BusinessMirror November 12, 2019

FOR 6TH CONSECUTIVE MONTH, FDI DOWN

By Bianca Cuaresma @BcuaresmaBM

F BUSINESSMIRROR FILE PHOTO

OREIGN direct investments (FDI) into the Philippines continued to decline in August this year as global and local developments hamper investors’ longterm sentiment about putting their capital into the local economy.

The Bangko Sentral ng Pilipinas (BSP) reported that the country received direct investments at a net inflow of $416 million, 45.1 percent lower than the investments made by foreign players in the same month last year.

FDI is the type of investment that is often more coveted, as it stays longer in the economy and creates job opportunities

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for locals. August is the sixth consecutive month that the Philippines saw a decline in its FDI. UnionBank economist Ruben Carlo Asuncion traced the country’s inability to prop up its FDI numbers to investor concerns amid global and local developments.

“These consecutive declines are seen to be the impact of the weak external environment. Global trade has continued to reel from the protracted US-China trade war and has dampened investor sentiment, particularly that of emerging markets,” he said.

On a cumulative basis, the BSP said the January to August FDI hit $4.5 billion, 39.7 percent than the $7.5-billion net inflows registered last year.

In a statement on Monday, the BSP also

Tuesday, November 12, 2019 Vol. 15 No. 33

CCT eyed for subsidy of garments labor pay T

By Elijah Felice E. Rosales

@alyasjah

HE struggling garments industry is asking for a cut in the P109billion conditional cash transfer (CCT) budget to subsidize the pay of its workers, as firms seek ways to reduce their operating cost and export selling price to compete in the global market.

Robert M. Young, president of the Foreign Buyers Association of the Philippines (Fobap), said one way the government can take part in the revival of the garments industry is by incentivizing firms in their hiring of workers. He argued this will

help the industry that has been suffering from loss of purchasers abroad as a consequence of stiffer regional competition.

Young proposed that the government redirect some of the CCT fund to cover a portion of the wages of those employed in the garments

and textile sectors.

“This is like incentivization of employment, that’s what we call it. Our proposal is to provide and include in the government program cash incentives to cover hiring of garments and apparel workers for factories,” Young said

₧108.76B CCT allocation this year, the bulk of which is appropriated for cash grants, including rice subsidy, for poor families registered in the National Household Targeting System for Poverty Reduction

in a statement last week.

However, Young did not specify how much the industry wants from the CCT allocation this year of P108.76 billion, the bulk of which is appropriated for cash grants, including rice subsidy, for poor families registered in the National Household Targeting System for Poverty Reduction.

acknowledged that international concerns are preventing FDI flows from growing in the country.

“The ongoing uncertainty in the global environment continued to dampen investor sentiment, which caused postponements in investment plans,” the BSP said in a statement.

Citira factor However, brewing local concerns also play a part in the decline of FDI in recent months.

According to Asuncion, the Corporate Income Tax and Incentives Rationalization Act (Citira) may also be dragging down these investments.

See “FDI,” A2

P25.00 nationwide | 4 sections 40 pages |

LUCIO ‘BONG’ TAN JR.’S DEATH STUNS BUSINESS

By Lorenz S. Marasigan

J

UST two weeks after taking the helm at PAL Holdings Inc., Lucio “Bong” Tan Jr., died on Monday morning at the age of 53, a statement from the airline said.

Bong, the son and namesake of taipan Lucio C. Tan, had been confined at the Cardinal Santos Medical Center on Saturday, where he was rushed after collapsing at a basketball game. He was 53.

“His untimely passing leaves a big void in our hearts and our Group’s management team which would be very hard to fill,” his sister Vivienne K. tan jr.

Tan said of her brother’s death, which shocked the business community as he had been a sportsman since his early teens and is known as a very healthy and fit man.

“Bong was a son, husband, father, friend and, most importantly, our elder brother whom we all relied on for advice, counsel and leadership,” Vivienne said.

He was appointed to lead PAL Holdings as president and COO on October 28, replacing Gilbert Sta. Maria. The latter remained as the president of Philippine Airlines Inc., but stepped down from his post as chief of PAL Holdings Inc. He resigned due to “personal reasons,” according to a disclosure to the stock exchange then. Bong Tan’s sister, Vivienne, is head of audit at PAL. Bong is survived by his wife Julie and sons Lucio Tan III and Kyle Tan. “Our sincerest thanks to all who offered prayers and shared words of

See “CCT,” A2

See “Tan Jr.,” A2

After 40 yrs, Matinloc, Nido oil fields cease production

By Lenie Lectura

T

@llectura

HE Department of Energy (DOE) said Monday that Nido and Matinloc oil fields in Northwest Palawan have ceased producing oil.

The agency participated last November 7 in the closing ceremony for the cessation of production operations of the oil fields. “ T he c losi ng of Nido a nd Matinloc’s production comes after over 40 fr uitf u l years.

Throughout their operations, these two oil fields have contr ibuted sig nificant ly to our country’s energy needs. As this chapter comes to a close, we look forward to exciting times ahead as we continue our search for similar oil and gas projects that would help us attain energy se-

PESO exchange rates n

curity and fuel our continued development,” Energy Secretary Alfonso G. Cusi said.

In over four decades of production operations, Nido and MOPC were able to produce 18.9 million barrels of oil and 12.5 MMBO, respectively. T he oil fields are no longer commercially viable.

Undersecretary Donato D. Marcos and DOE-Energy Resource Development Bureau Director Cesar G. de la Fuente III received memorabilia from the SC 14 consortia, on behalf of the DOE. Also present were members of the Western Command of the Armed Forces of the Philippines, Task Force Malampaya, and different service contractors of the Philippine upstream petroleum sector.

See “Nido oil,” A2

@lorenzmarasigan

Zubiri pushes disaster dept, Natl Hazard map updating

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MEGAWORLD FIESTA From left, Resorts World Manila President and CEO Kingson Sian, Pasay City Mayor Emi Calixto-Rubiano, Pasay City Rep. Antonino Calixto, and Alliance Global Group Inc. CEO and Megaworld Lifestyle Malls Head Kevin Andrew Tan join Santa Claus at the Grand Fiesta Manila launch and tree-lighting ceremony on Monday (November 11) evening. NONIE REYES

ENATE Major it y Leader Miguel Zubiri, citing the string of earthquakes that shook Mindanao last month resulting in 22 fatalities, pressed Congress on Monday to front-load passage of the bill creating the Department of Disaster Resilience and a companion bill updating the National Hazard map.

“We cannot stop these natural calamities, but we can prepare for them, and with disaster preparedness and resiliency, we can minimize losses in terms of human lives and properties. Let us not wait for the next one to hit before we take action,” Zubiri stressed.

US 50.4890 n japan 0.4627 n UK 64.6209 n HK 6.4503 n CHINA 7.2175 n singapore 37.1434 n australia 34.6102 n EU 55.6692 n SAUDI arabia 13.4641

See “Zubiri,” A2

Source: BSP (11 November 2019 )

News

BusinessMirror

A2 Tuesday, November 12, 2019

Disease may wipe out PHL banana farms–FAO study G

By Jasper Emmanuel Y. Arcalas

@jearcalas

OVERNMENTS of banana-producing countries should intensify their interventions against the dreaded Fusarium wilt, which puts exporters like the Philippines at risk of losing thousands of hectares of plantations by 2028, the United Nations’ Food and Agriculture Organization (FAO) said.

In its biannual Food Outlook report published recently, the FAO dedicated a chapter on the spread and potential future impact of Fusarium wilt Tropical Race 4 (TR4) on banana production.

FAO said the recent discovery of TR4 strain of the disease in netexporting regions of Latin America and the Caribbean, and the “enduring occurrence” of Fusarium wilt in Asia has caused “considerable alarm” in the banana export industry.

In its assessment, the FAO said the Philippines is among five exporting countries that would lose over 15 percent of their total banana plantations to the TR4 strain by 2028.

To make its assessment, the FAO used a partial equilibrium commodity market model and incorporated latest estimates made by experts.

It adopted a 25-percent internal spread rate of Fusarium wilt, which was based on the prevalence of Cavendish monoculture in a producing

FDI. . .

country, international geographical, phytosanitary, transport and other factors.

“Scheerer et al. [2018] determine that the highest rates of spread will affect key producers in Asia, most notably China, the Philippines, Pakistan and Vietnam, as well as Mozambique and Tanzania in Africa,” the FAO report read.

Based on the working paper by Lars Scheerer and other experts, at a 25-percent loss scenario, the Philippines could lose 17.2 percent of its 391,880 hectares of banana plantation to TR4 by 2028. This translates to an area reduction of about 67,403.36 hectares.

The FAO estimated that 160,000 hectares of bananas globally could be gone by 2028, resulting in a direct displacement of approximately 240,000 banana workers. FAO said this would cut global banana output by 2.8 million metric tons and cause prices to go up by 9.2 percent.

Continued from A1

“Further hurting the general investment perception is the uncertainty brought by how certain fiscal reforms, such as the Citira bill, particularly the rationalization of the current fiscal incentives, and how it will come out in final form,” he added. “New investors and fresh investments are seen to be on hold waiting for the eventual outcome from discussions on the pending law.”

The decline in FDl resulted from the contraction in nonresidents’ net investments in debt instruments by 32.5 percent to $3.3 billion, from $4.9 billion last year, and equity capital by 73.4 percent to $536 million, from $2 billion in 2018.

Equity capital placements during the period were sourced largely from Japan, the US, Singapore, China, and South Korea. The industries that benefited from said capital infusions were financial and insurance, real estate, manufacturing, transportation and storage, and administrative and support service.

Meanwhile, reinvestment of earnings increased by 15.6 percent to $671 million, from $581 million in the comparable period in 2018.

Asuncion said there is still hope that FDI inflows to the country will snap their declining trend within the year.

“The October progress in the US-China trade tensions may provide a sliver of hope and a slight recovery of FDI inflows in the last months of 2019, and further clarity about the fiscal reform efforts may also add to the investment inflows rebound,” the economist said.

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partially offsetting the losses incurred in Asia,” the FAO added.

However, the FAO noted that the scenarios it presented are not predictive in nature but are “suggestive” and “indicative basis for informing policy decisions.”

“The simulation results suggestively illustrate the likely far-reaching repercussions that an unmitigated spread of TR4 would have on global banana markets,” it said.

Nonetheless, the FAO pointed out that banana-exporting countries should pay greater attention to the control and eradication of the TR4 since it posses “elevated risks” compared to previous strains.

Currently, the FAO said there is no effective fungicide or other eradication method that is capable of eliminating TR4.

“Governments of producing countries have a key role to play in mitigating the spread of TR4 and managing the disease where it has already emerged, particularly in view of its potential impact on smallholder banana farmers and workers employed in the industry,” the FAO said.

Citing official information, FAO said TR4 is currently confirmed in 17 countries, mostly in South and Southeast Asia.

In the Philippines alone, the FAO said around 15,700 hectares of banana plantations have already been affected by the dreaded fungus.

The hectarage of Philippine banana plantations already affected by the dreaded fungus Fusarium wilt, according to FAO

The UN unit warned that banana producers in countries already affected by TR4 like the Philippines would incur “considerable losses” over the 10-year period.

“Future area and production losses are assumed to be greatest, translating into significant losses of gross incomes and employment in the banana sector” of China, Indonesia, Pakistan, the Philippines, Vietnam and Mozambique, according to FAO. “Looking at the potential impact on banana production by region, given the sizable projected area losses in several Asian and Southeast Asian countries, aggregate losses would be most pronounced in Asia, amounting to an estimated 3.9 million tonnes in 2028 relative to the baseline,” the report read.

“Again, because such substantial losses to the world market would result in a rise in the world reference price, producers in unaffected countries would receive a stimulus to increase their production, thereby

Nido oil. . .

Continued from A1

The event was hosted by Service Contract (SC) 14 A and B’s consortia, composed of The Philodrill Corp.; Alcorn Petroleum; Oriental Petroleum; Nido Production; Phinma Energy; and Forum Energy.

In July 1977, Cities Service Inc. and its Filipino partners discovered commercial oil in what became the Nido A Field, in the Nido limestone reservoir of Service Contract 14’s offshore area. The discovery

ASF. . .

Continued from A12

With the decline in China’s meat output, the world’s biggest pork producer, global trade in meat and meat products is projected to rise by 6.7 percent to 36 MMT this year from last year’s 33.8 MMT, according to FAO estimates.

FAO said meat trade this year is“principally driven by increased imports by China due to domestic tightness caused by ASF-related

of the Nido B Field followed in January 1978.

Production commenced in February 1979, which marked the first commercial oil production in the Philippines. During its early stages, peak field production reached 40,000 barrels of oil per day.

The Matinloc oil field was discovered in January 1979, followed by the Pandan and Libro discoveries in 1980, which led to the establishment of the Matinloc Oilfield Production Complex, the central hub of production operations. In 1988, the North Matinloc oil field was discovered and connected to the MOPC. production losses.” The FAO projected that global per-capita meat consumption this year would fall by 2.1 percent to 43.3 kilograms from 44.2 kilograms last year.

Despite the presence of ASF, the Philippines’s total meat output this year is projected to rise by 4 percent to 3.72 MMT from 3.576 MMT last year, according to FAO. Philippine pork output is estimated to reach 1.963 MMT, which is 4.24 percent more than the 1.883 MMT it produced in 2018, FAO data showed. Jasper Emmanuel Y. Arcalas

Zubiri. . .

Continued from A1

Zubiri had earlier filed Senate Bill 527, to be known as the National Hazard Mapping Act, and Senate Bill 1139, to be known as the Department of Disaster Resilience Act. The Senate Majority Leader took the floor last week to appeal to lawmakers to pass both measures. In response to the earthquakes, his office held relief operations in the Municipality of Makilala, the City of Kidapawan, and the Provincial Capitol of Cotabato last November 2019.

Beyond immediate aid, the senator stressed the need for remedial legislation in a bid to ensure better disaster management and response strategies of the national government. “The creation of a Department of Disaster Resilience will ensure a more efficient, coordinated, and complete system of disaster management—from risk assessment to emergency response right down to reintegration assistance and rehabilitation,” Zubiri said.

The Senate Majority Leader explained that the proposed department will take on the powers and functions of the Office of Civil Defense, the Climate Change Office of the Climate Change Commission, the Geo-Hazard Assessment and Engineering Geology Section of the Mines and Geosciences Bureau, the Health Emergency Management Bureau of the Department of Health, the Disaster Response and Assistance and Management Bureau of the Department of Social Welfare and Development, the Bureau of Fire Protection, and the Program Management Office for Earthquake Resiliency of the Greater Metro Manila Area.

Zubiri added that once enacted into law, the proposed Department of Disaster Resilience will be elevated to “Cabinet level.”

Hazard mapping

To complement the goals of the Department of Disaster Resilience Act, Zubiri stressed the need for a companion bill embodying the proposed National Hazard Mapping Act. “Having a national hazard map will allow us to identify areas of high risk, helping us pinpoint possibilities of occurrence, magnitude and location of potential earthquakes, volcanic activity and other natural hazards,” Zubiri explained, adding that the map is also expected to guide in the “construction of public school buildings, hospitals, evacuation centers and other government institutions in safe zones.” Butch Fernandez

www.businessmirror.com.ph

Phl digital economy seen at $25B in ‘25

By Lorenz S. Marasigan @lorenzmarasigan

W

HILE the local digital economy is expected to balloon to $25 billion by 2025, the Philippines stands to be the nation with the smallest digital economy among six countries in the Southeast Asian region, according to a study conducted

by Temasek and Google.

In its 2019 report entitled e-Conomy SEA 2019: Mobile Internet Economy Transforming Southeast Asia, Temasek and Google found that the Philippine digital economy will grow by a whopping 257.14 percent from $7 billion this year to $25 billion by 2025. The dollar figures are measured by the gross merchandise value.

This expected expansion of the digital economy is driven largely by the rise of e-commerce in the country, led by various shopping platforms, such as Shopee, Lazada, and Zalora, online travel, online media and ridehailing.

However, this growth rate is dwarfed by rising tech hub Indonesia, home to super app Go Jek and the largest market of everyday, everything app Grab. It will end 2025 with a digital economy worth $133 billion, or a surge of 232.5 percent, albeit slower by a few percentage points versus the Philippines’s growth of 257.14 percent.

Thailand will trail behind at $50 billion in gross merchandise value, followed by Vietnam at $43 billion.

Singapore at $27 billion, and Malaysia

CCT. . .

Continued from A1

Figures show declines

Aside from Fobap, the proposal to incentivize employment in the garments industry is backed by the Confederation of Wearable Exporters of the Philippines, Garment Business Association of the Philippines, Textile Millers Association of the Philippines and the Garment Manufacturers Association of the Philippines.

Based on data from the Philippine Statistics Authority, exports of clothing products after three quarters declined over 6 percent to $700.05 million, from $753.03 million during the same period last year. PSA figures also showed last year’s exports plunged 15.57 percent to $927.92 million, from $1.09 billion in 2017.

“We used to be No. 1 in these items, but not anymore because of our labor cost, power cost and together [with] whatever reason like, for instance, the efficiency of the workers. All these kinds of factors and disturbances are factors that lead to the nonacceptance of the buyers of our prices because it is quite high, it’s really high compared to other countries, such as Lao [PDR], Myanmar and Vietnam,” Young said.

“So we thought that to help the factories, [the government should] assist them so that the cost will be lower,” he added.

According to the Fobap chief, the Philippines can no longer compete with regional rivals in terms of pricing, particularly in basic clothing,

Tan Jr.. . .

Continued from A1

comfort during this hour of grief,” Vivienne said. “We ask for your prayers for the eternal repose of his soul. Wake details will be announced soon.”

Bong Tan’s death is the second in two days among the Philippines’s taipan circle. His father Lucio Tan’s contemporary among the taipans, industrialist John Gokongwei Jr., died late Saturday night at the age of 93.

Asked about Bong Tan’s cause of death, PAL Spokesman Cielo Villaluna said “The family doesnt feel it is necessary to reveal cause of death.”

She said, “at the moment, they wish to focus on spending time with Bong.”

at $26 billion.

“While Indonesia and Vietnam are leading the way, Malaysia, the Philippines, Singapore and Thailand are also performing strongly. In fact, with growth rates averaging between 20 percent and 30 percent a year since 2015, these countries stack up very well against many others globally,” the report read.

The Philippines, the report said, may further drive its digital economy by leveraging on its current strengths and developing those to expand more quickly.

“Of the six Southeast Asian countries, the Philippines has the most room for growth. The Internet economy makes up 2.1 percent of the country’s GDP currently, and is expected to hit 5.3 percent by 2025. Notably, the Philippines is experiencing a growth surge in the Online Media sector, which has recorded a 42-percent annualized growth rate since 2015. Subscription Music and Video Streaming services are especially popular among young Filipinos who are well-acquainted with English content,” the report read.

Temasek and Google, likewise, cited strides on digital finance by Voyager Innovations inc., Coins, and First Circle, all three of which “boosted” investments in the Philippine Internet economy to roughly $300 million last year.

“Aided by supportive regulations, Digital Financial Services is one of the country’s most dynamic and promising sectors,” the report read.

including t-shirts, denim pants, sporting goods and athletic wear.

As such, subsidizing garments makers can help trim the export selling price of clothing items produced here, Young argued.

Young admitted his group has yet to reach out to the government about this proposal, but will bring up the matter soon with the labor and trade departments.

“We will still have to consult the Department of Labor and Employment about this, of course. [The] Department of Trade and Industry, with DOLE, will have to somehow collaborate and agree on the terms,” Young said.

Fiscal perks uncertainty

Aside from tighter competition in the global scale, garments makers are faced with uncertainty in the domestic level on the government’s move to rationalize fiscal incentives.

Mostly located in economic zones, garments firms will need to give up their incentives once the Corporate Income Tax and Incentives Rationalization Act bill is passed into law. The measure will bring down corporate income tax to 20 percent by 2029, from 30 percent at present, but will overhaul the set of tax perks granted to firms operating in economic zones.

Among those that will be rationalized is the 5-percent tax on gross income earned paid in lieu of all local and national taxes, which investors find crucial in maintaining their operations in the Philippines.

Palace statement Malacañang on Monday issued a statement recalling Bong Tan’s commendable qualities both in his personal and professional life.

“I know personally Bong Tan, he impressed me as a very humble person with a serious mien and always ready to smile to the people he meets, and he was a good brother to all his siblings, a dutiful son and an efficient corporate man,” Presidential Spokesman Salvador S. Panelo said during a media briefing.

Prior to his appointment as president and COO of PAL Holdings, Bong Tan Jr. served as the director of the LT Group Inc. and held various posts in its other subsidiaries. With reports from

Samuel Medenilla, Recto L. Mercene

A4 Tuesday, November 12, 2019 • Editor: Vittorio V. Vitug

Economy BusinessMirror

DTI crafts road map for AI, Fourth Industrial Revolution

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By Elijah Felice E. Rosales

@alyasjah

HE Department of Trade and Industry (DTI) is crafting a road map for the country’s artificialintelligence (AI) sector that will outline how industries will take impact from and prepare for the full swing of the Fourth Industrial Revolution.

Trade Undersecretary Rafaelita M. Aldaba last week signed an agreement with data scientists Christopher P. Monterola and Erika Fille T. Legara for the formulation of an AI road map. Aldaba said the creation of the road map “is very important and timely,” as it comes at a time technology is becoming part of the daily life.

With the advent of the Fourth Industrial Revolution, or the age of digitization, governments from across the world are seeking ways on how to keep their labor force competitive in the face of firms adopting new solutions, particularly automation, in their operations.

“The formulation of the AI road map is very important and timely.

This effort provides the impetus that will move the country forward

to keep up with the rapidly changing times,” Aldaba said in a news statement on Monday.

Part of the crafting is the establishment of an AI task force, comprised of academicians, state officials and industry stakeholders, tasked to support the initiative.

According to the DTI, the road map will analyze how AI will impact the country’s industries and labor force, and recommend policies and programs that are necessary for soft landing, such as the conduct of trainings and building of laboratories. Further, the agency will evaluate the risks and opportunities the Fourth Industrial Revolution presents to the economy.

For their part, Monterola and Legara of the Asian Institute of Management’s Aboitiz School of In-

“The formulation of the AI road map is very important and timely. This effort provides the impetus that will move the country forward to keep up with the rapidly changing times.”—Aldaba

novation, Technology and Entrepreneurship created the framework to be used in the crafting of the road map, which shall be data driven and consultative in nature.

Aldaba said the formulation of the road map should lead the way toward making the country an AI powerhouse in the region. She invited, therefore, all stakeholders to work with the DTI in the implementation of the road map initiative.

“With all of us—government, academe, industry—working together, our aspiration to become an AI center of excellence would be achieved,” the trade official said.

The Philippines obtained a score of 5.704 and a ranking of 50th among 194 economies in the Government AI Readiness Index 2019 of the Oxford Insights and the International Development Research Centre. In the region, the country placed third next only to Singapore, which topped the list, and Malaysia at 22nd.

www.businessmirror.com.ph

Labor group: Surge of CBU vehicles in local market leads to displacement of local workers

By Samuel P. Medenilla @sam_medenilla

A

LABOR group on Sunday alleged that the surge of imported cars in the local market has led to the displacement of hundreds of workers.

In a phone interview, Philippine Metal Workers Alliance (PMA-Sentro) President Ruel Punzalan said the nontariff entry of imported completely built-up (CBU) vehicles has weakened demand for locally manufactured cars.

“What is now [being] sacrificed are [the jobs] of Filipino workers due to weakened sales in the Philippines,” Punzalan said.

Dwindling work force

PUNZALAN added that a Japanbased firm with local manufacturing operations has retrenched 401 workers last year due to poor sales.

“Last July, another 40 person

[from the same company] were also facing the [same] situation,” Punzalan said.

Yet another Japanese car manufacturer also imposed temporary lay off of 70 of its employees and started offering voluntary retirement to its staff because of dwindling operations.

Punzalan said the extent of the impact of imported cars to labor goes beyond local car manufacturing and also extend to its supply chains like tire and mag wheel manufacturers.

Protecting national interests

THE continuous entry of imported CBU cars from Thailand, Indonesia and Japan prompted PMA to file a petition to impose safeguard measures for imported car manufacturers at the Department of Trade and Industry (DTI).

He noted they took it upon themselves to call on the government to restrict the entry of imported cars since the said international car man-

ufacturers would not do so.

“The employers are allowing this arrangement because they still earn either way,” Punzalan lamented.

And who ends at the losing end of the said arrangement?

“It is not only the workers, but also the government since some of these imported cars have no tariffs,” Punzalan said.

The labor leader said they are now waiting for DTI’s action on their request.

“We hope they will meet with us so we could personally tell them our concerns,” Punzalan said.

Sentro ng mga Nagkakaisa at Progresibong Manggagawa (Sentro) Secretary-General Joshua Mata vowed to support PMA, which is among their affiliate labor unions.

“We will also help in clamoring for safeguards for automotive industry since we fear it will lead to massive job losses if not addressed,” Mata told the BusinessMirror in a separate interview.

RECTO PROPOSES ELECTRONIC SURVEILLANCE OF INFRA PROJECTS

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EN. Ralph G. Recto has proposed the creation of a “digital map” of government projects and programs that will be implemented next year, to include “livestreaming” of big-ticket public works projects.

“Projects should be geo-tagged, and there should be an app in which the status of a project is just a click away,” the senator said.

“What we need is a GPS—government project surveillance—system that will not only yield updated data on construction projects, but also non-infrastructure deliverables like books and hospital equipment,” Recto said.

“So sa isang school halimbawa, pwede ipakita kung ilang science laboratory equipment ang ipamimi-

gay; kung DOH-run hospital, magkano ang budget nito sa taong ito; at kung DENR reforestation naman ay kung ilang puno ang itatanim,” Recto said.

Recto said if “remote monitoring” is now being used by owners of houses being built, then the same can be done in major government infrastructure projects.

He added that in the case of infra projects “that cost much in funds and inconvenience,” job-site cameras should be installed and realtime footage be made available to the public—if not, “a time-lapse video can be uploaded regularly.”

“In this age of Facebook Live, these should not be hard and expensive to do,” Recto said.

He said if CCTV footage can lead

to the capture of criminals, “so can it capture delays in construction.”

“Raw live video is the best feedback. Pwede makita if work is on time, on budget and according to specifications.”

For President Duterte, it can be the best monitoring tool of how trillions of tax and borrowed pesos are being spent, Recto said.

“He need not wait for Powerpoint reports during Cabinet meetings if he can go on a virtual inspection of projects anytime by just looking at them at the phone of Sen. Bong Go,” Recto said.

Recto said “remote monitoring” of government projects is not a new idea but one launched three years ago by then-Budget Secretary Benjamin Diokno.

Sustainability development—inclusive growth—zero exclusion

By Henry J. Schumacher

I

WAS pleased to note that United Nations Conference on Trade and Development recognized the Philippine Securities and Exchange Commission for promoting best practices in sustainability and reporting on the Sustainable Development Goals (SDGs). UNCTAD presented the ISAR Honors to the SEC, particularly for the issuance of the Sustainability Reporting Guidelines for publicly listed companies.

This reminds me of various discussions we have had to support efforts on enhancing the quality and comparability of companies’ reporting on sustainability issues. But the main issue remains: implementation, with focus on the 3Zeros: Zero exclusion—because the vulnerability of marginalized populations can be reduced through the promotion of inclusive institutions, governance mechanisms, policies and concrete actions; Zero carbon—because we want to pass on to our children an economy that respects natural balances, an ecologically sound development model and a global governance of the common good; and Zero poverty—because poverty is an intolerable waste of talent and the reproduction of poverty from generation to generation is not inevitable.

The 3Zeros are promoted by the 3Zero Global Alliance

as new approaches to contemporary challenges, with the aim to radically reshape the way individuals, businesses and communities live, work and interact.

While it is good to see that quite a number of companies have responded to the call for sustainability both in terms of changing their business model to address natural resource consumption, raw material selection, product/packaging design and addressing the needs of the poor and hungry, and those affected by natural calamities, much still needs to be done to widen the approach.

Central and local governments, both Houses of Congress, business, civil society, communities and individuals have to find ways in conferences, focus group discussions and campaigns to convince everyone that he or she is held accountable for their responsibilities to make a better world for present and future generations. This objective is of great interest to the European Innovation Technology and Science Center Foundation Inc. (EITSC) also, given our focus on sustainable development and inclusive growth, addressing the needs of poor communities close to the operations of business across the country.

In this context I would like to add that Gawad Kalinga, being a partner of the 3Zero Global Alliance mentioned above, is present in almost every province in the country, engaging 10,000 barangays in over 3,500 communities and affecting 350,000 families. GK has more than 4,000 volunteers on the ground, going where help is needed the most. In its promise to leave no one behind, GK does not hesitate to enter some of the most troubled and war-torn areas. GK communities are known to be zones of peace, and GK has successfully transformed slums into peaceful and productive communities. In other words, GK can become an ideal partner of businesses that wish to help poor communities.

That cooperation would be ideal to jointly implement sustainable development as called for by the UN and as encouraged by the SEC in their Sustainable Reporting Guidelines.

Allow me to highlight some areas of “sustainable development” the SEC is looking at: Direct economic value generated and distributed Resource management Environmental impact management Supply chain management Relationship with community.

In closing, let me go back to a strategy that makes sustainable development a competitive advantage. Research data suggest that some companies are creating real strategic advantage by adopting sustainability measures that their competitors can’t easily match. I hope that many Philippine PLCs accept that challenge!

Feedback is invited; e-mail me at Schumacher@eitsc.com

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Tuesday, November 12, 2019

The World BusinessMirror

Editor: Angel R. Calso

Aramco IPO prospectus flags peak oil demand risk in 20 years

G In this photo released by the official web site of the office of the Iranian Presidency, President Hassan Rouhani waves to the crowd in a public gathering at the city of Yazd, some 410 miles (680 kilometers) southeast of the capital Tehran, Iran, on Sunday. Iran has discovered a new oil field in the country’s south with over 50 billion barrels of crude oil, Rouhani said on Sunday, a find that could boost the country’s proven reserves by a third as it struggles to sell energy abroad over US sanctions.

Office of the Iranian Presidency via AP

Iran discovers new oil field with over 50 billion barrels T EHR A N, Ira n—Ira n has d iscovered a new oi l f ie ld i n t he cou ntr y’s sout h w it h over

50 billion barrels of crude, its president said on Sunday, a find that could boost the country’s proven reserves by a third as it

struggles to sell energy abroad over US sanctions.

The announcement by Hassan Rouhani comes as Iran faces crush-

ing American sanctions after the US pulled out of its nuclear deal with world powers last year.

Rouhani made the announcement in a speech in the desert city of Yazd. He said the field was located in Iran’s southern Khuzestan province, home to its crucial oil industry.

Some 53 billion barrels would be added to Iran’s proven reserves of roughly 150 billion, he said.

“I am telling the W hite House that in the days when you sanctioned the sale of Iranian oil and pressured our nation, the countr y’s dear workers and engineers were able to discover 53 billion barrels of oil in a big field,” Rouhani said.

Oil reser ves refer to crude that’s economically feasible to extract. Figures can var y w ildly by countr y due to differing standards, though it remains a yardstick of comparison among oil-producing nations.

Iran currently has the world’s fourth-largest proven deposits of crude oil and the world’s secondlargest deposits of natural gas. It shares a massive offshore field in the Persian Gulf with Qatar.

T he new oil field could become Iran’s second-largest field after one containing 65 billion barrels in A hvaz. T he field is 2,400 square kilometers (925 square miles), w ith the deposit some 80 meters (260 feet) deep, Rouhani said.

Since the US withdrew from the 2015 nuclear deal, the other countries involved—Germany, France, Britain, Russia and China—have been struggling to save it. However, they’ve offered no means by which Iran can sell its oil abroad.

Any company or government that buys Iran’s oil faces harsh US sanctions, the threat of which also stopped billions of dollars in business deals and sharply depreciated Iran’s currency, the rial.

Iran has since gone beyond the deal’s stockpile and enrichment limits, as well as started using advanced centrifuges barred by the deal. It also just began injecting uranium gas into centrifuges at an underground facility.

The collapse of the nuclear deal coincided with a tense summer of mysterious attacks on oil tankers and Saudi oil facilities that the US blamed on Iran. Tehran denied the allegation, though it did seize oil tankers and shoot down a US military surveillance drone. AP

lobal oil demand may peak within the next 20 years, according to an assessment included in the prospectus for Saudi Aramco’s initial public offering (IPO), suggesting views are slowly changing in the kingdom where officials long dismissed the notion as overblown.

Rather than providing its own assessment, Aramco used a forecast from industry consultant IHS Markit Ltd. that forecasts oil demand to peak around 2035. Under that scenario, demand growth for crude and other oil liquids will be “leveling off” at that time. In an accompanying chart, the Saudi oil giant showed global oil demand lower in 2045 than in 2040.

While Aramco didn’t explicitly endorse the forecast, its inclusion in the 658-page IPO prospectus will bring it the attention of investors worldwide. The company’s directors believe that the data provided by the industry consultant are “reliable,” according to the prospectus.

A second scenario in the prospectus, which is essentially a marketing document for Aramco’s share sale, assumes a faster transition away from fossil fuels that leads to peak oil demand occurring in the late 2020s.

As recently as February, Aramco Chief Executive Officer Amin Nasser dismissed concerns about the rise of alternatives to oil as “not based on logic and facts,” and said they arose “mostly in response to pressure and hype.” A year earlier at an industry event in Houston, he said he was “not losing any sleep over ‘peak oil demand.’” Khalid Al-Falih, the country’s petroleum minister until two months ago, was equally dismissive, saying in 2017 that talk about peak demand among energy executives, analysts and activists was “misguided.”

The forecasts also stretch

much further into the future than those Aramco provided in the prospectus for its April bond sale. Just over six months ago, the company was only giving investors a view of oil markets up until 2030, while now it’s providing a view way to 2050. Back in April, Aramco gave no indication that a peak in oil demand was on the horizon.

European majors like Royal Dutch Shell Plc. and Total SA have already stated concerns about oil demand peaking.

Still, Aramco can take some solace in the fact that as one of the lowest-cost producers, its market share may rise as demand slips. Even in a bearish case for oil, with demand peaking in the late 2020s, Saudi Arabia’s market share could rise from around 15 percent to 20 percent by 2050, according to the prospectus.

According to one estimate, the nation’s reserves could sustain output in the coming decades as the company improves field recovery factors. Aramco will be able to continue pumping as much as 11 million barrels a day of crude and condensate into the 2030s and possibly go as high as 13 million barrels a day in the 2040s, analysts Sanford C. Bernstein wrote in a report on Monday.

Aramco published the prospectus on Saturday as it pushes ahead with what could be the biggest-ever share sale.

One thing absent from the document was any suggestion of what valuation Aramco is aiming for. Saudi Crown Prince Mohammed bin Salman has said Aramco should be valued at $2 trillion, but bankers who have tried to value the company have suggested it may be worth anywhere from $1.1 trillion to $2.5 trillion.

Investors will start bidding to buy shares in the oil company starting on November 17.

Bloomberg News

Oil retreats from 7-week high on mixed trade-war signals

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il retreated from a sevenweek high as investors weighed mixed signals on the progress of US-China trade talks, while worsening violence in Hong Kong damped sentiment across financial markets.

Futures fell as much as 1.2 percent in New York after gaining 1.9 percent last week. President Donald J. Trump said the trade talks were moving along “very nicely,” but he also described reports on how much the US was ready to roll back tariffs as incorrect. Hong Kong stocks led declines in Asia after police shot a protester on Monday morning amid street clashes.

Oil has rallied around 9 percent since early October as the world’s two largest economies moved closer toward a limited trade agreement, while data last week showed some signs of improvement in the US and Chinese economies. That optimism has been reflected in hedge-fund bets, with net-long positions on West Texas Intermediate (WTI) crude rising for a third straight week. Meanwhile, Wood Mackenzie Ltd. said it sees a “pretty high chance” that Opec and its allies will slightly extend production cuts next month.

Investors remain hostage to the rapid shifts in the US-China trade negotiations, Stephen Innes, Asia Pacific market strategist at AxiTrader, said in a note. But it’s ultimately the economic data that matter and, on that front, things are improving, he said.

WTI for December delivery fell 57 cents, or 1 percent, to $56.67 a barrel on the New York Mercantile Exchange as of 7:10 a.m. in London. It finished up 0.2 percent on Friday at $57.24, the highest close since September 24.

Brent for Januar y dropped 1 percent to $61.87 a barrel on the London-based ICE Futures Europe Exchange after climbing 1.3 percent last week. The global crude benchmark traded at a $5.20 premium to W TI for the same month.

There were signs last week that a first-phase US-China deal would include a tariff rollback, but Trump made clear on Friday that an agreement hasn’t yet been reached and that he wouldn’t eliminate all levies. There’s an expectation that new tariffs scheduled for December 15 won’t take effect as part of an initial deal, but a lot of levies remain in place. Bloomberg News

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Malaysian ex-PM Najib ordered to enter defense in 1MDB case

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UALA LUMPUR, Malaysia—A Malaysian judge on Monday ordered former Prime Minister Najib Razak to enter a defense at his first corruption trial linked to the multibillion-dollar looting at the 1MDB state investment fund that helped spur his shocking election ouster last year.

A calm Najib said in court he would testify in his defense when the trial resumes.

High Court Judge Mohamad Nazlan Mohamad Ghazali said the prosecution had established its case on charges of abuse of power, breach of trust and money laundering. The seven charges relate to 42 million ringgit ($10.1 million) that allegedly went into Najib’s bank accounts from SRC International, a former unit of

the 1MDB fund.

The judge said it was clear that Najib, who was also finance minister at the time, had “wielded overarching authority and power” in SRC, and taken actions for “personal and private interest.” He said the prosecution has established the “ingredient of dishonesty” in misappropriating the funds.

Defense lawyers said Najib would be the first witness called when the trial resumes December 3.

Najib is also charged in four other cases in the 1MDB scandal that led to investigations in several countries. His wife, several officials from his government, and the US bank Goldman Sachs also face charges related to the scandal.

Monday’s ruling was seen as a key test for the legal system and the credibility of Prime Minister

Mahathir Mohamad’s government, which won a historic victory in the May 2018 election on an anti-corruption platform.

The polls led to Malaysia’s first change of government since independence from Britain in 1957.

In an immediate reaction, Sports Minister Syed Saddiq Syed Abdul Rahman tweeted: “Praise God. May justice be on the side of the people.”

The patrician former leader, whose father and uncles were the country’s second and third prime ministers, respectively, could face years in office if convicted.

Najib, 66, denies any wrongdoing and accuses Malaysia’s new government of seeking political vengeance.

Mahathir, 94, was premier for 22 years until his retirement in

2003 but made a political comeback amid anger over the 1MDB scandal. His government soon reopened 1MDB investigations that had been quashed under Najib.

US investigators say Najib’s associates pilfered more than $4.5 billion from 1MDB between 2009 and 2014, and laundered the money through layers of bank accounts in the US and other countries to finance Hollywood films and buy hotels, a luxury yacht, art works, jewelry and other extravagances. More than $700 million from the fund allegedly landed in Najib’s bank account.

Truckloads of luggage stashed with cash, jewelry and hundreds of expensive designer bags worth a staggering 1.1 billion ringgit ($265 million dollars) were seized from Najib’s, and his wife’s home

and other properties.

In all, he faces 42 charges of criminal breach of trust, graft, abuse of power and money laundering in the five criminal cases.

His second trial, the biggest and most complex, started in August and is ongoing. Najib faces four counts of abusing his power to receive more than $731 million from 2011 to 2014, and 21 other charges of receiving, using and transferring illicit funds linked to 1MDB. Dates for the other trials have not been set.

Najib’s lawyers say he is the victim of a conspiracy by rogue bankers including one identified by US investigators as the mastermind behind the 1MDB fiasco. Prosecutors say Najib was the real power behind the fraud in the fund and its local unit. AP

Hong Kong police shoot protester, man set on fire

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ONG KONG—A Hong Kong antigovernment protester was shot by police on Monday in a dramatic scene caught on video as demonstrators blocked train lines and roads in a day of spiraling violence fueled by demands for democratic reforms.

Elsewhere, a man was set on fire following an apparent dispute over national identity in the semiautonomous Chinese territory, which has been wracked by five months of protests. The man was in critical condition in a city hospital.

The violence is likely to further inflame passions in Hong Kong after a student who fell during an earlier protest succumbed to his injuries on Friday and police arrested six pro-democracy lawmakers over the weekend.

Monday’s video shows a police officer shooing away a group of protesters at an intersection, then drawing his gun on a masked protester in a white hooded sweatshirt who approaches him.

As the two struggle, another protester in black approaches, and the officer points his gun at the second one. He then fires at the stomach area of the second protester, who falls to the ground. The officer appeared to fire again as a third protester in black joined the tussle.

The protester in white manages to flee, bounding up a nearby stairway, and the officer and a colleague pin the two in black to the ground.

Police said that only one protester was hit and that he was undergoing surgery. A spokesman for the Hong Kong hospital authority said the person shot was in critical condition but gave no further details.

The incident marked the second time a protester has been shot since the demonstrations began in early June, although police have repeatedly drawn their firearms to ward off attacks. More than 3,300 people have been arrested in the protests.

Few details were available about the burning incident in the Ma On Shan neighborhood. Video posted online shows the victim arguing with a group of young people before someone douses him with a liquid and strikes a lighter.

Police fired tear gas and deployed a water cannon in various parts of the city on Monday and charged onto the campus of Chinese University, where students were protesting. Video posted online also showed a policeman on a motorcycle riding through a group of protesters in an apparent attempt to disperse them.

Rail service was partly suspended because of fires and obstacles on the tracks and windows smashed at a branch of the state-owned Bank of China. Large parts of the downtown business district were closed to traffic as protesters surrounded by onlookers engaged in a standoff with police.

The protests began over a proposed extradition law and have expanded to include demands for greater democracy and police accountability. Activists say Hong Kong’s autonomy and Western-style civil liberties, promised when the former British colony was returned to China in 1997, are eroding.

The video of Monday’s shooting was posted on Facebook

by Cupid Producer, an outlet that started last year and appears to post mostly live videos related to local news.

The shooting occurred in a crosswalk at a large intersection strewn with debris that had backed up traffic in Sai Wan Ho, a neighborhood on the eastern part of Hong Kong Island.

Protesters blocked intersections around the city and

In this image made from video, a police officer (left), prepares to shoot a protester (center), in Hong Kong on Monday. The police shot the protester as demonstrators blocked subway lines and roads during the Monday morning commute. Cupid Producer via AP

disrupted subway and commuter rail service. The rail operator, MTR, suspended service on several lines, and public broadcaster RTHK reported that a fire had been set inside a train at Kwai Fong station.

In a news release, the Hong Kong government said police had been responding to vandalism and disruptions to traffic, including

protesters throwing heavy objects onto roads from above.

“During police operations, one police officer has discharged his service revolver, one male was shot,” the release said, adding that officers also drew their guns in the Sha Tin and Tung Chung neighborhoods.

The release denied what it called online rumors saying police had

been ordered to “recklessly use their firearms,” calling the allegation “totally false and malicious.”

“All police officers are required to justify their enforcement actions,” the statement said.

A patch of what looked like dried blood could be seen in a cordoned-off area after the shooting, as onlookers shouted insults at the police.

Masked protesters continued to try to block other intersections in the area. Police chased them away with pepper spray, hitting some bystanders, as well.

On Sunday, police fired tear gas and protesters vandalized stores at shopping malls in anti-government demonstrations across Hong Kong.

They targeted businesses whose owners are seen as pro-Beijing and also damaged the Sha Tin train station.

Police said they arrested at least 88 people on various charges, including unlawful assembly, possession of an offensive weapon,

criminal damage and wearing masks at an unlawful assembly.

In a sign of growing frustration on behalf of Hong Kong’s leader, Carrie Lam, and her backers in Beijing, the administration on Saturday announced the arrest of six lawmakers on charges of obstructing the local assembly during a raucous May 11 meeting over the extradition bill. All were freed on bail.

The city has also been rocked by the death Friday of a university student who fell from a parking garage when police fired tear gas at protesters.

The territory is preparing for November 24 district council elections that are viewed as a measure of public sentiment toward the government.

Pro-democracy lawmakers accuse the government of trying to provoke violence to justify canceling or postponing the elections. AP

A8 Tuesday, November 12, 2019

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editorial

Clean coal?

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CNN Philippines recent headline read: “At opening of coal plant, Duterte calls for clean energy.” This might seem like a contradiction, urging the private sector to invest in clean energy during the opening of a coal-fired power plant, when coal is said to be the dirtiest of all energy sources.

One of the cheapest energy sources, coal is being blamed for causing not only air, soil and water pollution that undermines human health and the environment but for being the biggest contributor to global GHG emissions that trigger climate-change disasters.

For instance, in 2013 the strongest typhoon ever to make landfall in history devastated Central Philippines, leaving a trail of death and destruction.

Climate-change effects, such as longer wet season and longer dry seasons, also cause enormous damage to food production.

In the CNN story, however, Duterte was opening a plant that supposedly invested in clean-coal technology. The owners of the 500-megawatt San Buenaventura Power Ltd. Co. (SBPL) in Mauban, Quezon, say that, unlike other coal plants, their power plant uses technology that significantly cuts emissions.

SBPL is a limited partnership between MGen, Meralco’s power-generation arm, and New Growth BV, a wholly owned subsidiary of Electricity Generating Co. of Thailand.

“You actually burn the coal more efficiently because of the plant’s high pressure high temperature feature,” said Rogelio Singson, MGen president.

Environmental groups like the World Wildlife Fund and Greenpeace, however, are not convinced. Greenpeace Philippines climate and energy campaigner Reuben Muni said “coal is coal” and there is no such thing as “clean coal.”

A report, “Coal: A Public Health Crisis,” was released by Greenpeace along with environmental and public-health interest groups to warn the government and the public about the health impacts of existing coal-fired power plants.

The report said coal-fired power plants expose people to toxic pollution, resulting in hundreds of premature deaths every year.

It said that deaths due to stroke, heart and other cardiovascular diseases, and respiratory illnesses because of air pollution may go up from the current 960 annual premature deaths to 2,410 deaths per year with the construction and operation of more coal-fired power plants in the country.

Yet, despite President Duterte’s recent call to lower the country’s reliance on coal in his last State of the Nation Address, coal remains the country’s leading source of energy.

Fitch Solutions Macro Research said it forecasts coal to make up 59.1 percent of the country’s energy mix by 2028.

Should the government then focus on bringing in more coal plants, even so-called clean coal technologies, instead of shifting away from all fossil fuels altogether, toward renewable-energy sources like wind and solar power?

The WWF-Philippines said the country has a huge renewable energy potential waiting to be tapped. They estimate energy potential from wind at 76,000 MW mainly due to the country’s prevailing monsoons. It also has a whole year-round of good solar irradiation estimated to generate 5-kilowatt-hour per square meter per day in almost all parts of the country. Meanwhile, mountainous tropical landscape provides a good source of hydropower, estimated at 10,500 MW. “Renewable energy is an indigenous source of energy, meaning the resource is available locally and not prone to foreign influences and fuel-price fluctuations. RE can be used to power remote islands with distributed energy systems, saving us the delivery of fuel to remote islands,” WWFPhilippines Energy Project Officer Raphael B. Dorilag said.

Perhaps, if we truly want to reduce our carbon footprints for future generations and improve health and quality of life in the country, sticking with coal—even supposedly clean coal—as an energy source might not be the way to go.

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When the faith breaks John Mangun

OUTSIDE THE BOX

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S it was in the beginning, is now, and forever shall be, this is the cycle. Bad economic policies eventually lead to political chaos. Political chaos causes lack of confidence in government, which then leads to economic chaos. From the economic chaos eventually comes a reset of some sort that creates a different—if not new—economic paradigm.

While there are many experts that want to believe that what is happening is a “populist uprising,” a “clamor for freedom,” or political shift to the left—or right—depending on the expert’s political views, none of that is correct.

In recent weeks, the governments of Chile, Ecuador and now Bolivia have been subject to massive protests. The president of Chile is one of the richest persons in the country and is considered a member of the center-right. The political view and policies of Ecuador’s president is center-left and he is a “democratic

Low inflation reflects stability

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socialist.” Recently resigned Eva Morales is about as left as you can get, his Bolivian political party is the “Movement of Socialism.”

We have been told that these protests are the result of wealth inequality—except for Bolivia, which is now mentioned as the result of a CIA inspired coup. The wealth inequality in Ecuador is the same as in Singapore.

Chilean inequality is about the same as Brazil. “Socialist paradise” Bolivia has the same wealth inequality as Malaysia.

However, if you actually look at the data, the major “inequality” is

that the economy is worse today than before. In 2013, Bolivia’s economy was growing at 7 percent annually. Today that growth is 3.27 percent. Bolivia’s inflation went from 1 percent to over 2 percent in the past 12 months. Maybe the CIA did not need to stage a coup.

Chile’s growth fell from 5.3 percent in early 2018 to less than 2 percent most recently. In that same period Ecuador went from 3-percent growth to zero.

Of countries with a population of over 5 million, Hong Kong has the fifth wealthiest economy per capita in the world. Before Beijing started placing capital controls on mainlanders, Hong Kong economic growth was over 3 percent, which is good for a large and wealthy economy. That fell to 1 percent.

The economy improved as mainlanders figured out a way to get around those controls through cr y ptocurrencies and creative export bookkeeping.

Then, when Beijing got even tougher on money flows, Hong Kong growth went to 0.6 percent. Likewise, inflation moved higher from 1.3 percent to over 3 percent. Notice the pattern?

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he inflation rate moderated to 0.8 percent in October 2019, the slowest in three-and-a-half years, reflecting the Duterte administration’s strong political will to stabilize the economy and make it more conducive to both investors and consumers.

The inflation in October, according to the Philippine Statistics Authority, softened from 0.9 percent in September and 6.7 percent in October 2018. It was also the slowest since April 2016 when inflation settled at 0.7 percent.

With the latest number, inflation rate in the first 10 months averaged 2.6 percent, or within the government’s 2019 target range of 2 percent to 4 percent.

Inflation rate fell below 1 percent for two consecutive months starting September mainly because of the high-base effect and the decline in the actual price of rice following the extraordinary surge last year caused by an artificial supply shortage.

The government showed it is in control of the situation by implementing the rice tariffication regime, which effectively abolished

the monopoly on rice imports by the National Food Authority.

As a result, we registered a 0.9-percent deflation or negative growth in prices of food and nonalcoholic beverages in October, a sharp reversal from the 9.4-percent food inflation recorded in the same month last year. For the poor Filipinos, food inflation is the most important number in the consumer price index.

The transportation segment of the CPI also registered a deflation (-1.7 percent) in October because of subdued petroleum prices. The food and transport components represent 46 percent of the CPI basket and directly affect the low-income groups.

Data show that following the rice tariffication, the price of rice declined for the sixth consecutive month. In October, the price of the

staple was 9.7 percent lower year-onyear, according to the PSA. I believe that inflation most likely bottomed out in October, as prices were normally expected to pick up a bit in November and December because of holiday spending.

Still, a radical increase in prices of basic commodities is not expected, except for pork products amid the African swine fever, or ASF, scare that affected the hog industry in Rizal, Pangasinan, Bulacan, Nueva Ecija, Pampanga, Cavite and Quezon City.

Overall, I believe the domestic economic environment has become more conducive in the fourth quarter because of the low inflation rate, with the strong peso and the resurgent stock market.

The peso appreciated by around 4 percent this year to trade at 50.50 against the US dollar, making it one of the best-performing Asian currencies, while the Philippine Stock Exchange index recently breached the 8,000-point mark.

Given the downtrend in inflation rate, the Bangko Sentral ng Pilipinas has more flexibility to further adjust the interest rates so that companies and households will have more spending capability. I know that some companies are just waiting for interest rates to return to the recordlow level of 3 percent before embarking on their next wave of expansion.

The overnight borrowing rate stands at 4 percent after the Bangko

Economies and “The People” can handle economic disruptions when and if they retain their confidence in the government to handle those problems. The Philippines with the high 2018 inflation and Indonesia with a depreciating currency and slower economic growth are good examples. Even Thailand with limited political freedom and an overly strong currency and slow growth has been able to sustain.

But when the economy turns shaky and the people lose faith in the government, all hell breaks loose.

Stay tuned for 2020. The worst is yet to come. That is because what we are seeing in the examples of Chile, Ecuador, and now Bolivia will lead to more distrust. And that will lead to sovereign debt problems, currency exchange rates spinning out of control, and problems more serious than we now read in the headlines. No revolution in history ever occurred except on the back of an economy failing the people.

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.

Sentral reduced it by a total of 75 basis points this year from a high of 4.75 percent in 2018. The Monetary Board, in the face of riceinduced inflation, moved last year to increase the benchmark rate by a total of 175 basis points from a low of 3 percent in 2017.

With the threat of the rice-price surge becoming a thing of the past, I believe it is time for the BSP to be more supportive of economic growth, resume monetary easing and bring back the rate to 3 percent to help companies and households avail themselves of financing, which is the lifeblood of the economy.

Both the BSP and the National Economic and Development Authority expect inflation to remain within the target range of 2 percent to 4 percent from 2019 to 2021 given the current macroeconomic fundamentals.

BSP Governor Benjamin Diokno has in fact clearly conveyed to the market his preference to support economic growth by releasing more liquidity. Apart from slashing the key interest rates, he led the Monetary Board in reducing the reserve requirement ratio of banks by a total of 400 basis points this year to 14 percent in line with his goal to reduce the RRR to a single-digit level by the end of his term in 2023. This unleashed around P400 billion to the market, but banks mainly used them See “Villar,” A11

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Do 125,000 farmers deserve $14.3 billion?

November: Bar examination month Manny F. Dooc

TELLTALES

Lionel Laurent

BLOOMBERG

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he European Union’s Common Agricultural Policy—also known as CAP—is a €58-billion ($64 billion) system of farm aid that accounts for the bloc’s biggest single budget expense. And it has long been a punching bag for euroskeptics.

The UK press for years excoriated the “wine lakes” and “butter mountains” supported by EU money.

Even after the production quotas went away, critics accused the EU of trade protectionism meant to squeeze rivals. The EU’s defense is that the system is more marketoriented and eco-friendly than it used to be.

Today it’s no longer just the Brits grumbling. In fact, the United Kingdom’s looming departure from the EU may leave a €98-billion hole in the next EU budget and that shortfall has exposed deep discontent on the continent. Germany is loath to fill the gap and wants individual memberstates to contribute more for farm subsidies, something France—still the biggest overall recipient of CAP funds— is resisting.

Unlike some of its thrifty neighbors who want to keep a lid on costs, France wants a more ambitious system. French President Emmanuel Macron is fighting the view popularized by author Michel Houellebecq and others that Brussels is too weak and beholden to free trade to defend France’s local terroirs from competition. It would be easier to build popular support for a bold new CAP if its hypocrisies weren’t so apparent to voters.

The system only costs around 0.4 percent of the EU’s gross domestic product, but it’s distributed in wildly unequal ways. Europe’s capitals are frequently awash in tales of well-heeled landowners receiving millions in EU aid—including the wealthy, Brexit-loving entrepreneur James Dyson—which should ideally go to those who actually need a financial boost. One well-known statistic is that about 80 percent of EU agricultural aid goes to the top 20 percent of farmers; in absolute terms, according to 2017 data, some 125,000 beneficiaries get around €12.9 billion ($14.3 billion) in aid. That’s about €103,000 ($113,500) per farmer.

Given the EU is advertising itself as a “geopolitical” defender of the Western liberal order and protector of citizens’ way of life, another awkward problem with the CAP is the corruption and cronyism it fosters within. A New York Times investigation this week revealed how the CAP has propped up the likes of Hungary’s

Villar. . .

Continued from A10

to invest in government securities.

We hope the banks will follow the signal from the BSP to be more supportive of the economy by directly lending to investors and consumers.

With inflation rate settling be-

Viktor Orban via farmland sold to his allies, and sent tens of millions of dollars to Czech Republic Prime Minister Andrej Babis’s company Agrofert.

With EU aid now doled out directly by the hectare, the wine lake and the butter mountain have been replaced by land-grabs based on patronage and directed at insiders, according to one 2015 study. More accountability and transparency would help, as would the centralized ability to link EU aid to recipients who have a healthy respect for the rule of law and democracy. But member-states would have to agree to give up the power they enjoy when it comes to allocating aid. They have a bothersome habit of watering down sensible proposals, such as putting a cap on the size of farm handouts or conditioning them on certain goals.

Brussels does audit the money trail to fight fraud and error, which it estimates represents about 2.4 percent of farm aid, but its resources aren’t limitless.One idea raised by Alan Matthews, professor emeritus of European agricultural policy at Trinity College, is to tie aid to something that’s popular and a top priority for the new European Commission—the environment. Rather than just call for a hard cap of, say, €50,000 per beneficiary (which countries would fight), he suggests a soft cap above which aid would be tied to climate-friendly, sustainable farming initiatives.

Big farms, however politicallyconnected, would have to show they can offer a public good in exchange for public funds.This is superficially the same message being sent by the UK government to its own farmers as a way to replace EU subsidies after Brexit: Aid should be earned by eco-friendly initiatives, not paid by the hectare.

It’s easier said than done, and the state of UK agriculture without membership in the EU’s single market is hard to predict. But considering it will take time, money and political trade-offs to improve the EU’s flawed system, a small step like this—particularly if it proves to the naysayers that Europe can be reformed—is surely worth it. low 1 percent and GDP resuming its 6-percent plus growth pace, BSP, without losing its price stability objective, is in the best position to provide an environment conducive for faster growth in the second half and in 2020.

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

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ovember each year is the Bar Examination month in the Philippines. It is the professional licensure examination required before anyone can practice law in our country. It is administered by the Supreme Court through the Bar Examination Committee headed by an incumbent member of the SC. A Bar candidate should obtain a passing average of 75 percent and no grade must be lower than 50 percent in any Bar subject. There were years when the passing average was lowered to admit more new lawyers, particularly when the actual results showed low passing average. The scope of the Bar exams covers eight law subjects, which are separately graded. Each contribute to the general average with Remedial Law carrying the biggest weight at 20 percent and Legal Ethics and Practical Exercises at 5 percent.

It’s considered one of the toughest board exams that examinees become prayerful and devotees of religious saints. It’s not uncommon to see examinees joining pilgrimages to Manaoag, Baclaran and Antipolo to petition for a successful Bar result.

The first Bar exam was held in 1901. The third Bar exam held in 1903 was topped by Jose Quintos with a rating of 96.33 percent. In the same batch notably were Sergio Osmena, second placer, with a rating of 95.66 percent and Manuel L. Quezon, fourth placer, with a rating of 87.83 percent. Three presidents— Manuel A. Roxas, Diosdado Macapagal and Ferdinand Marcos—were

the Bar topnotchers (the examinee who garnered the highest grade in a particular year) of their batch. The late Sen. Jose W. Diokno topped both the CPA Board examination and the Bar Examination. He tied with former Senate President Jovito Salonga for first place during the 1944 Bar examination with a rating of 95.3 percent. The only other time there was a tie for No. 1 in the Bar exam was in 1999 when Edwin Enrile of Ateneo de Manila and Florin Hilbay of University of the Philippines both scored a rating of 88.5 percent. The lowest rating obtained by a topnotcher is 83.5 percent posted by the first placer Mercedita L. Ona of Ateneo de

Bloomberg Opinion

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he island of Tsushima, halfway between Japan and South Korea, is about as close as you can get to the frontline of their trade war. Now part of Nagasaki prefecture, waves of Korean cultural, commercial and military influence have crested and receded over the hills of this verdant island since the Middle Ages.

Here, it’s apparent that centuriesold ties between the nations can’t be unwound by political rhetoric spewing from capital cities hundreds of miles away. Economic life crawls along,

with a determination to do whatever it takes to weather this moment in Seoul-Tokyo relations. Survival depends on it.

Tension between these two industrial powerhouses heated up in July, when Prime Minister Shinzo Abe restricted exports of certain materials vital to South Korea’s technology industry, citing concerns about nuclear weapons proliferation. Many suspect this was really a response to recent South Korean court decisions that determined some big Japanese companies must pay damages for forced labor during World War II and the occupation. Japan says all claims

Manila in 2007. The ratings obtained do not necessarily reflect the degree of difficulty of the Bar examination and are not comparable as the quality of questions varies each year.

A better gauge may be the percentage of passing or the mortality rate.

The 1999 Bar Examination recorded the lowest passing rate at 16.59 percent. The passing rate in the 1954 Bar Exam was 75.17 percent, an alltime high in the history of the Bar. A candidate is disqualified to take the Bar after failing in three examinations, but he may be permitted to take the fourth and fifth examinations if he successfully completes a one-year refresher course for each examination. The SC in 2005 introduced the “5-strike rule” which disqualifies five-time flunkers from taking future Bar examination. The UP has produced 49 Bar topnotchers; Ateneo, 22; and San Beda, 8.

Former SC Justice Florenz Regalado of San Beda has obtained the highest rating of 96.7 percent in the history of the Bar. A father and son both copped first place in the Bar exam. Former Chief Justice Claudio Teehankee obtained the highest rating in 1940, while his son, Manuel J. Teehankee, got 91.40 percent which was the highest rating in the 1983 Bar exam. A nephew of CJ Teehankee, Enrique Teehankee, also placed No. 1 in the 1976 Bar exam with a rating of 90.8 percent. A husband and wife also figured prominently in the Bar exams. Justice Ramon Aquino placed ninth in 1939, while his wife

Cleverly diverting public attention Cecilio T. Arillo

database

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HIS time, the Yellows are repeatedly lambasting the Duterte administration for the series of arrests by the police and military of Communist insurgents in Negros and elsewhere in the countryside and urban centers, the same way they cleverly subjected the Marcos regime for its unfounded human-rights violations in a relentless effort to divert public attention.

Hidden from the general public, President Corazon Cojuangco Aquino’s regime, which led the Yellow followers, actually painted a gruesome picture of human-rights violations in the form of warrantless arrests and detention reaching an alarming level of 15,999 and extrajudicial executions with 1,733 cases, including 189 that occurred in 1990 alone.

The records in Congress, the Human Rights Commission (HRC) and Task Force Detainees of the Philippines (TFD) showed 335 cases of disappearances and 146 cases of massacres, which happened between March 1, 1986 and 1991, including the infamous Mendiola carnage that claimed the lives of 12 farmers who protested against the takeover of Hacienda Luisita and her defective agrarian reform policy in front of the presidential palace’s main gate on Mendiola.

In reaction to the Mendiola carnage, Philippine Human Rights Commissioners JBL Reyes, Jose Diokno,

Zenaida Avacena and Mariani Dimaranan all resigned.

President Aquino’s human-rights records also revealed that from 1986 to 1990, a total of 71,111 families, 23,424 individuals, 229 barangays, and 207 sitios (small villages) were affected by 464 cases of forced evacuations; 20 cases of hamletting, which affected 2,306 individuals and 1,675 families; and 23 cases of economic and food blockades, affecting 8,925 families and 427 individuals in 36 barangays in the countryside. Of the 8,925 families affected, 4,024 were victimized in 1990.

In addition, 34 journalists who exposed graft and corruption and other venalities in her government were murdered and many others were persecuted while in the legitimate pursuit of their profession. In Fidel V. Ramos’s six-year in office, 18 journalists were slain, for a total of 52 post-Edsa casualties.

Of the 52, six were killed in Metro Manila, including two that

Trade war frontlines are friendlier than you think

By Daniel Moss

Tuesday, November 12, 2019 A11

were covered under a 1965 treaty and faulted Seoul’s handling of the issue.

Then in August, during the peak of the summer tourist season, Abe removed Korea from a list of trusted export destinations. Korea responded by giving notice it would pull out of an intelligence-sharing pact.

The economic damage has been profound. South Korean visits to Japan fell 60 percent in September from a year earlier. Exports of some industrial gases from Japan have plummeted to almost zero. The spat has undermined a Korean economy already crunched by the China-US trade clash; and exports have fallen for 11 consecutive months.

In bustling cities like Seoul, Koreans have boycotted Japanese shops and restaurants, and protesters have spilled into the streets. Yet, I saw none of this antipathy in Tsushima. About a two-hour ferry ride from Busan, South Korea’s second-biggest city, the island’s lifeblood flows Korean, even if it’s technically inside Japanese waters.

In the town of Hitakatsu, a few feet from Japanese customs and immigration at the wharf, locals turned out with a big banner, written in Korean, welcoming arrivals. It’s a way for residents to show their appreciation for visitors, one greeter said, whose

Carolina Griño-Aquino was No. 1 in 1950. Both served as Associate Justices of the SC. Siblings Manuel Zamora (1961) and Ronaldo Zamora (1969) placed third and first in their respective Bar examinations.

The first woman Bar topnotcher with a rating of 89.4 percent was Tecla San Andres Ziga of UP, who later served as a senator of the Philippines. She was followed by Cecilia Muñoz-Palma of UP (92.6 percent) in 1937 who later became the first woman Associate Justice of the SC. Several women have landed in the first place as more women, the best and the brightest, get admitted to law schools.

There are years when Bar examinations were marred by scandals as when a leakage reportedly occurred.

This happened during my time in 1979 Bar when the SC ordered a retake of the examination in Labor Law. We were asked to sit for another Sunday to do a repeat exam in the said subject. Again in 2003, the SC ordered a retake of the Mercantile Law exam due to questionnaire leakage. nnn

Shortly after the results of the Bar Examination were released, a Bar flunker immediately texted his parents who were preparing to hold a grand celebration of his successful passing of the Bar in their village. In a true lawyerly fashion befitting a Bar topnotcher, the text reads: “Hold in abeyance the roasting of the calf. Fatten it some more for next year. The calf’s petition was granted, while our prayers were denied.”

In Ferdinand E. Marcos’s 14 years of martial rule, by comparison, only 32 journalists were killed in the line of duty.

TFD, a nongovernment organization composed mainly of dedicated nuns and laymen, reported to Congress that between 1977 and before the Edsa mutiny in 1986, there were a total of 21,893 warrantless arrests, 2,658 cases of extrajudicial executions, and 791 disappearances.

The TFD considered as humanrights violations those acts which were violative of certain rights defined by international norms (e.g., arbitrary killing, taking one’s property, etc.) which were committed due to political motives by government authorities or by any persons acting in their behalf.

Reflecting the sentiment of the military, the organization that was often blamed for human-rights violations, retired Maj. Gen. Maria Jose Solguillo, then-chief of the Southern Luzon Command, said in a dialogue with HRC officials: “When the military hit and arrest communists guerrillas, it was human-rights violations; when the guerrillas hit and ambushed the soldiers, it was all right.”

Solguillo told this writer in an interview that the investigation of human-rights violation by the HRC, the agency created by Aquino, was always lopsided against the military as if human rights were not also the concern of soldiers, their wives and their orphans.

were caught in the crossfire in the 1987 coup attempt; 22 were slain in Mindanao, five in Cotabato City, three each in the cities of Zamboanga, Davao and Iligan, two each in Surigao and General Santos cities, and one each in Dipolog, Ozamis, Basilan and Davao del Norte; 13 in Luzon (outside Metro Manila), three in Laguna, two each in Cagayan, Pangasinan, Isabela, Cavite and Lucena City; and 11 in the Visayas, including three in Cebu City, two in Iloilo and one in Tacloban.

Only a few of these killings had been solved and, ironically, none of the cause-oriented groups that accused Marcos, and later presidents Ramos and Joseph Estrada, of stifling freedom of the press and of violating human rights, had created even just a whimper of protest against Aquino.

The late journalist Renato Constantino, the late Louie Beltran of the Philippine Star, Melinda Liu of Newsweek, Catherine Manegold and Luisa Torregosa of the Philadelphia Inquirer, Bill Branigin of The Washington Post, Tom Breen of The Washington Times, Seth Mydan of The New York Times, Rigoberto Tiglao of the Far East Economic Review and Luis Teodoro of The Manila Times had extensively written articles on the Aquino human-rights violations.

Many human-rights groups either turned a blind eye or obfuscated the issue in favor of the Aquino regime.

The reported human-rights violations could be more as other incidents committed by the military, the communists and the secessionists were not documented at all.

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

numbers have plummeted since relations between the two governments soured this summer. The 400-seat boat was almost empty, save a handful of seniors with fishing rods and tackle (some took their catch with them back to Korea). Tsushima is usually buzzing with Korean travelers who come for duty-free shopping, fishing and long weekends in the island’s picturesque hamlets. All that’s over, at least for now.

At noon on a warm, cloudless day, Hitakatsu was deserted: A car rental place near the dock was shuttered, as were most restaurants. Taxis were neatly parked in their company

garage, clean and shiny, waiting for riders who don’t come. Duty-free stores had more staff than customers. The one vendor open was the Chinguya and Kiyo cafe, where my interpreter and I were the only patrons. The barista testified to tough times; business is down about 90 percent since July, he says.

For all the pain of the moment, local Japanese sound philosophical about links between their country and Korea. You can even see the coastline near Busan from a Korean-style pagoda nestled in the hills outside Hitakatsu. The relationship has had ups and downs for millennia, they noted.

Better times will return, they said.

A12 Tuesday, November 12, 2019

PHL rice stocks grow 43% to 3-mo high of 2.279 MMT

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By Jasper Emmanuel Y. Arcalas

@jearcalas

HE country’s total rice inventory as of October 1, expanded by 43.4 percent to a three-month high of 2.279 million metric tons (MMT) due to the increase in the stocks held by households, the Philippine Statistics Authority (PSA) said.

In its monthly rice inventory report, the PSA said the volume as of October 1, was 690,000 metric tons (MT) higher than the 1.589 MMT recorded in the same period last year.

Furthermore, the latest total rice inventory was 23.7 percent over

the September 1 stockpile of 1.842 MMT stockpile, the PSA added.

“Rice stocks in all sectors grew compared with their levels in the previous year,” the PSA said in the report published on Monday.

Of the total rice inventory during the reference period, 46.2

percent or around 1.052 MMT were held by households, while 36.5 percent or 832,540 MT were in commercial warehouses. The remaining rice stocks of about 394,710 MT were stored at the warehouses of the National Food Authority (NFA).

“Stocks in the households and commercial warehouses increased by 22.5 percent and 38.2 percent, respectively. Likewise, continuous upsurge was recorded in NFA depositories at 207.3 percent,” the PSA said.

“Compa red w it h pre v iou s month’s inventory level, rice stocks in households and commercial warehouses increased by 56.4 percent and 9.6 percent, respectively.

However, a 3.6-percent decrease was noted in NFA depositories,” it added.

In the same report, the PSA said the country’s total corn inventory

almost doubled during the reference period to 1.095 MMT, from last year’s 566,830 MT. “Moreover, it was higher by 42.6 percent than the 768,660 metric tons inventory level from the preceding month,” it said.

“Total corn stocks inventory level comprised of 27.9 percent from the households and 72.1 percent from commercial warehouses,” it added.

Corn stocks in commercial warehouses reached 790,690 MT, 90.4 percent higher than last year’s 415,360 MT, while household inventory doubled to 305,230 MT from 151,470 MT, PSA said.

“The existing corn stocks in all sectors escalated from the previous month’s level. Stocks in households increased by 43.0 percent and in commercial warehouses by 42.4 percent,” it added.

ASF legacy: Shrunken pork supply at end-’19

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HE world will end 2019 with a smaller pork supply as China, the biggest consumer of pork, continues to grapple with the fatal African swine fever (ASF) while the disease spreads to meatloving Southeast Asian countries

like the Philippines, the United Nations’ Food and Agriculture Organization (FAO) said.

In its biannual “Food Outlook” report, the FAO forecast that global pork output this year would settle at 110.5 million metric tons (MMT),

LOW PRESSURE AREA 1,025 KM EAST OF VIRAC, CATANDUANES NORTHEAST MONSOON AFFECTING NORTHERN AND CENTRAL LUZON as of 4:00 pm - November 11, 2019

8.5-percent lower than last year’s 120.7 MMT. The sheer decline in global pork output will pull down world total meat output for the first time in two decades to 335.2 MMT this year. The figure is a percent lower

than last year’s estimated 338.6 MMT total global meat output.

“This marks a departure from the stable growth trend recorded over the past two decades and indicates a sharper fall than anticipated in May, principally due to a deeper-than-earlier-expected impact of African swine fever in China and its spread to several East Asian countries,” the FAO said in the report which was published recently.

The FAO said China’s meat output is forecast to fall by 8-percent year-on-year with its pork production alone declining by at least 20 percent this year.

See “ASF,” A2

Sailors on Hormuz route lose extra pay

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ILIPINO seafarers on board ships passing though the Strait of Hormuz will no longer get any additional pay and benefits for passing high-risk zones.

This after the Philippine Overseas Employment Administration (POEA) on Monday issued Memorandum Circular 12, series of 2019 removing the area’s risk-zone status.

“Designation 5 of the Strait of Hormuz as an ‘IBF [International Bargaining Forum] Temporary Extended Risk Zone’ is hereby withdrawn effective 19 October 2019,” POEA said.

In its Governing Board Resolution 07, Series of 2018, POEA imposed premium pay for Filipino seafarers passing through such high-risk zones.

The benefits include bonus pay, doubled compensation for death and disability, and the right of workers to refuse sailing and be repatriated at company’s cost.

The POEA included the Strait of Hormuz on its list of high-risk zones in September 2019, upon consultations with the Maritime Industry Tripartite Council due to the identified risks there on September 24.

Earlier that month, 12 Filipino seafarers were detained by Iranian authorities for allegedly engaging in fuel smuggling. Samuel P. Medenilla

INFRA CAN EASE ‘TIME POVERTY’ OF WOMEN, SAYS ADB PRESIDENT

By Cai U. Ordinario @caiordinario

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NFRASTRUCTURE can help empower women and reduce their “time poverty,” according to the Asian Development Bank (ADB).

In an Asian Development Blog, ADB President Takehiko Nakao said infrastructure can alleviate time poverty among women by providing basic infrastructure that can reduce the time they spend on chores.

Time poverty refers to the large amounts of time spent on unpaid care and domestic work.

“In Asia-Pacific countries, women spend much more time on these kinds of tasks, ranging from 1.7 to 11 times that of men. Quality infrastructure is key to reducing the overall time spent on household work and gives women more choice over how to use their time,” Nakao said.

Nakao said women who do domestic work and perform unpaid care for their families will benefit from clean and affordable water and, sanitation services.

He added that women will also benefit from the provision of reliable electricity and transport infrastructure.

Apart from these, Nakao said, women will also benefit from digital technology and telecommunication infrastructure to allow them to tap into their economic potentials.

With these technologies, Nakao said, women can become entrepreneurs via e-commerce, online banking,

and accessing fintech solutions.

“Infrastructure has a critical role in narrowing gender gaps and accelerating the advancement of women and girls. If women are given a say in infrastructure design and investment, projects can become more effective enablers of their growth,” Nakao said.

Data from the Philippine Statistics Authority (PSA) showed that women in the Philippines are among the poorest sectors in society.

While overall poverty incidence among women has decreased in the past nine years, PSA data showed women in many regions have higher poverty compared to the average.

PSA data showed overall poverty incidence of women averaged 22.5 percent in 2015, higher than the 21.6 percent national poverty incidence average for all Filipinos in that year.

The poverty incidence of women was the lowest in the National Capital Region or Metro Manila at 4.2 percent and Region IVA or Calabarzon at 9.5 percent. They are the only two regions that posted single-digit poverty incidences nationwide.

Women in the Autonomous Region in Muslim Mindanao are the poorest with a 55.1-percent poverty incidence rate. The poverty incidence of women in the region has been rising from 45.5 percent in 2006 to 47.1 percent in 2009, and 55 percent in 2012.

Lorenzana not in favor of extending martial law

By Rene Acosta

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@reneacostaBM

EFENSE Secretary Delfin Lorenzana is not in favor of further extending martial law in Mindanao, but said this would still depend upon the recommendation of the Philippine National Police (PNP) and the Armed Forces of the Philippines.

The martial rule in Mindanao, imposed by President Duterte in 2017 right after Islamic State-inspired homegrown terrorists took Marawi City, is set to expire next month, with local officials divided whether it should be extended or not.

“We are waiting for the recommendation of the Armed Forces and the PNP. It depends upon their recommendation. But for me alone, I will not recommend anymore the extension,” Lorenzana said.

“It appears, we can do our job.

If the Senate or Congress can pass the Human Security Act that will give some teeth to our local law enforcement, then that’s a better arrangement than martial law,” he added.

The defense secretary said that in case the military will recommend for its extension, they would have to “evaluate the reasons of the military and the police, and act accordingly.”

Longer terms for bgy execs seen to favor polls in 2022

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ITH the longer terms for incumbent barangay officials comes the greater risk they will be tapped to campaign for would-be candidates for the 2022 polls, a poll watchdog has warned.

The National Movement for Free Elections (Namfrel) issued the concern on Monday with the looming postponement of the 2020 Barangay and Sangguniang Kabataan Election (BSKE).

Namfrel Secretary-General Eric Alvia said this will give assurances to those running for 2022 elections that their campaign “infrastructure” at the grassroots level will already be in place.

“We know that [their] infrastructure for the campaign is through the barangay. Why would they [2020 candidates] take the risks to shuffle it?” Alvia said.

He said the 2020 BSKE is not in the best interest of 2022 candidates since it will force them

to spend again to get the support of the newly elected barangay officials.

“There is also no guarantee that they will get the allegiance of the new officials. That is why they would prefer to no longer replace [the incumbent],” Alvia said.

Citing the Omnibus Election Code, the Commission on Elections maintains its position that the barangay officials should be nonpartisan during elections.

“But reality points otherwise.

All resources fall to the barangay or [are] coursed through it,” Alvia said.

There is now a high chance the 2020 BSKE will be postponed after the House of Representatives and the Senate passed their respective bills for it.

President Duterte has been supporting the deferment of the 2020 BSKE to allow barangay officials to implement their projects.

Samuel P. Medenilla

News BusinessMirror

www.businessmirror.com.ph

CIDG won’t let Albayalde get off the hook that easily

By Joel R. San Juan @jrsanjuan1573

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HE Phi lippine Nationa l Police-Criminal Investigation and Detection Group (PNP-CIDG) on Monday insisted before the Department of Justice (DOJ) that former PNP Chief Oscar D. Albayalde should be prosecuted for his alleged involvement in the 2013 seizure of P648 million worth of illegal drugs by his men tagged as “ninja cops” in Pampanga.

In their 15-page reply affidavit, the PNP-CIDG represented by Police Lt. Julius Sagandoy disputed Albayalde’s claims in his counteraffidavit that his inclusion as one of the respondents in the complaint filed by the police agency is “baseless” and violative of his right to due process.

The DOJ has reopened the case against the 13 subordinates of Albayalde who have been tagged as ninja cops.

The case was dismissed by the DOJ in May 2014, but opted to reopen it following the Senate investigation, which also prompted Albayalde to step down from his post as PNP chief after the Senate Blue Ribbon Committee probe linked him in the controversial 2013 anti-illegal drug raid in Mexico, Pampanga, that resulted in the seizure of some 200 kilos of shabu by his men but was declared to be only 36 kilos.

The PNP-CIDG submitted an amended complaint before the DOJ to include Albayalde as one of the respondents.

Aside from Albayalde, subject of the reinvestigation of the DOJ are Police Maj. Rodney J. Baloyo IV, Senior Insp. Joven de Guzman Jr., Senior Police Officer 1 Jules Maniago, SPO1 Donald Roque, SPO1 Rondalo Santos, SPO1 Rommel Muñoz Vital, SPO1 Eligio Valeroso, PO3 Dindo Dizon, PO3 Gilbert de Vera, PO3 Encarnacion Guerrero Jr., PO2 Anthony Loleng Lacsamana and PO3 Dante Dizon.

The reopening of the case was an offshoot of the Senate investigation on the implementation of the good conduct time allowance (GCTA) for convicted felons which yielded information related to the 2013 illegal-drug trade by Albayalde’s men.

In its amended complaint, the PNP-CIDG included Albayalde’s name as among the respondents in the complaint for violation of 27 of Republic Act 9165, or the Comprehensive Dangerous Drugs Act of 2002 (criminal liability of a public officer or employee for misappropriation, misapplication or failure to account for the confiscated or surrendered dangerous drugs); and Section 3, paragraph (3) of Republic Act 3019 or the Anti-Graft and Corrupt Practices Act. While complaints for violating Section 29 (planting of evidence), Section 32 (violating any regulation issued by the board), Section 92 of Article 11 (delay and bungling in the prosecution of drug cases), and Article 211-A of the Revised Penal Code, or RPC, (qualified bribery) were filed against the 13 original respondents, excluding Albayalde.

For Baloyo alone, the PNPCIDG filed additional complaints of violation of Article 171 of the

Revised Penal Code (two counts of falsification by public officer).

For Albayalde alone, the CIDG filed a complaint of one count of violation of Article 171 of the RPC, violation of Article 208 of the RPC for his alleged refusal to institute prosecution for the punishment of violators of the law or for tolerating the commission of the said offenses, and violation of Section 3 (a) of RA 3019 for persuading or influencing another public officer to perform an act constituting violation of rules and regulations.

Police Officers de Guzman, Santos, Guerrero, on the other hand, were slapped with complaints of violation of Article 183 of the RPC (false testimony and perjury).

Also named respondents are Johnson Lee, an alleged largescale Korean drug trafficker who rented a house owned by Librado Santos located along Lot 21 and 22 Narra corner Waling Waling Streets, Woodbridge Subdivision, Lakeshore, Barangay Divisoria, Mexico, Pampanga, where the drugs were seized.

In their reply affidavit, the PNP-CIDG accused Albayalde of trying to downplay the “partial committee report” of the Senate Blue Ribbon Committee headed by Sen. Richard J. Gordon and instead supported as gospel truth the testimonies given by Baloyo and his police team.

“The Senate Blue Ribbon proceedings and the witnesses presented therein under oath are competent enough to establish probable cause against the respondents.”

“The overt acts of respondent Police General Albayalde, as then acting provincial director, Pampanga Police Provincial Office, was clear. He had direct control and supervision over the operation of respondent Supt. Baloyo and his team at Lakeshore, Mexico, Pampanga, as of 23 November 2013, until he was administratively relieved on 26 March 2014,” the CIDG said.

In his counteraffidavit, Albayalde denied all the offenses being attributed to him and even noted that the justice department had issued a resolution in 2014, which found did not give merit to the claim of supposed witnesses that there was misdeclaration of quantity of drugs and money seized by his men.

Albayalde also said he cannot be charged with violation of the antigraft law as he never intervened for the dismissal of the case and did not benefit monetarily from the said illegal-drug operations, contrary to the claims of Philippine Drug Enforcement Agency chief Aaron Aquino and retired PNP-CIDG Rudy Lacadin.

“Albayalde was fully informed about every detail that was happening during the raid, including, but not limited to, the marked money, prearranged signal, suspects’ arrest and confiscation of suspected shabu placed in one open luggage and one medium size box, the cash money amounting to P300,000 and the marked money amounting to P100,000,” the PNP-CIDG said.

“Despite knowledge of the irregularities in the said operations, he remained mum and even applauded respondents Supt. Baloyo and his team for a job well done,” the PNP-CIDG added.

Editor: Vittorio V. Vitug • Tuesday, November 12, 2019 A13

Lacson: ‘Ill-advised’ for VP to join drug ops, should shift focus to supply side

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By Butch Fernandez

@butchfBM

EN. Panfilo M. Lacson cautioned Monday that it is “ill-advised” for Vice President Maria Leonor G. Robredo to join illegal-drug raids.

Lacson, in radio interview, clarified that Robredo’s mandate is to cochairman the Inter-agency Committee on Anti-Illegal Drugs (Icad) so her primary role is to help provide policy direction to relevant agencies on the conduct of the Duterte administration’s war on drugs.

A former Philippine National Police chief who last week offered his help to the Vice President in her new role, Lacson said: “It’s illadvised. That’s the second-highest officer of the land,” and she should

“It’s ill-advised.

That’s the secondhighest officer of the land,” and she should not be dragged into “the work of tactical units.”—Lacson

not be dragged into “the work of tactical units.”

Besides, Lacson added, the me-

PJA backs CJ’s call for marshal system to secure justices, judges

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HE Philippine Judges Association (PJA) has backed the call of Supreme Court Chief Justice Diosdado Peralta for Congress to enact a law that would create a marshal system to project justices that will handle security concerns of justices, judges and other members of the Judiciary.

PJA President Felix Reyes said the unit, which should be called Philippine Marshal System, would provide security escorts for justice and judges, especially those handling sensitive cases and receive death threats.

Reyes lamented that since 1999, a total of 31 judges have been killed, five of whom were killed under the Duterte administration.

He noted that most of the judges killed were “handling drug-related cases” and heinous crimes, such as murder.

Other judges, on the other hand, were killed for personal reasons.

The Philippine Marshal System, according to Reyes, could be patterned after the US Marshal System and be under the direct supervision of the Supreme Court. “They will provide security to judges, justices and other court employees. It should be headed by a chief marshal with background in security, intelligence and investigative work,” Reyes said in an interview over a local broadcast network.

Reyes said their group will initially propose the hiring of at least 500 marshals to secure judges and justices.

Aside from providing security, he said, they will also conduct threat assessment for members of the Judiciary who receive death threats.

Peralta is also pushing for the creation of a similar system as part of his 10-Point Agenda to strengthen and improve the security and safety of judges, justices and court personnel.

Peralta’s proposal is gaining ground after last week’s killing of Tagudin, Ilocos Sur, Regional Trial Court Judge Mario Anacleto Bañez by unidentified gunmen, while he was on his way home in La Union. Joel R. San Juan

ticulous security arrangements involving the Vice President in a high-risk operation might result in leakages that could compromise the raids.

The senator said he was pleased

by Robredo’s announced intention to reach out to international crime-fighting groups against drugs, as these can provide the Philippines with crucial intelligence to prevent and block international drug rings.

Lacson disclosed he suggested to the Vice President in their meeting last week that “our foreign counterparts” could be mined for important information, particularly, the Hong kong Narcotics Bureau, the US Drug Enforcement Agency and the Australian anti-narcotics agencies.

Refocus on supply side

AT the same time, Lacson said it

would be good for Robredo to help steer the anti-illegal drug campaign toward the “supply side,” as “there’s been too much focus on the demand side the past two years. Let’s refocus on the supply side. Here’s where these foreign counterparts can help,” Lacson added in a mix of English and Filipino.

Lacson, likewise, assured he will bat for more funds for the campaign against drugs, but thumbed down suggestions for Robredo to use the intelligence funds of the Office of the Vice President (OVP) for her new hat as Icad cochairman, warning that she might be accused of “technical malversation.”

One important activity that was funded and is now almost finished, Lacson said, is a real honest to goodness nationwide survey by the Dangerous Drugs Board on the real number of drug users and dependents.

Tax on salty food will lead to malnutrition–labor group

By Samuel P. Medenilla

@sam_medenilla

A

LABOR group on Monday said the proposal of the government to impose tax on salty food will lead to widespread malnutrition.

In news a st atement, A ssoc i ated L abor Unions-Trade Union Congress of the Philippines (A LU-TUCP) National Executive Vice President Gerard Seno said the proposal from the Department of Health (DOH) will be detrimental especially for cash-strapped workers, who rely on cheap salty foods like instant noodles, snacks and dried fish.

He said the government should first consider raising significantly the minimum wage rates, which currently only range between P280 to P537 nationwide, so workers could afford to eat healthy foods.

“Workers and the poor informal workers and their families affinity to salty food is bound by their inadequate income and lack of alternatives in the market. They cannot afford to buy healthier food choices and food ingredients with their

measly income level,” Seno said.

Last month, DOH floated the idea of taxing salty foods due to its negative effects on the health of consumers.

The Department of Finance and Department of Trade and Industry were quick to reject the idea since it will affect many manufacturers.

For his part, Seno said the suggestion was poorly thought out since it was made without any consideration for providing alternative food to consumers.

ALU-TUCP is pushing for the government to come up with a research on better alternatives for salty foods that may be taxed.

“We rather strongly recommend government to develop research- and development-based healthier, cheaper alternatives and options, and make these accessible in the market,” Seno said.

Seno is also proposed other nontax measures to regulate the purchase of salty foods, such as the government reformulating the standard sodium content for food items and information dissemination to the public to have a healthy diet.

Government urged to designate vaping areas

U

SERS of electronic nicotine delivery systems (ENDS), or e-cigarettes, are requesting local government units to enact legislation that will identify and assign designated vaping areas (DVAs), similar to the newly approved Pasig City Ordinance 07 Series of 2019.

The ordinance, entitled “Regulating the Use and Sale of Vaporized and Heated Tobacco Products in Public Places and Public Conveyances, Advertisements and Promotions, and Providing Penalties Therefore,” requires a DVA to be in an open space, or a room with proper ventilation but must be separate from a location that has already been identified as a designated smoking area (DSA).

According to Joey Dulay, president of the Philippine E-Cigarette Industry Association (PECIA), the identification and assignment of DVAs protects e-cigarette users from the harmful effects of cigarette smoking, including exposure to second and thirdhand smoke.

“Vaping is not smoking,” Dulay stated. “It is therefore counterproductive to continue to expose e-cigarette users to the harms of secondhand smoke.” The creation of DVAs will also help vape users use their devices more responsibly, and protect nonsmokers from being exposed to secondhand vapor.”

According to the World Health Organization

(WHO), cigarette smoke contains more than 7,000 harmful and potentially harmful chemicals (HPHCs). Some of these toxic chemical compounds are ammonia, benzene, beryllium, formaldehyde and cadmium, all of which, through continuous exposure, can induce various respiratory and cardiovascular illnesses, as well as cancer.

Aerosol emissions produced by vaping products, on the other hand, have been reported to contain significantly less HPHCs. “We strongly encourage the government to immediately approve the fair and equitable regulation of the ENDS category, in cognizance of the products’ harm reduction potential, so that the welfare of both vapers and nonsmokers are duly provided for. As examples from other countries show, a pragmatic approach to e-cigarettes lead to a sharp decline in cigarette sales, and a significant reduction in smoking prevalence,” Dulay said.

Countries like the United Kingdom, Canada, France and New Zealand are among those with governments that have regulated the availability and use of ENDS, positioning them as less harmful alternatives for smokers that are finding it difficult in quitting nicotine use. As a result, their respective smoking rates have fallen dramatically, whereas smoking rates in countries where e-cigarettes are banned remain high.

Navy dispatches two vessels to Mindanao for security and patrol missions

T

HE Philippine Navy has deployed two of its vessels to Mindanao on Monday for security and patrol duties.

Navy chief Vice Adm. Robert Empedrad led the send-off ceremony for the BRP Ang Pangulo (ACS25) and the BRP Emilio Jacinto (PS35).

The ACS25, which is the presi-

dential yacht, was being deployed to Davao City-based Naval Forces Eastern Mindanao to augment the Davao operational base of the Presidential Security Group.

On the other hand, the PS35 has sailed to the Naval Forces Western Mindanao in Zamboanga City, following its weapons upgrade to fur-

ther strengthen the Navy’s presence in the area.

“BRP Emilio Jacinto will be joining our fleet assets in Western Mindanao after months of undergoing repair. She shall be performing a very important mission particularly in safeguarding our islands and preventing intrusions to our boundaries,” said Empedrad.

“In the same manner, ACS25 shall be sent to perform a very special role in safeguarding the second residence of our President in Davao,” he added.

Empedrad said that although Davao City is a generally peaceful place, the presence of ACS25 in the vicinity will also provide a “much safer place not only for the President

but all the people of the city.”

“Her presence will add assurance that their Navy is just a stone’s throw away,” Empedrad said.

Navy Spokesman Lt. Commander Maria Christina Roxas said the deployment of the two vessels in Mindanao was crucial to their effective conduct of various operations in the areas of

maritime patrol and internal security.

“Moreover, they will be a great help in the ongoing relief efforts in the aftermath of several earthquakes that shook various parts of Mindanao with their logistics support and HADR [humanitarian assistance and disaster response] capabilities,” she said.

Rene Acosta

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In the ad material of Notice of filing of Application for Alien Employment Permits published on September 20, 2019, the Name of Mr. Park, Chanhoo under HYUNDAI MERCHANT MARINE (PHILIPPINES) CO., INC. should have been read as Mr. Park, Chanwoo and not as published. While in the ad material published on September 21, 2019, the company name of Mr. Minobe, Junichiro should have been read as CHODAI CO., LTD. - MANILA REPRESENTATIVE OFFICE and not as published.

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

www.businessmirror.com.ph

Companies BusinessMirror

Tuesday, November 12, 2019

San Miguel to use biodegradable plastic in most of its packaging

By VG Cabuag

C

@villygc

ONGLOMERATE San Miguel Corp. on Monday said it is set to become the first Filipino company to utilize fully certified biodegradable plastic packaging.

The company said it is tapping a local firm that has been developing and testing the technology for the last five years, which it is initially set to use for food and nonfood products, such as cement and feed sacks, grocery bags and food packaging.

The move will be the newest addition to San Miguel’s sustainable business models, which include the zero-waste returnable glass bottle system, and manufacturing processes following

circular economy principles— where by-products are reused to create other products.

Company President and Chief Operating Officer Ramon S. Ang said that it is partnering with Philippine Bioresins Cor p., a small firm that has successfully developed and tested biodegradable plastics.

“Initially, we will use it for cement packaging. What we will use is a biodegradable plastic woven packaging or sack. This

is proudly developed by Filipino inventors, using local materials and made by local workers,” Ang said.

Philippine Bioresins was recently given an Environmental Technology Verification certificate by the Department of Science and Technolog y (DOST) Industrial Technology Development Institute.

The DOST verification confirmed that the biodegradable polypropylene produced by the company will be 64.65 percent degraded in 24 months as compared to nonbiodegradable plastics of 4.5 percent in 24 months.

“We have always been looking for innovative environmental technologies, and we are excited about this development. We are looking forward to using biodegradable plastics, and this is just the beginning, as they are developing other technologies in this field,” Ang said.

The country is reportedly the world’s third-largest plastic polluter to global waters.

In addition to using biodegradable cement bags, the company’s cement business also currently buys plastic water bottles and bags, for use as fuels for its cement plants. It also uses discarded rubber tires and industrial sewage waste as secondary fuel for its cement plants.

“We are very serious when it comes to sustainability. We have stopped our plastic bottled water business; we have taken on the challenge to reduce group-wide nonproduct water use by 50 percent by 2025, and we’ve poured more resources into major projects to clean up bodies of water, as well as into research that supports plastic waste reduction,” the company said.

Last March, San Miguel started collaborating with leading materials science company Dow Chemical to study using hard-torecycle plastics as an alternative raw material for road surfacing, in order to reduce the volume of scrap plastics that end up in the landfills.

Ombudsman again junks Diño’s raps vs top officials of SBMA

By Henry Empeño Correspondent

S

UBIC BAY FR EEPORT— For the second time, the Office of the Ombudsman quashed charges filed by thenSubic Bay Metropolitan Authority (SBMA) Chairman Martin Diño against other senior officials at the height of the leadership row in the Subic agency two years ago.

A consolidated joint resolution approved by Ombudsman Samuel R. Martires last June and released by his office on October 23 cleared now SBMA Chairman and Administrator Wilma T. Eisma and SBMA Senior Deputy Administrator for Support Services Ramon O. Agregado of the charges of falsification, usurpation of authority, conduct prejudicial to the best interest of the

service, grave misconduct and serious dishonesty.

The anti-graft court said in the order that the complaints filed by Diño lacked both probable cause and substantial evidence.

Diño, who is now undersecretary at the Department of the Interior and Local Government, filed the cases in August and September 2017 at the height of his squabble for leadership with Eisma, who was then-SBMA administrator and CEO. D i ño a l l e g e d t h at E i s m a usurped the power of the SBMA Board of Directors when she author ized Agregado to sig n on her behalf term sheets for Management Approved Proposals (MAPs), and that Eisma later issued an office order to cover up Agregado’s purported usurpation.

In its ruling, however, the

Ombudsman said it found no probable cause to indict the respondents for any of the complaints filed by the former SBMA official.

“As such, it cannot be said that respondent Eisma usurped the authority of the Board when she designated respondent Agregado to sign the subject MAPs in her behalf,” the Ombudsman ruled.

“It cannot, likewise, be said that respondent Agregado usurped t he aut hor it y of respondent Eisma,” it added.

As to the charge of falsification, the Ombudsman said the office order issued by Eisma to authorize Agregado to sign the MAPs “was genuine and validly issued” and that even if the order was numbered much later due to errors in assignment, “it does not affect the truthfulness of the contents thereof.”

T he Ombudsman also dismissed Diño’s charges of grave misconduct, conduct prejudicial to the best interest of the service and serious dishonesty. It pointed out that the complainant failed to establish that respondents violated any law, or tarnished the image or integrity of their office and also “failed to submit any other compelling evidence to effectively assail the genuineness and due execution of [Eisma’s] office order.”

This was the second time that the Office of the Ombudsman dismissed charges filed by Diño against officials of the Subic agency.

Last July, the anti-graft court also ruled against Diño in a complaint he filed two years ago against five senior SBMA officials, in connection with his claim for salary as SBMA chairman.

Praise pours in from business, workers as family bares burial plans for ‘Mr. John’

P

RAISE continued to pour in on Tuesday for industrialist John Gokongwei Jr., described as the founder of the first Philippine multinational conglomerate, who died on Saturday evening (November 9) at the age of 93.

In a statement, the Management Association of the Philippines (MAP) said it “will always remember Mr. John Gokongwei for his business acumen and management qualities which steered the Gokongwei Group into remarkable growth through his foresight and exceptional ability to launch new ventures and transform existing ones to better adapt to challenging times and an unpredictable future.”

The MAP cited the late entrepreneur’s “contr ibutions to national development, job creation and income generation through the Gokongwei Group’s huge investments in

food manufacturing, real estate, air transportation, banking, petrochemicals, shopping malls, livestock farming, publications, power generation, power distribution and telecommunications.”

MAP called him “an entrepreneur par excellence and an exemplar of Filipino talent in management excellence for nation-building.”

Gokongwei, MAP said, inspired others for his “outstanding achievements attained from humble beginnings through hard work, perseverance, frugality and discipline.”

The 75,000 employees in the JG Summit Holdings and Robinsons Retail Holdings, now both helmed by his children, said they joined the nation “in paying tribute to the founder of the first Philippine multinational conglomerate, a philanthropist with a passion for education.”

“Mr. John” in his younger years.

PHOTO COURTESY OF GOKONGWEI FAMILY

The workers hailed the way Gokongwei inspired entrepreneurs and businessmen “with

his pioneering ideas, his strong work ethic, his passion and perseverance.”

Under his leadership and unstinting hard work and passion, the Gokongwei Group today “is one of the country’s largest and most diversified conglomerates with interests in air transportation, telecommunications, banking, food, power, property, hospitality, retail and petrochemicals,” they added.

Gokongwei ’s body lies in state at the Heritage Park in Taguig until Thursday (November 14) evening. He will be buried at 8 a.m. on Friday, also at Heritage Park. Daily masses have been set at 7 p.m.

The 93-year-old Cebuano died at the Manila Doctors’ Hospital on Saturday evening, leaving behind his wife of 61 years, Elizabeth, and children Robina, Lance, Lisa, Faith, Hope and Marcia; brothers Eddie and James Go; and sister Lily.

B1

Geri income rises 26% on higher rental, sales

G

LOBAL-ESTATE Resorts Inc. said its income during the nine months of the year grew 26 percent to P1.6 billion from last year’s P1.2 billion, fueled by its growing recurring income from hotels and rents.

Excluding nonrecurring gain of P189 million, its profit increased only by 10 percent to P1.4 billion, the company said.

Consolidated revenues grew 19 percent to P5.9 billion from last year’s P5 billion, partly on the strong growth of its rental and hotel businesses.

The company’s hotel operations became the fastest-growing segment during the period, growing more than five times to P665 million from P126 million last year, following new hotel openings in Twin Lakes and Boracay Newcoast.

“Our continuing thrust to help boost tourism in the country is even gaining more momentum as we open more hotels across our tourism townships,” Monica T. S a lomon , t he compa ny ’s

president, said.

Rental revenues, on the other hand, almost doubled to P571 million from P294 million last year.

“We have completed and fully leased out our Southwoods Office Towers last year. This year, we are going to realize full-year rental revenues from these projects,” Salomon said.

T he company’s rea l-estate business, on the other hand, was stable at P4.2 billion. Real-estate sales accounts for over 70 percent of its total revenues, which mostly came from the sale of residential and commercial lots, as well as condominium units in Twin Lakes, Southwoods City and Boracay Newcoast.

“The growth in our real-estate revenues will be underpinned by project launches from our new and existing townships and integrated lifestyle communities.

Moving forward, this should be sustainable as the company has a huge land bank for both vertical and horizontal developments,” Salomon said. VG Cabuag

CPG secures S.E.C. green light on its P3-billion preferred shares issuance

C

ENTURY Properties Group Inc. (CPG) on Monday said it secured the green light from the Securities and Exchange Commission (SEC) for its preferred shares offering, which the company expects to raise some P3 billion in fresh funds.

The company said it secured the pre-effective letter from the regular last week for the registration of its primary offer of 20 million preferred shares, with an oversubscription option of up to 10-million

shares an offer price of P100 apiece.

The shares will be listed and traded on the main board of the Philippine Stock Exchange, subject to the submission of the final prospectus and the transaction agreements, it said.

In September, the company’s board reclassified its 3-billion common shares into preferred shares, which are usually nonvoting but will have a priority status when it comes to dividend payouts. VG Cabuag

B2

Companies BusinessMirror

Tuesday, November 12, 2019

PSE STOCK QUOTATIONS

Deadline set for offers to buy Aseagas biomass power plant

November 11, 2019

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

ASIA UNITED 54.4 55 54.5 55 54.4 55 18,420 1,004,838 BDO UNIBANK 154.9 155 159.5 159.5 154.2 155 2,362,170 366,976,072 97.5 98 97.5 98.1 96.65 98 952,840 93,108,869 BANK PH ISLANDS CHINABANK 25.1 25.5 25.45 25.45 25 25.1 115,400 2,894,385 EAST WEST BANK 13.32 13.38 12.88 13.38 12.88 13.38 2,978,500 39,306,728 68.35 68.4 67.6 68.4 67.4 68.4 1,786,360 121,482,829 METROBANK PB BANK 12.74 13.1 13.1 13.1 13.1 13.1 1,000 13,100 PHIL NATL BANK 44.6 44.85 44.95 45.25 44.6 44.6 25,800 1,154,620 57.9 59.85 57.1 57.9 57.1 57.9 2,500 144,619.5 PSBANK PHILTRUST 116.6 129.7 116.9 116.9 116.8 116.8 560 65,458 25.8 25.85 25.85 25.85 25.8 25.8 12,800 330,865 RCBC 199.2 200.4 200.8 201 200 200 213,320 42,716,792 SECURITY BANK UNION BANK 60 60.65 60.3 60.8 60 60 10,010 600,787.5 1.16 1.23 1.16 1.16 1.14 1.14 20,000 23,030 BRIGHT KINDLE BDO LEASING 1.91 2.05 2.03 2.07 2.03 2.07 25,000 51,410 COL FINANCIAL 18.4 18.6 18.6 18.6 18.3 18.4 4,400 80,760 4.41 4.48 4.48 4.49 4.41 4.41 204,000 906,300 FERRONOUX HLDG FILIPINO FUND 7.8 8.49 7.73 7.73 7.73 7.73 600 4,638 MANULIFE 825 850 820 850 820 850 630 520,500 0.87 0.88 0.88 0.88 0.88 0.88 30,000 26,400 NTL REINSURANCE PHIL STOCK EXCH 174 175 175 175 173 173 660 114,913 SUN LIFE 1,878 1,900 1870 1,878 1,870 1,878 295 553,460

INDUSTRIAL AC ENERGY 2.67 2.68 2.59 2.69 2.55 2.67 6,589,000 17,297,690 1.27 1.28 1.3 1.3 1.28 1.28 121,000 154,900 ALSONS CONS ABOITIZ POWER 38.75 39.1 38.6 39.2 38.55 38.75 884,300 34,338,305 BASIC ENERGY 0.241 0.247 0.241 0.247 0.241 0.247 20,000 4,880 24.6 24.75 25 25 24.6 24.6 322,500 7,970,245 FIRST GEN FIRST PHIL HLDG 78.25 78.5 78.75 78.75 78.25 78.5 147,100 11,531,827.5 MERALCO 340.2 344.8 349.8 350 340.2 340.2 125,780 43,235,006 18.96 19 19.18 19.42 18.94 19 530,500 10,085,752 MANILA WATER PETRON 4.99 5.01 5.02 5.03 4.99 5.01 776,500 3,884,249 4.15 4.3 4.12 4.3 4.12 4.3 10,000 41,440 PETROENERGY PHX PETROLEUM 11.18 11.2 10.98 11.2 10.98 11.18 237,600 2,625,600 PILIPINAS SHELL 33.6 33.9 33.95 33.95 33.45 33.6 250,400 8,417,280 7.78 7.79 7.8 7.8 7.61 7.78 39,900 304,784 SPC POWER 13.46 13.68 13.8 13.8 13.42 13.7 10,400 142,334 AGRINURTURE AXELUM 4.06 4.07 4.08 4.12 4 4.07 1,973,000 7,990,410 ( 90.7 103.4 103.5 103.5 103.5 103.5 20 2,070 BOGO MEDELLIN CENTURY FOOD 15.06 15.1 15.2 15.22 15.1 15.1 1,130,100 17,186,806 DEL MONTE 5.48 5.49 5.48 5.48 5.48 5.48 15,300 83,844 8.8 8.87 8.78 8.87 8.75 8.87 940,200 8,268,376 DNL INDUS EMPERADOR 7.26 7.3 7 7.3 6.99 7.3 36,572,900 258,034,067 SMC FOODANDBEV 89.95 90 91 91.5 89.95 90 54,410 4,912,344.5 0.64 0.65 0.65 0.66 0.64 0.65 864,000 561,670 ALLIANCE SELECT GINEBRA 48.8 48.9 50.1 52 48.8 48.8 48,310 2,419,403.5 223.8 224 227 227.6 224 224 808,840 182,718,716 JOLLIBEE 9 9.25 9.01 9.26 9 9 31,000 281,133 MACAY HLDG MAXS GROUP 13.3 13.36 13.4 13.4 13.22 13.26 8,100 107,820 1.68 1.69 1.66 1.71 1.65 1.68 910,000 1,526,190 PEPSI COLA 11.82 11.88 11.96 12 11.8 11.88 129,400 1,546,022 SHAKEYS PIZZA ROXAS AND CO 1.91 1.92 1.87 1.92 1.82 1.91 1,804,000 3,356,690 5.47 5.5 5.5 5.5 5.5 5.5 1,000 5,500 RFM CORP ROXAS HLDG 1.96 2.01 1.94 2.01 1.94 2.01 9,000 17,810 SWIFT FOODS 0.126 0.129 0.126 0.129 0.126 0.129 450,000 58,020 154.7 154.9 154 155 150.5 154.7 536,040 82,876,972 UNIV ROBINA VITARICH 1.32 1.33 1.32 1.33 1.3 1.33 3,962,000 5,253,210 CONCRETE A 65.1 68 65.3 65.3 65.3 65.3 1,000 65,300 68.05 72.7 69 69 69 69 370 25,530 CONCRETE B CEMEX HLDG 2.51 2.52 2.5 2.52 2.46 2.52 619,000 1,546,660 15.2 15.38 15.4 15.46 15.08 15.2 89,700 1,374,652 EAGLE CEMENT 10.3 10.5 10.6 10.62 10.3 10.3 1,171,400 12,281,318 EEI CORP HOLCIM 14.22 14.54 14.58 14.58 14.58 14.58 500 7,290 16.98 17 17.2 17.3 16.96 17 855,000 14,546,624 MEGAWIDE 9.51 9.54 9.51 9.51 9.51 9.51 13,600 129,336 PHINMA TKC METALS 1.05 1.09 1.1 1.11 1.05 1.09 100,000 108,460 1.08 1.09 1.1 1.12 1.08 1.09 670,000 731,550 VULCAN INDL CHEMPHIL 120.1 130 125 130 125 130 180 23,200 CROWN ASIA 2.1 2.11 2.13 2.13 2.11 2.11 170,000 360,200 1.58 1.6 1.59 1.6 1.59 1.6 16,000 25,590 EUROMED PRYCE CORP 5.2 5.28 5.28 5.28 5.17 5.2 90,400 471,930 CONCEPCION 31 31.05 31 31 31 31 24,400 756,400 2.16 2.17 2.26 2.27 2.14 2.17 5,814,000 12,861,590 GREENERGY INTEGRATED MICR 8.1 8.31 8.39 8.39 8.1 8.1 118,300 967,952 1.46 1.48 1.45 1.49 1.45 1.48 29,000 42,480 IONICS 5.15 5.16 5.16 5.16 5.16 5.16 700 3,612 PANASONIC SFA SEMICON 0.97 0.99 0.97 0.99 0.97 0.99 121,000 119,620 7.91 7.98 8 8.12 7.9 7.91 294,800 2,355,750 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 FJ PRINCE A FORUM PACIFIC GT CAPITAL HOUSE OF INV JG SUMMIT LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PACIFICA PRIME MEDIA SOLID GROUP SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES TOP FRONTIER WELLEX INDUS ZEUS HLDG

0.85 12.42 851 54.9 11.28 3.5 6.54 0.73 1.12 6.79 7.9 13.2 3.88 0.206 888 5.56 77.3 0.5 4.15 12.7 0.56 4.66 0.037 1.35 1.27 1,063 165.2 0.84 221 0.212 0.221

0.86 12.5 856 55 11.3 3.52 6.89 0.74 1.13 6.91 7.92 13.38 4.19 0.211 890 5.57 77.5 0.51 4.2 12.74 0.58 4.7 0.038 1.38 1.3 1,068 165.5 0.85 227 0.22 0.237

0.83 12.9 852 56.9 10.6 3.57 6.89 0.73 1.13 6.68 7.63 13.2 3.88 0.204 900 5.61 78.4 0.52 4.25 13.04 0.57 4.68 0.037 1.44 1.3 1060 170 0.85 224.4 0.212 0.238

0.86 12.9 863 56.9 11.28 3.57 6.89 0.75 1.13 6.91 7.99 13.4 3.88 0.204 901.5 5.61 78.75 0.52 4.25 13.04 0.58 4.78 0.037 1.44 1.3 1,070 170 0.85 227 0.212 0.238

0.81 12.4 849 54.4 10.6 3.5 6.54 0.73 1.11 6.68 7.63 13.12 3.88 0.204 880 5.57 77.3 0.49 4.15 12.7 0.55 4.66 0.037 1.29 1.3 1,060 165.2 0.84 221 0.212 0.238

0.86 12.5 856 54.9 11.28 3.5 6.54 0.73 1.13 6.91 7.9 13.4 3.88 0.204 890 5.57 77.5 0.51 4.15 12.7 0.58 4.66 0.037 1.39 1.3 1,068 165.2 0.84 227 0.212 0.238

21,209,000 157,700 306,740 1,022,220 35,128,900 1,216,000 8,900 209,000 422,000 260,200 19,867,300 10,800 3,000 20,000 64,800 15,200 504,870 41,000 1,507,000 4,997,800 64,000 7,772,000 2,100,000 1,114,000 10,000 115,410 57,490 62,000 2,450 10,000 10,000

17,852,160 1,970,912 262,520,045 56,139,884 389,261,210 4,264,480 60,971 155,060 472,830 1,795,665 156,988,965 143,466 11,640 4,080 57,808,025 84,866 39,242,031.5 20,635 6,318,600 63,628,346 19 36,290 36,625,500 77,700 1,512,260 13,000 123,286,845 9,572,036 52,690 544,992 2,120 2,380

869,192 (76,570,699) 21,015,386 (649,180) 23,096,708 67,930,324 (763,930) (15,495) (2,340,194) (538,334.5) (13,200) (8,750)

(227,060) (108,820) (12,154,080) (3,444,905) (5,013,311.5) (12,786,430) (7,382,376) (1,321,657) 1,059,075 5,175 87,602 210,939.9999) (1,635,044) 1,874,900 (191,625,923) (2,496,575.5) 3,250 104,201.5 (54,026,334) 429,650 (1,037,800) 41,920,996 (224,900) 59,440 169,366 (5,447,234) (7,290) (13,220,024) (1,100) (105,500) 93,000 (1,674,730) 86,100 (5,920) 138,288 (3,380,510) 932,742 (34,385,535) 4,957,793.5 36,661,112 (613,580) 784,540 14,571,722 (21,088) (14,995,865) (84,866) 11,144,979 (46,060) ,992,081.9996 5,504,710 59,990,940 (1,598,526) (286,120) -

PROPERTY ARTHALAND CORP 0.89 0.9 0.89 0.93 0.89 0.9 4,253,000 3,873,870 179,500 9.22 9.9 10 10 9.22 9.22 7,600 71,009 46,750 ANCHOR LAND AYALA LAND 46.65 46.8 47.5 47.5 46.5 46.8 7,175,500 335,529,805 (190,900,860) ARANETA PROP 1.65 1.78 1.68 1.78 1.64 1.78 539,000 896,640 2.01 2.02 2.01 2.02 2.01 2.02 35,000 70,460 (2,009.9999) BELLE CORP A BROWN 0.8 0.81 0.8 0.81 0.8 0.8 368,000 294,410 CROWN EQUITIES 0.201 0.205 0.2 0.205 0.2 0.201 1,240,000 250,070 6.33 6.35 6.35 6.35 6.34 6.35 77,600 492,557 218,237 CEBU HLDG CEB LANDMASTERS 4.67 4.68 4.66 4.7 4.63 4.67 262,000 1,225,320 (116,750) 0.59 0.6 0.61 0.61 0.59 0.6 32,504,000 19,460,540 (419,000) CENTURY PROP 0.46 0.465 0.46 0.465 0.46 0.465 960,000 441,900 CYBER BAY DOUBLEDRAGON 19.94 20 20.05 20.2 19.88 20 580,800 11,629,537 108,854.9998 10.36 10.42 10.3 10.42 10.28 10.42 331,900 3,445,308 2,726,184 DM WENCESLAO 0.475 0.48 0.46 0.475 0.46 0.475 920,000 433,500 (23,750) EMPIRE EAST FILINVEST LAND 1.63 1.64 1.63 1.64 1.62 1.64 5,272,000 8,606,770 2,500,820 1.26 1.27 1.25 1.29 1.25 1.27 940,000 1,198,950 GLOBAL ESTATE 8990 HLDG 14.88 14.9 14.88 14.9 14.8 14.88 290,700 4,325,100 (183,038) PHIL INFRADEV 1.43 1.44 1.49 1.52 1.43 1.43 3,657,000 5,367,800 (736,080) 0.74 0.78 0.77 0.78 0.77 0.78 91,000 70,380 24,180 CITY AND LAND MEGAWORLD 4.87 4.88 4.9 4.9 4.85 4.87 9,505,000 46,193,140 (18,790,900) MRC ALLIED 0.285 0.29 0.295 0.295 0.285 0.29 8,520,000 2,442,600 2.01 2.02 2.08 2.08 2.01 2.02 222,000 448,020 (20,099.9999) PRIMEX CORP ROBINSONS LAND 26.2 26.3 26.25 26.8 26.2 26.2 319,700 8,413,805 (697,905) 0.37 0.38 0.38 0.38 0.38 0.38 10,000 3,800 PHIL REALTY ROCKWELL 2.27 2.28 2.27 2.27 2.27 2.27 19,000 43,130 STA LUCIA LAND 2.48 2.49 2.5 2.54 2.49 2.49 768,000 1,920,480 (12,500) 39.1 39.3 39.4 39.7 39.05 39.1 6,870,900 269,266,885 (86,679,795) SM PRIME HLDG 5.53 5.54 5.53 5.54 5.46 5.53 23,700 130,428 VISTAMALLS SUNTRUST HOME 1.47 1.48 1.5 1.53 1.44 1.48 11,632,000 17,295,750 7.69 7.7 7.72 7.73 7.68 7.7 1,988,700 15,316,600 (4,973,680) VISTA LAND

SERVICES ABS CBN 18.06 18.08 18.2 18.2 18.08 18.08 36,800 666,722 5.27 5.29 5.29 5.29 5.26 5.26 68,700 361,415 GMA NETWORK MANILA BULLETIN 0.405 0.42 0.42 0.42 0.42 0.42 10,000 4,200 GLOBE TELECOM 1,870 1,900 1905 1,929 1,870 1,870 25,445 48,436,015 (2,176,690) 1,106 1,108 1101 1,112 1,101 1,106 51,605 57,089,520 (24,258,520) PLDT APOLLO GLOBAL 0.039 0.041 0.04 0.04 0.039 0.039 10,600,000 414,800 DFNN INC 5.51 5.9 5.9 5.9 5.9 5.9 20,300 119,770 5,900 1.73 1.82 1.75 1.94 1.73 1.84 34,000 62,300 IMPERIAL ISLAND INFO 0.105 0.107 0.105 0.107 0.105 0.107 280,000 29,550 4.77 4.78 4.8 4.81 4.77 4.78 691,000 3,306,110 395,729.9998 ISM COMM 3.24 3.25 3.55 3.58 3.2 3.24 14,972,000 49,740,970 (975,940) NOW CORP TRANSPACIFIC BR 0.325 0.335 0.33 0.335 0.325 0.33 5,350,000 1,749,000 (49,500) 3 3.01 3.04 3.04 3 3 103,000 310,610 (72,310) PHILWEB 10.56 10.78 10.98 10.98 10.56 10.56 15,100 161,504 3,222 2GO GROUP CHELSEA 6.45 6.47 6.46 6.57 6.44 6.45 488,600 3,160,802 (116,322) 94.5 96 94.35 96 94 96 45,290 4,318,194.5 1,862,685 CEBU AIR INTL CONTAINER 124 124.2 123.8 126 123.1 124 732,960 91,094,271 34,860,068 LORENZO SHIPPNG 0.91 0.95 0.91 0.91 0.91 0.91 30,000 27,300 19.18 19.24 19.32 19.4 19.16 19.24 843,400 16,228,252 (1,877,282) MACROASIA METROALLIANCE A 1.05 1.08 1.05 1.05 1.05 1.05 2,000 2,100 METROALLIANCE B 1.05 1.15 1.09 1.09 1.05 1.05 328,000 346,560 (346,560) 8 8.45 8.3 8.55 7.98 8 74,700 617,612 PAL HLDG HARBOR STAR 1.57 1.58 1.61 1.61 1.57 1.58 522,000 825,520 1.52 1.55 1.53 1.59 1.52 1.59 63,000 96,180 ACESITE HOTEL WATERFRONT 0.66 0.67 0.66 0.67 0.66 0.67 266,000 176,600 CENTRO ESCOLAR 6.9 7.19 7.19 7.19 7.19 7.19 100 719 0.67 0.68 0.67 0.68 0.67 0.68 424,000 285,450 STI HLDG BERJAYA 2.57 2.58 2.53 2.57 2.53 2.57 127,000 324,280 BLOOMBERRY 10.78 10.8 10.82 10.82 10.7 10.78 690,100 7,444,840 2,551,524 2.64 2.79 2.65 2.79 2.63 2.79 51,000 136,690 (16,710) PACIFIC ONLINE LEISURE AND RES 3.13 3.17 3.13 3.16 3.12 3.13 115,000 359,970 15,650 PH RESORTS GRP 4.72 4.75 4.75 4.75 4.72 4.72 21,000 99,660 0.67 0.68 0.67 0.69 0.67 0.67 685,000 459,730 (198,110) PREMIUM LEISURE ALLHOME 11.26 11.3 11.38 11.38 11.2 11.3 6,926,000 78,193,760 (18,656,680) METRO RETAIL 2.47 2.48 2.49 2.5 2.46 2.48 292,000 724,360 24,600 39.05 39.7 39.7 39.85 39.05 39.05 1,544,000 61,181,080 16,770,680 PUREGOLD ROBINSONS RTL 75.5 77 77.45 77.45 75.5 77 187,290 14,342,872 (7,503,923.5) 158 160 155 160 155 158 2,280 356,280 268,480 PHIL SEVEN CORP 2.7 2.71 2.65 2.74 2.65 2.71 3,563,000 9,649,860 (1,408,280) SSI GROUP WILCON DEPOT 17.06 17.22 17.18 17.24 17 17.22 2,859,400 49,164,978 9,247,872 0.495 0.5 0.51 0.52 0.5 0.5 4,435,000 2,219,100 (700,000) APC GROUP 9.03 9.2 9.08 9.2 9.03 9.2 26,000 235,164 EASYCALL GOLDEN BRIA 422 432 421 438.8 421 432 870 369,674 3.24 4.47 3.62 3.62 3 3.22 39,000 133,250 IPM HLDG PAXYS 2.65 2.87 2.65 2.65 2.65 2.65 7,000 18,550 (2,650) PRMIERE HORIZON 0.475 0.48 0.48 0.48 0.465 0.475 10,110,000 4,767,750 (250,650) 8.92 9.12 9.12 9.12 9.12 9.12 300 2,736 SBS PHIL CORP

MINING & OIL ATOK 11.58 12.2 12.26 12.26 12.26 12.26 100 1,226 1.1 1.11 1.1 1.12 1.1 1.11 601,000 665,420 (220,890) APEX MINING ABRA MINING 0.0016 0.0017 0 0.0017 0.0017 0.0017 0.0017 15,000,000 25,500 BENGUET A 1.09 1.2 1.09 1.09 1.09 1.09 1,000 1,090 2.54 2.56 2.55 2.55 2.55 2.55 209,000 532,950 CENTURY PEAK FERRONICKEL 1.81 1.82 1.82 1.86 1.8 1.82 5,538,000 10,051,520 1,305,880 GEOGRACE 0.205 0.21 0.21 0.21 0.205 0.209 620,000 128,160 0.104 0.105 0.105 0.105 0.104 0.104 1,130,000 118,020 LEPANTO A MANILA MINING A 0.0088 0.0089 0 0.0089 0.0089 0.0089 0.0089 4,000,000 35,600 0.0092 0.0099 0 0.0099 0.0099 0.0099 0.0099 1,000,000 9,900 MANILA MINING B MARCVENTURES 1.08 1.1 1.08 1.13 1.08 1.1 203,000 220,430 NIHAO 1.03 1.07 1.07 1.07 1.03 1.07 11,000 11,540 3.62 3.63 3.76 3.76 3.5 3.63 21,493,000 77,440,220 1,504,430 NICKEL ASIA 0.82 0.83 0.82 0.84 0.82 0.83 96,000 78,810 ORNTL PENINSULA PX MINING 3.4 3.42 3.43 3.45 3.4 3.4 480,000 1,646,020 (400,340) 23.65 23.7 23.5 23.8 23.5 23.65 491,500 11,613,065 4,778,030 SEMIRARA MINING ORNTL PETROL A 0.012 0.013 0.012 0.013 0.012 0.012 248,000,000 2,976,100 ORNTL PETROL B 0.012 0.013 0.012 0.012 0.012 0.012 41,400,000 496,800 54,000 0.011 0.012 0.012 0.012 0.011 0.011 28,100,000 313,900 PHILODRILL PHINMA PETRO 11.04 11.2 11.22 11.46 11 11.04 761,700 8,495,774 32,164 PXP ENERGY 11.74 11.76 12.12 12.22 11.7 11.74 1,731,800 20,570,278 (2,489,166)

PREFFERED

HOUSE PREF A 99 99.7 99 99 99 99 10 990 101.2 103.4 101.1 101.1 101.1 101.1 1,180 119,298 ALCO PREF B DD PREF 100.5 101 101 101 101 101 10 1,010 SMC FB PREF 2 999 1,000 999 999 999 999 990 989,010 109.5 110 109.5 110 109.5 110 17,040 1,871,380 (661,380) FGEN PREF G GLO PREF P 506 510 506 506 506 506 200 101,200 LR PREF 1.01 1.02 1.01 1.01 1.01 1.01 52,000 52,520 101 101.8 101.9 104 101.9 102 59,040 6,022,094 MWIDE PREF PNX PREF 3A 100.8 101.9 101.9 101.9 101.9 101.9 240 24,456 108 109 109 109 108 108 1,070 116,160 54,500 PNX PREF 3B 1,031 1,033 1031 1,034 1,031 1,031 1,690 1,743,790 (113,610) PNX PREF 4 PCOR PREF 3A 1,050 1,052 1050 1,050 1,050 1,050 4,990 5,239,500 1,062 1,079 1080 1,080 1,079 1,080 1,280 1,382,255 PCOR PREF 3B SMC PREF 2C 78.15 78.3 78.3 78.3 78.2 78.2 900 70,412 SMC PREF 2D 75.1 75.45 75.1 75.1 75.1 75.1 4,800 360,480 76.1 76.5 76.1 76.1 76.1 76.1 18,900 1,438,290 SMC PREF 2F SMC PREF 2G 75.2 75.7 75.95 75.95 75.95 75.95 200 15,190 SMC PREF 2I 75.8 76 76.8 76.8 75.5 75.8 142,800 10,822,840 PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR GMA HLDG PDR

17.3 5.14

17.32 5.26

17.36 5.2

17.38 5.26

17.32 5.2

17.32 5.26

70,000 88,400

1,214,800 460,160

WARRANTS LR WARRANT

1.53

SMALL & MEDIUM ENTERPRISES

ITALPINAS KEPWEALTH XURPAS

6.9 13.92 1.03

FIRST METRO ETF

119.8

1.54

1.6

1.6

1.54

1.54

50,000

77,380

6.91 13.94 1.04

7 12.48 1.11

7.02 13.92 1.14

6.75 12.3 1.03

6.9 13.92 1.03

495,600 4,081,300 17,160,000

3,415,890 54,129,392 18,399,560

EXHANGE TRADE FUNDS 120.8

120.6

120.6

119.8

119.8

36,210

4,339,999

(728,320) 231,360 (40,040) (148,060) (45,202) 424,7500) 3,849,264

www.businessmirror.com.ph

By Lenie Lectura

-

A

@llectura

BOITIZ Power Corp. said last week that a deadline has been set for interested firms to make offers for its 8.8-megawatt (MW) biomass power plant operated by its wholly owned subsidiary, Aseagas Corp.

(Aseagas).

“I think there is a deadline. I think late November is the deadline for people to make offers on those assets,” said AboitizPower Chief Operating Officer Emmanuel Rubio.

The power firm has been trying to sell this asset for over a year now.

To attract more potential buyers, the company has tapped the ser-

vices of asset disposal firm Astoca Inc. to help it sell the asset.

“The plant was offered by Astoca. There have been plant visits already. They received a number of letters of intent. There are interested offers for CO2 plant [only], the seven engines.... Hopefully, it will all be sold,” said Rubio.

He could not provide details of

Axelum reports income increase, but coconut price decline cuts revenues

C

OCONUT products manufacturer Axelum Resources Corp. said its net income grew 28 percent during the nine months of the year ending September to P609 million from P475.7 million last year.

“We are pleased with the results despite encountering weaker global vegetable oil prices and a stronger peso in 2019. Interestingly, while production volumes were relatively maintained, our margins noticeably improved as we deliberately shifted focus on higher margin products. Altogether, we are convinced of carrying this momentum into the fourth quarter, where we have historically benefited from the holiday consumption uptick,” Axelum Chairman Romeo I. Chan said.

Revenues fell 11 percent to P3.9 billion from P4.4 billion last year, due to the steep drop in average selling prices and appreciation of the peso compared to 2018, the company said.

Axelum ramped up its research and development activities to

create new product variants such as pressed coconut water and organic coconut milk powder, with the latter recently securing firm orders for 170 metric tons, aggregating to an estimated export value of $1.3 million, to be used as a key ingredient for skin-care supplements.

This move will allow the company to extend and offer a wider range of products that will cater to the emerging global health and wellness trend, it said.

Axelum said it improved gross profit and net income margins to 31 percent and 16 percent, from the previous 25 percent and 11 percent, respectively.

In the July-September quarter, net income grew 32 percent to P205.5 million from P155.1 million last year.

“Armed with definitive strategies and the necessary resources, we now have our sights set in 2020. Nonetheless, we are determined and confident to finish this year on a strong note,” Chan said.

VG Cabuag

Iloilo City govt to auction off Peco’s assets to cover ₧106-M tax liability

T

HE City Government of Iloilo on Monday said it will auction off next month the assets of Panay Electric Co. (Peco) to pay for the company’s P106-million real-estate tax liability and penalties since 2006.

Iloilo City Mayor Jerry Treñas said, in a statement that this move would address government’s collection problem with Peco, an issue that has persisted under three mayors despite multiple demand letters to Peco.

Up for auction are Peco’s posts, with total market value of P214.9 million, according to City Treasurer Office Tax Enforcement Division chief John Ladrillo.

The CTO said it will put a floor price of P106,881,685.33 as the lowest bid when it puts up for bidding Peco’s land where its thousands of wood electricity posts stand.

Peco’s tax liability arose from its refusal to pay the real-estate tax assessed by the City Treasurer’s Office on the land where its electricity posts stand on. These small pieces of land beside the streets of Iloilo City will be the subject of the December 12 auction.

Ladrillo said the P106.8-million floor price was computed based on

Peco’s total tax liability since 2006 amounting to P97,164,438. 81, the cost of the sale including documentary stamp tax estimated at P9,716,443.

88 and a registration fee of P802.64.

Unable to collect since 2006, the city government ordered the Iloilo City Business Permit and Licenses Office not to renew Peco’s business permit this year.

As of press time, Peco has yet to comment on this. However, Peco lawyers have scheduled a news conference on Thursday to discuss the recently concluded probe of the Energy Regulatory Commission (ERC) on the maintenance of Peco’s distribution lines.

Treñas also said he was disappointed at the statement of Marcelo Cacho, Peco’s administrative manager, belittling as “not a big issue” the City Mayor’s complaint with the Office of the President and the ERC against Peco’s failure to replace the dilapidated electricity poles. “[Cacho] should not treat as a small issue the safety and security of the people of Iloilo and damage to government property,” said Treñas.

Lenie Lectura

the firms that have expressed interest to purchase the biomass plant, citing a nondisclosure agreement.

“I don’t know how many are interested. We are not the ones doing the process. They have a report...we gave them a target number on the minimum bidders and I am not at liberty to disclose that. It has to be closed within the year on an as-is-where-is basis,” said Rubio.

Previously, he said the company was in talks with one local and one foreign firm, adding that the latter may partner with a local firm.

The biomass plant in Lian, Batangas, ceased operations in November 2017 due to unavailability of the supply of organic effluent wastewater from Absolut Distillers Inc. This organic material was used to produce electricity upon

Mutual Funds

conversion into renewable energy.

The total value of the asset is estimated at P3.7 billion, which represents Aseagas’s equity investment of P3.45 billion and the company’s remaining obligations of around P250 million.

Rubio said the asset might not be sold depending on the preference of the bidders. “It depends, there may be entities that would like to buy the whole facility, there [may] be entities that would want part of it.”

A seagas is a subsidiar y of AboitizPower, through Aboitiz Renewables, Inc., its holding company for its investments in renewable energy.

A boit i zPower, mea nwh i le, is the holding company for the Aboitiz Group’s investments in power generation, distribution and retail electricity services.

November 11, 2019

NAV One Year Three Year Five Year Y-T-D

per share Return* Return Stock Funds Primarily invested in Peso securities ALFM Growth Fund, Inc. -a 258.76 7.85% 0.99% -0.23% 2.6% ATRAM Alpha Opportunity Fund, Inc. -a 1.5212 11.63% 2.62% 0.01% 5.58% ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.9321 6.04% -0.9% -1.99% 0.75% Climbs Share Capital Equity Investment Fund Corp. -a 0.9415 10.6% n.a. n.a.

4.5% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.8763 11.83% n.a. n.a.

6.77% First Metro Save and Learn Equity Fund,Inc. -a 5.4901 11.46% 2.31% 0.22% 4.11% First Metro Save and Learn Philippine Index Fund, Inc. -a,6 0.8829 12.49% -1.68% n.a.

5.52% MBG Equity Investment Fund, Inc. -a 113.65 4.27% n.a. n.a.

-2.17% PAMI Equity Index Fund, Inc. -a 52.9576 13.91% 3.39% n.a.

7.59% Philam Strategic Growth Fund, Inc. -a 548.95 13.08% 2.07% 0.24% 6.65% Philequity Dividend Yield Fund, Inc. -a 1.3294 11.08% 2.86% 1.43% 6.01% Philequity Fund, Inc. -a 39.1194 12.1% 3.83% 1.25% 6.79% Philequity MSCI Philippine Index Fund, Inc. -a,1 1.0502 n.a. n.a. n.a. n.a.

Philequity PSE Index Fund Inc. -a 5.3873 15.21% 4.21% 2.34% 8.64% Philippine Stock Index Fund Corp. -a 899.54 15.21% 4.13% 2.27% 8.58% Soldivo Strategic Growth Fund, Inc. -a 0.9078 11.47% 1.95% n.a.

5.56% Sun Life Prosperity Philippine Equity Fund, Inc. -a 4.3469 12.07% 3.47% 1.36% 7.1% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 1.0329 14.74% 3.98% n.a.

8.24% United Fund, Inc. -a 3.759 13.27% 5.29% 2.74% 7.38% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 120.5951 15.54% 4.87% 3.29% 8.89% Primarily invested in foreign currency securities 8.66% ATRAM AsiaPlus Equity Fund, Inc. -b $1.0096 4.23% 4.97% 0.36% Sun Life Prosperity World Voyager Fund, Inc. -a $1.324 7.76% 8.9% n.a.

19.8% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5981 -0.47% -2.33% -3.6% -3.22% ATRAM Philippine Balanced Fund, Inc. -a 2.2819 6.48% 0.17% -0.38% 3.29% First Metro Save and Learn Balanced Fund Inc. -a 2.6748 10.18% 2.32% -0.77% 5.18% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,5 0.238 n.a. n.a. n.a. n.a.

Grepalife Balanced Fund Corporation -a 1.358 7.29% n.a. n.a.

4.12% NCM Mutual Fund of the Phils., Inc. -a 1.9807 10.75% 2.79% 1.29% 7.47% PAMI Horizon Fund, Inc. -a 3.8415 13.56% 1.95% 0.59% 8.85% Philam Fund, Inc. -a 17.1918 12.63% 1.84% 0.49% 8.07% Solidaritas Fund, Inc. -a 2.1683 8.25% 2% 1.34% 4.79% 2.95% 1.06% 7.76% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.9348 11.35% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d,2 1.034 n.a. n.a. n.a. n.a.

Sun Life Prosperity Achiever Fund 2038, Inc. -a,d,2 1.0232 n.a. n.a. n.a. n.a.

Sun Life Prosperity Achiever Fund 2048, Inc. -a,d,2 1.0204 n.a. n.a. n.a. n.a.

Sun Life Prosperity Dynamic Fund, Inc. -a 0.9985 11.06% 2.42% 0.37% 8.33% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03785 9.27% 2.15% 1.91% 7.22% PAMI Asia Balanced Fund, Inc. -a $1.0182 7.41% 4.01% 0.55% 11.44% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.804 7.28% 6.56% 3.51% 14.97% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,7 $1.1094 6.28% 3.9% n.a. 10.39% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 355.85 4.08% 2.63% 2.27% 3.6% 3.99% 0.43% -0.12% 3.47% ATRAM Corporate Bond Fund, Inc. -a 1.9238 Cocolife Fixed Income Fund, Inc. -a 3.0973 4.93% 5.22% 5.2% 4.07% Ekklesia Mutual Fund Inc. -a 2.215 4.37% 2.07% 1.93% 4.03% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.3454 5.97% 1.9% 1.52% 6.36% Grepalife Fixed Income Fund Corp. -a P 1.6085 3.04% 0.44% -0.05% 2.82% Philam Bond Fund, Inc. -a 4.3382 13.41% 1.98% 1.67% 10.67% Philequity Peso Bond Fund, Inc. -a 3.7559 8.24% 1.54% 6.79% 2.42% Soldivo Bond Fund, Inc. -a 0.9547 8.69% 0.87% n.a.

7.13% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.05 11.21% 4.09% 2.55% 10.28% Sun Life Prosperity GS Fund, Inc. -a 1.6843 10.67% 3.47% 2.02% 9.38% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $466.01 4.42% 2.15% 2.81% 3.93% ALFM Euro Bond Fund, Inc. -a Є219.57 3.07% 1.37% 1.38% 3.24% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2026 7.27% 2.57% 2.57% 6.83% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0257 3.63% 1.2% 1.29% 3.63% Grepalife Dollar Bond Fund Corp. -a $1.7084 1.18% -0.92% 0.25% 1.08% PAMI Global Bond Fund, Inc -a $1.091 6.98% 0.34% -0.91% 5.28% Philam Dollar Bond Fund, Inc. -a $2.382 11.78% 2.42% 3.02% 9.73% Philequity Dollar Income Fund Inc. -a $0.0601997 5.84% 2.03% 2.01% 5.61% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1412 9.32% 1.88% 2.54% 9.37% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 125.16 4.14% 2.72% 2.11% 3.54% First Metro Save and Learn Money Market Fund, Inc. -a,3 1.0273 n.a. n.a. n.a. n.a.

Philam Managed Income Fund, Inc. -a 1.2465 6.06% 2.5% 1.56% 5.47% Sun Life Prosperity Money Market Fund, Inc. -a 1.2592 3.83% 2.83% 2.25% 3.28% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0349 2.13% n.a. n.a.

1.87%

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."

www.businessmirror.com.ph

Banking&Finance BusinessMirror

House panel backs move to increase road users’ tax

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By Jovee Marie N. dela Cruz

@joveemarie

HE House Committee on Ways and Means on Monday endorsed for plenary approval a measure increasing the Motor Vehicle Road Users’ (MVRU) Tax.

House Committee on Ways and Means Chairman Jose Maria S. Salceda said House Bill 4695, which will be transmitted to the plenary for another round of deliberations, could provide P40 billion additional government revenues in three years.

HB 4695 said increasing the MVRU tax would lead to additional government revenues of P8 billion in 2020, P12 billion in 2021 and P20 billion in 2022. These revenues, according to the proposed bill, will fund the public utility vehicle

modernization program (PUVMP) and as according to the original mandate of Republic Act (RA) 8794, or the “Act Imposing a Motor Vehicle User’s Charge [MVUC] on Owners of All Types of Motor Vehicles and for Other Purposes.”

According to Salceda, the existing MVUC rates have not been adjusted since 2004. RA 8794 was enacted in the year 2000.

New rates

Under HB 4695, the new proposed rates are: P2,080 in 2020; P2,560 in 2021; and, P3,040 in 2022 for passenger cars with gross vehicle weight (GVW) of up to 1,600 kilograms (kg).

The new tax rates for passenger cars with GVW above 1,600 kg but not exceeding 2,300 kg are: P4,680 in 2020;

What to consider in real estate

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HE real-estate sector is a major contributor to the Philippine economy.

As both the economy and the population expand, the role of real estate becomes more significant.

It helps provide more income and more opportunities. The supply of living spaces, therefore, has to keep up with growing demand.

In terms of personal finance, real estate is a popular investment option for many Filipinos.

There are a number of factors though that have to be considered in order to make good real-estate investment decisions.

One factor to consider is the goal.

Every investment decision must be anchored on a bigger purpose like a goal. The goal has to be clear and ambitious.

For every Filipino, the ultimate financial goal must be the achievement of financial freedom. Real estate can be a powerful vehicle in helping one achieve financial freedom. To many, real estate can also mean an aspirational goal. Buying real-estate property should be planned prudently since this type of investment can tangibly represent the culmination of lifelong income.

One factor to consider is the type of real-estate investment.

One factor to There are differconsider is the ent strokes for reputation of the different folks. developer and Buying property the broker. should take into Genesis Kelly S. Lontoc T h e r e a r e account personal many reputable and family cirpersonal finance real-estate decumstances in velopers in the the present and country. Many of them have a repuin the foreseeable future. table brand heritage, sound finanBuying property should also concial position, significant land asset sider key personal and family prioribase and good management. ties so that the relevant real-estate What may probably differentiate investment decision will be made. one developer from another would In the Philippines, there are quite be how a developer is able to effeca number of options available. The tively conceptualize and transform popular ones include land, condocommunities over time. Working miniums, townhouses, apartments with a professional broker can have and condotels. the benefit of getting sound advice One factor to consider is locaon property details. tion. This can be a relative factor One factor to consider is potensince good location really revolves tial benefit. One key benefit of real around the lifestyle of a person and estate is that the value of property a family. can appreciate over time. For the There are those who would prefer long term, property can either be the place of residence to be close to kept for personal and family usthe place of work or business. There age, utilized for estate planning are those who would prefer the place purposes or sold for capital gain. of residence to be proximate to comAnother key benefit of real esmunities and institutions. tate is that there is the possibility As progress in the economy is of passive income through rental decentralized and as it extends to income. Unlike other investment the countryside, the likelihood of types, rental income can be less having more prime real-estate involatile. Unlike investing in a vestment locations becomes higher.

P5,760 in 2021; and P6,840 in 2022. For passenger cars with GVW above 2,300 kg, the new tax rates would be P10,400 in 2020, P12,800 in 2021, and P15,200 in 2022.

The measure said a P1.40 unitary tax per kg of GVW will be imposed on utility vehicles, sport-utility vehicles, buses, trucks and trailers starting 2020 until 2023. For motorcycles without a sidecar but with an engine displacement of 400 cubic centimeters and above, the new tax rates are: P312 in 2020, P384 in 2021, and P456 in 2022.

For motorcycles with a sidecar, the rates are: P390 in 2020, P480 in 2021, and P570 in 2022.

The bill also proposes that these road tax rates be increased by 5 percent annually effective January 2024.

business, real-estate rental income can be gained at less hectic effort.

One factor to consider is potential cost. A prime location may command high cost which may prevent many people from participating.

Real-estate investment is illiquid since it cannot be easily converted to cash to meet present expenses.

This is where having ample savings and emergency funds prove to be handy. There are various financial costs related to buying property like registration, maintenance and tax costs. Therefore, it is imperative for one to effectively match cash inflows with the costs for sustainability.

There is simply no such thing as a perfect investment. Investing in real estate has its own set of advantages and disadvantages. Therefore, to maximize the investment in real estate, one has to be very clear on what it would be for, what would be the relevant real-estate type and how cash flows would fund the decision.

Gemmy Lontoc is a registered financial planner of RFP Philippines. To learn more about personal financial planning, attend the 80th RFP program this January 2020. To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-9689774.

Bankers in $220-billion scandal offered gold to hide client cash

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T the height of the Danske Bank A/S dirty money scandal, the lender started offering gold bars to wealthy clients to help them keep their fortunes hidden, according to documents seen

by Bloomberg.

The bank’s Estonian branch, which was already wiring billions of client dollars to offshore accounts, told a select group of customers, mostly from Russia, that they could now also convert their money into gold bars and coins, according to the documents, which date back to the middle of 2012.

Aside from offering a hedge against risk, Danske pitched gold as a way for clients to achieve “anonymity,” according to the documents. It also said that using gold ensured “portability” of assets, according to an internal presentation dated June 2012.

A spokesman for Danske Bank declined to comment. In Danske’s September 2018 tell-all report on its nonresident unit, the bank listed the services it provided to clients. Aside from payments, these included setting up foreign-exchange lines, as well as bond and securities trading. The bank didn’t list the sale of gold bars.

Danske Bank, which is being investigated across Europe and in the US after failing to screen about $220 billion that gushed through its nonresident unit in Estonia from 2007 to 2015, has now shuttered the operations at the heart of the scandal.

That’s after local authorities kicked Danske out, as the scope of the affair became clear.

Gold plays a special role in the historic ties between Russia and Estonia, which gained independence after WWI only to be swallowed up by the Soviet Union in 1940. A century ago, communists fresh from the Russian revolution used Estonia as a bridge to channel vast quantities of gold taken from the murdered family of Czar Nicholas II into the West.

In the early 1920s, about 700 tons of Czarist

coins dodged a western blockade by passing through Tallinn with the knowledge of the country’s leaders, before heading for Scandinavia and the UK. Today’s Russian elite may have used the same path.

It’s not known how much gold Danske managed to sell while the now defunct Estonian unit was still running. But according to an internal e-mail seen by Bloomberg, at least some clients used the service. Local private banking clients were also offered the service.

For gold bars weighing 250 grams or more, clients at Danske’s nonresident unit could obtain the precious metal without a sealed pack or paper certificates. Anti-money laundering approval was needed before customers could collect the gold, but such approvals weren’t necessary if the gold was kept in long-term storage, according to the documents.

One Danske Bank presentation seen by Bloomberg and dated June 2012, when gold was trading close to an alltime high, told prospective clients that “the product is not being advertised publicly or in the media.”

There’s no evidence that Danske continued to offer the service after 2013, when the price of gold tanked.

According to documents seen

by Bloomberg, Danske’s Estonian branch sourced its gold from two partners, depending on the size of orders. One partner handled orders that exceeded €300,000, equivalent to 6 kilograms at the time, and bought the gold from the Austrian mint; the other was used for smaller orders, according to the presentation, which didn’t name the suppliers.

Danske charged a fee of 0.5 percent on larger orders, while smaller orders had a commission of as much as 4 percent. Some of the documents promoting gold bars are signed by Howard Wilkinson, the whistleblower who brought the Danske Bank laundering scandal into the public light. His lawyer, Stephen Kohn, didn’t immediately comment on the matter when contacted by Bloomberg.

Danske Bank is being investigated by the Department of Justice and the Securities and Exchange Commission in the US. In Europe, it’s the target of criminal probes by prosecutors in Denmark, Estonia and France. The bank has also had several class action lawsuits brought against it, and its former chief executive officer, Thomas Borgen, is under preliminary criminal investigation in Denmark, along with many other former directors at Danske.

Bloomberg News

Tuesday, November 12, 2019 B3

Singapore considers extending fintech funding beyond 2020

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INGAPORE’S central bank is poised to extend funding for financial-technology (fintech) initiatives because the five-year round ending in March has yielded positive results, its top official said.

The Monetary Authority of Singapore will probably announce new funding plans next year, with possible areas including cyber security and artificial intelligence, Managing Director Ravi Menon said. The S$225 million ($165 million) program has spurred innovation, attracted new companies and created jobs, he said. “I think it has been money that is extremely well spent,” Menon said in an interview before the city-state’s third annual fintech festival kicks off on Monday. “The most important is that we now have a vibrant fintech

ecosystem.” Singapore is among global financial centers that are promoting technology to boost competitiveness and innovation.

The private sector is also piling in, with investors spending a record $735 million on the island’s fintech ventures in the first nine months of this year, according to Accenture Plc. There are now more than 600 fintech start-ups in Singapore, up from about 50 in 2015, MAS data show. That has bolstered employment at a time when automation has prompted lenders around the world to cut branches and staff.

“We’ve been creating outside of the financial sector about 1,000 fintech jobs each year,” Menon said. “This is significant at a time when the need to create jobs is more paramount than ever before.” Bloomberg News

B4 Tuesday, November 12, 2019

PLDT partners with housing developers to fiber-power subdivision and condo residents

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EADING telecoms and digital services provider PLDT has signed a strategic partnership agreement with the Subdivision and Housing Developers Association, Inc. (SHDA), the country's leading real estate developers’ organization, to deliver high-speed fiber-powered connectivity and digital services to its members’ subdivisions and condominium buildings.

“PLDT’s strategic partnership with industry leader SHDA will enable us to provide total building solutions that best

serve the connectivity needs of their residents and future-proof the developers’ projects such as subdivisions and condominium buildings,” said PLDT VP and Head of Building Industry Consultancy Services (BICS) Ronaldo David R. Mendoza.

“This partnership has given our developers a direct communication line with PLDT to better serve our needs. These services - which include telecom, internet and satellite TV on Cignal - are essential items to our homebuyers’ list of requirements, especially in these digital times. It’s really a

privilege to work with PLDT as partner,” said 2019 SHDA National President Raphael B. Felix.

The SHDA is a nationwide housing organization that seeks to provide adequate and decent housing to Filipinos.

It is composed of 138 members from Metro Manila, 179 from eight other regions, and 32 affiliate members who have continuously pursued and advocated for laws and measures that have been instrumental in helping create a more conducive business environment for its industry players resulting to more Filipinos having their own home.

Present at the contract signing event are, seated from left, PLDT Building Industry Consultancy Services (BICS) Management Support Head Ana May Jovellanos, PLDT VP and Head of BICS Ronaldo David R. Mendoza, SHDA President Raphael Felix, and SHDA 1st VP Rose Tsai. Standing, same order, PLDT BICS Key Account Manager Marv Santos, SHDA PRO Kevin Padua, SHDA 2nd VP May Rodriguez, and SHDA Board Adviser Barsan Choa.

Mandaluyong achieves SGLG Hall of Fame Award

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AYOR Menchie Abalos receives the Seal of Good Local Governance Hall of Fame Award from the Department of the Interior and Local Government in fitting rites held recently at the Manila Hotel for the city’s unyielding and continuous efforts on transparency, integrity and effective public service delivery and innovations in local governance.

The multi-awarded Tiger City takes pride in consistently achieving the top recognition in good governance for 5 consecutive years since 2015 making it as one of the 29 (cities, municipalities

and provinces) hall of famers in the whole Philippines.

With Mayor Abalos in photo are DILG Secretary Eduardo Año, Undersecretary Marivel Sacendoncillo, Regional Director

Maria Lourdes Agustin, Assistant Regional Director Juan Jovian Ingeniero, City Director Patrick John Megia, and Mandaluyong City government officials Arman Comandao and Jimmy Isidro

Three million children affected by Mindanao earthquakes: Save the Children deploys rapid response team to meet the needs of communities

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N estimated 3.2 million children have been affected by at least five powerful earthquakes in the southern Philippines over the past three weeks, with two strong quakes recorded just today. More than 180 classrooms have been completely destroyed, according to the government. Thousands of people have been made homeless.

Save the Children Philippines has deployed an assessment team in North Cotabato and Davao del Sur following a magnitude 6.6 earthquake that hit the town of Tulunan, after the second strong temblor that jolted parts of Mindanao in weeks.

Atty. Alberto Muyot, chief executive officer of Save the Children said that most

children affected live in the conflict and marginalized areas in in Region XI, Region XII, and Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

Based on figures from the Department of Education, a total of 3.2 Million learners were affected by the magnitude 6.6 strong earthquake as they suffer from psychosocial stress, miss out on school due to damaged classrooms, and being displaced from their homes. These children live in the conflict affected areas in BARMM, Davao, and SOCCSKSARGEN regions.

“The group is ready to set up temporary classrooms so children don’t miss out on school. These learning spaces

provide much needed respite for children, some of whom may have lost everything, and provide a safe space for them to play and receive support,” said Muyot. It will also set up child-friendly spaces (CFS) to provide psychological first aid to children who suffer from psychosocial stress.

Save the Children has reached out to corporate and individual donors to send cash donations to help scale up its assistance to children and their families affected by earthquakes. Follow SAVE THE CHILDREN PHILIPPINES ON SOCIAL MEDIA: Website: www.savethechildren. org | Facebook: SavetheChildrenPH, Instagram: savethechildrenph | Twitter: SaveChildrenPH

Caribbean ASEAN Bureau to herald Caribbean trade, tourism in Southeast Asia

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ITH the establishment of the Caribbean ASEAN Bureau as a competent managed service, business and trade, communities in the ASEAN countries will be able to conveniently liaise with Caribbean enterprises and governments in exploring opportunities for inbound tourism and trade investments to the Caribbean region.

Also known as Caribbean Tourism, Trade & Investment Bureau, the Caribbean ASEAN Bureau is a collaboration of The JUMP Network (TJN) and the Caribbean ASEAN Council (CAC).

The JUMP Network is a digital and

managed solutions company that provides relevant and customized services focusing on Sales and Marketing, Operations, and Strategy and Tech while the Caribbean ASEAN Council is an international civil society volunteer advocacy programme.

“The Caribbean is known as an immense area composed of the world’s best beaches and oceanic wonders. But there is more to the Caribbean than just sun, sea, and sand. It is a region of diverse opportunities for trade, investment, and tourism. TJN recognizes this remarkable potential that can greatly benefit a niche market of high-net-worth tourists and families and medium-to-large

companies in Southeast Asia”, said Datu Sadja Matthew Pajares Yngson, Representative Councillor of the CAC. With the partnership, the Caribbean region becomes an open market for inbound tourism, trade opportunities, and foreign direct investment for ASEAN countries. The ten member countries of the ASEAN (Association of Southeast Asian Nations) include the following strong and emerging economies of: Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

The Caribbean is a vast expanse of more than 700 islands in the region of the Americas covering the islands and surrounding coasts of the Caribbean Sea. The region comprises 34 sovereign nations and associated territories including Bahamas, Aruba, Barbados, Cuba, Belize, Haiti, Jamaica, Saint Lucia, Puerto Rico, Cayman Islands, Dominican Republic, Saint Kitts and Nevis, Martinique, Trinidad and Tobago, Guyana, among others.

For more information, visit the JUMP Network's website at http://thejump. network/.

SMHCC sets the bar for green procurement in the country’s hospitality sector

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ITH more than five billion people expected to be on Earth by 2050, the concern about achieving a quality life remains. Climate change, global warming, deforestation, waste disposal, loss of biodiversity, and many other issues continue to confront us. Our actions have unfortunately degraded our environment and the exploitation of our resources have reached an alarming rate. We are clearly living far beyond our planet’s capacity to support us.

What can we do to survive and withstand this?

Transformation is key. We must innovate and redefine our ways of working. In this manner, SM Hotels and Conventions Corp (SMHCC) actively pursues and lives out the concept of sustainability. While the company provides infrastructure to support and contribute to nationwide growth and development, its strategic directions are supported with strategic action programs and action plans that will drive change.

As part of its thrust towards Sustainable Consumption and Production (SCP) in the Philippines, SMHCC recently signed a Memorandum of Agreement with the Philippine Center for Environmental Protection and Sustainable Development Inc. (PCEPSDI). The agreement highlights

SMHCC’s commitment to promote sustainable tourism aimed at encouraging greater involvement on greener consumption.

SMHCC Executive Vice-President Peggy Angeles further reiterates that “SMHCC’s partnership with PCEPSDI solidifies the company’s objective to upgrade our sustainability programs, core practices and internal capacity building by applying SCP practices such as: resource efficiency and cleaner production, greening the supply chain and green procurement, and waste management among others.”

Specifically, SMHCC spearheaded an awareness program on green procurement through a full-day workshop conducted by PCEPSDI attended by a total of 100 top suppliers of Taal Vista Hotel, Pico Sands Hotel, Pico de Loro Club, Tagaytay Highlands, SM Investments Corporation procurement group, and SM Retail.

The green procurement workshop was able to educate and professionalize both the procurement staff and suppliers who are the significant drivers of the program. Sustainable product specifications were set and identified such as the use of paper materials for goods & packaging and green cleaning products for housekeeping.

BDO Davao volunteers give aid, relief goods to families hit by flash floods

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N line with the disaster response advocacy of BDO Foundation, the corporate social responsibility arm of BDO Unibank, officers and staff of BDO in Davao City mounted relief operations for more than 1,300 families hit by flash floods and torrential rains. Over 30 volunteers, led by BDO Davao and Southern Mindanao region head Beth Estrada and BDO DavaoLizada branch head Ana Ong, trooped to evacuation sites to distribute relief packs containing food, rice and water to people affected by the calamity.

According to Ong, “We are humbled to be given this opportunity to be a blessing to others, reach out to disaster-hit families and

make a difference for the community in our own small way. Through our relief operations, we hope to show the people that we care.”

Backed by local government and barangay officials, the relief work was conducted at Los Amigos, Mintal and Tugbok—three barangays hit hardest by massive flooding.

The corporate citizenship initiative was organized by BDO Foundation in keeping with its commitment to support communities marginalized by calamities.

The foundation initiates relief operations with the support of BDO volunteers from branches and offices located all over the country for the benefit of people affected by natural or man-made disasters.

Caltex Fuel Your School donated P3 million worth of STEM tools

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ALTEX, a supplier of record-breaking fuels, recently supplied modern 21stcentury teaching tools to 30 highestneed public high schools in Cagayan Valley and the Cordillera Administrative Region.

During the Caltex FYS campaign, all fuel ups in 23 Caltex stations managed by branded marketer Northern Star Energy Corporation in Cagayan Valley and portions of CAR were matched by Caltex and Northern Star with a P1-for-every-liter donation to raise the P3 million target from June 1 until August 15.

The fund was divided among the 30 public high schools selected based on criteria set by the Department of Education. More than 40,000 public high school students and almost 2,000 of their teachers in Cagayan, Isabela, Nueva Vizcaya, Quirino, Kalinga and Ifugao stand to benefit from Caltex Fuel Your School 2019.

Chevron Philippines Inc. (CPI) and Northern Star also handed special awards in three categories. Nueva Vizcaya General

Comprehensive High School got the most project likes with more than a million FB likes; Solano High School got the most hashtags awards with 3,815 #s; and Alicia National High School got the most fuel-ups with 10,546 liters.

CPI Country Chairman Louie Zhang said, “There is nothing more empowering to our children than education. It equips them for the journey of life. This is what Caltex is all about. Our promise is for our customers to have an enjoyable journey. Hopefully, these young people will discover the wonders of STEM and take it as their careers which they will enjoy for the rest of their lives.”

Caltex FYS started in 2015. Over the years, the campaign has been able to help 148 public high schools, 6,086 public high school teachers, and over 1.7 million public high school students in Metro Manila, Davao, Bicol, Ilocos and Cagayan Valley Region.

Caltex FYS has donated a total of P17 million to these schools.

IN HOCKEY, WOMEN ALSO UP IN ARMS Sports BusinessMirror

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| Tuesday, November 12, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

HILARY KNIGHT: It’s as long as it takes for us to fulfill our needs of finding a sustainable, viable solution. AP

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By Will Graves

The Associated Press

ITTSBURGH—Hilary Knight has a gold medal.

What she would like is a full-time job. Not just for her. For the other 200-plus members of the Professional Women’s Hockey Players’ Association (PWHPA), too. One that pays all of them well enough to simply go play instead of forcing most to find side gigs just to get by. One that provides adequate medical insurance. One that provides something resembling stability.

At the moment, the forward who scored the first goal for Team USA in the 2018 Olympic gold medal game victory over Canada doesn’t believe such a job exists. It’s why Knight and the rest of the PWHPA announced in May they would not play in North America during the 2019-2020 season, a decision that meant the 30-year-old would be sacrificing at least one winter—if not more—of her prime in the pursuit of something resembling equality.

Six months into a self-imposed sabbatical, Knight is equal parts anxious and resolute. Asked how long the PWHPA can hold out and she’s politely blunt.

“I don’t think there’s a set answer to that,” she said.

“Obviously, as players, we want to compete. We want to play in a league right now. However, we don’t have a league right now to play in so my answer would be,

‘Yesterday is too long.’ But at the same time, it’s as long as it takes for us to fulfill our needs of finding a sustainable, viable solution.”

At least Knight is keeping busy. She knows that makes her one of the lucky ones.

While the majority of the PWHPA either plays internationally or not at all waiting for a league— preferably one backed by the National Hockey League (NHL)—to materialize, Knight and the rest of Team USA and Team Canada began preparations for the 2019-2020 Rivalry Series by working out last week at the Pittsburgh Penguins’ practice facility. In a way, the training camp, which included a pair of sold-out exhibitions was a sign the movement the PWHPA started is gaining support.

The two superpowers decided to get together after the Four Nations Cup in Sweden was canceled when top Swedish players pulled out of national team events due to concerns over salary and working conditions.

The PWHPA members believe there is palpable momentum for change, pointing to the support they received during the first three stops of “The Dream Gap Tour” earlier this fall. The three-day showcases in Toronto, New Hampshire and Chicago included intrasquad games between members of the PWHPA, as well as clinics that allowed them to work alongside the girls they know will one day benefit from the stand the association is making now.

“I don’t think we knew what to expect after that news that happened in May,” Canadian star Marie Philip Poulin said. “It was a great start and hopefully it’s going to keep going.”

The tour will likely continue in 2020, though the details have yet to be ironed out. Between that and the Rivalry Series—which officially begins in Hartford, Connecticut, on December 14—the top Canadian and American players are keeping plenty busy. At least in the short term. What happens after the 2020 World Championships wrap up in April is uncertain.

“Hockey wise, we’ve been getting what we need to to be ready in the long run [for international play],” said Team Canada forward Melodie Daoust. “But we’re not where we want to be, being treated like professional or having more hockey games. But the answer to all of that is we’re waiting for the NHL to step in.”

A step the NHL remains reluctant to take with the National Women’s Hockey League still in play.

While the Canadian Women’s Hockey League closed after 12 years of operation last spring—due in part to competition with the NWHL for talent—the five-team NWHL is in the midst of its fifth season, soldiering on without the same star power.

“It’s a glorified beer league to me,” said Knight, who won a scoring title with the NWHL’s Boston Pride before moving on to the CHWL. “It’s serving a purpose but it’s not elite talented players that are playing at a high level.”

Asked if the PWHPA can create a league that meets its needs without the NHL’s support, American Kendall Coyne Schofield offers a qualified yes.

“If the NHL’s not going to step in, we could but I think we all have the understanding that the NHL would provide the resources that we would want to see in a true professional league,” Coyne Schofield said. “We have not seen a legitimate professional league to date and we know that the infrastructure that the NHL has, the resources it has, the buildings they have, the staff that they have is something that this game needs. We need to wait and see what they do.”

And they intend to wait however long is necessary.

“In terms of the sacrifice players are making, I think you can ask anyone, it’s 100 percent worth it knowing that we’re fighting for something that’s going to last forever,” the 27-year-old Schofield said. “And for me, my clock is ticking, but if I can leave this game better than it was, that’s what’s most important.”

Even if it leads to some potentially messy politics down the road. Though current NWHL players are not “scabs,”—the NWHL does have its own players’ association—there is a chance one day that the women playing in the NWHL now could one day be competing with members of the PWHPA for roster spots if another league comes to fruition.

“If they’re vibing with what we’re trying to do and our mission, they’re more than welcome to hop into the

US closes out season with shutout of Costa Rica J

ACKSONVILLE, Florida—The US women’s soccer team closed out the year with a one-sided victory over Costa Rica, giving the Americans 20 wins in 2019. It was the second win in two matches for new Coach Vlatko Andonovski.

Carli Lloyd and Morgan Brian scored in the first 10 minutes and Lynn Williams came off the bench to add a pair of second-half goals in the United States’s 6-0 victory over Costa Rica on Sunday night at TIAA Bank Field. The US was 20-1-3 in 2019, finishing with a 23-match unbeaten streak.

Lloyd started the scoring in the fourth minute, taking a long pass from Rose Lavelle and drilling a shot from the left side of the box past goalkeeper Noelia Bermudez.

Lloyd scored twice in a 3-2 victory over Sweden on Thursday night.

Brian added a goal in the 10th minute, taking Lavelle’s pass and sending a scorching shot into the corner of the net. It was especially gratifying for Brian, who grew up in nearby Saint Simons Island, Georgia, and conducts camps in the Jacksonville area during the off-season.

“It means a lot to score a goal here,” Brian said. “It’s been a really long year and a great year and to cap it off here in Jacksonville with a goal is great. Growing up here and coming here in front of family and friends and be

able to score a goal is really great. I had over 30 friends and family members here.

“I don’t have a home here anymore but I come back in the off-season to train and to play so this is my soccer home. Yes, my heart is still here.”

Andonovski made several substitutions at halftime and it quickly paid dividends.

Williams converted in the 50th minute off a pass from Tobin Heath. Williams added a second goal in the 68th minute, taking an assist from Jessica McDonald. Williams narrowly missed a hat trick when her point-blank shot was caught by Bermudez late in the game.

Williams said she tries to take advantage of her playing time on the field.

“Any time I get a chance on the field at all, it’s a blessing,” Williams said. “If my role is to come off the bench and provide a spark, I’ll take it. I’m always going to want to start but I know I have a lot of work to put in and I view it as I have a lot to learn wherever they play me.”

That’s what Andonovski is looking for in Williams’s contribution coming off the bench.

“Lynn did what she’s supposed to do—come off the bench and provide a spark,” the US coach said. “She stretched the lines for us. Ultimately, she did what every

PWHPA and join just as any member has joined,” Knight said. “We’ve got a really talented group and we’re trying to carve out a better future. Not having health care and getting paid pennies to go play and call yourself professional, that’s not something any of us are interested in. So when people wake up and see the bigger picture, come and join us.”

The PWHPA remains adamant there is an appetite for professional women’s sports. The National Basketball Association (NBA)-backed WNBA recently completed its 23rd season. The National Women’s Soccer League received a significant boost last summer while piggybacking off the Women’s World Cup, which led to expanded television coverage. Schofield said the WNBA in particular gives her optimism.

For now, the best players are scattered all over the world, either playing professionally overseas or strictly for their national teams or not playing at all, which in a way has added a new wrinkle to the white-hot tug of war between the Americans and the Canadians. Yes, when they pull on their respective sweaters, it’s the same as it ever was. Off the ice, however, there’s a sense of detente for the greater good.

“We’re all fighting for the same cause,” Philip Poulin said. “We’re in it together. It’s so much bigger than the country we’re playing for right now. We’re together. We’re going to keep going. We’re going to go at it and we’re going to work together until it works.”

9 is supposed to do, score goals for us. She checked all the boxes. It’s very comforting and nice to see her doing well in this environment and growing as a player.”

Christen Press also added a second-half goal and the team’s final goal was a Costa Rica own goal.

The closest Costa Rica came to scoring was when Melissa Herrera hit the cross bar on a shot in the 62nd minute and teammate Priscilla Chinchilla did the same in the 76th minute.

Costa Rica, ranked 38th in the world, has never beaten a USA team, having lost 15 consecutive matches.

The next time the two teams will meet will be on February 3, 2020, when they play in Houston in the final Group A game in Olympic qualifying.

Even with the lopsided win, Andonovski said there are areas that the US must improve on in the months ahead.

“I don’t want to sound arrogant by any means, but there are things we can grow, that’s the coach in me,” he said. “Regardless of how well we do, we can always find clips where we can do better in the future. But what is great about this team is that they want to get better. They don’t want to settle for where they are now.

“If you ask me about the result, I’m extremely happy with the result, but we do have to get better.” AP THE US’s Carli Lloyd (center) celebrates her goal against Costa Rica with Emily Sonnett (left) and Christen Press. AP

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Business

Tuesday, November 12, 2019

Heat suspend guard Waiters for 10 games

GOLF MEDAL RUN

Canada’s Kim Boutin leads the pack to win the gold medal in the women’s 500-meter final at the ISU World Cup short track speedskating competition in Montreal on Sunday. AP

French women grab Fed Cup with epic 3-2 win over Aussies

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IAMI—Dion Waiters has been handed a 10-game suspension by the Miami Heat, with the team citing multiple examples of conduct detrimental to the team as the reason for his second banishment of the season.

The suspension was announced Sunday. It comes three days after Waiters, according to a person with direct knowledge of the matter, was treated for a medical emergency that started on the Heat charter flight Thursday night from Phoenix to Los Angeles.

Waiters, according to the person who spoke to The Associated Press on condition of anonymity because neither the team nor the player has confirmed details publicly, ingested at least one cannabisinfused edible and had a reaction serious enough that medical attention was required when the plane landed in Los Angeles.

“We are very disappointed in Dion’s actions this season that include the very scary situation on Thursday night, and grateful that the outcome wasn’t worse,” the Heat said in a statement.

Waiters was also suspended for Miami’s season opener after a series of incidents in the preseason and conflicts with Coach Erik Spoelstra. His reaction on social media to the first suspension was also not well-received by Miami officials, and Waiters has not appeared in any of the nine Heat games so far this season.

The 10-game suspension, which will likely cost Waiters at least $834,483 in salary, began with Miami’s loss at the Lakers on Friday. The earliest he could return to Miami’s lineup would be December 1, when the Heat visit Brooklyn.

But that would seem most unlikely, and Waiters’s future with the franchise is in serious doubt. AP

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ERTH, Australia—Kristina Mladenovic inspired France to a drought-breaking Fed Cup triumph after a nail-biting 3-2 win in the final against Australia on Sunday.

Mladenovic combined with Caroline Garcia to beat Ashleigh Barty and Samantha Stosur 6-4, 6-3 in the decisive doubles match at Perth Arena. She produced a herculean effort on the outdoor hard court after earlier Sunday upsetting the top-ranked Barty in a three-set thriller to move France into a 2-1 lead.

French Open winner Barty’s remarkable season ended in heartbreak just one week after her historic $4.42 million triumph at the Women’s Tennis Association Finals in Shenzhen.

Former French Open doubles winners Mladenovic and Garcia broke three times to power France to their third Fed Cup title and first since 2003.

It was redemption for Mladenovic and Garcia who lost the decisive doubles match against the Czech Republic in the 2016 final.

“It’s a lot of emotion to share this with [Garcia] after we failed on the last step three years ago,” Mladenovic said. “We just wanted to take this little revenge for ourselves.”

Australia captain Alicia Molik hoped her team could rebound after losing their ninth straight decider stretching back to their last triumph in 1974.

“We will use this moment for fuel to drive us into the future,” she said.

Earlier, No. 51-ranked Ajla Tomljanovic rebounded from a dispiriting performance in her Australian Fed Cup debut on Saturday against Mladenovic to record a 6-4, 7-5 victory over Pauline Parmentier in one hour and 33 minutes.

“I’m really glad I got a second chance and that I got a win,” Tomljanovic said.

France captain Julien Benneteau chose veteran Parmentier over former No. 4-ranked Garcia, who failed to win a game against Barty on Saturday, to try and clinch the tie for the visitors.

The Australian struggled to consistently land her first serve but world No.122 Parmentier could not make her pay and it was an increasingly confident Tomljanovic who grabbed the decisive break in the 10th game to take the first set.

The 26-year-old held her nerve in the second set and gained the decisive break in the 12th game to ensure Australia’s bid to end a 45-year drought remained momentarily alive.

In Sunday’s opening singles, Mladenovic stunned Barty with a nerve-wrenching 2-6, 6-4, 7-6 (1) victory.

The No. 40-ranked Mladenovic started slowly before taking advantage of an errorstrewn Barty, whose 15-match Fed Cup winning streak was ended in a seesawing match lasting two hours and 31 minutes.

Mladenovic failed to close out the match on serve in the 10th game of the deciding set before dominating Barty in the tiebreak to produce arguably the best victory of her career.

In April, a revamped Fed Cup will comprise 12 teams playing over six days for an $18 million prize on clay courts in Budapest, Hungary. AP

MEMBERS of the French team (from left) Alize Cornet, Kristina Mladenovic, captain Julien Benneteau, Pauline Parmentier, Caroline Garcia and Fiona Ferro, celebrate on the podium after defeating Australia to win the Fed Cup final. AP

RAPTORS SNAP LAKERS STREAK L

OS ANGELES—Pascal Siakam had 24 points and 11 rebounds, Fred VanVleet finished with 23 points and 10 assists, and the Toronto Raptors snapped the Los Angeles Lakers’ seven-game winning streak with a 113-104 victory Sunday night.

Chris Boucher matched his career high with 15 points for the Raptors, who have won three straight and six of seven. The defending National Basketball Association (NBA) champions played without two key regulars after losing starter Kyle Lowry to a broken left thumb and top reserve Serge Ibaka to a sprained right ankle, but Toronto still rallied in the fourth quarter and hung on late for its 10th consecutive win over the Lakers.

Anthony Davis scored 27 points, and LeBron James had 13 points, 15 assists and 13 rebounds in his 85th career triple-double, but the Lakers lost for the first time since opening night against the Clippers.

Toronto led 104-92 with 3:50 to play on Terence Davis’s third 3-pointer after a rally by four reserves and Siakam, but Kyle Kuzma hit back-to-back 3-pointers while LA scored eight straight points. The Lakers then missed four consecutive 3-pointers with the chance to pull even, and Siakam threw down back-to-back dunks on the fast break to seal it.

Norman Powell scored 14 points while starting in Lowry’s spot for Toronto.

Davis and James both had big games, but the Lakers’ supporting cast wasn’t helpful and their team defense didn’t look nearly as sharp as it had been in recent games. Kuzma scored 13 of his 15 points in the fourth quarter.

Danny Green went scoreless on zero-forfive shooting in 27 minutes for the Lakers, who signed him to a two-year free agent deal in the summer. The sharpshooting veteran won a ring with the Raptors last year

while shooting a career-high 45.5 percent on 3-pointers during his sole season in Toronto.

Siakam got off to a three-for-15 start from the field, preventing him from matching his 44-point effort at New Orleans two nights ago. But he excelled in the second half, particularly in a lineup including four reserves as Toronto jumped to its first double-digit lead of the night early in the fourth quarter.

Toronto opened the fourth with a 17-6 run led by nine points from Boucher, the undrafted Canadian who was on the last two teams to win the NBA title.

Nikola Jokic, meanwhile, hit a fadeaway jumper with 2.4 seconds left in overtime to lift Denver past Minnesota, 100-98.

Jokic had 20 points, six rebounds and seven assists to help Denver win its fourth straight game. Will Barton had 13 points, including a pair of threes in overtime, and 12 rebounds. Paul Millsap scored all 14 of his points during a big third-quarter run and had 10 rebounds.

Karl-Anthony Towns had 25 points and 16 rebounds for Minnesota. Towns sent it to overtime with a corner three, but the Wolves shot a season-low 13.3 percent from three-point range and 35.1 percent overall from the field.

Andrew Wiggins added 25 points in Minnesota’s third loss in four games.

Devin Booker scored 27 points and hit four 3-pointers, Ricky Rubio added a season-high 22 points and 12 assists, and Phoenix routed Brooklyn, 138-112.

Booker was 10 of 14 from the field, making four of five 3-pointers, hit all three of his free throws and had nine assists.

Kelly Oubre Jr. added 18 points, rookie Cameron Johnson had a career-high 15. The Suns trailed just once, at 1-0.

The Suns won for the fourth time in five games and ended the Nets’ four-game winning streak in Phoenix.

Spencer Dinwiddie led the Nets with 18 points.

Kyrie Irving finished with 15 points on seven-of-16 shooting. The Suns made 10 of their first 11 shots, including four of five 3-pointers. Phoenix led by 20 points in the quarter.

Hercor College tops Visayas regional final

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THE Raptors’ Pascal Siakam (43) dunks against the Lakers Kyle Kuzma during the second half of their game on Sunday. AP

Plácido Domingo withdraws from Tokyo cultural festival

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panish opera singer Plácido Domingo, who has been accused of sexual harassment by several women, has withdrawn from performing at a cultural event being organized in conjunction with next year’s Olympic and Paralympic Games in Tokyo.

Organizers confirmed in a statement that the 78-year-old would not take part in the KabukiOpera theatrical play in April, due to be held as part of the Tokyo 2020 Nippon Festival.

Tokyo 2020 claimed the decision had been taken after “mutual consideration” after Domingo, a world-renowned singer and member of The Three Tenors, claimed he had opted not to participate “due to the complexity of the project.”

Domingo’s involvement in the cultural festival had come under fire in August after eight singers and a dancer accused the Spaniard of sexual misconduct. They told The Associated Press that Domingo had tried to pressure them into unwanted sexual relationships by using his power and status. He was accused of groping,

forced kisses and inviting them on dates under the guise of professional guidance.

According to The Associated Press, the incidents took place in the 1980s.

Domingo has denied the allegations and made no reference to them in a statement released by Tokyo 2020 today.

“I regard the Kabuki-Opera project a wonderful cultural initiative,” he said. “The fusion of the two theatrical traditions were meant to unite the two cultures on the same stage, in perfect harmony with the Olympic spirit.”

“I remain grateful to the Tokyo Organizing Committee of the Olympic and Paralympic Games and the Kabuki creative team for the invitation to participate in this wonderful event,” he said. “While hoping to have a new opportunity in the near future, I respectfully salute the Kabuki artists and wish to all those involved for a successful event.”

A number of other planned performances involving Domingo have also been canceled.

Insidethegames

A quiet revolution at FEU Rick Olivares bleachersbrew@gmail.com

Bleachers’ Brew One of the quieter revolutions in Philippine colleges and universities in the past two decades has been at Far Eastern University (FEU).

To my knowledge, it began with the upgrading of their educational system when former Secretary of Education Edilberto de Jesus came on board. There was a marked improvement in the educational program, the facilities and the quality of teachers. I should know since my

brother also taught there for quite a number of years. Maybe there were others in between, but I do know that the Racela brothers—Nash and Olsen—have also done a great deal for the school and their basketball program.

One of the members of their staff is their life coach—Mr. Ed Garcia, who is a batchmate of my father from the Ateneo (Grade School 1954, High School 1958 and College 1962). Since his lengthy

TEAM from Roxas City broke tradition by ruling the Passerelle division of the Visayas Regional Finals of the 34th Small Basketeers Philippines (SBP) Passerelle Twin Tournament over the weekend in Pototan, Iloilo.

Hercor College stunned Sacred Heart School-Ateneo de Cebu (SHS-Ateneo), 88-68, at the Pototan Astrodome in the final of the tournament backed by Milo, supported by Rain or Shine, Chris Sports and SKLZ. The team advanced to the national finals a favorite as Roxas City hosts the event on November 23 and 24.

In a game marked by scoring runs by both sides and that was close after three periods, Hercor used a big endgame onslaught to bag the championship.

Hercor College also bagged the coveted Sportsmanship Award.

University of St. La Salle of Bacolod defeated dethroned champion St. Robert’s International Academy of Iloilo, 63-53, in the battle for third place.

Joshua Mainar led Hercor with 19 points, while John Lloyd Ubas had 15 and Eden Aldaba 12. Michael Asoro had 23 points and Jared Bahay 14 for SHS-Ateneo.

Kickboxing at forum

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WO sports looking to create noise in the 30th Southeast Asian Games serve as special guests in the Philippine Sportswriters Association (PSA) Forum on Tuesday at the Amelie Hotel-Manila.

Officials from kickboxing and beach volleyball will discuss their respective SEA Games campaigns in the session presented by San Miguel Beer, Braska Restaurant, Amelie Hotel, and the Philippine Amusement and Gaming Corp.

The Samahang Kickboxing ng Pilipinas will be represented in the 10 a.m. session by Secretary-General Atty. Wharton Chan, Coaches Donnie Geisler and Glenn Mondol, along with athletes Karol Maguide, Ruel Catalan and Rex de Lara.

The beach volleyball team, meanwhile, will be led

by Sisi Rondina and Bernadeth Pons.

The session is 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 at 6:30 p.m.

sojourn in the United States, he returned and he is helping out FEU’s sports program.

He recently shared with me a diary that he has put together about the team that he has worked with for the last six years of his life. How he works with the boys as they deal with life, school, big games, wins and losses. He has brought over a simple creed, “players for others”—an adaptation of the creed we try to live by if you went to school in Loyola Heights—“a man for others.”

I recall how years ago, some of the team’s key players figured in a massive fist fight over bullying. There were stories of all sorts of shenanigans. They were at most dysfunctional. But having good people in charge has really helped the team and from afar, you have to appreciate this team or even the ones that came in the past.

Going through the outline of their program is impressive from team building sessions to personal pledges to group conversations to name a few. It is good to know that there are objectives in everything that they do from preseason tournaments to trips out

orts

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Tuesday, November 12, 2019

LUZON CUP TARLAC 2019 UP T

Negros Occidental Football Association (NOFA) President Ricky Yanson (third from left) presents a NOCA Cup t-shirt to Philippine Sports Commission Chairman William “Butch” Ramirez (second from left). With them are (from left) Central Luzon Football Association General Secretary Ed Flaminiano, coach and former national athlete Alvin Ocampo and Gawad Kalinga Sipag Football Club Program Head Marlyn Importante. ROY DOMINGO

NCAA FINALS GAME 1 ON D

EFENDING champion San Beda University guns for its fourth straight title against a red-hot Letran Game One of the best-of-three Finals of the National Collegiate Athletic Association seniors basketball tournament on Tuesday at the Mall of Asia Arena in Pasay.

Fireworks are expected from the get-go as the four-peat seeking Red Lions and fierce rival Knights open their series at 4 p.m.

San Beda swept its way to the Finals, but the Red Lions refuse to let complacency swallow their campaign.

“It’s a different story when it’s San BedaLetran,” said Letran skipper Jerrick Balanza, who was a rookie when his team triumphed four years ago under coach Aldin Ayo. “Expect a classic duel, right in Game One.” The Red Lions are coming off a long rest after completing an 18-game sweep of eliminations.

Despite the overwhelming odds, the Knights are determined to raise championship banner No. 18.

And that worries San Beda coach Boyet Fernandez and his Letran counterpart Bonnie Tan stressing the need for his Knights to spread the ball

to conquer their foes.

Graduating standouts Balanza and Bonbon Batiller, as well as vastly-improved Fran Yu and big man Larry Muyang, were solid for Letran, especially in the step-ladder wins against San Sebastian and Lyceum of the Philippines University where they displayed tremendous composure.

“I’m happy that they executed the system,” Tan said.

Gunning for a league-best 23rd title, the Red Lions couldn’t lower their guards against the hungry Knights.

Even with the graduation of Robert Bolick and Javee Mocon, San Beda still dominated behind soon-to-be crowned Most Valuable Player Calvin Oftana and the young backcourt duo of James Canlas and Evan Nelle.

One big advantage for the defensive-minded Red Lions is Cameroonian slotman Donald Tankoua, the 2017 Finals MVP who is seeking to end his collegiate stint as winner.

Ryniel Berlanga

Collegiate Press Corps triumphs

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IGERIAN big man Emman Ojuola scored 27 points and grabbed as many rebounds to power Chooks-to-Go Collegiate Press Corps to back-to-back titles at the expense of Technical Group/ Stats, 112-110, in Sunday’s final of the University Athletic Association of the Philippines Goodwill Games at the Smart Araneta Coliseum.

Ojuola, who missed playing for Far Eastern University this season, also dished outh seven assists and blocked two shots. He went toe-totoe with Technical Group/Stats’ resident import and UAAP Season 69 MVP Ken Bono in the paint.

Ryan Monteclaro, also a former Falcon, added 26 points—including two threepointers—for the sportswriters. Roy Cayanan of Tiebreaker Times had in 14 points, nine

of the country. These are precious experiences and wonderful opportunities to learn.

And it is even better to hear how the players have responded to something that is obviously different from what they have experienced before.

My take on college sports, it has gotten too commercialized for everyone’s good. The amateur spirit has died a long time ago. It has also become the playground of the rich and powerful.

So it is good to see some schools that place studies ahead of all; that place emphasis on the first word of the phrase “student-athlete.”

The season might have ended in a manner that they did not want. It is difficult because some will be moving on to the next stage of their lives and careers. But that is why they are being guided to understand life’s lessons.

They might have lost one battle in the game of life—and a big one at that. However, it is but one of many they will constantly play for. Now, these Tamaraws will be better prepared for the rest of their days.

assists and four boards, while Anton Altamirano of NBTC submitted seven points, four rebounds and three assists for the two-time champions.

Cedelf Tupas of the Inquirer, AJ Bolando and Philip Matel of ESPN5, Christian Jacinto of ONE Championship, John Bryan “Slashman” Ulanday of Philippine Star, Paul Carpio of PM, Bong Lozada of Inquirer.net, Josef Ramos of Manila Times, Aivan Episcope and Cyreel Zarate of Abante and Niel Masoy of Courtside.ph also contributed to the victory.

RR Garcia, the UAAP Season 73 MVP, led Technical Group/Stats with 43 points and eight rebounds, while Bono, who is also playing for TNT KaTropa, finished with 31 points on a lethal 9-of-14 clip from threes, and seven boards.

HE Philippine Sports Commission (PSC) joined the Negros Occidental Football Association (NOFA) and the Central Luzon Football Association (CLFA) and other stakeholders to stage the Luzon Cup—a tournament for boys under-12 from November 21 to 24 at the Jose V. Yap Sports and Recreational Park in San Jose, Tarlac.

The Tarlac provincial and city governments and the Department of Education-Tarlac also banded together to support the event that encourages the holding of more age group competitions throughout the country.

Speaking as guest of honor at the event’s launching, PSC Chairman William “Butch” Ramirez said the PSC will always support associations in their events and activities for sports development especially in the regions.

Ramirez called on the private sector to help fund and promote more programs for Filipino children to get into sports.

Fifteen teams from different associations and clubs in Luzon are seeing action in the tournament. The 16th team is Mindanao Cup 2019 champion Bukidnon Football Association.

The Luzon Cup completes NOFA’s nationwide “triangle” of under-13 and under-12

SOUTH SEEKS PAYBACK in the duel in laguna team play and on individual skills.

Blessed with a roster bannered by some of the country’s top guns, South coach Charles Hong believes they have the edge not just in cohesion but also in personnel which he hopes to use to the hilt to fuel another successful title drive in the country’s version of the Ryder Cup put up by the International Container Terminal Services Inc. “Our thoughts are to build on the chemistry our group has,” said Hong, “We have new players but the core is intact and a lot of our guys just came from wins on the tour which should build our confidence.”

Truly, South boasts of three players who won four of the nine titles disputed in this year’s Philippine Golf Tour (PGT), led by multi-titled Tony Lascuña, who closed out the milestone 10th season of the circuit with back-toback victories at Apo and South Pacific.

Reymon Jaraula also scored a

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umbled the last time out, Team South seeks not just redemption but domination of a side that is likewise keen on bucking the odds and proving its worth again in The Duel-North versus South which gets going on Wednesday at the posh Santa Elena Golf Club in Laguna.

That should guarantee a spirited battle right in the first pairing of the opening foursomes where the Southerners vow to reassert their might and impose their will early for the momentum needed in such kind of a duel that puts premium both on

starts in the foursomes and four-ball then holding sway in the singles to pound out a three-point win at John Hay last year.

That enabled North to close in on South in the biennial event organized by Pilipinas Golf Tournaments, Inc. at 2-3 but the latter is itching to get back at the former and re-stamp its class with its stellar cast.

But La’O also expressed confidence with his mix of talents, spearheaded by last year’s PGT OOM winner Jobim Carlos, former PGT Asia leg winners Justin Quiban, James Ryan Lam and Joenard Rates, former Phl Open champion Gerald Rosales, rising stars Ira Alido and Keanu Jahns and veterans Michael Bibat, Mars Pucay, Jun Bernis, Fidel Concepcion and Eric Gallardo.

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won-lost-drawn card in the Group A of the qualification round.

The team is composed of goalkeepers Patrick Phillip Deyto of Suphanburi (Thailand), Neil Leonard Etheridge of Cardiff City and Michael Aksel Falkesgaard of

Vincent Juico @VJuico Instagram vpjp_j vince.juico@gmail.com

Vettel’s F1 green crusade Four-time F1 world champion Sebastián Vettel has seen F1 changed and evolved since his first race 12 years ago. With progress, change and evolution, there’s usually something that gives or that’s compromised and that usually is, the environment.

According to the CNN article, “Sebastián Vettel: F1 can be at the vanguard of tackling climate change” written by Ben Morse and Amanda Davies, “According to CleanTechnica, a single team could travel over 109,000 air miles over the 21-race calendar, meaning in total, all 10 teams would be burning approximately 147 million pounds of carbon dioxide just to showcase the sport.

That’s the same amount of emissions that come from charging over 8.5 billion smartphones.“ That’s a lot of smartphones and carbon dioxide promoting a sport all over the world.

Vettel says, “If we can be the formula to actually develop what the world can use and needs, that would be great,” Vettel told CNN Sport’s Amanda Davies.

“Because then any question or doubt you have about Formula One, whether it’s necessary or not, if we can provide a solution to the future to make a giant leap forward, then that’s great.”

Vettel continues, “ It’s inevitable we have to look at it,” said the 32-year-old Vettel. “We should give the right framework so we can use our engineering power and our intelligence within this environment to actually make a difference.

“So that one day we can come out and say: ‘Look, we have as much fun as before, everything is the same or better, but with the difference that we’re not polluting any more. We are doing something good and showing the world a good way of doing things a lot better.”

Unfortunately, Vettel didn’t offer specific, detailed and proposed solutions to lessen F1’s carbon footprint on the environment.

I’m not a subject matter expert on cars but maybe we should start with maybe experimenting with hybrid electric race cars.

Does the style of driving of these F1 drivers cause pollution? What is research and development doing about it?

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Multi-titled Tony Lascuña (right) and Reymon Jaraula will lead South’s campaign.

Bangkok United (Thailand).

The defenders are Amani Manuel Aguinaldo of PKNP FC (Malaysia), Marco Casambre of Chainat Hornbill (Thailand) Mikel Justin Baaz of AZ Alkmaar (Netherlands), Carlos Alberto De Murga and Sean Patrick Kane of Ceres Negros, Daisuke Sato of Muangthong United (Thailand), Alvaro Silva of Suphanburi (Thailand), Martin Markus Steuble of Port (Thailand), Edison Suerti of Brattvag IL (Norway) and Luke Woodland of Kuala Lumpur FA (Malaysia).

Also on the team are Midfielders Yrick

SPORTS WITHOUT BORDERS

Southwoods Chairman’s Charity Cup up next week

breakthrough at Pueblo de Oro while Jhonnel Ababa dominated the field at Del Monte.

Put in reigning Philippine Open champion Clyde Mondilla and veterans Jay Bayron, Elmer Salvador, former Masters titlist Jerson Balasabas, Albin Engino, Zanieboy Gialon, Arnold Villacencio, Nilo Salahog and Rene Menor, a former PGT Asia leg winner, North Coach Cookie La’O indeed has a lot of work to do as far as pitting his talents against their powerhouse rivals is concerned.

But with the right combinations and motivation plus poise, the North side proved it can be done, stunning their rivals with strong

Azkals gear up for Doha 2022 Asian qualifier OUR under-22 players and 19 veterans make up the men’s national team that will vie in the Fifa World Cup Qatar 2022 and Asian Football Confederation Asian Cup China 2023 Preliminary Joint Qualification Round 2.

Head Coach Goran Miloievic announced on Monday the composition of the team that takes on Maldives on Thursday at the National Stadium in Maldives and Syria on November 19 at the Maktoum Bin Rashid Al Maktoum Stadium in Dubai.

The Azkals are currently sitting on a 1-1-1

tournaments, the other two being the Bacolodbased NOFA Cup and the recently concluded Mindanao Cup that NOFA organized with the Davao South Regional Football Association (DSRFA).

NOFA President Ricky Yanson said the events are in line with their “Football Para sa Lahat” vision to partner with fellow football associations to stage more tournaments for young footballers in more parts of the Philippines.

“Our dream, through ‘Football Para sa Lahat’ is to support more tournaments and activities for all age groups,” Yanson said. “We want more Filipinos to enjoy football. And we believe grassroots football development will eventually mean more lasting success in the international arena.”

Central Luzon FA General Secretary Ed Flaminiano said that the Luzon Cup is a boost to football on the island.

“Unlike in Negros Occidental, football is not marketed enough in Luzon, that is what we want to address with the help of NOFA and our other partners,” Flaminiano said. “With the Luzon Cup, we hope to extend the love for football and development opportunities for students in both the private and public schools.”

Ramon Rafael Bonilla

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Gallantes of Hibernian (Scotland), Angel Guirado if Chonburi (Thailand), Mike Rigoberto Ott of Ceres Negros, Iain Ramsay of Sukhothai (Thailand), Stephan Markus Schrock of Ceres Negros and John-Patrick Strauss of Erzgebirge Aue (Germany).

The forwards Curt Jordan Dizom of Chonburi FC (Thailand) Mark Hartmann of Nakhon Ratchasima Mazda (Thailand), Jose Elmer Porteria of Ceres Negros and Patrick Reichelt of Melaka United (Malaysia) complete the team.

The under-22 players are Baas, Casambre, Gall antes and Suerti.

Assisting Miloievic are Hezirdan Ramadani, goalkeeping coach Milos Simic, Team Manager Dan Palami and Assistant Manager Scott Joseph Cooper. Ryniel Berlanga

anila Southwoods Golf and Country Club continues its commitment to its corporate social responsibility duties when it hosts more than 350 participants in the Chairman’s Charity Cup set on November 22 and 23 in Carmona, Cavite.

For the third straight year, the club with two championship courses— Masters and Legends—will donate proceeds from the event to the Autism Hearts. The annual event is held in honor of Southwoods chairman Robert “Bob” Sobrepena.

Over the last 12 months, Southwoods has been supporting an art school in Kalibo, Aklan, for 12 children. These kids have amazing untapped talents, which is being used to stirring their creativity through art, particularly with painting onto fabric.

During the awards night on Saturday, the kids’ fabric creations would be in full display through a mini fashion show instead of hiring an entertainer or band, according to general manager Mark Watson.

The one-day tournament will stake a Mitsubishi Mirage G4 from Mitsubishi Motors and Alpine Motors and an eight-day, sevennight Alaska Cruise with airfare from Royal Caribbean/Baron Travel as the top holes-inone prizes or raffled off if not won.

Mit Air Sales Center, Agrexplore and Ogawa are also staking fabulous items on designated par-3 holes of bother layouts of the tournament also supported by The Turf Company and Nutranta Inc. (gold sponsors) and Southwoods Club Fitter (silver sponsor).

Sports BusinessMirror

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| Tuesday, November 12, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

CRISIS OR NO CRISIS, BASEBALL PLAYS ON

Leones deL Caracas players celebrates a run against Tigres of Aragua as fans watch the game in Caracas, Venezuela. AP

Lyon team bus attacked on way to Marseille

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ARIS—Lyon said its team bus was attacked on the way to the stadium in Marseille where it lost 2-1 in the French league on Sunday.

Lyon published photos of several smashed windows on its bus and tweeted that the safety of players was not sufficiently ensured for the journey despite earlier threats against them.

Lyon club President Jean-Michel Aulas said five objects hit the bus.

On the field, Dimitri Payet scored twice as Marseille held on with 10 men to claim a victory that moved the team up to second place.

The attacking midfielder netted his goals in the first half as Marseille ended a run of five straight league defeats against Lyon, and no wins in the last 10 league games between them.

Lyon hit back through striker Moussa Dembele in the 60th minute, and Marseille played with a man less from the 64th when defender Alvaro Gonzalez was sent off for impeding Dembele as he ran through on goal.

Marseille’s win moved it eight points behind leader Paris Saint-Germain, while Lyon is in 14th place.

Home fans at a fervent Stade Velodrome saw something rare in the 39th minute: Payet slid in on Bertrand Traore and won a tough tackle in midfield.

Payet bounced onto his feet and sprayed a pass right to midfielder Maxime Lopez, sprinted forward to collect the return ball on the edge of the area and—after expertly controlling it at speed— swiveled adroitly to hit a shot into the bottom left corner for his second goal.

It was not the technique that was surprising or the accuracy of Payet’s shooting—he has scored many spectacular goals from free kicks and long-distance shots—but more the gritty commitment from a player often known more for silky ability than work rate.

Payet turned to the crowd and flexed his biceps like a muscle man, reinforcing his new-found combative attitude.

“We played with our hearts,” Payet told match broadcaster Canal Plus.

Earlier, he had coolly clipped a penalty to the left of Lyon goalkeeper Anthony Lopes in the 18th minute following a handball. The penalty decision led to some friction, with Lyon right back Leo Dubois and Marseille striker Dario Benedetto confronting each other.

Lyon was missing injured top scorer Memphis Depay, but Dembele continued his scoring form by heading in Traore’s cross from the right. It was his ninth league goal this season, moving him level as top scorer with Monaco’s Wissam Ben Yedder.

Saint-Etienne twice came from behind to win, 3-2, at Nantes and move into fourth place under new Coach Claude Puel.

Saint-Etienne has not lost since former Leicester Coach Puel took charge five weeks ago with the club in the relegation zone, and won a hard-fought encounter with two goals from striker Denis Bouanga. AP

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ARACAS, Venezuela—Maria Graciela Briceno and her two best friends squeezed into their seats behind home plate at the baseball stadium in Venezuela’s capital, knowing this season’s opening game wouldn’t measure up to past years.

A deepening crisis has left her nation in shambles, and a recent curve ball from the Trump administration prevented big league players in Major League Baseball from taking the field, stripping away star power that fans have come to expect over decades.

Briceno, a 30-year-old makeup artist, said little would keep her from the stadium.

“I knew it wouldn’t be a season like we’re used to,” she said. “I still love baseball, I’m still in Venezuela and there’s no way you can keep me from coming here—even in the worst of conditions.”

Venezuela’s beloved Winter League baseball season opened recently with hundreds of cheering fans converging on the stadium in Caracas and elsewhere throughout the South American nation. The tough economic times have also shortened the season by a third of its games and it started weeks late.

In Venezuela, however, local baseball remains a passion. For a few hours, it’s an oasis for people feeling overwhelmed by life. It’s a safe place to drink beer, hurl insults at players and blow off steam.

It’s also reserved for the fortunate few.

The luxury of a night of fun for a couple at the stadium buying tickets, beer and hot dogs easily costs $15—or about double the minimum wage that most Venezuelans earn each month.

This season came at the end of a tumultuous year for Venezuelans. Massive street protests erupted behind opposition leader Juan Guaidó, who vowed to overthrow President Nicolás Maduro.

Guaidó appealed in vain for a military uprising, leading to clashes between protesters and security

A METAL rod will remain in the lower part of Chris Froome’s femur for the rest of his life.

forces. A massive electrical failure in March left most of the nation without lights and water for days.

Venezuela’s crisis has no end in sight.

The opening of the Venezuelan Professional Baseball League, however, brought a measure of relief. In Caracas, the hometown Lions hosted the Tigers from the state of Aragua. Despite a noticeable number of empty seats, action on the field didn’t disappoint. The Tigers beat the Lions of Caracas 6-3.

“We are the best fans in the world,” said Jesus Lezama, a 100-year-old fan honored on the field before the first pitch for his years of dedication. Then, the players trotted onto the field to blasting salsa music.

“Play ball!” the announcer shouted in English.

Major league players were noticeably absent, many fans said. Over the years, Venezuela’s winter league drew athletes like Bob Gibson, Barry Bonds and Pete Rose. Six players in the recent World Series were Venezuelans, including José Altuve of the Houston Astros.

The Winter League is one that many major league players use to hone their skills in the off-season, and baseball is part of Venezuela’s national fabric.

The absence of big leaguers stemmed from broad sanctions by the White House aiming to force Maduro from power. The financial measures ban US individuals and companies from dealing with Maduro’s government, such as the state-run oil firm PDVSA, which, until recently, sponsored the Venezuelan baseball league. Taking heed, the MLB told its players not to take the field in Venezuela.

Giuseppe Palmisano, president of the Venezuelan Professional Baseball League, spent opening day far away in Miami trying to work a deal with the MLB and the US government, attempting to rescue the season.

He said the Venezuelan league had dropped its PDVSA sponsorship, leaning more on

private companies that have long sponsored the league, like Coke, Toyota, and the Venezuelan food and beer giant Polar.

Palmisano said he was hopeful circumstances would soon change so the MLB players would be able to play later in the season.

Hours before the first pitch was thrown Tuesday, US officials announced changes to its Venezuela sanctions, allowing US citizens and residents to be paid and pay taxes on money earned from the government of Venezuela without violating US sanctions.

But MLB hasn’t announced any changes that would affect baseball players.

Until that happens, all of them under contract in the US won’t take the field, even if they’re Venezuelan.

“Yes, we are aware that the game’s glitziness won’t be the same,” Palmisano told The Associated Press.

International wrangling faded into the background under the glaring lights of Caracas’s stadium. Fans dressed in their teams’ jerseys heckled players on the opposing team and cheered dramatic plays. Between innings they dove over each other for free t-shirts blasted from air guns into the grandstands.

Yadir Drake, a 29-year-old Cuban national playing outfield for the Tigers, said games in Venezuela without athletes tied to MLB contracts will bring more raw and tough baseball, making the games more entertaining for the fans.

He is one of several dozen foreigners in Venezuela’s league, most from the Dominican Republic. Drake said that when he and the other players step onto the diamond, politics is the last thing on their minds, especially when fans start shouting.

“You know that the fans are going to call you out, and that’s one of the many things that help you,” he said. “It encourages you to continue playing baseball and play it aggressively.” AP

Froome undergoes surgery to remove metal implants

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hris Froome underwent surgery over the weekend to remove a metal plate in his hip and screws in his elbow, commenting that the procedure went “perfectly.”

The four-tim Tour de France winner was fitted with the implants five months ago after he fractured his hip, elbow, femur, sternum and vertebrae in a warm-up crash at the Critérium du Dauphiné in June.

A metal rod will remain in the lower part of his femur for the rest of his life, but the plate stabilizing his right hip and the screws securing his right elbow were always due to be removed in early November.

The operation took place on Friday morning at the University Hospital of Saint-Etienne in Froome’s adopted home country of France.

“Less some hardware from my hip and elbow,”Froome wrote on social media alongside a picture of him in his hospital bed. “Feeling groggy but all went perfectly.”

The operation represents a significant step in Froome’s recovery and rehabilitation from the Dauphiné crash. He has been riding his bike, appearing in a 3 km time trial exhibition at the recent Saitama Criterium, where he

told Cyclingnews there’s no guarantee he will return to his former level.

In Japan, Froome was able to ride but still walked with a pronounced limp. He explained that the hip plate was trapping tendons and causing him pain, and was hopeful he’d be able to walk normally once it was removed. The femur fracture, he said, had healed “amazingly.”

Froome has made it his ambition to ride the 2020 Tour de France in a bid to claim a recordequaling fifth title, with the Olympic Games road race in Toyko later in July also a target.

“I will need a few weeks off post-surgery, but hopefully I’ll be able to train normally again in December, and hopefully things continue from there. I hope to be back racing by February, at least, and I’ll just take it from there, really,” Froome told Cyclingnews in Japan.

“There are no guarantees in sport—and in life in general—with this kind of process, but if I’m back racing by February...I don’t know what level that would be, but I’d hope that within four months I could get back to racing the Tour de France as my normal self. That’s my goal and, until I find any reason to believe it’s not possible, I’m making it my objective.” Cyclingnews

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Living God

EAR God, You have been our help and refuge. We rejoice beneath Your wings and pray: Receive our prayer, oh God our Savior. Make Your Church mindful of the needs of single-parent families, women in crisis pregnancies, and children with special needs. Fulfill the hopes and needs of military men and women, and their families. Save those who are in difficult or dangerous situations and poor living conditions. May God free us from the yoke of sin and death, and fill our lives with peace, in Jesus the Christ. Amen.

GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

❶ INTERIOR

designer Elizabeth Stuart shows a table setting design by Stuart in a residence in Charleston, South Carolina.

When setting a beautiful holiday table, consider using several small, low centerpieces rather than large one. It helps to ensure that your table decoration isn’t blocking one guest’s view of another. PHOTOS:

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ELIZABETH STUART VIA AP

❷ STUART

shows a side table decoration she created. Dining room decorating and centerpieces used during the holidays can go beyond pine boughs and holly to incorporate foliage from the region of the country where you live—including palm fronds.

❸ SOME

centerpieces Stuart created. Don’t feel obligated to stick to a palette of only red and green for Christmas table decoration, says Stuart. She created the petite centerpieces shown here using pink roses, rather than red.

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Simple can be gorgeous when setting a holiday table

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BY MELISSA RAYWORTH The Associated Press

ETTING a gorgeous table for a holiday meal doesn’t have to be expensive or difficult, says interior designer Elizabeth Stuart.

Sometimes, a simple design using just a few plants and candles can be more beautiful than an intricate display.

“There are no rules,” says Stuart, and you can plan a table that looks great from Thanksgiving all the way through the December holidays.

We’ve asked Stuart and two other experts— HGTV’s Vern Yip and interior designer Kyle Schuneman—for advice on centerpieces, color palettes and decorative touches to easily elevate a dining table for the holiday season.

COMFORT AND CONVERSATION YIP begins with an important premise: Holiday meals are about people, not flower arrangements. So make sure your guests can see each other, without a vase of flowers or tall candles blocking their views.

Stuart suggests filling several small containers (silver cups meant for mint juleps, for example, can be inexpensive or real silver) with a few roses trimmed very short, and then adding a sprig of pine or holly.

“You scatter those down the table and then add tea lights in the middle,” she says, “and it’s exquisite.”

Also, says Yip, don’t crowd too many chairs around one table. Adding a second table is better than crushing people together. “It’s going to make the experience really unpleasant if you don’t give people enough elbow room to be able to pick up a drink or their utensils,” he says.

He advises leaving at least 24 inches between the center of one chair and the center of the next.

You don’t have to look beyond the grocery store for table decorations.

“Stores and boutiques have beautiful things for the holiday table,” Schuneman says, “but adding that sprig of rosemary to each napkin or a cascade of oranges and pinecones to the centerpiece elevates the whole table.” Consider using live plants as a centerpiece rather than cut flowers. Stuart loves tiny boxwood topiaries with little colored flowers or herbs. Try arranging three rosemary topiaries on a silver tray, she says, then cluster some holly or pine cuttings along the bottom.

“Not only are they going to smell good,” she says, “but they’re going to last almost a month.”

LET NATURE HELP SCHUNEMAN is a fan of natural wood chargers (flat pieces of wood placed under dinner plates) to add simple beauty to a holiday table. “Using your simple white dishes, if you just add a simple wood slice charger under each plate and some fresh greens in the middle, you have a festive table for not a lot of money,” he says.

GO NONTRADITIONAL DON’T worry about tradition, Stuart says. Her design firm and retail store are in South Carolina, where it’s warm year-round. So while she loves using holly and pine in her Christmas decorating, sometimes she uses palm fronds from her yard.

She also uses shades of pink and plum, rather than sticking only to red and green. Embrace whatever

delights you, she says. Or go beautifully neutral. All three designers say silver and white are great choices.

“I love adding winter sparkle. Whites layered with golds and silvers gives you such a great backdrop,” Schuneman says.

Silver and white can brighten up dark winter nights, especially if they’ll be reflecting candlelight.

(Candles are a key to creating a beautiful table, says Schuneman: “Candlelight mixed in glass votives, tall candlesticks and pillars will make any table glow and feel special.”)

Yip also encourages creative centerpieces: “Sometimes I’ll ask people to print their favorite photo from their past year. It could be a photo of a breathtaking vacation they went on, or it could be a picture of their kid going back to school,” he says.

“And I’ll frame those photos and kind of have them scattered down the center of the table.”

Another creative option: Ask each guest to bring a favorite book they’ve read in the past year. Arrange them on the table as decorations and conversation starters. At the end of the night, each guest can leave the party with a different book than they brought. ■

Japanese real-estate developer Nomura brings expertise to PHL AN artist’s perspective of The Seasons Residences

THE Philippine real-estate industry continues to enjoy steady growth attributed to, among other things, an equally steady increase in demand in the residential condominium segment.

As the income of the middle to uppermiddle class grows, their taste has also become more discerning. They are now more concerned about products that are reflective of their lifestyle choices, and products that provide conveniences and comfort.

Prime real-estate developer Federal Land Inc. recognized this shift in demand, engaging for a collaborative project with leading property developer from Japan, Nomura Real Estate Development Co. Ltd., whose vision for quality, value and customer satisfaction equals their own.

Founded in 1957 in Tokyo, Japan, Nomura is one of the affiliates of the Nomura Group of Cos., which has a history of more than 90 years of investment banking experience. One of the more prominent members of this group is Nomura Securities, one of Japan’s largest financial institutions.

The real-estate company engages in residential development, corporate realestate brokerage, commercial property development, building leasing, and architectural design businesses across

Japan and, recently, in China, Vietnam and Thailand.

Nomura has not only dedicated itself to going beyond normal design boundaries, but has continuously explored new technologies that better serves the urban landscape of its properties. Under its quality residential brands, Proud and Ohana, Nomura has gained a reputation for quality in market-leading locations they are present in, bringing life and value to the environments they build.

“As a company, we look for equally strong partners in every project.

We consider it an honor to bring the excellence that Nomura Real Estate is known for and share it with the Philippines. We’re very happy to find a good partner in Federal Land so we can transform our vision of integrating all that is precious to people and communities into reality,” said Eiji Kutsukake, chairman of Nomura Real Estate.

The Seasons Residences is the first project of the partnership between Federal Land, Nomura Real Estate, and retail giant Isetan Mitsukoshi Holdings Ltd. It is a four-tower Japanese-inspired residential development which will be home to the first Mitsukoshi Mall in the country. It is currently under

construction at Federal Land’s Grand Central Park in Bonifacio Global City. This venture promises to offer a harmonious, innovative and technology-led home that elevates the lifestyles of the growing

population of discerning buyers.

“By combining our knowledge and enthusiasm with our high level of technical skills, we can offer the best products and services to the partnership,”

Kutsukake said. The Seasons Residences benefits from Nomura’s expertise on design efficiency. Among other features, this translates to maximized storage spaces within the units, clean technology (where each unit will have tiles that minimize excess humidity, unpleasant odors and harmful substances in the air) and safety (the use of visco-elastic coupling dampers to reduce wind and earthquake vibrations). “In Japan, we experience a lot of natural disasters such as earthquakes, and there is a great need for safety among consumers.

The Philippines also faces the threat of earthquakes, so we would like to spread the importance of safety to the market by using a Japanese earthquake vibration technology that can protect the buildings from not just earthquakes but typhoons, as well.”

The partnership will also be building the much-anticipated Mitsukoshi Mall at the podium of the residential towers of The Seasons Residences. This four-story retail development is set to provide a holistic Japanese shopping experience to the Philippine retail.

More information about The Seasons Residences is available at the showroom at 7th Avenue corner 34th Street, Grand Central Park, North BGC, Taguig City.

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‘Finding Chika’ is bittersweet memoir about family

By Rasha Madkour The Associated Press

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HE author of Tuesdays with Morrie has a new memoir in which he, again, shares lessons learned from someone dear to him who dies.

This time, though, instead of an old professor, his teacher is a young girl from the orphanage he runs in Haiti.

It is not a spoiler to reveal that Chika dies. In a rawness that pervades Finding Chika: A little girl, an earthquake, and the making of a family (Harper), Mitch Albom breaks the heartrending news on the very first page. “Her absence left us without breath, or sleep or appetite, and my wife and I stared straight ahead for long stretches until someone spoke to snap us out of it,” Albom writes.

His reflections on Chika’s life and how she came to live with them in America as they sought treatment for her brain tumor are punctuated by accounts of Chika’s post-mortem “visits” to him as he writes this book in his home office.

“Chika never stays for long. She first appeared eight months after she died, the morning of my father’s funeral,” Albom explains. “I said her name in disbelief—‘Chika?’—and she turned, so I knew she could hear me.

I spoke quickly, believing this was a dream and she would vanish at any moment. That was then. Lately, when she appears, I say, ‘Good morning, beautiful girl,’ and she says, ‘Good morning, Mr. Mitch’...you can get used to everything in life, I suppose.

Even this.”

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Anne Hathaway, 37; Ryan Gosling, 39; Megan Mullally, 61; Neil Young, 74 Happy Birthday: Put greater emphasis on home and family. Energy spent making things better, more conducive to achieving your goals and adding to your convenience will help you gain stability. Overreacting or setting unrealistic expectations will end up holding you back. A good plan with a determined attitude will help you hone your skills and bring about positive changes.

Your lucky numbers are 8, 13, 23, 29, 38, 45, 48.

a

ARIES (March 21-April 19): Using force or anger to deal with situations that involve work or personal relationships will backfire.

Take a secretive approach to what you plan to do.

The less others know, the easier it will be to outsmart competition. HHH

Albom and his wife had no children of their own, a circumstance for which he blames himself. “I thought starting a family was like a new carpet I could store in a closet and unroll when I was ready,” he tells Chika during one of her appearances.

By the time they tried, years of attempts failed and ultimately the couple settled into the roles of aunt and uncle. “It is all right not to have children if you don’t want them, Chika, but if you do, their absence can be aching.” It was both fortuitous and tragic, then, that Albom and his wife became de facto parents to Chika in the final years of her life, experiencing parenthood for the first time in late middle age. “I remember times you and I were walking and, without prompting, you reached out and took my hand, your little fingers sliding into mine. I would like to tell you how that felt, but it is too big for words,” Albom writes. “You put me on the other end of a magnifying glass or a toy telescope, and through those lenses, I could marvel at the world the way you did. You were an unfailing antidote to adult preoccupation.”

Their desperate attempts to find a cure for a notoriously incurable condition, and the many interventions Chika endures, can be difficult to read at times. Despite knowing how it ends, a reader can’t help but hope the story turns out differently.

Ultimately, Finding Chika is a touching rumination on the magic of children, the extraordinary lengths parents will go for them and the unlikely family that came together across continents. n

b

TAURUS (April 20-May 20): Whatever change you make will help add stability to your life. Listen, learn and make moves that will have long-term effects. Choose to channel your energy into being productive. Compliments will get you further than criticism. HHH

c

GEMINI (May 21-June 20): Focus on selfimprovements. Changing your image or physically taking charge and getting things done properly will be impressive. Honesty should be examined if someone offers information or suggests something that is questionable. Romance is encouraged and will brighten your day. HHHHH

d

CANCER (June 21-July 22): Pour your energy into learning, accepting change and giving your all. Participate instead of sitting back and criticizing what you don’t like. To make positive change, you have to be a part of it, so take control and put in the effort. HH

e

LEO (July 23-Aug. 22): The changes you want to make should be planned before you start. Expect to face some opposition, and be prepared to counter with incentives that you can afford. If you go over the budget, your goals will be questioned. HHHH

f

VIRGO (Aug. 23-Sept. 22): Travel mentally or physically if it will lead to important information. Knowledge is the road to success. What you have to offer will encourage others to help you reach your goals. Don’t be shy; display your skills, experience and attributes. HHH

g

LIBRA (Sept. 23-Oct. 22): Speak up regarding truth and justice in a clear and concise way. Don’t let your emotions take over and fabrication set in. How you present what you want to share with others will determine how wellreceived you are. HHH

h

SCORPIO (Oct. 23-Nov. 21): Fix up your surroundings. Having a functional workspace will encourage you to engage in innovative projects. Learn from experience, and include the extras that can make the difference between a mediocre outcome and an exceptional one. HHH

Anonymous book describes volatile, incompetent Trump WASHINGTON—A forthcoming book by an anonymous author identified only as “a senior official in the Trump administration” describes President Donald J. Trump as volatile, incompetent and unfit to be commander in chief, according to excerpts published on Thursday by The Washington Post.

The book describes racist and misogynist behind-the-scenes statements by Trump and says he “stumbles, slurs, gets confused, is easily irritated, and has trouble synthesizing information.”

The Post acquired a copy of the book A Warning and first reported on its contents on Thursday.

White House Press Secretary Stephanie Grisham released a statement late Thursday saying, “The coward who wrote this book didn’t put their name on it because it is nothing but lies.” She said reporters should “cover the book as what it is—a work of fiction.”

In the book, due out November 19, the writer claims senior administration officials considered resigning as a group last year in a “midnight self-

massacre,” but ultimately decided such an act would do more harm than good.

On Monday, the Justice Department sent a letter to the book’s publisher and the writer’s literary agency, raising questions over whether any confidentiality agreement had been violated and asking for information that could help reveal the author’s identity. The publisher, Hachette Book Group, responded by saying it would provide no additional information beyond calling the author a “current or former senior official.”

A Warning was written by the official who wrote an essay, published last year in The New York Times, alleging that numerous people in the government were resisting the “misguided impulses” of Trump.

According to The Post, the author now writes, “Unelected bureaucrats and cabinet appointees were never going to steer Donald Trump the right direction in the long run, or refine his malignant management style. He is who he is.” AP

i j

SAGITTARIUS (Nov. 22-Dec. 21): Don’t let your emotions cause you to misinterpret what’s going on. Someone will play on your vulnerability if you aren’t careful. Transparency is necessary. Don’t believe everything you hear. HHHH

CAPRICORN (Dec. 22-Jan. 19): Focus on physically getting things done. If you let your emotions take over, you will get bogged down with matters that are not conducive to getting ahead or reaching your goal. HH

k

AQUARIUS (Jan. 20-Feb. 18): Put more effort into taking care of unfinished business. Financial, legal and health matters should be your focus, along with maintaining your reputation. Don’t let someone who has bad habits influence you. Say no to pressure tactics. HHHHH

l

PISCES (Feb. 19-March 20): Stick to the truth, and if you are unsure what that is, don’t say anything at all. You stand to gain far more if you concentrate on what you know and do well. HHH Birthday Baby: You are compassionate, intense and resourceful.

You are open-minded and imaginative.

‘roller-coaster ride’ by freddie cheng The Universal Crossword/Edited by David Steinberg

ACROSS 1 Campfire leftovers 6 Spooky 11 FedEx competitor 14 “Not gonna do it!”

15 Sermon responses 16 ___ one’s memory 17 Fire 18 Scale El Capitan, for example 20 Actor’s workplace 21 “Whole ___ Shakin’ Goin’ On” 23 Still a contender 24 Dive in 28 Server overseers, briefly 29 “C’___ la vie!”

30 Brown quickly 31 “Laughing” animal 34 IRS guidelines whiz 37 Spoke too soon or too late 41 Flamenco cry 42 Marshmallow chicks 43 Decrease?

44 Source of unwelcome feedback, informally?

5 Sit in prison, say 4 47 Bowl over 52 “Scram!”

53 Machu Picchu, now 54 Palindromic plea 56 Story surprise 59 “Fur ___” 61 Gazillion years 62 Barista’s concoction 63 Advantage of buying something in Oregon 64 Minute 65 What Hollywood and Vine do 66 With craftiness DOWN 1 Isn’t doing well 2 Really good buy 3 Spicy food baked in a corn husk 4 This language, for short 5 Pinched or swiped 6 Carl Sagan’s Pale Blue Dot 7 Not act subtly 8 Summary 9 Blot source

0 Key hidden in “widescreen” 1 11 Club work 12 Friend 13 National Coming Out Day letters 19 Fuzz from sweaters, perhaps 22 Game extensions: Abbr.

25 Starfleet captain 26 Former Tonight Show host Jay 27 Military jet initials 28 Regarding 31 Long-handled garden tool 32 “Uh-huh!”

33 UFO fliers 34 What killed the cat, in a saying 35 Often-elaborate high school invitation 36 Green Gables girl 38 Massive, as a fail 39 Poker pack 40 Mambo legend Puente 44 Word before “point” or “court” 45 Karate level 46 Mary-Kate and Ashley 47 A Kardashian 48 Not a soul

9 ___-Lay (snack food company) 4 50 Boots out of office 51 Baptism and others 52 Gush 55 Like Idris Elba, per People magazine 57 OutDaughtered network 58 Ares’ domain 60 “UR 2 funny!”

Solution to yesterday’s puzzle:

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EARLIER DEADLINE FOR SUBMISSION OF SCRIPTS IN VIRGIN LABFEST 16

WANT to see your unpublished, unstaged, untried and untested scripts come to life on stage?

This is your chance as Virgin Labfest (VLF), the annual theater festival held at the Cultural Center of the Philippines (CCP), opens the curtains for the submission of scripts. The deadline is on November 30 at 12 midnight.

The call for submission is open to all Filipino citizens. The festival is open to various themes and genres.

Entries should be a one-act play, with maximum running time of 40 minutes. All submitted works must not have been previously published in book form, staged commercially for more than two performances (staged readings and one-time workshop productions are allowed), and awarded any literary or drama prize in competitions and the likes.

Entries may be in Filipino, English, Cebuano, Hiligaynon or Ilocano. Works in regional languages must have accompanying Filipino translation. Entries in other Filipino languages or dialects will be considered, but translation of the text might be necessary based on the availability and capability of performers.

Entries must be submitted in .doc or .pdf format to thewritersblocinc@gmail.com. For its 16th edition, the VLF will choose 12 new one-act plays.

Organized in partnership with the Writer’s Bloc Inc., Tanghalang Pilipino Inc., and the CCP, the VLF 2020 will happen from June 10 to 28, 2020.

Mariah Carey performing during a concert celebrating Dubai Expo 2020 One Year to Go in Dubai, United Arab Emirates. AP

Memoir by Mariah Carey to be published thanks to Andy Cohen NEW YORK—A memoir by Mariah Carey is on the list of titles from Andy Cohen Books.

Henry Holt and Co. announced on Thursday that Cohen’s self-named imprint will launch in 2020. It says the imprint will feature three nonfiction works by women. Carey’s memoir will be about her journey to superstar status.

The other works are The Queen V, by Dr. Jacqueline Waters, a cast member on Bravo’s Married to Medicine, and Bodacious Dreams and Bevelations, by Bevy Smith, a former cohost of Page Six TV. Cohen is the TV producer behind the The Real Housewives Bravo franchise and host of Watch What Happens Live with Andy Cohen.

Holt is the publisher of Cohen’s three best sellers: Most Talkative, The Andy Cohen Diaries and Superficial.

The imprint was announced in 2016. AP

Woody Allen and Amazon end legal battle NEW YORK—Woody Allen and Amazon.com have ended their legal battle.

The filmmaker had sued Amazon in February after the online giant ended his 2017 contract without ever releasing a completed film, A Rainy Day in New York. Amazon had responded that Allen, whose daughter Dylan has accused him of molesting her when she was a girl, breached the four-movie deal by making insensitive remarks about the #MeToo movement. Allen has repeatedly denied the allegations made by his daughter.

In papers filed on Friday in US District Court, Allen and Amazon agreed that the case should be dismissed without prejudice. Terms were not disclosed.

A Rainy Day in New York was released overseas, but not in the US, Allen’s career has slowed in recent years, with several actors who had appeared in his films saying they would not work with him again. AP

Tuesday, November 12, 2019

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War epic ‘Midway’ bests ‘Doctor Sleep’ at the box office

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Universal Pictures’ Wham!inspired romantic comedy Last Christmas, starring Emilia Clarke (in photo) and Henry Golding, may have taken fourth place with $11.6 million on its opening weekend. But considering the thematic nature of the film and the holiday weekends to come, the studio remains optimistic about the film’s prospects.

By Lindsey Bahr The Associated Press

OS ANGELES—Despite a fresh injection of four big movies into the marketplace including a Stephen King adaptation, a World War II epic, a glossy, holiday-themed romantic comedy and a family friendly comedy, audiences largely stayed away from theaters this weekend and the North American box office is hurting. Down nearly 27 percent from last year, the sluggish weekend allowed for a few big surprises however. The biggest surprise was the fact that the Roland Emmerich film Midway, which slightly overperformed, snagged the first-place spot over Warner Bros.’ Doctor Sleep, a film that came in well under expectations and has left many in the business scratching their heads as to why.

Lionsgate on Sunday estimated that Midway earned $17.5 million from 3,242 screens. The studio acquired the film about the Battle of Midway that features a large ensemble cast, including Nick Jonas and Patrick Wilson. “As expected, everyone is ecstatic,” said David Spitz, Lionsgate’s president of domestic distribution.

Midway cost a reported $100 million to produce and the studio is projecting that the film will have grossed $20.1 million by the end of Veteran’s Day on Monday. Reviews didn’t seem to play into account with the box office at all this weekend. Critics were not kind to Midway (it’s currently at 40 percent on Rotten Tomatoes), but audiences, who were largely male (60 and older, 87 percent were over 25) had given the film an “A” CinemaScore.

And although $17.5 million is not a massive number on its own, it was a significant upset since going into the weekend experts thought the No. 1 spot would easily go to Warner Bros.’ Doctor Sleep, the high-profile Stephen King adaptation starring Ewan McGregor.

But audiences slept on the well-reviewed (73 percent on Rotten Tomatoes) sequel to King’s The Shining and it grossed only $14.1 million from over 3,800 locations. The film from director Mike Flanagan even utilized the classic imagery of Stanley Kubrick’s 1980 film version of The Shining, which factored heavily into the marketing.

Budgeted at around $50 million, Doctor Sleep was expected to open to over $25 million. The studio was disappointed with the result. But it’s at least partially attributable to the “general malaise” at the box office this weekend.

“There’s no way to sugarcoat this, this was a pretty awful weekend for the overall marketplace,” said Paul Dergarabedian, the senior media analyst for the boxoffice tracker comSscore.

In a more minor surprise, Paramount Pictures’ John Cena-led Playing With Fire, a family friendly comedy about firefighters, opened in third place with $12.8 million over Universal Pictures’ Wham!-inspired romantic comedy Last Christmas. Starring Emilia Clarke and Henry Golding, Last Christmas took fourth place with $11.6 million. But Universal is optimistic about its prospects, considering the thematic nature of the film and the holiday weekends to come.

“We have a fantastic storyteller in Paul Feig

and a ridiculously charming cast,” said Universal’s Distribution Head Jim Orr. Once again, the bright spots at the box office are in the awards-friendly limited releases. Amazon opened Shia LaBeouf’s autobiographical film Honey Boy in four locations, where it earned a strong $288,824. And Lauren Greenfield’s Imelda Marcos documentary The Kingmaker opened in two locations to $23,600. Both Parasite, which earned $2.6 million from 603 locations, and Jojo Rabbit, which added $3.9 million from 802 locations, also continue to perform well as the films expand a little bit each week.

But it’s still one of the worst early November weekends in years and Dergarabedian noted that the smaller films are not going to move the needle on the overall box office for the year, which remains down 5.5 percent. “It’s definitely a little bit of a challenged box office,” Orr said.

Although The Walt Disney Co.’s Frozen 2 is on the horizon to help pick things up, Dergarabedian said that at this point, 2019 might not best the record 2018 box office year.

“I think it’d be really tough at this point [to surpass 2018]. But it’s not a Chicken Little situation,” Dergarabedian said. “When we compare to any other year it’s a solid year.” Still, he added, “For November, this is a very slow weekend.”

Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore.

Where available, the latest international numbers for Friday through Sunday are also included.

1. Midway, $17.5 million ($21.6 million international) 2. Doctor Sleep, $14.1 million ($13 million international) 3. Playing With Fire, $12.8 million ($2.5 million international) 4. Last Christmas, $11.6 million ($3.1 million international) 5. Terminator: Dark Fate, $10.8 million ($29.9 million international) 6. Joker, $9.2 million ($20.3 million international).

7. Maleficent: Mistress of Evil, $8 million ($19.9 million international) 8. Harriet, $7.2 million 9. Zombieland: Double Tap, $4.3 million ($5.1 million international) 10. The Addams Family, $4.2 million ($13.2 million international).

Estimated ticket sales for Friday through Sunday at international theaters (excluding the US and Canada), according to comScore: 1. Terminator: Dark Fate, $29.9 million 2. Midway, $21.6 million 3. Better Days, $21.1 million 4. Joker, $20.3 million 5. Maleficent: Mistress of Evil, $19.9 million 6. My Dear Liar, $13.8 million 7. The Addams Family, $13.2 million 8. Doctor Sleep, $13 million 9. Weathering With You, $9.4 million 10. Das perfekte Geheimnis,$8.7 million. n

JAPANESE ENSEMBLE PERFORMS IN PPO CONCERT THE third concert of the Philippine Philharmonic Orchestra’s 37th season will feature the SORA Ensemble of Japan on November 15, under the baton of PPO Music Director and Principal Conductor Yoshikazu Fukumura at the Cultural Center of the Philippines’s Main Theater (Tanghalang Nicanor Abelardo) at 8 pm.

The program for the concert consists of Dmitri Shostakovich’s “Symphony No. 9 op. 70,” Franz Joseph Haydn’s “Sinfonia Concertante op. 84 in B-flat Major,” and two works

by Arturo Marquez: “Danzon No. 7” and “Danzon No. 8.”

The group, composed of oboe player Hiromasa Iwasaki, bassoonist Rei Ishiguro, violinist Kana Kobayashi and cellist Keiichi Yamada,

was formed by Iwasaki, the principal oboist of the Sapporo Symphony Orchestra, and young musicians in 2008. Along with the motto “Music at Anytime, Anywhere,” they have performed more than a hundred concerts annually to cities, towns and villages in Hokkaido and other parts of Japan, to bring to people the energetic live performances of chamber music, symphony and other ensemble music.

The group’s first album SORA with Hokkaido was released in 2018 commemorating their 10th Anniversary.

Tickets are priced at P1,500, P1,200, P800, P500, P400, with discounts available to students, senior citizens and groups. More information is available at 8832-3704.

SORA Ensemble of Japan

Art

BusinessMirror

Tuesday, November 12, 2019

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CONSCIOUSNESS (Kamalayan), Josh Palisoc, 2019, soldered metal, mirrors and electrical fittings, 16” x 14” x 19” (left) and The Beautiful Life (Oro Sereis), Meneline Wong, 2019, acrylic on canvas, 48” x 72”

The women in and of art at Altro Mondo CIRCLES JT NISAY

jtnisay@gmail.com

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LTRO Mondo Creative Space rolled out over the weekend its penultimate set of shows for the year that keep true to the curatorial intentions of the months-old gallery in Makati City.

Since relocating in late February, at 1159 Chino Roces—in a two-story, 850-square-meter space that used to be a repair shop for high-end cars— Altro Mondo has been presenting contemporary art at its best, according to creative director Remigio “Boy” David.

“We didn’t have the facility or the space before, but now we’re able to invite more artists, including international talents,” he said. “Of course, the locals are still the ones taking the lead, but we try to internationalize our image by putting international artists in our gallery.”

David said the vision is carried out in the five new exhibitions. The lineup is threaded by the common theme of women in art, with three exhibits showcasing works by female artists, and one dealing with woman as subject.

One of the female artists in the lineup is abstractionist Meneline Wong. In her debut solo show

at Altro Mondo, titled Luminescence, Wong shines with her fast-rising take on fluid art, wherein the paint flows in gentle waves as much as it cracks like hard concrete, depending on the viewer’s perception.

The dramatic movement is achieved by knowing the characteristics of the paint. Wong said she takes into consideration not only the color, but also the viscosity and weight of the material, along with its composition.

Wong has a medical degree in Obstetrics and Gynecology from the University of Santo Tomas, and holds clinic at the Chinese General Hospital. She first dabbled into the arts in late 2017 by painting on paper.

Soon after, she came across fluid art and tried her luck at the 2018 GSIS National Art Competition, where she won second place in the nonrepresentational category, becoming the first female artist to win a major award at the competition. She also joined the 2018 Robinsons Land National Art Competition and won the top prize in the same division.

In Luminescence, Wong presents nine works, three of which were made with fluorescent paint.

“I love lights,” the artist said. “Bata pa lang ako, kwarto ko puro glow in the dark na. I want something dramatic. Here, I use fluorescent paint [for the artworks] to stand out under black light, but at the same time [they] can stand alone without the special effects.”

The result is almost as captivating as a cosmic event, especially on the black canvas of Dancing in the Moonlight. The black light illuminates the green in glowing neon, the red in crimson warmth and the blue in mysterious navy—with touches of gray, purple and yellow to balance out the painted galaxy.

“The abstraction that she developed on her own is different from other abstractions,” David said of Wong. “She put luminescence and incandescence in

her work.”

The two other female-fronted exhibits at Altro Mondo are the coming-of-age group show, titled Why Am I the One Always Packing Up My Stu��?, featuring Poeleen Alvarez, Tammy de Roca and Faye Pamintuan, and Interior Landscape, the one-woman show of Pep Manalang.

Now based in the US, Manalang is described by David as a “very intuitive and serious artist,” being a physicist and a teacher. Manalang challenges in the show the complexity of the digital world and the “sensory overload” it brings by stripping the notion down to simple shapes.

“One way to feel grounded with a semblance of stability is to create order through geometry, symmetry and repetition,” the artist writes in the exhibition note. “Through the use of simple geometric shapes, symmetrical compositions and repetitive elements, these paintings provide a quiet space for reflection.... In effect, the reduction is an attempt to expose the underlying monospace code beneath the complexity.”

Finally, on the theme of championing women, Altro Mondo’s 300-sq-m main gallery is filled with works that portray female subjects by French painter Matteo Andrea.

Born in Buenos Aires days before the end of the Argentine military dictatorship in 1983, Andrea moved with his artist parents to Paris where he is still based. Andrea said he identifies himself more as Parisian, having lived in the city for most of his life.

He attended the École Nationale Supérieure des BeauxArts and has presented his art around the world.

Andrea brings his works to the Philippines for the third time. His show at Altro Mondo is his first solo here, where he honors women with a “tribute” of 20 pieces, presenting them as unabashedly bold against

the subdued colors of the pieces.

The exhibition is titled Femmes Fatales, inspired by the literary archetype of a seductive woman whose charms ensnare her targets. Andrea said his subjects are people from the Internet, magazines, posters and the streets, but once he draws them, they are not individuals anymore but rather the very idea of a woman.

“I have a lot of respect for women in general,” Andrea said. “They are too important. A woman is a mother, a sister someone who gives life, someone who’s very strong. Also, I think they’re more interesting to draw. Even if sometimes they’re a bit serene, something is still happening. They’re alive.”

“Andrea talks about the contemporary woman that intrigues, that loves, that caresses,” David said. “His works are all about women, but presented in the most contemporary sense in all the expressions.”

Rounding out the ongoing exhibitions at Altro Mondo is a group show, titled Pensive Junctures. The exhibition grapples with the idea of being between the lines, featuring works by Roberto Feleo, Winner Jumalon, Edrick Daniel, Josh Palisoc, Krista Nogueras, Ferdinand Riotoc, Rodney Yap, Orley Ypon and Danny Sillada. (See related story.)

The five shows at Altro Mondo are on view until December 2.

David said the gallery’s year-end show next month will also involve a group show of local artists and international artists, including those from Spain, Colombia and Italy. One of whom is Italian painter Alessandro Papetti.

More of the same can be expected next year, David said, along with an exhibition of augmented reality that will take up the whole gallery, slated in September. “We have a year full of surprises,” he said. ■

Secrets revealed in Danny Sillada’s paintings A FORMERLY junior executive in one of the ALC Group of Cos., well known for his controversial artwork Menstrual Period in Political History (2005), a former Man of God turned iconoclastic artist Danny Sillada is exhibiting his two peculiar paintings in a group show, On the Surface, at Altro Mondo Creative Space in Makati, until December 2. The show also features some prominent contemporary Filipino artists, namely, Edrick Daniel, Roberto Feleo, Winner Jumalon, Krista Nogueras, Josh Palisoc, Ferdinand Riotoc, Rodney Yap and Orley Ypon.

Titled Holy Union (2004) and Existential Dissonance I (2019), from earlier and recent works by the artist, the two paintings explore the psychological and moral landscape of the human psyche, between inner repressions and incongruities of belief.

Holy Union, for instance, akin to Yves Tanguy and Joan Miró’s abstract surrealism, is an autobiographical painting laden with subliminal symbolism. It is one of the earlier works of Sillada coded with hidden symbols, referring to his private life in the Church while studying for Catholic priesthood. Using the spontaneous flow of the subconscious, an automatist technique in surrealism, with no a priori aesthetic concept during the creative process, the artist depicts a giant

pubic hair in fuchsia cuddled by a blue vaginal form against the backdrop of green sky and golden barren land.

A secret embedded in his artwork now revealed, it alludes to the artist’s broken vow of celibacy while he was still in the Church.

That amatory affair (or affairs) was one of the reasons why he left his vocation, shortly before his ordination to the priesthood. The painting, replete with Freudian and Jungian elements, is one of the studied works in Humanities and Psychology, decoding the artist’s subconscious and repressed desires through the subliminal symbols of his art. Rendered in realistic surrealism, Existential Dissonance I, on the other hand, is a religion-cultural criticism which the artist, as an existentialist philosopher, describes as “the dissonance between ethical act and belief, and the inconsistencies of the belief system and its believers.” It portrays Auguste Rodin’s iconic sculpture, The Thinker (1902), albeit cube-headed and sited on a toilet bowl, a humorous version of Sillada. The figure seems to be constipating in a state of moral and ethical quandary, perhaps scuffling and wavering between the dictates of faith and individual choice and judgment, a truly iconic figure of existential dissonance.

Using monochromatic greens in various textures, the artist subverts the perspectival

EXISTENTIAL DISSONANCE 1, 2019, oil on canvas

by Danny C. Sillada

cohesion of aesthetic composition to exemplify the 3D effect of elements in the artwork. He employs the optical illusion and perception of objects in relative space and distance, in the parlance of psychology and neuroscience, “by layering the distance of elements in between

HOLY UNION, 2004, oil on Canvas by Sillada

hypothetical spaces in such a way that each object appears independent yet part of the pictorial narrative, thus creating a 3D effect in the eyes of the viewer,” to quote Sillada. The resultant configuration creates dynamism, tension, and three-dimensional illusion on the

surface of the canvas—a Dacasi Effect (after the two-letter initials of his name).

Profound and entrancing, Danny Sillada’s paintings are pleasurable to watch and ponder upon in person, even if one doesn’t understand their symbolism, because of the intense and vivid portrayal of forms and colors.

To see his artworks and those of other artists, visit the show at Altro Mondo Creative Space, 1159 Don Chino Roces Avenue, San Antonio Village, Makati City, Philippines. The exhibit is on view from Monday to Saturday.

More information is available at 501-3270 or altromondoart@gmail.com.

THE artist before and after he left his vocation to the priesthood.