanted slogans at the New Town Plaza shopping mall in Sha Tin, police said they moved in after some “masked rioters” with fire extinguishers vandalized turnstiles and smashed windows at the subway station linked to the mall.

At two malls in the New Territories in the north, protesters vandalized shops, threw paint and attacked a branch of Japanese fast

food chain Yoshinoya, which has been frequently targeted after the chain’s owner voiced support for the Hong Kong police.

Police rushed into one of the malls after objects were thrown at them. At another, protesters used umbrellas and cable ties to lock the mall entrance to prevent police from entering.

Later in the day, police stormed Cityplaza after some protesters sprayed graffiti at a restaurant. A human chain by dozens of people was broken up and angry shoppers heckled the police.

In early hours on Monday, police fired tear gas after some protesters threw bricks and other objects at them in another district. One woman was injured after she reportedly jumped off a balcony to escape the tear gas, local media said.

The protests began in early June over a now-shelved

McDonald’s fires CEO over relationship with employee

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EW YORK—McDonald’s chief executive officer has been pushed out of the company after violating company policy by engaging in a consensual relationship with an employee, the corporation said on Sunday.

The fast-food giant said former President and CEO Steve Easterbrook demonstrated poor judgment, and that McDonald’s forbids managers from having romantic relationships with direct or indirect subordinates.

In an e-mail to employees, Easterbrook acknowledged he had a relationship with an employee and said it was a mistake.

“Given the values of the company, I agree with the board that it is time for me to move on,” Easterbrook said in the e-mail.

McDonald’s board of directors voted on Easterbrook’s departure on Friday after conducting a thorough review. Details of Easterbrook’s separation package will be released on Monday in a federal filing, according to a company spokesman. He will also be leaving the company’s board. Easterbrook was CEO since 2015.

McDonald’s would not provide details about the employee with whom Easterbrook was involved, and an attorney for Easterbrook declined to answer questions.

The board of directors named Chris Kempczinski, who recently served as president of McDonald’s USA, as its new president and CEO. Two weeks ago, McDonald’s reported a 2percent drop in net income for the third quarter as it spent heavily on store remodeling and expanded delivery service. The company’s share price has dropped 7.5 percent since, though

it’s still up 9.2 percent for the year. The burger chain also has been plagued by declining restaurant traffic.

The leadership transition is unrelated to the company’s operational or financial performance, the company said in a news release.

McDonald’s decision to act may be a sign of progress on workplace issues that have come to light in the #MeToo era, said Carl Tobias, a law professor at the University of Richmond.

“Other companies don’t always act on that kind of information or fire their CEO for that, and so it seems like they are trying to enforce a pretty strict policy in this situation,” Tobias said.

Among other challenges at its restaurants, McDonald’s has faced workplace harassment charges. In May, McDonald’s said it was enhancing training and offering a new hotline for workers after a labor group filed dozens of sexual harassment charges against the company.

Fight for $15, the group which filed the charges, said McDonald’s response to its sexual harassment complaints has been inadequate, and “the company needs to be completely transparent about Easterbrook’s firing and any other executive departures related to these issues.”

Kempczinski joined McDonald’s in 2015.

He was responsible for approximately 14,000 McDonald’s restaurants in the US. He was instrumental in the development of McDonald’s strategic plan and oversaw the most comprehensive transformation of the US business in McDonald’s history, said Enrique Hernandez, chairman of McDonald’s board, in a statement. AP

Oil dips on profit-taking after US, Chinese data drove surge

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IL dipped on speculation traders took profits after crude surged by the most in almost seven weeks on Friday as improved United States and Chinese economic data aided the demand outlook.

Futures fell 0.6 percent in New York after jumping 3.7 percent in the previous session, the most since the September attacks on Saudi Arabia’s oil facilities. Chinese manufacturing orders rose at the quickest pace in more than six years and US hiring was unexpectedly resilient. Saudi Aramco, the world’s biggest oil company, announced its intention to list on Sunday, more than three years after Crown Prince Mohammed bin Salman Al Saud first raised the idea.

The oil market is taking heart from the signs of strength in the world’s two biggest economies as the nations move closer to a partial trade deal, despite skepticism over whether a more comprehensive agreement can be reached. Hedge funds unwound bets against American crude for the first time in six weeks, but short wagers remain almost triple what they were in mid-September, according to data released on Friday.

There’s been some early profit-taking, Jeffrey Halley, a senior market analyst at Oanda

in Singapore, said in a note. Friday’s mega-rally “was built on a combination of not as bad as feared data and optimism on a trade deal that really, only keeps the lights on,” he said.

West Texas Intermediate for December delivery dropped 33 cents to $55.87 a barrel on the New York Mercantile Exchange as of 12:47 p.m. in Singapore. The contract jumped $2.02 to close at $56.20 on Friday, falling 0.8 percent for the week.

Brent for January settlement lost 34 cents, or 0.6 percent, to $61.35 a barrel on the London-based ICE Futures Europe Exchange. The global benchmark crude traded at a $5.40 premium to WTI for the same month.

Given the amount of crude supply, the market would seem more balanced with WTI in the $50 to $52 a barrel range and Brent at $58 to $60, Oanda’s Halley said in an interview.

Saudi Arabia is pulling out all the stops to ensure the success of Aramco’s initial public offering. The kingdom cut taxes on the company for a third time, revealed incentives for investors not to sell and may boost dividends further. Yet, the Saudi government has already conceded the company probably isn’t worth the $2-trillion valuation Prince Mohammed has long advocated. Bloomberg News

plan to allow extraditions to mainland China, but have since swelled into a movement seeking other demands, including direct elections for Hong Kong’s leaders and an independent inquiry into police conduct.

Lam has refused to budge and instead has focused on measures that she said contributed to protesters’ anger, such as creating jobs and easing housing woes in one of the world’s most expensive cities. She invoked emergency powers last month to ban face masks at rallies, provoking further anger.

Her office said Sunday that Lam, currently in Shanghai, will head to Beijing on Tuesday. She is due to hold talks on Wednesday with Chinese Vice Premier Han Zheng and join a meeting on the development of the Greater Bay Area that aims to link

Hong Kong, Macao and nine other cities in southern China.

The project will help make it easier for Hong Kong residents to work and reside in mainland Chinese cities, and bolster the flow of people and goods, Lam’s office said in a statement.

But the plan has also sparked concerns over China’s growing influence over the territory. Many protesters fear Beijing is slowly infringing on the freedoms guaranteed to Hong Kong when the former British colony returned to Chinese control in 1997.

On Saturday, protesters attacked the Hong Kong office of China’s stateowned Xinhua News Agency in a show of anger against Beijing, a day after China warned of tightening its grip on the city to quell the unrest.

Xinhua, in a statement, strongly

condemned the “barbaric acts of mobs” that had vandalized and set fire to the lobby of its Asia-Pacific office building. The Hong Kong Journalists Association also deplored “any act of sabotage against the media” and called for an end to violence against the press.

Protesters have frequently targeted Chinese banks and businesses.

In July, demonstrators threw eggs at China’s liaison office in Hong Kong and defaced the Chinese national emblem in a move slammed

by Beijing as a direct challenge to its authority.

On Friday, the Communist Party in Beijing vowed to “establish and strengthen a legal system and enforcement mechanism” to prevent foreign powers from sowing acts of “separatism, subversion, infiltration and sabotage” in Hong Kong. AP

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30Th Philconstruct to highlight new technologies in construction

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ROJECTIONS by industry experts indicate that the construction industry will further increase its contribution to the economy to P130 trillion by 2030 under its roadmap. The roadmap was crafted by the Department of Trade and Industry (DTI) in collaboration with the Construction Industry Authority of the Philippines (CIAP) and the Philippine Constructors Association (PCA). It was launched earlier this year at the Luzon

edition of PHILCONSTRUCT organized by PCA in Clark, Pampanga.

Innovation in construction development is going to play a crucial role under this roadmap. The construction ecosystem now has focus on finding solutions to the many challenges faced by the industry. “This is where PHILCONSTRUCT’s role as the industry sourcing show becomes very important,” said Gerry Pancho, overall event chairman and 1st vice president of PCA. “PHILCONSTRUCT gives industry decision-makers and buyers to connect with suppliers and manufacturers from both here and abroad in one convenient venue, cutting down on the time to connect with each company on a personal basis.”

PHILCONSTRUCT, which celebrates its 30th anniversary this year, will be held on November 7 to 10 at the SMX Convention Center Manila and the World Trade Center Metro Manila. Aside from the two convention centers, PHILCONSTRUCT will also have three expansion tents in WTCMM and an outdoor display area for heavy equipment at

the Ipil-ipil lot of the CCP Complex Grounds, making this the biggest edition of the show to date – over 100,000 sq. meters of exhibition space is being targeted.

“More than putting together sellers and buyers in one venue, PHILCONSTRUCT is one of PCA’s ways of serving industry needs,” shared Morris Agoncillo, president of PCA. “This year, we have put special focus on getting foreign exhibitors to showcase new tech and solutions that our local practitioners should consider utilizing. For one, we have a New Technology Pavilion by the European Union. About 30 exhibitors from all over Europe are coming over to be part of this.”

Those interested to visit may log on to www.philconstructevents.com before October 31 to get a free 1-day pass. The 30th PHILCONSTRUCT will occupy both the SMX Convention Center Manila and the World Trade Center Metro Manila, featuring more than 2,500 brands from 23 countries. This will include its co-presenter Pacific Paint (Boysen) Philippines as well as major sponsors CW Home Depot, Panasonic, Mitsubishi, Civic Merchandising, and Isuzu.

Metrobank analysts see opportunities amid economic volatility

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ONSIDERING both external and internal factors, 2019 has been quite an interesting year for macroeconomics in the Philippines, with the Hong Kong protests, Brexit, the local rice situation, and other circumstances influencing the country’s financial state.

Through a recent investor’s forum held in Clark, Pampanga, key executives from Metropolitan Bank & Trust Co. (Metrobank) discuss how investors can navigate and best optimize their portfolio amid this volatile landscape.

As part of the bank’s series of economic briefings and a first in North Luzon, the forum was attended by top institutional investors and high-net-worth individuals from various areas within the region.

Metrobank Investment Distribution Division Countryside Head Chorie Chan outlined the bank’s emphasis on meaningful banking initiatives, its impact on investors, and the importance of wellinformed decision-making during times of uncertainty.

Marc Bautista, the bank’s Vice President and Head of Research, discussed the macroeconomic outlook, underscoring the slowdown in global economic growth brought about by the

ongoing China-US Trade War, the impact of high interest rates on domestic spending, and the continued strength of the Philippine economy amid expected improvements in government spending and lower interest rates.

For his part, Ruben Zamora, Metrobank’s First Vice President and Head of the Institutional Investors Coverage Division, discussed strategies in financial markets given the current global and domestic environment. He highlighted the

Aboitiz-DDLS partnership champions cutting-edge cloud computing education in the Philippines

FIRST BATCH OF DDLS PHILIPPINES' MICROSOFT AZURE STUDENTS WITH THE DDLS TEAM AT THE MICROSOFT OFFICE. Local information technology (IT) practitioners were recently given comprehensive training on the latest in cloud computing with a four-day run of Microsoft Azure Fundamentals and Microsoft Azure Administrator classes, thanks to the latest partnership between the Aboitiz Group and DDLS, Australia’s largest provider of corporate IT and process training. The classes ran from August 5 to 9 with 20 participants from various local companies. They were trained on Microsoft Azure, a set of cloud computing services designed to help organizations meet business challenges.

Why a dermatology center should provide comprehensive skincare

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HE skin is the largest organ of the human body. It is also part of the body that is always exposed to the elements. It has to constantly deal with weather changes, sun damage, pollution, environmental toxins, and everyday wear and tear. The skin is built to handle this pressure, but that doesn’t mean that we shouldn’t do our part in ensuring that we take proper care of our skin. And this doesn’t just mean washing regularly, using creams or lotions, or even handling the occasional wart, pimple, or imperfection. This means truly ensuring our skin’s overall health. After all, problems that occur with our skin aren’t always just a cosmetic concern, but could potentially be the sign of a health problem below the surface.

“Our skin tells us a lot about our body,” explained Dr. Jasmin Ramos-Yason, FDPS, FPADSFI. “Whenever we are unwell it can manifest through our skin. Rashes, moles, warts or bruises that won’t heal, all of these are signs that there could potentially be something else wrong. As dermatologists, it’s our job to help patients address all of these skin concerns and make sure that they aren’t indicators of other potential illnesses.”

The DLSMC Dermatology Center offers skincare services provided by Philippine Dermatological Society (PDS) board-certified dermatologists in a convenient and safe hospital setting. They also offer affordable and competitive rates and packages living up

to their mission of providing quality health care at affordable costs.

A minor operating room is available at the center for outpatient dermatology cases. Patients won’t need to queue at the main operating room, but rather get their procedures done quickly in a fully sanitized facility. The minor OR is usually used for simple skin biopsies, removal of cyst, tumors and skin cancer concerns. Cosmetic problems like wart and skin imperfection removals can be done here as well.

“In the coming years we envision becoming a full one-stop complete dermatology center designed to treat all skin pathologies,” Dr. Ramos-Yason said.

attractiveness of the Local Sovereign bond market. Moreover, he advised investors to be on the lookout for attractive offshore investment opportunities.

In the photo, from left: Metrobank Research Head Marc Bautista, Metrobank Investment Distribution Division Countryside Head Chorie Chan, Metrobank Investment Distribution-Luzon OIC Department Head Chilly Ortiz and Metrobank Institutional Investors Coverage Division Head Ruben Zamora.

Cagdianao Mining, Surigao Rotary connect with 1 million trees

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T’S becoming a challenge to find open areas in a highly-urbanized metropolis like Surigao City where one can plant trees. But the Rotarians in the City led by the Rotary Club of Metro Surigao Foundation, Inc., committed to plant 1M trees and their initial experience had them wanting for more.

Together with family members and friends – with the theme “Rotary Connects the World” – Rotarians from Surigao City, travelled recently to the adjacent Dinagat Islands to a tree-planting adventure in a mined-out area at Cagdianao Mining Corporation (CMC).

“In one day alone, all 139 of us, including our children, relatives and friends, planted 2200 trees under an hour. We felt we could do more. We felt we connected with the world indeed. It was very motivating,” relayed Rotary Club of Surigao City

President, Louie Chua.

CMC is spearheading this ‘tree-planting adventure’ to showcase the mining company’s Environment Protection Enhancement Program (EPEP) and to help build a community of tree-planters by enjoining equally enthusiastic environmentalists such as the members of the Rotary Club to come to the mine site to plant trees.

CMC Resident Mine Manager, Engr.

Arnilo Milaor, says Nickel Asia Corp (NAC) and all its subsidiaries, which includes CMC, is mandated to initiate these kinds of collaborative efforts with other organizations and government agencies.

“This is in relation with the National Greening Program of the government. We are opening the doors to Cagdianao Mining for everyone to experience the operations of a responsible mining company and to

be educated on the benefits of regularly planting trees,” explained Milaor.

He added that CMC has signed a Memorandum of Agreement with the Rotary Club of Metro Surigao and has committed to provide the Rotarians what they need especially healthy planting materials and access to areas waiting to be planted with all sorts of trees.

CMC also provided the group with a thorough orientation on the mining company’s rehabilitation programs in Dinagat Islands and in-depth lessons on climate change adaptations, biodiversity conservation, reforestation, food security for the communities, among other things, as mandated by law.

“The Rotarians are leading by example. The experience was a crusade of sort that required each of the participants to go out of his/her way and make time to plant a tree at least once every month.

This is one way we can help direct the course of the future to a better and healthier environment,” explained Dr. Romulo Ybiernas, CMC’s Resident Physician, who is also an active Rotarian.

There are 4 Rotary Clubs in Surigao City under District 3860 – Rotary Club of Metro Surigao; Rotary Club of Central Surigao; Rotary Club of Surigao City; and Rotary Club of Surigao Midtown Jewels.

WTCMM AWARDED PREMIER ACCREDITATION. World Trade Center Metro Manila (WTCMM) was awarded Premier Accreditation by the World Trade Centers Association (WTCA), with specializations in Building Trade Development Capacity, Business and Member Services, and Conference and Exhibition Services. This achievement demonstrates that WTCMM meets the WTCA quality standards and provides exceptional services, embodying the very best of the WTCA. WTCMM will receive a special accreditation plaque, a digital logo, and announcement of the award during the 51st WTCA General Assembly in Taipei, Taiwan. WTCMM was selected as one of the pilot WTCs, along with WTC Gibraltar, Santiago, and Vancouver, during the 50th WTCA General Assembly in Queretaro, Mexico in April 2019.

UHCO allay does not intend to burden OFWs – PhilHealth misconceptions brought about by contributions.

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concerns over the increase in premiums under the Universal Health Care (UHC), state health insurer Philippine Health Insurance Corporation (PhilHealth) said that the adjustment in its contributions is provided for by law to guarantee fund sustainability and to effectively implement the UHC. According to Republic Act 11223, premium rates of Direct Contributors where land-based migrant workers belong will gradually increase from the current 2.75% to 5% toward the end of 2024. Likewise, the salary ceiling will also increase from the current P40,000 to P100,000 over the five-year period, with income floor pegged at P10,000.

“The increase is necessary to strengthen our fund’s ability to sustain and expand the benefits for the members. It should not be seen as an unnecessary expense, but rather an investment in the health of their family,” BGen. Ricardo C. Morales, PhilHealth President and Chief Executive Officer said in response to concerns of certain OFW groups on the issue of

He added that maintaining an active PhilHealth membership through regular payment of contributions is a sure way of protecting themselves against the financial burden of treatment.

The agency also said that talks are underway with the Philippine Overseas Employment Administration (POEA) to develop guidelines on how to best address the issue on the premium increase as well as the systems for easy payment. The proposal aims to streamline processes to unburden OFWs as they fulfil their pre-departure transactions with the government.

“Such integration and streamlining hopes to promote efficiency and convenience, and is consistent with President Duterte’s call for greater ease in doing business with the government," Morales explained.

The PhilHealth Chief believes that it is more of a burden to OFWs if they leave the country without securing PhilHealth coverage not just for themselves, but for their families as well.

IN this October 6, 2019, file photo, athletes compete during the men’s marathon at the World Athletics Championships in Doha, Qatar. The IOC is seeking to relocate next summer’s Olympic marathon from steamy Tokyo to the cooler northern city of Sapporo after seeing competitors collapse in extreme heat at the world championships in Qatar. AP

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| Tuesday, November 5, 2019

BusinessMirror

mirror_sports@yahoo.com.ph Editor: Jun Lomibao

I.O.C. ORDER AN ALARM TO OTHER HOST CITIES

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By Paul Newberry The Associated Press

OKYO must be having some serious secondthoughts about taking on the Olympic Games.

In addition to being saddled with an enormous tab, the host city has now lost one of the Summer Games’ signature events.

The International Olympic Committee (IOC) ordered the marathons moved out of Tokyo to avoid the summer heat—a rash, overcautious edict that should give pause to any city considering a future bid for the games.

No matter how much money a city and country spends on this bloated monstrosity—the 2020 bill has climbed to a staggering $25 billion—the IOC left no doubt on Friday that it has the final say on pretty much everything.

Therefore, the 26.2-mile Olympic marathon course will wind through the streets of Sapporo.

Not Tokyo.

The IOC didn’t even bother consulting with the organizing committee before making the decision, a pompous, dictatorial move that wouldn’t have happened if these games were being held in a country that has far more sway within the Olympic movement, namely, the US or China.

While Tokyo’s blistering summer heat is an issue, it’s not much different climate-wise than Atlanta (host of the 1996 Summer Games) or Athens (2004) or Beijing (2008), the latter also plagued by thick pollution that added to the athletes’ risk.

But the IOC was terrified of the images it saw at the world track and field championships, held a month ago in the desert emirate of Qatar. Even though both marathons began around midnight, the temperature was 91 degrees Fahrenheit (33 Celsius) for the start of the women’s race with stifling humidity, resulting in only 40 of 68 runners being able to finish. Many of those who didn’t collapsed on the course and were carried away on stretchers; others rode wheelchairs to receive medical care.

Ethiopian distance-running great Haile Gebrselassie said it was fortunate that no one died.

“With all the good work that’s gone into preparations, we didn’t want Tokyo being remembered—in the minds of your people and the minds internationally—by some of the scenes we saw in Doha,” said IOC member John Coates, who is overseeing Tokyo’s preparations but is essentially the mouthpiece for his boss, IOC pooh-bah Thomas Bach.

Tokyo’s leaders, led by city Governor Yuriko Koike, vigorously fought the decision.

But they threw up the white flag Friday, conceding they were powerless to stop the almighty IOC. “The IOC has the final authority to change,” Koike said, “and we will not obstruct the decision.”

More than a year ago, Tokyo organizers proudly announced a course that would have taken runners past some of the capital’s most iconic landmarks, including the Kaminarimon (“Thunder Gate”), Imperial Palace, Zojoji Temple and Nihonbashi Bridge.

The marathon is one of the few events at an Olympics that allows the host city to show off its best side to the rest of the world. Essentially, it’s a two-hour travelogue winding through the top attractions, punctuated by

TRACK workers treat Mongolian Groom after the Breeders’ Cup Classic horse race at Santa Anita Park on Saturday in Arcadia, California. The jockey eased him up near the eighth pole in the stretch. The on-call vet says he has “serious” injury to leg. AP

Tragedy spoils Breeders’ Cup despite reform A

RCADIA, California—The Breeders’ Cup and Santa Anita came within 220 yards of staging a safe weekend of championship racing.

It all came down to the $6-million Classic in front of nearly 70,000 fans and a prime-time television audience.

The 11-horse field thundered out of the final turn, with favorite McKinzie in the lead and Vino Rosso bearing down on him.

Behind them along the rail, Mongolian Groom suddenly faltered. Jockey Abel Cedillo jerked on the reins to ease the four-year-old gelding, who hopped on three legs. His injured left hind leg dangled distressingly.

Vino Rosso charged past McKinzie to claim victory, triggering cheers and a celebration by his human connections. Up the track, a screen was set up to shield Mongolian Groom and an equine ambulance drove to his rescue.

But there was nothing to be done after the gelding sustained what Cup officials described as “a serious fracture” of his leg. Given the extent of the injury, four veterinarians recommended that he be euthanized.

Mongolian Groom became the 37th horse to die at Santa

Anita since last December, and the seventh since the fall meet began on September 27.

It was a final blow in a strife-filled season for a sport struggling to protect the lives of horses and jockeys amid a steady drumbeat of public criticism by everyone from Democratic Gov. Gavin Newsom to animal rights activists demanding an end to horse racing in California.

The deaths had prompted track owner The Stronach Group to change rules involving medication and training.

The Breeders’ Cup beefed up its own pre-race exams and observations of runners.

But no one can eliminate the unpredictability of sports or injury.

“You just don’t know when it is going to happen,” twotime Triple Crown-winning trainer Bob Baffert said. “We try to keep them as safe as we can.”

A day after the Breeders’ Cup ended its record 10th running at Santa Anita, all was quiet at the track.

All nine races went off without incident Sunday on closing day of the fall meet. A horse in the last race was pulled up but was uninjured.

Racing moves to Del Mar starting Friday through

December 1 at the seaside track north of San Diego.

Santa Anita opens its winter-spring meet on December 26.

By then, more changes could be in place. The Stronach Group has said it’s looking into the feasibility of replacing Santa Anita’s main dirt track with a synthetic surface, something tried before in California and cast aside.

Craig Fravel has now left his post as CEO of the Breeders’ Cup to join The Stronach Group, where he’ll be in charge of executing and enforcing effective procedures and integrity standards for horses and riders.

The California Thoroughbred Trainers organization has agreed to help raise money for the purchase of an equine MRI (to scan horses while standing) for the equine imaging center on the Santa Anita backstretch. A November 15 deadline is looming to contract for the equipment so it would be installed before the winter-spring meet opens.

The imaging center already has nuclear scan technology and will add an equine PET scan, with The Stronach Group kicking in $500,000 for it and another $200,000 coming from a private foundation dedicated to research on equine health issues. AP

thousands of cheery locals lining the streets.

Most notably, the 2020 marathons were set to start and finish at the new Olympic Stadium, reviving a longstanding tradition that was abandoned at the last two Summer Games in London and Rio. “Visualizing running into the stadium, having that moment of silence where you go through a tunnel and then you get in the stadium and people are going nuts, it’s a really cool picture to think about,” said American runner Desiree Linden, who competed in the past two Olympic women’s marathons. “It’s certainly motivating.”

Now, it’s gone.

The marathons, as well as the race-walking events, will be held some 700 miles (1,100 kilometers) north of Tokyo, in the city that hosted the 1972 Winter Olympics.

The decision did not sit well with Canada’s Evan Dunfee, who finished fourth in the men’s 50-kilometer race walk in Rio. “The IOC has imposed its all-powerful will on everyone involved and it is the athletes who ultimately lose,” he wrote on Twitter. “And I’ve yet to hear a defendable rationale from the IOC.” Britain’s Tom Bosworth was also upset. He placed sixth in the 20-k race walk at the 2016 Games.

“Truly gutted,” Bosworth tweeted. “An Olympic experience is a lifetime of work, and may only happen once. Years preparing, dreaming, training, just to get close and your event is moved to the other end of the country...for reasons that weren’t a problem a year prior.”

For Tokyo, this is another blow to its original plans for hosting the games. The IOC already persuaded the city to move several events to existing venues outside of the capital in hopes to reducing the enormous price tag, most notably shifting the track cycling and mountain biking to a facility some 75 miles (120 kilometers) from Tokyo.

But that move made sense from a financial standpoint, and the organizers signed off on it.

Not this time. The marathons and race walks were a chance for tens of thousands of locals to get a free, firsthand look at the games—no small consideration given the demand for tickets in Tokyo has been 10 times greater that the supply.

Also, there is plenty of debate over how much of a difference it will even make to hold the marathons and race walks in Sapporo.

Without question, it’s generally cooler in the northern city. For instance, Tokyo’s average temperature on August 9—the scheduled date of the men’s marathon—ranges from a high of 85 degrees (29 Celsius) to a low of 79 (26 Celsius), according to accuweather.com. By comparison, the historical temperatures for Sapporo on that date span from 77 to 68 degree (25 to 20 Celsius).

Of course, there’s nothing precise about the weather.

This past August 2—exactly one year before the scheduled date of the women’s Olympic marathon— the temperature climbed to 94 degrees (34 Celsius) in Sapporo, just 1 degree cooler than it was in Tokyo on that same day.

“If it’s not guaranteed to be 10, 15 degrees cooler,” Australian marathoner Sinead Diver said, “I think I prefer to have it in Tokyo.”

Sorry, the IOC has made up its mind.

And no one else gets a say.

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Under Armour’s accounting in hot water

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EW YORK—Under Armour Inc. is being investigated by federal authorities over its accounting practices.

The athletic gear company said on Sunday that it has been cooperating with the US Securities and Exchange Commission and the US Department of Justice on their investigations for two years.

The company said it firmly believes its accounting practices and disclosures were appropriate.

Under Armour reports earnings for the third quarter on Monday.

The investigation was first reported by The Wall Street Journal, which said the probe involves whether the retailer shifted sales from quarter to quarter to make results appear stronger.

Under Armour Founder Kevin Plank stepped down as CEO last month. The company has struggled since its explosive sales growth petered out in 2017. Last year it announced job cuts as part of a restructuring effort. AP

Strasburg opts out of Nationals deal

LEONARD SIZZLES IN CLIPPERS WIN LOS Angeles Clippers’ Kawhi Leonard (right) is defended by Utah Jazz’ Royce O’Neale. AP

By tom Connolly

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The Associated Press

OS ANGELES—Kawhi Leonard showed just how much of a difference he can make for the Los Angeles Clippers.

Leonard scored 18 of his 30 points in the fourth quarter to lead the Clippers to a 105-94 victory over the Utah Jazz on Sunday night.

Last Wednesday at Utah, the Jazz beat the Clippers by 15 points with Leonard sitting out.

The following night, Leonard returned to the lineup and scored 38 points in a win over San Antonio.

“Great job, the last two games we just grinded out physical, hard playing defensive games,” Clippers Coach Doc Rivers said. “I guess that’s what Kawhi can do, really. I thought Kawhi and Lou Williams started running some good stuff together, and we’re going to get better and better at it.”

Against the Jazz, Leonard helped the Clippers erase a double-digit second-half deficit and remain unbeaten (4-0) at home. He shot just nine for 26, but with the score tied at 86, Leonard scored six points to key a 19-8 run to close out the victory.

“I think it’s just about taking advantage of

the moment and not shying away,” Leonard said.

“You’re not gonna make every shot that you shoot to win a game or every shot in the fourth quarter, so to me it’s about keep being aggressive and keep having fun.”

Montrezl Harrell, who had 19 points and eight rebounds for the Clippers, was also singing Leonard’s praises.

“Kawhi is a winner,” Harrell said. “He’s a superstar and he knows how to win. He’s won multiple big stages.”

Six of Harrell’s rebounds were on the offensive end and came at a critical point in the game down the stretch.

“We got back in the game with secondchance points, crashing the glass and keeping the ball alive,” Harrell said. “I think a lot of our second-chance points really helped us in the game. We kept finding ways to get the ball and give ourselves an extra possession.”

Williams added 17 points for the Clippers Donovan Mitchell led the Jazz with 36 points and Bojan Bogdanovic added 19.

“We made lots of little mess-ups and screw-ups late in the fourth quarter and that cost us the game,” Mitchell said. “They got loose balls and key rebounds, and that pushed the lead up to six points. We have to find a way to close out games.”

After trailing by eight points in the opening quarter, the Clippers opened the second on a 20-4 run. Landry Shamet’s 3-pointer gave Los Angeles a 36-24 lead with 4:53 to go. The Jazz responded with a 17-3 run to finish the quarter and Mitchell’s basket in the final minute gave Utah a 41-39 lead at the break.

Both teams shot under 35 percent in the opening half. Leonard shot one for nine in the first half and scored only five points.

Los Angeles outrebounded the Utah 54-37 in the game and forced 14 turnovers.

“The difference was that they were able to get offensive rebounds in the fourth quarter,” said Jazz Coach Quin Snyder, whose team has dropped two straight. “If you don’t get defensive rebounds, it’s a killer.”

State and Oklahoma City have more victories during that span.

TIP-INS

ALL-TIME SIXTH MAN

JAZZ: Utah Coach Quin Snyder served as an assistant for the Clippers for the 1992-93 season.

“It was a great experience for me to work with Coach Larry Brown and with so many others who went onto to have historic careers.”... The Jazz entered Sunday’s game as the NBA’s No. 1 defensive team, allowing 94 points per game.

Clippers: The Clippers have the fourth-best regular season record (407-239) since the start of the 2011-12 season. Only San Antonio, Golden

MICHAEL JORDAN-KAWHI LEONARDALLEN IVERSON COMPARISONS

IN his availability prior to the game, Rivers compared Leonard to Michael Jordan and Allen Iverson. “Kawhi’s body type is more similar to Michael Jordan’s than anyone in the league and Kawhi has the toughness of Allen Iverson.”

PAUL GEORGE UPDATE

“PAUL is working hard and putting in a lot of ‘live’ work,” Doc Rivers said. “We don’t have a timeline on his return yet, but we’ll be reassessing it next week.” George was on the floor shooting and warming up with the Clippers prior to the game.”

WILLIAMS is the only player in NBA history to appear in 50 games and average 20-plus points per game in under 27 minutes per game.

IRON MAN JOE

PER Elias Sports Bureau, Utah forward Joe Ingles has now played 310-straight games, the longest active streak in the NBA. Also, since the start of the 2014-15 season, Ingles has played in more games (412) than anyone else in the NBA.

Barty party in China with first WTA Finals crown

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HENZHEN, China—Ashleigh Barty added to a career year by winning her first Women’s Tennis Association (WTA) Finals title in her first appearance at the season-ending event with a 6-4, 6-3 victory over defending champion Elina Svitolina of Ukraine on Sunday.

The title adds to the 23-year-old Australian’s lengthy list of achievements in 2019 including her first Grand Slam title at the French Open. She also rose to the No. 1 ranking in the game and is now enjoying her 15th week in the top spot, becoming the first Australian to hold the year-end top spot.

“It feels like it’s been a year that just hasn’t stopped,” Barty said. “It’s been a year of incredible ups and downs, I think more ups than downs. To cap it off with a very, very special night tonight in Shenzhen is really cool.

“To come through a week like this, you have to beat the best of the best.”

Barty, who came through the round-robin standings with a 2-1 record this week, was unable to find a breakthrough against Svitolina until the 10th game when she created three break point opportunities, finally taking advantage of the third with a forehand return winner to score the opening

set. There were five service breaks in the first eight games of the second set, leaving Barty leading 5-3 and serving for the match.

Svitolina smacked a backhand crosscourt way wide on a second break point in that eighth game to seal her fate with Barty then serving out the match at love for her first career victory over the Ukrainian player in six matches.

“I think she was playing great match today,” Svitolina said. “She was on it 100 percent. Then it was very, very tough.

“I missed just little bit of my chances and that’s what made the difference. But she’s No. 1 in the world for a reason, so.”

The season isn’t over for Barty yet as she heads to Perth to lead the Australian Fed Cup team in the final against France next weekend.

“There’s one more very important week to cap off what would be the most perfect year,” Barty said.

“This Fed Cup final is something I’ve been looking forward to for a long time.

“Playing for your country, for myself to play in front of my friends and family, representing Australia, wearing the green and gold. There’s absolutely nothing better.” AP

BARTY

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I’m still playing professional tennis, to fight for these big trophies and to still be able to play the highest level.”

Shapovalov was mostly outclassed, even though he was physically fresh, having avoided a potentially grueling semifinal because the second-ranked Nadal pulled out beforehand with an abdominal strain.

Still, the odds were heavily stacked against the 20-year-old Canadian, who was appearing in his first Masters final.

“I put him under pressure for the second serve and from the back of the court I was solid,

not giving him too many opportunities,” said Djokovic, who felt unwell with a sore throat earlier in the week. “I feel like the second part of the week was terrific, it was improving day by day in terms of my level.”

Djokovic never appeared troubled on his way to a fifth Association of Tennis Professionals (ATP) title this year—level best with Dominic Thiem.

He served out the match with a love hold, hitting a forehand winner before turning to look at his box and raising his arms in triumph.

“It was my best serving performance of the tournament,” Djokovic said. “Denis maybe lost his

2005 season. Zimmerman gets a $2-million buyout.

Washington also turned down a $9 million option on catcher Yan Gomes, who receives a $1-million buyout, and exercised options on reliever Sean Doolittle ($6.5 million) and outfielder Adam Eaton ($9.5 million).

In a career interrupted by Tommy John surgery shortly after his spectacular major league debut in 2010, Strasburg is 112-58 with a 3.17 ERA and 1,695 strikeouts in parts of 10 seasons.

He joins a free agent market that includes several other accomplished starting pitchers, such as Gerrit Cole, Hyun-Jin Ryu, Zack Wheeler, Madison Bumgarner, Rick Porcello, Cole Hamels, Jake Odorizzi and Dallas Keuchel. Cole, like Strasburg represented by agent Scott Boras, is expected to get a record contract for a pitcher, topping David Price’s $217-million, seven-year deal with Boston before the 2016 season and Justin Verlander’s $31.33-million average salary under a three-year deal with the Astros that started in 2019.

Strasburg, two years older than Cole, likely would command a lower price because of age and durability. He was on the disabled list during seven of his 10 seasons, all but 2012, 2014 and this year. AP

Springboks sweep team, individual honors

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OKYO—A day after winning the Rugby World Cup, South Africa won the trifecta of team, coach and men’s player of the year at the sport’s annual awards on Sunday. England center Emily Scarratt, back playing 15s after two years of sevens, was the women’s player of the year.

Flanker Pieter-Steph du Toit received the men’s award after starting and starring in nine of the Springboks’ 11 tests this year, including the Rugby World Cup final win against England in Yokohama.

Du Toit became the first South African to win the award since 2007, when Bryan Habana earned it in the same year the Springboks last won the World Cup. Du Toit was nominated with teammate Cheslin Kolbe, Wales captain Alun Wyn Jones, New Zealand flanker Ardie Savea, England flanker Tom Curry and United States hooker Joe Taufete’e.

Rassie Erasmus was named top coach after leading his team of the year South Africa to a record-tying third World Cup crown after a pool defeat to the All Blacks,

and a first Rugby Championship in 10 years.

Scarratt resumed playing 15s like she’d never been away. She made four starts as England won the Women’s Six Nations Grand Slam, and in the women’s super series she scored four tries and 43 points over three games.

She was nominated alongside teammates Sarah Bern and Katy Daley-McLean, France pivot Pauline Bourdon and former winner Kendra Cocksedge of New Zealand.

France flyhalf Romain Ntamack, who made his debut at center in the Six Nations in February, was the breakthrough player of the year ahead of England wing Joe Cokanasiga and South Africa scrum half Herschel Jantjies.

The sevens players of the year were Jerry Tuwai of Fiji and Ruby Tui of New Zealand, and the try of the year was TJ Perenara’s spectacular breakout and finish in New Zealand’s win against Namibia in the World Cup. AP

SOUTH Africa’s Pieter-Steph du Toit holds the Webb Ellis Cup after South Africa defeated England to win the Rugby World Cup final at International Stadium Yokohama in Yokohama, Japan, on Saturday. AP

DJOKOVIC BAGS 5TH PARIS MASTERS, 77TH TITLE ARIS—Novak Djokovic looked imperious in beating an overawed Denis Shapovalov 6-3, 6-4 on Sunday to win his fifth Paris Masters final, clinching a 34th overall Masters title in fine style to move one behind record holder Rafael Nadal.

At 32 years old, Djokovic has already won 77 titles in a stellar career and fully intends to add many more.

“I don’t take them for granted like it’s something normal or usual or common. I’ve been blessed to win so many big titles in my life,” he said. “That’s one of the biggest reasons why

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EW YORK—Stephen Strasburg opted out of the final four years of his contract with the Washington Nationals, three days after the star pitcher was chosen most valuable player of the World Series.

The move on Saturday makes the 31-year-old right-hander a free agent. Strasburg gave up $100 million he had been guaranteed from 2020-2023 as part of a $175 million, seven-year contract he agreed to with the Nationals in May 2016.

Strasburg was 18-6 with a 3.32 earned run average this season, topping 30 starts for the second time in his career and leading the NL with 209 innings pitched. Then he went 5-0 with a 1.98 ERA in five postseason starts and one relief appearance, including wins in Games Two and Six of the World Series against Houston.

Washington also won Game Seven to claim the first championship in franchise history.

Just a few days later, however, the roster has already begun to change.

The club declined its $18-million option for next season on 35-year-old first baseman Ryan Zimmerman, the only player who has been a member of every Nats team since the franchise moved from Montreal to Washington before the

focus a bit.”

Shapovalov entered the match with only one career title—a modest ATP 250-level tournament in Stockholm last month—and having lost his three previous encounters against a 16-time Grand Slam winner considered among the all-time greats of tennis.

The big-serving left hander looked tense, making three unforced errors in his first service game and slipping quickly to 3-0 down against a composed Djokovic playing in his 50th Masters final and 111th overall. After botching a return

on Djokovic’s opening serve of the seventh game he whacked his racket into the ground in frustration.

Dropping only four points on his serve in the first set, Djokovic clinched it with another dominant serving game, which included two aces and concluded with a volleyed winner at the net. AP NOVAK DJOKOVIC of Serbia celebrates after winning the final match of the Paris Masters tennis tournament in Paris on Sunday. Djokovic defeated Denis Shapovalov of Canada 6-3, 6-4. AP

orts

sMirror

TOO STRONG

Meralco import Allen Durham attempt to score over Barangay Ginebra’s Justin Brownlee on Sunday.

The Bolts won, 101-77.

PBA IMAGES

Tuesday, November 5, 2019

KNIGHTS, STAGS BEGIN STEPLADDER SEMIS L

ETRAN and San Sebastian try to keep their season alive as the National Collegiate Athletic Association men’s basketball stepladder semifinals opens on Tuesday at the Cuneta Astrodome.

The winner of the 4 p.m. match will face No. 2 Lyceum of the Philippines University in another knockout duel on Friday.

Four-peat seeking San Beda jumped straight to the championship round after sweeping all of its 18 games in the doubleround eliminations. The best-of-three series starts next Tuesday at the Mall of Asia Arena.

The Knights and the Stags split their elimination round head-to-head.

Minus Coach Egay Macaraya, who was serving a one-game suspension and its ace guard RK Ilagan fouling out, San Sebastian nipped Letran, 102-101, in overtime last August 20.

The Knights got their payback exactly a month later with a masterful 99-82 conquest of the Stags.

Letran is making its second straight Final Four appearance as the third-ranked team, while San Sebastian is back in the semifinals after missing the bus last year.

Jerrick Balanza, who along with Christian Balagasay were the only remnants of the 2015 Knights champion team that defied all the odds, simply doesn’t want to end his collegiate career.

All Balanza wants is to bring back Letran to the Finals and hopefully reclaim its old glory, along with fellow senior Bonbon Batiller and big man Larry Muyang.

“We’re blessed with a lot of talented players,” said Knights Coach Bonti Tan said.

The Stags will rely on their top guns Ilagan and Allyn Bulanadi to go deeper in the season.

Bulanadi exploded for a season-high 44 points in San Sebastian turned back University of Perpetual Help System Dalta, 99-94, at the end of the elimination round.

“RK and Allyn will try to win games. hey will do their part as leaders,” Macaraya said.

Ryniel Berlanga

PATROMBON TOPS PINTAFLORES TILT J ESON PATROMBON snatched victory from the clutches of defeat, bucking an opening set defeat and fighting back from 1-4 down in the second to hack out a 3-6, 6-4, 6-2 decision over Vicente Anasta, and claim the Palawan Pawnshop-Palawan Express Pera Padala Pintaflores Festival men’s singles Open Crown in San Carlos, Negros Occidental, recently.

Staring at defeat as Anasta sustained his superb all-around game to move two games away from posting a reversal, Patrombon put up one big shot after the other to break his doubles partner in the sixth game of the second frame, then swept the next four in varying fashions to force a decider at the San Carlos City tennis courts.

Seizing the momentum, Patrombon then broke Anasta again in the fourth and eight games of the third set to pound the victory and extend his domination of the Open tournaments under the Palawan Pawnshop-

Palawan Express Pera Padala circuit that also drew some of the country’s leading and rising junior players.

“Patrombon’s character and resiliency should inspire our young players as they face bigger, tougher challenges in pursuit of their dreams,” Palawan Pawnshop President/CEO Bobby Castro said of the country’s top player who dominated the Gov. Umali Cup, Fr. Suarez Cup, Brookside Open and Actifit Open early this year.

Patrombon and Anasta later teamed up to thwart Fritz Verdad and Joshua Kinaadman, 7-6(4), 6-4, and secure the doubles diadem in the annual event held as part of the host city’s Pintaflores Festival celebrations and organized by Criston Carmona.

Sharing the spotlight were the Legends division winners with Josephus Cerna-Remio Sagansay crushing Danny Bato-Eduardo Rodriguez, 8-4, in the 60s category; Justo Cerna-Roche Pilares posting the same scoreline over Jojie Ansola-Paul Allego in the 50s class; and Jojo Enad-Guendel Orcullo, who ripped Mon Hitosis-John Landqvist, 8-3, in the 40s section.

Kim Glanza-Mika Medina, meanwhile, wore down Chloe Tortusa-Mia Gemida, 8-6, to snare the women’s doubles crown in the event sponsored

by Mayor Rene Gustillo, Rep. Gerardo Valmayor and Gov. Bong Lacson.

Meanwhile, action shifts to Roxas City from November 7 to 11 before Iloilo hosts the next stop from November 15 to 18 featuring the ninedivision juniors play and the Legends 40s, 50s and 60s men’s doubles.

JESON PATROMBON (second from right) holds his trophy as he poses with (from left) Mayor Rene Gustilo, doubles partner Vicente Anasta and Negros Occidental First District Rep. Gerardo Valmayor after winning the singles and doubles crowns in the PPS-PEPP Pintaflores Open in San Carlos, Negros Occidental, recently.

Dakak Golf Club to open in 2020

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HE most unique golf course in the world will be fully operational in the first quarter of 2020. This was revealed by Dakak Golf Club President Rick Gibson after numerous inquiries from interested clubs and tournament organizers.

“Due to unexpected rock formations located on hole number 11, our previously planned Chairman’s Cup event slated for late November will move to a date near the end of the first quarter of 2020, with a final date to be announced at a later time,” said Gibson, a veteran Asian Tour winner.

“In this past weeks, the Habagat winds have been replaced by Amihan breezes and morning rain showers to help with our newly turfed areas on the ‘Ocean 9’ at Dakak Golf Club. The Ocean 9 has four holes available for play by our members, guests and staff, and comments thus far include scenic and demanding!”

Started five years ago with Greg Norman as designer, the course’s front nine has been in play for over three years. Seven of Dakak’s front nine face the sea, and the entire course has a record stretch of ocean in play. There are almost no man-made structures on the entire par 72 course, which is adjacent to the picturesque Dakak Beach Resort, a mere 20-minute drive from Dipolog Airport.

A newly renovated number 5 fairway will reopen for the November 23 Monthly Medal tournament.

Selected Ocean 9 holes will be included, as well. Further improved drainage has been done on the “Hillside 9.” A new maintenance program has been implemented, and additional maintenance equipment have been procured, and additional personnel have been hired to aid in the goal of making Dakak Golf Club to become world-class golf experience within a world-class beach resort.

Women’s v’ball team gets first test

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T’S going to be a war as three teams test the mettle of the national women’s volleyball squad in the Philippine Superliga (PSL) Super Cup starting today at the Filoil Flying V Centre in San Juan City.

Fresh from a 12-day training camp in Japan, the Nationals clash with PSL Shine at 5 p.m. right before the collision between University of Tsukuba and PSL Sparkle in the 7 p.m. featured attraction of this pocket tournament that aims to prepare the Philippine Team for the 30th Southeast Asian Games.

A simple opening ceremony set at 3 p.m. with no less than PSL Chairman Philip Ella Juico and Larong Volleyball sa Pilipinas Inc. (LVPI) Vice President Peter Cayco tipped to deliver inspiring messages to the Nationals.

In a press conference on Monday, PSL President Ian Laurel reiterated the league’s all-out support to the national squad that is aiming for a podium finish in the prestigious biennial meet set this December at the PhilSports Arena.

The last time the national women’s squad emerged with a podium finish in the SEA Games was when the country had its hosting in 2005. Since then, the team skipped the biennial meet for 10 consecutive years before falling short of a medal in the 2015 and 2017 meets in Singapore and Kuala Lumpur, respectively.

Laurel said they are leaving no stone

MediCard Sprint Tri up in Clark

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ITH a field of close to 300 participants listed, the stage is set for a beginnerfriendly racing experience as the 2nd MediCard Sprint Tri fires off on November 10 inside the Fontana Leisure Park in Clark, Pampanga.

The race organized by Bike King features a course of 600-meter swim at the Olympic-size pool of the water park followed by a single loop 20-kilometer bike course around the Clark grounds

and a single lap 5 kilometer run on the rolling paths of the resort. The finish line will be located along JP Rizal Avenue.

At stake in the event sponsored by MediCard Philippines, Standard Insurance, Klean Athlete Nutritional Supplements, Smart, official timing partner Garmin, hydration partners Pocari Sweat and Sip Purified Water, recovery partner Air Relax Massage Guns Philippines, hotels Fontana and

unturned in preparing the squad.

“This event was organized primarily to help the national team prepare for the upcoming Southeast Asian Games,” Laurel said during the general technical meeting and press briefing of this event that has Summit Hotel as official residence and Foton as official vehicle in cooperation with Petron, F2 Logistics, GenerikaAyala, Cignal, Sta. Lucia, Marinerang Pilipina and PLDT Home Fibr.

“We know that the SEA Games is not a picnic. That’s why we’re extending whatever help we can to the LVPI to make sure that its goal of emerging with a medal will be achieved.”

National team Head Coach Shaq de los Santos said the pocket tourney will be a big boost to their preparation as they would be able to apply all the lessons they gained from their 12-day camp in Japan.

“We would be giving our all because we’re playing in front of our countrymen,” said de los Santos, who will bank on skipper Aby Maraño, Mika Reyes, Kalei Mau, Mylene Paat, Dawn Macandili, Majoy Baron, Frances Molina, Rhea Dimaculangan, Jovelyn Gonzaga, Kat Arado and Eya Laure.

“This is a golden chance for us to show what we’ve got and learn from the Japanese team along the way.”

But winning in this competitive pocket tourney will never be easy.

Royce Hotel and Casino, are especially designed trophies and gift items for the age-group winners, Team Competition, and relay category winners. The awarding ceremony is scheduled to take place at 10:30 a.m.

“Wellness is more than being free from illness. It includes physical, mental and social well-being. This is the reason why MediCard promotes wellness through sports because aside from promoting physical health through physical activities, sports also improve social skills and gives positive mental health,” MediCard President Dr. Nicky S. Montoya said.

Fencing, NCAA grace PSA Forum

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HE Philippine fencing team to the 30th Southeast Asian Games and undefeated reigning NCAA men’s basketball champion San Beda make up for another interesting discussion in the Philippine Sportswriters Association (PSA) Forum on Tuesday at the Amelie Hotel-Manila.

Team Manager Jude Roque will represent the Red Lions in the weekly session presented by San Miguel Corp., Braska Restaurant, Amelie Hotel, and the Philippine Amusement and Gaming Corp. to talk about the coming NCAA championship series as they await their finals opponent.

Meanwhile, the national fencing team will have Coach Rolando Canlas and fencers Samantha Catantan, Nathaniel Perez, Christian Jhester Concepcion, Nicole Allaine Cortey and Noelito Jose Jr. gracing the 10 a.m. forum to tackle their campaign in the biennial meet the country is hosting for the fourth time.

The session is being livestreamed via the PSA Facebook page fb.com/ PhilippineSportswritersAssociation and aired on a delayed basis over Radyo Pilipinas 2 from 1 to 2 p.m. and later at 6:30 p.m.

PSA members are enjoined to attend the forum.

Ateneo’s Belangel delivers, earns nod as week’s best

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ITH Ateneo floor leader Matt Nieto having, at most, three games left in his collegiate career, another point guard is looking more than ready to take up the mantle for the Blue Eagles: SJ Belangel.

The crafty sophomore came up big in dropping a career-high 14 points on five-ofnine shooting in just 13 minutes in Ateneo’s 86-64 mauling of University of the Philippines to close out the elimination round last Wednesday.

The 20-year-old guard’s scoring burst in limited time helped the two-time defending champions seal the first 14-0 sweep and outright finals berth in UAAP seniors basketball since UE’s feat 12 years ago.

Because of this, Belangel was awarded his first-ever Chooks-to-Go Collegiate Press Corps UAAP Player of the Week award.

Right now, the Blue Eagles’ promising prospect is not only playing for another championship, but for his graduating seniors, as well.

“Sa akin lang, para ‘to sa mga seniors ko especially kay kuya Matt at kuya Mike [Nieto] at saka siyempre ’yung ibang seniors kasi last year na nila,” he said after yet another triumph over the Fighting Maroons whom they downed in last year’s Finals.

BELANGEL

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SPORTS WITHOUT BORDERS VINCENT JUICO @VJuico Instagram vpjp_j vince.juico@gmail.com

Game-changing Green OVER the weekend, I saw the 2018 Netflix documentary film The Game Changers about athletes who are on plant-based diets.

What is a plant based diet anyway? According to the Medical News Today web site, “A plant based diet is one that focuses on only, or mostly, foods from plant sources. This way of eating may have benefits for both a person’s health and the planet. A plant-based diet is a diet that involves consuming mostly, or only, on foods that come from plants.

People understand and use the term plant-based diet in different ways.”

The film targets us men as carnivores. Many years we’ve been bombarded by meat industry marketers as meat being the staple of real men.

Andrea Bertoli of CleanTechnica tells us that “Decades of marketing have worked to convince men that animal foods are vital to your health and wellness. Not only is meat a healthy, necessary thing for to build bigger muscles, it’s especially important to your ‘manliness.’

“This idea that ‘real men eat meat’ and that being a vegetarian is for ‘wimpy’ dudes has proliferated across popular culture. We can see this in action all the time: watch fast-food commercials, anything to do with beer or sporting events, Father’s Day grilling memes, mens’ magazines and so much more. It’s been, by most measures, a successful campaign. And it’s all false—and it does a huge disservice to men.”

Some professional athletes who are on plant-based diets are Chris Paul of the NBA’s Oklahoma City Thunder. Professional tennis’ 21 grand slam title winner and world No. 1 Novak Djokovic, and soon-to-be six-time F1 world champion Lewis Hamilton.

Some of the many highlights of the documentary are says Bertoli, “As the doctors and high-level athletes in the film explain, athletes have been able to run faster, lift more, endure longer and heal faster on a plant-based diet. Some of the standouts include a recovering athlete doing a gym workout that was previous hard to do for a half hour...and which he now can do for an hour easily. Or the Roman gladiators, who ate predominantly vegetarian diets. Or the football team that had 14 members on a vegan diet and had their best, strongest season ever.“ The recovering athlete Bertoli was referring to is James Wilks, former UFC middleweight contender, and the football team and it’s players who went through a plant-based diet were perennial NFL contenders, the Tennessee Titans.

Bertoli writes, “ The film also features the literal strongest man in the world, Patrik Baboumian, explaining how his vegan diet makes him stronger and able to break world records repeatedly. And the other benefits are astounding: Rip Esselstyn’s Engine 2 firefighting team in New York that saw guys dropping their cholesterol by 100 points in just a week, or the 40-year-old Olympic racer [a female] who became one of the oldest gold medalists ever.”

How is Baboumian, the strongest man on the planet eating only plant-based food?

An Ox is a strong animal and they eat only plants and so does gorillas.

Next week, we take a look at environmental sustainability in F1.

“Nung juniors, wala akong chance na makasama sila kaya lagi ko na lang nireremind sa sarili na lalaro ako para sa mga seniors ko. Luckily, maganda laro ko.”

Even in an impressively deep rotation like Ateneo’s, Belangel has managed to carve out his niche as a reliable reserve for Tab Baldwin with averages of 6.4 points, 2.1 rebounds, and 1.9 assists on 40.5 percent shooting from the three-point area in just under 12 minutes.

Though he has quite a few more steps to take before realizing his potential, Belangel is just chipping in whatever help he can give whenever his number is called, especially now that Ateneo is just two wins away from a three-peat.

“Lagi lang ready whether pinapalaro ka or ‘di man,” he said. “Basta pag nasa bench ka, kapag tinawag ka ni coach, laging ready lang. Kahit one minute ka lang, bigay mo lahat.”

Belangel bested a list of veterans like La Salle’s Jamie Malonzo, UE’s Rey Suerte, Adamson’s Mar Prado, and National U’s Jack Animam for the weekly award handed out by print and online scribes covering the beat.

KING OF F1

By Jim Vertuno

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The Associated Press

USTIN, Texas—Lewis Hamilton could have settled in for a nice Sunday drive to win the Formula One championship.

There was no chance he was going to do that.

Not with history at his fingertips.

Hamilton wrapped up his sixth career F1 championship with a second-place finish at the US Grand Prix, a race he led late until surrendering the position to Mercedes teammate Valtteri Bottas in the final laps.

The 34-year-old British driver moved with one of the record seven titles won by Germany’s Michael Schumacher.

Hamilton has won the last three championships and locked this one up with two races left.

“Still we rise!” Hamilton shouted to his team over the car radio after the checkered flag.

Once he parked, Hamilton stood on his car and grabbed his head in both hands, then draped himself in a Union Jack flag. Minutes later, rival Ferrari driver Sebastian Vettel, whose run of four straight titles was ended by Hamilton in 2014, embraced him with a handshake and a hug.

The sixth championship moves Hamilton past Argentina’s Juan Manuel Fangio, the “Godfather” of F1 drivers who won five titles in the 1950s.

“It’s an honor to be up here with these [past] greats,” Hamilton said.

Hamilton has been a dominant force at the Circuit of the Americas, with five wins here since it opened in 2012, but a

poor qualifying left him starting from the third row in fifth.

He said after qualifying he’d need a “miracle” to win, then tried to make it happen.

Hamilton avoided trouble at the start as the cars bolted uphill into the blind left turn that can turn the field into a demolition derby. He stayed clear of the dangerous traffic and gave Red Bull’s Max Verstappen and Ferrari’s Leclerc plenty of room to avoid a collision.

Hamilton turned the race on its head with a bolt to third on the first lap when he passed the Ferraris of Vettel and Charles Leclerc. That made the championship all but inevitable, as a finish as low as eighth would clinch it.

Hamilton wasn’t going to settle for that.

He secured the 2015 title on the same track when he fought off Mercedes teammate Nico Rosberg in the final laps to get the victory. He was somewhat disappointed in 2017 and 2018 when he clinched those titles in Mexico City without reaching the podium either time.

That made a podium Sunday a must.

“My dad taught me when I was like six or seven years old to never give up. That’s our family motto,” Hamilton said.

“That’s all was thinking all day, ‘How could I win this race?’”

Bottas was the only driver still mathematically in the hunt for the title, but just barely. Bottas had to win and have Hamilton fade to his worst finish of the year in order to extend the championship to the Brazilian Grand Prix in two weeks.

Bottas started from pole and was off and running with a good start. Hamilton grabbed the lead when Bottas pitted for tires and he wouldn’t let it go without a fight.

Sports BusinessMirror

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| Tuesday, November 5, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Hamilton defended against a Bottas pass attempt with six laps remaining before finally surrendering the spot on the next lap.

“Winning it was the only thing I could do to try to maintain the title hopes,” Bottas said. “I did my part but Lewis was still strong, as he always is.”

Verstappen was looking to pass Hamilton on the final lap, but a yellow flag caused by Haas driver Kevin Magnussen ended the threat and gave Mercedes the 1-2 finish.

The Circuit of the Americas had a special parking spot next to the podium reserved for the championship car.

There was only one car that could be. It was a silver Mercedes No. 44.

“I remember watching this sport when I was younger,” Hamilton said. “It’s beyond surreal to think that this journey, that my life journey has brought me to this point.”

‘Shame on you’: Balotelli hits racists in Seria A match

MERCEDES driver Lewis Hamilton, of Britain, celebrates after the Formula One US Grand Prix auto race at the Circuit of the Americas, Sunday, in Austin, Texas. AP

BRESCIA’S Mario Balotelli (right) kicks the ball during the Italian Serie A soccer match between Verona and Brescia at the Bentegodi stadium in Verona, Italy, on Sunday. AP

R

OME—Mario Balotelli’s most important kick on Sunday had nothing to do with the curling shot that he whipped into the top corner of the goal from beyond the box.

Rather, it was the drop-kick the Brescia striker made moments earlier when he booted a ball high into the stands to express his frustration at racist chants from Hellas Verona fans.

Balotelli then attempted to leave the field in the most high-profile incident yet in a Serie A season that has been marred by constant episodes of discrimination.

“Thanks to all the colleagues on and off the field for the solidarity expressed toward me and all of the messages received from you fans,” Balotelli wrote later in Italian on Instagram, accompanied by a video from the match. “A heartfelt thanks. You’ve shown yourself to be real men, not like those who deny the evidence.”

Balotelli was even more direct in a message he posted in an Instagram story over a video from the stands where monkey noises are clearly heard, followed by wild cheers when he kicked the ball into the stands. The message said: “To the ‘people’ in this end who made the monkey noises: Shame on you. Shame on you. Shame on you in front of your children, wives, parents, relatives, friends and acquaintances..shame.”

It was the second time this weekend that a Serie A game was suspended for offensive chants, after Roma supporters aimed anti-territorial chants at Napoli on Saturday.

Derogatory chants have also been aimed at Romelu Lukaku, Dalbert Henrique, Miralem Pjanic, Ronaldo Vieira and Kalidou Koulibaly in Serie A this season. There was also a case of racist chants aimed by Verona fans at AC Milan midfielder Franck Kessie in September.

Visibly upset as he fought for the ball near the corner flag at the end of the stadium where the monkey chants were emanating from, Balotelli had heard enough. He interrupted the action, picked up the ball with his hands and drop-kicked it into the crowd.

Brescia teammates and Verona players went over to embrace Balotelli and persuaded him to stay as the referee ordered a warning to be read out over the stadium’s public address system.

Verona Coach Ivan Juric said he didn’t hear any racist chants.

“There was absolutely nothing,” Juric said. “There were a lot of whistles every time he had the ball but not racism. I didn’t hear a single [chant].”

Brescia Coach Eugenio Corini also said he didn’t hear the offensive chants but added, “If the referee decided to suspend the match and ask for that announcement to be made something must have happened.

“Honestly, I was far away and I didn’t hear anything,” Corini said.

Corini was later fired by the club which has struggled this season and is near the bottom of Serie A. No new manager was immediately announced.

The match at the Bentegodi stadium was suspended for several minutes with Verona leading 1-0 at the time before it resumed.

Balotelli, who is black, was born in Italy to Ghanaian immigrants and has represented Italy’s national team. He recently returned to Serie A after several seasons in France.

The 29-year-old Balotelli also experienced racism at the beginning of his career in Italy, when he rose to prominence with Inter Milan.

Verona went ahead 2-0 before Balotelli scored for Brescia and the game ended 2-1.

Balotelli, who did not celebrate his goal, also hit the post in the first half of one of his best performances since joining Brescia—his hometown club—in August.

Verona President Maurizio Setti also said the club didn’t observe any racist chants but added that he talked to Balotelli afterward.

“I apologized to him if someone might have said something,” Setti said.

Balotelli did not speak with reporters after the match. AP

Everton’s Gomes suffers ankle injury, Spurs’ Son in tears

L

ONDON—Everton midfielder André Gomes’s serious injury and Tottenham forward Son Heung-min’s tears overshadowed their teams’ 1-1 draw in the Premier League on Sunday.

Son was inconsolable after being sent off following his late challenge on the Portuguese midfielder, who received treatment on the field for an ankle injury before being stretchered off and taken by ambulance to Aintree Hospital in Liverpool.

Gomes will undergo surgery on Monday after “it was confirmed he had suffered a fracture dislocation to his right ankle,” Everton said in a statement late on Sunday.

Both teams appeared distraught at the extent of the injury, seemingly caused by an awkward landing following Son’s challenge.

Referee Martin Atkinson gave Son the red card after initially showing yellow, and Son left the pitch in tears.

“He’s disappointed, he’s in tears,” Tottenham scorer Dele Alli told Sky Sports. “It’s not his fault. He can hardly pick his head up, he’s crying that much.”

Everton substitute Cenk Tosun scored deep in injury time

to salvage the draw for the home side.

Son had earlier capitalized on a mislaid pass from Everton defender Alex Iwobi to slide in Alli, who surged past a defender before opening the scoring in the 63rd.

Everton might have had a penalty after Alli appeared to handle the ball in the 70th, but a lengthy video assistant referee check allowed play to continue.

The home side pushed for the equalizer after Son’s sending off and it duly came in the 97th minute, when Tosun headed in from close range after Lucas Digne crossed.

“Unfortunately we switched off for a split second and they scored. We send our best wishes to [Gomes],” Alli said.

Everton said it “will provide further updates in due course.”

Spurs is 11th and Everton 17th after 11 rounds.

IMPRESSIVE LEICESTER

FORMER champion Leicester continued its strong showing in the league this season with a 2-0 win at Crystal Palace.

Leicester moved third after Turkey defender Caglar Söyüncü opened the scoring with his first goal for the club in the 57th minute, when he was left free to head in after a deflected corner.

Jamie Vardy sealed the result in the 88th after a fine combination with Demarai Gray.

Palace failed to register an effort on target in the first half.

Leicester goalkeeper Kasper Schmeichel tipped away former teammate Jeffrey Schlupp’s deflected effort before Jonny Evans blocked Luka Milivojevic’s low effort in the second.

Schmeichel was forced to kick away several objects thrown onto the field from fans in the first half.

Leicester, the 2016 champion, moved ahead of Chelsea on goal difference. It’s two points behind Manchester City and eight behind league leader Liverpool after 11 games.

Palace is in ninth place. AP

LEICESTER City’s Harvey Barne (left) and Crystal Palace’s Joel Ward battle for the ball during the English Premier League soccer match at Selhurst Park, London, on Sunday. AP

Ever-loving God

D

EAR God, You animated Peter Claver with compassion and love for those enslaved by injustice.

In company with him, we pray: Hear us, oh God. Quicken Your Church’s action for social justice and love for the poor and outcast. Free those who are enslaved by human trafficking, prejudice or oppressive authorities. Help us address the root causes of racism in ourselves and in our society. May the Holy Spirit direct our being in the love of God and the peace of Christ. Amen.

GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life BusinessMirror

CIRCLES: ROSS CAPILI DETOXIFIES LIFE UNTIL ONLY THE BUTTERFLIES AND FLOWERS REMAIN D4

Tuesday, November 5, 2019

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SOME of Toto’s luxury bathroom fixtures showcased in the Pasig store.

❷

❶ ❶ GRAHAM &

Brown shows their Lancashire legacy wallpaper which was inspired by The Bloomsbury Set, a group of early 20th-century artists, writers and thinkers who helped move Britain away from the constraints of Victorian and Edwardian society.

This Bloomsbury Neo-Mint is a lush country garden floral print on a pale green background.

GRAHAM & BROWN VIA AP

❷ GRAHAM &

Brown shows their Adeline paint color which was inspired

by The Bloomsbury Set. The paint color is a deep bottlegreen, borrowing the actual first name of author Adeline Virginia Woolf, a founding member of the Bloomsbury Group. GRAHAM &

BROWN VIA AP

❸ ONE of

designer Timothy Oulton’s chesterfield sofas. Oulton is known for updating iconic pieces like chesterfield sofas and lounge chairs by playing with scale or adding dramatic upholstery. But it’s all done with reverence for the original pieces, rooted in Oulton’s pride in his British heritage and family history. TIMOTHY

OULTON VIA AP

Design and décor with British �lair

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By kiM cook The Associated Press

RITAIN’S political climate may be gloomy, but on the décor front the sun is shining.

Young designers and established firms are crafting furniture, lighting and accessory collections that celebrate vintage patterns, tweak the traditional and offer a new take on British history.

There are porter’s chairs, for instance, from the rebel luxury brand Jimmie Martin. While the classic chairs’ interiors are upholstered in luxe velvets and leathers, the cowl-like hooded backs are covered in graffiti. The effect is a little rococo, a little rock ‘n’ roll.

There are lighting fixtures from Lee Broom, who began his career as a teenage protégé of fashion designer Vivienne Westwood. The Carousel pendant’s ring of gunmetal or brass cylinders is tipped with opal glass diffusers. Broom’s inspiration? “The nostalgic merry-go-rounds of a traditional British fairground.”

Glasgow design house Timorous Beasties is known for avant-garde takes on traditional patterns for wallcoverings and fabrics. There’s Bloomsbury Garden, a lush flora-and-fauna pattern that celebrates the fashionable and famous London neighborhood.

Get it in wallpaper, fabric or cushion form. Here too is the Thistle pattern, with the Scottish flower’s tufts and spikes placed against saturated hues like crimson, aubergine and earth.

Lancashire legacy wallpaper firm Graham & Brown was also inspired by Bloomsbury when creating its paper of the year. In this case, it was the Bloomsbury Set, a group of early 20th-century artists, writers and thinkers who pushed against the constraints of Victorian and Edwardian society.

Bloomsbury Neo-Mint is a lush, country-garden floral print on a soigné, pale green background. A complementary paint color has also been created: Adeline, a deep bottle-green (named for Bloomsbury group member Virginia Woolf, whose first name was actually Adeline.)

Mosaic maker New Ravenna has launched the

❸ Bright Young Things collection, inspired by the glamorous, jazzy exuberance of London’s social scene in the 1920s. Patterns evocative of art deco and the bohemian spirit of the era are translated into tumbled, polished stone trimmed with brushed metallics.

Even teacups have been given a refresh. Royal Worcester, one of England’s oldest porcelain makers, has Hannah Dale’s whimsical Wrendale Designs collection, inspired by the artist’s Stoke-on-Trent studio home. Woodland bird and animal watercolor drawings are printed on fine bone china.

Royal Doulton references the year John Doulton started the London pottery company with the new 1815 collection of handcrafted porcelain tableware, trimmed with vibrant hues and stamped with the date. Designer Timothy Oulton is known for updating iconic pieces like chesterfield sofas and lounge chairs by playing with scale or adding dramatic upholstery.

Side tables reference old leather school trunks, British aircraft or regimental drums. It’s all done with reverence for the original pieces.

“We take inspiration from a range of eras and cultures, but I’ve always had a fascination for British craftsmanship,” Oulton says.

“My dad opened his own antiques shop when he retired from the Army, and that’s where I fell in love with the classic British craftsmanship ethos that pervaded the late 19th and early 20th century. Things were built to last generations.”

At the height of the British Empire, he says, “British artisans had access to any beautiful material from anywhere in the world, and the stuff the British made had this unique sense of permanence and purpose.”

He’s got a soft spot for one British item, and it’s not a piece of furniture.

“There’s a guy named Ben Shillingford who started making lighters for Dunhill in 1949 and I’ve bought every one that I can—I have around 200,” says Oulton. “They’re presented beautifully, all made by one man, by hand, and I’m still spellbound when I look at one of them.” n

Amiya Raya puts spotlight on street goodies ICE cream, nachos, fries, kwek-kwek (quail eggs covered in orange flour), and hot dog on stick—these are just a few of the many different varieties of street foods offered to guests and spectators during Amiya Raya’s first-ever Street Food Delight at the Top held in San Mateo, Rizal, right inside the real-estate development recently.

The whole afternoon was filled with excited sightseers enjoying each and every booth at the event. A band also

played soothing music while people were enjoying the food and Amiya Raya’s breathtaking scenery at the top of the Metro.

Present during the event was Ma. Charina S. Garcia, Community Creators Inc. president.

Street Food Delight at the Top not only gave guests a taste of the country’s most famous street foods, but also showcased what Amiya Raya has to offer. The development

boasts of a panoramic view of the city, mountain ranges and Laguna de Bay. Residents and visitors can freely enjoy the spacious open parks. Aside from the view, Amiya Raya is located 240 meters above sea level at its highest point and offers cooler climate than the city and nearby towns.

More information can be found at www.facebook.com/ AmiyaRayaOfficialPage.

FROM left: Tsutomu Kinoshita, sales and marketing manager, Toto; Robinson Robins, executive director, La Europa Ceramica; Henrieta Robins, executive director, La Europa Ceramica; and Michael Suqui, interior designer, while cutting the ribbon during the launch of the new Toto Showroom at the Robins Design Center, Pasig City.

Japan’s premium bathroom fixtures brand finds new home in Pasig TOTO, one of the world’s premier bathroom suppliers, is bringing its aesthetically and technologically advanced bathroom wares closer to the public as it recently unveiled its newest showroom at the Robins Design Center on Meralco Avenue in San Antonio, Pasig City.

The new showroom allows patrons to see Toto’s latest offerings, being equipped with their suite collections. It also serves as a one-stop shop for those who want state-of-the-art bathroom products that raise the comfort of living.

During the launch, Toto presented its signature product, called the Washlet. First released in the 1980s, this innovative toilet seat utilizes a watercleansing system, that features a lid that opens and closes automatically by motion-sensor, and adjusts its temperature to match its user’s preference.

Toto’s Washlet is also equipped with a Tornado flush that generates a vortex force for better cleaning and stronger evacuation of waste, a ceramic glaze called Cefiontect for a refined smooth surface for a spotless clean, a deodorizer that eliminates bad odor without the use of an exhaust pipe, a motion sensor that alerts when the Washlet is about to be used, and an Ultra Violet Light that kills 99 pecent of germs and bacteria.

“We are glad to open our new showroom here at the Robins Design Center. We believe that this showroom brings us closer to our customers in the area and the Metro,” said Roxanne Robins-Go, the president of La Europa Ceramica (www.laeuropa. com.ph), the official distributor of Toto here in the Philippines. “Our products are inspired by a culture of providing people prime comfort in their bathrooms while helping the environment. This mindset is important, especially in creating a sustainable and more comfortable living space.”

Toto is a Japanese company founded in 1917 by Kazuchika Okura with a vision and commitment of giving people a comfortable bathroom space, while preserving and protecting the environment by saving water and energy.

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Barbarians and nuclear bombs; Carlin explores catastrophes

By Michael Hill The Associated Press

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HE End Is Always Near: Apocalyptic Moments, from the Bronze Age Collapse to Nuclear Near Misses (Harper), by Dan Carlin, is a book about nasty things: epidemics, famine, sieges, civilizations collapsing and nuclear war. Carlin is fascinated by societal catastrophes.

And he’s very interested in the questions these sorts of disasters bring up. What was it like to live through these extreme events? How tough were people back then? Would we be able to handle that kind of adversity today?

Carlin is known for his popular “Hardcore History” podcast, in which he adds idiosyncratic insights to detailed stories about Julius Caesar’s conquest of Gaul, or Nazi Germany’s disastrous invasion of the Soviet Union. This book is pretty much like a print version of his podcast. Carlin’s love of military history remains prominent. He has the same tendency

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Kevin Jonas, 32; Tatum O’Neal, 56; Bryan Adams, 60; Art Garfunkel, 78.

HAPPY BIRTHDAY: Tiptoe through any situations that are draining you emotionally. An effortless motion will help to reserve your mental and physical energy, for the people and pastimes that are most important to you. Allow yourself an outlet that serves the purpose of gratification and creativity, and you will gain insight and incentives that will direct you to a rewarding future. Your lucky numbers are 4, 12, 17, 25, 31, 36, 49.

to make out-of-the-box comparisons— like illustrating a point about the Spanish influenza by bringing up the Avengers’ archnemesis Thanos. And he loves a nice, meaty digression. In fact, this title might set a record for footnotes in a nonacademic book.

Carlin is quick to say he isn’t a historian, but he is an informed and talented storyteller, whether writing about barbarians or superbugs.

Carlin describes people of past eras as biologically the same, but “culturally alien.” What he does best—in his podcasts and in the book—is give his audience a sense of that “alien” past.

He wants people to consider what it was like to live through the fall of the Roman empire or the jittery beginnings of the US-Soviet nuclear arms race.

Readers of this book might feel relief that they live in times without the looming threat of barbarians, the plague or society-wide famine. But Carlin is here to remind us of what his father used to say: “Don’t get cocky.” n

a

ARIES (March 21-April 19): It’s time for a change. Start with yourself and work outward.

Update your image, or pick up a new skill that will transform your qualifications. Broaden your outlook, and shoot for the stars. New beginnings are heading your way. HHHH

b

TAURUS (April 20-May 20): Refuse to let your emotions take over and lead to a showdown. Keep your thoughts to yourself until you know exactly what’s transpired, and you will be in a better position to negotiate what you would like to happen. HH

c

GEMINI (May 21-June 20): Take it easy. Don’t feel pressured to make a decision or to follow in someone else’s footsteps. An opportunity will not be as suggested. Do your research and reserve judgment. Time is on your side; be observant and focus on personal growth. HH

d

CANCER (June 21-July 22): Express your intentions, and follow through with your plans.

What you accomplish today will help you set the stage for what’s to come. Refuse to let anger or frustration slow you down. HHHHH

e

SPECIAL VIEWING OF ‘DOCTRINA CHRISTIANA,’ 1ST BOOK PRINTED IN PHL, HELD AT U.S. LIBRARY OF CONGRESS WASHINGTON, D.C.—The Philippine Embassy, Principalia sa Bulalacao and the US-Philippines Society organized a special viewing of Doctrina Christiana, a rare Philippine book held by the Lessing J. Rosenwald Collection of the US Library of Congress, at the LOC Whittall Pavilion in Washington, D.C., on October 28.

Consisting of 74 pages of text in Spanish, Tagalog transliterated into roman letters and Tagalog in original Baybayin script, Doctrina Christiana was printed in the Philippines in 1593, to assist in the conversion of Filipinos into Christianity. It contains some of the basic prayers, such as The Lord’s Prayer, Hail Mary and Salve Regina, as well as the Ten Commandments and the Sacraments of the Church. Doctrina Christiana is not only one of the earliest books printed in the Philippines.

It has seminal significance to the Christianity of the Philippines, and to the faith that marks a huge majority of Filipinos. Apart from the LOC copy, there are no other known copies of Doctrina Christiana in existence today.

“It was clearly instrumental in the ‘conversion and instruction’ of Filipinos, to use the words of Governor Dasmariñas in his 1593 letter to King Philip II,” noted Minister Jose Victor V. Chan-Gonzaga, who represented the Philippine Embassy, in brief remarks during the event.

“The use of the ancient Baybayin script in some parts of the book, likewise, reminds all of us of the existence of precolonial Philippine culture. It bears witness to the narrative of a Philippine community that existed even prior to the arrival of the Spanish colonizers,” he added.

Dr. Stephanie Stillo, curator of the LOC Lessing J. Rosenwald Rare Books Collection, delivered a short lecture on Doctrina Christiana and how “the constellation of fortunate events” preserved the precious volume over the centuries, and through wars and natural disasters, with the surviving copy eventually finding a home at the LOC. Stillo and Rocky Andal Brito, founder and executive director of the Principalia sa Bulalacao, then engaged the audience in a lively question-and-answer discussion on the

LEO (July 23-Aug. 22): Think twice before you head in a new direction. Stability should be your prime concern before you launch anything new. Make sure your relationships are copacetic and that you have a good understanding of what others want and expect of you. HHH

f

VIRGO (Aug. 23-Sept. 22): Refuse to let anyone interfere in your plans. Prepare as usual, and you’ll surpass your expectations.

An opportunity to advance will be directly linked to the actions you take to outdo anyone vying for the same results. HHH

g

LIBRA (Sept. 23-Oct. 22): Look for the best in everything and everyone.

Don’t allow someone’s critical attitude to discourage you. Put your energy into making personal changes, and it will have a positive influence on the people around you. HHHHH

h

SCORPIO (Oct. 23-Nov. 21): Let go of what’s no longer necessary. Purging will help clear the mind and energize the spirit in a direction that encourages growth. It’s time to revamp your surroundings or make a move that is conducive to getting back on track. HH

i

SAGITTARIUS (Nov. 22-Dec. 21): Churn things up to get things done. Be the one who instigates positive change; be the solution everyone is hoping for. Explore the possibilities, and align yourself with people you know are dependable.

Choose a healthy lifestyle. HHHH

j

REV. Monsignor Dennis Kuruppassery (from left); US-Philippines Society Executive Director Hank Hendrickson; Philippine Embassy Economic Minister Jose Victor Chan-Gonzaga; US-Philippines Society President Ambassador John Maisto; Founder and Executive Director of the Principalia sa Bulalacao Rocky Andal Brito; and Curator of the Library of Congress Lessing J. Rosenwald Rare Books Collection Dr. Stephanie Stillo

CAPRICORN (Dec. 22-Jan. 19): Live and learn. Follow through with your plans, but be aware of what everyone else is doing. Be willing to make adjustments and to compromise when necessary. HHH

history and significance of the Doctrina.

“The Doctrina Christiana includes translations of Christian catechism and hymns from Spanish to Old Tagalog and Baybayin, an indigenous writing script of the Philippines.

Thus, it offers a glimpse to the precolonial heritage of the Filipino people. It is a book on human values published during the Age of Discovery, and is very much applicable to our modern society to teach us about kindness, generosity, humility and a plethora of principles on humanism. Perhaps, it is worth looking back to the teachings of the past and enter a new age—the Age of Rediscovery, for the betterment of the future and our posterity,” said Brito, who conceptualized the special viewing.

After the discussion, the guests at the special viewing,

AQUARIUS (Jan. 20-Feb. 18): Making personal improvements should be your goal. Not everyone will like the decisions you make, but you have to do what feels right and best for you. A change someone makes should not disrupt your plans. Emotions will be difficult to control. HHH

including Rev. Monsignor Dennis Kuruppassery who represented the Holy See, were able to closely examine the Doctrina Christiana displayed on a table at the back of the pavilion.

Principalia sa Bulalacao is a cultural and heritage organization that seeks to promote the rich culture, heritage and traditions of precolonial Filipinos, and utilize cultural and historical links for positivity, empowerment, progress and understanding.

The US-Philippines Society is a binational organization dedicated to the mission of raising the profile of today’s Philippines in the US through programs on business, governance, culture, shared history, education and strategic issues.

k l

PISCES (Feb. 19-March 20): Put yourself out for a cause you believe in, and you will make a difference. Look for reasonable solutions that are cost-efficient and that you can handle.

Stick to the rules. HHH BIRTHDAY BABY: You are sophisticated, intense and spirited.

You are intuitive and unwavering.

‘steals and deals’ BY PAM KLAWITTER The Universal Crossword/Edited by David Steinberg

ACROSS 1 ___ night out 5 Is really into 9 Rogen of The Lion King 13 Spy’s “name” 15 The Favourite actress Stone 16 Caribbean color 17 Real bargain for a football team?

19 Takei’s Star Trek role 20 Hot under the collar 21 Left port 23 Perched on 25 Kennel cries 26 Real bargain for a bar patron?

32 Come together 33 Cartoon catalog company 34 Enter, as data 37 Inactive 38 Hits of espresso 40 The Temple of the Sun’s country 41 Pamplona pair 42 Small iPad 43 Five-star reviews 44 Real bargain for a publishing house?

47 Mountain retreat

0 Dane who played McSteamy 5 51 ___ malamute 54 Alter for later?

59 Four-posters, e.g.

60 Real bargain for a winery?

62 Car bar 63 Overly proper sort 64 More rational 65 Potato chip brand 66 Single 67 Hard-to-grip bar DOWN 1 Pedi partner 2 Hollywood’s Lena 3 Mineral in sheets 4 Neiman Marcus alternative 5 One who’s in the hole 6 The Monkees’ “___ Believer” 7 Acadia and Yukon 8 Sushi bar drink 9 Talked back 10 Like six and half a dozen 11 Flower at a Holland, Michigan, festival 12 Burglars’ takes

4 Assembly with six-year terms 1 18 Low-cal 22 Emmy-winning Daly 24 Nutty treat in New Orleans 26 British pound, slangily 27 Ctrl+Z function 28 Is under the weather 29 66, for one: Abbr.

30 Mo. when many pumpkins are purchased 31 Hesitant sounds 34 Name on a pair of jeans 35 Miner’s finds 36 Sudden blast of wind 38 Slim ___ 39 When a lunch break often ends 40 Buddy 42 Weasellike mammal with beautiful fur 43 Summaries 44 Talks trash about 45 Fruit that has no common rhymes 46 Covered in kudzu, say 47 Intriguing group?

48 Amazon’s Siri 49 Wrong way to behave

2 Google Play Store downloads 5 53 Emperor who supposedly fiddled 55 Mardi ___ 56 City northwest of Las Vegas 57 Offshore 58 New car sticker abbr.

61 Zero, to Megan Rapinoe

Solution to yesterday’s puzzle:

Show BusinessMirror

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DANCING SHOES ON THE READY FOR RWM’S ‘BONGGA KA ‘DAY’ AUDITIONS

THE country’s premier entertainment and lifestyle destination Resorts World Manila (RWM) continues its streak of Pinoy classics with yet another seminal musical set to open early next year.

After staging its hit production Ang Huling El Bimbo, RWM in partnership with Front Row Theater Management Inc., a Viva Communications Inc. and Full House Theater Co. partnership that promotes Filipino musicals and composers, brings to the stage the 1970s-inspired Bongga Ka ‘Day. From November 11 to 13, 3 to 7 pm, auditions will be held at House Manila entertainment club located at the ground floor of Holiday Inn Express in RWM, Newport City, Pasay.

The production team is looking for male and female hopefuls between 18 to 50 years old to fill in various roles in the musical. Auditionees must bring one head shot photo and one full body shot photo, and prepare one hot dog song, or any piece from a known musical theater title in minus one, stored in a USB device. Hopefuls are also encouraged to wear comfortable dancing shoes. Registration starts at 12 noon.

More information on RWM’s upcoming Grand Fiesta Manila and continuing 10th anniversary celebrations is available at www.rwmanila.com.

TYLER PERRY’S NEW STUDIO TO HOST 2019 MISS UNIVERSE PAGEANT ATLANTA—Tyler Perry’s new Atlanta studio will be home to the 2019 Miss Universe competition, a major showcase for the sprawling complex built on a former Confederate army base.

The televised competition in which women from more than 90 countries compete for the crown of Miss Universe will air live from Tyler Perry Studios on December 8. The three-hour show, hosted by Steve Harvey for the fifth year, will be broadcast on Fox and Telemundo. The show will end with reigning champion Catriona Gray of the Philippines crowning her successor.

Perry opened his 330-acre (134-hectare) studio earlier this month. Its 12 soundstages are each named after seminal black actors and actresses. AP

EWAN MCGREGOR attends the Los Angeles premiere of Doctor Sleep at the Regency Theatre Westwood on October 29. AP

McGregor hated having to lie about reprising role as Obi-Wan LOS ANGELES—Ewan McGregor felt somewhat tortured for the last few years because while he was signed up to reprise his role as Obi-Wan Kenobi, he couldn’t publicly talk about it.

McGregor added that while he understood the silence was a necessary evil, “I’m not really brought up that way. I’d much rather be honest with people.

“But the studios are, and the franchises are, understandably secretive,” he said. “And they want to keep everything a secret till they want it released.”

McGregor spoke about his struggle at Tuesday’s premiere of his thriller Doctor Sleep, which is being released in the United States next Friday.

McGregor made his debut as a young Obi-Wan in Star Wars: The Phantom Menace in 1999, and was also in the other two Star Wars prequels.

So he would often be asked by reporters if he would return to other Star Wars projects.

“Once they started making spin-off movies, there was such a lot of speculation about an ObiWan spin-off. And I was asked every time I did an interview by people, would I do it? And it just became embarrassing, because it sounded a bit like I was trying to get the part from Disney. You know, like, I was saying, ‘Well, you know. Well, if they give me a call, I’d be, you know, I’d be interested,” he said. “Fans [would] like being angry with Disney, saying, ‘They better not cast someone else.’ And I was thinking, ‘Who else are they going to cast, you know? Like just let me say it.’”

Disney announced the Obi-Wan series in August, at the D23 Expo. It is set to premiere on the Disney Plus streaming service next year.

“And now [that] the cat is out of the bag that we’re doing again, I’m really excited about it,” McGregor said. “It’s a really phenomenal story line that we’re going to tell.” AP

Tuesday, November 5, 2019

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‘Terminator: Dark Fate’ is No. 1, but it’s no winner DESPITE generally favorable reviews and the return of star Linda Hamilton and producer James Cameron, Terminator: Dark Fate has opened well below expectations at the box office, earning only an estimated $29 million from over 4,000 North American locations.

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By Lindsey Bahr The Associated Press

OS ANGELES—It might be judgment day for the Terminator franchise.

Despite generally favorable reviews and the return of star Linda Hamilton and producer James Cameron, Terminator: Dark Fate has opened well below expectations at the box office.

Studios on Sunday estimate that Dark Fate earned only $29 million from over 4,000 North American locations. The film from Paramount Pictures cost a reported $185 million to produce.

It was enough to win the top spot at the box office, but it’s a weak victory for the franchise. Although Dark Fate, which was directed by Deadpool’s Tim Miller, received much better reviews (currently at 69 percent on Rotten Tomatoes) and was praised for being a return to form to Cameron’s original films, it opened just slightly ahead of 2015’s roundly derided Terminator: Genisys. “These big brands carry with them huge expectations, often unrealistic expectations,” said comScore Senior Media Analyst Paul Dergarabedian. “It wasn’t for lack of enthusiasm for the stars and filmmakers.”

Internationally, Dark Fate did much better, earning $72.9 million from 48 markets. Fox International, not Paramount, is handling international distribution, excluding China.

Second place went to Joker, which added $13.9 million, bringing its global earnings to $934 million in just five weeks in theaters. Maleficent: Mistress of Evil landed in third place in its third weekend with an additional $12.2 million. The Angelina Jolie-led sequel has grossed $84.3 million in North America.

One bright spot of the weekend, which is down nearly 19 percent from last year when Bohemian Rhapsody opened, is Focus Features’s Harriet, which is the first film ever made about Harriet Tubman.

Starring Cynthia Erivo in the title role, Harriet performed better than expected, earning $12 million from just over 2,000 theaters to take fourth place.

The film scored a coveted “A+” CinemaScore from audiences, who were primarily female (62 and over the age of 35, 59 percent). African-Americans also made up a significant portion of the audience (49 percent) according to exit polls.

“It’s really heartwarming and gives you a lot of faith that there are still a lot of people who want to see stories about real-life superheroes,” said Focus Features Distribution President Lisa Bunnell. “There’s a real feeling of love for this movie. I think it’s inspirational for people to see.”

Focus did outreach to faith-based groups and educators, and has seen enormous success with group sales as a result.

Other newcomers struggled to find that kind of enthusiasm this weekend. Edward Norton’s

adaptation of Jonathan Lethem’s Motherless Brooklyn opened in ninth place to $3.7 million, while the animated Arctic Dogs took 10th with $3.1 million.

One of the highest profile new films of the weekend, Martin Scorsese’s The Irishman, does not have any box-office numbers to report, however, because Netflix declines to provide numbers for its theatrical releases. Starring Robert de Niro, Al Pacino and Joe Pesci, the film which opened in limited release before hitting Netflix on November 27 is expected to be a major Oscars contender.

“With all eyes on The Irishman, it’s unfortunate that we don’t have numbers on it,” Dergarabedian said. It’s especially true considering that other smaller release films with awards buzz continue to perform well.

Parasite took in 2.6 million in its fifth weekend. Jojo Rabbit, in its third weekend, added $2.4 million from 256 screens, and The Lighthouse, also in weekend three, grossed $2 million from 978 locations.

Estimated ticket sales for Friday through Sunday at the US and Canadian theaters, according to comScore.

Where available, the latest international numbers for Friday through Sunday are also included.

1. Terminator: Dark Fate, $29 million ($72.9 million international) 2. Joker, $13.9 million ($37 million international)

3. Maleficent: Mistress of Evil, $12.2 million ($40.5 million international) 4. Harriet, $12 million 5. The Addams Family, $8.5 million ($25.9 million international) 6. Zombieland: Double Tap, $7.4 million ($7 million international) 7. Countdown, $5.9 million ($1.1 million international) 8. Black and Blue, $4.1 million 9. Motherless Brooklyn, $3.7 million 10. Arctic Dogs, $3.1 million.

Estimated ticket sales for Friday through Sunday at international theaters (excluding the US and Canada), according to comScore: 1. Terminator: Dark Fate, $72.9 million 2. Better Days, $47.8 million 3. Maleficent: Mistress of Evil, $40.5 million 4. Joker, $37 million 5. Weathering with You, $26.2 million 6. The Addams Family, $25.9 million 7. Das Perfekte Geheimnis, $11.6 million 8. Abominable, 7.8 million 9. Zombieland: Double Tap, $7 million 10. Kim Ji-young: Born 1982, $6.2 million. n

Theater owners: ‘The Irishman’ ‘deserved better’ release

By Jake Coyle The Associated Press NEW YORK—Martin Scorsese’s crime epic The Irishman landed in theaters on Friday, but not nearly enough of them for theater owners.

John Fithian, president and chief executive of National Association of Theatre Owners on Friday lamented Netflix’s rollout of one of the year’s most acclaimed films, from one of cinema’s top filmmakers.

“Martin Scorsese deserved better,” Fithian said in a statement.

Netflix was unable to come to terms with the largest movie theater chains on The Irishman. The traditional theatrical window is 90 days, something Netflix has declined to follow.

That has left Netflix films essentially boycotted by the majority of multiplexes. Netflix has instead carved out a roughly three-week

exclusive run in independent theaters.

The Irishman begins streaming on November 27.

“The point of an exclusive theatrical window is for movies to reach their

full commercial potential. Netflix chose to artificially limit The Irishman’s theatrical release,” Fithian said. “That sends a message to filmmakers who are not Martin Scorsese. If you want a

full theatrical release, take your film to their competitors.”

Scorsese has praised Netflix for its willingness to bankroll the $159-million film—the only company will to do so, he said.

“We decided to make it with the understanding that it’ll maybe never be shown in theaters. They said, ‘You would have a time in theaters’—a few weeks or whatever. I said fine. The idea was to make the movie, you see,” he told The Associated Press in June.

Netflix and theater chains, including AMC and Cineplex, negotiated extensively earlier this year on a compromise but ultimately failed to reach agreement.

Netflix declined comment on Friday evening. A company executive who spoke to The New York Times about its Irishman strategy said the company cares about box office, but also wants viewers to watch films the way they want.

THE Irishman stars Al Pacino (right) as union leader Jimmy Hoffa

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Art

BusinessMirror

Tuesday, November 5, 2019

BIRDS Doodle Over My Car’s Windshield, Ross Capili, 2017, acrylic on canvas, 3ft x 4ft

www.businessmirror.com.ph

SONG at Dusk, Ross Capili, 2017, acrylic on canvas, 3ft x 3ft

Ross Capili detoxifies life until only the butter�lies and �lowers remain

Exhibit on National Artist for Music Ryan Cayabyab to open early 2020 KAY Ganda Ng Ating Musika, an exhibit on the life and works of National Artist for Music Ryan Cayabyab will be presented at the De La Salle-College of Saint Benilde School of Design and Arts Campus on January 16, 2020.

Designed to create awareness and celebrate Cayabyab’s music, the exhibition will showcase milestones of his life and works by highlighting his career as a composer, arranger, musical director, conductor, choir master, host and music educator. His projects, including concerts, recordings, theater, films and television show will, likewise, be spotlighted.

The gallery will feature a grand piano to stage Cayabyab’s music, surrounded by a time line presented through text, images and videos. His songs will be heard through curated playlists, as well as with acts by the college’s students from the AB Music Production program. A listening corner and a karaoke room will be installed for those who wish to listen or sing along to the Maestro’s melodies.

To complete the plan, Architecture and Interior Design undergraduates mentored by Arch. Walther Ocampo and Interior Designers Kat Correa and Lheng Vito Cruz have been tapped to design tapestries and lounge chairs inspired by Cayabyab’s compositions.

Kay Ganda Ng Ating Musika is the first Center for Campus Art exhibit on music. It is aligned with its objective to spotlight National Artists, recipients of the highest recognition granted by the Philippine government upon Filipino artists, designers, dancers and musicians.

To date, the CCA has generated showrooms on National Artists Ramon Valera, Lino Brocka and Ishmael Bernal, and hosted the pieces of National Artists Manuel Conde, Carlos “Botong” Francisco and Salvador Bernal.

The show is curated by CCA Director Arch. Gerry Torres, and cocurated by Aji Manalo of AB Music Production. It is produced by the Center for Campus Art under the Office of Advancement of the De La SalleCollege of Saint Benilde.

Kay Ganda Ng Ating Musika will run from January 17 to April 18, 2020.

THE solo show of Ross Capili, titled Of Art and Wine: Tales & Trails, runs at Gallery C in Conrad Manila until January 2.

CIRCLES JT NISAY

jtnisay@gmail.com

V

ETERAN visual artist Ross Capili just had about enough with the inanities of today’s world. He craves for substance, hungers for color and knows the sentiment isn’t solely his.

Capili attempts to fill the void with beaming optimism—or turn-away escapism, whichever way you look at it—in his ongoing exhibit at Gallery C in Conrad Manila, titled Tales & Trails, the 11th installment of the property’s Of Art and Wine series.

The exhibition is on view until January 2.

“This is a show of beautiful images from my past, present and dreams,” Capili said.

The 60-year-old artist ran deep in his experiences, passions and travels, to create his vision of a purified world, one that is unshackled by the pressing realities of the version we have. The search led him to a rich collection of symbols of all things good or, at least, the objects that remind him the idea of it, from butterflies that he used to catch in the fields as a child, to the flowers and seashells that also remind him of those uncomplicated times.

The result is a 38-piece show that is bright in aesthetic, diverse in medium and personal in subject.

In Levitate, for example, Capili portrays in acrylic on canvas his leaves, butterflies and flowers as unbound by gravity as his dreams. Meanwhile, the 15-inch, laser-cut, stainless steel sculpture,

titled Eternal Flame, shows a woman embracing a blooming tree, which pays reference to the birth of Capili’s first grandchild.

“My works are layers upon layers upon layers,” the artist said. “What I do is give myself time to rest, so I can continue working on my piece with fresh eyes.”

The process has served Capili well over the years.

The artist has garnered more than 55 awards and distinctions over his career in the fields of painting, photography and digital art. These include the Juror’s Choice in the 1994 Philip Morris Asean Art Awards, the Pamana ng Lahi Award in San Francisco in 2001, the 2008 PATA Gold Award for Travel Photo Journalism in India, and the 2009 Ani ng Dangal

Presidential Award.

Since his first solo exhibit in 1981, Capili has mounted over 30 solo shows in Manila, as well as in Paris and the United States. He has also participated in more than 35 group exhibitions across the world.

The ongoing Tales & Trails exhibit is Capili’s second for the year with Conrad Manila, which was recently recognized in the Conde Nast Traveler Reader’s Choice Awards as one of the 2019 Best Hotels in the World. In time for National Arts Month in February, Capili curated an edition of the Of Art and Wine exhibit, titled Art Harvest, which featured 32 local artists and 64 works. n

Orley Ypon: ‘The Allure of Illusion’ at Galerie Roberto By cid reyes “REMEMBER that a painting—before it is a battle horse, a nude model, or some anecdote—is essentially a flat surface covered with colors assembled in a certain order.” That classic declaration came from French painter Maurice Denis, perhaps, a riposte to a viewer who ridiculed the great French master Henri Matisse’s portrait of a woman with green hair.

Matisse himself was capable of defending his work, retorting: “Madam, that is not a woman.

That is a painting.”

The issue between illusion and reality and, more important, the viewer’s expectation from a work of art, is highlighted in the recent works of realist painter Orley Ypon, presented by Galerie Roberto in his solo show, The Allure of Illusion. The same issue of course brings us back to the Renaissance notion of perspective as the instrument to open a “fourth wall.” It is defined as “the conceptual barrier between any fictional work and its viewers or readers.” Thus, the obsession to create an illusion of reality has

led to painting appropriating or disguising itself as a photograph, which is, to most viewers, evidentiary fact of reality.

MASTER REALIST ORLEY YPON, a master realist, is only too aware that viewers always have high expectations when viewing artworks in a gallery. (They might as well quote the famous Russian impresario Serge Diaghilev, who commanded: Etonne-moi! [astonish me!] For the skill and talent of Orley Ypon, astonishing his audience—as well as competition jury—is par for the course. Regard merely the string of achievements tucked under his belt: First Prize in the 2001 AAP National Competition; 2001—and 2004—Grand Prize winner in the Petron National Competition; Second Prize in the 2008 GSIS National Art Competition (where Ypon first showed his now iconic taong putik subject in a work, titled Ahon); Grand Prize winner in the 2011 Amorsolo National Competition; Grand Prize winner in the Figurative Category of the 2012 Art Renewal

Center International Salon; Grand Prize winner in the 2009 International Artist Magazine competition. And like icing on the cake, the 2011 Dangal ng Ani Award from the National Commission for Culture and the Arts. The allure of such awards has, fortunately, not gotten into the head of the artist. While regularly exhibiting in Manila, Ypon is based in Toledo City in Cebu, and there he established the Aroma Art Atelier, which, through apprenticeship in his studio, assists young Cebuano artists in improving their craft. The name of the group comes from the plant called aroma, which flourishes in the surrounding region—almost symbolic of the Cebuano artists’ equally burgeoning talent for realism. Already, the Aroma Artists have had several exhibitions in Metro Manila galleries, steadily gaining for themselves their own measure of recognition and, as befits the group’s name, the sweet smell of success.

REFLECTIVE OF THE TIMES IN The Allure of Illusion, Ypon brings back his Ahon series, as a response to the tremendous

acclaim and popularity of the subject. Aside from the descriptive phrase taong putik, “The Mud Men,” is another one, typical of the Filipino’s irrepressible penchant for humorously christening things. But, of course, these works are Ypon’s seriously considered reflection on the reality of Filipino existence.

The field of mud is a searing metaphor.

A horde of our countrymen languishing and struggling to escape from this mucky quagmire of filth is a hellish vision, indicated by the atmospheric blaze of fire. The title Ahon is a command for Filipinos to rise from our national vices: sloth, indifference, apathy, selfcenteredness, a tepid patriotism, a detestable short memory that never learns from history, condemning the people to repeat it.

That Orley Ypon now resurrects the Ahon works is reflective of the times.

Galerie Roberto is at Unit 4, Molito Lifestyle Extension Building, Madrigal Avenue corner Commerce Avenue, Ayala Alabang, Muntinlupa, 1770 Metro Manila.

For inquiries, call 88809-1619.

BROTHERHOOD, 4x4