BusinessMirror November 13, 2018

House okays new fiscal regime for mining sector

By Jovee Marie N. dela Cruz

MISLATEL, SEAR TRADE BARBS ON 3RD TELCO BID

@joveemarie

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HE House of Representatives on Monday approved on third and final reading a measure establishing the fiscal regime for the mining industry.

Also on Monday, the House Committee on Ways and Means passed at the committee level an unnumbered substitute bill granting general tax amnesty or what is tagged as Part B of the Tax Reform for Acceleration and Inclusion (TR AIN) law.

Voting 158-7, the House members passed on final reading and endorsed for Senate approval House Bill 8400, which seeks to establish the fiscal regime for the mining industry, to ensure the government gets its rightful share in profits therefrom.

HB 8400 imposes a 3-percent royalty tax on large-scale mining operations within a mineral reservation.

See “House,” A4

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

By Lorenz S. Marasigan

Inc. has already been terminated.

“Mislatel has no right to unilaterally terminate and rescind the agreement.

Neither is there any legal and valid basis for such rescission or termination,” he said.

Digiphil, an affiliate of Sear consortium member TierOne Communications International Inc., earlier entered into an agreement with Mindanao Islamic Telephone Corp., the franchise holder for Mislatel, to provide telco services to unserved and underserved areas in the country.

@lorenzmarasigan

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HE word war between provisional third telco player Mislatel consortium and disqualified bidder Sear Telecommunications Inc. has intensified, with the latter accusing its corporate foe of misleading the National Telecommunications Commission (NTC) and the general public with its franchise-related claims.

Raoul C. Creencia, the legal counsel of Sear, belied the claims of Mislatel that its deal with Digiphil Technology

A CELL site tower is seen in Las Piñas City. The DICT has yet to officially declare the Mislatel consortium the third telco player, but one of two disqualified bidders, Sear, is hotly contesting the provisional bid award. NONIE REYES

See “Mislatel,” A2

BusinessMirror A broader look at today’s business

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Tuesday, November 13, 2018 Vol. 14 No. 34

Bizmen push measures lifting cap on alien stakes

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By Elijah Felice E. Rosales

@alyasjah

OREIGN business chambers on Monday insisted it will take more than just presidential orders to liberalize the economy, as Congress has to do its part in legislating measures that will lift foreign ownership restrictions.

The Joint Foreign Chambers of the Philippines (JFC) said there is still much work to do in liberalizing the economy, even after President

Duterte in October issued the 11th Foreign Investment Negative List (FINL). In a joint statement, the group branded the changes in the

list as “minor.”

“The JFC welcome the 11th FINL promulgated in Executive Order 65

by President Rodrigo R. Duterte on

Without such reforms, the Philippines will continue to be rated by OECD [Organization for Economic Cooperation and Development] as the most restrictive of 67 countries in its FDI restrictions.”

—JFC Statement

2017 EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR

P25.00 nationwide | 4 sections 20 pages | 7 DAYS A WEEK

Key PHL economic indicators improving Manny B. Villar

THE ENTREPRENEUR

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HE business environment has continuously improved under the Duterte administration, and this is evident in the more than 50-percent increase in foreign direct investments that flowed into the country in the first seven months of 2018.

Aside from the improving investment figure, there are other factors pointing to better days ahead, such as the rebound of the peso and the local stocks in recent weeks. The inflation rate, I believe, is expected to taper off sooner or later, as rice prices subside following the entry of more supplies into the market.

Continued on A6

October 31. However, we expect only modest gains in foreign direct investment [FDI] to result from the

Govt poised to shutter Singapore PM calls on businesses to back Asean integration Palawan beach resorts Continued on A2

By Bernadette D. Nicolas

S

By Butch Fernandez

@BNicolasBM

I NG A POR E —Bu si nesses in Southeast Asia should support their government’s efforts to open up their markets so they can benefit more from the integration of Asean economies, Singapore Prime Minister Lee Hsien Loong said on Monday.

Speaking at a business summit ahead of the Asean meetings, Lee noted that Southeast Asian governments have taken steps toward deeper economic integration and openness, and initiatives that will promote trade and investment flows in the region, reduce trade barriers, and cut costs for businesses.

“Businesses have to do their part, too. Our companies hope to invest in each other’s countries and do business across all Asean markets.

The more integrated and open our markets are, the more conducive our rules and business environments to foreign investment, the See “Singapore PM,” A4

A

MALAYSIA’S Prime Minister Mahathir Mohamad, (right) inspects an honor guard with Singapore’s Prime Minister Lee Hsien Loong during a visit at the Istana in Singapore on Monday, November 12, 2018. FELINE LIM/POOL PHOTO VIA AP

PESO EXCHANGE RATES n US 52.9230

@butchfBM

FTER closing down for six months the country’s biggest tourist draw, the world-acclaimed Boracay Island and its white-sand beaches, the Department of the Interior and Local Government (DILG) is poised to padlock prime Palawan beach resorts, possibly including El Nido, for similar sanitary violations.

Interior Secretary Eduardo M. Año confirmed plans on Monday to shut down Palawan beach resorts and “other tourist spots,” as the government was also moving to “clear easements of shorelines” clogged by illegal structures.

“We will repeat what we did in Boracay,” Año told reporters after attending a Senate hearing on Monday.

He added: “Our priority is El Nido and Coron, because we received reports of sewer flowing out to sea.”

The DILG chief said they have

“We will repeat what we did in Boracay. Our priority is El Nido and Coron, because we received reports of sewer flowing out to sea.”

—Secretary Año

no other option but to close down these beaches “if there is a violation.” “When we verify the liability, we will [also] file cases against the negligent local officials,” Año declared.

Sen. Joseph Victor Ejercito, in a separate inter v iew, said the Duterte administration’s decision to shut down popular Boracay beach resorts “should be an eyeopener” for other popular beach resort operators.

“They should not let it happen to them,” Ejercito said, even as he advised resort owners “not to rely...on local government units” for everything.

n JAPAN 0.4649 n UK 68.3977 n HK 6.7577 n CHINA 7.6083 n SINGAPORE 38.3917 n AUSTRALIA 38.1681 n EU 59.8930 n SAUDI ARABIA 14.1094

See “Govt,” A2

Source: BSP (12 November 2018 )

News

BusinessMirror

A2 Tuesday, November 13, 2018

www.businessmirror.com.ph

PHL exports unchanged in 2 decades–PIDS

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By Cai U. Ordinario

@cuo_bm

PART from weak external demand, it remains an uphill battle for Philippine exports as the sophistication of the country’s products remained unchanged in the past two decades, according to a study released by the Philippine Institute for Development Studies (PIDS).

In a discussion paper titled “Discovering the Philippines’ Potential Export Portfolio through the Product Space: Some Products and Ways Forward,” PIDS Senior Research Fellows Connie Bayudan-Dacuycuy and Ramonette B. Serafica said the country’s products’ sophistication (Prody) has been unchanged between 1995 and 2014.

“This can be attributed to the

FDI down 41.2% to $752M in Aug

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OREIGN investors looking for long-term yield in the Philippines were less eager to bet their money in the country in August, the Bangko Sentral ng Pilipinas (BSP) reported on Monday.

Latest data showed foreign direct investments to the Philippines hit $752 million in August this year, declining 41.2 percent from the $1.28-billion FDI net inflows in the same month last year.

It is also a deceleration from the $914-million net inflow in the previous month and the third-lowest monthly inflow for the year.

FDI is the type of investment that is often more coveted, as it stays longer in the economy and creates job opportunities for locals. It is also not easily pulled out of the market unlike its shorterterm counterpart, the foreign portfolio investments.

The BSP said investments were thin during the month, as even as all FDI components registered positive balances, inflows were lower than the levels posted in August 2017.

Bulk of the FDI inflows for the month was in the form of investments in debt instruments. This consisted mainly of intercompany borrowings/lending between foreign direct investors and their subsidiaries/affiliates in the Philippines.

Investments in debt instruments reached $534 million during the month.

Meanwhile, net equity capital investments declined to $172 million from $652 million in the same month last year, as gross placements continued to outweigh withdrawals.

These equity capital infusions came mostly from Singapore, the United States, Japan, Hong Kong and China.

The BSP said they were invested mainly into firms engaged in manufacturing, real estate, electricity, gas, steam and air-conditioning supply, information and communication, and financial and insurance activities.

Reinvestment of earnings totaled $47 million during the month.

For the first eight months of 2018, FDI net inflows reached $7.4 billion, 31 percent higher than the $5.7 billion seen in the same January-toAugust period in 2018.

“FDI inflows remained strong amid continued favorable investor sentiment on the Philippine economy on the back of the country’s strong macroeconomic fundamentals and growth prospects,” the BSP said.

The BSP pegged the FDI projection for the entire year at $9.2 billion.

This means that the country must be able to attract at least $1.8 billion more FDI—or about $450 net inflows each month for the rest of the year—to reach this benchmark.

Bianca Cuaresma

high concentration of the export basket into integrated circuits and parts/accessories of data processing equipment, which account for 28 percent of the country’s export basket in 2014,” the paper read.

“In addition, there are relatively sophisticated exports in 1995 that are no longer part of the country’s export basket in the 2000s due to the development of

high-technology gadgets that became better substitutes for these exports,” it added.

The researchers said these sophisticated exported products of the country that were discontinued because other gadgets made them outdated included cameras, radio reception apparatus and radio receivers.

There were also “relatively sophisticated” products in 2005 that were no longer in the 2014 export portfolio. These include electrical machines and apparatus and brake system parts for motor vehicles.

However, the authors said there are relatively sophisticated products in 2005 that are included in the 2014 export basket such as static converters, which have the potential to expand the country’s net trade.

There are also new and relatively sophisticated products in the 2014 export portfolio, such as photosensitive/photovoltaic/

$131.42B The country’s total trade in the January-to-September period.

This was composed of exports worth $50.755 billion and imports, $80.665 billion

LED semiconductor devices, parts of line telephone/telegraph equipment, electric capacitors, electronic printed circuits and cruise ships/ excursion boats/ferry boats.

“Among these products, cruise ships/excursion boats/ferry boats are not intensively imported by the country and thus, have the potential to expand the country’s net trade,” the authors said.

The data also showed that Organization for Economic Cooperation and Development economies are good markets for some of the goods in the country’s current export bas-

Bizmen push measures lifting cap on alien stakes Continued from A1

changes made in the new FINL,” the statement read.

“The list contains 11 changes from the previous lists, but most are minor. [Socioeconomic Planning Secretary Ernesto M.] Pernia described them as ‘marginal improvements’ and ‘baby steps,’” it added.

With this, the JFC enjoined lawmakers “to pass relevant laws, including amendments to the restrictions on foreign ownership in the Philippine Constitution.”

Specific measures, it added, need to be prioritized if the government is truly serious in liberalizing investment activities.

“Without such reforms, the Philippines will continue to be rated by OECD [Organisation for Economic Co-operation and Development] as the most restrictive of 67 countries in its FDI restrictions,” the statement read.

4 measures

THE four measures foreign businesses want Congress to prioritize are amendments to the:

■

Act;

82-year-old Public Service

■ Telecommunications Act; ■ Foreign Investments Act;

and

■ Retail Trade Liberalization Act. The JFC argued these bills will

Mislatel. . .

Continued from A1

Under the agreement, which was shared by Mislatel with the media, Digiphil bought 2.5 million shares in Mislatel for P5 million.

The agreement bore an exclusivity clause that read: “Mislatel warrants and represents that Digiphil and/or Digiphil nominated partners or business associates will be Mislatel’s sole and exclusive partner in the utilization of frequencies, permits, licenses or authorizations that may be approved through the applications or petitions mentioned herein.”

The contract also prohibited Mislatel from entering into partnerships with other companies for the same contract.

Udenna Corp., Chelsea Logistics Holdings Corp. and China Telecom Corp. Ltd. tapped Mislatel for the use of its congressional franchise for the third telco bidding.

Davao-based businessman Dennis A. Uy, who has close ties with President Duterte, owns and operates both Udenna and Chelsea.

Uy’s camp claimed on Sunday that

accelerate investments and allow competition, which, in turn, should improve public services.

House Bill (HB) 5828 amends the Public Service Act, and will redefine utilities, particularly excluding telecommunications.

Article 12, Section 11 of the Constitution holds that public utilities must be solely operated by firms that are 60 percent owned

by Filipinos.

Removing telecommunications from the strict definition of utilities will permit more players to enter the market and challenge the existing duopoly in the sector. The bill hurdled the House of Representatives September of last year and is now awaiting the Senate’s nod.

Reforms in the Telecommunications Act, on the other hand, should “allow improved and less expensive Internet services for all Filipinos,” the JFC argued.

HB 4067, authored by Rep. Arthur C. Yap of the Third District of Bohol, intends to amend the Foreign Investments Act by removing provisions on the practice of professions under the FINL. If enacted into law, there will no longer be restriction on foreigners practicing their professions here.

“This straightforward reform measure will encourage hundreds of new foreign investors investing

Mislatel’s deal with Digiphil is limited to “small projects like very-small aperture terminal technology.”

Likewise, John D. Coluso, the legal counsel of Mislatel, said the deal has been terminated, sending the media a copy of a letter sent to Digiphil that demanded the revocation of the contract, citing Digiphil’s alleged “fraudulent misrepresentation” on the terms of the contract.

Specifically, Coluso said the provision on “other authorizations” under the contract does not include the third-telco bid participation of Mislatel with Digiphil.

However, Creencia found this claim ridiculous.

“Mislatel’s claim that there was a fraudulent misrepresentation is absurd. Mislatel cannot claim that Digiphil fraudulently misrepresented or concealed its intention to include bidding for new major player in the scope of the applications under the agreement,” he said.

Creencia claimed the contract clearly spelled out that the agreement between Mislatel and Digiphil “does not limit the scope of business ventures that the parties may engage; it includes those providing broadband,

a minimum of $100,000 and will simplify the FINL by removing the practice of professions from the [list]. The FINL is about investment and causes confusion by listing professions regulated by law,” the statement read.

Last, the JFC urged Congress to expedite amendments to the Retail Trade Liberalization Act. This reform will lift foreign equity and capitalization requirements under the law.

“Although the Philippines is a major consumer of imported goods, it tightly restricts foreign retailers. The new policy of the Duterte administration is to reduce the minimum capital requirement from $2.5 million to $200,000,” the statement read.

JFC member-chambers plan to discuss with the National Economic and Development Authority, Professional Regulation Commission, Presidential Legislative Liaison Office and leaders of Congress the measures they want prioritized. It argued that through liberalization, the country will rake in higher FDI. The JFC is a coalition of the American, Australian and New Zealand, Canadian, European, Japanese and Korean business chambers, as well as the Philippine Association of Multinational Companies Regional Headquarters Inc.

value added services, telecommunications, cellular mobile telephony, international gateway, voice-band data, other ICT-related services.”

He added that it also included “other services within the scope of Mislatel’s legislative franchise” including, “obviously,” the auction for the third telco license.

“The Digiphil and Mislatel agreement is categorical. The parties undertook to jointly venture into a business to provide, among others, telecommunications services and other information and communications technology services,” Creencia said.

He added: “Mislatel, therefore, cannot escape the otherwise clear terms of its agreement with Digiphil by trying to limit its scope.”

Mislatel, Creencia added, breached the agreement “and its false representations to the NTC are matters of record that no amount of denial can hide.”

“The NTC should not be swayed

by Mislatel’s unilateral disavowal of what clearly are its contractual commitments to Digiphil. The people deserve to know the truth and the NTC must not fail them in this regard,” Creencia said.

Sought for comment, Coluso

ket. The Philippines, based on the paper, can boost its trade relations with nontraditional trade partners, such as Tunisia Iran and Israel.

These countries would be good export destinations for products, such as clock movements/rough clocks, electric capacitors, lamp and lighting fitting, lamp and lighting fitting parts, and parts of sewing machines.

Further, the authors said apart from implementing the measures outlined in the Philippine Export Development Plan, there is a need to improve existing trade relations and explore potential trade agreements.

However, Dacuycuy and Serafica said this does not mean the country should just focus on producing products that have the potential to boost the Philippines’s net trade.

The authors said the paper only meant to give an idea on where the country stands when it comes to the various products it exports.

The authors said there is a need to implement better policies that will encourage the industrial sector to produce not only winning products based on the data but also to create sophisticated goods that have not been identified in the paper.

In the January-to-September 2018 period, the country’s total trade stood at $131.42 billion. This was composed of exports worth $50.755 billion and imports, $80.665 billion.

The country’s total external trade in goods in September 2018 amounted to $15.58 billion, reflecting an increase of 13.5 percent from $13.72 billion recorded during the same month in 2017.

Total exports valued at $5.83 billion in September 2018 declined by 2.6 percent, from $5.99 billion in September 2017, while total imports rose to $9.75 billion in September 2018, from $7.77 billion in September 2017, or a growth rate of 26.1 percent.

5TH WEEK’S ROLLBACK: P2.30 A LITER FOR GAS, P2 A LITER FOR DIESEL

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OR the fifth consecutive week, oil firms are reducing the price of petroleum products, reflecting movements in the international petroleum market.

I n separate advisor ies on Monday afternoon, oil firms announced they will implement effective on Tuesday morning a hefty price rollback of P2.30 per liter in gasoline, P2 per liter in diesel and P1.65 per liter in kerosene.

The price adjustment was announced by Seaoil Philippines, Eastern Petroleum and PTT Philippines.

Petro Gazz, meanwhile, implemented a higher price cut of P2.50 per liter in gasoline.

They will all implement the price cut at 6 a.m. of November 13.

Other oil firms are expected to follow suit.

The latest oil price rollback brings

Govt. . .

the decline in gasoline prices by P7.50 per liter, diesel by P4.65 per liter and kerosene by P4.30 per liter.

From October 15 to November 5, gasoline prices have declined by P5.20 per liter, diesel by P2.65 per liter and P2.40 per liter for kerosene.

The price reductions happened after diesel prices went up by a total of P5.85 per liter, gasoline by P5.05 per liter and kerosene by P4.65 per liter from August 14 to October 9.

Local oil firms adjust their prices on a weekly basis to reflect prices of imported oil products that arrive in the country.

Philippine retail prices are based on the average prices based on the Mean of Platts Singapore (MOPS).

This refers to the prices of finished products, which include the gasoline and diesel sold in pumping stations. Lenie Lectura

An interagency task force, led primarily by the Departments of Tourism, Environment and Natural Resources and of Interior and Local Government, presided at Boracay’s reopening on October 26.

Amid widespread howls of protest from affected tourism-oriented businesses and local communi-

ties and workers, the government shut down Boracay Island for six months after President Duterte denounced what he called a “cesspool” arising from unregulated throwing of sewer direct into the sea.

Last weekend, Duterte enjoined stakeholders in Palawan—which also boasts of some of the country’s best tourist spots, including the world-acclaimed underground river —to clean up their act to avoid following in the footsteps of Boracay.

said M islatel and Digiphil may eventually find themselves facing each other in court to settle the differences on the interpretation of the provisions of the contract, including its termination.

“It cannot be said that we do not have the right to terminate. If we terminate and they disagree, then it is now up to a third party like the courts to decide what the agreement was, and what the violations are. Eventually, the courts will decide,” he said via phone.

He, likewise, noted that the third telco auction is not included in the provisions of the contract, as the deal with Digiphil was made to “legalize its businesses,” as it “operates without proper license.”

“Our position is that while there was an agreement with Digiphil, and there is a provision on exclusivity, there is no mention at all in the contract about the bidding for the third telco,” Coluso said.

He explained:“This bidding is something so important such that if it were to be included, then the contract should clearly state it.”

“What’s clear is there was an agreement, but it didn’t include the bidding

for the third telco,” Coluso said.

He also noted that Digiphil should be the one to negotiate with Mislatel for any noted discrepancy, as the agreement signed in May was between the two parties, and not with TierOne. “In the meantime, the matter of declaration of new major player cannot be made to wait for who is right and who is wrong,” he said.

The telco regulator on November 7 proclaimed Mislatel as the provisional third telco, after it was left as the lone bidder that passed all the bidding requirements.

Sear submitted a defective bid, after failing to provide a bid bond that amounts to P700 million to participate in the auction.

Philippine Telegraph and Telephone Corp., on the other hand, was out of the running as its bid lacked a key requirement: a certificate of technical capability.

The two groups have since filed for separate motions for reconsideration.

Barring delays, Department of Information and Communications Acting Secretary Eliseo M. Rio Jr. said his group may officially award the third telco license this month.

Continued from A1

The Nation BusinessMirror

www.businessmirror.com.ph

Lawmaker: Ship back 51 container vans of solid waste to South Korea

By Jovee Marie N. dela Cruz @joveemarie

A

MID the so-called Korean craze, a lawmaker on Monday called for the return of some 51 container vans reportedly filled with solid garbage back to South Korea.

In a privilege speech, Iligan Rep. Frederick Siao, citing the Bureau of Customs (BOC), said the shipment of garbage entered the Port of Tagoloan in Misamis Oriental last July 24.

“As representative of Iligan City, I say that the residents of Iligan City reject these 51 containers of garbage from South Korea. We demand that the consignee, Verde Soko Philippines Industrial Corp., and its shipper based in South Korea to pay for any and all expenses on the return of the garbage to South Korea,” Siao said.

On October 24, Siao said, Verde Soko, through its representative, filed for the lifting of abandonment of the shipment.

“It was only on that day, O c tob e r 24 , t h at Cu stom s rea l i zed t he sh ipment h ad been there for a total of four months,” said Siao. “ This matter also involves our laws on solid-waste management, Customs, t a r if fs, and the international agreement k now n a s t he ‘ B a se l Convention on the Control of Transboundary Movements of Hazardous Wastes and their Disposal,’” he said.

The lawmaker, quoting the BOC, said the 51 containers of garbage came onboard the MV Affluent Ocean, which could be “the biggest shipment of waste that has entered the country.”

Meanwhile, the lawmaker

asked the Departments of Environment, Trade (DTI), the Interior and of Justice to shut down and seize all the assets of Verde Soko Philippines Industrial Corp.

“We want all the officers and supervisors of Verde Soko Philippines Industrial Corp. arrested, charged and undergo trial for violating our laws. We want these culprits on the hold-departure list to prevent their escape through our international airports and seaports,” he said.

Siao also asked the DENR, DTI, DILG and local government officials of Tagoloan to file administrative and criminal charges against all personnel who approved, processed and signed off on any of the permits and clearances of Verde Soko.

“We want the Department of Foreign A ffairs to file a note verba le or d iplom at ic protest against the Republic of Korea. We want our DFA to implore upon the Government of South Korea to arrest, shut down and prosecute the cohorts of Verde Soko Philippines Industr ia l Cor p. in South Korea,” he added.

Siao also asked the DFA to invoke the Basel Convention to which the Philippines and South Korea are both parties.

“If South Korea refuses to budge, then we take the necessary measures as defined in the Basel Convention and its procedures,” he added.

“This is the second time in recent memory that garbage has been shipped to the Philippines from another country. The first one was from Canada, and we want both the DENR and DFA to report to Congress on the status of the garbage from Canada,” Siao said.

briefs

‘Shift to federalism, a jump from frying pan to the fire’

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By Cai U. Ordinario

@cuo_bm

SHIFT to federalism may not resolve poverty issues prevailing in developing countries like the Philippines, according to a discussion paper released by the University of the Philippines School of Economics (UPSE).

In the paper, titled “Federalism and Inclusion in Developing Economies,” UPSE professor emeritus Raul V. Fabella and assistant professor Sarah Lynne Daway-Ducanes said federalism could lead to greater income inequality in developing countries.

“On the debate whether we should shift to federalism, if inclusion is the criterion, our research results find no support in favor of such despite the claims of proponents. Indeed, the results show that poverty incidence and income inequality could become worse. The contemplated shift appears to be a jump from the frying pan to the fire,” the authors said.

The research went beyond issues of fiscal decentralization, which was among the contentious issues on a possible shift to federalism in the country. It included impacts on the Gini coefficient—which is a measure of inequality—and poverty incidence, among others.

The authors lifted variables from the World Bank’s World Development Indicators consisting of 105 countries spanning a 30-year

period of five-year averages from 1987 to 2016.

The data showed 13 percent of the countries have federal systems of government and 78 percent of these countries were developing countries.

The paper stated that the average poverty gap and headcount ratios were at $3.2 per day poverty line are about twice as much as the ratios at the $1.9 per day poverty line. In terms of the Gini coefficient, the authors said its average of 40.16 is quite close to its median of 39.85.

“The interaction term between the federal government dummy and the developing economy dummy has a positive and significant [at the less than a percent level of significance] coefficient, indicating that federalism has an inequality-increasing effect in developing economies. Thus, the total marginal effect of federalism on Gini inequality [i.e., the sum of the two coefficients] is 5.16, which is significant at the less than a percent level of significance,” the authors said.

40th Catholic Mass Media Awards slated on Nov. 14 at Star Theater

NERI NAMED NEW I.S.A.F.P. HEAD MAJ. Gen. Edwin Bernard Neri was named the new head of the Intelligence Service of the Armed Forces of the Philippines (ISAFP).

This was confirmed by AFP Public Affairs Office chief Col. Noel Detoyato, in an interview with reporters on Sunday.

Neri, a member of the Philippine Military Academy Class of 1988, will replace now Lt. Gen. Macairog Alberto, who was appointed as Philippine Army chief on October 15.

Detoyato added that Neri became the acting head of ISAFP with Alberto’s promotion as he is the unit’s deputy chief.

“Major General Neri will officially assume command of the ISAFP [sometime this] week,” he said.

The incoming ISAFP chief also served as commander of the 1001st Infantry Brigade in Compostela Valley and Task Force Davao. PNA

U.S. FIGHTER JET CRASHES IN PHILIPPINE SEA

AN American FA-18 fighter jet crashed on Monday in Philippine Sea while conducting routine operations, a news statement from the commander of the US 7th Fleet said.

The fighter jet, part of the Carrier Air Wing 5, embarked on aircraft carrier USS Ronald Reagan that is currently on its way to the area of operations of the 7th Fleet in support of security and stability in Indo-Pacific region.

The statement posted on the web site of the 7th Fleet did not give complete details about the crash, but said the fighter jet experienced “mechanical issues,” prompting its crew to eject.

“The crew was immediately and safely recovered by USS Ronald Reagan [CVN 76] search and rescue aircraft and brought back to the ship for evaluation by medical personnel. Based on an initial assessment, both pilots are in good condition,” it said. Rene Acosta

M

ANILA Archbishop Luis A nton io G. Cardinal Tagle will be the keynote speaker at the presentation of the 40th Catholic Mass Media Awards (CMMA) tomorrow, November 14, 2018, at the Star TAGLE Theater, Star City, CCP Complex, Pasay City. The event will start at 5 p.m.

D. Edgard A. Cabangon, CMMA acting chairman, and Fr. Rufino C. Sescon Jr., executive director and trustee, will be present to welcome the 289 finalists, and guests at the celebration.

Other members of the CMMA board of trustees and officers, members of the clergy from the different parishes and religious organizations, community and civic leaders, mass media practitioners and other communication professionals and student journalists will also grace the event.

Tagle, who is the honorary chairman of the CMMA, is expected to speak on this year’s theme, “The truth will set you free” (John 8:32), which is derived from the World Social Communications Day message of His Holiness Pope Francis.

The CMMA was established four decades ago in 1978 by the late Jaime L. Cardinal Sin, then archbishop of Manila, as the means by which the Church pays tribute to those who “serve God by means of the mass media.” It was chaired for 17 years by the late Ambassador Antonio L. Cabangon Chua, from 1999 when he was appointed by Cardinal Sin, until he passed away in 2016.

Arrest warrant to be served against NDFP leaders, say PNP and AFP

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HE Armed Forces of the Philippines (AFP) and the Philippine National Police (PNP) said on Monday they will serve any pending warrant for the arrest of Fidel Agcaoili and Luis Jalandoni, raising the possibility of the duo’s arrest once they step into the country.

Agcaoili, chief negotiator of the National Democratic Front of the Philippines and Jalandoni, adviser to the NDFP peace panel, have expressed their interest to visit the country this month and plans to meet with President Duterte.

“Within the bounds of the law, if they have existing warrants of arrest, they will be arrested by our law-enforcement agencies,” said military spokesman Col. Noel Detoyato.

Editor: Vittorio V. Vitug • Tuesday, November 13, 2018 A3

Still, Detoyato said, the military remains supportive of any peace initiative by the government.

On the other hand, PNP chief Director General Oscar D. Albayalde said that if Agcaoili and Jalandoni have pending arrest warrants issued by courts, then they will serve these as instructed.

“As of this time, there is no coordination with us, whether the Office of the President or probably the AFP,” he said Duterte himself disclosed about the requests of Agcaoili and Jalandoni to meet him in the country this November, but did not say the reasons.

The plan was later confirmed by Agcaoili, who said in a statement that he and Coni

Ledesma, a member of the NDFP panel, will travel to the country in relation to their work as members of the joint monitoring committee under an agreement with the government that seeks to preserve human rights during armed conflict.

The two would be accompanied by Jalandoni. “In this regard, we welcome the opportunity to meet with the President unless he does not want to or his military is against it,” Agacaoili said.

Peace talks between the government and the NDFP have been temporarily suspended by Duterte, who also ordered for the arrest of freed communist leaders serving as consultants to the negotiations. Rene Acosta

In terms of its impact on poverty, the authors said, the results showed that federal states, on average, exhibit high poverty incidence and high poverty intensity.

Based on the authors’ calculations, federalism associates with a 4.06-point increase in the poverty head ratio at the $1.9 per day poverty line.

This means, the authors said, federalism may have no effect or has a poverty-reduction effect on developing economies. The authors said “federalism thus appears to be on the wrong side of inclusion—in terms of both poverty reduction and greater income equality.”

“While it is true that crosscountry ensemble results may not apply to a particular individual country in the sample since the results pertain to the average, one has to establish that the country in question is exceptional—in this case, in a good sense,” the authors said.

“Case in point: The successful miracle economies in East Asia come under the rubric of ‘East Asian Exceptionalism.’ But, as is widely recognized, the Philippines is ‘the exception’ to the ‘East Asian Exceptionalism’. It is East Asian only in geography but not in performance, especially in the last 30 years,” they added.

In July Socioeconomic Planning Secretary Ernesto M. Pernia said the economic team had a lot of misgivings regarding federalism and said transitioning to a federal form of government in the medium term could disrupt the country’s economic momentum.

Pernia said the National Eco-

nomic and Development Authority recommended that the transition to federalism be done in no less than 15 years to ensure that the Philippine economy can maximize its growth momentum.

The Constitutional Commission is proposing a three-year transition, which will start soon after the new constitution is approved in the 2019 plebiscite.

The shift to federal form of gover nment, meanwhi le, got much-needed boost from the 1,489-strong League of Municipalities of the Philippines (LMP), who believes that federalism will help local chief executives develop their own areas.

The LMP has announced the decision to offer its support for the government’s campaign for the shift to federalism.

In a news statement released through the web site of the Department of the Interior and Local Government (DILG) dated November 12, Socorro, Oriental Mindoro Mayor Ma. Fe. Brondial, president of LMP, said local chief executives support federalism because the plan is good and well-meaning. She believes that through federalism, equal sharing between national and local, and among local governments is possible.

The DILG conducted its 15th regional road show for federalism in Socorro late last week, during which the rally garnered around 2,000 attendees.

During the rally, the elderly, youth, farmers and fisherfolk in Oriental Mindoro rose to support the government’s thrust for a new system of government.

A4 Tuesday, November 13, 2018 • Editor: Vittorio V. Vitug

Economy BusinessMirror

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Solon vows to protect IT-BPM Collective action in the fight against corruption sector amid tax-perk overhaul O

By Henry J. Schumacher

T

By Elijah Felice E. Rosales

@alyasjah

HE chairman of the Senate Committee on Ways and Means has vowed to protect informationtechnology and business-process management (IT-BPM) firms, as the industry faces an impending overhaul on tax incentives.

On the sidelines of the International Innovation Summit (IIS), Sen. Juan Edgardo M. Angara committed to defend IT-BPM companies and their interests, particularly on incentives. As committee chairman, he is in charge of the deliberations of the Tax Reform for Attracting Better and High-quality Opportunities (Trabaho).

“We will protect the gains, [and] we will make sure that we do not send the wrong message to the investors. We are still in the process of consulting in the committee and finding the optimal incentives for them,” Angara assured.

Industry leaders oppose the proposed rationalization of tax perks under the Trabaho bill. They said they prefer that the status quo be retained, where they pay 5 percent of their gross income in lieu of local and national taxes.

However, they are willing to compromise with the government as long as they are given 10 years, or until 2029, to transition to the proposed fiscal regime under Trabaho. To this, Angara expressed his amenability.

“We are hearing now 10 years [of transition]. Some people are saying that is enough in terms of projections of firms,” he said.

“Ten years for the transition period instead of the perpetual GIE [gross income earned]? We are looking at that now and we are seeing if that is acceptable to both sides,” Angara added.

Further, Angara said he is in favor of retaining the one-stop-shop characteristic of the Philippine Economic Zone Authority to minimize red tape in tax collection. This is in line with the desire of investors to simplify the tax payment method.

“What we are hearing a lot is they

[investors] want the local government taxes to be folded in [with their other taxes]. It can be very unpredictable: what is the treatment in one locality can differ in [another] locality in [terms of] rules,” the senator said.

“What they [investors] want is to keep it all in. Even the local governments are okay with it because they do not have to worry about collecting it, about going after firms,” he added.

Host municipalities are provided 2 percent share from the GIE paid by economic zone locators.

However, Angara admitted the government’s target to get the Trabaho bill enacted into law by December is difficult to do. Aside from the continuing debate between the government and investors, he said the country’s economic condition is not in perfect shape for drastic fiscal reforms.

“We are really studying it, and that is what we are doing. We do not want to rush it given the global economic situation. There is a lot of volatility, like I said the trade war between the United States and China. We have the currency situation, the reserve situation, the trade balance. All these things come into play. We [also] have the inflation,” Angara said.

The current version of the Trabaho bill will reduce gradually corporate income tax down to 20 percent in 2029 from 30 percent. On the other hand, it will reorganize incentives the government grants to economic zone firms.

VER the last year, political rights and civil liberties around the world have experienced a general deterioration. The rise of populism, misinformation, attacks on civil society and illicit money in politics have fueled this decline to a point that they now threaten the very foundations of democracy in countries around the world.

A common thread running through these trends are new and old forms of corruption, which enable the misallocation of public funds and concentration of power to repress the voices of many for the benefit of the few. As a result, we are seeing increased insecurity, threats to social and economic development, and deepening inequalities among citizens around the world — with the most vulnerable being the most affected.

By and large, the normative global policy elements to fight corruption are already in place; as are a number of conventions and platforms that condemn corrupt practices and identify ways to prevent, identify and sanction acts of corruption, including the UN Convention against Corruption and the OECD Anti-Bribery Convention. These commitments have direct links to global efforts to ensure sustainable and inclusive development, which is impossible without coherent and collective action to fight against corruption.

That is why the Sustainable Development Goals (SDGs) in Goal 16 include an explicit recognition

of the need to combat corruption in order to “promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels.” The SDGs have set out the milestones to reach, now it is time for governments, civil society, business and international institutions to work toward achieving them. Of course, the Philippines is covered by the SDGs and especially Goal 16 also.

Despite advances at the international level, progress to fight corruption has been too slow. According to Transparency International’s (TI) 2017 Corruption Perceptions Index (CPI), many countries have made little to no progress in ending corruption. Further, foreign bribery rages unchecked in over half of global trade, according to TI’s September 2018 report, Exporting Corruption. The CPI also finds a link between increasing corruption and deteriorating civic space, noting that countries with “the least protection for press and non-governmental organizations also tend to have the worst rates of corruption.” Civil society and citizens play a key role in monitoring and supporting the implementa-

Filipino exporters raise $124M from China expo sales

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OCAL exporters have raised a total of $124 million in sales from China’s largest trade expo in what was seen as a show of improved trade ties between Manila and Beijing.

The Department of Trade and Industry (DTI) on Monday reported the Philippine delegation of enterprises at the China International Import Expo (CIIE) earned $124 million in sales. This was made up of $108 million of signed orders for various farm goods, such as bananas, avocados and oranges, and another $16 million of direct sales from exhibitors.

“This is a big win for Filipino companies— especially those in the agriculture industry— as we push for greater promotion of our fresh fruits category in China’s huge market,” Trade Secretary Ramon M. Lopez said.

“The figures exceeded our target sales for this participation, which was $50 million. But Philippine products, known to be of quality to foreign buyers, received overwhelming approval at the CIIE,” he added.

The DTI brought with it 57 exhibitors to China’s largest trade show, and they were provided with 500 square meters at the venue in Shanghai.

The exhibitors were mostly makers of snacks; alcoholic beverages; fruit-based products; nuts; chocolates; coffee; cosmetics; baby care; electronics; automotive goods; culinary tour packages; and franchising and education services.

Lopez is determined to double the sales from the CIIE next year, as the Philippines looks to fly a bigger delegation that will occupy 100 booths. On top of this, the DTI wants to offer a wider variety of fresh fruits in the trade show next year.

The CIIE is organized by China’s Ministry of Commerce and brought together thousands of foreign enterprises in a bid to showcase the country’s importing potential. It kicked off last Monday and closed last Saturday.

According to the state-run media China Daily, the CIIE generated $57.83 billion of deals, mostly on intelligence and high-end equipment ($16.46 billion), as well as food and agricultural products ($12.68 billion). It added closed agreements on automobile goods amounted to $11.99 billion; consumer electronics and home appliances $4.33 billion; and clothing and consumer products $3.37 billion. Elijah Felice E. Rosales

tion of anti-corruption reforms.

While political leadership is a necessary condition for advancing the anti-corruption agenda, safeguarding the space for civil society and media to operate is equally essential. We in the Integrity Initiative Inc. (III) are supporting the creation of Integrity Circles, composed of progressive and transparent government offices (national and local), business and civil society. But we have the protection of those stepping forward in mind also; Congress has to turn the whistle-blower protection bills into legislation!

III is also in the process of reviving its “integrity pledge tracker” to take stock of progress made by the 3,500 pledge signatories in the Philippines in implementing concrete reforms as committed to in the Integrity Pledge.

Going forward, we must continue to promote collective action, enlisting government agencies, civil society, the private sector and citizens to turn promises into action. This will focus on setting ambitious objectives to tackle corruption jointly, including promoting beneficial ownership transparency, including the possibility of establishing public registries; and making sure that published contracting data and documents meet global best practices.

It is only through a concerted collaborative effort that reaches across sectors, and actors, that we can hope to achieve Goal 16 and promote inclusive, fair and peaceful societies across the world. It is only through a world free of corruption that we can strive for peace and security for all.

Your feedback will be most welcome. If you want to join us and sign the Integrity Pledge, contact me at Schumacher@eitsc.com.

House. . . continued from a1

Meanwhile, the bill said a margin-based royalty tax shall be imposed on large-scale mining operations outside mining reservation areas, ranging from 1 percent to 5 percent.

For all small-scale mining operations within or outside mineral reservations, the bill added a royalty equivalent to 1/10 of 1 percent of gross output shall be imposed.

It also seeks to impose an additional margin-based tax on windfall profits gained from mining operations, ranging from 1 percent to 10 percent.

Committee on Ways and Means Chairman Rep. Estrellita B. Suansing of Nueva Ecija, citing Department of Finance data, said the government collected total taxes, fees and royalties from the mining industry in the amount of P32.76 billion in 2014, P30.07 billion in 2015 and P33.43 billion in 2016.

Presently, mining contracts offer varying fiscal regimes for large mines and, therefore, the fiscal burden is differentiated, she said.

“Under this measure there is no more distinction on whether mining exploration is conducted outside or inside a mineral reservation and whether it is large-scale or small-scale. Equity dictates that fiscal burden should be shared equally by all who explore the natural resources of the country,” said Suansing.

The bill shall significantly impact the government’s revenue generation effort, the mining industry’s growth, and the environment, which Suansing said is in peril from certain destructive mining practices.

Amnesty

THE House Committee on Ways and Means also on Monday approved the measure granting general tax amnesty or the Part B of the TRAIN law.

The unnumbered substitute bill will grant amnesty on all unpaid internal revenue taxes imposed by the national government for taxable year 2017 and prior years.

The measure requires taxpayers seeking amnesty to pay a rate of: 4 percent if paid within six months from the effectivity of the IRR and 5 percent if paid after six months from effectivity.

The committee will submit the substitute bill for plenary consideration.

In the substitute bill, lawmakers voted to retain the powers of local government to impose local taxes. The original bill earlier included local business tax amnesty and real-property tax amnesty as part of Part B of Package 1 of the tax-reform program.

The amnesty bill was designed to combat corruption, simplify taxation and improve tax collection.

Singapore PM. . . continued from a1

larger the pie will grow and the more will benefit,” he said.

On Monday Asean economic ministers signed the group’s first agreement on e-commerce, aimed at facilitating cross-border e-commerce transactions. Lee said businesses should be prepared to adapt once Asean markets become more open to foreign competition. “[Businesses] may lobby governments to impose regulations or keep industries closed to protect themselves. But having benefit ted from Asean integration and open and connected economies, our businesses should be prepared to adapt and accept more competition in their home markets, in exchange for more access to markets in other Asean countries,” he said.

Lee said he and his fellow Asean leaders will discuss with the Asean Business Advisory Council how regional economic integration efforts can become effective and relevant to the needs of businesses.

With multilateralism currently under threat due to the trade war between the United States and China, Lee said fully realizing Asean’s great potential depends on countries involved will choose whether to become more integrated.

The World BusinessMirror

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Editor: Angel R. Calso • Tuesday, November 13, 2018 A5

Saudi Arabia sees need to cut Pressure mounts on May to abandon oil output by 1M barrels a day Brexit proposal

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AUDI ARABIA expressed the need for oil producers to cut 1 million barrels a day from October levels and announced fewer shipments from next month, as the Organization of Petroleum Exporting Countries (Opec) and its allies began laying the groundwork to reduce oil supply in 2019, reversing an almost yearlong expansion.

Saud i Energ y w i l l e x por t 500,000 fewer barrels a day in December than this month, taking the lead in Opec to counter the price rout battering the finances of group members and energy companies alike. While a meeting with other producers on Sunday yielded no change in supply policy, Opec+ warned in a statement that it might need “new strategies,” raising the prospect of a wider and coordinated cut in 2019.

“We are going to do everything we can to keep inventories and supply demand fundamentals within a reasonably narrow band around balance, and we believe markets will calm down,” Saudi Energy Minister Khalid Al-Falih said on Monday in a speech at an industry event in Abu Dhabi. “We are not in the business of pinpointing a price going forward.”

Oil collapsed into a bear market in little more than a month, and pressure is mounting on the Opec+ group to act sooner than their policy meeting in December. The producers need prices that are high enough

to balance their budgets and low enough to stimulate demand and shield themselves from attacks from the White House, all while they contend with wild swings in supply as sanctions hit Opec member Iran.

Although there are signs of a glut emerging in the US, the Saudi minister said on Sunday it was too early to talk about coordinated production cuts within Opec+.

Counterparts from Russia and the United Arab Emirates echoed that sentiment. Oman, a smaller member of the group, had said earlier it would support a cut by consensus of 1 million barrels a day.

Iranian losses

THE group’s caution arises partly from the unpredictability of Iranian supply. The US at first insisted it would seek to curtail all of the country’s exports, only to grant waivers to eight of its customers just as Washington reimposed sanctions this month. That confounded a market that was anticipating a stricter enforcement.

“With Iranian waivers coming

in higher than anyone expected, Saudi Arabia is acting responsibly by reducing its production that it had earlier brought online to offset possible Iranian losses,” said Amrita Sen, chief oil analyst at Energy Aspects Ltd., a consultant in London.

The committee that oversees the 2016 Opec+ agreement to manage supply met on Sunday in Abu Dhabi. “The committee reviewed current oil supply and demand fundamentals and noted that 2019 prospects point to higher supply growth than global requirements,” it said in a statement. Weaker global economic growth “could lead to widening the gap between supply and demand.”

“Opec+ nations sent a clear signal they are concerned rising supply and weaker demand may keep pushing oil prices down,” said Jason Bordoff, director of the Center on Global Energy Policy at Columbia University in New York. “While Saudi Arabia is cutting back output in December, the group may wait to see how Iranian supply and other variables play out before it is able to agree on collective action to prop up prices.”

Oil prices

BRENT crude, the global benchmark, rose 1.2 percent to $70.99 a barrel at 10:55 a.m. Singapore time. Futures are still down about 18 percent from a 2014 high reached early last month. West Texas Intermediate, the US marker, climbed 0.9 percent to $60.75, paring its losses after falling into a bear market last week.

While current crude prices are still higher than a year ago, they’re well below what Saudi Arabia needs to balance its budget. Russia, by contrast, is in a more comfort-

able position, and Energy Minister Alexander Novak showed no sign he was ready to act immediately.

The market should be balanced by the middle of next year, though there are forecasts for a surplus of 1 million to 1.4 million barrels a day, he said.

“I think it all comes down to Russia,” said Helima Croft, chief commodities strategist at RBC Capital Market Llc. “They seem to be sitting squarely on the fence about pulling the barrels back.”

Saudi Arabia may also struggle to convince other producers to follow its lead. Iraq has successfully boosted production to a record, and its more fragile economy may make it loathe to reverse course.

Al-Falih said that demand for Saudi crude was weaker for the first time since the kingdom started boosting production in the Mayto-June period. If Riyadh reduces daily exports by 500,000 barrels next month, it would effectively wipe out most of the production increases of the last six months.

Saudi Arabia will cut production as well as exports, he said.

“Ideally, we don’t like to cut,” Al-Falih said. “We will only cut if we see a persistent supply glut emerging, quite frankly. We’re seeing some signs of this coming out of the US. We have not seen the signs globally, nor can we predict that they will persist into 2019.”

Russia’s Novak said it’s “hard to say” if oil markets will be oversupplied next year. “We need to wait some time, to see how the market develops,” he told reporters. Russia is currently pumping about 10,000 to 20,000 barrels a day below October levels, and demand from customers is “fairly stable,” Novak said. Bloomberg News

China seen expanding Donald Trump’s absence at Asia summits not a snub, says Pence budget deficit target amid trade war risks U

C

HINA’S policy-makers are expected to increase the budget deficit in the coming year, as a slowing economy and the downdraft from the trade war with the US raise the need for a more active fiscal policy.

Authorities will increase the budget deficit target to between 2.6 percent and 3 percent of economic output, up from 2.6 percent this year, according to 21 of 28 economists in a Bloomberg survey. The remainder forecast a deficit higher than 3 percent of gross domestic product.

The quota for off-budget government bonds—used in particular to finance stimulus via infrastructure investment— will be at least 1.35 trillion yuan ($194 billion)—the same or higher than this year, the survey showed.

China’s economy slowed more than expected in the third quarter as a funding squeeze combined with the uncertainty brought about by the trade war with the US. While policy-makers have taken a series of steps to shore up the expansion, from easier credit policy to multiple cuts to banks’ reserve requirement ratios, high debt levels make broad-based stimulus less likely.

“For the coming period, China has a very difficult act to balance between reining in domestic risks, for example in terms of excessive debt, and keeping growth on track in order to secure social and financial stability,” said Bjorn Giesbergen, an

economist at Rabobank.

The US is set to increase the tariffs on $200 billion worth of imports from China to 25 percent in January, unless a breakthrough on trade relations between the two nations can be achieved before then.

Of the 28 economists surveyed, 19 estimated that the 25 percent tariffs would cut 2019 growth by between 0.2 percentage point and 1 percentage point, with six seeing a lower impact and three forecasting a shaving of more than 1 percentage point.

The median estimate for 2019 real economic growth in a separate Bloomberg survey is 6.2 percent.

The People’s Bank of China will refrain from aggressive stimulus measures, such as cutting benchmark lending interest rates or loosening property purchase rules, the surveyed economists said. Any policy maneuver will be consistent with easing steps taken this year, such as cutting taxes and injecting cash via reserve-ratio cuts, they said.

T he t a x-reduc t ion measures would most likely come via lower rates for value-added tax and corporate income tax, and the reductions could lift growth by 0.1 to 0.3 percentage point, according to the economists— much less than the potential hit to growth from tariffs. Bloomberg News

.S. President Donald Trump’s absence at several international summits in Asia this week isn’t a snub, Mike Pence told reporters en route to the region.

The vice president is due to arrive in Tokyo later Monday on a trip that will also take him to Singapore and Papua New Guinea. He faces the challenge of reassuring allies about US policy toward Asia, amid increasing doubts about its commitment and consistency.

The US’s commitment to the Indo-Pacific region “has never been stronger,” Pence told reporters in Alaska on Sunday night en route to Tokyo. Trump’s decision to skip the summits is “not in the least” a snub, he said, adding that the president is “where the American people would want him” in Paris for World War I commemorations.

Trump, by opting to skip meetings hosted by the Association of Southeast Asian Nations and a gathering of the 21-member Asia Pacific Economic Cooperation this week, became the first US president not to attend since 2013, when then-President Barack Obama canceled his visit to deal with a government shutdown.

The president’s absence leaves Pence to fill a void that’s grown wider under Trump, who’s pulled out of a major Pacific trade deal, slapped tariffs on allies, and intensified a diplomatic and economic battle with China.

Pence will need to make significant announcements to overcome growing skepticism about the Trump administration’s commitment to Asia, said Anthony Nelson, director of the East Asia and Pacific practice at the Albright Stonebridge Group in Washington. Bloomberg News

P

RESSURE is building on UK Prime Minister Theresa May to ditch her Brexit plan or face a catastrophic defeat in Parliament.

Britain and the European Union have been edging toward an agreement after 16 months of talks, with the aim of getting a deal wrapped up at a summit in November. But as domestic opposition builds, momentum seems to be fading for getting a deal done quickly. The pound fell.

The Cabinet had been expected to meet as soon as Monday to sign off on May’s plans, but late on Sunday there was no sign of further progress, according to three people familiar with the matter. If May wants a deal sealed in November—as investors and businesses hope—this week is probably the last chance to corral her divided Cabinet.

Getting any divorce deal through a bitterly divided Parliament was always going to be May’s biggest challenge. But as the various factions who oppose May’s approach step up their warnings, it’s looking even trickier than her whips may have calculated.

Pro-Brexit Conservative lawmakers joined forces on Sunday with the Northern Irish party that props up May’s minority government. They threatened to reject the deal she’s working on, even if she persuades the Cabinet to approve it in the coming days.

“If the government makes the historic mistake of prioritizing placating the EU over establishing an independent and whole UK, then regrettably we must vote against the deal,” Steve Baker, a former Conservative minister, and Sammy Wilson, Brexit spokesman for the Democratic Unionist Party, wrote in the Sunday Telegraph.

Brexiteers want a clean break with the EU so Britain can pursue its own trade deals around the world

and regain control over regulations and legislation. They fear that the guarantees May’s offering to avoid checks at the border with Ireland risk tying the UK to European rules indefinitely. Northern Irish lawmakers are concerned the region will end up being treated differently to Britain.

A new front

ON the other side of the debate, there’s growing criticism of May among pro-EU Conservatives, with the shock resignation of Jo Johnson as transport minister on Friday triggering speculation that others could follow. Johnson, the pro-EU brother of Brexit-backing former Foreign Secretary Boris Johnson, called for a second referendum as he said May’s handling of the talks had left Britain with a choice between handing over even more sovereignty than EU membership required, or accepting the chaos of no deal.

Former Education Secretary Justine Greening weighed in on Sunday, backing Johnson’s move and reiterating her call for another plebiscite. There’s still no majority in Parliament for a re-run of the 2016 vote, but if more pro-EU Tories come out in favor it will make it even harder for May to get her deal approved. Lawmakers campaigning for a do-over see an opportunity to push for one if May’s divorce treaty is thrown out by Parliament.

May’s whips hope that a number of Labour lawmakers will end up voting for her deal, particularly those who represent pro-Brexit constituencies. But Labour’s Brexit spokesman Keir Starmer again pushed back against the idea on Sunday, saying there’s no obligation for members of Parliament to surrender to a bad deal out of fear of crashing out of the EU without one. Bloomberg News

A6 Tuesday, November 13, 2018 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

War over wages

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HE labor department said the recently approved P25 increase in the daily minimum wage of workers in the National Capital Region (NCR) will take effect on November 27. But a number of labor groups found the wage hike too insignificant to provide immediate relief to workers and their families, especially amid soaring prices and the continued erosion in the real value of workers’ wages.

On the other hand, the Employers Confederation of the Philippines (Ecop) said increasing the minimum wage—whatever the amount may be—will distort the country’s profile to investors.

“Periodic increase in minimum wage will affect the image of the country as an investment destination. Unreasonably and unpredictably high labor cost is a disincentive to investment, both foreign and local,” Ecop said.

Ecop warned the NCR Regional Tripartite Wages and Productivity Board against the negative repercussions of an increase in minimum wage, summarizing the points it raised during the public hearings in Congress about the issue.

Ecop said the increase will be particularly injurious to micro, small and medium enterprises. It argued that, in order to comply, SMEs may retrench or lay-off workers or pass on the burden to consumers through increase in prices of goods and commodities, thus negating whatever upward adjustment is made on minimum wage.

Ecop also said that increases in minimum wage will only benefit a small number of the labor force, thus exacerbating the conditions of and neglecting the unemployed sector.

“There are approximately 2 million minimum-wage earners in the Philippines. This is only about 5 percent of the approximately 40 million labor force. In the NCR, the estimated number of minimum-wage earners stands at 952,485,” it said. “Millions of unemployed and underemployed not benefiting from any minimum-wage increase are all the more deprived of the opportunity to be absorbed in the labor force within the ambit of labor laws and enjoy the benefits provided therein.”

Ecop raised very good points, but then again, employers, businesses and even economists always say increasing the minimum wage would lead to unemployment, a scare scenario that rarely actually materializes. Indeed, unemployment numbers have more or less remained the same after wage hikes were granted.

Our experience has shown that wage hikes have negligible effects on employment because our economy is strong enough to accommodate them. Many firms can actually employ more workers, as there is more demand to produce goods.

This may not be the case for all companies, but a number of industries continue to boom and grow profits and can definitely afford to give wage increases.

An upward revision of wage rates is possible along industry lines. There are slump-proof industries that can readily pay for higher wages—like electricity, water distribution, telecommunications, banking, even media and advertising. Telecommunications, for instance, is being buoyed up by the surge in mobile telephony and broadband services, so it could not only afford minimum-wage increases but also absorb its contractual workers and make them regular employees.

Now, if there are two or three firms in booming industries that are losing money because of exceptional circumstances, they can always justify their cases and ask for a possible exemption.

But employers are also right in saying there are other options in mitigating the effect on workers of surging prices of basic goods other than raising wages, and the government should not pass on the burden of protecting the welfare of workers to employers alone.

Ecop had mentioned the lifting of the excise tax on fuel under the Tax Reform for Acceleration and Inclusion law and an additional cost-of-living allowance (Cola) rather than an outright wage hike as options.

Unlike a basic wage increase, Cola is not used in the computation for 13thmonth pay, night-shift differential, overtime pay and retirement benefits, making it less costly for employers.

The People Management Association of the Philippines had suggested a productivity-based adjustment, rather than an outright region-wide permanent adjustment, which could no longer be undone once it is already granted.

This is also a good suggestion, because businesses that see their income and profitability grow can deliver the corresponding increase in the wages of workers, which, in turn, could further boost workers’ productivity.

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THE ENTREPRENEUR Continued from A1

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OTH bank loans and deposits are increasing at doubledigit rates, which are common among rapidly growing economies.

No less than the World Economic Forum took notice of the improved business environment in the country. In WEF’s Global Competitiveness Report 2018, the Philippines ranked 56th out of 140 economies worldwide and the fifth most competitive among Asean members.

It was an improvement by 12 places from the country’s 68th spot last year, although different metrics were used in the latest survey.

Of the 12 major pillars assessed by the WEF, the Philippines ranked high in the market and innovation ecosystem components, including market size (32nd), labor market (36th), financial system (39th) and business dynamism (39th).

The World Bank separately issued its own report on 2019 Ease of Doing Business, but the Departments of Finance (DOF) and of Trade and Industry quickly protested

the country’s drop in ranking by 11 notches from 113th in 2018 to 124th in 2019.

Our two government agencies noted the grossly inaccurate and understated findings in the Getting Credit indicator of the World Bank report.

In its protest letter, the DOF said the ranking was regrettable because of the significant headway made by the Philippines in other indicators.

“The Philippines registered a +1.36 increase in the Ease of Doing Business score at 57.68, yet received a lower ranking,” the agency said.

While these global reports are important in providing international benchmark and comparison, what is more valuable is the actual flow of foreign investments. Based on data from the Bangko Sentral ng Pilipinas, net inflows of FDI climbed 52 percent in the first seven months of 2018 to

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Prospects for the coming years are even better, after President Duterte signed Executive Order 65 that promulgated the Eleventh Regular Foreign Investment Negative List, which relaxes some of the restrictions to the entry of foreign capital.

$6.7 billion, from $4.4 billion in the same period last year.

Net investments in July surged to $914 million, from $344 million a year ago, reflecting “the continued positive investor sentiment on the Philippine economy on the back of strong macroeconomic fundamentals and growth prospects,” according to the BSP. With the latest figures, Budget Secretary Benjamin E. Diokno, a leading economist, believes the full-year FDI this year would top the record $10-billion net inflow recorded in 2017. “The global FDI is declining, but the Philippines’s FDI is increasing,” Diokno was quoted as saying.

Prospects for the coming years are even better, after Duterte signed Executive Order 65 that promulgated the Eleventh Regular Foreign Investment Negative List, or RFINL. Socioeconomic Planning Secretary Ernesto M. Pernia, another noted economist, said the latest

What is PHL’s ‘wealth effect’?

Jennifer A. Ng Vittorio V. Vitug

Ruben M. Cruz Jr. Angel R. Calso

MEMBER OF

Manny B. Villar

Lourdes M. Fernandez

Online Editor Social Media Editor

Chairman of the Board & Ombudsman President VP-Finance VP Advertising Sales Advertising Sales Manager Group Circulation Manager

Key PHL economic indicators improving

John Mangun

OUTSIDE THE BOX

W

HEN each of my sons began working I told them to follow this advice: Whenever you get your paycheck, buy yourself a treat. Buy that genuine leather belt or go to lunch. When my eldest James first did that, he came home and told me he ordered a P145 shawarma.

My first reaction was “P145 for a shawarma?” His reply was that this was at a “fancy” Middle Eastern restaurant in Makati and the shawarma was imported lamb.

Our income particularly from selling our time, effort and expertise is a measure of our success. It is equally important that we enjoy the fruits of our labor even though some people would like us to believe that is “wrong.” They are wrong. Wealth is meant to be enjoyed. It is called the “wealth effect.”

By definition, “the wealth effect is the change in spending that accompanies a change in perceived wealth.”

Spending changes in the same direction as perceived wealth.

For me personally, my wealth effect is a trip to Landers and a couple of kilos of imported bacon for a family weekend brunch. A bottle of special liquor to add to my collection is another wealth effect just for me.

Nations have a wealth effect also that collectively are watched and makes the people feel good or not so good about the general economic condition. An individual may or may not have a direct interest in the wealth effect. However, they believe that it does affect them.

In the United States, it is the

performance of the stock market.

All the talk about the stock market being for and beneficial to the rich is nonsense. Nearly half of all US households are directly or indirectly invested in the market. This includes personal ownership of shares and by pension plans.

Personal pension programs such as the 401k—a retirement savings plan that lets workers invest some of their paycheck before taxes are held by more than 50 percent of employees. The median value of these accounts is about $35,000, so this is far from being “rich.” About 60 percent of all 401k money is in the stock market. So when stock prices go up, people feel wealthier.

In China, the wealth effect is in real estate. Three quarters—75 percent—of Chinese household assets are in real estate, compared to only 28 percent in the US. That is why the Chinese government is so concerned about real-estate prices at least remaining stable if not increasing. There is now great concern with some 50 million empty homes or roughly 22 percent of China’s urban housing stock being unoccupied.

issuance would help raise the country’s competitiveness. This is because the 11th RFINL relaxes some of the restrictions to the entry of foreign capital.

In particular, five investment areas/activities will open to 100percent foreign participation. These include Internet businesses; teaching at higher education; training centers engaged in short-term high-level skills development; adjustment companies, lending companies, financing companies and investment houses; and wellness centers.

It will also allow greater foreign participation in construction to support the government’s infrastructure program.

T he promu lgat ion of 11t h RFINL complements other measures that are designed to enhance the investment climate in the country. These include the implementation of the Anti-Red Tape Act and the Ease of Doing Business Act of 2018.

The peso has recently shown resilience, as it strengthened to 53.5 to the dollar. The stock market rebounded as well, after the BSP made known its resolve to put consumer prices under control by raising interest rates.

All these positive indicators make us optimistic that we will continue to enjoy robust economic growth in the coming years.

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

I started thinking about what is the Philippines’s wealth effect? Obviously it is not the stock market.

It could be real estate, except that the property boom is more a result of a decades-old backlog of unfilled need. I believe then that our national wealth effect is twofold.

The two financial factors that almost all of us have watched for many years with close attention are overseas remittances and foreign investment.

The moment any data for either is released, it is guaranteed that the pundits and the news will cover both with close scrutiny. The numbers will be turned upside down and inside out with long explanations of why. And, of course, the results will be made into a political narrative whether increasing or decreasing.

Is this wealth effect a valid perception of the economy? It does not matter. Psychologist and philosopher Edward de Bono said: “Perception is real even when it is not reality.”

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.

Opinion BusinessMirror

www.businessmirror.com.ph

In North Korea, missile bases suggest a great deception

Frequent extreme weather is likely due to atmosphere stalling of giant waves

determining the frequency of these events,” Rahmstorf added.

By David E. Sanger & William J. Broad

Cecilio T. Arillo

New York Times News Service

W

ASHINGTON—North Korea is moving ahead with its ballistic missile program at 16 hidden bases that have been identified in new commercial satellite images, a network long known to US intelligence agencies but left undiscussed as President Donald J. Trump claims to have neutralized the North’s nuclear threat.

The satellite images suggest that the North has been engaged in a great deception: It has offered to dismantle a major launching site— a step it began, then halted—while continuing to make improvements at more than a dozen others that would bolster launches of conventional and nuclear warheads.

The existence of the ballistic missile bases, which North Korea has never acknowledged, contradicts Trump’s assertion that his landmark diplomacy is leading to the elimination of a nuclear and missile program that the North had warned could devastate the United States.

“We are in no rush,” Trump said of talks with the North at a news conference on Wednesday, after Republicans lost control of the House. “The sanctions are on. The missiles have stopped. The rockets have stopped.

The hostages are home.”

His statement was true in just one sense. Trump appeared to be referring to the halt of missile flight tests, which have not occurred in nearly a year. But US intelligence officials say that the North’s production of nuclear material, of new nuclear weapons and of missiles that can be placed on mobile launchers and hidden in mountains at the secret bases has continued.

And the sanctions are collapsing, in part because North Korea has leveraged its new, softer-sounding relationship with Washington, and its stated commitment to eventual denuclearization, to resume trade with Russia and China.

Moreover, a US program to track those mobile missiles with a new generation of small, inexpensive satellites, disclosed by The New York Times more than a year ago, is stalled. The Pentagon once hoped to have the first satellites over North Korea by now, giving it early warning if the mobile missiles are rolled out of mountain tunnels and prepared for launch.

But because of a series of budget and bureaucratic disputes, the early warning system, begun by the Obama administration and handed off to the Trump administration, has yet to go into operation. Current and former officials, who said they could not publicly discuss the program because it is heavily classified, said there was still hope of launching the satellites, but they offered no timeline.

The secret ballistic missile bases were identified in a detailed study to be published on Monday by the Beyond Parallel program at the Center for Strategic and International Studies, a major think tank in Washington.

The program, which focuses on the prospects of North-South integration, is led by Victor Cha, a promi-

nent North Korea expert whom the Trump administration considered appointing as the ambassador to South Korea last year. His name was pulled back when he objected to the White House strategy for dealing with Kim Jong Un, the North Korean leader.

A State Department spokesman responded to the findings with a written statement suggesting that the government believed the sites must be dismantled: “President Trump has made clear that should Chairman Kim follow through on his commitments, including complete denuclearization and the elimination of ballistic missile programs, a much brighter future lies ahead for North Korea and its people.”

A spokesman for the CIA declined to comment.

The North Korea experts who have examined the images believe that the North’s motivations are fairly easy to interpret. “It looks like they’re trying to maximize their capabilities,” Joseph S. Bermudez Jr., a coauthor of the report and a veteran analyst of satellite images of North Korea, said in an interview.

“Any missile at these bases can take a nuclear warhead.”

“The level of effort that North Korea has invested in building these bases and dispersing them is impressive,” he added. “It’s very logical from a survival point of view.”

Weapons experts, as well as Pompeo, say that North Korea, despite engaging in denuclearization talks, continues to produce the fissile material that fuels nuclear arms. The North is believed to have about 40 to 60 nuclear warheads.

If tensions rose, the report says, the missiles would be transported from the base to prearranged launching sites—often no more than a wide spot in a road. The mobile launchers can move quickly—they can be ready to fire in under an hour—which is why the United States has been trying to get the small satellites into the sky for early warning. The satellites have a special kind of sensor using “synthetic aperture radar” that cuts through clouds.

The current, multibillion-dollar constellation of large satellites that keep an eye on North Korea is often out of position, and officials say the country’s ballistic missile sites are under surveillance less than 30 percent of the time. (The exact figure is classified.)

A map of North Korea in the report shows three belts of missile bases that run from short-range tactical emplacements, to sites with midrange missiles that could strike most of South Korea, Japan and US bases in the Pacific, to strategic ones for missiles that threaten to reach American shores.

DATABASE

C

OMPUTER simulations predicted a strong increase of events in which the undulations of the jet stream in the atmosphere stop moving along and grow very large, favoring more frequent extreme weather events on the ground: the westerly winds stop pushing forward weather systems which hence become more persistent—a few sunny days grow into heatwaves, extended rains lead to floods.

An international team of scientists at the Potsdam Institute for Climate Impact Research (PIK) linked this prediction to human-caused warming, specifically in the Arctic.

“We expect a roughly 50-percent increase in the incidence of atmospheric conditions that favor a slow, broadly meandering jet stream and stalled weather extremes,” said Michael Mann of the Pennsylvania State University and lead author of the PIK study shared to Database.

“We call this quasi-resonant amplification of planetary waves, but what it means is rather simple: people will likely experience extreme and potentially dangerous weather events more often,” Mann pointed out. He added: “Such planetary wave events were behind the 2016 Canadian wildfire, the 2013 European floods and the 2010 Russian heat wave.”

For the first time, the future

Bloomberg Opinion

O

NCE in a while, a single week seems to perfectly illustrate the main forces in markets. Last week did just that for stocks, highlighting two sets of competing influences that are unlikely to dissipate any time soon and have important investment implications.

The day after the US midterm elections, November 7, was the most notable of last week’s swings.

The Dow Jones Industrial Average was up more than 500 points, or 2.1 percent, the Nasdaq Composite

rose 2.6 percent and the S&P 500 Index gained 2.2 percent.

The immediate cause of the rallies was the split Congress that emerged as Democrats gained control of the House of Representatives and Republicans increased their majority in the Senate. Conventional wisdom holds that such a divided outcome tends to be good for markets as gridlock keeps the government on the sidelines, allowing businesses to do what they do best: pursue profitable opportunities without undue interference from new legislation and regulation.

There were also powerful economic forces at play in the markets.

occurrence of conditions leading to growth and stalling of the planetary waves have been computed in a large set of state-of-the-art climate simulations called CMIP5. While the connection between stalling atmospheric waves and extreme weather events has already been demonstrated by previous studies and for past events, looking into the future by projecting what might happen if greenhouse-gas emissions rise unabated brought a surprise.

“Looking at a large number of different computer models, we found interesting differences,” said Stefan Rahmstorf of the PIK, a coauthor of the study.

“Distinct climate models provide quite diverging forecasts for future climate resonance events.

However, on average they show a clear increase in such events. Our analysis clearly shows that there seem to be two crucial factors

Less negative 11th RFINL

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

to Filipinos. Since the effectivity of the Foreign Investment Act, there had been 11 RFINL that were issued, each of which had its own peculiarities. The latest of this is the 11th RFINL, which was signed by the President on October 29, 2018.

This 11th RFINL aims to relax restrictions on foreign participation on the regulated activities or areas.

With this, the 11th RFINL was made less negative.

One of the notable changes made was the removal of “no foreign equity” restriction on the following five businesses or activities: (a) Internet business (Internet access providers that merely serve as carriers

bipartisanship” opened the possibility that this growth spurt could be reinforced by progress in Congress on an infrastructure modernization initiative.

This favorable economic outlook for the US was offset in markets by two factors that caused the Dow to decline 0.8 percent on November 9, the S&P to fall 0.9 percent and the Nasdaq to lose 1.7 percent.

The first downward force is that economic activity outside the US continues to slow, making some large debts even more burdensome.

This was illustrated by more data out of Europe last week and by a stark warning from China’s central

bank about the “profound changes” facing its economy.

Second, the markets and the Federal Reserve haven’t yet fully resolved their differences of view on the path of future interest-rate hikes. The Fed reiterated on November 8 its more hawkish intentions, supported by the higherthan-expected producer price inflation data released on November 9.

This came on top of the European Central Bank’s resolve to end quantitative easing this year despite growing economic and financial risks to the euro zone.

This tug of war is likely to escalate in the months ahead,

leading to more market volatility that will test not only investors’ resolve, but also some rather asymmetrical investor positioning that was not shaken out by the sudden market drops in October.

Last week should serve as a reminder to investors that there is no easy return—or perhaps no return at all—to the wonderful simultaneous trio of 2017: surging stock prices, remunerative bond markets and virtually no daily volatility.

Instead, the ups and downs highlight again that markets are in a process of important transitions in key growth, liquidity and technical influences.

T

HE Foreign Investments Act of 1991 declared it as a policy of the state to attract, promote and welcome productive investments from foreign investors in activities or areas which significantly contribute to the national industrialization and socioeconomic development. Foreign investments are encouraged in enterprises that significantly expand livelihood and employment opportunities; enhance economic value of farm products; promote the welfare of consumers; expand the scope, quality and volume of exports and their access to foreign markets; and/or transfer relevant technologies in agriculture, industry and support services.

The US economy continues to move forward, powered by three simultaneous and self-reinforcing engines: Consumption (driven by strong labor markets, tax cuts and the positive sentiment confirmed by data from the University of Michigan survey on November 9). Business investment (reflecting favorable corporate sentiment, high cash balances and deregulation). Fiscal stimulus (especially as government spending increases and a spilt Congress is unlikely to scale back outlays or roll back the recent tax cuts).

President Donald J. Trump’s comments the d ay af ter the election that he would “like to see

COMPUTER simulations that take into account the fact that the Arctic is warming much faster than the rest of the planet showed a more pronounced increase of the stalling events. The same is true for simulations that include the effects of air pollution with tiny particles, socalled aerosols.

Strong Arctic warming reduces the temperature difference between the North Pole and the subtropics, and it is this difference that is a major driver of the jet stream—hence the relevance of the Arctic. Air pollution blocks a part of the sunshine, for instance, in regions with lots of dirty coal-fired power plants and thus results in slight temporary local cooling. This also reduces the temperature difference to the North Pole, the PIK study revealed.

“So one implication of our findings is that a reduction of air pollution in the industrialized countries could actually restore some of the natural temperature difference between the mid-latitudes and the Arctic—which, in turn, would help to prevent the future increase in stalling of planetary waves and the related weather extremes,” said Rahmstorf.

“It is interesting that closing down coal-fired power stations helps to avoid climate destabilization in two ways: by reducing greenhouse-gas emissions that drive global and Arctic warming and also by reducing air

is one of the most restrictive countries toward foreign direct investments, and so, these changes were introduced. The direction is geared toward “greater liberalization” as, in fact, amendments to some of our laws including the Public Service Act, Retail Trade Act and no less than our Foreign Investment Act are in the works to achieve this.

I just hope that the changes already made and those which are proposed would meet the intended purposes or objectives of their introduction (more foreign investment, greater competition, more jobs and improvement of the economy). I also hope that, whatever the good end in mind, nothing which are too less negative to defeat our right to utilize our resources would be placed. It is not bad, anyway, to maximize the resources that we could get, including those that the foreigners may contribute, so long as we’re protected.

TAX LAW FOR BUSINESS

In attracting foreign investments, there is generally no restriction on the extent of foreign ownership of businesses operating in the Philippines. There are, however, specific industries or activities where foreign ownership is restricted or limited by the Constitution and/or by the applicable laws.

Others are regulated by special laws and restricted or limited due to some policy considerations.

To guide the investing public, the Foreign Investments Act mandates the formulation of a Regular Foreign Investment Negative List covering investment activities open to foreign investment and those reserved

Arctic warming and air pollution

pollution. Thus, if we want to limit the increase of dangerous weather extremes, phasing out coal fast seems like a pretty good idea,” he said.

“The climate models are not yet advanced enough to predict these types of extreme weather episodes for specific times or locations, because the models are still too coarse,” noted study coauthor Dim Coumou, who worked at PIK and Vrije Universiteit Amsterdam.

However, the models are able to produce large-scale patterns of temperature change realistically, added PIK coauthor Kai Kornhuber.

“In combination with previous research on the topic, we see a rather worrying trend in our simulations—weather extremes linked to greenhouse-gas emissions are on the rise, and more frequent stalling of giant airstreams high up in the atmosphere seems to be one major factor,” he explained.

Also in the PIK group, aside from Mann, Rahmstorf, Coumou and Kornhuber, were Byron A. Steinman, Sonya K. Miller and Stefan Petri.

The PIK, a member of the prestigious Leibniz Association, is one of the leading research institutions addressing relevant questions in the fields of global change, climate impacts and sustainable development.

Natural and social scientists work closely together to generate interdisciplinary insights that provide a sound basis for decision-making for society, businesses and politics.

for transmitting messages, rather than being the creator of messages/ information); (b) teaching at higher education levels provided that the subject being taught is not a professional subject; (c) training centers engaged in short-term high-level skills development that do not form part of the formal education system; (d) adjustment companies; and (e) wellness centers. In other words, 100-percent foreign equity is now allowed in these areas.

The 11th RFINL also liberalized the practice of some professions in our country. Foreigners may now practice the following professions, provided that their home country allows Filipinos to be admitted to the practice of these professions: (a) accountancy; (b) agriculture; (c) architecture; (d) chemical, civil, electrical, mechanical, geodetic, metallurgical, mining and sanitary engineering; (e) customs brokers; (f) dentistry; (g) medicine; (h) nursing; (i) pharmacy; and (j) physical and occupational therapy.

Foreign equity participation in contracts for the construction and repair of locally funded public works, subject to applicable regulatory frameworks, was increased from 25 percent to 40 percent. Likewise, foreigners may now also own up to 40 percent of equity (previously at 20 percent) in private radio communication network companies.

According to sources, our country

Atty. Mabel L. Buted

Markets will continue their tug of war

By Mohamed A. El-Erian

Tuesday, November 13, 2018 A7

The author is a senior associate of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at mabel.buted@ bdblaw.com.ph or call 403-2001 local 312.

Editor: Efleda P. Campos

Companies BusinessMirror

Tuesday, November 13, 2018

B1

ICTSI offers to develop 2 Iloilo ports for ₧5B

I

By Lorenz S. Marasigan

@lorenzmarasigan

NTERNATIONAL Container Terminal Services Inc. (ICTSI) of billionaire Enrique K. Razon has offered to develop two ports in Iloilo to the tune of P5 billion.

It submitted a letter of intent to the Philippine Ports Authority (PPA) to modernize the infrastructure and superstructure, and to eventually manage and operate the Iloilo Port Complex and the Port of Dumangas.

Razon said this unsolicited proposal is in line with its nation-building efforts to “assist” the government

in its goal of modernizing the port network in the Philippines.

“We truly believe in the growth potential of the Visayas, in general, and of Iloilo, in particular. That growth is anchored on the building of infrastructure and the delivery of basic utilities and services,” he said.

Razon said his group intends to

“bring to the Iloilo ports its knowhow in managing ports honed from its 30 years of experience across the 30 ports that it operates worldwide.”

Razon’s listed port company is the largest Filipino port operator that also has concessions in other territories—even outside Asia.

The investment proposal, which aims to bring in international traffic to the two Iloilo ports, includes the dredging and deepening of the ports and the channel to allow the direct entry of new-generation international vessels.

Razon’s group will also bring in new port equipment—costing about P1.35 billion—including modern quayside crane handling equipment.

It also proposed to bring in

ICTSI’s automated systems in the ports to promote efficiency and security.

“With the development of port superstructure and the cost-efficient delivery of electric services, we hope to be able to help Iloilo in attaining its full potential,” Razon said.

The group hopes to arrive at an agreement with the PPA that will be compliant with government rules and regulations and applicable laws.

“ICTSI believes that the ports’ development will not only improve efficiency but will, more important, evolve the ports into becoming the Philippines’s Visayas hub that will improve connectivity for cargo movement within the country,” Christian R. Gonzalez, ICTSI global corporate head, added.

AboitizPower Bank, tobacco lift LTG business in three quarters not getting more assets from Ayalas

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A

BOITIZ Power Corp. is not keen on acquiring another thermal power asset of AC Energy Inc., saying it would rather focus on existing power assets also located in Mindanao.

Aboitiz Power Chief Executive Officer Erramon Aboitiz said the company’s recent acquisition of a higher stake in the Bataan power plants was anchored on the fact that the former was already a shareholder in the power projects.

“Therefore, we were willing to increase our economic stake. So, those were the assets that we were really looking at, and we didn’t really focus on some of the other ones,” said Aboitiz.

In September AboitizPower sealed a deal with AC Energy for the purchase of a stake in the latter’s thermal business, AA Thermal Inc., valued at $579.2 million.

The transaction involves the acquisition of a 49-percent voting stake and 60-percent economic interest in AA Thermal by AboitizPower.

AA Thermal’s assets initially consist of AC Energy’s limited partnership interests in GNPower Mariveles Coal Plant Ltd. Co., the owner and operator of an operating 2x316-megawatt coal plant in Mariveles, Bataan, and in GNPower Dinginin Ltd. Co., the developer and owner of a 2x668-MW supercritical coal plant project in Dinginin, Bataan.

AboitizPower and AC Energy are partners in the GNPower projects. The agreement will increase AboitizPower’s beneficial ownership in the Mariveles project to 78.325 percent, and in the Dinginin project to 70 percent.

The Mariveles project has been operating since 2013, while the first unit of the Dinginin project is scheduled to go online in 2019.

Then in October, AC Energy Inc. announced it was in discussions with investors for the sale of another thermal power asset, the 4x135-MW coal-fired power plant in Kauswagan, Lanao del Norte, in Mindanao. The project proponent is GN Power Kauswagan Ltd. Co. Lenie Lectura

T Group Inc., the holding firm of most businesses of tycoon Lucio Tan, on Monday said its income for the nine months of the year ending September grew 83 percent to P12.57 billion, from P6.83 billion last year.

Philippine National Bank contributed P4.27 billion, or 34 percent of total attributable income, the tobacco business accounted for P6.83 billion, or half of total attributable income, Tanduay Distillers Inc. accounted for P707 million or 6 percent.

Property developer Eton Properties Philippines Inc. added P314 million or 3 percent, while Asia Brewery Inc. provided P291 million or 2 percent.

LTG’s 30.9-percent stake in Victorias Milling Co. Inc. added P115 million, or 1 percent of total.

In tobacco, PMFTC Inc.’s sales volume declined with the substantial increase in excise taxes.

PMFTC was able to gain some market share during the nine months to 69.8 percent, compared to 66.9 percent last year. It posted a modest 1.1-percent growth in volume to 36.7 billion sticks, from 36.3 billion sticks in the same period last year.

From 92.7 billion sticks in 2012, the company

continued to experience an annual decline in sales volume, with sales at 50.6 billion sticks in 2017, a 45-percent decline over a five-year period.

“The volume of the industry has been declining since the substantial increase in excise taxes was implemented under Republic Act [RA] 10351,” it said. “PMFTC is currently operating in a level playing field as the government’s actions versus the illicit trade, which includes smuggled and locally produced, continue. The level playing field has enabled the company to pass on taxes and no longer price our products at economically unsustainable levels,” it added. PMFTC implemented higher selling prices in November 2017 for the mid and low-end brands and in January 2018 for premium brand.

Fortune Tobacco Corp., which owns 49.6 percent in PMFTC, reported an income of P6.86 billion.

Tanduay’s net income for the period grew 65 percent to P722 million from, last year’s P438 million. Total revenues were 10 percent higher to P13.66 billion, from P12.39 billion last year, on higher volumes of liquor and bioethanol sales.

Its nationwide market share for distilled spirits

was at 28.3 percent as of September, higher than last year’s 26.1 percent. The company enjoys a bigger share in the Visayas and Mindanao regions where most of Tanduay’s sales are generated.

On the other hand, Eton’s net income for the first three quarters of 2018 was P314 million, some 28 percent higher than last year’s P246 million.

Revenues were 9 percent higher to P1.81 billion, from P1.66 billion, as both leasing revenues and sales of residential units increased.

Higher leasing revenues were from higher lease rates, as well as the partial contribution from additional retail space from the 5,200-squaremeter expansion for Centris complex in Quezon City completed in December 2017.

Meanwhile, Asia Brewery’s earnings fell 36 percent to P291 million, from last year’s P455 million.

Overall gross profit margin declined as a result of product mix, as well as higher costs attributed to the sugar tax and depreciation of the peso.

Revenues increased 6 percent due to higher revenues from packaging, energy drinks, bottled water and soymilk. VG Cabuag

DTI mobilizes Mindanao offices to check on substandard steel

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HE Department of Trade and Industry (DTI) has ordered its Consumer Protection Group (CPG) unit in Regions 11 and 12 in Mindanao to investigate reports of substandard steel rebars used in housing construction being sold in Davao del Sur and Sarangani provinces.

In a response letter to the Philippine Iron and Steel Institute, DTI Undersecretary Ruth B. Castelo informed the industry group that the complaint filed by Pisi based on its “test buys” of rebars in nine hardware stores in the two provinces had already been endorsed to the CPG local units.

Based on the market test buy, Pisi found out gross violations by Davao Mighty Steel in three hardware stores

with three of its products found to be underweight. Another steel producer, DTS, also sold underweight rebars in two stores while one hardware store sold its 7 mm rebar as 9 mm.

Two rebar samples without logo and marking (uncertified) were bought from one hardware store.

Castelo earlier said that it’s very important for consumers to look at the marking on the rebars so that they would at least know the name of the manufacturer of the steel products that they’re buying.

“Rest assured that the Consumer Protection Group will continue to keep our commitments and strengthen our efforts in ensuring the quality of the products and safety of consumers nationwide,” she said in her letter to Pisi.

Pisi earlier revealed that most of the substandard steel being sold in the market rolled out from steel mills using induction furnace which is already banned in China. According to Chinese authorities, about 90 percent of the steel produced using the induction furnace method is substandard.

Davao Mighty Steel is a member of the Philippine Induction Smelting Industry Association (Pisia), which had been lobbying for the use of induction furnace for steel production in the Philippine despite its harmful effects to the environment and the people. Other members of Pisia are Melters Steel Corp., Real Steel Corp. and Wan Chiong Steel Corp. located in San Simon, Pampanga; and Metro Dragon Steel Corp. in Caloocan City.

San Miguel Food and Beverage, Inc. in milestone offering, listing

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an Miguel Food and Beverage, Inc. (stock symbol: FB) and The Philippine Stock Exchange, Inc. celebrated FB’s secondary offering and listing of 4.2 billion common shares through a ceremonial bell ringing on Monday.

“Now that San Miguel Corporation’s flagship food and beverage businesses are all under one company, FB has become even more formidable with multiple, profitable units contributing to its growth. The additional shares in the company will also make it more liquid, making it attractive to fund managers,” PSE Chairman Jose T. Pardo said in his welcome remarks during the event.

Shown in photo (from left): FB Corporate Secretary and Compliance Officer Alexandra B. Trillana; FB Chief Finance Officer and Strategy Officer Ildefonso B. Alindogan; San Miguel Corporation Director Aurora T. Calderon; FB Chief Operating Officer-Beer Division Roberto N. Huang; SEC Commissioner Ephyro Luis B. Amatong; FB Treasurer Ferdinand K. Constantino; SEC Commissioner Javey Paul D. Francisco; FB President and CEO Ramon S. Ang; PSE Chairman Jose T. Pardo; PSE Director Hans B. Sicat; PSE President and CEO Ramon S. Monzon; PSE Directors Emmanuel O. Bautista, Ma. Vivian Yuchengco, Eddie T. Gobing, Amor C. Iliscupidez, Wilson L. Sy; PSE Corporate Secretary Aissa V. Encarnacion; PSE Director Alejandro T. Yu and PSE COO Roel A. Refran.#

Tanduay Rum bags ‘Brand of the Year’ in World Branding Awards

LUCIO K. TAN JR., president and COO of Tanduay Distillers Inc.

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HE prestigious World Branding Awards, the ultimate global brand-recognition accolade, has recently named Tanduay Rum the “Brand of the Year” in a glittering ceremony held at the State Apartments of Kensington Palace.

“We are elated with the recognition given once again to Tanduay. For the past years, we have continued to come up with new product innovations and create memorable experiences for our consumers that further strengthened our brand equity,” said Paul Lim, chief marketing officer, Tanduay Distillers Inc. Winners are uniquely judged through three streams: brand valuation, consumer market research and public online voting. Over 230,000 consumers from around the world participated in the voting process.

Seventy percent of the scoring process comes from consumer votes.

Only one winner was chosen in each category per country.

“In June, we were recognized by an international award for being the world’s top-selling rum.

Now, a world recognition of the brand affirms even more that we continue to provide our consumers with a great product experience,” Lim added.

It was also this year that Drinks

International magazine published a ranking of the sales of global rum brands. According to the document, based on 2017 sales figures, Tanduay has overtaken Bacardi as the world’s best-selling rum, citing that the company sold 19.5 million 9L cases (versus Bacardi’s 16.8 million) and showed 17-percent growth YOY. The brand awards, on the other hand, brings Tanduay among the greatest and most recognizable brands in the world, such as BMW, Cartier, Club Med, JinkoSolar, Johnnie Walker, Lego, L’Oréal, Louis Vuitton, Nescafé, Rolex, Samsung, Schwarzkopf and Yakult.

Regional winners were Ajinomoto, Uniqlo (Japan); Giordano, Optical 88, Sasa, Shangri-La (Hong Kong); Indomie (Indonesia); LuLu; RAK Ceramics (United Arab Emirates); MTN (South Africa); and Zara (Spain).

National tier winners read like a who’s who of branding, with many known globally, and are all iconic brands in their respective countries.

“The awards celebrates the achievements of some of the greatest brands around the globe. With an average of just six winners per country, it is truly a great achievement to be a winner of these awards,” said Richard Rowles, chairman of the World Branding Forum.

Think tank: Housing backlog could worsen under ‘Trabaho’ bill

By VG Cabuag @villygc

T

HE country’s housing backlog could worsen with the proposed removal of compensatory incentives given to the private sector undertaking socialized housing, think tank Center for Housing and Independent Research Synergies has warned.

C h r i stopher Ry a n T. Ta n , president of the group, said mass housing developers oppose the planned repeal of incentives to socialized housing under Republic Act 7279, or the Urban Development and Housing Act, under the pending Tax Reform for Attracting Better and High-Quality Opportunities (Trabaho) bill.

If the incentives are removed, Tan said developers should not be compelled to do socialized housing at all. The current law grants incentives to the private sector, as developers are required to comply with the balanced development act mandating them to produce socialized housing projects equivalent to 5 percent for condominium projects and 15 percent for subdivisions projects.

“Removing this incentive will effectively paralyze private sector participation housing production,” Tan said.

A 2016 University of Asia and the Pacific study found the Philippines would have a housing need of 12.3 million by 2030, from a backlog of 6.7 million from 2001 to 2015, as well as a projected housing demand of 5.6 million from 2016 to 2030.

He explained that socialized housing is just a component of the total housing development project and could not be viable on its own as it is merely subsidized by the main project.

According to him, the incentives under the law are mere compensatory incentives for doing a missionary activity and should not be misconstrued as investment incentives to be lumped under the proposed Strategic Investments Priorities Plan.

“Removing such compensatory incentives to socialized housing will not only be unconstitutional, but will also reduce the balanced housing requirements to an unjust, oppressive and confiscatory exercise of police power,” Tan said.

B2

Companies BusinessMirror

Tuesday, November 13, 2018

PSE STOCK QUOTATIONS

November 12, 2018

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

ASIA UNITED 58.6 59 59 59 58.6 59 5110 301446 295000 BDO UNIBANK 116 117.6 118 118.8 116 116 481480 56267468 -12620208 BANK PH ISLANDS 80 81 80.5 80.5 79.85 80 1496510 119736989.5 -16430539 CHINABANK 27.95 28 28 28 27.8 28 8300 232150 -2800 EAST WEST BANK 10.52 10.54 10.66 10.68 10.48 10.52 269200 2829090 -1011394 METROBANK 65.4 65.5 65.45 65.55 64.5 65.5 3206790 208874240.5 -127289430 PB BANK 10.62 10.9 10.8 10.9 10.8 10.9 20000 217990 PHIL NATL BANK 39.15 39.2 39.3 39.3 39.15 39.2 161800 6344130 -804745 RCBC 28.1 28.2 28 28.45 28 28.2 40100 1130885 578680 SECURITY BANK 142 142.9 144.8 144.8 140.5 142 330230 46727222 -1120646 UNION BANK 65.95 66 65.95 65.95 65.95 65.95 1720 113434 -23082.5 BRIGHT KINDLE 1.42 1.45 1.33 1.43 1.33 1.42 3773000 5022350 123930 BDO LEASING 2.45 2.57 2.53 2.58 2.52 2.58 219000 560120 COL FINANCIAL 15.5 15.68 15.68 15.68 15.3 15.3 1700 26504 FIRST ABACUS 0.6 0.66 0.54 0.54 0.54 0.54 1000 540 FERRONOUX HLDG 3.87 3.99 3.9 4 3.86 4 14000 54580 IREMIT 1.48 1.56 1.48 1.48 1.48 1.48 4000 5920 MEDCO HLDG 0.43 0.44 0.44 0.44 0.43 0.435 690000 299750 MANULIFE 835 840 835 835 835 835 190 158650 NTL REINSURANCE 0.8 0.82 0.79 0.82 0.79 0.82 196000 157110 -8200 PHIL STOCK EXCH 176 179 179 179.2 177 177 2660 473849 76614 SUN LIFE 1811 1830 1830 1830 1810 1810 1010 1828725 9100 VANTAGE 1.14 1.22 1.15 1.15 1.14 1.14 401000 458130

INDUSTRIAL ALSONS CONS 1.23 1.26 1.23 1.26 1.23 1.26 125000 154050 ABOITIZ POWER 31.95 32 32.3 32.4 31.75 32 1210300 38,702,325( 7,326,944.9999) BASIC ENERGY 0.204 0.215 0.205 0.218 0.204 0.216 4140000 848030 FIRST GEN 16.64 16.66 16.4 16.64 16.4 16.64 2478000 41150270 -411950.0002 FIRST PHIL HLDG 64.15 64.2 63.85 64.4 63.7 64.2 46440 2979626.5 951829.5 PHIL H2O 4.19 4.24 4.4 4.5 4.16 4.18 127000 549260 MERALCO 378.2 380 380 380.4 372.8 380 213220 80702748 24453050 MANILA WATER 25 25.5 25 25.45 25 25 94300 2367870 912055 PETRON 8.04 8.14 8.09 8.14 8.05 8.14 1177100 9515167 -3256270 PETROENERGY 3.75 3.85 3.9 4 3.75 3.75 205000 780060 -364490 PHINMA ENERGY 0.99 1.01 1.01 1.01 0.99 1.01 90000 90380 PHX PETROLEUM 10.64 10.88 10.98 10.98 10.54 10.88 12300 131252 -6394 PILIPINAS SHELL 48.55 48.6 49.5 49.5 48.35 48.6 668400 32485445 -14908345 SPC POWER 5.19 5.2 5.19 5.21 5.19 5.2 80500 418584 AGRINURTURE 17.36 17.4 17.4 17.82 17.38 17.48 541900 9540786 1024116.0003 BOGO MEDELLIN 95.05 108 109.9 110 109.9 110 1100 120974 120974 CENTURY FOOD 13 13.02 13.28 13.28 12.9 13 386700 5040146 -441268 DEL MONTE 6.8 7.08 6.8 7.08 6.8 7.08 16300 114496 112436 DNL INDUS 10.62 10.64 11.02 11.02 10.52 10.64 630700 6737990 -2407376 EMPERADOR 6.92 6.93 6.96 6.96 6.92 6.93 1541200 10680522 -6948669 SMC FOODANDBEV 84.95 85 84.95 85 84.95 85 2039210 173319836.5 35940325 ALLIANCE SELECT 0.99 1 0.98 1.03 0.98 1 6921000 6963840 136670 GINEBRA 23.5 24 24.5 24.5 23.6 24 48300 1150430 JOLLIBEE 273.2 274 276 279.4 274 274 337800 93114754 -24663684 LIBERTY FLOUR 50 58 50 50 50 50 20 1000 MAXS GROUP 10.62 10.64 10.48 10.8 10.48 10.64 564400 5991510 855750 PEPSI COLA 1.57 1.7 1.53 1.7 1.51 1.57 100000 162390 -4800 SHAKEYS PIZZA 10.14 10.18 10.3 10.3 10.18 10.18 42200 430964 -271814 ROXAS AND CO 1.96 2.04 1.94 2.05 1.94 2.04 51000 101370 RFM CORP 4.7 4.8 4.8 4.8 4.7 4.8 11000 52440 -14250 ROXAS HLDG 2.61 3.18 2.7 2.7 2.61 2.61 26000 69250 SWIFT FOODS 0.121 0.126 0.121 0.126 0.121 0.126 20000 2470 UNIV ROBINA 123 123.8 125 125.2 122.9 123 394420 48787000 -21923145 VITARICH 1.46 1.47 1.4 1.46 1.35 1.46 5926000 8437700 76800 CEMEX HLDG 2.02 2.04 2.04 2.05 2.01 2.02 1699000 3443830 -1129770 DAVINCI CAPITAL 4.56 5.38 5.4 5.4 5.39 5.4 6000 32380 EAGLE CEMENT 14.78 14.88 14.8 14.8 14.78 14.78 20800 307490 -23638 EEI CORP 8.16 8.33 8.33 8.33 8 8.33 148500 1214951 642862 HOLCIM 6.03 6.24 6.2 6.25 6.01 6.25 8500 51263 -9678 MEGAWIDE 17.6 17.86 18.22 18.22 17.48 17.86 6162400 109473456 -12338526 PHINMA 8.99 9 7.86 8.99 7.82 8.99 5200 43317 TKC METALS 0.84 0.89 0.85 0.89 0.83 0.89 67000 56080 VULCAN INDL 1.6 1.61 1.64 1.73 1.61 1.61 13555000 22293470 -255900 CROWN ASIA 1.51 1.57 1.55 1.56 1.5 1.56 126000 194480 23400 LMG CHEMICALS 4.7 4.95 4.7 4.7 4.7 4.7 54000 253800 MABUHAY VINYL 3.2 3.29 3.15 3.29 3.15 3.29 14000 44800 PRYCE CORP 5.35 5.54 5.55 5.55 5.35 5.54 5700 31114 -554 CONCEPCION 36 37.4 37.4 37.5 35 35 1443500 51222205 -187500 GREENERGY 1.62 1.63 1.6 1.68 1.56 1.63 11872000 19366790 -146360 INTEGRATED MICR 9.17 9.2 9.1 9.35 9.02 9.2 5216900 48023576 -42916 IONICS 1.53 1.58 1.57 1.6 1.51 1.51 343000 524630 SFA SEMICON 1.37 1.4 1.44 1.44 1.35 1.4 447000 616840 CIRTEK HLDG 36.45 37 35.9 37 35.9 37 65300 2406920 -221340

HOLDING & FRIMS ABACORE CAPITAL 0.415 0.42 0.425 0.425 0.41 0.42 15580000 6475050 12750 ASIABEST GROUP 23 23.4 25 25 23 23 85000 1974275 -32680 AYALA CORP 899.5 900 900 908 890 900 380020 341551840 -29550035 ABOITIZ EQUITY 45 45.15 47 47 45 45 944700 43079960 -5927665 ALLIANCE GLOBAL 10.56 10.6 11.08 11.1 10.44 10.6 14000600 149154650 -73086640 ANSCOR 6.2 6.21 6.2 6.21 6.2 6.2 26000 161400 161400 ANGLO PHIL HLDG 0.78 0.86 0.8 0.87 0.8 0.87 3000 2470 ATN HLDG A 1.42 1.43 1.35 1.44 1.32 1.42 26968000 38023330 ATN HLDG B 1.4 1.42 1.36 1.45 1.32 1.42 6443000 9042250 58520 COSCO CAPITAL 7.03 7.04 7.05 7.05 7 7.04 1387500 9749119 2940175 DMCI HLDG 12.4 12.46 12.5 12.6 12.4 12.46 1884300 23534394 -3023714 FILINVEST DEV 7.34 7.37 7.3 7.4 7.3 7.37 687200 5061012 -446520 FORUM PACIFIC 0.21 0.229 0.215 0.229 0.215 0.229 300000 67940 -4300 GT CAPITAL 720 722 725 725 711 722 46130 33268950 -6991170 HOUSE OF INV 5.77 5.85 5.95 5.95 5.77 5.77 1600 9268 JG SUMMIT 44.9 45 46.35 46.35 45 45 1501800 68590250 -22232450 LODESTAR 0.49 0.51 0.51 0.52 0.48 0.49 244000 120170 LOPEZ HLDG 4.06 4.07 4.16 4.16 4.06 4.07 83000 338720 -89600.0001 LT GROUP 15.04 15.12 15.2 15.5 15.04 15.12 5062800 76566638 6877554 MABUHAY HLDG 0.51 0.53 0.52 0.52 0.51 0.51 424000 219230 104000 METRO PAC INV 4.54 4.55 4.69 4.69 4.54 4.55 28542000 131574610 -80361620 PACIFICA 0.034 0.035 0.035 0.035 0.035 0.035 2200000 77000 PRIME ORION 2.48 2.49 2.26 2.52 2.26 2.49 4326000 10531840 -146450 PRIME MEDIA 1.13 1.19 1.12 1.12 1.12 1.12 4000 4480 REPUBLIC GLASS 2.59 2.69 2.59 2.59 2.59 2.59 8000 20720 SOLID GROUP 1.35 1.37 1.36 1.37 1.36 1.37 37000 50550 SYNERGY GRID 290 349 349 349 349 349 160 55840 SM INVESTMENTS 887.5 889.5 890 900 870 889.5 80910 72204765 -8497890 SAN MIGUEL CORP 174 174.6 170 174.6 168.8 174.6 463220 80011841 68648804 SOC RESOURCES 0.75 0.77 0.76 0.76 0.75 0.75 119000 89850 WELLEX INDUS 0.201 0.202 0.203 0.205 0.2 0.201 1430000 288920 20000 ZEUS HLDG 0.194 0.208 0.193 0.193 0.193 0.193 70000 13510

PROPERTY ARTHALAND CORP 0.57 0.58 0.57 0.58 0.56 0.57 2118000 1195650 AYALA LAND 38.55 38.6 38 39 38 38.6 28139200 1073756790 41737215 ARANETA PROP 1.83 1.86 1.86 1.86 1.86 1.86 61000 113460 111600 BELLE CORP 2.24 2.25 2.3 2.3 2.23 2.25 2198000 4955930 -3495540 A BROWN 0.71 0.72 0.72 0.73 0.7 0.71 1123000 797900 -184320 CITYLAND DEVT 0.88 0.89 0.88 0.89 0.88 0.88 85000 74930 CROWN EQUITIES 0.205 0.21 0.206 0.214 0.205 0.212 2180000 449230 CEBU HLDG 6.04 6.05 5.63 6.05 5.63 6.05 16200 91366 CEB LANDMASTERS 4.26 4.34 4.26 4.37 4.24 4.35 129000 555670 CENTURY PROP 0.395 0.4 0.395 0.405 0.39 0.4 1510000 600950 CYBER BAY 0.385 0.4 0.385 0.385 0.385 0.385 40000 15400 DOUBLEDRAGON 18 18.02 18.5 18.5 17.96 18 556500 10036086 -434550 DM WENCESLAO 7.76 7.77 7.76 8.1 7.76 7.77 353300 2752082 -1437759 EMPIRE EAST 0.5 0.52 0.5 0.51 0.5 0.51 626000 319250 -5100 FILINVEST LAND 1.41 1.42 1.44 1.44 1.41 1.41 500000 706990 -417870 GLOBAL ESTATE 1.01 1.02 1 1.02 1 1 2933000 2949300 8990 HLDG 7.15 7.33 7.35 7.35 7.03 7.34 50800 371474 124867 IRC PROP 2.29 2.3 2.35 2.39 2.26 2.3 9517000 22077970 -19950 CITY AND LAND 0.89 0.9 0.89 0.89 0.89 0.89 3000 2670 2670 MEGAWORLD 4.45 4.46 4.5 4.52 4.4 4.45 11726000 52105360 -11480580 MRC ALLIED 0.345 0.35 0.365 0.365 0.34 0.345 67930000 23843450 260400 PHIL ESTATES 0.42 0.425 0.405 0.42 0.405 0.42 1880000 784550 PRIMEX CORP 3.65 3.69 3.71 3.71 3.65 3.69 1182000 4356150 -29530 ROBINSONS LAND 20.2 20.3 20.4 20.45 19.9 20.2 3293900 66,769,166( 11,094,919.0004) PHIL REALTY 0.375 0.38 0.37 0.385 0.36 0.375 210000 77650 14950 ROCKWELL 1.9 1.93 1.9 1.93 1.9 1.93 40000 76870 13640 SHANG PROP 3.12 3.17 3.19 3.19 3.12 3.12 23000 73000 -3170 STA LUCIA LAND 1.13 1.15 1.14 1.15 1.12 1.15 1544000 1750460 SM PRIME HLDG 32.5 32.55 32.7 33 32.5 32.55 8317100 271446890 -50000685 STARMALLS 4.11 4.2 4.18 4.2 3.96 4.2 493000 2028590 -66720 SUNTRUST HOME 0.7 0.72 0.7 0.72 0.7 0.72 4000 2860 VISTA LAND 5.11 5.2 5.15 5.2 5.1 5.2 3781800 19545523 -9520240

SERVICES ABS CBN 20.2 20.5 20.8 20.8 20.2 20.2 42500 872675 GMA NETWORK 5.27 5.29 5.21 5.27 5.2 5.27 272200 1418642 MANILA BULLETIN 0.375 0.395 0.37 0.37 0.36 0.36 50000 18300 MLA BRDCASTING 13.48 13.58 11.04 13.5 11.04 13.48 4000 53180 GLOBE TELECOM 1754 1760 1752 1795 1733 1754 150150 264608010 -68332765 PLDT 1202 1244 1220 1244 1202 1202 103805 126503550 -3065420 APOLLO GLOBAL 0.037 0.039 0.037 0.037 0.037 0.037 600000 22200 DFNN INC 7.52 7.98 7.98 7.98 7.98 7.98 30100 240198 ISLAND INFO 0.095 0.1 0.093 0.1 0.093 0.095 560000 53580 -5000 ISM COMM 7.5 7.51 7 7.52 6.8 7.5 121423600 874413272 9397929 JACKSTONES 3.3 3.38 3.3 3.4 3.3 3.4 13000 43270 NOW CORP 3.19 3.2 3.05 3.47 3 3.2 16718000 54323320 -246610 TRANSPACIFIC BR 0.33 0.34 0.355 0.36 0.32 0.33 68720000 22932800 428500 PHILWEB 3.22 3.33 3.3 3.36 3.17 3.22 202000 658760 2GO GROUP 9.86 9.98 10 10 9.8 9.88 16000 158259 9980 ASIAN TERMINALS 13.06 13.46 13.06 13.06 13.06 13.06 100 1306 CEBU AIR 63 63.05 65.6 65.65 63 63 331460 21154738.5 -12790202 CHELSEA 8.11 8.15 8 8.27 7.84 8.11 9876200 79413726 -3547964 INTL CONTAINER 91.4 92 92 93.5 91.85 92 2092970 192571247.5 -108644351.5 LBC EXPRESS 14 14.4 13.82 14.38 13.82 14.38 2200 31580 LORENZO SHIPPNG 0.71 0.73 0.72 0.72 0.71 0.72 679000 487380 MACROASIA 16.16 16.2 16.4 16.4 16.14 16.2 209200 3401514 -132724 METROALLIANCE A 1.02 1.09 1.1 1.1 1.01 1.09 65000 67950 METROALLIANCE B 1.05 1.4 1.43 1.43 1.43 1.43 1000 1430 PAL HLDG 7.8 8 8 8 7.8 7.8 7300 57620 HARBOR STAR 3.55 3.56 3.36 3.58 3.36 3.55 5183000 18143850 -262080 ACESITE HOTEL 1.27 1.44 1.46 1.47 1.44 1.44 9000 13130 DISCOVERY WORLD 2.02 2.14 2.01 2.14 2.01 2.14 3000 6290 WATERFRONT 0.485 0.495 0.49 0.52 0.48 0.485 1660000 811000 IPEOPLE 11.04 11.2 11.04 11.04 11.04 11.04 1200 13248 STI HLDG 0.58 0.59 0.62 0.62 0.57 0.58 6240000 3669720 -970720 BERJAYA 1.48 1.49 1.41 1.49 1.4 1.48 1665000 2398790 147730 BLOOMBERRY 7.87 7.9 8 8 7.69 7.9 20987500 165692821 10974967 PACIFIC ONLINE 10.5 10.94 10.52 10.52 10.52 10.52 2800 29456 LEISURE AND RES 2.87 2.9 2.94 2.94 2.83 2.87 215000 622240 -129730 MANILA JOCKEY 5.4 5.45 5.4 5.45 5.36 5.4 72700 392850 MELCO RESORTS 7.12 7.13 7.12 7.13 7.12 7.12 1383900 9853586 -6501146 PREMIUM LEISURE 0.66 0.67 0.65 0.67 0.64 0.66 1795000 1171890 -126640 TRAVELLERS 5.13 5.14 5.15 5.16 5.09 5.14 10107100 51584243 -48912225 METRO RETAIL 1.96 1.97 2.06 2.06 1.96 1.96 2535000 5031620 14040 PUREGOLD 42.6 42.75 43 43 41.4 42.75 1161100 49704480 23234410 ROBINSONS RTL 75.75 76 76.8 76.8 75.05 76 673700 51251024 -26200160 PHIL SEVEN CORP 106 108 105.7 108 105.7 106 37250 3954458 1753207 SSI GROUP 2.78 2.81 2.84 2.87 2.75 2.78 11535000 32144450 1134250 WILCON DEPOT 11.68 11.8 11.64 11.8 11.52 11.78 1018400 11926828 8122028 APC GROUP 0.34 0.345 0.35 0.35 0.34 0.345 4350000 1495450 EASYCALL 6.65 6.7 5.7 7.22 5.7 6.7 592800 4010464 66519 GOLDEN BRIA 313 318.8 310.4 318.8 310 318.8 4600 1452778 PAXYS 3.03 3.49 3.42 3.5 3.36 3.5 24000 82020 PRMIERE HORIZON 0.32 0.325 0.32 0.33 0.305 0.325 220000 70100 SBS PHIL CORP 6.77 7.2 6.83 7.2 6.83 7.2 91300 648582

MINING & OIL ATOK 12.56 13.48 13.68 13.68 12.5 13.48 3500 46674 APEX MINING 1.76 1.78 1.76 1.84 1.76 1.76 12637000 22684870 -297070 ABRA MINING 0.0021 0.0022 0.0021 0.0022 0.0021 0.0021 37000000 78300 4200 ATLAS MINING 2.47 2.94 2.5 2.55 2.48 2.48 589000 1467190 -80000 COAL ASIA HLDG 0.285 0.295 0.29 0.29 0.29 0.29 420000 121800 CENTURY PEAK 1.91 1.93 1.9 1.91 1.9 1.91 242000 460120 DIZON MINES 6.9 7.05 7.1 7.11 6.91 7.11 2300 15932 FERRONICKEL 1.75 1.76 1.7 1.76 1.7 1.76 935000 1614830 -478730 GEOGRACE 0.195 0.2 0.195 0.2 0.195 0.2 110000 21530 LEPANTO A 0.098 0.1 0.097 0.1 0.095 0.1 740000 72770 LEPANTO B 0.1 0.11 0.098 0.103 0.098 0.103 310000 31880 -19620 MANILA MINING A 0.0068 0.0074 0.0068 0.0068 0.0068 0.0068 7000000 47600 MARCVENTURES 1.05 1.2 1.23 1.23 1.23 1.23 1000 1230 NIHAO 0.95 1 1.03 1.03 0.95 1 21000 20430 NICKEL ASIA 2.36 2.45 2.59 2.6 2.36 2.36 6129000 14995480 528030 ORNTL PENINSULA 0.84 0.86 0.88 0.88 0.85 0.85 428000 368290 PX MINING 3.19 3.2 3.28 3.28 3.2 3.2 2057000 6593810 -2910100 SEMIRARA MINING 26.05 26.1 25.5 26.6 25.5 26.1 957700 25037030 1655490 UNITED PARAGON 0.006 0.0062 0.006 0.006 0.006 0.006 5000000 30000 ORNTL PETROL A 0.013 0.014 0.013 0.013 0.012 0.013 17800000 231300 ORNTL PETROL B 0.012 0.013 0.013 0.013 0.013 0.013 80100000 1041300 -1040000 PHILODRILL 0.012 0.013 0.012 0.013 0.012 0.012 49200000 590600 -24000 PHINMA PETRO 3.75 3.89 3.75 3.9 3.75 3.75 9000 33900 PXP ENERGY 18.8 18.84 18.5 19.16 18.12 18.84 4555900 85725626 9538704

PREFFERED HOUSE PREF A AC PREF B1 AC PREF B2 DD PREF SMC FB PREF 2 FGEN PREF G GLO PREF P GTCAP PREF A LR PREF PNX PREF 3B SMC PREF 2B SMC PREF 2C SMC PREF 2D SMC PREF 2H SMC PREF 2I

96.5 460 487 96 970 100.5 450 855 1.01 103 75.1 76 71.05 72.4 73.2

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

20.1 5.06

96.8 465 492 96.1 998 102.5 485 910 1.03 103.1 75.2 76.6 73.8 73.7 73.5

97 465 487 96.1 970 100.5 455 853 1.01 103.1 75.2 76.6 74 72.55 73.5

97 465 487 96.1 997.5 100.5 455 914.5 1.03 103.1 75.2 76.6 74 73.8 73.5

96.8 460 487 96 970 100 450 850 1.01 103 75.1 76.5 70 72.4 73.5

96.8 460 487 96 997.5 100 450 914.5 1.03 103 75.1 76.6 73.8 73.7 73.5

1300 6120 30 7390 510 10000 4000 320 158000 3150 5050 2560 36670 15700 90000

125886 2815800 14610 709649 508450 1001200 1805000 273350 159600 324745 379375 196083 2591450 1147228 6615000

51550 -2211495 -

21.4 5.37

20.15 5.39

20.2 5.39

20.1 5.05

20.1 5.05

22400 300

451555 1583

-258114.9997 -

WARRANTS LR WARRANT

1.74

SMALL & MEDIUM ENTERPRISES ITALPINAS 3.74 MAKATI FINANCE 2.71 XURPAS 1.32

1.81

1.89

1.89

1.69

1.81

737000

1286690

-

3.75 2.89 1.33

3.63 2.72 1.27

3.76 2.85 1.35

3.5 2.71 1.24

3.74 2.8 1.33

579000 125000 2703000

2137090 339950 3516570

-29640 -1017910

EXHANGE TRADE FUNDS FIRST METRO ETF

104.3

104.4

105.5

105.5

104.4

104.4

26160

2739559

8385

Editor: Efleda P. Campos

Megaworld net income jumps 13% in 9 months on strong rental income

P

By VG Cabuag

@villygc

ROPERTY developer Megaworld Corp. said its net income rose 13 percent during the nine months of the year to P11.66 billion from last year’s P10.34 billion, buoyed by strong rental income from office and commercial space leasing operations.

For the third quarter alone, profits rose 14 percent to P4.1 billion, from last year’s P3.53 billion. Revenues grew 12 percent for first three quarters of the year to P41.76 billion,

from P37.1 billion last year.

“The residential landscape has been experiencing a resurgence, which has been very evident in its growth during the past quarters.

Our rental business for both offices and malls remains to be the fastestgrowing segment of the company,” the company said.

Total residential revenues grew 10 percent for the period this year to P28.39 billion, from P25.66 billion during the same period last year as residential sales rose.

For the first two quarters, residential sales grew around 5 percent and 7.6 percent, respectively. For the third quarter, it was able to book P23.04 billion, up by 10 percent, from P20.96 billion last year.

“We have already rolled out quite a number of residential projects this year, which reflects the kind of demand that we have been seeing in 2018. Megaworld

will always be market-driven, and as long as we see this type of demand on the ground, then we will continue to launch projects aggressively. Moreover, we have already secured the land to do this, which is key in being a leader in this industry,” it said.

Rental income grew 18 percent to P10.46 billion during the period, from P8.82 billion last year.

Quarter-on-quarter, rental revenues—or those coming from its offices and shopping malls—rose 16.5 percent for the first two quarters, and 18.6 percent for the third quarter to P3.67 billion.

“The continued growth of this segment helped change the earnings profile of Megaworld,” it said.

Shell’s Jan-Sept net earnings up 8% to ₧7.2B

P

ILIPINAS Shell Petroleum Corp. on Monday reported net earnings of P7.2 billion, from January to September this year, up 8 percent than in the same period last year.

“Its marketing businesses continue to deliver robust earnings, amid high inflation in the country and higher global oil prices. The manufacturing and supply chain segments benefit from inventory holding gains and improvement in refinery reliability despite continued challenges in regional gross refining margins,” the company said in a statement.

Pilipinas Shell opened 25 stations in the three quarters of the year and is on track to deliver its commitment of a total of 50-70 new sites per year.

Pilipinas Shell’s nonfuels retail

segment continues to enjoy doubledigit growth, with increasing samestore sales and higher lubricant sales.

Since the beginning of the year, it opened additional 27 Select stores, 14 deli2go stores and 48 lube bays.

In the commercial segment, Pilipinas Shell also enjoyed higher premium product penetration and strong volume growth in aviation and bitumen. The only bitumen production facility in the country has also started delivering products to the local market, supporting the government’s infrastructure programs.

Shell’s Tabangao refinery posted its highest reliability performance in five years, while the North Mindanao Import Facility maintains Shell ’s competitiveness in the south through a highly efficient supply chain.

D&L confident of hitting its 10% growth profit guidance for 2018

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HEMICAL manufacturer D and L Industries Inc. (D&L) said it is confident of hitting its profit guidance of at least 10-percent growth for the year, amid a strong business for the three quarters of the year.

Alvin Lao, D&L president, said the company is on track to hit its profit guidance of P3.2 billion for the whole year from last year’s P2.9 billion.

For the nine months of the year the company’s profit already reached P2.4 billion, up 13 percent from the prior year’s P2.12 billion.

“The growth in the high margin side of the business is a reflection of our investments in R&D [research and development] which allow us to increase our market penetration and to develop more complex and customized products for our customers,” Lao said.

Sales reached P20.17 billion, up 1 percent from P19.94 billion last year. The company’s business benefited from its portfolio of high-margin specialty products which kept the growth going despite a flat topline growth.

Lao said the sales growth was flat as a result of declining prices of coconut and palm oil prices, which fell by 44 percent and 16 percent, respec-

tively. Lao explained they needed to adjust their prices as competitors are also pulling down their prices as a reaction to lower world prices.

“But our volumes are all up,” Lao pointed out.

The company’s high-margin products, mostly made of food-related products, comprised 63 percent of the company’s topline.

Exports as percentage of total revenues stood at 23 percent, a slight increase from 21 percent a year ago.

“In peso terms, export revenues declined by 8 percent mainly due to lower commodity prices which are eventually passed on to customers,” said Lao. The food ingredients segment regained its position as the biggest export revenue contributor after its export sales increased by 65 percent quarter-on-quarter during the September quarter.

Food ingredients contributed 36 percent to total export sales, followed by oleochemicals which accounted for 33 percent of total export sales.

“Moving forward, the company continues to work toward its target of having export sales account for 50 percent of total sales,” Lao said. VG Cabuag

Solar projects lined up by Spectrum to double installed current capacity

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PECTRUM, the renewable-energy subsidiary of Manila Electric Co. (Meralco), has lined up more solar-power projects this year that would double its current installed capacity.

“We’re building a series for installations for next year totaling more than 10 megawatts [MW] again,” said Spectrum Commercial Services Head Robert Marlon Pereja.

Spectrum has already put up 10 MW. The company’s single-largest power project is the 2.5-MW ground-mounted own-use solar-power facility of Philip Morris Fortune Tobacco Corp.’s factory in Batangas.

The planned 10 MW of additional solar capacity will be composed of “a couple of small projects installed for the purpose of net metering within

100-kilowatt hour solar capacity, in which customers are allowed to sell their excess production to the grid via the government’s net metering program.”

He said Meralco has already installed a microgrid system in Sulu.

A micro grid is a small-scale power grid that can operate independently with other small power grids.

If the micro grid can be integrated with the area’s main power grid, it is often referred to as a hybrid micro grid.

“We already installed as far as Sulu for a micro grid. It’s a very small system for one of the DepEd schools. We’ve installed to some DepEd schools because we’re also working with One Meralco Foundation,” he said. Lenie Lectura

“We are proud of Pilipinas Shell’s resilience amid the challenges of higher inflation and weaker peso.

We continue to expand our marketing businesses with discipline and

MUTUAL FUNDS

operate our supply chain safely and reliably to support the country’s energy needs,” said Cesar Romero, Shell president and chief executive officer. Lenie Lectura

November 12, 2018

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC * 237.95 -18.58% -1.54% 0.24% -18.84% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.3637 -16.78% 3.53% 1.82% -14.6% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 3.6808 -19.45% -1.02% -0.82% -19.86% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.8424 -16.98% N.A. N.A. -17.17% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. * ********* 0.7765 N.A. N.A. N.A. N.A. FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 4.8998 -17.75% -3.37% -0.4% -18.51% MBG EQUITY INVESTMENT FUND, INC. * ****** 108.7 N.A. N.A. N.A. N.A. ONE WEALTHY NATION FUND, INC.* 0.7816 -19.34% N.A. N.A. -21.27% PAMI EQUITY INDEX FUND, INC.* 46.0635 -18.08% -0.71% N.A. -18.32% PHILAM STRATEGIC GROWTH FUND, INC.* 482.02 -18.03% -1.92% -0.57% -18.09% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.1873 -15.67% 0.02% N.A. -15.45% PHILEQUITY FUND, INC.* 34.6481 -15.49% 0.54% 2.39% -15.69% PHILEQUITY PSE INDEX FUND INC.* 4.632 -18.05% -0.03% 2.21% -18.37% PHILIPPINE STOCK INDEX FUND CORP.* 773.38 -17.94% -0.25% 2.08% -18.22% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.8093 -16.4% -2.36% N.A. -16.32% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 3.8554 -15.57% 0.01% 0.71% -15.82% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 0.8917 -18.16% -0.2% N.A. -18.44% UNITED FUND, INC.* 3.3009 -14.42% 1.16% 1.19% -15.24% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* ***103.3603 -17.56% 0.89% N.A. -17.94% ATRAM ASIAPLUS EQUITY FUND, INC.** $0.9499 -14.14% 1.7% -0.3% -14.29% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.2328 -0.46% N.A. N.A. -2.56% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.5986 -13.9% -2.86% -2.28% -14.22% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.1351 -12.93% -0.72% -0.21% -13.1% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.4126 -12.76% -4.17% -2.76% -12.9% GREPALIFE BALANCED FUND CORPORATION* **** 1.2606 -13.69% N.A. N.A. -13.35% NCM MUTUAL FUND OF THE PHILS., INC* 1.7822 -10.04% -0.25% 0.2% -10.55% PAMI HORIZON FUND, INC.* 3.37 -14.05% -2.09% -0.93% -13.99% PHILAM FUND, INC.* 15.2208 -13.49% -1.88% -0.91% -13.31% SOLIDARITAS FUND, INC.* ******** 1.9943 -11.12% -0.27% 1.34% -11.05% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.5209 -11.68% -0.83% -0.24% -11.9% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.898 -11.33% -1.21% N.A. -11.99% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.03472 -3.88% -0.7% 1.67% -3.82% PAMI ASIA BALANCED FUND, INC.* $0.9508 -9.46% 2.01% -1.25% -9.19% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.556 -0.95% 4.2% 2.62% -2.64% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.05 -4.85% N.A. N.A. -5.59% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 342.03 1.79% 1.94% 1.64% 1.46% ATRAM CORPORATE BOND FUND, INC.* ******* 1.8501 -2.49% -0.95% -0.76% -2.23% COCOLIFE FIXED INCOME FUND, INC.* 2.9528 5.56% 5.35% 5.24% 4.64% EKKLESIA MUTUAL FUND INC.* 2.1229 0.68% 1.39% 0.97% 0.98% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2024 -0.56% -0.1% 0.15% -0.62% GREPALIFE FIXED INCOME FUND CORP.* P 1.5612 -3.21% -1.06% -1.46% -3% PHILAM BOND FUND, INC.* 3.835 -5.76% -1.37% -1.04% -5.31% PHILEQUITY PESO BOND FUND, INC.* 3.4722 -0.68% 0.05% -0.24% -0.93% SOLDIVO BOND FUND, INC. * 0.8797 -4.95% -1.59% N.A. -4.71% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.7436 -1.27% 0.51% 0.06% -1.2% SUN LIFE PROSPERITY GS FUND, INC.* 1.5222 -1.87% 0.07% -0.34% -1.77% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $446.34 0.29% 2.28% 2.96% 0.09% ALFM EURO BOND FUND, INC. * Є213.11 -0.26% 1.17% 1.56% -0.29% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.1212 -1.19% 0.78% 1.7% -1.14% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0248 -0.8% 0.68% N.A. -0.8% GREPALIFE DOLLAR BOND FUND CORP.* $1.6884 -4.85% -0.46% 1.14% -4.69% MAA PRIVILEGE DOLLAR FIXED INCOME FUND, INC. N.S. N.S. N.S. N.S. N.S. MAA PRIVILEGE EURO FIXED INCOME FUND, INC. ЄN.S. N.S. N.S. N.S. N.S. PAMI GLOBAL BOND FUND, INC* $1.0197 -5.76% -0.72% -2.68% -5.01% PHILAM DOLLAR BOND FUND, INC.* $2.1313 -4.98% 0.26% 2.37% -5.32% PHILEQUITY DOLLAR INCOME FUND INC.* $0.0568861 -1.07% 0.85% 1.82% -0.55% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.8736 -4.63% 0.56% 1.7% -4.62% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 120.24 2.5% 1.74% 1.49% 2.24% PHILAM MANAGED INCOME FUND, INC.* 1.1757 1.76% 0.42% 0.4% 1.58% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.2129 2.49% 2.18% 1.46% 2.31% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* ***** $1.0134 1.37% N.A. N.A. 1.47%

* - NAVPS AS OF THE PREVIOUS BANKING DAY ** - NAVPS AS OF TWO BANKING DAYS AGO *** - LISTED IN THE PSE.

**** - RE-CLASSIFIED INTO A BALANCED FUND STARTING JANUARY 1, 2017 (FORMERLY GREPALIFE BOND FUND CORP.).

***** - LAUNCH DATE IS NOVEMBER 6, 2017 ****** - LAUNCH DATE IS JANUARY 08, 2018 ******** - RENAMING OF THE FUND WAS APPROVED BY THE SEC LAST APRIL 13, 2018. ********* - BECAME A MEMBER SINCE APRIL 20, 2018. ******* - ADJUSTED DUE TO CASH DIVIDEND ISSUANCE LAST JANUARY 29, 2018

Banking&Finance BusinessMirror

www.businessmirror.com.ph

Tuesday, November 13, 2018

B3

BSP: Local thrift banks in the pink of health

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By Bianca Cuaresma @BcuaresmaBM

HE local thrift banking system stands on solid ground this year, the Bangko Sentral ng Pilipinas (BSP) said, citing the system is backed by positive growth prospects, sustained lending and robust capitalization for the year.

In her address at the Chamber of Thrift Banks (CTB) General Membership Meeting on Monday, BSP Deputy Governor for the Financial Supervision Sector Chuchi G. Fonacier said the thrift banking industry “continues to show promising growth.”

In particular, Fonacier said latest data from the BSP show the thrift banks’ assets increased by 6.8 percent to P1.1 trillion in endSeptember this year. This was funded by higher core deposit liabilities which grew by 5.6 percent

to hit P970 billion by the end of the third quarter.

Fonacier also said the thrift banking industry sustained its lending activities for the year, with particular support on micro, small and medium enterprise (MSMEs) lending and consumer financing.

Thrift banks granted P95.5 billion in credit to MSMEs in June 2018, 6.7 percent higher than the P89.5 billion that was lent out during the same period last year.

Fonacier said in September that thrift banks’ household consump-

tion lending contributed 35.8 percent of the thrift banking system’s total outstanding loans.

Strong capitalization was also seen to support the industry’s loan portfolio, as its risk-based capital adequacy ratio stood at 15.79 percent as of June 2018, higher than the BSP’s standards and global norms.

The deputy governor warned, however, that the industry should “remain vigilant” in monitoring the quality of its loan portfolio.

The industry registered slight

uptick in the nonperforming loans (NPL) ratio from 4.9 percent in September 2017 to 5.2 percent in September 2018.

This was accompanied by a decline in the NPL Coverage Ratio from 69.9 percent in September 2017 to 57.6 percent in September this year.

“Even though this is far from being worrisome, we encourage the industry to continue efforts to strengthen the quality of credit risk management systems in line with expansion in lending activity,” Fonacier said.

San Miguel’s Constantino named CFO of the Year Govt awards T-bills on ‘steady’ rates F T

By VG Cabuag

@villygc

ERDINAND K. CONSTANTINO of conglomerate San Miguel Corp. has been named as the Financial Executives Association of the Philippines’s CFO of the Year.

Constantino, 66, has been instrumental in helping steer the conglomerate, which contributes about 5 percent of the country’s economy, from a simple beer and beverage company, into a diversified company present in infrastructure, oil refinery and power generation.

“The San Miguel I joined fortyodd years ago is not the San Miguel of today,” Constantino said. “No other time in San Miguel’s history have we seen such dynamism and growth as we have in the past 10 years.”

Constantino, who also celebrated his birthday on Monday, joined the conglomerate in 1974 after a stint at the National Economic and Development Authority. He held various posts in San Miguel before he was appointed as group CFO and treasurer in 2001.

He is regarded as a walking encyclopedia of all things San Miguel-related because of the sheer time—44 years—that he spent with the company. He also lived through different eras while with San Miguel.

“Nowadays, the role of the CFO goes beyond being a bean counter, a number cruncher or a compliance manager. He is not just a strategic partner of the CEO in the organization, but also plays a key role in these times of disruption and volatility,” Hans Sicat, country manager of ING Bank Manila Branch, said.

After transforming the company into a diversified conglomerate, San

SAN MIGUEL Corp. Chief Financial Officer and Treasurer Ferdinand K. Constantino (third from left) received on Monday the ING-Finex CFO of the Year award from Google Philippines Inc. head Kenneth Lingan (fourth from left). Also in photo is Hans Sicat, ING Bank Philippines country manager, and Ma. Victoria Espano, president of the Financial Executives Institute of the Philippines. NONIE REYES

Miguel is now changing again. Early this year, it decided to carve out its food and beverage businesses— Ginebra, San Miguel Brewery and Pure Foods—into one big company, San Miguel Food and Beverage Inc. (SMFB).

Incidentally, that company on Monday listed its 4.2 billion shares at the Philippine Stock Exchange to bring its public float 4 percent to about 12 percent.

“When the market improves later on in the next few years, we intend to offer more shares to the public, maybe eventually up to [a]

30-percent public float; so plus 18 percent,” San Miguel President and Chief Operating Officer Ramon S. Ang told reporters after SMFB’s listing ceremony. “[Our] beer, food and hard liquor [businesses are] performing very well. Volume growth is so big that a lot of people are surprised,” Ang added.

SMFB’s listing pushed through despite market volatility. It only sold 400.94 million common shares, with an overallotment option of 60.14 million shares at P85 per share. The company will only raise

Picking the right stock

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HE stock market gives the opportunity for ordinary investors to own shares of various listed companies. It also provides the possibility of wealth generation by outpacing inflation over time.

According to the Philippine Stock Exchange, there are around 868,810 stock-market accounts.

The number represents a just a small fraction of the total population in the Philippines. In this light, as more Filipinos become interested in stock-market investing, a discussion of tips on picking the right stocks can be valuable.

In picking the right stock, one must look at the company and its industry. The Boston Consulting Group developed a model called the Growth-share matrix that classified companies according to their market growth and market share.

A company whose market growth is low and has a low market share is called a “Dog.” This is the most unattractive stock. Investors must avoid investing at all cost. A company whose market growth is low but has a high market share is called a “Cash Cow.” It would most likely have good and stable earnings and cash flows. It can be a good choice for investors as they milk benefits like dividends.

A company whose market growth is high but has a low market share is called a “Question Mark.” In this case, the investing decision is tricky since the earnings and cash flows are quite unpredictable. A company whose market growth is high and has a high market share is called a “Star.” This is the most attractive stock. Investors must consider investing since the earnings and cash flows would most likely

Genesis Kelly S. Lontoc

PERSONAL FINANCE be high and growing.

In picking the right stock, one must look at the numbers of the company. One of the first things an investor can check is the pattern of sales growth.

Historical sales growth can be a good indicator that a company has been able to sustain its loyal clients and has been able to reach out to new clients effectively. However, apart from sales, one should also look at the bottom-line. A consistent or growing net income pattern would mean that the company is being managed well and has sustainable business operations.

It would be worthwhile for an investor to also check the profitability, liquidity, leverage and efficiency levels of a company to comprehensively assess its condition. Financial ratios of a company come in handy but they are best analyzed within the context of industry comparisons. Profitability is measured by comparing net income with items such as, sales and assets. Positive profitability ratios reveal the ability of the company to manage costs and also make the most out of its assets in terms of financial returns.

Liquidity through the current ratio compares

some P39.19 billion or less than a third of the P139.86-billion proceeds that it first announced.

The company originally planned to sell some 1.02 billion worth of secondary shares at P140 apiece.

Ang said it needed to slash the price due to market volatility.

“Even at this economic situation, we are able to go out. In a bad market, only good companies can go out and do it. In fact, I think no other company can go out [and list] today,” he said.

SMFB’s shares closed slightly higher on Monday at P85 apiece.

a company’s current assets with its current liabilities. A good current ratio means that a company has enough current resources to meet its shortterm obligations. Leverage shows the dependence on debt by a company. A highly-leveraged company can imply that it might have difficulty expanding in the future as creditors may want to avoid it. Efficiency means how well the company is able to use it resources. One efficiency measure is inventory days where the ability of a company to optimize inventory is tracked. Another measure is average collection period of receivables.

In picking the right stock, one must also look beyond the numbers of the company. The Balanced Scorecard proposes that aspects related to how the company deals with customers, how internal processes are executed and how organizational capacity is developed must be studied for holistic analysis.

Investing in the stock market can potentially lead to good gains in the future. A good balance of analysis in both quantitative and qualitative factors must be done. Evolving market conditions imply the need for continuous learning so that stock investing skills will improve over time. Hopefully, the right stocks will be chosen so that the returns on these stocks can help every Filipino be one step closer to financial freedom.

Gemmy Lontoc is a registered financial planner (RFP) of RFP Philippines. To learn more about personal financial planning, attend the 73rd RFP program this November 2018. To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-9689774.

HE Bureau of the Treasury (BTr) awarded all tenors in the auction on Monday of Treasury bills (T-bills) with a total of P15 billion, as rates for the government security were deemed “broadly steady.”

National Treasurer Rosalia V. de Leon told reporters the auction committee decided to fully award all tenors in its T-bills auction as bid rates for the security were already at a plateau, which was seen to be prompted by the recent reports on the country’s inflation and gross domestic product (GDP) rates last week.

“It’s a very healthy auction, we saw that rates were really flat, it has plateaued. The rates for both the 182-day and 364-day were very marginal at an increase of 1.5 basis points to 1.2 basis points over last week’s auction,” de Leon said. “So this just shows that for the market, they see that inflation has really already flattened; it has plateaued.”

The 91-day tenor bucket was awarded the full P4 billion on offer at an average annual rate of 5.172 percent, with tenders reaching P6.860 billion. This posted an increase of 9.50 basis points compared to the previous auction rate of 5.077 percent.

Bids for the 182-day tenor

reached P10.278 billion, prompting the auction committee to award the full P5 billion on offer at an average annual rate of 6. 24 5 percent. T h i s showed a slight uptick of 1.20 basis points from the previous rate of 6.233 percent.

The 364-day tenor was also fully awarded with P6 billion, with an average annual rate of 6.521 percent, and tenders reaching a high of 11.503 billion. This posted a 1.50-basis-point growth compared to the previous auction rate of 6.506 percent.

“They see, because of expectations that inflation might already be trending downward going forward given the October print,” de Leon added. “And on the month on month, from 0.9 to 0.3 percentage points, so the month-on-month reduction is significant.”

Last week the Philippine Statistics Authority (PSA) reported the country’s inflation level for October this year remained steady at 6.7 percent coming from the same level in September this year.

The PSA also reported last week the country’s third-quarter GDP reaching 6.1 percent coming from an initial 6 percent GDP in the second quarter but later revised to 6.2 percent. Rea Cu

EastWest’s rural bank pulls down net income by 13%

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OTIANUN-LED EastWest (EW) Bank’s net income of P3.2 billion in the first nine months of 2018 was 13 percent lower due to several one-off items and lower income contribution from its wholly owned subsidiary, EastWest Rural Bank (EWRB), the bank said in a statement on Monday.

In late-June 2018, EWRB resumed its lending program to public school teachers, after it was suspended in November 2017.

One-off expenses related to its increase in capital stock and lower trading revenues contributed to the decline. On the other hand, its core recurring operating revenues increased by 8 percent or P1.3 billion, EW disclosed in a statement.

Still, the bank said its net income “translated to a return on equity of 10.7 percent and return on assets of 1.4, still among the highest returns in the industry.”

“We are comfortable where we are now. In spite of the harder environment of higher inflation and interest rates and our own specific challenges, we continue to improve our operating efficiencies.

We are positive that we can sustain productivity improvement moving forward,” EW President and Deputy CEO Jesus Roberto S. Reyes said.

EW’s net interest income increased by 6 percent to P14.5 billion in spite of lower EWRB

contribution and higher deposit costs, driven by the increase in its consumer lending businesses.

Excluding teachers’ loans, which declined, its consumer portfolio of credit cards, auto, home and personal loans were up 14 percent.

Its commercial lending business increased by 6 percent. The increase in consumer loans allowed the bank to minimize the impact of lower margins as deposit interest rates rose faster and higher than loan rates.

Fees and commissions were 16 percent lower at P3.4 billion, again due to the lower contribution from its rural bank subsidiary. Trading income, on the other hand, was higher by 33 percent ending at P444.8 million, driven by foreign-exchange trading gains.

Operating expenses increased by 13 percent to P11.1 billion, primarily due to the impact of its advertising campaign, investments in training and higher transaction taxes and licenses.

Total assets stood at P337.2 billion as of September 30, 2018, 7 percent higher from the previous year. EW remains to be the most consumer-focused universal bank. Consumer loans accounted for 72 percent of its total loans.

Capital ratios meanwhile, remain healthy with capital adequacy ratio and Common Equity Tier 1 ratio at 13.1 percent and 10.6 percent, respectively.

B4 Tuesday, November 13, 2018

FORTUNE LIFE SEALS INSURANCE DEAL WITH LOCAL BANK EASTWOOD CITY RECREATES CHILDHOOD CHRISTMAS WITH ‘ENCHANTED FOREST OF LIGHTS’

T A

FORMAL signing of a memorandum of agreement (MOA) between Fortune Life Insurance Co. (FLIC) and Producers Savings Bank Corp. (PSBC) was held on October 24 at AIC Burgundy Tower, Ortigas Center, Pasig City. This aims to provide insurance coverage to the PSBC borrowers under the creditors’ group life insurance program.

Present at the MOA signing were FLIC First Vice President for Group Marketing and Sales Virgilio S. Aquino and PSBC President and Chief Executive

Officer Andres M. Cornejo, together with FLIC Business Development Director George D. Mercado and FLIC Assistant Manager for Group Administration Marivic G. Villarosa. Fortune Life values this new partnership with Producers Savings Bank and is committed to deliver its promise.

In photo are (from left) FLIC Business Development Director George D. Mercado, Cornejo, Aquino and FLIC Assistant Manager for Group Administration Department Marivic G. Villarosa.

A HEALTHY LIFE, WELL-BEING FOR MINING COMMUNITIES

HE Christmas season remains a part of our childhood—a time where imagination knows no limit and the magic of Yuletide fills into our hearts.

This festive season, Eastwood City is giving kids and kids at heart a reason to believe in the magic of Christmas and recapture the magical feeling with its “Enchanted Forest of Lights”.

Aiming to evoke wonder, stretch the imagination beyond limits and, ultimately, instill childlike nostalgia, Eastwood City’s Enchanted Forest of Lights brims with bright colors and all things enchanting, from larger-than-life replicas of animals and sea creatures reaching as high as 15 feet to reimagined versions of the world’s most famous skyscrapers that every kid wishes to see, climb and conquer.

Made up of over 1.3 million LED light bulbs, the Enchanted Forest of Lights is officially launched to the tune of the iconic Filipino Christmas song “Kumukuti Kutitap” performed by National Artist

Ryan Cayabyab and the Ryan Cayabyab Singers on November 7. Guests can easily spot the more than 60 enchanting lighted animal displays across the Eastwood City walk, Eastwood Avenue and Eastwood Mall open park, where the iconic 50-feet Christmas tree dominates the landscape.

Each animal is a colorful burst of sparkling lights that includes red, green, blue, cyan, pink, orange, yellow white and violet hues—a tribute to diversity, equality and inclusivity being espoused

by Megaworld Lifestyle Malls, Eastwood City’s parent company.

To showcase parallel worlds of fantasy and reality, there are also eight enchanted trees and eight towering skyscrapers, each measuring about 27 feet. The eight towering skyscrapers are derived from the famous landmarks around the world, which includes the Burj Khalifa in Dubai, Empire State and Chrysler buildings in New York, Burj Al Arab in Dubai, Eiffel Tower in Paris, Petronas in Malaysia, Big Ben in

London and Taipei 101 in Taiwan.

There are also over 80 dandelions giving Eastwood City a walk-in-the-park vibe; and majestic lighted birds display that will be installed soon in various locations.

“Christmas is all about sharing happiness and creating new memories with loved ones. Through our enchanting and larger-than-life displays, we invite everyone to let their inner kid out and celebrate in the wonder of Christmas, and young kids to discover the magic of the season,” said Kevin Tan, alliance global chief executive officer and head of Megaworld Lifestyle Malls.

Eastwood City’s Enchanted Forest of Lights is open during mall hours from Monday to Sunday. Aside from enchanting attractions, Eastwood City is also welcoming the holidays with must-see spectacles for families and kids, including chorale performances, Santa meet and greet, and grand fireworks display every weekend.

A SENSE OF ACCOMPLISHMENT

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O ensure healthy lives and promote the well-being of all at all ages is Goal Number 3 of the United Nations Sustainable Development Goals (SDGs). Carmen Copper Corp., a mining company based in Toledo City, continues to improve the health- and emergency-care systems in communities surrounding its area of operations.

Two of its neighboring barangays in Toledo City— Pangamihan and Landahan—were the latest recipients of brand new ambulances that are intended to improve their emergency response, especially when transporting the sick and injured.

To date Carmen Copper has donated 15 ambulances to its host and neighboring barangays, to the Toledo City government and other recipients in the province of Cebu. The use of the ambulance has become a very convenient means to transport high-risk patients, especially women in labor.

In Barangay Pangamihan, a mountain barangay more than 30 kilometers from Toledo City, residents would most of the time bring their patients to Cebu City or Balamban town, where the nearest hospitals are located. Travel time to the nearest hospital takes more or less an hour. Motorcycles for hire, or habal-habal, is the only means of public transport. To hire one for emergency purposes costs a hefty price.

The ambulance is seen to solve the emergency-transport problem of the barangay and provide residents easier access to health-care service and facilities. It shall also complement

other health-care programs that Carmen Copper implements in the communities under its social development and management program (SDMP), among which is the Doktor to the Barangay project.

The Doktor to the Barangay Project sends a hired physician and nurses to 17 host and neighboring communities every week to provide medical consultations and free medicines. Patients who need laboratory examinations, X-ray and further treatment are referred to the Carmen Copper Corp.

Hospital to be attended.

In public schools, Carmen Copper also implements school-based feeding program to improve the health and nutrition of the school children.

Barangay Landahan Captain Edwin Baugbog said that the ambulance will benefit not only his more than 2,800 constituents, but also the residents of adjacent barangays.

“We will share this with other barangays that, like us, have limited access to health-care facilities. With the new ambulance, we can easily bring our sick people to the hospital.

We are truly grateful to Carmen Copper for being one of the recipients of its social-development projects,” Baugbog said.

Photo shows Baugbog receiving from Carmen Copper Corp. President and Chief Executive Officer Roy O. Deveraturda the ceremonial key to a brand new ambulance. A memorandum of agreement was also signed between Carmen Copper and the barangay council formalizing the said donation.

THE M RESIDENCES OFFERS MODERN TROPICAL ARCHITECTURE AND DESIGN

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T’S every Filipino’s dream to have a home he or she can call his or her own. It should be safe and comfortable for his or her family, and should not be too far from his or her work or source of income. The M Residences at Mahogany III offers just that and more!

The latest and final installment of the Mahogany series by VConsuji Group, the M Residences offers one the exclusivity, security and opulence of a premier subdivision, minus the intimidating atmosphere and the hefty price tag.

“Everyone’s stuck between choosing house sizes, travel time and, of course, cost. What this development addresses the need for a bigger space at an affordable price,” shared Chief Executive Officer Engineer Vic Consuji at the media launch and open house ceremony.

“The M Residences allows people to have a terrific house that’s accessible to all the places you would go to. No one has to sacrifice the convenience of the location and neither do you have to subject your family to a small living space,” he said.

Vic said the inspiration behind the design was drawn mostly from his travels and life experiences both as a family man and engineer. The blueprint of the houses were made to bringing a family together. The living spaces have enough space for an intimate family dinner or even to entertain friends over the weekend while still providing ample space for each member to have privacy. With 180- to 400-square-meter properties, the spaces were maximized and the designs were strategized to provide the best living conditions for its future owners.

The structural blueprint of The M Residences are actually built on foundations that can support four-story homes, despite the units coming in two to three floors.

“We’ve done this for two reasons. One, while we have complete confidence in the quality our team creates, a lot people are concerned about earthquakes. We wanted to assure them that these houses are extremely safe. And also, if the family decides that they need an extra room in the future, they can literally build another floor without worrying about the structural integrity and stability of the house. This allows the main architecture of the house to evolve with its owners,” Vic explained.

A short drive away from Bonifacio Global City and the Makati City Central Business District, one is never too far away to enjoy the city’s on-the-go lifestyle, yet neither too near to get burned out by it. The gated community is inside The Acacia Estates, so buyer can expect top security services to keep his or her home and family safe.

The showrooms of The M Residences were crafted

by Maggie Wilson-Consuji. “It’s our first collaboration as a working couple,” she shared. The houses are designed to complement the modern tropical exterior Vic and his team made. The home designer shares that her design philosophy is that “homes should be a place where you wouldn’t want to leave home. It should look like a resort or a hotel that you want to stay and laze around.”

While keeping with her personal design preference, Maggie made sure that she also crafted the spaces to have different personalities, so a wider market can appreciate the versatility of Vic’s architectural design.

With a pioneer property in The Acacia Estates, The M Residences will be soon popping up in other locations in the north of Metro Manila and the Queen City of the South. For inquiries, e-mail at info@vconsuji.com.

HE Role x Midd le Sea R ace has always been embarking on its record-breaking f leet w it h d e d i c at io n , p e r s e r v e r a n c e and spirit for the past five decades, w ith 130 yachts representing 29 countries and uniting seasoned and amateur campaig ners, and those who have drawn back to Malta after decadelong absences.

In c la iming a four t h stra ight monohull line honors success and a fifth overall, American George David is now a celebrated most decorated skipper in the 11-year-old race record.

Even the fastest multihull Maserati Multi 70, sk ippered by Giovanni Soldini, was unable to surpass the increasingly resilient time of 47 hours, 55 minutes and 3 seconds set

by David’s previous Rambler in 2007.

The overall victory on the IRC handicap belonged to Géry Trentesaux’s JPK 11.80 Courrier Recommandé from France, who prevailed from a fleet of 356 yachts to claim the Rolex Fastnet Race three years ago.

How fitting it is that a French skipper triumphed in the race’s golden anniversary. In 1968 Albert Debarge let his friend John Ripard Sr. choose a yacht to sail in for the inaugural race. A renowned local sailor, Ripard would go on to win.

“His only condition was that the boat’s name had to be Josian, which was his wife’s name,” Ripard recalled, who opted to commission a design from a then emerging boat builder Nautor’s Swan.

“When we started this race, I was in no doubt that the formula was right.

In one of the first press releases I wrote in 1968 and, perhaps, owing to the impetuous nature of youth, we already

gave the race the title ‘A Classic’. This is a title it richly deserves today,” as what British sailor and cofounder Alan Green, who lived in Malta in late 1960s, has observed at one of the many special events organized for this year’s celebration. “Seeing 130 boats today is a dream come true.”

By the time the first race came around, the toll of organizing and promoting the event involving some 50 bodies had squeezed almost all of Green’s energ y. Following the race start on November 30, 1968, Green, who i n si sted upon t a k i ng pa r t , recalls sleeping for much of the first 200 nautical miles. Once rested, he helped drive Sandettie to third place overall. R ipard, approaching his 90th birthday, ref lects on how times have changed. “W hen you go off on a race today, you can press a button and know exactly where you are, how fast you are going, what the course is exactly. In those days, it was a question of monitoring and log g ing your move, course [and] calculated speed ever y half an hour or so. The difference between then and now is astronomical.”

Competing for the first time and among the crew to travel furthest to Malta were the Filipino sailors on the 40-feet Hurricane Hunter. In a race that witnessed 31 retirements, their sense of accomplishment on crossing the finish line off Valletta was palpable. “We never thought about not finishing,” explained skipper Albert Altura. “It was a tough race for us. We always kept pressing. We had all the challenges that a big race presents—broken sails and blownout spinnakers. The crew were all composed; our spirit was never broken.

The wind conditions in this race made us better sailors.”

W hile winning the main prize and class is a significant incentive at the race, the experiences gained and challenges conquered in completing t he r ace a re a s memor able a nd character-defining. Perhaps, no boat embodied this more than the race’s last finisher L’Aventure, which spent five days, 13 hours and 45 minutes at sea; and, likewise, for those who sailed double-handed.

Last year’s overall race winning owner Igor Rytov triumphed with Bogatyr. A year ago an exhausted Ry tov remarked that he couldn’t conceive returning to the race. Yet, twelve months later, the Russian sailor attacked the course with just as much vigor and determination.

Another of the invited guests, Sir Robin Knox-Johnston returned to Malta 38 years after he completed the race. His one appearance in 1970 came just 18 months after his groundbreaking solo, nonstop circumnavigation of the globe.

“Everyone thinks it is the strong wind [that is] difficult [to navigate].

The skill comes in when there is no wind [blowing over the pole]. This is why [it] is such an attractive race; you get that [kind of] combination,” Knox-Johnston commented.

Fittingly, Knox-Johnston is also celebrating a golden anniversary of his own this year. His adventure kicked off on June 14, 1968.

Rolex, marking its six decades of association with yachting, has been a title sponsor since 2002. This partnership between the club and watch brand has coincided with the race’s resurgence over the past 15 years.

GLOBE TELECOM ENHANCES WEB EXPERIENCE, FURTHER EXTENDS NETWORK IN EUROPE

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LOBE Telecom has extended Internet reachability further in Europe by connecting its network to Deutscher Commercial Internet Exchange (DE-CIX), the world’s largest Internet exchange point (IXP) by size. This is part of the company’s efforts in improving the quality of Internet experience of its customers worldwide.

The company recently peered at the DE-CIX in Germany. DE-CIX is a carrier and data center-neutral IXP operator situated in Frankfurt, with a peak traffic of over 6.4 terabits per second, interconnecting more than 800 member networks from around the world. “ T h i s i n it i at ive w i l l f u r t her complement existing infrastructure and enable users direct access to European content. At the same time, it functions as alternate Internet gateways to the Philippines from that region as the

Internet is two-way,” said Gil Genio, chief technology and information officer of Globe.

In total, DE-CIX globally serves over 1500 network operators, Internet service providers (ISPs), and content providers from more than 100 countries with peering and interconnection services at its 13 locations in India, the Middle East, Europe and North America.

“We are pleased to welcome Globe Telecom within our broad range of customers. With the DE-CIX services, Globe Telecom will be able to enhance its customers’ Internet user experience and connect to all major international content providers available at DE-CIX Frankfurt,” said Theresa Bobos, director of DE-CIX Southern Europe.

An IXP is where IP networks meet to exchange traffic, similar to malls where different stores are present at a common

location. It provides the facility that promotes and enables multinetwork traffic exchange. This provides for the lowest latency path possible and, therefore, greatly enhances Globe customers’ Internet experience.

Genio said connecting to European IXPs is a step forward to reinforce the Philippine ICT ecosystem in terms of global IP connectivity as it enhances the flow of IP traffic in both directions.

“Improvements may also be observed in reaching networks that are part of the exchanges as the setup will avoid the traditional via US traverse,” he added.

Globe i s c u r rent ly t he loc a l telecommunications company with the most number of connections to IXPs with 23, based on information from Hurricane Electric. This reflects the Philippine presence in the global IP landscape.

‘THAT’S MY DAWG! Sports NBA RESULTS

ROGER FEDERER never regains his composure and goes down in a first opening match defeat at the seasonending tournament since 2013. AP

Charlotte 113, Detroit 103 Houston 115, Indiana 103 Orlando 115, New York 89

Milwaukee 121, Denver 114 Portland 100, Boston 94

LA Lakers 107, Atlanta 106

BusinessMirror

By Beth Harris The Associated Press

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OS ANGELES—Tyson Chandler had quite a week with the Lakers.

Plucked from lastplace Phoenix, Chandler played a key defensive role in his first three games with his new team, helping them win three straight for the first time this season.

LeBron James dunked for the winning basket with 15 seconds to go and Chandler blocked Trae Young’s driving lay-up to preserve a 107-106 victory over the Atlanta Hawks on Sunday night.

James shouted and hugged Chandler in celebration of the Lakers’ fifth win in six games.

“I find myself acting like a kid in a candy store again,” said Chandler, who couldn’t hear James amid the din of music and cheering.

“I said, ‘That’s my dawg,’” James yelled across the Lakers’ locker room.

Chandler’s defense helped the Lakers prevail in wins against Minnesota and at Sacramento after having his contract bought out and coming to Los Angeles on Tuesday.

“He’s been big,” Lakers coach Luke Walton said. “Not only the way he is on court but the way he talks in the huddles. Very happy to have him.”

James scored 26 points and Kyle Kuzma added 18 points. Chandler had three blocks.

Kuzma’s lay-up tied the game at 104-all with 1:34 to go.

Kent Bazemore was called for a technical for yelling at the referees at the end of that play and Kuzma made the free throw for a 105-104 lead.

Vince Carter dunked to put the Hawks back up, 106-105.

“Vince is every bit of half man and half amazing. Whoever coined that years ago was right on,” Hawks coach Lloyd Pierce said. “Who knew he’d still be able to impact games at 41 years old?”

James got fouled at the other end and missed both. But the Lakers got the offensive rebound and several of them batted the ball around trying to get it to the rim.

Kuzma charged into the paint amid three defenders for a shot from the left side. It missed.

James was waiting on the right, dunking for a 107-106

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HE Czech Republic kept its perfect record in the Fed Cup finals by capturing the trophy for the sixth time in eight years by defeating defending champion United States.

Katerina Siniakova saved two match points before defeating Sofia Kenin, 7-5, 5-7, 7-5, in the first reverse singles on Sunday to give the Czechs an insurmountable 3-0 lead over defending champion United States in the best-of-five final. The remaining two matches were not played.

It was the first victory for the Czechs over the United States—since the country was created after the split of Czechoslovakia in 1993—after four defeats in the Fed Cup. The Czechoslovakia team that won five Fed Cup titles was 2-6 against the US. “It was an unbelievable match for me,” Siniakova said. “It was up and down, with nerves. I’m extremely happy that I won. I thank all who came for their support. It was felt.”

US captain Kathy Rinaldi said she was proud of her team despite the loss.

“We didn’t get the result that we wanted but nobody can say we didn’t give all out there,” Rinaldi said after her first loss as the captain.

“That match today, both girls, both players were incredible,” she said. “I’m so honored to have been part of that match, they really fought hard, the points were

lead.

“All of a sudden, the beast pass that Brandon Ingram batted back comes out as he ran out of bounds to a trailing of nowhere James, who for the win,” provided the Chandler said. thunderous Taurean Prince finish. led the Hawks with 23 points, Bazemore LOPEZ added 21 and Trae MAKES Young had 20 for EIGHT Atlanta, which still has THREES FOR just one road win on the BUCKS season.

BROOK “It was a battle for sure.

LOPEZ The way the whole game went, back and forth,” Young said. “They made a lot of plays, we made a lot of plays. I feel like I could have done a little bit more to help get my team the win.”

Alex Len’s dunk LEBRON JAMES slams on in to win started a 7-0 run that the game for the Lakers. AP put Atlanta ahead, 102-98, in the fourth.

James’s basket drew the Lakers within one, but then he missed two long always jumpers drew on the attention in same the paint. Now, possesthe Milwaukee sion.

Bucks’ 7-footer is starting to draw a defensive crowd the moment he crosses the half-court The line because of Hawks trailed his three-point by nine to start shooting. the fourth. Their Lopez had a first three baskets career-high eight in the fourth came on three-pointers and three-pointers by Prince 28 points to help (two) and Young (one). the Milwaukee The Lakers dominated Bucks snap an the third, outscoring eight-game skid in Atlanta, 32-22, to take an 84Denver, beating the 75 lead into the fourth.

Nuggets, 121-114, James’s dunk that tied the on Sunday night. game midway through the second

quarter got started with Rajon Rondo. He tossed up an alley-oop

CZECH CELEBRATION

C1

| Tuesday, November 13, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

FEDERER—FLUSTERED AND OFF—LOSES IN A.T.P. FINALS 1ST ROUND TO NISHIKORI “That was an interesting experience,” Lopez said after the Nuggets began face-guarding him at half court later in the game in a bid to slow down his perimeter shooting. “I’m just super proud of our team, especially after the Clippers game [a 128-126 overtime loss Saturday on a last-second Los Angeles basket]. I think we all feel we let that one get away.

To see the way we committed on the defensive end, especially after they made that run to start the fourth. That was so big and I think definitely shows what we’re capable of because that’s a great team that we just beat.”

All five Bucks starters scored in double figures and four of them had 20 or more points in Milwaukee’s first win at the Pepsi Center since 2010.

Giannis Antetokounmpo had 22 points, nine rebounds and eight assists. Khris Middleton had 21 points, and Malcom Brogdon added 20.

“We do not want to be a good team; We want to be a great team,” Antetokounmpo said after the Bucks withstood the Nuggets’ fourth-quarter comeback bid.

“Great teams, no matter what, come back. You’ve got to keep fighting and keep playing within your game plan and you hope things work. You hope you can knock down shots. That’s what we did.”

Paul Milsap led the Nuggets with 25 points and Nikola Jokic added 20. Denver has lost three straight. incredible, it’s just something I never forget.”

In a hard-fought match at the O2 Arena, the 22-year-old Siniakova saved two match points when Kenin was serving at 5-4, and went on to convert her second match point on the indoor hardcourt in front of 14,500 fans.

“It was a long match, a lot of points, a lot of effort, long points,” Kenin said. “We fought hard till the end. It’s disappointing for me ‘cause I had like two match points but couldn’t turn things around. But I fought my hardest and I did everything I could.”

Siniakova wasted a 3-0 lead in the final set and the 19-year-old Kenin, who was playing her second match in her debut Fed Cup tie, fought back.

Kenin, who wasted three break points at 5-5, hit 43 winners but also made 76

IT’S the first victory for the Czechs over the United States—since the country was created after the split of Czechoslovakia in 1993—after four defeats in the Fed Cup. AP

L

ONDON—Kei Nishikori hit a backhand so good it threw Roger Federer off his game as the 20-time Grand Slam champion earned a code violation before capitulating in a surprise defeat at the Association of Tennis Professionals (ATP) Finals on Sunday.

Two points away from losing the opening set and on the back foot in a rally, Nishikori hit a stunning shot up the line, which prompted Federer to hit the ball into the crowd and receive a warning for ball abuse.

Federer never appeared to regain his composure and went down, 7-6 (4), 6-3, in a first opening match defeat at the season-ending tournament since 2013.

“I thought ‘What was his argument, why the warning?”

Federer said of his exchange with the umpire. “But nothing more than that. He thought I was angry. I wasn’t. Now I’m angry because I lost, but I wasn’t, so...”

Federer earned the first break points in the opening game of the second set, and took his chance, but Nishikori hit straight back in the following game.

Nishikori was the far more composed player from that moment on and broke for a 4-2 lead, before closing out the match for a first win over Federer since 2014.

“It’s always a big challenge to play Roger,” Nishikori said.

“The first match is not easy.”

Six-time champion Federer, who has reached the semifinals in all but one of his 15 previous appearances at the tournament, will now likely need to win his remaining two round-robin matches to keep alive his chances of claiming the 100th title of his career.

More thanks to poor returning than good serving, neither man was able to create so much as a sniff of a break of serve in an error-strewn opening set, until Nishikori’s backhand denied Federer two set points with the score at 6-5, 15-30.

A tiebreaker followed and Federer made one of his 20 unforced errors in the set to give Nishikori the first minibreak and a 3-1 lead, which quickly became 6-1.

Federer rallied to save three set points, but Nishikori delivered a well-placed serve out wide to ensure the comeback attempt ended there.

However, his concentration deserted him moments later as a double fault gave Federer a break he did little to earn.

But the Swiss responded in kind and a wild forehand error leveled the score at 1-1.

“Unfortunately I couldn’t keep the lead that I got early [in the second set],”Federer said. “That was the key of the match, that sort of 10-minute swing at the end of the first through to maybe 1-1 in the second.”

The seventh-seeded Nishikori began to relax and was rewarded in the sixth game as he brought up another break point and produced an inside-out forehand Federer had no chance of returning.

Despite having lost his last six meetings with Federer, including two on this court, Nishikori showed no nerves as he dropped just one point in his next two service games, with a forehand error from the Swiss great ending the match.

Earlier, Kevin Anderson made a confident start to his ATP Finals debut with a 6-3, 7-6 (10) victory over Dominic Thiem. AP

unforced errors. Siniakova hit 24 winners.

“It was horrible, the worst [moment],” Siniakova said about the match points she faced. “But it’s not the end until the final match point is converted.”

At 3-0 down in the third set, Kenin needed treatment for what seemed to be a thigh muscle problem. The treatment was then repeated several times.

“It was obviously painful for me and I felt like it was just hard for me to move,” Kenin said.

Trailing 3-1, the American wasted five break points in a game that took 19 minutes.

On Saturday, Barbora Strycova rallied for a 6-7 (5), 6-1, 6-4 victory over Kenin to put the Czechs 1-0 ahead and Siniakova doubled the advantage with a 6-3, 7-6 (2) win over Alison Riske.

The US is the most successful country in the international team competition and won its 18th Fed Cup title last year with Rinaldi in her first season as the captain.

The US had not previously won the Fed Cup since 2000.

On the way to the final, the Czechs beat Switzerland, 3-1, in the first round and Germany, 4-1, in the semifinals.

The final was marred by the absence of top players.

Siniakova was the highest ranked at No. 31.

After four of the top 5 US women in the Women’s Tennis Association singles rankings—the Williams sisters, Sloane Stephens and Madison Keys—decided to skip it, three players on the team made their Fed Cup debuts.

The Czechs were weakened, too, missing their two top 10 players. Karolina Pliskova was ruled out due to injuries and Petra Kvitova due to illness. AP

Spo

Business

C2 Tuesday, November 13, 2018

VINCENT JUICO @VJuico Instagram vpjp_j, vince.juico@gmail.com

SPORTS WITHOUT BORDERS

Patafa junior national team LAST weekend I had a conversation with Coach Nonoy Unso, secretary-general of Philippine Athletics Track and Field Association (Patafa) about the formation of the Patafa junior or youth national team.

To my knowledge and if my memory serves me right, Patafa has never had a junior national team. The formation of the junior national team will entail a total team effort to overcome challenges.

The Patafa junior national team has to be formed and ready for competition as soon as possible as the Philippines will be hosting the junior or youth version of the Southeast Asian Athletics Championships in March next year in Ilagan City in Isabela.

To begin the formation of our country’s junior athletics team, we must first identify who we want on the team. Talent identification done during competitions and tournaments like the Palarong Pambansa, University Athletic Association of the Philippines and National Collegiate Athletic Association of the Philippines and Filipino foreigners will serve as sources of talent.

Talent will be based on certain key performance indicators and standards set by Patafa. For example, only boys and girls aged 16 and below who finish not lower than third place will be invited to compete in Patafa weekly races.

The weekly races will tell the evaluators if the kids could perform consistently over a period of time.

In my next column, we’ll take a look at the logistical and operational requirements of forming a competitive fighting team for next year’s SEA Youth Games.

MERALCO’S MISSION: RETURN TO FINALS M

ERALCO shoots for its eighth straight victory and a 2-0 semifinal series lead when it takes on Alaska in Game Two on Tuesday in the Philippine Basketball Association Governors’ Cup at the Mall of Asia Arena in Pasay City.

From a 1-6 won-lost record to start the conference, the Bolts have been on a roll and are two wins shy of returning to the Finals. They got the headstart over the Aces, 97-92, in Game One

on Sunday at the Ynares Sports Center.

Allen Durham, Chris Newsome and Baser Amer all had major contributions that keyed their seventh consecutive victory.

“It feels really good to get off a good start in this series and get the first win,” Meralco Head Coach Norman Black said.

“But we know we gotta play and its gonna be a battle once again,” Black added as they meet the third-seeded Aces at 7 p.m.

Durham registered another all-around

MERALCO import Allen Durham is a tough customer for Alaska’s Mike Harris and Kevin Racal.

performance of 32 points, 14 rebounds and six assists to lead the Bolts.

Newsome and Baser added 16 and 14 points, respectively, as the Bolts dominated most of the game.

Black said the mission is clear: a return to the Finals and finally solve the riddle they failed to overcome in the past two years.

“We want to go back to the Finals. We just have to keep on winning to do that,” he

Insignia makes mark in QC hoops

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PITFIRE EJ Manara scored a game-high 22 points to carry Insignia Builders to a close 82-79 win over Gold’s Gym in the Starter Division on opening day of the Quezon City Basketball League (QCBL) over the weekend at the JCR Gym of the FEU-NRMF in Fairview, Quezon City.

The Insignia point guard sank three of his four charities in the final 19 seconds that proved to be the insurance baskets needed by the Builders to open their campaign on a bright note.

The game was at tied 79 when Manara took two trips to the line. He completed the first pair then split the second with 10 seconds left to peg the final score.

Gold’s Gym failed to convert in the final

offensive with Denzel Naca’s jumper missing the target.

In the other games, Nemesis Hobby Shop, Dr. D’s Dental and Regalado Vet trampled their respective foes to join Insignia in the winners’ circle on opening day.

A simple ceremonial toss, led by special guest Terrence Romeo of the TNT squad in the Philippine Basketball Association, kicked off the league supported by Wilson Basketball, Del Monte Fit N Right, FEU-NRMF, Ripples Daily and Cashen Advertising Solutions.

Nemesis Hobby Shop trounced HE Photography, 90-72, with center Alrene Palma leading the carnage with team-high 17 points on top of whopping 22 rebounds.

said. The Bolts fell twice to Barangay Ginebra in the past seasons.

In those losses, Meralco had the Best Import in Durham, but they couldn’t hurdle the Justin Brownlee-led Gin Kings.

For now, their main concern is to get past the Aces.

“We don’t want to put too much pressure on the players. We just trying to fight every day,” Black said. Ramon Rafael Bonilla

Olympian Lacuna powers Blue Eagles to pool conquest

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TENEO reasserted its dominance by sweeping the men’s and women’s crowns at the close of the University Athletic Association of the Philippines (UAAP) Season 81 swimming competitions at the Rizal Memorial Swimming Pool over the weekend.

Behind two-time Olympian Jessie Khing Lacuna, the Blue Eagles beat De La Salle and University of Santo Tomas with 475 points to extend their reign to five years. It was their sixth overall championship.

Lacuna won his seventh and final gold in his final collegiate competition in record fashion—he clocked 2:02.69 in the 200-meter butterfly, breaking the old mark of 2:03.93 he set in 2014.

In his five seasons in the league, Lacuna, who captured his fourth Most Valuable Player plum, bagged a total of 33 gold medals.

Ateneo, with reigning Athlete of the Year Chloe Daos leading the way, stamped its class over University of the Philippines and De La Salle with 530 points to make it two in a row in the women’s division for the Lady

Eagles’ fifth overall title.

Daos, who emerged MVP for second straight year, also completed a sevengold sweep, capping a banner campaign by topping the 200-meter butterfly with 2:21.42.

Season 79 MVP Aldo Batungbacal also capped his collegiate career by setting a new record in the lung-busting 1,500-meter freestyle with 16:35.33, erasing his own mark of 16:42.42 he set last year. He also shattered his own 200-meter breaststroke record with a time of 2:21.75, surpassing the 2016 mark of 2:22.95.

Aki Cariño, Giancarlo Silva, Getty Reyes and Jethro Chua also set a new UAAP record in the 4x100-meter medley relay with 4:03.49—the old mark set two years ago stood at 4:03.86.

The Green Tankers, who won two gold medals on the final day courtesy of Red Silvestre in the 50-meter backstroke (27.88) and 50-meter freestyle (24.35), wound up second with 382 points, while the Growling Tigers had 180 points.

De La Salle-Zobel, meanwhile, achieved a golden double in the juniors division.

THE San Beda Red Lions celebrate their third straight cha

RED L

By Ramon Rafael Bonilla

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AN Beda University was in its fiery red form on Monday afternoon and burned down every effort put up by Lyceum of the Philippines University for a 71-56 rout to savor for the third straight season the seniors’ basketball crown of the National Collegiate Athletic Association at the Mall of Asia Arena.

Facing a familiar foe who almost went unbeaten again this season, the Red Lions duplicated their two-game sweep of the Pirates last year to snatch their third straight crown and 21st overall in the league’s 94-year history.

“I’m very happy because we got the championship again. At least, all our sacrifices paid off—those of the coaches and the players,” San Beda Head Coach Boyet Fernandez said.

Fernandez was quick to deflect the credit to his fellow coaches and players.

G4G WRESTLERS STRIKE GOLD

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EAM Go For Gold (G4G) Philippines showed a preview of its competitive fire in the Southeast Asian Games next year after collecting six gold medals in the recent Southeast Asian Senior Wrestling Championships at the Dalubhasaan Lungsod ng San Pablo City in Laguna.

Veterans Margarito Angana and Michael Vijay Cater ruled their weight classes in the Greco Roman event, along with Noel Norada in the weeklong meet featuring the finest wrestlers from 11 countries.

Angana has not lost the skills that made him a two-time SEA Games gold medalist after defeating Plyabut Wiratul of Thailand in the men’s 60 kgs, while Cater took the 55-kg title at the expense of another Thai, Nattawut Keawkhanchum, before Norada made it three in a row by submitting Vietnam’s Pham Van Co. Luke Cruz topped the 125-kg category in men’s freestyle after beating Dimas Septo Anueraha of Indonesia in the finals, joining women freestyle gold medalists Minalyn Foy-os (57 kgs) and Noemi Tener (68 kgs) on the podium.

“We’re very proud our wrestlers. We believe that with our support, they can win more gold medals for the country,’’ Go For Gold Philippines godfather Jeremy Go said.

Jason Balabal, another two-time

TEAM Go For Gold (G4G) Philippines harvests six gold medals in the recent Southeast Asian Senior Wrestling Championships.

SEA Games gold medalist, wasn’t as successful.

He lost his finals match to an Indonesian in the men’s 87 kgs of Greco Roman, while Jefferson Manatad also bowed to Supriono of Indonesia in the 77-kg class.

Ronil Tubog (61 kgs) and Francis Villanueva (97 kgs) also settled for silver, as well as lady freestyle wrestlers Grace Loberanes (50 kgs), Kristine Jambora (53 kgs), Shelly Avalino (62 kgs) and Sweet Berry Perez (72 kgs).

Backed by Go For Gold Philippines, Filipino grapplers also pocketed eight silver and 13 bronze medals.

Vietnam brought home 12 gold, 11 silver

and nine bronze medals to secure the overall title of the tournament designed to gauge the competition in the SEA level.

Greco Roman specialists Jonathan Maquilan (63 kgs), Exel Tubog (67 kgs), Jason Baucas (72 kgs), Ronaldo Salon (97 kgs) and Smael Trazona (130 kgs) ended up with bronze medals, along with freestyle wrestlers Alvin Lobreguito (57 kgs), Jhonny Morte (61 kgs), Joseph Angana (65 kgs), Jossel Canolas (65 kgs), Anthony Pajaron (70 kgs) and Royce Tiu (86 kgs).

Tener also competed in the 65-kg women freestyle event and got a bronze together with Bemyla Bernas (57 kgs).

orts

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Tuesday, November 13, 2018

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GOLFING ACES

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ampionship and 21st overall. NONOY LACZA

LIONS CHAMP! “This is not only my effort but the effort of the whole community,” he said.

For his consistent effort in the championship series, Javee Mocon was named Finals Most Valuable Player for his double-double averages of 15 points and 10.5 rebounds, which also went with three blocked shots.

The graduating forward meant business right from the onset and scattered eight points in a 23-15 Red Lions run in the first quarter.

Jaycee Marcelino’s triple at the

buzzer pulled Lyceum to within five, 44-49, but San Beda regained its ground and fired a 12-4 rally to start the fourth and widened the gap to 61-48 in the final three minutes.

Even the return of CJ Perez couldn’t save the Pirates. His 19-point production only went to waste as the Pirates faced a spirited Red Lions side.

Fernandez said Perez’s return from suspension in Game One only inspired his players to finish the best-of-three series in two games.

“It [Perez’s return] became our motivation because many are saying that we can’t win with CJ playing with them. It wasn’t our fault that he got suspended. It’s just that our players really played well. You have to credit my players,” he said.

Clint Doliguez finished with 14 points on three triples, while Donald Tankoua tallied a doubledouble of 13 points and 16 rebounds.

Mike Nzesseu led the Pirates with 11 points laced with 13 rebounds.

GARMA TOPS ASIAN SRS

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WO-TIME Olympiad campaigner International Master (IM) Chito Garma ended years of frustrations by finally winning a big one—the Ninth Asian Seniors Chess Championships—at the the Tagaytay International Convention Center in Tagaytay City on Sunday.

Garma, at 54 still looking fit as a fiddle, swept his last two matches against second seed Fide Master Oleg Rinas of Kazakhstan and Angelito Camer of Australia to finish a clear winner with 8.0 points on seven wins and two draws in the tournament organized by the Asian Chess Federation and hosted by the by the Tagaytay City government through Cavite Seventh District Rep. Abraham “Bambol” Tolentino Jr. and Tagaytay City Mayor Agnes Tolentino.

“I’m very happy to win again, especially in an international tournament like this Asian Seniors. Indeed an early Christmas gift for me,” said the Tondo-based Garma, who pocketed the top prize of $500 out of the total purse of $3,000.

Another veteran on the comeback trail, IM Petronio Roca, finished second to Garma with 6.5 points on five wins, three draws and one loss and earned $400.

Roca, one of only two players who held Garma to a draw, beat National Master (NM) Cesar Caturla in the eighth round but lost to Rinas in the final round.

Rinas and IM Angelo Young shared third to fourth places with six points, while NM Carlo Lorena wound up fifth with 5.5 points.

Last year’s champion, GM Eugene Torre, also hurdled his last to assignments against former national junior champion Stewart Manaog and Aitkazy Baimurzin of Kazakhstan to finish with 7.0 points.

Torre settled for the $350 prize for the over-65 category.

Caturla and fellow Olympian NM Rosendo Bandal finished second and third with 6.5 and 5.5 points, respectively, in the over-65 category.

INTERNATIONAL Master Chito Garma flashes his vintage lethal form in Tagaytay City.

Woman FM Helen Milligan of New Zealand emerged as the top female player for the fourth consecutive time with 4.0 points out of a possible 8.0. She edged Almagul Chakeyeva of Kazkahstan, who had 3.5, for the $100 top prize.

A far third overall was Olympian Mila Emperado in the weeklong competition also supported by the National Chess Federation of the Philippines and Philippine Sports Commission that drew 34 players from nine countries.

Mike Lapitan served as the tournament director, while Patrick Lee was the supervising arbiter, along with Elias Lao, Lito Abril and Hubert Estrella.

Angels down erratic Perlas Spikers

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ETROGAZZ sprang back from a shattering five-set defeat to Tacloban with an imposing 25-11, 25-23, 25-18 victory over BanKo-Perlas late Sunday night to keep its grip of the No. 4 spot in the Premier Volleyball League Season 2 Open Conference at the Filoil Flying V Center in San Juan.

The Angels yielded a number of attack points but pounced on the Perlas Spikers’ series of miscues to pound out the surprising straight-set romp that kept the former at fourth at 6-5 heading to the final stretch of

the double-round elims.

“The girls really wanted to win,” said PetroGazz Coach Jerry Yee, whose wards came off a sorry loss to the Fighting Warays on Saturday night that kept the race for the No. 4 seat among Pocari-Air Force (5-6) and Tacloban (5-7) wide open.

In contrast, the Spikers failed to sustain their three-set sweep of the frontrunning AteneoMotolite Lady Eagles, also last Saturday.

“In crucial matches, they tend to play impatient, so they commit mistakes and

eventually the chances [to win] would slip away,” said Yee. “So we tried to work it out and perhaps, Perlas was a little bit tired.”

The loss also dropped BanKo to third at 8-3, enabling Creamline, which subdued Pocari-Air Force, 23-25, 25-21, 25-20, 22-25, 15-9, in Legazpi City, to seize solo second anew at 8-2 with Ateneo nailing the first semis berth with a 10-3 card.

The Angels came through with just 28 attack points, eight short than the Spikers but had eight blocks against their rivals’ three and cashed in on BanKo’s poor service reception and scored seven aces.

ORMER amateur hotshots Jobim Carlos and Princess Superal emerged as the year’s best in pro golf, anchoring their Order of Merit (OOM) feats on two victories on the Philippine Golf Tour and the Ladies PGT, respectively.

Carlos actually kicked off his third season in the circuit on the wrong foot, missing the cut at Eagle Ridge. But the 25-year-old former national amateur champion worked on his game and produced two victories while turning in a couple of runner-up and third-place finishes to become the new toast of Philippine pro golf.

Boosted by his P550,000 winnings in the ICTSI Apo Golf Invitational and Iloilo Golf Challenge, the ace shotmaker from Meycauayan, Bulacan, closed out the 10-leg PGT with P2,487,083 in earnings, nearly doubling the winnings of second placer and Club Filipino De Cebu Invitational champion Jhonnel Ababa (P1,366,375).

“This would surely bolster my confidence as I try to qualify in the Japan PGA Tour,” said Carlos, during Monday’s annual awards ceremony at The Country Club in Laguna. “But I would still play on the local circuit more often.”

Three foreign bets also scored breakthrough victories on the circuit put up by ICTSI and organized by Pilipinas Golf Tournaments Inc., including Korean Kim Joo-hyung, who topped the Pueblo de Oro stop. He finished third in the OOM derby with P1,361,500, followed by Eagle Ridge titlist Guido van der Valk of the Netherlands (P1,268,642), Luisita Invitational winner and last year’s OOM champion Clyde Mondilla (P1,134,233), Philippine Masters titlist Jerson

JOBIM CARLOS and Princess Superal hold their trophies as they pose with Philippine Golf Tour Executive Director Narlene Soriano (left) during the annual awards ceremony at The Country Club. At right is Luisita Golf and Country Club’s Jeric Hechanova, who received the award for the club named as the Best Course for the third straight year.

Balasabas (P1,103, 416), former OOM winner Jay Bayron (P1,053,519), multititled Tony Lascuña (P987,366), American Nicolas Paez, who ruled the Del Monte leg, (P925,566) and Aussie Tim Stewart (P832,083).

Like Carlos, Superal captured two titles, in back-to-back fashions at Highlands and Riviera, and made six top-6 finishes to finally claim the coveted OOM diadem with P1,150,183 in winnings, foiling the bids of the Thais, who dominated the 12-leg ladies circuit with six victories.

“This [OOM feat] is so significant to my career, a big confidence-booster,” said Superal, the former US Girls Junior champion who is actually on the third stage of the Japan Tour qualifying.

Ploychompoo Wilairungrueng, who

Big field vying in charity event

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TOTAL of 365 players gear up for a showdown for top honors in various divisions in the Chairman’s Charity Cup slated on Friday at the Manila Southwoods’ Masters and Legends courses in Carmona, Cavite.

Big prizes will also be staked for hole-in-one feats, including a brand-new Mitsubishi Mirage G4 GLS CVT Matic Sedan from Mitsubishi Motors/ Diamond Motors, an eight-day/seven-night Royal Caribbean Greek cruise for two with airfare from Baron Travel and a 1.5HP Inverter-type A/C from Mit Air Sales Center.

Southwoods Chairman Bob Sobrepeña will head the huge list of participants in the club’s premier tournament held annually to raise funds for various charity projects spread over two days.

Backed by Agrexplore/Briduen Philippines and Turf Company (Platinum), Nutranta Inc. (gold) and Klio International Marketing Corp. (silver), the event will also offer a golf set from J-Ten Sports and a golf cart courtesy of Club Golfcarts.ph for aces.

topped the ICTSI Champion Tour at Manila Southwoods, fell short of toppling Superal with P1,080,150, with last year’s OOM winner and this year’s Eagle Ridge leg champion Chihiro Ikeda finishing third with P933,770.

Yupaporn Kawinpakorn actually posted two victories at Beverly Place and Summit Point but the Thai ace played in only five tournaments and earned P641,907 for fourth, followed by former three-time OOM titlist Cyna Rodriguez (P638,583), and Thais Onkanok Soisuwan, who ruled at Mount Malarayat (P533,517), Chonlada Chayanun (P493,787), Tiranan Yoopan (P457,750), Pannapa Polnamin (P434,714) and Luisita leg winner Supakchaya Pattaranakrueng (P383,000).

Summit galore

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OUR brand-new cars—two in the grand raffle and the other two as hole-in-one prizes—will be at stake in a grand 11th year celebration on November 21 in The Invitational, a two-man team tournament hosted by the Summit Point Golf and Country Club in Lipa City.

Headlining the grand prizes are the 2018 Toyota Vios 1.3J M/T and Wigo 1.0E M/T, which would be given to the lucky winning team in the raffle in the four-day tournament, which has already drew more than 300 players—the largest in terms of participation in its history.

Add to that list the Peugeot 308 1.6 Petrol and Toyota Wigo 1.0G A/T as top hole-in-one prizes.

“The enthusiasm of our members to join is just unbelievable. There seems to be a rejuvenated spirit among them especially when the club initiated the rehabilitation of the course,” Summit Point President Robbie Leviste said.

For the course’s upkeep, Summit Point employed VMJ Evergreen, which, in turn, brought back the pristine and superb condition of the 18-hole layout dubbed as the “World 18” as it replicates 18 of the best holes from various international golf clubs.

“With VMJ’s wonderful maintenance, Summit Point is tournament-ready anytime

of the year,” said general manager Vic de Guzman, noting that big-ticket tournaments have already been hosted, including two professional ones and the World Amateur Golfers Championship National Final.

Also up for grab for ace makers are the trip to Mission Hills in China with airfare from Golf PH, Premium Shafts from Mitsubishi Chemical, Texas Eagle cart from Turf Company, cart from Yamaha, 100k cash from New Canaan, Cobra F7 set from J-Ten Sports and P20,000 worth of K&G merchandise.

“All of these prizes are sure to spice up the Invitational more,” said de Guzman, who was tasked by Leviste to ensure the smooth staging of the event, which has KIGA Sports, VMJ Evergreen, PPPoker, Auster Catering and J-Ten Sports as platinum sponsors.

Gold sponsors include K&G, Pepsi/ Gatorade, Resorts World Manila/Emperador, Golf PH/Mission Hills and Sta. Lucia Land while Gerry’s Grill, Lemans and Summit Point Realty are silver sponsors.

Manny Rabe, Funai, Sonny Ricablanca, Teddy Valenton, Raul Montealto, Danny Odeste, Tony Ilagan, Vincent Duke, Nuat Thai, Gerry Aguado, Robert Alvarez, Narcing Dimapilis, Alan Alegre, Nelson Ventura, Marvin Jovero, Joeben Caballes, Blades and Saturday Group are the supporters.

Cignal belles try to remain unblemished, Cargo Movers eye bounce-back triumph

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IGNAL tries to ride the momentum as it targets its second straight win when it faces struggling Sta. Lucia in the Philippine Superliga All-Filipino Conference on Tuesday at the Filoil Flying V Centre.

Game time is 7 p.m. with the HD Spikers marching with high morale following a thrilling five-set victory over Generika-Ayala over the weekend.

F2 Logistics, meanwhile, eyes a fitting bounce-back victory when it clashes with the Lifesavers at 1:30 p.m., and Foton tries to join Petron on top when it tackles Smart at 4:15 p.m.

Against the Lifesavers, the HD Spikers simply refused to give up.

Seasoned spiker Rachel Anne Daquis displayed a vintage performance as she

delivered 20 points, 17 digs and 13 excellent receptions while holding the fort for teammates in the crucial stretch of the fifth.

National athlete Mylene Paat also made her presence felt with 26 points, much to the delight of head coach Edgar Barroga who said that the rest of the team must also step up.

“We’re happy that Mylene and Rachel are doing everything they can for the team but we also have to remember that everybody should do their part for us to win,” said Barroga, who was the team manager when the HD Spikers won their first title in the Invitational Conference last year.

Sta. Lucia, on the other hand, will try to get that elusive win and snap a three-game skid.

CIGNAL’S Mylene Paat beats the defense put up by Generika-Ayala’s Patty Orendain during Saturday’s match at the Alonte Sports Center won by the HD Spikers, 26-24, 17-25, 25-22, 20-25, 17-15.

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ÃO PAULO—Ten years after securing his first Formula One title at Interlagos, five-time world champion Lewis Hamilton won the Brazilian Grand Prix on Sunday and helped his Mercedes team take the Formula One constructors’ title for the fifth straight year.

It was Hamilton’s 10th victory of the season, finishing 1.4 seconds ahead of Red Bull’s Max Verstappen.

But it could have been a very different outcome for the British driver, who struggled with engine problems and medium tires as he waited for rain that never came.

Hamilton’s second win in São Paulo was only possible after Force India’s backmarker Esteban Ocon clashed with race leader Verstappen on lap 44, causing both cars to spin. At the time, the Red Bull driver led Hamilton by five seconds.

“That [incident] put us back in contention,” Hamilton said of his rival’s setback. “Max is that go-getter guy and every now and again it bites you. But I am really, really proud here, I don’t care about anybody else.”

Off the track, the 21-year-old Dutchman later confronted—and pushed—former Formula Three rival Ocon, who refused to apologize despite the stop-go punishment he was given during the race. The Force India driver finished 15th.

Verstappen managed to stay in the race after the incident and get closer to Hamilton in the final laps, but it wasn’t enough for his second consecutive victory.

“I hope I can’t find him in the paddock now,” Verstappen said of Ocon before he met the Force India driver after the race.

Verstappen was given an unusual punishment for the pushes and insults he aimed at Ocon—he will have to perform two days of public service at the direction of motorsport governing body FIA within six months.

Ferrari’s Kimi Raikkonen joined Hamilton and Verstappen on the podium.

His teammate Sebastian Vettel, who is second in the overall standings, placed sixth.

Hamilton celebrated his win and his team’s fifth title with samba dancers on the podium, as Verstappen left still fuming.

HAMILTON PREVAILS

Sports BusinessMirror

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| Tuesday, November 13, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Verstappen, Ocon clash on, off track

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ÃO PAULO—Max Verstappen pushed Force India’s Esteban Ocon after the Brazilian Grand Prix on Sunday following a collision on the track when the Red Bull driver was leading the race. Verstappen was later ordered to perform two days of public service at the direction of motorsport governing body FIA within six months.

Verstappen finished second in the race, which was won by Mercedes’s Lewis Hamilton.

The collision happened on lap 44 at Interlagos when backmarker Ocon was trying to overtake to unlap himself.

Moments after crossing the line second, Verstappen said over the radio to his team: “I hope I can’t find him [Ocon] in the paddock now” and the Dutchman then added a couple of expletives.

Verstappen cut off his postrace interview to confront Ocon.

The French-

man pushed Verstappen’s hand away, but Verstappen appeared to shove Ocon in the chest twice as the Force India driver seemed to beckon to his mechanics for help.

As Ocon grinned and seemed to say something, Verstappen pushed him hard again in the chest and walked off, before turning around and pointing a finger.

At a news conference later, Verstappen said he insulted Ocon to his face and said it was fair that the Frenchman received a stop-go penalty

“This is what everyone works for, we really pulled together as a unit this year,” Hamilton said. His teammate Valtteri Bottas finished fifth.

Mercedes now has an insurmountable 620 points against Ferrari’s 553.

It was Hamilton’s 72nd victory in Formula One, a much celebrated one after all the problems he faced during the race.

“We were managing that in the last part of the race, we were losing some power,” the British driver said.

In the first part of the race Hamilton kept the advantage he acquired by taking his 10th pole position of the season.

Bottas overtook Vettel for second place, and for a moment it seemed Mercedes had the race in the bag already.

Verstappen, the winner of the Mexican GP two weeks ago, started in fifth and quickly overtook the two Ferraris, conquered Bottas on lap 10 and showed he would challenge Hamilton for the win.

After the world champion pitted on lap 19, it appeared Mercedes had made the wrong decision by giving Hamilton fresh tires before his rivals. Verstappen only stopped 16 laps later. AP LEWIS HAMILTON celebrates with his team supporters. AP

after the incident.

Ocon did not apologize in an interview after the incident.

“What really displeases me is his behavior afterward, coming to see me and then violently shoving me,” Ocon told Canal+ television. “To behave like a lunatic clearly isn’t right and not sporting.”

Red Bull team principal Christian Horner defended Verstappen’s actions, saying that “Ocon has to take responsibility. He’s cost him a Grand Prix victory today.” AP

Heavenly Father

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EAVENLY Father, we want to keep Your Word in our heart. Give us a clear mind as we meditate on Scripture and memorize verses. We want to have Your truth in the forefront of our mind, so that when we are faced with temptation or adversity, we can refute it with Scripture as You did. Thank You for the joy that fills our heart as we reflect on Your Word. Give us the grace to be always in Your presence. Amen.

GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

PHOTO CREDIT: FRANCIS DZIKOWSKI FOR THE NEW YORK TIMES

Life BusinessMirror

HOMEOWNERS– FAMOUS AND NOT– AWAIT WORD OF WILDFIRE’S TOLL D3

Tuesday, November 13, 2018

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FELCO Partnership and Alliances Manager John Salcedo III, Marketing Director Erik Riola and Category Head Maribel Molina

GOING FOR THE ENERGY-EFFICIENT OVER THE HOLIDAYS

The grown-up bachelor pad

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By tiM MCKeOUGH New York Times News Service

EW YORK—Anthony Bonsignore wasn’t planning on buying an apartment in Manhattan, because he already had a home in the Westchester County village of Bronxville. But as a partner at Altman, Greenfield & Selvaggi, an accounting and business management firm in Manhattan catering to entertainers and celebrities, he began spending some work nights in the city.

“I was staying in the city, and renting,” said Bonsignore, 42, whose clients include John McEnroe and actors Greta Gerwig, Sterling K. Brown and Dakota Johnson.

But one snowy night almost four years ago, he was having dinner with his business partner Frank Selvaggi, who had a better idea: Bonsignore should buy a proper pied-à-terre. Selvaggi then informed him that a neighbor in his own co-op near Union Square was selling her apartment, and instructed him to e-mail her at once.

“He coerced me to do it,” Bonsignore said. “The next day we were in the apartment, walking through.”

The 1,533-square-foot, two-bedroom, twobathroom loft had good bones and large windows, but it also needed work. The floral wallpaper, crystal chandeliers, mismatched wood floors and cramped 1980s kitchen didn’t suit Bonsignore’s taste.

Selvaggi had a plan for that, as well: Bonsignore could hire his interior designer, Kyle O’Donnell, owner of Gramercy Design.

Selvaggi had been a champion of O’Donnell’s work for a few years. In 2013, shortly after O’Donnell moved to New York from Washington, he had been hired by Selvaggi to oversee an apartment combination.

“I was working at Ralph Lauren in store design,”

O’Donnell said. “But I started working nights and weekends on Frank’s project.”

Pleased with the results, Selvaggi introduced O’Donnell to Jimmy Fallon and his wife, Nancy Juvonen, who were looking for help with their house in the Hamptons. O’Donnell, who was just turning 26 at the time, won the commission.

“I quit my job the next day,” he said.

Since then, he has had numerous high-profile clients, but he relished the idea of creating something special for Bonsignore: an apartment that “evokes masculinity” with the sophisticated feeling of a grown-up bachelor pad.

To begin, he opened up the space by knocking down the wall that separated the kitchen from the living room and demolishing dropped ceilings to take advantage of the 11-foot interior height.

Then, throughout the apartment, he replaced the floors with 12-inch-wide ebonized oak planks and designed built-in cabinetry using strong, durable elements in subdued hues—thick walnut shelves, antiqued brass pulls, quartzite counters.

“Everything has a weight to it; nothing is thin or skinny,” O’Donnell said. “We have heavy moldings and trim, and these rich materials that really give warmth to the space.”

In the living area, the room-spanning cabinets and shelves, created with Bednark Studio, a Brooklynbased fabricator, include an entertainment center and a bar with a wine fridge, finished with brass trim punctuated by flathead screws.

In the kitchen, the cabinets O’Donnell designed have navy-blue, powder-coated metal doors. He also designed a monumental range hood and custom brass shelf brackets; installed an unlacquered brass faucet from Waterworks; and had Bednark give all the metal the same antiqued finish.

He dropped the ceiling in some areas just enough

to house linear slot diffusers for a new central airconditioning system, as well as Nulux recessed trimless lights and Amina speakers integrated into the drywall, so they are invisible but allow the whole apartment to vibrate with music.

Just about the only thing O’Donnell retained from the original apartment was the window trim: “We took off about 10 layers of paint,” he said, to expose the wood underneath.

To furnish the space, Cindy Coscoros, his former partner at Gramercy Design who now has her own firm, found a mix of vintage, contemporary and custom pieces, including a Zio dining table and chairs

by Marcel Wanders for Moooi; a 1970s Lucite coffee table by Les Prismatiques; and an upholstered bed from Ralph Lauren Home.

After buying the apartment for just over $2 million in April 2015, Bonsignore moved in 14 months later, following the completion of the renovation

by Atlantic State Development, for about $750,000.

The end result, he was surprised to discover, reflects his personality, although he hadn’t provided much specific instruction to O’Donnell.

“I never envisioned this, not at all,” Bonsignore said. “I’m a math mind, not a creative mind.” Yet somehow O’Donnell was able to decode his design preferences. “I love the symmetry of it all,” the owner added. “That’s the way my mind registers and processes things. I like the order.”

There is one corner of the apartment, however, that didn’t receive the masculine treatment. The second bedroom is an oasis of play—papered in New York New York, Schumacher’s fancifully illustrated skyline wallcovering—for whenever Bonsignore’s 7-year-old daughter visits.

“She loves the place,” he said recently. “She just asked me this morning, ‘When are we staying in the city, Daddy?’” n

THE Christmas tree is one of the most powerful symbols of the season. When decorated and lighted, the Christmas tree is majestic and evokes memories of childhood and warm, fuzzy feelings. But don’t let the giddy rush to wrap those tiny, twinkly festive lights around the tree cloud your better judgement, unless you want to expose your home and your loved ones to the risk of an unfortunate fire marring what should be a joyous season. Or don’t you remember those old news reports about fires breaking out in homes over the holiday because of use of unsafe Christmas lights?

Firefly LED (www.fireflyelectric.com), the leader in energyefficient LED bulbs, has been lighting up Metro Manila for 11 years now. It lights up the Christmas trees in SM by the Bay in Mall of Asia, SM City North Edsa, Ayala Cebu and other Christmas installations in Tiendesitas (Ortigas East), Bradco Avenue, Aseana City and Ayala Circuit Makati.

The lighting company is once again illuminating the giant Christmas tree at SM by the Bay for the holidays. The tree is an attraction that brings joy to families for whom it represents the good tidings and blessings of the season.

With its human-size ornaments and glittering lights, the 71-foot Christmas tree is decorated by over 40,000 Firefly LED Bright Christmas Lights and Firefly LED bulbs. It is a favorite of Filipino families as it mirrors our own traits, such as resiliency and unity, and values such as filial piety and generosity. The Christmas tree stands tall, proud and well-lit amid different weather conditions because as they say, no one can stop Christmas, especially for Filipinos who look forward to the season all year round.

So what makes Firefly LED’s Bright Christmas Lights and bulbs so different from the others?

The company’s Firefly Bright Christmas lights is the only branded Christmas lights in the market today. It is safe, of excellent quality and affordable. Firefly only uses highgrade materials and the products are also approved by the Department of Trade and Industry.

The Christmas lights are available in Warm White, White, RGB (Red, Green, Blue) color variety. Prices range from P439 for the string lights, up to P2,499 for the curtain lights with 400 LED bulbs and with night-sky blinking effect.

Aside from Christmas lights, Firefly is known for its LED bulbs, which are proven to last up to two times longer than other LED bulbs. The bulbs are energy-efficient, ensuring greater savings. Compared to traditional CFL bulbs, Firefly LED bulbs shine brighter by as much as 50 percent.

Firefly LED Bulbs are tested and certified by TÜV SÜD, a world-renowned testing and certification institute. Firefly LED is the first local lighting brand in the Philippines to have the certification mark, assuring consumers of its excellent quality and safety. Firefly’s LED bulbs are also tested energy-efficient under the Meralco Orange Tag program, with the actual electrical consumption of a 9-watt bulb being only at P0.09 cents/kWh based on actual Meralco Power Lab Test.

So, do get into the Christmas spirit, as will just about everybody else in the world—but be smart about your holiday lighting for the sake of your wallet, your home and, more important, your family.

Salvador Dali sculpture auctioned off

HEART EVANGELISTAESCUDERO views elaborate porcelains from the Casa Interiors collection with Nina Santamaria, principal designer of Grupo Santamaria.

ART connoisseur and Casa de Memoria brand ambassador Heart Evangelista-Escudero graces the preview night for the 12th Casa de Memoria Auction— The Casa Interiors. Joining her are Casa de Memoria Marketing Managers Camille Lhuillier and special guest, Philippine Ambassador to Spain Philippe Jones Lhuillier.

THE Casa de Memoria (www.casadememoria.com) auction house opened its doors once more for The Casa Interiors, featuring opulent pieces, exhibiting old-world charm, which can adapt to any kind of home, whether traditional or modern.

One of the items auctioned was Spanish surrealist Salvador Dali’s Cosmic Rhinoceros. The bronze sculpture with green patina was one of the mostprized pieces in the lot. One of the most prolific artists of his time, Dali created artworks with strange and fantastical elements, and Cosmic Rhinoceros is no exception to this as it features a Florentine green rhinoceros carrying a pyramid of golden orbs, standing on a marble base.

The bronze figure auctioned off was one of the only 99 pieces made in the world and carries a certificate from Paris from the foundry it was made.

Aside from the Salvador Dali sculpture, there were many more rare pieces that collectors bid for,

including a few Hispano-Filipino religious images.

Crafted by the skilled Filipino peasant class during the 16th to 19th century, Hispano-Filipino ivory artifacts have made their way to churches and museums around Europe and Mexico with only a few pieces left in the Philippines.

When furnishing the home, these decorative pieces could be placed atop various Casa de Memoria furniture, such as the 18th-century Hispano-Filipino style side tables with straight tops and lyre-shaped legs made with exotic woods, or a 19th-century French empire console table veneered with mahogany and topped with black marble.

One of the most luxurious pieces was the ebonized wooden corner cabinet from 19th century Italy with mother-of-pearl inlays fashioned as flowers and brass accents.

More information is available at www. casadememoria.com or via 772-0414.

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Tuesday, November 13, 2018

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In her new book, Michelle Obama denounces Trump’s sexism and his promotion of the ‘birther’ conspiracy

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By Alexandra Alter New York Times News Service

N her highly anticipated memoir, Becoming, former first lady Michelle Obama mostly sticks to her long-stated principle of staying positive in the face of political and personal attacks: “When they go low, we go high.”

But she doesn’t hold back entirely.

Obama denounces President Donald J. Trump for his sexism and misogyny and, most forcefully, for his part in promoting the “birther” conspiracy theory that questioned Barack Obama’s citizenship.

She described his campaign to discredit her husband as “crazy and meanspirited, of course, its underlying bigotry and xenophobia hardly concealed,” as well as dangerous.

“Donald Trump, with his loud and reckless innuendos, was putting my family’s safety at risk. And for this I’d never forgive him.”

Becoming, which is due out on Tuesday, from Crown, is shaping up to be one of the year’s biggest blockbusters, with a global first printing of 3 million copies, and a worldwide release in 31 languages.

The memoir is landing at a moment when the former president and first lady have returned to public life after mostly laying low in the months following the 2016 election.

Barack Obama campaigned energetically for Democratic candidates in the midterms, and Michelle Obama has launched a new education project for adolescent girls and an initiative to promote voter registration and turnout.

Becoming, which The New York Times received a copy of, is in many ways a fairly conventional first lady’s memoir: An insider’s view of what it was like to live through national tragedies and other major events, in one of the most high-profile positions in the world.

She describes the highs and lows of

her husband’s eight years in office, like learning the gutting news of the Sandy Hook massacre in Newtown, Connecticut, and how her husband summoned her to his side for comfort, something he rarely did during work hours, and the moment he told her that the mission to kill Osama bin Laden was successful.

But as the first African-American first lady, Obama’s experience was far from typical, and she writes

about feeling greater scrutiny than her predecessors.

“I was humbled and excited to be first lady, but not for one second did I think I’d be sliding into some glamorous, easy role,” she writes.

“Nobody who has the words ‘first’ and ‘black’ attached to them ever would.”

She describes wanting to protect her daughters from the glare of public life, and recounts her difficulties becoming pregnant and suffering

a miscarriage. She reveals, for the first time, that Malia and Sasha were conceived through in vitro fertilization, and describes feeling resentful about administering shots to herself while her husband was away at his job in the state legislature: “None of this was his fault, but it wasn’t equal, either,” she writes.

Despite some revealing passages and an intimate tone (she details her early courtship with Barack Obama, describing a rush of “lust, gratitude, fulfillment, wonder”), Obama, not surprisingly, doesn’t let her guard down entirely, a protective posture that is consistent with her public persona. Toward the end of the book, Obama takes aim at Trump, denouncing his policies and tenor in sweeping terms.

“I’ve lain awake at night, fuming over what’s come to pass. It’s been distressing to see how the behavior and the political agenda of the current president have caused many Americans to doubt themselves and to doubt and fear one another,” she writes. “I sometimes wonder where the bottom might be.”

After The Washington Post and other outlets published stories about the book’s content, Trump responded on Friday. “She got paid a lot of money to write a book and they always expect a little controversy,” Trump said. “I’ll give you a little controversy back, I’ll never forgive [President Barack Obama] for what he did to our US military. It was depleted, and I had to fix it,” Trump said. “What he did to our military made this country very unsafe for you and you and you.”

As for the question that’s likely to come up repeatedly on her book tour, Obama tries to put to rest speculation that she’s gearing up for a career in politics. “I’ve never been a fan of politics, and my experience over the last 10 years has done little to change that,” she writes. “I continue to be put off by the nastiness.” n

Lou Berney keeps tension high in ‘November Road’ ALTHOUGH set in the aftermath of President John F. Kennedy’s assassination, November Road (Morrow) avoids being another novel about that fateful day in Dallas. Instead, this superior novel from Edgar winner Lou Berney melds crime fiction with a tale about people reinventing themselves, played out during a cross-country automobile trip.

November Road quickly evolves into an emotional story about the power of love and redemption through sacrifice with the backdrop of a crucial historical moment.

Frank Guidry is at the top of his world as a “fixer extraordinaire” for New Orleans mob boss Carlos Marcello.

Frank knows how to get things done, and that often means with violence. But Frank’s world shifts on November 22, 1963, when he hears about JFK’s assassination. About two weeks before, Frank had been told to leave a car in a parking lot near Dealey Plaza. Wondering if he brought the assassin’s getaway car, Frank worries that he’s become a target, especially when

another mobster who also was in Dallas for Marcello about the same time is murdered. To avoid execution, Frank takes to the road.

Also on the road is Charlotte Roy, an Oklahoma housewife who has reached her limit with her constantly broke alcoholic husband, Dooley. On a whim, she packs up her two daughters, Joan, 8, and Rosemary, 7, and their dog Lucky, who is prone to seizures, and takes off in their car. Charlotte and Frank meet on the road when her car breaks down, and he suggests they ride with him. At first, Charlotte and her family are a cover for Frank—no killer would look for a man traveling with a woman and children.

But Charlotte and Frank begin to care for each other in ways neither expected.

Berney keeps the tension high as ruthless hit man Barone is hot on Frank’s trail. But the strength—and pleasure—of November Road is how Charlotte and

Frank begin to change, finding new focus and resolvein themselves. They are on a collision course of emotions and needs. Charlotte wants a bigger life than she had, to achieve something for herself and her daughters, so their goals and dreams will never be dismissed as were hers by her teachers, family and boss. Frank needs a smaller life, one that will allow him to regain a soupcon of his soul and maybe find a piece of his heart.

While the mob’s involvement has long been one of the conspiracy theories surrounding JFK’s assassination, Berney keeps this on the story’s periphery. Instead, November Road gauges how a monumental event affects people and the culture.

Berney showed his storytelling mettle in his previous three novels, but November Road not only showcases his considerable talents but also gives an insightful look at our past. AP

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Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Gerard Butler, 49; Jimmy Kimmel, 51; Whoopi Goldberg, 63; Chris Noth, 64.

HAPPY BIRTHDAY: Take pride in what you do. Don’t let anyone pressure you to speed up when in order to do things properly you need time. Protect your good name and your integrity. Someone from your past is likely to disrupt your life. Don’t believe everything you hear. When faced with controversy, do your due diligence to find out the truth. Your lucky numbers are 6, 13, 20, 27, 35, 39, 44.

a

ARIES (March 21-April 19): A change in the dynamics of a relationship will leave you feeling emotional. A physical activity will help ease your stress. Don’t make a move until you have all the facts. Updating your image or changing your look will boost your morale. HHHH

b

TAURUS (April 20-May 20): Do whatever it takes to stabilize a situation that has become emotional. Someone you have helped in the past will pay back the favor. Be realistic and draw on previous experience to help you come to an amicable conclusion. Be willing to compromise.

HHH

c

GEMINI (May 21-June 20): Put your heart and soul into whatever job you want to accomplish; you will reach your goal. An opportunity is heading your way if you are prepared to pick up additional skills or knowledge that will make the transition possible. HHHHH

d

CANCER (June 21-July 22): Look at situations you face from a different perspective and you will discover a way to get what you want. Catering to what others expect or hope for and offering incentives will bring good results. Listen and observe before you react. HHH

e

LEO (July 23-Aug. 22): Talks will bring about change. Negotiate on your behalf to be sure you get what you want. The stipulations you make, if presented properly, will be granted. HHH

f

VIRGO (Aug. 23-Sept. 22): You don’t have to tolerate changes that aren’t in your best interest. Network and campaign to get the backing you need to counter any plans that may jeopardize reaching your goals. HHHHH

g

LIBRA (Sept. 23-Oct. 22): Problems will surface regarding domestic or personal matters if you let someone meddle in your affairs. Be very clear about how you feel and what you want to see happen. HH

h

SCORPIO (Oct. 23-Nov. 21): Keep an open mind, but don’t believe everything you hear. Letting anger take over will bring about change that will not satisfy your needs. Go directly to the source and find out the truth before you react. HHHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Being honest with yourself is a good place to start.

If you can’t admit when you are wrong or you refuse to believe the truth, you won’t be able to move forward. HHH

j

CAPRICORN (Dec. 22-Jan. 19): Be leery of an offer that is too good to be true. Someone will offer a false impression regarding his or her lifestyle or relationship with someone you’d like to meet.

HHH

k

AQUARIUS (Jan. 20-Feb. 18): Put everything you’ve got into a plan that can help you bring in more cash. A small business venture or applying for a position that offers greater personal growth and opportunity to advance looks promising. Romance is favored. HHH

l

PISCES (Feb. 19-March 20): Deception is apparent. Question anything that doesn’t sound accurate, and don’t offer information that you haven’t verified. You’ll end up being blamed and looking bad if you lack integrity or trust someone who isn’t reliable. HHH BIRTHDAY BABY: You are steadfast, eager and attentive.

You are dedicated and respectful.

‘reserve course’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 No-sweat victory 5 Pawns 10 Muscat’s country 14 Heche or Hathaway 15 Be patient for 16 Basilica section 17 Mattress critter 18 Hollywood’s White 19 One using binoculars 20 Excalibur’s 14 pounds?

23 Nervously anxious 24 Bakery treats 25 Depends (on) 28 Wild, noisy brawl 30 Certain woodwind 31 Hearty entree 33 Mr.’s mate 36 Double Es in a backward compromise?

40 Poetic tribute 41 In an angry mood 42 Almost handy bone?

43 Rip-off

4 Physician 4 46 Noted violin maker 49 Reeked 51 Site of a judgment?

57 Fork feature 58 Use a lubrication schedule 59 Song at the Met 60 Dinner scraps 61 Denmark money 62 Space letters 63 Untouchable Eliot 64 Like all good shoes 65 Barely made (with “out”) DOWN 1 Some farm males 2 “Let me sleep ___” 3 “...lamp ___ my feet” 4 Approaching adulthood 5 Tough things to kick 6 Olympic track legend Jesse 7 Subtly spiteful 8 Partner of “kin” 9 Facial lid inflammation 10 Like some streets

1 “Key to the city” emcee 1 12 Nip in the bud 13 Geeky sorts 21 180 degrees from WSW 22 Tent prop 25 ___ sapiens 26 Footnote note 27 Lymph ___ 28 Festive celebration 29 “Go Dolphins!”

31 Thailand, once 32 Dynamite alternative 33 Go soft 34 Elopers’ city, often 35 Celestial object 37 OK by law 38 Pitcher’s stat 39 Be a corruption exposer 43 Cause of depression 44 Was in a sword fight 45 Artist Yoko 46 Respond to, as an opportunity 47 Wavy fabric 48 Some sibs of Dad, to you

9 Simple seater 4 50 “For ___ is the kingdom...”

52 Is vexing 53 Fiddling Emperor 54 Trash, in Yiddish 55 Cork’s country 56 Coin with a springbok

Solution to yesterday’s puzzle:

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Tuesday, November 13, 2018

CCP ANNOUNCES FINALISTS OF 3RD BALLET COMPETITION IN NOVEMBER

THE Cultural Center of the Philippines announces the finalists of its Third CCP Ballet Competition at the Tanghalang Aurelio Tolentino on November 15 and 17 at 5 pm.

The Third CCP Ballet Competition 2018 will gather a total of 66 participants: 42 for the Junior Category (29 males and 13 females) and 24 (12 males and 12 females) for the Senior Category. Each participant is required to render a classical variation, and a contemporary piece not exceeding two minutes. The competition will be adjudicated by a jury of five members, one of whom is foreign.

The finalists of Junior Female Category are: Samantha Adrias, Elyssabeth Apilado, Precious Jem Bacolod, Gillianne Isabel Bearneza, Lormaigne Hannelore Bockmühl, Idelle Lauryn Buhia, Sabine Nicole Burket, Roevamai Cabilao, Pia Angela Custodio, Michaela Cyril de Castro, Niña Moira de Castro, Maria Teresa de Chavez, Carina Isabella de Guzman, Fiona Belle de los Santos, Renee Isabela Desamero, Allegra Fatima Desamero, Nicky Kathleen Gilbert, Gianna Venice Hervas, Loraine Gaile Jarlega, Eleina Kien Jimenez, Rosanne Paz Melencio, Vera Sofia Mercao, Karlaiah Simmone Ngo, Judith Po, Alyssa Vanne Janelle Ponciano, Iliana Reyes, Ysabelle Ashley Salonga, Natalia Tordesillas and Monique Valera. The finalists of the Junior Male Category are: Jos Daniel Andes, Jos David Andes, John Carl Concepcion, Ian Gabriel de los Reyes, Alvin Dictado, Carl Daniel Doromal, Eduardson Evangelio, Emmerson Evangelio, Lance Matthew Guinid, Karl Monserate, Florante Joshue Oliva, Rafael Perez and Brian John Sevilla.

The finalists of the Senior Female Category are: Akira Lydia Abao, Ameena Athab, Jhoy Anne Maverick Chavez, Cyrille Nicole Hilario, Danielle Marie Bernadette Kleiner, Chiles Danielle Maraña, Minette Caryl Maza, Leong Sil Rose Panuelos, Pia Carmina Romo, Angelika Joie Tagupa, Ma. Alexa Andrea Torte and Nigelle Vittali.

The finalists of the Senior Male Category ares: Johnrence Albores, Mark Anthony Balucay, Jefferson Balute, Luigie Barrera, Joshua Rey Enciso, Edgardo Lacaba, Marveen Ely Lozano, Jayrald Magat, Rexter Nagaño, Carlo Padoga, Kirby Dunnzell Teraza and Ivan Czar Yson.

Cash prizes and certificates will be awarded to the first, second and third prize winners from among the dancers.

There will be separate prizes for the males and the females for both the Junior and Senior categories. The cash prize for Outstanding Choreography will be donated by Steps Scholarship Foundation for deserving Filipino artists to help promote excellence in Philippine dance and choreography.

The CCP Ballet Competition, first organized in November 2014, gathers the best dancers from ballet schools in different parts of the country.

Held every two years, the competition has two phases: the screening phase through video auditions, and the competition proper which takes place at the Cultural Center of the Philippines. Some of its past winners have moved on to participate in more prestigious competitions abroad.

For ticket inquiries, call the CCP Box Office at 832-3704.

CLOCKWISE: Scott Baio, Guillermo del Toro, Caitlyn Jenner, Rainn Wilson, Alyssa Milano and Kim Kardashian are among the celebrities who have been forced to evacuate their homes due to a fastmoving wildfire in Southern California. AP

Homeowners–famous and not– await word of wildfire’s toll

L RYU GOTO

PPO CELEBRATES 45TH ANNIVERSARY WITH CONCERT FEATURING JAPANESE VIOLINIST RYU GOTO

THE Philippine Philharmonic Orchestra (PPO) celebrates its 45th anniversary with a concert, featuring Japanese violinistconductor Ryu Goto, on November 15, 8 pm, at the historic Manila Cathedral in Intramuros, Manila City.

With his impeccable technical credentials and an impressive musical flair, Goto has established himself as a significant voice in classical music, with a large and growing following in Asia, North America and Europe. Greatly influenced by electric guitarists such as Jimi Hendrix, Ryu is known for his aggressive, fiery style of playing.

Conductor Lorin Maazek once said that Ryu “has rightfully taken his place among the top echelon of today’s young performers.” Composer Tan Dun described Ryu as someone with “a deep understanding and appreciation of music coupled with natural talent, flair and impeccable technique [making] him a singularly world-class violinist and performer.” Ryu began his profesional career at age seven when he made his debut at the Pacific Music Festival in Sapporo, Japan, playing Paganini’s “Violin Concerto No.1.” In 2011 he graduated from Harvard University with a bacherlor’s degree in Physics, and is currently studying violin with Prof.

Ana Chumachenco.

Since then, Ryu has appeared as a soloist with some of the world’s leading orchestras, including National Symphony Orchestra (DC), London Philharmonic, Münchner Philharmoniker, Wiener Symphoniker, Sydney Symphony, Philadelphia Orchestra, Orchestre National de Lyon, Orchestre Symphonique de Montréal, Frankfurt Radio Symphony, Hamburger Symphoniker and Shanghai Symphony Orchestra. For his Philippine concert, Ryu will be performing and conducting Antonio Vivaldi’s “The Four Seasons” and Antonin Dvorak’s “Symphony No. 8, Op. 88, in G Major.”

The concert is also in celebration of the 60th anniversary of Manila Cathedral.

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By Lynn Elber The Associated Press

OS ANGELES—Rich or not, famous or not, there was little reprieve on Saturday from the California wildfires sweeping through towns as different as the star-filled oceanside enclave of Malibu and the modest communities nearby and in the state’s north.

Lady Gaga, Martin Sheen and Kim Kardashian West were among the celebrities who joined thousands of others in evacuating from the affluent coastal city that is as well-known as its residents. Stars went online to share their worries, with some able to follow up with good news on Saturday.

Alyssa Milano, who on Friday tweeted that her house was “in jeopardy” but she had gotten needed help to evacuate her horses and that her children were safe, was among the lucky ones.

“My house is still standing. I’m on my way to bring firefighters water and food,” she tweeted. She previously said her heart was with others facing “this awful disaster.”

Others were left to wait.

“I am thinking so deeply for everyone who is suffering today from these abominable fires & grieving the loss of their homes or loved ones,” Lady Gaga tweeted. “I’m sitting here with many of you wondering if my home will burst into flames. All we can do is pray together & for each other. God Bless You.” There were shout-outs as well to the firefighters struggling to contain the fires in what were described as especially difficult conditions.

“These guys are heroes,” filmmaker Guillermo del Toro posted on Twitter. His so-called Bleak House, which contains his collection of items too scary to be kept in the family home, was endangered.

Shannen Doherty, who’d been out of town when the fire broke out, said online that friends staying at her Malibu house evacuated safely with her dogs.

She expressed gratitude to firefighters “putting their lives on the line for all of us” and sympathy for others affected by the fire.

Sheen (The West Wing, Apocalypse Now), interviewed by a TV station on the beach on Friday night after fleeing his home, said the fire was the worst he has ever seen. He said he expects his house was destroyed.

The interview occurred after his son, actor Charlie Sheen, tweeted that he’d been unable to contact his father, and the Los Angeles Fox affiliate KTTV tracked him down. Martin Sheen gave a shoutout to his family to let them know he and his wife, Janet, were safe and planned to sleep in their car by the beach.

The status of Martin Sheen’s home was unknown on Saturday.

Beverly Hills, 90210 star Doherty said her “heart is ripped apart” by the loss of a Malibu home where she and husband Kurt Iswarienko were married in 2011,

posting on Instagram a wedding-day photo of the smiling couple on a tree-lined path at the property apparently owned by a friend.

She had previously found refuge in the house when her father died in 2010, Doherty wrote.

“It’s the place I felt my dad with me. It’s gone.

Fire has taken it away. I’m devastated by all that’s happening,” she said.

The blaze started on Thursday night and by Friday had pushed toward Malibu and the Pacific Ocean, prompting evacuations in Malibu, Calabasas, Agoura Hills and other nearby areas. Authorities said on Saturday that two people were found dead in the fire zone and at least 150 homes burned.

Officials stressed late Saturday that high winds are expected to resume on Sunday and mandatory evacuations must remain in place.

In Northern California, the small inland town of Paradise was virtually wiped out by a fast-moving blaze that destroyed more than 6,700 buildings and claimed nine lives as of Saturday.

Rainn Wilson, who played Dwight on The Office, indicated online that he and his family were away when flames “roared down the creek bed behind our house and missed it by a dozen yards!”

“Thousands of others have lost homes and pets and precious belongings. Especially the residents of Paradise who have lost lives,” he tweeted.

Although the fatalities overshadowed any loss of property, Malibu’s fame inevitably called attention to the state of its multimillion-dollar homes, including one made famous in ABC’s reality dating series The Bachelor. The show’s producers said in a statement on Saturday that, with the area closed to traffic, they didn’t know the condition of what is primarily a private residence. They said their main concern “is with the family who has been displaced, their neighbors, and all the communities impacted by this tragic fire.”

Also left waiting was Caitlyn Jenner, whose hilltop home appeared intact when it was shot by a photographer for The Associated Press on Saturday morning. Jenner’s representative noted that the Olympic gold medalist wouldn’t know the extent of any damage to the home until she was allowed to return to it. Even outside the evacuation zone, the impact of the fire was being felt by others in the entertainment industry.

“The world is literally on fire right now. And unfortunately it’s becoming more and more common here in California,” actress Natalie Portman said on Friday night in Hollywood at an American Film Institute Fest premiere of her film Vox Lux. She said she was hoping for the best for friends and everyone else affected by the blaze. She said she’d spoken to her own two children about the fires because “they need to feel safe” and also understand that there are broad regional effects, like poor air

quality. Paramount Pictures canceled Sunday’s premiere of the film Instant Family in Los Angeles due the wildfire. The studio said it would donate food ordered for the after party to the American Red Cross, and would screen the film at an evacuation center.

Kardashian West posted video on Instagram of an area on fire with a message “Pray for Calabasas.” She said she landed back home, spent one hour packing and evacuated shortly afterward.

In addition to homes destroyed, Paramount Ranch’s “Western Town,” a landmark film location dating back to 1927 that included a jail, hotel and saloon, burned to the ground.

The TV series Westworld is among the many productions that have filmed at the ranch in the mountains west of Los Angeles. n The Associated Press Entertainment Writer Ryan Pearson contributed to this report.

VIGGO MORTENSEN APOLOGIZES FOR USING RACIAL SLUR LOS ANGELES—Actor Viggo Mortensen has apologized for using a racial slur during a panel discussion about his new film Green Book.

Mortensen, who is white, appeared on Wednesday at the event with his costar, Mahershala Ali, and director Peter Farrelly.

Mortensen told The Hollywood Reporter on Thursday he was making the point that many people casually used the slur in 1962, when the movie takes place. He says he had “no right to even imagine the hurt that is caused by hearing the word in any context.”

He says he intended to “speak strongly against racism” and is sorry he used the word.

In Green Book, Mortensen’s character is hired to drive an African-American pianist on a concert tour in the South.

The movie is due in theaters later this month. AP

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Tuesday, November 13, 2018

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Hope and despair: A conversation between Nena Saguil and Eulogio B. Rodriguez

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By MCM Santamaria

HERE are moments when two works from the distant past insist on being seen and heard. Like pieces of memory tumbling out of a forgotten baul, they announce their existence through a haunting which forces the present to recall and relive a twin narrative of great hope and despair. Such was the dramatic effect of the rediscovery of an early Nena Saguil aquarelle that commemorates the anniversary of Philippine Independence in 1947, stashed together with an equally rare, type-written manuscript by Eulogio B. Rodriguez, titled “The Liberation of Manila,” dated November 15, 1945.

Image and text could not have been better paired.

On the one hand, Saguil’s homage to the birth of the Republic of the Philippines depicts a woman, embodied Filipinas, boldly rising from the devastation wrought upon what was once the Eternal and Primate City of Manila. On the other hand, Rodriguez’s reportage on “liberation” dwelt on the unexpected and perhaps pyrrhic nature of the so touted “victorious” event. His rather poetic description of the historical event betrays ominous tones, which in his words were “...like the beam of sunshine in the midst of a surging storm.” In his narrative, libertad did not come in la forma feminina. Instead, it took the male form of the American soldier, thousands of soldiers battling furiously, on land, in sea and on air, for the liberty of a city and its people, while simultaneously laying it down to waste.

Partly echoing Eugene Delacroix’s “Liberty Leading the People,” Saguil’s Filipinas holds the Philippine flag in her right hand and a palm leaf, a symbol of peace, in her left. The palm leaf symbol transports the Filipino mind to images of Lent; Jesus of Nazareth’s triumphant entry into Jerusalem followed by his betrayal, arrest, suffering and cruel death on the cross. Like Filipinas, Filipinos were not given a choice to hold arms. America refused President Manuel L. Quezon’s urging for the formation of an armed force. As such, the Japanese advance into Manila didn’t meet such great resistance in terms of tactical and strategic preparation, as well as in terms of war equipment.

The battle of Manila was, likewise, fought mainly by Japanese and American soldiers, with the Filipinos playing the unfortunate supernumerary roles of victims, collateral or otherwise, or the passive roles of deliriously happy, half-starved milling ‘liberees,’ mixed with “equally happy GIs who gave all their rations away, guns, foxholes, shells, and death.”

Clearly, at the point of “liberation,” Filipinos were not poised to hoist flags of independence; they were too preoccupied with survival or “hoisting selves.” If they were at all predisposed at the time to raise any flags, it would be the make-shift white flags declaring “surrender” or imploring “don’t shoot.”

Having been earlier denied the right to bear arms, Filipinos like Sanguil’s Filipinas, and unlike Lady Liberty, understandably have no desire for arms. Alas, this denial of equipping Filipinas with arms to defend herself resulted in the disaster that was the “liberation of Manila.” At the price of such destruction, one wonders about the value of being saved. Most unfortunately, even this choice was not for the Filipino to make. Manila burned for its liberation. Saguil captured the great conflagration in her depiction of opalescent skies, their cheerful brightness and rainbow hues contrasting with the ever-present haze that hung low from heaven’s ceiling. The irony of terrible beauty resulting from such a horrible disaster is, likewise, rendered in vivid description in Rodriguez’s text: “Great fires gave purple hues to the horizon of Manila and tremendous explosions shook the Earth and the firmament.... The people watched in helpless horror as the fires spread east and west and finally merged into a single inferno.

The Tondo Church caught fire and burned, the whole superstructure fantastically ablaze....”

FORMAL portrait of the late National Librarian Eulogio Balan Rodriguez

WATERCOLOR painting by the artist Nena Saguil

Indeed, Saguil’s Filipinas has already suffered the insufferable. She now adamantly demands to claim the promised sovereign fruit, a prize well-deserved for her steadfast devotion to America’s manifest destiny and self-proclaimed exceptionalism in its gracious bestowal of democratic tutelage. She turns her back away from the vestiges of conflict, represented by the ruins of Manila that appropriately recedes into the faraway background. With the past put in its proper place, she hoists the flag and brandishes it toward the peace of a yet unwritten future. “Enough already,” she appears to say in exasperation. “Proclaim my republic, and let us move on with!” As she rallies her unseen followers, her swirling garments and the unfurling motion of the flag she holds high proclaim the excitement of “glorious liberty.” For Rodriguez, liberty did not come gloriously at all. It also appears not to have left him with much optimism for the future. “It took three agonizing bitter weeks before the city was completely liberated.... Such was the garish setting for the Battle of Manila, in the course of which the heart of the city would be burned out and 1,000,500 citizens would have been massacred in a bloodbath—few parallels in history as many people conglomerated in the city believing that Manila would be declared an open city.”

Historical continuities and discontinuities aside, Saguil’s hopeful portrayal of Filipinas still inspires.

Hope sometimes emerges from, to borrow Carol Hau’s phrasing, “necessary fictions.” The fiction of Filipinas rising from the ashes of war sans America implies a recasting of the historical self into an aspirational self who is not beholden to and dependent on a foreign power. The fiction of Filipinas rising from the ashes of war with seemingly great ease, hardly affected by the

great cost of liberation, exuding great confidence or, even to a certain degree, some nonchalance, allows for the development of psychological resilience. Painted in 1947 and labeled in the manner of a plate for class submission, this work may very well be a requirement for one of her Fine Arts subjects, perhaps even under the maestro, Fernando Amorsolo, who notably did not cease portraying golden sunlit afternoons even during the Japanese Occupation. Saguil’s hope is the hope of the young unfettered by the mistakes of an extended past.

But what of Rodriguez’s despair? Well, it too has its uses. Despair is damning only if dwelt upon. Indeed, the national librarian had a lot to despair about after witnessing so many great events in Philippine history. As a member of the first generation graduates of the University of the Philippines, and as a pensionado who finished his master’s degree at the University of Wisconsin, he was a member of an exclusive intellectual elite that included, among others, Teodoro M. Kalaw and Jorge Bocobo, a group of people who had the luxury of defining the character of the Filipino nation through their work in the government and scholarship. Rodriguez witnessed the drafting of the 1935 Constitution. He presided over the National Library and Archives. He attended the inauguration of the Republic of the Philippines. He knew historical greats, such as Emilio Aguinaldo, Manuel L. Quezon, Manuel Roxas, Sergio Osmena, Jose P. Laurel, Elpidio Quirino and many others.

As in the lives of many pioneers, not all goes well all the time. Like Vargas and Laurel, he stayed in Manila during the Japanese Occupation and sought to preserve intellectual life and public order during that dark period of Philippine history. His despair

is understandable in the face of happier and more productive times.

The wanton destruction of Manila, along with it all the sites and properties of cultural and historical importance, was too difficult to accept for someone who appreciated the history and culture of the Filipinos. As with many intellectuals of his generation, he was able to speak and write in Spanish.

The loss of Intramuros must have caused him great pain and may have displaced him from the certainty of what he knows as his most cherished past. But did he dwell on this great despair? Judging from the great volume of written works that he produced after the war, and judging from the many yet unpublished poems that he had written, in English as well as in Spanish, poems and essay that extoll the beauty of the Philippines and the Filipinos, one can confidently say that his heart did go on.

As Nena Saguil went on to become the most accomplished Filipino female abstract artist whose works revel in the subtly iridescent and translucent hues of moonstones, opals and fine jade, as well as the ovoid shapes of the singing celestial spheres, Eulogio B. Rodriguez has moved on and is remembered as one of the most well-respected national librarians, blessed with the great ability to deploy the written word in prose and poetry. Sadly, he did not live long, succumbing to a heart attack in 1948, a few years after the inauguration of the Philippine Republic. Had he lived longer, his achievements would undoubtedly not be as underrated. The recent recovery of his collection of rare books, documents and manuscripts, his personal archive for the Filipino nation, augurs well for scholars of history and culture. It seems that his deployment of the word, as a Filipino intellectual, is not yet over. n

US-based Filipino artist Chico Quizon holds ‘Hypervisual’ exhibit JOSE “CHICO” QUIZON, a Filipino currently residing in New York City, comes home to hold his first solo exhibit in the Philippines, from November 10 to 25, at Gallery Nine in SM Megamall. The opening reception is on November 10 at 6 pm.

Titled Hypervisual, the show features mixed media on Mylar (stretched polyester film), his pieces depicting familiar visual elements that the artist has recontextualized to engage and challenge his audience.

Quizon, now 40 years old, was born and raised in Quezon City. At the age of 10, he and his family immigrated to Alabama in 1989. During his high school years, his art teachers introduced him to Picasso, Matisse and Dali. He was granted a Freshman Art Scholarship at the University of Alabama where he spent two years of college before moving to New York City. Quizon graduated

with a Bachelor of Arts degree in Studio Art in 2004 from Hunter College-City University of New York (CUNY).

Aside from being an artist, Quizon (@chico_works on Instagram) was an independent film director whose work was featured in a New York City area film festival.

While freelancing as a graphic designer, he also found time to study and work as a Web coder and designer.

All these experiences have found their way to his artworks. Quizon’s style has evolved with the use of digital tools to compose, process and enlarge initial sketches to create unique handmade mixed media work.

Among Quizon’s influences include graphic novelists Jim Lee and Whilce Portacio, British painter Philip Rawson, American statistician and data visualization

pioneer Edward Tufte, and American-French painter Marcel Duchamp.

Since 2000, Quizon has participated in several exhibitions and his works have been showcased recently at the Greenpoint Gallery in Brooklyn, New York.

In 2013 he returned to Manila and visited the Ayala Museum where National Artist Botong Francisco’s A Nation Imagined was on display. This was Quizon’s first genuine experience of Philippine art. He found Botong Francisco’s work iconic and nationalistic. From then on, Quizon became more inspired to bring his own art to his country of birth.

With the unveiling of Hypervisual marking his introduction to the local art scene, Quizon hopes to visit the Philippines more often to further reconnect with his roots.

US-BASED Filipino artist Chico Quizon and one of his mixed media works featured in his solo exhibit Hypervisual, which runs from November 10 to 25 at Gallery Nine in SM Megamall.