Issuu

ASEAN EYES SINGLE DRAFT TEXT FOR CODE OF CONDUCT IN S.C.S. By Bernadette D. Nicolas

@BNicolasBM

INGA POR E—Southeast Asian nations are eyeing to complete the Single Draft Negotiating Text of the Code of Conduct (COC) next year in a bid to resolve the maritime dispute in the South China Sea. With the Philippines being cochair for the COC negotiations, President Duterte also vowed on Wednesday that the country will work closely for the early

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

conclusion of an “effective” and “substantive” COC. He said this during the meeting of Association of Southeast Asian Nations (Asean) with its largest trading partner. The Philippines is also the dialogue coordinator for the Asean-China Dialogue Relations until 2021. “Asean and China have seen steady progress in the initial phase of the COC negotiations since the announcement of a Single Draft COC Negotiating Text, and looked forward to the

See “Asean,” A8

BusinessMirror A broader look at today’s business

www.businessmirror.com.ph

Thursday, November 15, 2018 Vol. 14 No. 36

Corruption, red tape hurt SME growth–AIM study

By Elijah Felice E. Rosales

@alyasjah

ORRUPTION in the bureaucracy and tight competition make it doubly difficult for small enterprises to grow, according to a study by the Asian Institute of Management (AIM). In a survey, titled “Drivers of Philippine SME Competitiveness,” by the Rizalino S. Navarro Policy Center for Competitiveness at the AIM, small and medium enterprises (SMEs) pointed to corruption, tight competition, as well as low quality of products

as primary hindrances in growing their business. Out of 4, they scored tight competition 2.9, corruption 2.7 and low quality of products 2.7. The report added SMEs also have to deal with government regulations, lack of government

projects for SMEs, low quality of infrastructure necessary for trade, lack of management skills, lack of information on the industry and access to inputs and supplies. They gave all these issues 2.6. The report disclosed that the

32.7% The percentage of SME respondents who claimed they have to shell out money to give gifts or tokens to government officials for their requests and permits to be granted

primary enablers of growth are good management skills of the owners and managers (3.8), good employee skills (3.7) and good quality of product (3.6). They also find confidence in lower cost of and easier business registration and good government regulations and policies, both at 3.1. Continued on A2

OTING 14-0 on third reading, the Senate on Wednesday adopted Committee Report 440 endorsing passage of a law replacing the quantitative import restrictions on rice with tariffs. The House of Representatives had earlier passed its version. Embodied in Senate Bill 1998, the proposed law also creates the Rice Competitiveness Enhancement Fund that sponsors pushed for adoption in a bid to break up the rice cartel. The government is keen on converting the QR on rice into tariffs before the end of the year as it is seen as a way of taming inflation, which breached 6 percent in August. Socioeconomic Planning Secretary Ernesto M. Pernia said the conversion of the QR was

prioritized over the reform of the National Food Authority to fasttrack the approval of a measure that would amend Republic Act (RA) 8178. Under RA 8178, or the Agricultural Tariffication Act, only rice was not assigned a tariff because the World Trade Organization had allowed the country to enjoy the QR. Economic managers expect the removal of the import caps to reduce the retail price of rice by as much as P4 to P7 per kilogram. As such, he said this will increase the purchasing power of low-income households. Pernia noted that the lifting of the rice QR is “significant” for inflation rate because rice prices account for 10 percent of the country’s inflation rate. Butch Fernandez

PESO EXCHANGE RATES n US 53.1940

2017 EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR

P25.00 nationwide | 6 sections 40 pages | 7 DAYS A WEEK

Will Congress finally pass the law for the most numerous? Rene E. Ofreneo

LABOREM EXERCENS

ENDING in Congress are a dozen or so legislative proposals seeking to amend the 44-year-old Labor Code of the Philippines. The question raised by students of industrial relations and human resource analysts: Which of the proposed labor bills will be passed by the 17th Congress, whose term is about to end middle of next year? Most of the proposed bills are in support of the rights of workers in the formal sector. On top of the legislative heap are the “security of tenure” (SOT) bills. The bills seek to end the controversial endo system by imposing penal sanctions on the practice of “labor-only contracting” or LOC, a system where third-party “outside” agencies pretend that they are the employers even if real control over the work process and the employees lies with the “principal” partners of these agencies. Continued on A7

Duterte gives go-ahead for halting 2019 fuel tax hike

Senate approves bill lifting rice import caps

completion of the first reading of the Single Draft COC Negotiating Text by 2019,” Duterte said in an Asean-China common statement at the 21st Asean Summit. Prior to the consolidation of text into a single document, parties have their own versions in the early stages of diplomatic negotiations. During the 2002 summit, Asean and China agreed to have a code of conduct, amid tensions in the disputed waters.

PUBLIC Works Secretary Mark A. Villar stands on a stretch of the newly completed and modernized 6.94-kilometer Laguna Lake Highway (formerly C-6) in Barangay Lower Bicutan, Taguig City, where he will lead the ceremonial drive-through on Thursday. The four-lane divided highway connecting the eastern part of Metro Manila and the towns of Rizal province was opened as an alternative route to motorists for the Christmas rush. Villar said the first national expressway with bicycle lanes will ensure the safety of motorists, bikers and pedestrians, as well as protect residents from backflow of lakewater. Story in News, on page A2. PHOTO FROM DPWH

HE government is holding off the increase in fuel excise tax of P2 per liter in 2019, as President Duterte has given his go-ahead to the inflation-busting recommendation of economic managers. Budget Secretary Benjamin E. Diokno said the President may issue an executive order (EO) or a memorandum circular (MC) to authorize suspension of the scheduled hike in fuel excise tax. Diokno, Finance Secretar y Carlos G. Dominguez III, and Socioeconomic Planning Secretary Ernesto M. Pernia were informed by Executive Secretary Salvador

n JAPAN 0.4676 n UK 68.9288 n HK 6.7934 n CHINA 7.6461 n SINGAPORE 38.5743 n AUSTRALIA 38.3369 n EU 60.0401 n SAUDI ARABIA 14.1817

Continued on A8

Source: BSP (14 November 2018 )

News

BusinessMirror

A4 Thursday, November 15, 2018 A2

Xi’s Nov visit to hasten implementation of China-funded projects–DBM chief

By Rea Cu

@ReaCuBM

HE Department of Budget and Management (DBM) expressed optimism on Wednesday that the forthcoming visit of Chinese President Xi Jinping to the Philippines this month could hasten the implementation of projects funded by the Chinese official development assistance (ODA). Budget Secretary Benjamin E. Diokno said in a news conference on Wednesday that the visit of the Chinese leader to the Philippines is expected to ease the implementation of proposed projects to be undertaken with Chinese financing in the country. “The visit of the head of state of China will put pressure on the speed of the implementation of all these projects…We are very optimistic because their head of state is putting pressure on their bureaucracy to speed up the process,” Diokno said.

DND’s Government Arsenal inks deal with SoKor firm to manufacture FPEs By Rene Acosta @reneacostaBM

HE Government Arsenal, a bureau under the Department of National Defense (DND), and a South Korean company have agreed to co-manufacture force protection equipment (FPE) in the country. The joint project will be undertaken following the signing of an implementing arrangement for the coproduction agreement between Philippine Government Arsenal Director Daniel R. Casabar Jr. and Kim Jong-il, president of Samyang Comtech Co. Ltd. T he sig ning of t he imple menting arrangement followed the notching of a memorandum of understanding on Logistics and Defense Cooperation between the governments of the Republic of the Philippines and the Republic of Korea with its a mend ment a nd supplemental implementing arrangement dated August 12, 2013. The coproduction agreement was crafted on July 4, 2017, which stipulates the transfer of technology toward the local manufacture of FPE in the Philippines. The Government Arsenal said it agreed with Samyang on the terms of the implementing arrangement that were anchored on the spirit of cooperation and mutual trust between the two parties. Based on the agreement, Samyang Comtech Co. Ltd. will established FPE manufacturing and testing facilities in the complex of the Government Arsenal in Limay, Bataan. Samyang will eventually transfer to the Government Arsenal the technology needed in the production and testing of equipment, primarily armor vests and ballistic helmets. The technology, which corresponds to the quality of South Korea’s Army FPE, is needed by the Government Arsenal to develop the capability for the “incountry production” of FPE in order to support the requirement of the military and other law-enforcement agencies in line with the FPE acquisition program of the country.

The visit of Xi Jinping in the country, he added, speaks well of the bilateral relationship between the two countries, adding that the Chinese president is seen to visit this month after the 2018 Asia-Pacific Economic Cooperation meeting in Papua New Guinea. “I think this is the first time the Chinese head of state is visiting the Philippines, this speaks well about the relationship between the two countries. There will be a number of documents to be signed and I understand that he will go to Davao after

coming here...,” Diokno said. He stated that from the $9-billion funding commitment from China to the Philippines, around $3 billion has already been allocated on infrastructure projects or the government’s “Build, Build, Build” (BBB) program. “I remember the commitment was as high as $9 billion and then it’s up to the government to fill up what projects can be funded...the projects have to have an economy rate of return of at least 10 percent,” he said. Last month the Department of Finance (DOF) reported that Philippines and China discussed details on several economic cooperation agreements that are expected to be signed during the visit of President Xi Jinping to the country this month. Finance Secretary Carlos G. Dominguez III said that the discussions during the meeting focused on the status of the economic cooperation agreements on the Duterte administration’s BBB program, adding that the Philippines is expected to sign at least five agreements with China during Xi’s visit. The five agreements cover loan and guarantee accords, economic and

technical cooperation, support for the feasibility studies on the Philippines’s infrastructure projects, and promoting cooperation on key BBB projects in Mindanao. The finance chief said the agreements slated to be signed during President Xi’s visit are all “on track.” After the meeting, three bilateral documents were inked at the Marco Polo Hotel in Davao City that include: the Exchange of Letters for the Feasibility Study of the Davao River Bridge Project, which was signed by Philippine Ambassador to China Jose Santiago Sta. Romana; the renminbi (RMB) 50-million grant for the Supply of Law Enforcement-Related Materials/ Equipment to the Philippines signed also by Philippine Ambassador Sta. Romana; and the $1-million grant assistance for the victims of Typhoon Vinta in 2017, signed by Defense Undersecretary Ricardo B. Jalad. The three documents were all signed by Chinese Ambassador to the Philippines Zhao Jianhua on behalf of China. The Chinese officials at the meeting was led by visiting State Councilor and Foreign Minister Wang Yi.

Gunmen kill LU town vice mayor, wounds daughter-mayor in ambush

UNMEN killed on Wednesday a vice mayor of a town in La Union and wounded his daughter, who also happens to be the town mayor, along with five others in a morning ambush. Philippine National Police chief Director General Oscar D. Albayalde said the suspects shot dead Alfred Concepcion, vice mayor of Balaoan, La Union, during the ambush around 8:22 a.m. at Barangay Antonino. A lso killed during the ambush was Michael Ulep, Concepcion’s bodyguard. Concepcion, his daughter, Aleli Concepcion, who is the mayor of Balaoan, and their party were on

their way to the Balaoan municipal hall, when they were waylaid by suspects along the BalaoanLuna Road. Concepcion and his party were onboard two vehicles, a Toyota Innova with plate number AOG-966 and a Hyundai Starex van with plate number SHZ-467. Both the father and daughter are running for reelection in next year’s midterm polls. The gunmen, who were armed with automatic rifles, also wounded the mayor and five others. “I have been informed that a province-wide dragnet operation is underway, while an all-points bulle-

tin has been raised to all municipal police stations to possibly intercept the suspects,” said Albayalde. “Additional security has been provided to Balaoan Mayor Aleli Concepcion, who survived the ambush and is now undergoing treatment at Lorma hospital,” he added. A report from Senior Supt. Ricardo Layug, provincial police director of La Union, said the suspects were onboard a Toyota Rav 4. Albayalde said the Provincial Mobile Force Co. and SWAT of La Union are leading massive dragnet operations in the towns of Bangar, Sudipen, Bacnotan, Santol and San Juan, all in La Union. Rene Acosta

DPWH opens modernized Laguna Lake Highway ahead of schedule By Lorenz S. Marasigan @lorenzmarasigan

HEAD of its 2019 target, the public works department is set to open today, Thursday, the modernized segment of the Laguna Lake Highway—formerly known as the C-6 road—that will help connect the eastern portions of Metro Manila to certain towns in Rizal. Public Works Secretary Mark A. Villar said the P1.28billion 6.94-kilometer, four-

lane road in Taguig has been opened to provide alternative road for Edsa and C-5, and will help curb the projected traffic congestion in December due to the Christmas rush. “We are happy to announce that this toll-free road will be able to cut travel time from Bicutan to Taytay and vice versa from an hour to just 30 minutes or less,” he said. He added that the road will also sport bicycle lanes, making the Laguna Lake Highway the first national road with dedicated lanes for bikes.

“The improved highway will ensure safety of motorists, bikers, pedestrians, as well as protection of residents from backflow of lakewater,” Villar said. He added that with its 2-meter wide planting strips, 3-meter-wide protected bike lane, 1.5-meter wide sidewalk, complete with street lights and safety signages components, the Laguna Lake Highway “will provide a faster, safer and more pleasant travel experience not just to motorists but also to bikers and pedestrians.”

Corruption, red tape hurt SME growth–AIM study continued from a1 In terms of government regulation, SMEs find tax regulations (2.8) and the procedure in applying for a business permit (2.7) hindrances for growth, as well as regulations for exports and imports (2.6). “Results show that the top government regulation perceived as obstacle is tax regulation,” the report read. “The other top perceived obstacles are ‘steps or procedures in applying for a business permit’ and ‘government regulations for exports and imports,’” it added. The report noted the differences in how small and medium firms perceive the degree by which regulations obstruct their operations. Tax regulation is a bigger

headache for small enterprises, while medium businesses are more concerned in the process for securing a business permit. Corruption, too, is a troubling issue for SMEs, the report said. Among the 480 respondents that took part in the survey, 32.7 percent claimed they have to shell out money to give gifts or tokens to government officials for their requests and permits to be granted. They have to spend 0.002 percent to up to 54 percent of their total annual expenses for informal payments, according to the report. Out of 131 SMEs that spent on informal payments, 110 of them are small businesses. “Corruption and government

inefficiencies flourish because of weak checks and balances. Therefore, corruption, as well as poor infrastructure and complicated exporting procedures, can be addressed by strengthening government institutions, especially in areas with low business activity or poor business growth,” the report recommended. “Strong institutions influence behavior of firms and entrepreneurs to spend more productively on SME growth and development, instead of spending on informal payments and market inefficiencies. Overall, it is incumbent upon the government to provide the level playing field for SMEs to compete,” it added.

www.businessmirror.com.ph

Greenpeace: Not the first time SoKor dumped trash in PHL By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

AVAO CITY—The recent shipment of plastics and other waste materials to Cagayan de Oro was not the first time South Korea dumped its garbage to the Philippines, the environmental group Greenpeace said on Wednesday. Since last year, the dumping of waste from Seoul has doubled, said Greenpeace Philippines campaigner Abigail Aguilar. In 2017 Sout h K orea “e xpor ted ” 4 , 397 ton s of pl a s tic waste to Philippines. This year, from Januar y to September, South Korea has already shipped 11,588 tons of plastic waste to the countr y, “which is more than double compared to the previous year,” Aguilar said in a news statement the group sent via e-mail to reporters. The Bureau of Customs (BOC) in Cagayan de Oro City said the agency would compel the shipper to recall the garbage stowed in container vans and that the consignee may likely face criminal charges over the shipment. Customs said some of the garbage was loaded to some 51 container vans, which, the Greenpeace said, were “misdeclared” as plastic wastes in July this year. “Wrongfully declared as plastic synthetic f lakes, the shipment was discovered to be tons of mixed waste, including plastic and other materials,” the Greenpeace said, citing news reports from various sources. It said the shipment of about 5,100 metric tons “of plastic and other waste materials are still being impounded at the Mindanao International Container Terminal pending an explanation from the consignee, Verde Soko Phil. Industrial Corp.” “This is reminiscent of the Canad a waste-dumping case, which happened five years ago, and we say that we have enough. No amount of profit will justify the amount of garbage we receive from rich countries, be it from Canada or South Korea,” the Greenpeace said. Aguilar said the Philippines itself “ is already reeling from the amount of plastic waste it was generating, [yet] it is dis-

tressing that other countries are still looking at us to dispose of their wastes.” She said the organization lauded the BOC for the discovery and disclosure. “We call the Philippine government to prove that we are not a dumping site by pushing for the return of these waste-filled shipments and filing of cases to those who are behind these misdeclared cargo,” she said. Aguilar blamed the world’s “addiction” to single-use plastic and “our penchant for overconsumption [that] led developed countries to treat developing nations as dumping grounds.” “Yet, when it comes to naming and shaming of countries that pollute the ocean, the world looks at us. This is a travesty of justice and, together with a whole nation, we express indignation on this case,” she said “We are telling South Korea to address this with urgency and haste by taking back their wastes and by putting a stop to all waste exports emanating from their country,” Aguilar said, apparently concerned with the previous promise of Canada to resolve its own waste dumping to the Philippines but which remained unacted to this day. Aguilar said the world needed to be reminded that the Philippines and other developing countries “are not dumping grounds” for their unwanted garbage. “ R e c yc l i ng , whet her done in-countr y or through waste exports, has become an ugly excuse to keep wastes out of their citizen’s eyes and minds. Indeed, revelations such as this remind us that recycling doesn’t work, and reduction is the key that will get the world out of this plastic mess,” she said. The Department of Environment and Natura l Resources (DENR), for its part, has committed to act with dispatch in handling the South Korean garbagedumping issue. “We will not let this issue to drag on,” DENR Undersecretary for Solid Waste Management and LGU Concerns Benny D. Antiporda said in a statement. A nt ipord a sa id Env ironment Secret a r y Roy A . C imat u wanted the matter “resolved as soon as possible.” With Jonathan L. Mayuga

Comelec eyes separate raps against poll ‘manipulator’ By Samuel P. Medenilla @sam_medenilla

HE Commission on Elections (Comelec) is considering the filing of a separate criminal case against a woman who claimed she could manipulate the results of the automated elections system (AES) in the 2019 midterm polls. In a news statement, Comelec Spokesman James B. Jimenez also lauded the arrest by the National Bureau of Investigation (NBI) of selfconfessed poll cheater Nicole Mercado Namuag on Tuesday. The NBI said Namuag could be held liable for estafa, usurpation of authority and falsification of public documents for claiming she could ensure a win for candidates in exchange for P20 million. “We are glad that criminals like these are being exposed and are being apprehended, and we are not ruling out the possibility of, in the proper cases, pursuing such legal remedies as are available to the Comelec,” Jimenez said. He said people like Namuag should be held accountable for casting doubt on the AES.

The poll official maintained that the AES—organized by the Comelec in 2010, 2013 and 2016—remains credible despite allegations from several groups there were irregularities in the conduct of the said electoral activities. “So far, it has been very accurate in counting the votes, and there remains no evidence of anyone being able to use any component of the AES—from the precinct-based Vote Counting Machines to the Consolidated Canvassing System—to cheat in favor of any candidate or group of candidates,” Jimenez said. He said the May 2019 polls will be no different as they continue to maintain the necessary safeguards. “We would like to reassure all candidates that the AES is fair and secure, and will count the votes correctly. The will of the people shall prevail,”” Jimenez said. The Comelec official also called on the public to report to authorities other unscrupulous individuals like Namuag, who are making “such illegal and useless” offers of vote manipulation.

TheBroa

Business

Thursday, November 15, 2018

Berthing, logistics issues hobble a

By Rea Cu

ReaCuBM

HANGING a light bulb requires three engineers: One to hold the ladder, one to hold the light bulb and the third to interpret the Japanese text. Now, how many Bureau of Customs (BOC) employees would it take to implement Administrative Order (AO) 13? Such is no joke for the BOC, especially as it was tasked under Section 4 of AO 13 to “prioritize the unloading and release of agricultural products imported” in the country. “Remember that the agencies that were given instructions by the President [Rodrigo Duterte] are the regulatory agencies; the design of the BOC is that it is an enforcement agency,” Port of Manila District Collector Erastus Sandino B. Austria told the BusinessMirror. “We don’t regulate, we merely enforce the regulations of these other agencies. Now, they are being directed to remove other barriers. But the tariff barriers, which is ours, will stay.” Issued by Duterte last September, AO 13 believes “removing nontariff barriers [NTBs] and streamlining administrative procedures on the importation of agricultural products” would tame spikes in prices that ultimately impact on inflation. The removal of nontariff barriers is seen to help address any shortfall in supply within the local market. NTBs, interchangeably used with NTMs (nontariff measures), “may include any policy measures other than tariffs that can impact trade flows,” according to a paper by the World Trade Organization (WTO). The first category of NTMs are those imposed on imports, including import quotas, import prohibitions, import licensing and customs procedures and administration fees.

Berth space

AUSTRIA said that, as an enforcement agency, the BOC is merely tasked to prioritize the release of vessels containing agricultural products that are docking at the country’s ports nationwide. He said the country’s ports can only accommodate a certain number of vessels containing various goods, with berth spaces in the ports being very limited. “We have a fixed berth space— that’s what you call it for the vessels. It depends on the size of the vessel. For example, the berths in the South Harbor can accommodate four small or two large vessels. That said, there is a limit in the berth space,” he added. Berth spaces fall under the control of port operators, which would be private entities. Private operators are being regulated by the Philippine Ports Authority. The tariff rates imposed on vessels also come from the PPA since they are the regulatory entity. “The port operators are private entities accredited by the PPA, which is ultimately managed under their supervision, and not the BOC,” Austria explained. “We only supervise them as far as their operations relate to import and export, but everything else is regulated by the PPA.” If the PPA controls the berth spaces, the BOC, in turn, controls the berthing of the containers or vessels entering the country’s ports, according to Austria. “Essentially, in coordination with the port operator, we manage the berthing of vessels and implementing all the customs formalities when the vessels arrive,” he

added. “What the AO says is that when the vessel carries onboard agricultural products, the container will automatically be first in the berth window.”

Congestion fears

AUSTRIA said some businessmen have expressed concern on prioritizing the berthing of agricultural shipments under AO 13. He echoed businessmen’s request that queueing should be followed, as they were experiencing delays in the release of their containers. “With regard to port congestion, the DTI [Department of Trade and Industry] secretary was here to conduct ocular inspections, to meet with the customs commissioner and to look into the matter of port congestion,” he said. “There are some complaints about it from various sectors and stakeholders of the BOC [who] are also stakeholders of the DTI.” Based on available data from the BOC, the bureau reported an average yard utilization of 85 percent from January to September this year, with the import dwell time of vessels at the ports averaging seven days and berth occupancy rate averaging 56 percent. Vessel traffic reported to the BOC through the ports averaged at 94 calls for the same period. A Japan International Cooperation Agency report defines yard utilization as the ratio of number of storage slots (number of containers on hand) to the number of available slots (terminal capacity). Austria explained that under international standards, a 70-percent to 80-percent yard utilization rate reported by port operators is still within manageable levels and does not fall under port congestion yet, as well as an import dwell of 10 days or lower. “Anything going beyond that [80 percent], then that’s going to be the initial stages that you are heading to port congestion. But that is not the only indicator. The other indicator is dwell time, specifically import dwell time. In simplest terms, what that means is the number of days the containers stay in the yard before it’s released,” he said.

Different actors

AUSTRIA said it must also be noted there are different actors in the logistics chain. The BOC is not the sole entity responsible for the transfer of goods from the ports to the market. “When people talk about ports, boats and trucks, they immediately say it’s customs; but there are a lot of actors that are in between,” he said. “And the idea behind this AO is to make sure everybody does their part. If you are the importer when your vessel arrives, it will still depend on your resources.” Austria cited as example: “If you only have two trucks, it may take you until December to finish discharging your shipment.” He further explained that the reason for the high yard utilization at the ports was because of the empty containers being parked at the yards. Under the law, shipping lines are given a 90day dwell time for containers entering the country. “Shipping lines want their

THE Manila International Container Terminal at the Port of Manila. Logistics stakeholders have proposed measures to ease the high utilization rate experienced at Manila ports and congestion at empty container yards. One of these is transferring empty containers to Batangas City and Subic Bay. ALEXEY KORNYLYEV | DREAMSTIME.COM

mine the 90-day overstaying period. Because per policy written by [Customs] Commissioner [John P.] Sevilla during his term, the reckoning period is the issuance of the EIR and it’s the shipping company that issues that,” he said.

Decongesting ports

CARGO trucks on Roxas Boulevard, Manila. The Confederation of Truckers Association of the Philippines pointed out that turnaround time for trucks going into ports has been slow, citing the long queue at the Manila North Harbor that was experienced by truckers in October. NONIE REYES

containers [to] stay at the yard and they get [these] whenever they want to. If we let it stay that way, the empty containers will fill the yard and then there will be no more room for the import-laden that carries the load. So the workflow will be disrupted inside, which, in turn, will cause long queueing outside.” Austria floated the idea that shipping lines should be regulated either through a new government agency or by expanding the mandate of the Maritime Industry Authority (Marina), “since they are not currently regulated.” The shipping lines can be instructed to maintain their own yards since it is heavily connected to their business operations, according Austria, who is also the BOC’s spokesman. “Actually, the BOC can regulate to a certain extent. But what we are saying is that there has to be a dedicated government agency [for this]. Or Marina’s mandate should be expanded so that the shipping lines, which are not regulated, by the way, can be put under government regulation. So their business practices can be controlled and regulated by the government.” Austria added that Asian Terminals Inc. (ATI) will be investing P8 billion for the rehabilitation and expansion of the Port of Manila South Harbor. And that the PPA

and the Department of Transportation are the main agencies that can make plans for rehabilitation or increasing the number of ports come into fruition. “A high yard utilization is reported in the North Harbor right now because they are expanding. They have new key trains and berths. This is exactly one of the things that the government should flag as a priority project [the expansion of the ports],” he said.

Policy changes

THE BOC has already asked the Department of Finance (DOF) to approve its draft guidelines changing the reckoning period for containers staying in the country, in line with freeing up more space in container yards to hasten the logistics of imported goods. Austria told the BusinessMirror the BOC has submitted a draft guideline changing the process on the reckoning period for containers staying in the country, which will take the form of a customs administrative order (CAO) once approved. “My suggestion, and it’s with the DOF already, is not to use the issuance of the EIR [equipment interchange receipt] for the start of the 90-day staying period but rather when the container was

shipped out from its point of origin so that the importers and shipping lines will have only 90 days to bring the container here and evacuate, as well.” Austria explained that when the BOC conducted its assessment of the yards available for containers, it pointed out that it was a practice by port operators to allow empty containers to park at the yards. This practice needs to be stopped since empty containers will overflow at the yards, making no room for import-laden ones and will disrupt logistics workflow, according to Austria. “A container belongs to the shipping line and, under the law, they are given 90 days for it to get here, harvest its contents and for it to be returned back to the country of origin whether for export or just an empty container. Otherwise, the container will be considered as an imported commodity and duties and taxes should be paid,” he added. Under CAO 01-2015, which was issued in 2015, the BOC shortened the dwell time period allowed for containers to 90 days from 150 days without paying duties and taxes. “The problem with that is in the reckoning period to deter-

LOGISTICS stakeholders have proposed measures to the BOC against port congestion. One of these is transferring empty containers to Batangas City and Subic Bay. The move is expected to ease the high utilization rate experienced at Manila ports and congestion at empty container yards. During the Export Development Council-Networking Committee on Transport and Logistics (EDC-NCTL) meeting last October, the agency’s chairman, Enrico L. Basilio, reported other recommendations. These include increasing capacity of empty container depots, shipping lines sending sweeper vessels dedicated to moving out empty containers, domestic terminal North Port being allowed to temporarily handle international cargoes and shippers utilizing weekends and Mondays and increasing their double transactions. The Confederation of Truckers Association of the Philippines (CTAP) also earlier pointed out that turnaround time for trucks going into ports has been slow, citing the long queue at the Manila North Harbor that was experienced by truckers in October. The CTAP said some truckers refused requests to pull out laden containers from the Port of Manila since their trucks were still carrying empty containers. The truckers also cited the difficulty in returning empty containers. The Container Depot Alliance of the Philippines (CDAP) also pointed out that utilization of offdock depots in Metro Manila was already at 90-percent capacity, with the average dwell time being recorded at 30 days from the previous 15 days for empty containers. The CDAP explained that the high utilization of off-dock depots in Metro Manila was because of an imbalance in import and export shipments in the country. As the Duterte administration banks on AO 13 as one of its tools to fight inflation, a couple of issues need to be addressed to untangle the Gordian knot of a transit of goods.

aderLook

sMirror

Editor: Dennis D. Estopace | Thursday, November 15, 2018

application of policy lifting NTBs

A6 Thursday, November 15, 2018 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Let’s get ready for the fast lane

HE Internet is an American innovation that forever changed the way we communicate and do business. It was responsible for much of the wealth generated by the global online revolution. Unfortunately for us, we can only watch from the sidelines as others build their cyberspace empires because we are hindered by slow Internet speed. Thanks to President Duterte, the impending entry of a third telco player will give us a chance to improve our reputation as a nation with bad Internet connection. More than 100 million Filipinos can’t wait for a third option from which to obtain Internet and telecommunications services. Duterte’s move to bring in the third party is seen breaking Globe and Smart’s duopoly, and will give relief to long-suffering telco customers who have been complaining of slow service, expensive charges and hidden fees. A third telco will certainly improve competition and help bring about improvements in the country’s telecommunication services. The November 7 bidding for the third telco player is a milestone event under the Duterte administration. It was done in less than a year after the President ordered on December 19, 2017, the National Telecommunications Commission and the Department of Information and Communications Technology to tap a new telco player. Immediately, the NTC and the DICT held various consultations and public hearings with industry stakeholders, as well as local and foreign telecommunications experts to craft the terms of reference for the bidding. In April Duterte issued Administrative Order 11 to create the Oversight Committee composed of the DICT secretary as chairman, the finance secretary as vice chairman and the Executive secretary and the National Security Adviser as members. In the consultations and public hearings that followed, all interested parties were made aware of the requirements for bidders and the TOR. Invitation to bid was announced on October 7, 2018, and the next day, selection documents were made available for purchase. Every step of the way, the bidders knew what they’re getting into—requirements and all. The DICT and NTC did a good job making the selection process and the bidding transparent and aboveboard. On bidding day, three groups submitted their bids out of the 10 entities that purchased the selection documents. Unfortunately, only one emerged as a qualified bidder and later on declared as third provisional telco player—Mislatel Consortium, a joint initiative between Davao City-based Udenna Corp. with its subsidiary Chelsea Logistics Holdings Corp. and China Telecom. From the very start, the selection process was open to the public. It was streamed live on Facebook, and attended by observers from the Commission on Audit, Department of Justice and the Philippine Competition Commission. Still, the two disqualified bidders submitted motions for reconsideration with the NTC selection committee. On Tuesday the NTC panel denied a motion for reconsideration filed by the Philippine Telegraph and Telephone Corp. on its disqualification from bidding to be the country’s third telco company. Likewise, the panel also junked Sear Telecomunications Consortium’s appeal seeking to declare Mislatel Consortium—the lone bidder found qualified—guilty of misrepresentation of facts and concealing material evidence in the bidding. With the entry of a third telco almost certain, it’s now in the hands of the DICT and NTC to put the chosen player to task. It should be made to account for all the promises it made. Mislatel has committed to provide Internet speeds of 27 Mbps on the first year, which would rise to 55 Mbps on the second year until the fifth year of its operations. This is much better than what is currently available. What happens if and when the third telco can’t deliver on its commitments? Acting DICT Secretary Eliseo M. Rio Jr. said Mislatel will have to commit to its promises. Failure to do so would mean a cut from its performance security ranging from P14 billion to P24 billion. NTC chief Gamaliel Cordoba said Mislatel, which committed to spend a total of P257 billion in five years, is required to follow a strict set of rules over a five-year period: “On its very first year, the consortium should be able to service 15 percent of the population—that is, 25 percent of cities, as well as 10 percent of first- and second-class municipalities and 5 percent of third- and fourth-class municipalities.” It seems all is set for the awarding of frequencies, permits and licenses for the third telco to operate and roll out its infrastructure and services. This early, industries and consumers must prepare for the myriad benefits a fast-speed Internet connection can offer. The service can only get better when the duopoly will respond to the challenge and match (or exceed) anything that the third telco offers. This is expected, as they have to protect their market shares. All of these will ultimately redound to the benefit of Filipino consumers.

Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor Senior Editors

T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug

Ruben M. Cruz Jr. Angel R. Calso

Creative Director Chief Photographer

Eduardo A. Davad Nonilon G. Reyes Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Adebelo D. Gasmin Marvin Nisperos Estigoy Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

www.businessmirror.com.ph

Printed by BROWN MADONNA Press, Inc.–San Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF

John Mangun

OUTSIDE THE BOX

OST stock market investors are aware of the “Stock Market Sentiment Cycle.” It is usually displayed as a picture of the “market” going up, peaking and going down, and then bottoming out and going higher again. There are supposedly 14 stages of emotions through the price trip.

The first stage is “Optimism,” which is like the roller-coaster starting to move forward and you are fairly positive that stock prices are going up. This is followed by “Excitement” and anticipation as the carnival ride starts to slowly go up the elevated track. Excitement leads to “Thrill” as prices are high enough that we are beginning to firmly believe that everything will work out favorably just as we expected. Then soon the stock price hits a fabulous high and we are in “Euphoria” knowing that everything we touch turns into gold. But suddenly—just like on the roller-coaster ride—things get a little confusing. What was fun a moment

ago turns to “Anxiety” as the coaster —and the stock price—starts going down. But we know that the “downtrend” will not last for long. At the top of the roller-coaster, the view was fantastic but now we can see an unending stretch of track in front of us that looks like it might end in a fiery crash on the ground. But our “Denial” assures us that the downtrend is only temporary. Unfortunately, though, only the rollercoaster is designed with a “temporary downtrend.” Further, your investment in a ticket for a carnival ride comes with a promise that you will return safe to where you started. Your investment in the stock market does not come with that guarantee.

The “Market Sentiment Cycle” is unavoidable, inflexible and eternal. But the moment you start to feel the negative emotions—the worst being “Euphoria”— sell everything and run away as fast as you can.

“Fear” starts to kick in and you become confused as you get a glimmer of realization that you might not have been as smart as you thought. But selling out with a tiny profit or loss is out of the question, as that would confirm that you are not a “stock market expert.” With profits wiped out and loses threatening, “Desperation” comes and you know it is time to “do something” like averaging the price down. “Panic” seems a reasonable response now that you own more shares and have higher losses. At the “Capitulation” stage you are psychologically broken, babbling almost incoherently and selling at whatever price you can get, not even thinking about “the money.” “Just get me off this ride.” The “Despondency” stage is like waking up with a throbbing

hangover and then finding out you not only lost your wallet, but somehow your car has huge dent in the door. Prayers are sent to heaven with promises never to do that again. We next spend time in “Depression.” Soon, though, we start looking at the stock market again—as prices start inching higher—and think with “Hope” that we can do this again and do it right. We buy a little as prices are increasingly higher and then with “Relief” see that the stock market is not dead after all. We regain our faith in our ability to invest. The cycle starts all over again. Let me share my dark secret only with you: I hate roller-coasters. Scuba diving in a cave, parasailing in the middle of the ocean and diving off a cliff are all good. But I despise being completely out of control on a roller-coaster. The “Market Sentiment Cycle” is unavoidable, inflexible and eternal. But the moment you start to feel the negative emotions—the worst being “Euphoria”—sell everything and run away as fast as you can. 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.

141 countries lost $160 trillion in wealth due to income gaps between men and women

Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Efleda P. Campos Dennis D. Estopace

Online Editor Social Media Editor

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

Stock Market 016: The Sentiment Cycle

Cecilio T. Arillo

DATABASE

OUNTRIES around the globe are losing $160 trillion in wealth because of differences in lifetime earnings between women and men. This amounts to an average of $23,620 for each person in the 141 countries, the World Bank Group (WBG) said in its new study shared to Database. “The world is essentially leaving $160 trillion on the table when we neglect inequality in earnings over the lifetime between men and women,” said World Bank CEO Kristalina Georgieva. “This is a stark reminder that world leaders need to act now and act decisively to invest in policies that promote more and better jobs for women and equal pay at work,” she added. The WBG study, “Unrealized Potential: The High Cost of Gender

Inequality in Earnings,” examined the economic cost of gender inequality in lost human capital. It came before the recent meeting of the G7, headed by Canada, which committed to ensure gender equality and women’s empowerment integrated across all G7 themes, activities and initiatives. The study said: “In nearly every country today, women face barriers to fully participate in the work force and earn as much as men. Because of this, women account for only 38

“If gender equality in earnings were achieved, countries could increase their human capital wealth, and thereby their total wealth substantially. This would enable them to strengthen the sustainability of their development path. Gender inequality has major economic implications for women, communities and countries in a range of areas.”

percent of their country’s human capital wealth, defined as the value of the future earnings of their adult citizens—versus 62 percent for men. In low income and lower-middle income countries, women account for just a third or less of human capital wealth.” Programs and policies that make it easier for women to get to work, access basic infrastructure and financial services, and control land could help achieve gender equality in earnings, the study pointed out. “Human capital wealth accounts for two-thirds of the global changing wealth of nations, well ahead

of natural and other forms of capital,” said Quentin Wodon, WBG lead economist and author of the study. “Because women earn less than men, human capital wealth worldwide is about 20 percent lower than it could be,” he added. According to the study, losses in wealth from inequality in earnings between men and women vary by regions. The largest losses, each between $40 trillion and $50 trillion, are observed in East Asia, the Pacific, North America, Europe and Central Asia. This is because these regions account for most of the world’s human capital wealth. Losses in other regions are also substantial. In South Asia, losses from gender inequality are estimated at $9.1 trillion, while they are estimated at $6.7 trillion in Latin America and the Caribbean and $3.1 trillion in the Middle East and North Africa. In Sub-Saharan Africa, the losses are estimated at $2.5 trillion. While losses in low-income countries are smaller in absolute terms than in See “Arillo,” A7

Opinion BusinessMirror

www.businessmirror.com.ph

Courts will rule for CNN but Trump has already won Noah Feldman

BLOOMBERG

NN is going to win the First Amendment lawsuit it filed on Tuesday against President Donald J. Trump’s White House for taking away reporter Jim Acosta’s press pass. And the sad truth is that Trump won’t mind at all. As the president has shown repeatedly, he doesn’t especially care if, after he violates the Constitution, the courts reverse his action. Instead of understanding judicial repudiation as a defeat, Trump sees the whole episode as a victory. Worse still, taken in this political context, he’s right. The Constitution is working. But Trump has found a way to subvert it anyhow. Last week the White House revoked the pass that allowed Acosta, CNN’s chief White House correspondent, to work in and around the building unescorted. Press Secretary Sarah Huckabee Sanders announced that the administration had done so because Acosta had placed his hands on an aide when she tried to take a microphone from him during a news conference. Acosta and the president had been clashing over a question about immigration and the midterm campaign. The law governing the Acosta case, filed in Federal District Court on behalf of the reporter and the network, is relatively straightforward. The president doesn’t have any constitutional obligation to open the White House to the press. He can choose which reporters he would like to meet with privately, and he can prefer certain networks, like Fox News, for his own appearances or for exclusive interviews. Once the White House has opened itself up to all accredited reporters with press passes, however, the government has created what is in effect a forum for free speech in interaction with the president. It’s black letter law that, in such a “limited-purpose public forum,” the government isn’t allowed to discriminate based on a speaker’s viewpoint. That’s exactly what’s happened to Acosta. Trump made clear during the news conference that he doesn’t like the reporter, calling him a “rude, terrible person” and “the enemy of the people.” Trump doesn’t like Acosta’s viewpoint, so Acosta was banned from using White House press facilities. There’s a judicial precedent on this point. In a 1977 case, Sherrill v. Knight, the US Court of Appeals for the D.C. Circuit, whose jurisdiction includes the White House, held that the First Amendment applies to reporters seeking press passes. And it specifically concluded that the White House couldn’t deny a press pass to a reporter without explaining what the criterion was and telling him how he violated that criterion. At the time, the doctrine of the limited public forum wasn’t fully in place. But the D.C. Circuit opinion effectively foreshadowed the same idea. The court said it was “presented with a situation where the White House has voluntarily decided to establish press facilities for correspondents who need to report therefrom. These press facilities are perceived as being open to all bona fide Washington-based journalists.” The court explained: “White House press facilities having been made publicly available as a source of information for newsmen, the protection afforded newsgathering under the First Amendment guarantee of freedom of the press requires that this access not be denied arbitrarily or for less than compelling reasons.” That’s a pretty clear statement of the law. It applies even though the issue never went to the Supreme

Press freedom can be undercut by putting obstacles in the way of basic reporting. That’s what Trump has done with Acosta: interfered with his capacity to report. In our judicial system, such interference can’t really be punished in an effective way when it’s perpetrated by the government. All courts can do is tell the government that its actions are unlawful, and order the government to act differently. Court—because D.C. Circuit precedent is the law in the District of Columbia. Trump has essentially no credible answer to CNN’s legal claim. About the most White House could do would be to say that Acosta represents a security threat. The problem with this argument isn’t only that, as the video of the encounter clearly shows, Acosta did nothing but hold on to the microphone when the White House intern tried to take away. It’s that Trump himself, in his own words, told Acosta that he was a terrible person—and later warned that other reporters could be excluded next. An ordinary president, or really any ordinary litigant, wouldn’t be so quick to sink his case with his own words. But Trump doesn’t mind losing in court. His travel ban was repeatedly struck down before the US Supreme Court upheld the watereddown third version. Trump’s plan to pull funding from sanctuary cities was blocked by the courts. As far as it is possible to tell, he minded not at all. That’s because Trump wanted to send a message. In the case of CNN and the rest of the press, the message is that they should be nicer to him. He also wanted to send a message to his supporters that he is tough on the news media, whom he condemns as “enemies of the people.” Trump has now sent those messages. Headlines down the road that explain his defeat in court and the reinstatement of Acosta will cost him less than he has gained by the messages sent now. The resulting strange situation is that, while the courts are doing their job of protecting the Constitution and blocking the president from violating it, Trump is nevertheless managing to chip away at the freedom of the press—and the rule of law more generally. Press freedom can be undercut by putting obstacles in the way of basic reporting. That’s what Trump has done with Acosta: interfered with his capacity to report. In our judicial system, such interference can’t really be punished in an effective way when it’s perpetrated by the government. All courts can do is tell the government that its actions are unlawful, and order the government to act differently. It’s extremely unlikely that a court would impose any damages on the White House or Trump personally, even for willful, knowing violation of the Constitution. This is a problem for the rule of law because Trump is telling the world he’s happy to violate the First Amendment and then have the courts tell him he can’t. At his inauguration, he swore to faithfully execute the laws and uphold the Constitution. He isn’t.

The Day of the Lord Msgr. Sabino A. Vengco Jr.

ALÁLAONG BAGÁ

S our liturgical calendar draws close to its end, we think of the end-time toward which salvation history is directed. The apocalyptic Gospel reading (Mark 13:24-32) provides us with the proper perspective regarding the final intervention of God in human history, His coming at the end of time on “the Day of the Lord.”

The splendor of the Son of Man THE classical apocalyptic language of the sun being darkened and stars falling from the sky should not be interpreted as details of cosmic upheavals as in a catastrophe or disaster film. When the sun, moon and stars no longer illumine the Earth as references marking fixed time, it means simply that the order of things we are familiar with is no longer operative. Something else radically different is in place. The emphasis is on the coming of the Son of Man (Daniel 7:13-14), the title Jesus applied to Himself,

before whose splendor all our sources of light on Earth would pale. The image of a glorious king coming on the clouds of heaven connects with the good news Jesus preached about the Kingdom of God. The Parousia, Jesus Christ’s return at the end “with great power and glory” means the fulfillment of God’s reign. Rather than terrifying, the allusions are to the much-awaited Day of the Lord, that we joyfully look forward to with the certainty of faith. There may be tribulation and disturbances preceding, but it will not be chaos. A new world, a new creation, will be the

Thursday, November 15, 2018 A7

setting for the splendor of the Son of Man when he comes. No wonder from the beginning the cry of Christians is Maranatha!—“Come, Lord!”

To gather the elect

THE glorious coming of the Son of Man is in order to gather His elect from all the Earth. This good news, this fulfillment of “the gospel of Jesus Christ,” is supposed to encourage and strengthen the faith of the Christians who may at any time be undergoing terrible trials and hardships. There are always enough reasons in the world to feel pessimistic and terrified. But the message to the faithful is: Do not lose heart, do not panic, do not forget that the Lord is coming to inaugurate a new world, a new order of things and to gather all his elect around Him. People are understandably curious as to when all this will happen, oftentimes vainly so. It is a secret nobody except the Father knows. So, anyone who says he knows is a pretender. This should not mean we are to be nonchalant or complacent. On the contrary, Jesus with His little parable about the fig tree tells us in effect that the coming is somehow always near, inasmuch as there are

always signs of the urgent need of the world for the Son of Man, the tender sprouting leaves that tell us of the approaching summer, or the labor pains that presage imminent birth (Mark 13:8). And so, if the Son of Man is “at the gates” already, we do well to be on the alert and awake. We are to be looking out for the Lord we dearly long for. Alálaong bagá, faith includes the attitude of watchfulness that enables us to read the signs of the times and to discern in our personal lives and in the life of the Church, as the katipunan of the elect, the presence and the comings of the Lord. This takes place with special intensity every Sunday as the weekly Day of the Lord, when in the celebration of the Eucharist we are already and actually gathered around our Lord Jesus Christ in participation of that fullness in communion with the Triune God. For this, Jesus comes to us each time in His word and sacrament, in His assembly and in His ordained minister. Join me in meditating on the Word of God every Sunday, from 5 to 6 a.m. on DWIZ 882, or by audio streaming on www.dwiz882.com.

Will Congress finally pass the law for the most numerous?

One labor legislation that has already been ratified by Congress is awaiting the President’s signature. This is the Expanded Maternity Leave that is vehemently opposed by the Employers Confederation of the Philippines. The proposed law, associated with Senatoriable Pia Cayetano, grants a uniform 105-day leave for employees giving birth either the natural way (the existing leave allowance provides for 60 days) or ceasarian operation (existing 78 days). Ecop argues that such a law, which exceeds the international standard of 98 days, will encourage hiring discrimination against women. Now most of the above legislative proposals deal with the rights and working conditions of paid employees in the formal sector. Fine. The problem is: where are the protective legislations for the most numerous in the labor force—the workers in the informal economy? Per the annual estimate by Ecop, the informal workers constitute three-fourths or 75 percent of the total employed? They include the home-based workers, small farmers, street vendors, fisherfolks, unpaid family workers, pedicab and jeepney drivers, workers of barangay micro business

enterprises, waste pickers and recyclers, etc., etc. In short, the informal workers are a multitude. They are the poorest and the most unprotected. A legislative proposal pending in Congress is the “Magna Carta of Workers in the Informal Economy” or MACWIE. This is not new. This was first filed in the 13th Congress by a number of legislators, refiled in the 14th, 15th and 16th Congresses. Will the 17th Congress be different? In the Senate, the Labor Committee of Sen. Emmanuel Joel J. Villanueva is already preparing to formally announce its sponsorship of the MACWIE. The Senate version of the MACWIE has already gone through a rigorous review and deliberation by a technical working group. The House Committee on Labor conducted a hearing in August on the various MACWIE bills filed by Reps. Emeline Aglipay-Villar, Bellaflor Angara-Castillo, Lemuel Fortun, Harry Roque, Alfred Vargas, and Karlo and Jericho Nograles. However, it still has to convene a TWG to discuss principally the latest versions of the bill, including the one filed by Rep. Raymond Mendoza, filed on the day of the hearing itself and endorsed by the informal worker organizations. Why is the passage of MACWIE urgent? Nograles put it succinctly as follows: “Most of the working poor are in informal employment, living in substandard conditions and unable to meet their basic needs. “The informal economy covers a wide variety of activities, enterprises and workers under both selfemployment and wage employment. Most economically active women are in the informal economy. Most child workers are employed in many forms of informal work. “It is a sad fact that most informal workers are not covered by the Labor Code and are often subject to exploitation by unscrupulous

employers, suffer from the usurious rates of money lenders or become victims of extortion and harassment from corrupt police authorities. Their work environment is not subject to regulation, thus exposing them to occupational safety and health standards. They have limited access to justice, social protection and programs preventive of work-related diseases and risks. They are severely under-represented in policy-making bodies which constricts the inclusion of their issues in the nation’s political discourse.” How will the MACWIE help the most numerous? First, by giving life to the Constitutional precept that all workers, without exception, have the right to freely associate and advance their collective interests, just like what the trade unions in the formal sector enjoy. MACWIE provides for a system of registration at the local or community level. Second, MACWIE defines social protection for the informal workers through a multipronged program of labor market interventions, social security and health insurance coverage. MACWIE also provides for the creation of an Informal Economy Development Council and the establishment of a system of representation of organized informal workers at the local, regional and national development bodies. As Rep. Angara-Castillo puts it, MACWIE provides for an “integrated, holistic, comprehensive, rightsbased, gender-responsive, culturally sensitive and democratic policy instrument to empower the poor, marginalized, unprotected and underrepresented workers in informal employment and bring them into the mainstream of the Philippine economy.” Can the 17th Congress create a historic moment and finally pass a labor empowerment legislation for the most numerous?

“There are estimates showing the costs and benefits of gender equality to key economic sectors and economic growth,” said WBG Senior Director for Gender Caren Grown. “By focusing on wealth, this study is a unique addition to that literature since wealth, and especially human capital, is the assets base that enables countries to generate future income,” she said. The study stressed that “wealth is the assets base that enables countries to produce income gross domestic product or GDP. A country’s wealth includes various types of capital. Produced capital comes from investments in assets, such as factories, equipment or infrastructure. Natural capital includes assets such as agricultural land and

other renewable and nonrenewable natural resources.” The study further stated: “This first note in the series on the cost of gender inequality focuses on the losses in national wealth due to gender inequality in earnings. There is a substantial literature on the impact of gender inequality on economic growth and performance. By focusing on wealth, the approach used for measurement in this note is different. “However, the largest component of countries’ wealth typically resides in their people. As noted in the recent World Bank study on the Changing Wealth of Nations, human capital measured as the present value of the future earnings of the labor force accounts for two-thirds

of global wealth. “If gender equality in earnings were achieved, countries could increase their human capital wealth, and thereby their total wealth substantially. This would enable them to strengthen the sustainability of their development path. Gender inequality has major economic implications for women, communities and countries in a range of areas. “While the cost of gender inequality—in terms of human capital losses —for development is not solely due to losses in earnings, the impact of gender inequality on earnings is key. This is the area on which this note focuses.”

Dr. Rene E. Ofreneo

LABOREM EXERCENS Continued from A1

RESIDENT Duterte has certified the SOT legislation as urgent because of his election campaign promise to the trade unions that he will end the endo system. With the inability of the Department of Labor and Employment (DOLE) to come up with anti-LOC rules acceptable to the unions, the President passed on the task to Congress. One notable bill is the proposal of Karlo Alexei B. Nograles and Jericho Jonas B. Nograles to ease the registration of unions by lowering the minimum membership requirement to 10 percent (instead of 20 percent) of the target pool of workers; and for the formation of federations, by reducing to five the required number of affiliated local chapters (instead of 10). This is a good initiative because the overall membership of the unions in the Philippines has been shrinking. This is reflected in the fact that only around 200,000 workers today, out of a total of 42 million employed, are covered by the collective bargaining agreements (CBAs) registered with the DOLE. Other significant legislative proposals include the following: additional health and safety safeguards, improvements in the system of dispute settlement and penalties on erring firms unable to comply with various labor standards. Additionally, there is the proposal to replace or overhaul the 1990 Productivity Incentives Law, ironically a very unproductive law because it has failed to get the support of almost everyone in industry and even in the ranks of the trade unions.

Arillo . . .

continued from A6

other regions, as a share of the initial endowment in human capital, the losses are larger than for the world. The study is part of a broader research program at the World Bank that benefits from support from government of Canada, the Children’s Investment Fund Foundation and the Global Partnership for Education. The issue of gender equality in earnings is fundamental and it requires interventions across the lifecycle. Future work will consider other economic costs related to gender inequality, including those related to fertility and population growth.

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

2nd Front Page BusinessMirror

A8 Thursday, November 15, 2018

PCCI cautions govt on plan to shut down El Nido, Coron

By Elijah Felice E. Rosales

@alyasjah

HE country’s largest business network on Wednesday told the government to go easy on its plan to close down Coron and El Nido beaches, and recommended that penalties be imposed only on violators of environmental codes. The Philippine Chamber of Commerce and Industry (PCCI) is urging authorities “to carefully study the possible proposal to close El Nido and Coron, Palawan.” In a statement, it argued inputs from locals and stakeholders must be considered in mapping out rehabilitation plans before even pushing for a shutdown of the tourist destinations. It added local governments should initiate the cleanup of the

beach resorts and not wait for the national government to do so. The PCCI said local governments should “be more proactive in identifying and cleaning up their respective illegal waste disposal and sewer issues.” “About a million tourists visit Palawan every year, the bulk of which go to El Nido and Coron. Tourist arrivals in El Nido reached 200,000 in 2017, and, with the recent closure of Boracay, the fig-

ure is much higher this year,” the statement read. “Closing El Nido and Coron will not be good for business, particularly for the legitimate industry stakeholders, such as hotels and resorts, who will suffer the most from cancellation of bookings and reservations for the coming months. It will also affect a lot of local livelihoods and jobs,” it added. If Coron and El Nido are closed, then they will be the second and third tourist destinations that the Duterte administration shuts down for rehabilitation—the first being Boracay, which was just reopened in October.

“The PCCI agrees with Tourism Secretary Bernadette Fatima Romulo Puyat that if ever extreme action has to be taken, there should not be a complete shutdown of Coron and El Nido, but, instead, the government must close or heavily fine only those establishments that are proven to have violated environmental codes,” the statement read. Further, the PCCI called for the resignation, if not removal, of erring government officials. President Duterte last Saturday warned hotels and resorts in Palawan beaches to adhere to environmental rules and regulations, or else face closure similar to that of Boracay.

Closing El Nido and Coron will not be good for business, particularly for the legitimate industry stakeholders, such as hotels and resorts, who will suffer the most from cancellation of bookings and reservations for the coming months. It will also affect a lot of local livelihoods and jobs.”—PCCI

TRADE HEADWINDS FORCE LOWER IT-BPM AMBITIONS

HE heat is just too much to take. The informationtechnology and businessprocess management (IT-BPM) industry is now planning to revise its growth targets, as it struggles to cope with domestic and international disruptions. In a recent interview with reporters, Rey E. Untal of the IT and Business Process Association of the Philippines (Ibpap) said he will move for a recalibration of the industry’s growth prospects under its road map. This is to reflect the recent onshore and offshore developments that make it difficult for the industry to progress further,

the Ibpap president added. “The minimal outcome of that recalibration will be a revised projection of what the head count growth is and revenue to be generated over the course of the next, at the very least, three years. Maybe projecting it to five years is an extreme task, but the minimum solid projection over the three years is necessary,” Untal said. Under the Philippine IT-BPM Roadmap 2022, the industry is projected to grow to $38.9 billion in 2022, from an estimated $22.9 billion in 2016. Its employment is also expected to reach 1.8 million in 2022, from

about 1.15 million in 2016. According to Ibpap Board Chairman Manolito T. Tayag, the industry now stands at $23.8 billion as of June. Further, its labor force is reportedly at 1.19 million now. “The growth primarily came from the large incumbents and a number OF multinational corporations who have quietly been putting up or expanding their shared services capabilities,” Tayag said in his closing speech at the International Innovation Summit. “The growth, however, is lower than the 8-percent annual growth that the road map 2022

had originally projected. We believe we are impacted with the wait-and-see attitude of investors and potential locators due to a number of geopolitical and uncertainties over incentives rationalization,” he added. IT-BPM firms strongly oppose the rationalization of tax incentives under the proposed Tax Reform for Attracting Better and High-Quality Opportunities bill. The measure seeks to gradually reduce corporate income tax down to 20 percent in 2029 from 30 percent, while also overhauling the country’s tax and incentive regime. Elijah Felice E. Rosales

Duterte gives go-ahead for halting 2019 fuel tax hike Continued from A1

C. Medialdea that the President has approved their proposal in a memorandum dated November 8. Energy Secretary Alfonso G. Cusi was also given a copy of the memo. “I don’t know whether [the suspension] will come in the form of an EO or MC. I got the letter [on Tuesday] informing us that our recommendation has been approved,” Diokno told reporters in a news briefing on Wednesday. Economic managers made a pitch for suspending the schedu led i nc rea se i n f ue l e xc i se

Asean. . .

Continued from A1

The President also said that Asean and China will continue to maintain a conducive environment for future rounds of negotiations of the COC. In his speech, the President also called on all countries, including China, to exercise selfrestraint in the conduct of activities and “avoid actions that may further complicate the situation,” and to pursue peaceful resolution of disputes in accordance with international law, including the 1982 United Nations Convention on the Laws of the Seas.

ta x after inf lation surged in recent months. Diokno said economic managers will still have to firm up mechanism for resuming the increase in excise tax, adding that they will undertake a quarterly review to determine when the excise ta x increase could be implemented. The budget chief also said items in the budget that can be removed to compensate for the revenue loss due to the suspension of the fuel tax increase will be discussed by the task force in December. “We have not talked about it

yet; we will discuss it in December, we are busy talking about the budget,” he added. Under the Tax Reform for Acceleration and Inclusion (TRAIN) law, the excise tax on diesel imposed in 2018 is at P2.50 per liter, which will gain an additional P2 in 2019, and P1.50 per liter in 2020. This brings the excise tax on diesel to P4.50 per liter in 2019, and P6 per liter in 2020. From the previous P4.35 per liter, excise tax on gasoline was increased to P7 this year, with an additional P2 increase in 2019, and P1 in 2020. For 2019 and 2020, the

rates will be at P9 per liter and P10 per liter, respectively. Under the TRAIN law, the excise tax increase may be suspended if the international price of Dubai crude breaches the $80-per-barrel threshold for three months. The law was silent on the mechanism for lifting the suspension. The DOF said suspending the scheduled excise tax increase for fuel in 2019 may lead to an estimated revenue loss of P41 billion. It added, however, that valueadded tax collections, pegged at P14 billion, may help offset part of the losses. Rea Cu

He also reiterated Asean and China’s commitment to the full and effective implementation of the Declaration on the Conduct of Parties in the South China Sea in its entirety. “Asean and China also successfully completed an AseanChina Mar itime Exercise for the first time. The exercise is a useful confidence-building measure that strengthens practical cooperation, and builds mutual trust, friendship and understanding among Asean and Chinese navies,” he said.

China Sea “at all costs.” Duterte said everything is going well between China and the rest of the world, but noted that the Philippines is tied to a mutual defense treaty with the United States, which keeps it from telling the Western superpower to stay away. The US had said in the past its commitment to come to the country’s aid, under the MDT, in case of an invasion or armed aggression, is “iron-clad.” However, Duterte has repeatedly called out Washington for failing to move decisively to stop the decades-long, incremental Chinese occupation of Philippineclaimed maritime features in the

SCS—and then belatedly castigating Beijing after Manila won its case in a UN arbitral tribunal in July 2016. Asean had failed to craft a COC in the past 15 years even under the Philippines’s Asean Summit chairmanship in 2017. In his inter vention during the working dinner on Tuesday, Duterte also said the country will do its part as country coordinator of Asean-China Dialogue Relations until 2021. “We are committed to work with all concerned parties in the substantive negotiations and early conclusion of an effective Code of Conduct,” he said. “We, likewise, reaffirm our

COC ‘at all costs’

MEANWHILE, Duterte also said he will push for the COC in the South

www.businessmirror.com.ph

Palace: Duterte’s health fine despite absence from 5 Asean events By Bernadette D. Nicolas

@BNicolasBM

INGAPORE—President Duterte was a no-show in not one but five events on the second day of the 33rd Association of Southeast Asian Nations (Asean) Summit and Related Summits as he needed to take “power naps to catch on sleep.” Duterte was absent during the Asean-Australia Informal Breakfast Summit, 20th AseanRepublic of Korea Summit, Working Lunch Hosted by the Singaporean Prime Minister Lee Hsien Loong for Asean Leaders and Guests, the 2nd Regional Comprehensive Economic Partnership (RCEP) Summit and the Gala Dinner. Foreign Affairs Secretary Teodoro L. Locsin, Jr. attended in behalf of the President for all of these events. Malacanang said it “finds it amusing that some quarters are making a big fuss of the President’s skipping a few meetings.” “Last night, the President worked late and had only less than three hours of sleep. It is unfortunate that the first

event scheduled today was at 8:30am,” Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said in a statement on Thursday. Panelo also assured the public that there is nothing to worry about especially on the President’s health and that he will be participating the rest of the summits on Thursdayas well as the bilateral meeting with Japanese Prime Minister Shinzo Abe. “We assure the nation that his aforementioned absence has nothing to do with his physical health and well-being which have been the subject of speculation. The President’s constantly punishing work schedule is proof that he is in top physical shape,” he said. The President attended five events, including the 21st Asean- China Summit, 3rd Asean-Russian Summit, 21st Asean-Japan Summit, signing of the memorandum of understanding between Asean and the Eurasian Economic Commission on Economic Cooperation and his bilateral meeting with Singapore Prime Minister Lee Hsien Loong.

Banks have little interest in term-deposit facility, BSP scales down offer

ANKS on Wednesday shied away from the Bangko Sentral ng Pilipinas’s (BSP) term-deposit facility (TDF), as it registered undersubscription across all tenors during the week. Data from the Central Bank showed banks’ low interest in the BSP’s TDFs during the period, with bids falling short of the volume offered for the week. In particular, the seven-day TDF—which usually is oversubscribed despite trend—registered bids amounting to P35.41 billion during the week, falling short of the amount offered at P50 billion. The same is true with the medium and long TDF. Tenders in the 14-day TDF hit P19.32 billion, covering only 96 percent of the P20 billion offered for the week. Meanwhile, for the 28-day TDF, bids hit P10.897 billion during the week, almost half of the P20 billion offered for the week. Thus, the BSP scaled down the volume of its offering for next week from a total of P90 billion to P70 billion. For the auction on November

21, the BSP said it will be offering P40 billion in term deposits for the seven-day facility, down from the P50 billion offered this week. For the P14-day TDF, the volume was retained at P20 billion, while for the 28-day facility, it was slashed to P10 billion from the earlier P20 billion. Aside from actual monetarypolicy rate changes, the BSP said they could also steer their monetary-policy direction by swaying market-determined TDF rates to rise or fall. The BSP does this by altering auction volumes. Rates for the week remain relatively steady, albeit slightly higher during the week. The seven-day facility fetched a rate of 4.8291 percent during the week, down from the 4.74442 percent in the previous week. The 14-day facility also registered a higher yield of 4.8642 percent from the previous week’s 4.789 percent. The 28-day facility hit a rate of 4.9162 percent for the week, up from the previous week’s 4.9010 percent. Bianca Cuaresma

commitment to the full and effective implementation of the Declaration on the Conduct of Parties in the South China Sea. “ T h i s i nc ludes t he peace ful settlement of disputes, the exercise of self-restraint, and the freedom of navigation and overf light in accordance with international law, especially the 1982 UN Convention on the Law of the Sea,” he added.

stability in the South China Sea has been maintained. “It is our hope that we can set up a time frame so that in three years’ time, the COC will become a set of rules contributing to South China Sea [and] will also be conducive to free trade and the further upgrading of our free trade area,” Li said during the Asean-China Summit. Trade between Asean and China reached $441.6 billion in 2017, accounting for 17.1 percent of Asean’s total merchandise trade. Foreig n d irect invest ment f low s f rom C h i n a to A se a n amounted to $ 11.3 billion in 2017, or 8.2 percent of total’s Asean’s FDI.

Premier Li: 3 years

CHINESE Premier Li Keqiang expressed China’s commitment to work with all Asean countries, including concluding the COC in three years’ time. He noted that overall peace and

Editor: Efleda P. Campos

Companies BusinessMirror

Thursday, November 15, 2018

₧9.5-B NGCP transmission line seen to decongest other substations for NCR

By Lenie Lectura

@llectura

P9.5-BILLION transmission line project proposed by the National Grid Corp. of the Philippines (NGCP) will help decongest other substations servicing Metro Manila and improve the reliability of the transmission system.

The grid operator said it wants to start construction by February 2019, with target completion by August 2020. NGCP is awaiting approval of its application filed before the Energy Regulatory Commission (ERC). The proposed Taguig-Baras 500-kV transmission line project will pass through Taguig City and Taytay, Binangonan, Baras and Morong, the last four all towns in the province of Rizal.

PT&T eyes other digital initiatives despite setback from 3rd telco bid By Lorenz S. Marasigan @lorenzmarasigan

HILIPPINE Telegraph and Telephone Corp. (PT&T) plans to venture into various digital initiatives, including the possibility of providing 5G services to customers, even after its failed bid to secure the third telco license in the country. James G. Velasquez, the company’s president, said his group will “move forward” with plans to transform into a digital company, as demand from an “increasingly digital Philippines” continues to increase. He said the group plans to “foray into cyber security, smart cities and Internet of Things in the foreseeable future,” adding that the company will be “ready when mobile for 5G comes to the country.” With a paid-up capital of P10.9 billion, and increased authorized capital of P15.6 billion to make way

for future growth plans, the company, Velasquez said, “intends to raise funds that will allow us to compete in the fixed and wireless broadband space, and beyond.” PT&T is celebrating its 56th anniversary this week and, fresh from the company’s disqualification from the third telco race, the group will continue its growth strategy by expanding its fiber footprint across the country, according to its president. “Our heritage and technical capability speaks for itself. PT&T is a pillar in the history of the Philippine telecommunications industry,” Velasquez said. So far, the new management of the company—acquired by Menlo Capital Corp.—has spent about P100 million for the expansion of its network, which currently serves regional areas in Luzon. “Focus on fixed broadband has

yielded positive results and hiring growth. We are going to further expand in both enterprise and SME [small and medium enterprise] and the residential space. We have won several e-services project partnering with the government and will also expand this to cover enterprise and SMEs requirements. We will be ready when mobile for 5G becomes available,” Velasquez said. For the fiscal year ending June 2018, the company saw its bottom line swinging to a gain to P24.72 million, from a P26.91-million loss a year prior. It initially vied for the third telco license, but was disqualified after failing to include a certificate of technical capability in its bid. A spokesman has since said that the company is studying all legal means to remedy this, and possibly outbid Mislatel Consortium, which is led by Udenna Corp. and China Telecom Corp. Ltd.

Sales, ongoing devt projects swell CLI’s 9-month profit to ₧1.22 billion By Roderick L. Abad

@rodrik_28

Contributor

TRONG sales and continued construction activities have pushed Cebu Landmasters Inc.’s (CLI) net income to go up by 27 percent to P1.22 billion in the first nine months of 2018, from P959.8 million during the same period last year. Per the company’s disclosure to the local bourse on Wednesday, combined revenues for the two periods in review also improved by 33 percent from P2.8 million to P3.7 billion. The ongoing construction of CLI’s real-estate projects in Cebu and Cagayan de Oro City (CdO)—catering to mid-income earners, overseas Filipino workers and other segments— boosted the firm’s robust financial performance from January to September of this year. Two of its Cebu projects bearing its economic housing brand Casa Mira, the mid-range MesaVerte Residences

in CdO, and the mixed-use development Base Line Center in Cebu City kicked off even before the company became publicly listed in 2017. “Our numbers do not yet reflect projects funded by the P2-billion investment Cebu Landmasters received following our initial public offering,” said Jose Soberano III, chairman and CEO of CLI. “Once these projects start contributing to our revenues, we expect CLI’s performance to achieve new levels.” The firm’s performance, for the time being, is sustained more by newly launched high-end developments and new Casa Mira sites. They contributed a record-breaking sales of P6.17 billion, or 69 percent higher than recorded the previous year. Leasing income also expanded by 15 percent from P31.4 million to P36.2 million year-onyear, on the back of higher occupancy and modest rate hikes. Looking forward, Soberano sees CLI’s future growth would come from

more diversified income sources, including estate development and an industrial park. The company is set to launch this month the 22-hectare Davao Global Township envisioned to be Mindanao’s prime business district in the medium term. It is expected also to fulfill soon compliance requirements for the reclamation of the 100-hectare Ming-Mori Techno Business Park in Minglanilla, Cebu. “We will sustain growth by aggressively addressing the needs of underserved markets in VisMin,” Soberano said. “Currently, we have 55 projects in different stages of development in eight VisMin locations. These are Cebu, Mandaue, Davao, Cagayan de Oro, Dumaguete, Bacolod, Iloilo and Bohol,” he added. CLI earlier projected that revenues and net earnings this year would hit P5.3 billion and P1.7 billion, respectively.

DoubleDragon income up 10% in Jan-September

ROPERTY developer DoubleDragon Properties Corp. said its net income for the three quarters of the year rose 10 percent to P1.54 billion, from last year’s P1.4 billion, as recurring revenues now account for almost half of its cash flows. Consolidated revenues grew 15 percent to P4.72 billion, some P2.03 billion of which came from recurring income—or those coming from their community malls and offices. Revenues for the third quarter alone stood at P1.08 billion, the company said.

“CityMall is the first modern retail platform in many of the provincial cities it serves enabling DoubleDragon to be ahead of the curve just as it happened in the past,” Edgar Sia II, the company’s chairman, said. “The company’s expansion into the hospitality space has seen a positive reception from the markets, especially for its homegrown brand Hotel101. In fact, in just seven months, the company has already sold over P1.6 billion in units at the recently launched Hotel101-Fort. We expect the brand to continue to contribute

significantly as more projects in the pipeline are launched,” said Hannah Yulo, chief investment officer of the company. The company targets to complete a leasable portfolio of 1.2 million square meters by 2020, comprising 700,000 sq m from 100 malls; 300,000 sq m from its Metro Manila office projects DD Meridian Park and Jollibee Tower; 100,000 sq m from the planned 5,000 hotel rooms; and another 100,000 sq m of industrial warehouse space from various sites across the country. VG Cabuag

“With the growing load and steadily increasing demand in Metro Manila and nearby provinces of Luzon, the reliability of power transmission is something that NGCP needs to secure. The new Taguig-Baras 500-kV line is one of the major transmission network developments for Metro Manila to ensure that the power requirements of the countr y’s load center w ill be adequately and reliably served in the long term,” said NGCP.

Together with this new 500kV line, a new Taguig 500-kV Substation w ill a lso be built a lon g w it h a not he r 2 3 0 - kV t ra nsm ission l ine t raversing Taguig toward Taytay in Rizal. The route survey for the project has already been completed, but with the construction of the new Skyway portion along C-6, coordination meetings are set for the rerouting of a segment of the Taguig-Baras line. NGCP is working closely with

the local government and concerned agencies with the initial stage of implementation, which includes the acquisition of rightof-way, securing of permits and submission of required documents. “We are hoping for the cooperation and support of the public as we aim for the timely completion of the project, which will greatly benefit our customers in Metro Manila, Rizal and nearby provinces,” said NGCP.

Andrew Tan’s holding firm’s income rises 23% in three quarters

LLIANCE Global Group Inc., the investment holding company of businessman Andrew L. Tan, said its consolidated net income rose 23 percent in the first nine months of the year to P18.6 billion, from P15.2 billion last year. Revenues grew 12 percent to P112.1 billion, from P100.3 billion last year. “We recognize the many exciting opportunities in the market, both domestic and international, as we continue to pursue our aggressive expansion program with an investment commitment of P240 billion up to 2020. At the same time, we intend to manage our costs and keep our gearing levels low as we remain vigilant of the global economic headwinds,” said Kevin L. Tan, the company’s CEO. Income for the third quarter alone

grew at a slower pace at 22 percent to P6.2 billion, from last year’s P5.07 billion. Property developer Megaworld recorded attributable net income of P11.3 billion for the period, a 13-percent growth from last year’s P10-billion profit. Liquor maker Emperador Inc.’s attributable net income increased 16 percent to P5.1 billion, from P4.4 billion last year. “We expect Emperador to continue with its product diversification strategy to embrace the wideranging tastes of the premium liquor market and thus further enhance its profitability,” Tan said. Travellers International Hotel Group Inc., owner and operator of Resorts World Manila, registered attributable net income of P1.8 billion during the period, a

turnaround from last year’s loss of P34 million. Golden Arches Development Corp., which holds the exclusive franchise of McDonald’s in the Philippines, had a net income of P991 million for the period, up 3 percent from P966 million last year. Sales revenues grew by 8 percent year-on-year to P20.3 billion as same-store sales growth reached 3.8 percent. The company continued to expand its number of stores—to 603 by end-September, compared to 566 stores in 2017. The company has maintained its store expansion program by using internally generated funds. Almost 60 percent of the McDonald’s stores are now located outside Metro Manila, allowing it to broaden its reach throughout the country. VG Cabuag

Thursday, November 15, 2018

Companies BusinessMirror

DOF pitches bank secrecy lifting, eyes ₧15-B revenue

By Rea Cu @ReaCuBM

HE Department of Finance (DOF) has revealed that it will still push for the reinstatement of the lifting of the bank secrecy and exchange of information provision under Package 1B of the Tax Reform for Acceleration and Inclusion (TRAIN) law.

Finance Secretary Carlos G. Dominguez III told reporters in a text message that the department trusts that legislators will see the need for these two provisions, which will help further strengthen the TRAIN law. “Yes, we will push to reinstate. We trust that the legislature will recognize the necessity of strengthening the law, to enhance the administration’s ability to enforce the tax laws which were passed by them in the first place,” Dominguez said. According to DOF estimates, the provision on the automatic exchange

of information, as well as the lifting of bank secrecy, are estimated to generate P15 billion in additional revenue. Earlier, it was pointed out that in a Senate plenary session legislators had removed the provision on lifting of the bank secrecy, as well the automatic exchange of information. The DOF’s proposed Package 1B of the comprehensive tax reform program (CTRP) includes measures on general tax amnesty, estate tax amnesty, higher motor vehicle user’s charge, lifting of the bank secrecy law and automatic exchange of information.

Smart fires up initial 5G cell sites in Makati, Clark By Lorenz S. Marasigan @lorenzmarasigan

MART Communications Inc. has fired up the first two 5G cell sites in the country with the intent of developing solutions and applications for Makati City and Clark Freeport Zone. Manuel V. Pang ilinan, the company’s chairman, said on Wednesday that by firing up the first two towers equipped with 5G equipment, this puts Smart “alongside the first-tier operators

in the world to have deployed live 5G base stations.” This, he added, “is part of our commitment to bring the most advanced technologies to the country.” Smart Chief Revenue Officer Eric R. Alberto added that with the setting up of new 5G stations, the telco can start piloting the development of solutions that can cater to “densely populated areas.” “With 5G resources now in place, we are looking at developing 5G solutions and applications for central

business district areas like Makati, which host a dense population of businesses, people and advanced devices,” he said. Smart partnered with Huawei to fire up the cell site in Makati, while it tapped Ericsson for the initiative in Clark. “With 5G cell sites now live and on-air, we are now set to test 5G’s powerful platform to develop solutions, such as autonomous vehicles, connected fleets, and smart buildings and factories, and be able to deliver 5G services to our cus-

tomers soon,” said Joachim Horn, PLDT-Smart chief technology and information advisor. 5G is the fifth generation of mobile Internet technology. It is considered, when commercially launched worldwide, to be the fastest commercial Internet connectivity with speeds ranging from 50 Mbps to 100 Mbps. Mobile use of 5G has yet to be developed, but telcos around the globe have been developing their own networks to be equipped with 5G-ready instruments.

FDC income surges to ₧10.5B in Jan-Sept

OTIANUN-LED Filinvest Development Corp. (FDC) said its net income grew by almost half during the three quarters of the year ending September to P10.5 billion, from last year’s P7.2 billion, driven mostly by its core property and banking businesses. Revenues grew 12 percent to P54.2 billion, and 43 percent of revenue came from the property business—including real-estate business and hotel—while banking and financial services accounted for 40 percent. The balance was contributed by power at 13 percent and sugar at 4 percent. “Our investments in power, property and in the bank infrastructure

are now being reflected in the healthy increase of FDC’s net income. While we are always managing risk in our subsidiaries, adding investments in power and infrastructure further allows us a more balanced portfolio with the defensive industries recompensing the business segments that are more exposed to the ups and downs of the economic cycle. We look forward to welcoming guests to our new Crimson resort in Boracay on November 15,” FDC President and CEO L. Josephine Gotianun-Yap said. Property subsidiaries led the conglomerate’s growth, as revenues of Filinvest Alabang Inc. more than doubled mainly on account of commercial lot sales, while the top line grew 25 percent in the hospitality segment, as occupancy rates increased across all hotels. Total revenues of listed subsidiary Filinvest Land Inc. rose 10 percent, driven by growth in rental revenues. Power subsidiary FDC Utilities Inc. continued to be a significant contributor to the group, as sales from its Misamis Oriental power plant and its retail electricity operations grew 25 percent in the first nine months of the year. The unit contributed P6.3 billion in revenues. Property values continue to increase in Filinvest City, the 244-hectare central business district in Muntinlupa, due to the accelerated buildup in the estate where gross floor area has increased by 45 percent since the end of 2014. Higher hospitality revenues were the result of improved occupancy rates across all hotel properties, as well as increased revenues from Mimosa Golf Clark. There are four properties with 1,591 rooms currently operating under FDC subsidiary Filinvest Hospitality Corp. under both the Crimson and Quest brands. With Boracay open again to tourists, the group now has 1,700 additional rooms in the planning and construction stages across eight new hotels, including two additional Quest properties under management in Tagaytay and San Mateo. VG Cabuag

MUTUAL FUNDS

November 14, 2018

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC * 234.09 -18.21% -1.73% -0.18% -20.16% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.3444 -17.25% 2.92% 1.43% -15.81% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 3.6176 -19.25% -1.27% -1.33% -21.23% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.8337 -17.6% N.A. N.A. -18.02% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. * ********* 0.7646 N.A. N.A. N.A. N.A. FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 4.8142 -18.2% -3.71% -0.83% -19.94% MBG EQUITY INVESTMENT FUND, INC. * ****** 108.66 N.A. N.A. N.A. N.A. ONE WEALTHY NATION FUND, INC.* 0.7732 -20.04% N.A. N.A. -22.11% PAMI EQUITY INDEX FUND, INC.* 45.251 -17.79% -0.98% N.A. -19.76% PHILAM STRATEGIC GROWTH FUND, INC.* 474.58 -17.6% -2.17% -0.96% -19.35% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.1719 -15.24% -0.07% N.A. -16.55% PHILEQUITY FUND, INC.* 34.1332 -15.18% 0.38% 2.01% -16.94% PHILEQUITY PSE INDEX FUND INC.* 4.5491 -17.67% -0.29% 1.69% -19.83% PHILIPPINE STOCK INDEX FUND CORP.* 759.51 -17.56% -0.51% 1.54% -19.69% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.7965 -16.07% -2.62% N.A. -17.64% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 3.7975 -15.09% -0.11% 0.25% -17.09% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 0.8757 -17.8% -0.48% N.A. -19.9% UNITED FUND, INC.* 3.2616 -13.49% 1.12% 0.8% -16.24% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* *** ● 101.5321 -17.18% 0.65% N.A. -19.39% ATRAM ASIAPLUS EQUITY FUND, INC.** $0.9236 -16.22% 0.81% -0.76% -16.67% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.2051 -2.16% N.A. N.A. -4.75% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.5835 -13.26% -2.91% -2.57% -15.03% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.1143 -12.72% -0.83% -0.5% -13.95% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.3862 -12.76% -4.45% -3.1% -13.85% GREPALIFE BALANCED FUND CORPORATION* **** 1.2511 -13.06% N.A. N.A. -14.01% NCM MUTUAL FUND OF THE PHILS., INC* 1.7708 -9.3% -0.25% 0.02% -11.13% PAMI HORIZON FUND, INC.* 3.3362 -13.57% -2.17% -1.16% -14.85% PHILAM FUND, INC.* 15.0986 -12.83% -1.94% -1.13% -14.01% SOLIDARITAS FUND, INC.* ******** 1.9653 -11.26% -0.59% 1.02% -12.35% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.489 -11.22% -0.9% -0.53% -12.69% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.8915 -10.78% -1.24% N.A. -12.62% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.0347 -3.74% -0.72% 1.7% -3.88% PAMI ASIA BALANCED FUND, INC.* $0.9359 -10.79% 1.5% -1.42% -10.61% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.5116 -1.73% 3.7% 2.34% -3.86% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.0424 -5.12% N.A. N.A. -6.28% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 342.01 1.86% 1.97% 1.66% 1.45% ATRAM CORPORATE BOND FUND, INC.* ******* 1.8497 -2.68% -0.88% -0.77% -2.25% COCOLIFE FIXED INCOME FUND, INC.* 2.9534 5.49% 5.35% 5.24% 4.66% EKKLESIA MUTUAL FUND INC.* 2.1226 0.93% 1.38% 1.05% 0.97% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2028 - 0.45% -0.1% 0.15% -0.6% GREPALIFE FIXED INCOME FUND CORP.* P 1.5618 -2.98% -0.72% -1.5% -2.96% PHILAM BOND FUND, INC.* 3.8407 -5.16% -1.2% -1.02% -5.17% PHILEQUITY PESO BOND FUND, INC.* 3.4671 -0.74% -0.02% -0.28% -1.08% SOLDIVO BOND FUND, INC. * 0.8811 -4.44% -1.25% N.A. -4.56% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.7489 -0.9% 0.72% 0.09% -1.01% SUN LIFE PROSPERITY GS FUND, INC.* 1.5238 -1.58% 0.12% -0.32% -1.67% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $446.47 0.44% 2.27% 3.03% 0.12% ALFM EURO BOND FUND, INC. * Є213.19 0% 1.16% 1.59% -0.25% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.1216 -1.16% 0.79% 1.75% -1.1% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0248 - 0.8% 0.54% N.A. -0.8% GREPALIFE DOLLAR BOND FUND CORP.* $1.689 -4.53% -0.45% 1.19% -4.66% 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* $1.022 -5.19% -0.71% -2.63% -4.8% PHILAM DOLLAR BOND FUND, INC.* $2.1328 -4.55% 0.28% 2.44% -5.25% PHILEQUITY DOLLAR INCOME FUND INC.* $0.0569003 -1.02% 0.86% 1.84% -0.52% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.8751 -4.3% 0.56% 1.74% -4.57% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 120.25 2.53% 1.74% 1.49% 2.24% PHILAM MANAGED INCOME FUND, INC.* 1.1759 1.76% 0.42% 0.4% 1.6% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.2134 2.51% 2.2% 1.47% 2.35% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* ***** $1.0136 1.53% N.A. N.A. 1.49% * - 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

Editor: Efleda P. Campos

PSE STOCK QUOTATIONS

November 14, 2018

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

ASIA UNITED 58.75 59.5 59.35 59.5 58.75 59.5 23300 1382139.5 1142488 BDO UNIBANK 114.6 114.7 114 115.4 113.7 114.6 1127010 129180224 -82829344 BANK PH ISLANDS 82.3 82.6 80 82.6 79.8 82.6 1569450 128634763.5 24400771.5 CHINABANK 27.7 27.8 27.85 27.85 27.7 27.8 68500 1903715 122320 EAST WEST BANK 10.38 10.4 10.3 10.46 10.3 10.4 178900 1862226 -741730 METROBANK 67 67.5 67.4 68.35 67 67 11366890 767700983 22539010 PB BANK 10.8 11.1 11.08 11.1 11.08 11.1 6100 67690 PHIL NATL BANK 39.1 39.85 39.2 39.2 39.1 39.1 26500 1038040 -497660 PHILTRUST 104.6 118.9 105 105 104.6 104.6 90 9430 RCBC 28 28.35 28.4 28.5 28 28 65300 1843560 701900 SECURITY BANK 136 137 138 139 136 136 435140 59455918 -47257164 UNION BANK 65.85 65.95 65.95 65.95 65.85 65.85 1500 98877 -23049.4999 BRIGHT KINDLE 1.52 1.57 1.6 1.6 1.53 1.58 152000 239780 BDO LEASING 2.33 2.35 2.45 2.45 2.35 2.35 297000 705890 COL FINANCIAL 15.24 15.68 15.24 15.24 15.24 15.24 100 1524 FERRONOUX HLDG 3.86 3.96 3.96 3.96 3.88 3.96 33000 129720 IREMIT 1.46 1.47 1.48 1.48 1.38 1.47 77000 109690 MEDCO HLDG 0.46 0.465 0.44 0.475 0.44 0.465 2480000 1103850 23450 MANULIFE 835 840 835 835 835 835 60 50100 NTL REINSURANCE 0.75 0.77 0.75 0.77 0.75 0.77 505000 384830 -75340 PHIL STOCK EXCH 176.1 187 188.4 188.4 176.1 176.1 60 10689 SUN LIFE 1811 1815 1810 1811 1810 1811 125 226260 INDUSTRIAL ALSONS CONS 1.23 1.27 1.24 1.27 1.24 1.27 311000 385670 ABOITIZ POWER 31.3 31.4 31.3 32 31.3 31.4 2232000 70105020 10993120 BASIC ENERGY 0.208 0.21 0.208 0.21 0.205 0.21 940000 195180 155780 FIRST GEN 16.42 16.56 16.4 16.56 16.28 16.56 1451500 23972406 6378713.9997 FIRST PHIL HLDG 63.75 63.8 64.3 64.3 63.7 63.8 44190 2824927.5 324837 PHIL H2O 4.4 4.5 4.33 4.5 4.3 4.4 234000 1037090 MERALCO 378.2 382 378 382 374.6 382 351820 133531790 20365460 MANILA WATER 25 25.2 25.2 25.45 25 25 459600 11494150 10632025 PETRON 8.15 8.28 8.16 8.28 8.01 8.28 1169900 9481224 -2136525 PETROENERGY 3.8 3.89 3.6 3.89 3.6 3.89 118000 448040 -3600 PHINMA ENERGY 0.98 0.99 0.99 1.01 0.99 0.99 132000 131410 PHX PETROLEUM 10.58 10.76 10.8 10.8 10.58 10.76 34100 365046 PILIPINAS SHELL 50.4 50.85 49.4 51.5 49.4 50.4 2175200 110141560 -6391515 SPC POWER 5.19 5.2 5.24 5.32 5.2 5.2 476000 2492810 -67600 AGRINURTURE 17.34 17.48 17.7 17.7 17.22 17.5 318300 5570656 -163994 CNTRL AZUCARERA 15.02 17.38 14.3 16 14.3 16 5500 82350 CENTURY FOOD 13.1 13.18 13 13.2 13 13.18 467200 6123442 1620744 DEL MONTE 7 7.05 7.09 7.09 7.05 7.05 2100 14809 DNL INDUS 10.74 10.78 10.58 10.86 10.58 10.74 362400 3925380 208374 EMPERADOR 6.91 6.92 6.92 6.93 6.87 6.92 538500 3718540 -3442556 SMC FOODANDBEV 84.85 84.95 84.95 85 84.85 84.95 1732580 147145524 -25130766.5 ALLIANCE SELECT 1.05 1.06 1.06 1.13 1.03 1.05 43583000 47239570 -201620 GINEBRA 23.5 24.4 23.95 24.4 23.95 24.4 1400 33935 JOLLIBEE 273.4 279 274 279 268 279 677510 186255532 -1139110 MACAY HLDG 9.53 10 9.5 10.8 8.2 9.53 6900 64653 -720 MAXS GROUP 10.52 10.56 10.58 10.7 10.5 10.52 50400 532750 -131286 MG HLDG 0.164 0.165 0.163 0.173 0.163 0.165 910000 150030 33200 PEPSI COLA 1.56 1.7 1.63 1.63 1.56 1.56 21000 33750 -7940 SHAKEYS PIZZA 10 10.02 10.12 10.12 9.9 10.02 59600 597122 -100399.9999 ROXAS AND CO 1.97 2.02 1.95 2.02 1.95 2.02 49000 98340 RFM CORP 4.62 4.68 4.7 4.7 4.6 4.68 27000 124500 70 UNIV ROBINA 123 124.1 121.7 126 121.5 123 515280 63927754 -15294357 VITARICH 1.4 1.41 1.36 1.45 1.34 1.4 7225000 10133870 268930 VICTORIAS 2.33 2.37 2.33 2.33 2.32 2.33 160000 372790 274940 CONCRETE A 60.7 60.75 60.75 60.75 60.75 60.75 1490 90517.5 CEMEX HLDG 2 2.01 1.99 2.01 1.95 2 5438000 10820920 1507360 DAVINCI CAPITAL 4.91 5.2 5.38 5.4 5.2 5.2 65000 346980 EAGLE CEMENT 14.92 15.34 15 15.34 14.78 15.34 263300 4005778 3794924 EEI CORP 8.8 8.9 8.68 8.98 8.61 8.9 41600 368154 HOLCIM 6 6.24 6.24 6.24 6 6 788900 4737124 -1049410 MEGAWIDE 17.56 17.6 17.4 18.3 17.4 17.6 7586600 135122504 -40125460 PHINMA 7.93 8.79 8.1 8.79 8.1 8.79 6600 54219 VULCAN INDL 1.51 1.52 1.52 1.58 1.51 1.52 9607000 14748070 -463340 CROWN ASIA 1.42 1.43 1.49 1.49 1.41 1.43 221000 317350 LMG CHEMICALS 4.7 4.9 4.7 4.7 4.7 4.7 51000 239700 MABUHAY VINYL 3.2 3.35 3.3 3.35 3.3 3.35 18000 59700 PRYCE CORP 5.06 5.1 5.33 5.33 5.1 5.1 155300 803646 -770776 CONCEPCION 33.8 36 37.4 37.4 33.75 36 1713700 59973605 -220 GREENERGY 1.59 1.6 1.6 1.72 1.58 1.59 30588000 50160100 1994650 INTEGRATED MICR 8.17 8.19 8.8 8.9 8.08 8.19 6345000 52582969 -20278288 IONICS 1.51 1.54 1.51 1.54 1.5 1.54 235000 355120 PANASONIC 5.8 6.14 5.7 5.7 5.7 5.7 6100 34770 SFA SEMICON 1.35 1.37 1.4 1.4 1.33 1.37 189000 254690 CIRTEK HLDG 36.05 36.5 36.85 37.45 36.5 36.5 72300 2666465 HOLDING & FRIMS ABACORE CAPITAL 0.425 0.43 0.42 0.435 0.42 0.425 3040000 1301200 ASIABEST GROUP 22 22.25 22.65 23.75 21.05 22.25 75700 1654550 -46175 AYALA CORP 899.5 900 910 910.5 890 900 314210 282540410 -89120340 ABOITIZ EQUITY 45.4 46 44.1 46.5 44.1 45.4 954800 42982725 -14006715 ALLIANCE GLOBAL 10.52 10.54 10.52 10.76 10.52 10.54 10828900 114970442 -70353392 ANSCOR 6.2 6.21 6.22 6.22 6.2 6.2 133100 825226 823360 ATN HLDG A 1.42 1.43 1.38 1.43 1.35 1.42 8143000 11471730 ATN HLDG B 1.4 1.42 1.42 1.44 1.41 1.43 782000 1112570 -141000 COSCO CAPITAL 7 7.02 6.99 7.09 6.98 7 1943000 13660226 7421494 DMCI HLDG 12.58 12.6 12.24 12.74 12.24 12.58 2166900 27290952 -2317592 FILINVEST DEV 7.37 7.38 7.36 7.37 7.35 7.37 3500 25767 GT CAPITAL 715 717 706 720 706 715 75170 53757470 -40418850 HOUSE OF INV 5.76 5.95 5.95 5.95 5.9 5.95 5300 31487 29702 JG SUMMIT 43.5 43.8 42.9 43.8 42.1 43.5 1689900 73420275 -48721010 JOLLIVILLE HLDG 4.35 4.75 4.33 4.33 4.32 4.32 5000 21620 KEPPEL HLDG B 4.52 6.49 4.51 4.51 4.51 4.51 2000 9020 LODESTAR 0.5 0.51 0.5 0.53 0.5 0.5 137000 69120 LOPEZ HLDG 3.78 3.79 3.84 3.84 3.78 3.79 1089000 4144520 -1816510 LT GROUP 15.7 15.72 15.3 15.9 15.3 15.72 4150300 64954570 37964352 MABUHAY HLDG 0.51 0.52 0.5 0.52 0.5 0.51 830000 423560 102000 METRO PAC INV 4.35 4.36 4.4 4.44 4.35 4.36 20088000 87924940 -58254250 PACIFICA 0.032 0.034 0.033 0.034 0.031 0.033 17400000 557300 46600 PRIME ORION 2.44 2.46 2.52 2.53 2.43 2.46 1074000 2673110 19840 PRIME MEDIA 1.16 1.2 1.19 1.22 1.12 1.2 423000 504600 SOLID GROUP 1.27 1.33 1.31 1.33 1.29 1.33 357000 463610 194500 SYNERGY GRID 310.4 348.8 349.2 349.2 348.8 348.8 120 41860 SM INVESTMENTS 884.5 898.5 882 898.5 873.5 898.5 226430 202031870 -61449385 SAN MIGUEL CORP 169.2 170 172.5 173.9 169 169.2 170540 28944363 -385387 TOP FRONTIER 265.2 278 263.6 278 263.6 278 1050 291610 -111200 WELLEX INDUS 0.221 0.222 0.209 0.23 0.209 0.221 13900000 3096240 -2100 ZEUS HLDG 0.194 0.204 0.194 0.194 0.194 0.194 40000 7760 PROPERTY ARTHALAND CORP 0.52 0.53 0.53 0.54 0.5 0.52 1979000 1029110 AYALA LAND 38.8 39 38.55 39.3 38.55 38.8 6012600 233393230 342295.0004 ARANETA PROP 1.81 1.86 1.82 1.86 1.82 1.86 41000 75430 36400 BELLE CORP 2.18 2.19 2.21 2.23 2.18 2.19 1526000 3351300 -1639100 A BROWN 0.67 0.69 0.68 0.7 0.65 0.69 898000 605930 CITYLAND DEVT 0.86 0.88 0.87 0.88 0.86 0.88 51000 44330 CROWN EQUITIES 0.208 0.212 0.206 0.214 0.206 0.212 2380000 500910 47580 CEBU HLDG 5.72 5.99 5.72 5.74 5.72 5.72 19000 108700 CEB LANDMASTERS 4.13 4.16 4.27 4.28 4.02 4.16 1572000 6533030 -256649.9999 CENTURY PROP 0.41 0.415 0.4 0.415 0.4 0.41 9210000 3757000 DOUBLEDRAGON 17.24 17.3 17.5 17.5 17.14 17.3 507500 8772316 887154 DM WENCESLAO 7.55 7.6 7.7 7.75 7.55 7.6 763400 5818230 114579 EMPIRE EAST 0.5 0.52 0.51 0.52 0.5 0.5 45000 23020 EVER GOTESCO 0.104 0.106 0.104 0.104 0.104 0.104 200000 20800 FILINVEST LAND 1.42 1.43 1.42 1.43 1.41 1.42 1734000 2461070 855320 GLOBAL ESTATE 1 1.01 0.99 1.02 0.99 1 1278000 1278280 -990 8990 HLDG 7.15 7.19 7.25 7.25 7.12 7.19 47400 340364 IRC PROP 2.3 2.31 2.37 2.44 2.29 2.3 16739000 39707130 -1648960 MEGAWORLD 4.5 4.53 4.52 4.56 4.5 4.5 8515000 38485000 7609820 MRC ALLIED 0.33 0.335 0.33 0.34 0.325 0.335 29710000 9927700 -418000 PHIL ESTATES 0.44 0.445 0.435 0.455 0.435 0.44 5020000 2243750 PRIMEX CORP 3.59 3.61 3.6 3.6 3.58 3.6 619000 2226310 -363060 ROBINSONS LAND 19.72 19.9 19.5 20.2 19.5 19.9 7599200 151008787 -127902948 PHIL REALTY 0.365 0.37 0.355 0.375 0.34 0.365 720000 259300 ROCKWELL 1.9 1.93 1.93 1.93 1.91 1.93 64000 123260 42490 SHANG PROP 3.12 3.17 3.17 3.17 3.12 3.17 7000 22040 STA LUCIA LAND 1.13 1.14 1.14 1.14 1.14 1.14 30000 34200 SM PRIME HLDG 31.7 31.75 31.65 31.85 31.5 31.75 8464300 268361190 -96680135 STARMALLS 4.05 4.11 4 4.17 4 4.13 153000 630290 SUNTRUST HOME 0.68 0.72 0.7 0.71 0.7 0.71 12000 8510 VISTA LAND 5.19 5.2 5.14 5.2 5.14 5.2 2999100 15583591 -12785271 SERVICES ABS CBN 19.6 19.8 20.3 20.3 19.5 19.6 70300 1388144 GMA NETWORK 5.22 5.24 5.29 5.29 5.21 5.22 205200 1073502 MANILA BULLETIN 0.365 0.38 0.38 0.38 0.36 0.38 220000 81350 MLA BRDCASTING 14.1 15.98 16 16 14.1 14.1 2200 31210 GLOBE TELECOM 1833 1865 1840 1865 1818 1865 53130 98391170 21214380 PLDT 1177 1195 1183 1209 1150 1177 72970 86512340 -6608125 APOLLO GLOBAL 0.037 0.039 0.038 0.038 0.037 0.037 900000 33400 DFNN INC 7.52 7.98 7.98 7.98 7.98 7.98 200 1596 IMPERIAL 1.55 1.9 1.97 1.97 1.97 1.97 1000 1970 ISLAND INFO 0.09 0.095 0.092 0.092 0.091 0.091 2480000 226950 -98280 ISM COMM 8.29 8.3 8.2 8.62 7.66 8.3 101113500 824400990 428789 NOW CORP 2.88 2.89 2.9 3.08 2.76 2.88 6793000 19716430 586750 TRANSPACIFIC BR 0.34 0.345 0.34 0.35 0.335 0.34 51450000 17697650 531550 PHILWEB 3.05 3.06 3.17 3.28 3.05 3.06 551000 1729520 2GO GROUP 9.6 9.7 9.57 9.8 9.57 9.7 23600 227654 -4849.9999 CEBU AIR 62.3 62.5 61.7 64 61.55 62.3 561450 35167637 8165036.5 CHELSEA 7.97 8 7.81 8.13 7.4 8 9675800 74820805 -284547 INTL CONTAINER 92.3 92.4 92.9 92.9 91.6 92.4 890250 82121552 -621020 LBC EXPRESS 14 14.4 14.1 14.4 14 14.4 4400 62210 46800 LORENZO SHIPPNG 0.7 0.72 0.71 0.71 0.7 0.7 239000 167400 MACROASIA 14.74 14.76 14.6 15 14.5 14.76 246400 3640050 -54960 METROALLIANCE A 1 1.08 1 1.1 0.98 1.08 58000 58270 PAL HLDG 7.62 7.63 7.63 7.63 7.63 7.63 3400 25942 HARBOR STAR 3.49 3.5 3.38 3.52 3.34 3.49 1696000 5884170 -45360 ACESITE HOTEL 1.26 1.47 1.26 1.26 1.26 1.26 3000 3780 DISCOVERY WORLD 2.14 2.3 2.41 2.43 2.41 2.43 4000 9680 WATERFRONT 0.455 0.46 0.47 0.49 0.455 0.46 3490000 1633900 FAR EASTERN U 892 938 902 930 902 930 1470 1356860 -1004400 IPEOPLE 10.1 11.14 11.02 11.02 10.5 10.5 22400 236456 STI HLDG 0.58 0.59 0.58 0.6 0.56 0.59 3033000 1754950 -266010 BERJAYA 1.59 1.6 1.6 1.61 1.55 1.59 1806000 2853610 -289290 BLOOMBERRY 7.77 7.8 7.65 7.8 7.65 7.8 3669400 28351962 -17571673 LEISURE AND RES 2.7 2.74 2.49 2.81 2.48 2.74 969000 2564910 -59520 MANILA JOCKEY 5.36 5.5 5.35 5.5 5.35 5.5 41900 225687 MELCO RESORTS 7.13 7.14 7.12 7.14 7.12 7.13 5592800 39868417 -33645500 PREMIUM LEISURE 0.62 0.63 0.64 0.65 0.62 0.63 2851000 1798910 -99600 PHIL RACING 5.01 8 7.99 8 7.99 8 30400 243126 TRAVELLERS 5.13 5.14 5.12 5.15 5.12 5.14 2680200 13779697 -10649684 METRO RETAIL 1.91 1.93 1.98 1.98 1.91 1.93 1735000 3367010 314310 PUREGOLD 41.95 42 42 42 41.9 42 1626200 68297535 -8357860 ROBINSONS RTL 75.9 76.5 76.5 76.95 75 76.5 275050 21031036.5 -19336595 PHIL SEVEN CORP 107.5 108 103 107.5 103 107.5 1550 165240 82775 SSI GROUP 2.73 2.74 2.67 2.83 2.66 2.73 6896000 18949550 2436050 WILCON DEPOT 12.46 12.48 11.9 12.5 11.9 12.48 12314300 150912706 96172136 APC GROUP 0.35 0.36 0.345 0.35 0.345 0.35 2050000 717150 EASYCALL 5.68 5.86 6 6.2 5.61 5.86 173200 1004969 GOLDEN BRIA 312 318 311.2 318 311 318 6290 1993808 -31800 PAXYS 3.1 3.34 3.37 3.5 3.34 3.34 34000 113750 PRMIERE HORIZON 0.33 0.335 0.32 0.335 0.32 0.33 790000 259250 SBS PHIL CORP 6.81 6.97 6.94 6.94 6.75 6.8 80500 546986 233095 MINING & OIL ATOK 13 13.64 12.54 13.64 12.54 13.64 4900 64044 APEX MINING 1.75 1.77 1.72 1.77 1.71 1.77 2116000 3669040 ABRA MINING 0.002 0.0021 0.0021 0.0022 0.0021 0.0021 79000000 166100 ATLAS MINING 2.38 2.8 2.32 2.4 2.32 2.38 254000 604910 -50010 BENGUET A 1.08 1.25 1.25 1.25 1.25 1.25 5000 6250 COAL ASIA HLDG 0.285 0.3 0.285 0.295 0.285 0.295 50000 14550 CENTURY PEAK 1.91 1.92 1.93 1.98 1.91 1.92 1247000 2398410 DIZON MINES 6.93 7.03 6.9 7.1 6.9 7.05 6700 46370 -32477 FERRONICKEL 1.73 1.74 1.7 1.74 1.7 1.74 353000 611090 -25820 GEOGRACE 0.199 0.202 0.198 0.201 0.198 0.201 110000 22080 LEPANTO A 0.098 0.1 0.097 0.1 0.095 0.1 3940000 383740 LEPANTO B 0.101 0.108 0.108 0.11 0.108 0.109 320000 35070 MANILA MINING A 0.0067 0.0068 0.0067 0.0067 0.0067 0.0067 10000000 67000 MARCVENTURES 1.09 1.1 1.1 1.1 1.1 1.1 13000 14300 NIHAO 1 1.02 1 1.02 0.99 1.01 21000 20970 NICKEL ASIA 2.36 2.37 2.38 2.38 2.35 2.37 2297000 5440010 1208420 OMICO CORP 0.52 0.6 0.52 0.52 0.52 0.52 49000 25480 ORNTL PENINSULA 0.88 0.89 0.84 0.91 0.82 0.89 886000 782430 PX MINING 2.91 2.94 3.02 3.04 2.8 2.94 4498000 13346600 -6146550 SEMIRARA MINING 26.1 26.65 26.05 26.65 25.5 26.1 846700 22135560 -12000980 ORNTL PETROL A 0.012 0.013 0.012 0.013 0.012 0.012 800000 10100 PHILODRILL 0.011 0.012 0.012 0.012 0.011 0.012 14900000 176400 PHINMA PETRO 3.8 4 3.85 3.85 3.75 3.8 48000 182700 PXP ENERGY 17.86 18 18.4 18.4 17.82 17.86 3061500 55,112,504( 13,802,146.0003)

PREFFERED AC PREF B2 ALCO PREF B DD PREF FGEN PREF G FPH PREF C GLO PREF P GTCAP PREF A GTCAP PREF B LR PREF MWIDE PREF PNX PREF 3B SMC PREF 2B SMC PREF 2C SMC PREF 2F SMC PREF 2G SMC PREF 2I

488 95.45 96 100.5 451 442 915 894 1.01 99.3 103 75.2 76.3 75 74.5 73.1

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

19.1 5.05

490 99 97.5 102.5 480 484.8 925 920 1.02 101 103.1 76.1 76.6 75.1 74.9 73.5

488 95.6 96 102.5 480 450 913.5 920 1.02 101 103 75.2 76.3 75.05 74.5 73.5

490 95.6 97.7 102.5 480 450 925 920 1.02 101 103.1 75.2 76.3 75.1 74.5 73.5

488 95.5 96 102.5 480 441 913.5 920 1.02 99.3 103 75.2 76.3 75 74.5 73.1

490 95.5 97.7 102.5 480 441 925 920 1.02 99.3 103.1 75.2 76.3 75 74.5 73.5

2010 9500 19000 600 310 2000 1330 30 3000 10140 3790 940 1200 534800 69000 60190

980984 907371 1849500 61500 148800 887100 1216700 27600 3060 1010426 390729 70688 91560 40160262.5 5140500 4420278

51550 -

21.2 5.2

19 5.2

19.36 5.2

18.82 5.2

19.1 5.2

70100 2000

1334586 10400

-991952 -

WARRANTS LR WARRANT

1.7

SMALL & MEDIUM ENTERPRISES ITALPINAS 3.81 MAKATI FINANCE 2.67 XURPAS 1.17

1.71

1.54

1.72

1.5

1.7

1093000

1803260

3.82 2.95 1.18

3.66 2.7 1.21

3.85 2.7 1.25

3.52 2.67 1.13

3.82 2.67 1.17

832000 78000 4772000

3130100 208760 5690860

29120 -2420500

EXHANGE TRADE FUNDS FIRST METRO ETF

104

104.5

103.2

104.6

103.2

104

10880

1133889

8288

The World BusinessMirror

www.businessmirror.com.ph

Editor: Angel R. Calso • Thursday, November 15, 2018

Asian leaders push pacts on S. China Sea

INGAPORE—Leaders from Southeast Asia, China and other neighboring countries met in Singapore on Wednesday and cited progress on keeping peace in the contentious South China Sea as evidence that the region is managing to handle such issues on its own. Both the Singapore meeting and a summit of the Asia-Pacific Economic Cooperation forum later in the week have drawn China’s leaders, Russian President Vladimir Putin and heads of other regional powers, but not President Donald J. Trump, who sent Vice President Mike Pence in his stead. The 10-nation Association of Southeast Asian Nations was focusing on issues of security and trade at its summit, with managing conflict in the South China Sea a perennial issue. China is pitted against its smaller neighbors in multiple disputes in the sea over islands, coral reefs and lagoons in waters crucial for global commerce and rich in fish and potential oil and gas reserves. Chinese Premier Li Keqiang said the region has set a good example of managing those territorial disputes and keeping the peace as it works toward setting a “code of conduct” to govern navigation and other activities. “We have found the way to properly manage and defuse differences, for example, on the issue of the South China Sea in the past years,” Li said, adding that the situation was moving toward “greater stability” with progress toward a single draft text

on a code of conduct in the sea. He reiterated Beijing’s hope to have a final agreement within three years. Philippine President Rodrigo Duterte said such a code is needed “at all cost” to govern behavior in the South China Sea to avoid miscalculations and trouble, suggesting that any risks were from potential trouble with outsiders. The region already has a nonbinding “Declaration of Conduct” but is working toward a more robust agreement. “Everything’s been excellent between China and the rest of Asean except for the fact that there’s friction between the Western nations and China,” Duterte told reporters as he headed into meetings. The Philippines earlier was one of the most vocal critics of China’s assertive moves in the disputed waters, where it has built up military installations and other facilities. In 2016 it largely won a complaint it lodged before an international tribunal that invalidated Beijing’s sweeping territorial claims in the South China Sea. However, Duterte took steps to revive once-frosty ties with China after taking office in 2016, as he sought infrastructure funding and more trade and investment from Beijing.

Costly Apec summit sows division in host Papua New Guinea

ORT MORESBY, Papua New Guinea—After three decades of promoting free trade as a panacea to poverty, the Asia-Pacific Economic Cooperation (Apec) grouping of nations that includes the United States and China is holding its lavish annual leaders’ meeting in the country that can least afford it. Barely penetrated by roads and scarred by violence, Papua New Guinea hopes the parade of world leaders will lift the mountainous Pacific nation of hundreds of tribal groups out of obscurity and attract investment. But the expense has brought criticism when the government has a budget crisis, basic medicines are scarce, and polio, eliminated from all but a handful of countries, has returned. In 2015 the International Monetary Fund estimated that upgrading the capital for the event and hosting a year of related meetings could cost $1 billion. Australia, the biggest foreign aid donor to Papua New Guinea and former colonial occupier, as well as China and other countries have absorbed some of the cost but critics have already been given plenty of vindication. In an eye-popping move, the government imported 40 luxury Maserati cars to whisk VIPs among convention venues in the secure bubble of the Apec meetings. Officials said the government would sell them to recover the cost, sparking more disbelief and suspicions of a corrupt scheme. Chinese government money, meanwhile, has built what has been dubbed a boulevard to nowhere in the capital Port Moresby, a city described by the World Bank as among the world’s most violent due to high unemployment and brazen criminal gangs known as “raskols.” A VIP terminal costing about $19 million was added to the city’s airport. Construction of an iconic building “Apec Haus” for the leaders’ summit was paid for by oil and gas company Oil Search, which operates all of Papua New Guinea’s oil fields, in exchange for tax credits. That avoided an immediate cost for the government but will erode its revenue in the future. “I think the money should have been used to fix our backyard instead of decorating the front porch. We have health, education and infrastructure deficiencies that need to be addressed,” said activist and writer Martyn Namorong. “Many teachers haven’t been paid and hospitals lack medicines,” he said. “There is so much misery experienced by ordinary Papua New Guineans while the elite party with the world like there is no tomorrow.” What the weeklong talkfest will produce, other than its signature photo of world leaders in locally themed shirts, is unclear. In the impenetrable language of Apec, the meeting is about “Harnessing Inclusive Opportunities, Embracing the Digital Future.” AP

Myanmar’s handling of Rohingya ‘without excuse’

CHINESE Premier Li Keqiang, (fifth from left), and Asean leaders leave the stage following a brief group photo at the start of the Asean Plus China Summit in the ongoing 33rd Asean Summit and Related Summits on Wednesday, November 14, in Singapore. From left: Prime Minister Mahathir Mohamad of Malaysia, Myanmar Leader Aung San Suu Kyi, President Duterte of the Philippines, Prime Minister Nguyen Xuan Phuc of Vietnam, Chinese Premier Li Keqiang, Prime Minister Lee Hsien Loong of Singapore, Prime Minister Prayuth Chan-ocha of Thailand, Sultan Hassanal Bolkiah of Brunei Darussalam, Prime Minister Hun Sen of Cambodia and President Joko Widodo of Indonesia. AP PHOTO/BULLIT MARQUEZ

Duterte cited a risk of “serious miscalculation” and potential clashes that could trigger military action based on mutual defense treaties. “So you are there, so you are in possession, you have occupied it, but tell us what route we should take, what kind of behavior...” he said. Despite the apparent amity over territorial issues, the crisis over Myanmar’s ethnic Rohingya Muslims has overshadowed the meetings in Singapore. The atmosphere between Myanmar’s leader, Aung San Suu Kyi, and Malaysian Prime Minister Mahathir Mohamed appeared frosty after Mahathir lambasted Suu Kyi on Tuesday for her handling of the crisis that led to mass killings and the exodus of more than 700,000 Rohingya from Buddhist-majority

Myanmar since August 2017. It was an unusually harsh rebuke among leaders in the 10-nation Asean bloc, who tend to avoid publicly criticizing each other. Mahathir, whose own country has a Muslim majority, said that as a former political detainee, Suu Kyi should show more compassion. “They are actually oppressing these people to the point of, well, killing them, mass killing, and burial in graves dug by the victims and that kind of thing,” said Mahathir, a 93-year-old political veteran whose own past treatment of dissidents at times drew opprobrium. “That may be relevant in ancient times, but in modern days, we don’t do that kind of thing.” Vice President Pence was due to meet with Suu Kyi on Wednesday,

as well as with leaders of Vietnam, India and Indonesia. His mission, to advocate a “free and open Indo-Pacific policy,” was somewhat undercut by Trump’s absence while other leaders were attending the regional meetings. Trump’s security adviser, John Bolton, told reporters on Tuesday that the Asean meetings tended to be relatively flexible and Pence’s schedule was still being decided, but that some would be aimed at preparing for a meeting between China’s president and Trump at the G-20 meeting in Argentina later this month. That meeting will be closely watched for progress on resolving the standoff over technology policy that has led the US and China to impose billions of dollars of tariffs on each other’s exports. AP

Oil’s collapse deepens as supply and demand concerns roil market

IL showed little sign of recovering from its unprecedented decline as investors flee a market hammered by swelling supplies and a darkening demand outlook. Futures in New York held losses after plunging 7.1 percent in the previous session in the biggest one-day drop in more than three years. The Organization of the Petroleum Exporting Countries (Opec) warned demand for its crude is falling faster than expected, underlining why Saudi Arabia and some other members are signaling output cuts. Still, President Donald J. Trump’s exhortation that the group shouldn’t cut output is stoking concerns producers may not change course to prevent a glut. Oil’s record 12-session slide that’s taken it into a bear market has been exacerbated by a US decision to grant some nations waivers from its sanctions, allowing them to continue buying some Iranian crude. Meanwhile, rising American output and inventories are pointing to an emerging glut and speculation is swirling over

whether the Opec and its allies including Russia will act to stem the price slump. “President Trump will likely continue to keep Opec in check, making it more difficult for Opec and non-Opec nations to agree on production cuts,” said Satoru Yoshida, a commodity analyst at Rakuten Securities Inc. in Tokyo. Meanwhile, “as a prolonged US-China trade war is now more likely, a slower demand growth scenario is not surprising. It was apparently factored into Opec’s monthly report.” West Texas Intermediate for December delivery declined as much as 55 cents to $55.14 a barrel on the New York Mercantile Exchange, before trading unchanged at $55.69 at 12:26 p.m. in Tokyo. The contract fell $4.24 on Tuesday. Total volume traded was more than double the 100-day average. Brent for January settlement edged up 18 cents to $65.65 a barrel on the London-based ICE Futures Europe exchange. The contract slumped $4.65 to $65.47 a barrel on Tuesday. The global benchmark crude traded at a $9.79 premium to

WTI for the same month. In another sign of the severity of the sell off, traders were paying the most in two years for options on futures contracts as they looked for protection—or profit— from the collapse. A measure of implied volatility for options jumped, while preliminary data from the New York Mercantile Exchange shows options volume hit a record. Global demand for Opec’s oil will be about 31.5 million barrels a day next year, the group said in its monthly report. That’s 500,000 barrels a day lower than its forecast just two months ago and about 1.4 million below current production. Opec also cut its forecast for overall global oil demand growth by 70,000 barrel a day. The group reported the worsening outlook as traders assess mixed signals on its next step. Following a closely watched meeting of Opec and its allies in Abu Dhabi over the weekend that yielded no formal change in production policy, a producer committee warned that they may need “new strategies.” Bloomberg News

INGAPORE—Myanmar leader Aung San Suu Kyi rebuffed criticism from US Vice President Mike Pence and other leaders on Wednesday over her government’s treatment of its ethnic Rohingya Muslims. In a meeting on the sidelines of a regional summit in Singapore, Pence told Suu Kyi that he was anxious to hear about progress in resolving the crisis, which stems from a violent military crackdown in Myanmar’s northern Rakhine state that the United Nations has called ethnic cleansing. “The violence and persecution by military and vigilantes that resulted in driving 700,000 Rohingya to Bangladesh is without excuse,” Pence said. He added that he was keen to hear about how Myanmar will enable the Rohingya to voluntary return home. Pence also said Myanmar’s arrests and convictions of two Reuters journalists was “deeply troubling” to millions of Americans. “I look forward to speaking with you about the premium that we place on a free and independent press,” he said. Pence and Suu Kyi met during the annual summit of the Association of Southeast Asian Nations in Singapore. Pence is attending that and the summit of the Asia-Pacific Economic Cooperation forum in Papua New Guinea later this week in President Donald J. Trump’s stead. A day earlier Malaysian Prime Minister Mahathir Mohamed made an unusually harsh public criticism of Suu Kyi, saying that as a former political prisoner she should better understand suffering. He said the treatment of the Rohingya was “indefensible.” Suu Kyi became an icon for democracy after spending about 15 years under house arrest for opposing Myanmar’s earlier military dictatorship. Though Suu Kyi has been the de facto head of Myanmar’s civilian government since her party swept elections in 2015, she is limited in her control of the country by a constitution written under the former military junta. The military is in charge of security operations, including those in northern Rakhine. Still, Suu Kyi has faced widespread criticism for not speaking out in defense of the Rohingya. Amnesty International became the latest organization to strip her of an award this week, citing the “shameful betrayal of the values she once stood for.” Responding to Pence, Suu Kyi said it was good to exchange views, but that “we understand our country better than any other country does. I’m sure you will say the same of yours, that you understand your own country better than anybody else.” AP

Brexit deal helps lock UK into customs union the EU wanted

OR months, the struggle to work out a temporary fix for the Irish border stood in the way of a Brexit deal. Now, it turns out the solution looks neither temporary nor solely for the Irish border. Many on the EU side of the negotiations believed—and hoped—this would always be the outcome. As the agreement gets picked over by Theresa May’s Cabinet, it will become clear that in

signing up to the so-called backstop to avoid a hard border on the island of Ireland, the UK may be committing itself to something more permanent. The UK will be in a customs union with the bloc indefinitely, unless a better idea emerges in the next two years. Sabine Weyand, the EU’s deputy chief negotiator went further. She told memberstates on Friday that the deal means the EU has succeeded in making the customs union

“the basis of the future relationship,” according to a diplomatic note of her meeting with representatives of EU governments. Since the start of the Brexit negotiations, EU officials have said privately they believe the UK would ultimately remain in the customs union even as May repeatedly ruled it out as a betrayal of the referendum result. People familiar with the negotiations even said the EU’s strategy was to gradually push

the UK into this position. While May is still able to say the arrangement set out in the draft agreement is temporary—and may never be used because it won’t start until 2021 at the earliest—the Brexit deal stipulates that it can only come to an end if a permanent trade deal keeps the Irish border invisible. Barring huge technological advances, it’s hard to imagine how that would come to pass. Bloomberg News

B4 Thursday, November 15, 2018

PHILIPPINE GAMING MANAGEMENT CORP. BOOSTS BUSINESS PRODUCTIVITY, SECURITY WITH GLOBE BUSINESS

P FEEL THE YULETIDE SPIRIT AT SM SUPERMALLS Christmas has come to the SM Malls with the recent launch of a very Merry Winterland Christmas at SM Mall of Asia. World Championship of Performing Arts World Division winner Gaea Salipot sings a Christmas medley and is mesmerized by the wintry setting and the little cute MOA magical friends: Macky the monkey, Hailey the hippo, Gerry the giraffe and Benny the bunny.

HOLIDAY AUCTION FOR A CAUSE

ASA de Memoria, the country’s premier source of international and decorative art through themed auction, recently held another successful event on November 10. The Cosmic Holiday auction, featuring brilliant decorative arts and dazzling jewelry pieces, are perfect for gifting to special loved ones or for decorating the home with elegant statement pieces. The collection includes splendid Chinese antiques, including a delicate Chinese porcelain bowl with reticulated lip and stand in Bronze. This Chinese 20th-century porcelain bowl

is embellished with colorful peonies and costs P50,000. Another beautiful item is a Chinese red lacquered twodoor cabinet with stunning motifs of various Chinese objects, stylized flowers and leaves, and animals figures made with jade and stones. This artifact costs P120,000. While there are a variety of lots ranging from European furniture to Chinese porcelains, jewelry pieces also belong in the Cosmic Holiday collection, including a pair of dangling earrings made of 18-karat white gold and beautifully studded with small round brilliant-cut diamonds. This pair of dangling earrings costs P195,000. There’s also a set comprising of necklace with pendant and a pair of earrings in 18-karat white gold with corals, onyx and black birthstones. This one stands out among the exhibited pieces at P3,500,000—probably the most expensive piece to be sold in the upcoming auction. A percentage of the proceeds from the holiday auction will be given to nonprofit organizations that supply remote communities with clean, potable drinking water. In the previous auctions, donations were given to Fighting Hunger With Hunger, which empower local communities through sustainable entrepreneurship. Casa de Memoria is known for its research team whose efforts are in line with the company’s thrust of bringing art and knowledge of art closer to people. They produce catalogs that not only give clients a list of their current offerings, but also vignettes that are more editorial and informative. Aside from auctions, which they hold every two months, they also offer other services such as further research on an item, appraisal of a piece and restoration, and these aren’t exclusive only to Casa consignors and items from Casa. Unsold items will be sold starting with the auction price tag. For inquiries, visit casadememoria.com.

TOURISM SEEN INCENTIVIZING GOOD GOVERNANCE CENTRAL LUZON-WIDE

HE physical and socioeconomic benefits of tourism will form part of the exhibits of Central Luzon (CL) at the North Philippines (NorthPhil) Tourism and Travel Expo slated at the SM City Clark from November 16 to 18. The exhibits will highlight tourism worthiness as the ultimate manifestation of good governance, which all the local government units (LGUs) in NorthPhil can aspire for, according to the Association of Tour Officers of Central Luzon (Atocel), which is anticipating the rise of new Clark and Subic cities on the tide of massive infrastructure development, on the back of the government’s ongoing Build, Build, Build program, along with private investments. Atocel President Michael Palispis said LGUs in CL would have to level up to keep astride with and cash in on the benefits of such developments. “Tourism worthiness encompasses not just infrastructure and tourist attractions, but also all the qualities of good governance that includes safety and security, economic productivity, cultural values, social behavior and attitudes, a healthy business and natural environment, a well-educated populace, transport and telecommunications connectivity, and many other factors that define a CL visitor’s experience,” Palispis explained. “The goal for the LGUs in CL and the rest of NorthPhil is to attain a level of certainty that they won’t miss out on the benefits and opportunities from tourism, whose uptrend is projected to continue despite all the fuel price hikes,” Palispis added. Constituting Central Luzon are the provinces of Aurora, Bataan, Bulacan, Nueva Ecija, Pampanga, Tarlac and Zambales, with an aggregate 2017 tourist volume of 3.42 million, comprising 2.91 million domestic, 481,436 foreign and 14,254 overseas Filipino workers, according to the American Chamber of Commerce of the Philippines Inc. The inbound tourist volume in Central Luzon, as reported by the Philippine Statistics Authority (PSA), grew by 9.3 percent in 2017, when tourism contributed 12.2 percent to the economy from 8.6 percent in 2016, as measured by the share of

tourism direct gross value Added (TDGVA) in the GDP. “The TDGVA amounted to P1,929.3 billion (P1.93 trillion) at current prices in 2017. This is higher by 24.2 percent than the previous year’s P1,553.7 billion (P1.55 trillion),” the PSA report stated, citing a 43.9-percent rise in 2017 inbound tourist spend. Also on the upsurge was domestic tourist spend, up by 25.5 percent, to P2,644.8 billion (or P2.645 trillion) in 2017, from P2,108.2 billion (or P2.1 trillion) in 2016. Share of tourism in total national employment in 2017 was placed by the PSA at 13.1 percent. On the other hand, total contribution to GDP is projected by the World Travel and Tourism Council to rise by 5.3 percent yearly to $108.2 billion (P5,134.2 billion, or P5.134 trillion) at 20.7 percent of the GDP in 2027. “Thus, our LGUs shouldn’t miss out on that golden opportunity from tourism, which we strive to showcase at the NorthPhil Expo in Clark,” Palispis said of Central Luzon’s unique exhibits and the presentation of the new digital and official web site of the DOT office in the region. Central Luzon lies at the immediate north of Metro Manila and spans the full breadth of this part of the archipelago, from the coastal provinces of Pangasinan, Zambales and Bataan at the West Philippine Sea to Aurora province at the Pacific Ocean. The Central Luzon exhibits are among those displayed in 104 booths featuring all tourism sectors in North Philippines and other parts of the archipelago, including Asia. Co-organized by the Association of Travel Operators of Central Luzon and managed by the Philippine Exhibits and Trade Corp. (northphilexpo@gmail.com, www. northphilexpo.com), the expo is supported by the Department of Tourism, the Angeles City government, the provinces of Aurora, Bataan, Pampanga, Tarlac, and Zambales, Clark Development Corp., Subic Bay Metropolitan Authority, Tourism Infrastructure and Enterprise Zone Authority, and Cebu Pacific Air as sponsors. Roderick Abad

HILIPPINE Gaming Management Corp. (PGMC) has tapped Globe Business, the corporate information and communications technology arm of Globe Telecom, for the use of G Suite and secure e-mail gateway (SEG) to maximize business-efficiency and to strengthen its cyber-security measures, respectively. Through the partnership with Globe Business, PGMC was able to acquire G Suite licenses allowing employees to work better together via secure and reliable workplace tools for e-mail, calendar, text and video chat, as well as document creation, project web sites, and online storage and sync. PGMC also acquired SEG to comply with the e-mail encryptionpolicy requirement of being an ISO 27001 certified company. “This year, we availed of G Suite, because we wanted to get away with the restrictions that we were experiencing with our previous e-mail system. The migration of our corporate e-mail to G Suite was very smooth and training was very easy. [The] Initial troubleshooting was also very easy with the help of Globe Business—it lessened the birth pains of implementing a new system,” said Tan Eng Hwa, PGMC vice president. Globe Business Senior Vice President Peter Maquera added, “Globe Business is all about using technology to maximize our clients’ operating efficiency, which will translate to increased savings and profitability. Through G Suite and SEG, we are able to help PGMC to increase productivity, reduce information technology cost by eliminating the need to purchase and maintain servers, as well

as keep their most important corporate data safe.” Powered by Google Cloud, G Suite allows users to communicate faster and more conveniently with Gmail. It provides storage for up to 30 gigabytes of e-mail per user, advanced spam filtering, lightningfast message search, integrated text, voice and multiperson video chat. G Suite users can also arrange meetings and organize schedules with Google Calendar; experience hassle-free file management with Google Drive, which can be accessed anytime and anywhere, from any device; conduct real-time collaboration with Google Docs and Google Sheets; and make beautiful presentations together with Google Slides. With SEG, enterprises can secure the

overall access and content of their e-mail accounts and services from hackers. SEG has two main benefits: Advanced protection, which prevents advanced persistent e-mail threats, like ransomware, spoofing, phishing and business e-mail compromise; and data-loss protection, which ensures sensitive data is protected by a security that meets stringent policy compliance requirements. To know more about G Suite and SEG, contact your Globe Business account manager or visit business.globe.com.ph. In photo are (from left) Globe Business cluster sales head Mike Agustin, Globe Business head of sales Meanne Quiambao, Tan and PGMC Senior Assistant Vice President for IT Operations Pacifico Jesus Villalino III.

A MERRIER CHRISTMAS THRU MIDORI CLARK HOTEL AND CASINO’S ANGELS’ DREAM 2018

ONTINUING the real essence of Christmas that is giving, Midori Clark Hotel and Casino recently concluded the third year of the Angels’ Dream on November 13 at the hotel lobby. T h i s ceremony k ic k s of f t he monthlong run of this year’s Angels’ Dream and the celebration of the hotel festivities. During the said ceremony, some 800 beneficiaries of this year’s Angels’ Dream joined the program to early receive treats and witness the said launch. Highlighting the event is the hanging of wish cards, wherein kids hung up their wishes into the hotel’s Christmas tree. This tradition symbolizes the wishes and dreams of the little youngsters, which will be fulfilled by the “heavensents”, or the employees, subsidiaries, sponsors and guests. Aside from the kids who attended the Christmas tree lighting ceremony, compa ny represent at ives v isited schools in Sapang Bato, Sitio Target and Monicayo, Haduan, Calapi, Macapagal and Marcos Village to have their wishes come true. Few days before Christmas, the little angel’s dream will come true. Santa Claus will come a little bit early as the gift-giving ceremony will take place on December 18.

“From 300, 600 and, now, we are granting the 800 wishes of little Angels. We are thrilled on how our partners, employees and guests support this breakthrough. With this program, we all can be a heaven sent and we can be a blessing by giving,” general manager Vic Chan says. The Angels’ Dream 2018 is in partnership with BBI Foundation, Aqua Planet, OVBD and Eagle Sky. Angels’ Dream is the corporate social responsibility (CSR) program of Midori Clark Hotel and Casino every

Yuletide season. The program aims to provide a Christmas celebration even brighter, more meaningful and something that always leaves a jolly mark in the heart. During its first year in 2016, about 300 wishes from Aeta kids were granted. Double the number from its first year, 600 dreams came true in 2017. Ever y year the said CSR program became big ger and br ighter thr u the number of wishes being granted and by the par tners who joined in the brea kthrough.

ASIANA AIRLINES, METROBANK JOIN FORCES TO GIVE YOU THE BEST TRAVEL DEALS

O to the best travel destinations in the world with Asiana and Met roba n k C a rd yea r - end sale. These special fares are exclusive to all active Metrobank-issued credit cardholders. Get them now as these are subject to availability, and upsell fares are offered when the fare of your choice is not available. Fares are subject to peak-season surcharge. Enjoy special rates to Seoul for $290, Los Angeles for $520, New York for $585, London and Paris for $550

and more. Booking period is from November 12 to November 30. Travel Period covered is from December 1 to June 30, 2019. Follow @asianaph on Facebook for updates, promos and a link to the site featuring the full list of prices and destinations. Asiana Airlines is a leading global airline based in Seoul, South Korea. The airline focuses on both business and leisure markets, and drives efficiency and effectiveness while providing a first-class

experience for all customers on board. In 2014 Asiana Airlines entered Global Traveler’s Hall of Fame for winning Best Airline for Onboard Service and Best Airline for Flight Attendants for 10 consecutive years. It was voted Airline of the Year by ATW, Skytrax, Global Traveler, and Premier Traveler for four consecutive years since 2009; and honored as a five-time winner, including Business Traveler’s Best Overall Airline in the World Award.

Editor: Jun Lomibao • mirror_sports@yahoo.com.ph

Sports BusinessMirror

Thursday, November 15, 2018

SOUTH Korea’s Kim Eun-jung yells during their women’s curling final at the Gangneung Curling Centre at the 2018 Winter Olympics in Gangneung, South Korea. AP

MOSES: REVIEW WADA CULTURE

HUMAN-RIGHTS

VIOLATION! B J D The Associated Press

EOUL, South Korea—The so-called Garlic Girls who swept to fame during their stirring run to an Olympic curling silver medal have alleged they were verbally abused by a South Korean official and subjected to unreasonable orders from coaches. South Korea’s sports ministry on Wednesday announced a joint investigation with the national Olympic committee into the allegations. The five-member women’s curling team sparked unprecedented national attention for their sport in February before losing to Sweden in the final on home ice at the Pyeongchang Olympics. The team sent a letter to the Korean Sport and Olympic Committee (KSOC) last week to outline their allegations. The women, from a remote province famous for its garlic, captured hearts in a country that barely recognized curling before and became sought-after models for commercials. The attention was so great during the games that their coach took away their cell phones to shield the curlers from any pressure. The Garlic Girls ultimately lost to Sweden in the gold-medal match. In the letter, Kim Eun-jung, Kim Seon-yeong and Kim Cho-hee as well as the sisters Kim Yeong-ae and Kim Yeong-mi accused former Korean Curling Federation (KCF) Vice President Kim Kyong-doo of verbal abuse and team coaches of giving unreasonable orders and subjecting their private lives to excessive control. “The human rights of the athletes are being violated,” the athletes, the first Asian team to win a curling silver, wrote. “We’ve reached a point where it has become unbearable.” The curlers also accused coaches of holding back prize money and trying to sideline captain Kim Eun-jung after learning of her plans to start a family.

The coaches “tried to rule Kim Eun-jung off the team after she got married in July,” the letter said. “They separated the skip and the team captain’s role to minimize Kim Eun-jung’s status on the team. They also tried not to include Kim Eun-jung in team training.” The players that they no longer wish to work with Head Coach Kim Min-jung, daughter of Kim Kyung-doo, and her husband, Jang Ban-seok, who is mixed doubles coach. The coaching staff deny the allegations. “Kim Eun-jung had a plan to have a baby, and as a coach, in that case, we need to think about having a new skip,” Jang said in a statement. “We’ve never trained in a way that would lead to a curler being kicked off the team.” Jang also denied any funds had been withheld from the athletes, saying that the team had agreed that prize money would be spent on overseas training and competitions. “We thought it was not right to distribute the prize money to each athlete for private use, because that money was earned as a national team supported by the KSOC and other sports organizations,” he said. “Besides that, money received from nonsports events was all paid to the curlers’ private accounts.” The investigation will begin next week and will include officials from the sports ministry, the national Olympic committee and the team’s home province of North Gyeongsang.

CALGARY VOTERS: NO THANKS

CALGARY’S bid to host the 2026 Winter Olympics was rebuffed on Tuesday when local voters said “no” in a nonbinding referendum. Unofficial results showed that 56 percent voted against bidding for the Olympics. Results showed that out of 767,734 eligible voters, 304,774 cast ballots and 171,750 of those voted against the Olympic bid. The city council is expected to address the results on Monday, but there is little doubt the bid seems dead. The council has already shown

skepticism, with eight of 15 members voting on October 31 to scuttle the public vote. Ten votes were required for the vote not to be held. The defeat is a huge blow to the International Olympic Committee (IOC), which has only two candidates officially declared: Stockholm, Sweden, and a joint Italian bid from Milan and Cortina d’Ampezzo. Both bids also face opposition and financing problems. Three other cities withdrew earlier this year—Sapporo, Japan; Sion, Switzerland; Graz, Austria—and Turkey’s Erzurum was eliminated last month by the IOC. The IOC was left in a similar spot for the 2022 Winter Olympics when numerous bidders withdrew. Only two unlikely cities expressed final interest, with Beijing, China, winning narrowly in an IOC vote over Almtay, Kazakhstan. The host for 2026 will be selected by the IOC in a vote on June 24 in Lausanne, Switzerland. The Canadian Olympic Committee said in a statement it was disappointed by the results. Calgary was the host for the 1988 Winter Olympics. “The opportunity to welcome the world to Canada, where people can experience the uniting power of the Games and within our nation’s culture of peace and inclusion, would have offered countless benefits to all,” the statement said. “This would have been a unique opportunity for Canadians to be leaders in fulfilling the promise of a renewed vision for the Games.” The results won’t be declared official until Friday. But the opposition was already celebrating. “I think that people had enough of the establishment, telling us what to do, what to think,” local Councilor Sean Chu said. Mary Moran, CEO of Calgary 2026, called the issue “very divisive” and said it was time “to put that behind us.” “We really wanted this dream for Calgary to host the Olympic and Paralympic Games,” Moran said. “We learned so much about our community. We learned so much about each other.” The Alberta government made its funding of a bid conditional on holding a vote and provided $2 million to pay for it.

LYMPIC champion Edwin Moses sent a tersely worded letter to leaders of the World Anti-Doping Agency, asking for an investigation into the culture at Wada that would expand beyond athletes’ representative Beckie Scott’s claim that she was bullied at a recent meeting. The Associated Press obtained the letter that Moses, who serves as chairman of the US AntiDoping Agency, e-mailed to Wada President Craig Reedie and Director General Olivier Niggli as they prepared for their executive meetings on Wednesday in Baku, Azerbaijan. Moses is asking for an independent investigation into whether “Wada management has fostered and facilitated an open environment where the best interests of clean sport and the well-being of athletes may be freely discussed.” Scott described being bullied at a Wada meeting in September at which executives reinstated the suspended Russian Anti-Doping Agency (Rusada). Scott had resigned from the committee that initially approved the recommendation against her wishes. Wada officials did not immediately respond to e-mailed requests for comment from AP. They are reviewing what happened at the September meeting, but Moses said such a narrow review will not get to the heart of what he describes as culture problems inside Wada “that have not been limited to the singular event of September 20, 2018.” In another letter sent to Reedie, this one by American runner Emma Coburn and Swedish biathlete Sebastian Samuelsson, the athletes challenge Wada to back its claim that Rusada’s reinstatement will lead to more Russian doping sanctions. Wada’s key argument for reinstating the agency is that it will give officials access to testing data that can be used to corroborate suspected violations. Wada has set a deadline of December 31 for Russian authorities to turn over the data. “We know that many cheating athletes are, and have been, competing on the world stage even [though] they were part of the Russian doping program, and that Wada is doing little to remedy that,” the athletes write. “Can you tell us, the global athlete community, that the decision to render Russia compliant will lead to these people being dealt with appropriately, and if not, why not?” Despite resigning from the compliance review panel after Rusada’s reinstatement, Scott remains the chairman of Wada’s athletes’ committee. Hers has stood out as one of the most forceful voices in favor of Wada taking a harder line against Russia since revelations of the doping scandal inside the country that tainted the Sochi Olympics. “In short, the world realized that if a person of this unchallengeable integrity and character could feel bullied, belittled, disrespected and marginalized,” Moses wrote of Scott, “that something is potentially seriously amiss with the way business at Wada is being conducted.” AP

CHILD’S DEATH SPARKS DEBATE ON MUAY THAI B

TWO novice Buddhist monks practice muay thai (Thai kickboxing) during a morning training session at the Golden Horse Monastery in northern Thailand. AP

ANGKOK—The death of a 13-year-old boy who was knocked out during a kickboxing match in Thailand has sparked debate over whether to ban matches involving children. The death of Anucha Tasako came after a muay thai—Thai boxing—match on Saturday in the Bangkok suburb of Samut Prakarn. The Facebook page Muaythai Krobwongjorn, which covers the sport, said he died from a brain hemorrhage. Protective gear is normally not worn in the sport, and video circulated on social media said to be of the fight shows Anucha not wearing any. Child boxing is widespread in Thailand, especially in rural areas, where it offers a way for children to help provide for their families and a path to lift them out of poverty, according to its advocates. Opponents say the sport is dangerous, citing studies such as one published last month by Thailand’s Mahidol University saying that allowing children under 15 to box could result in various types of

brain damage. Thai lawmakers are considering legislation proposed last month banning children under 12 from competitive boxing. The legislation has been forwarded to the Ministry of Tourism and Sports, which has already drafted a revised version, said Gen. Aduldej Intapong, a member of the National Legislative Assembly. Kickboxing is one of the most popular sports in Thailand and its boosters oppose regulating it. “This would have a major impact on the industry,” Sukrit Parekrithawet, a lawyer who represents several boxing training camps, said of the proposed legislation. “Those who drafted the law do not know anything about the sport of Thai boxing, and this would make muay thai become extinct.” “If you don’t allow younger players to learn their way up, how can they be strong and experienced enough to fight?” he said. “We call it ‘boxing bones.’ You need to have boxing bones built from a

very young age.” Sukrit said the death of the 13-year-old, who fought under the name Petchmongkol S. Wilaitong, was a one-off incident and the result of a poorly organized event. “This has never happened before and it’s unprecedented,” he said. “There are several factors involved which have nothing to do with age. The referee wasn’t quick enough to stop the fight and the venue didn’t have a doctor on standby, which shouldn’t happen.” Public television station ThaiPBS reported that Anucha had fought more than 170 matches since he began boxing at the age of eight, and was currently fighting in the under 41 kilogram (under 90 pound) weight division. It said he was raised by his uncle, who is a boxing trainer, after his parents separated. The uncle, Damrong Tasako, told Thai PBS that Anucha’s death was an accident but he would like to see regulations for children under 15 to wear protective gear to soften blows to the head and body. AP

Spo

Business

Thursday, November 15, 2018

AMPUTEE RUNS FIRST MARATHON WITH A FLOURISH

NOT AS BAD AS IT LOOKED

EW YORK—Caris LeVert’s injury wasn’t as bad as it looked. The Brooklyn Nets said Tuesday that their leading scorer suffered only a dislocation of his right foot and no fractures, and he could return this season. That’s far better than what was feared when LeVert’s leg appeared to bend in a gruesome manner after he leaped to block a shot in the final seconds of the first half of Monday night’s game in Minnesota. “While the optics of this injury may have appeared to be more severe, surgery will not be required,” team orthopedist Dr. Martin O’Malley said in a statement. O’Malley examined LeVert on on Tuesday at the Hospital for Special Surgery, and the third-year swingman was diagnosed with a subtalar dislocation of the right foot. O’Malley said there was only moderate ligament damage, and that following a period of rehabilitation, LeVert was expected to return to full strength and resume all basketball activities without any limitations this season. LeVert’s injury initially appeared similar to the severe leg injuries suffered in recent years by Paul George and Gordon Hayward, and players prayed and some were in tears as a stretcher was brought onto the court to take LeVert to a hospital. But he was able to return to New York with the Nets later Monday as players from around the National Basketball Association were sending well wishes on social media. LeVert posted his own message on Twitter on Tuesday night, thanking people for their prayers and support. “I just want to thank God above all things b/c despite how bad the injury looked, it could’ve been a lot worse,” he wrote. LeVert, who battled foot injuries in college at Michigan before emerging as a first-round pick, had been the Nets’ best player during their promising start. He is averaging 18.4 points and is the only player in the league this season to convert multiple go-ahead baskets with less than 10 seconds remaining in regulation or overtime. AP

UNDERMANNED, BUT STILL LETHAL INJURED Stephen Curry celebrates with (from left) Kevin Durant, Damian Jones, Quinn Cook and Alfonzo McKinnie during the second half of their game against the Hawks on Tuesday. AP

AKLAND, California—Kevin Durant never found his typical offensive flow and found it a little strange playing without the fiery Draymond Green, even if they have yet to make up from all that went down a night earlier in Los Angeles. Durant isn’t sharing any details. “I’m going to keep that in house, that’s what we do here,” Durant said. “I’m not trying to give nobody no headlines. What happened, happened. We’re trying to move on, we’re just trying to play basketball.” Durant scored 29 points with a key jumper in the final minute, a day after a shouting episode on the bench with Green at least in part led to his teammate’s suspension on Tuesday, and the undermanned Golden State Warriors held off the Atlanta Hawks, 110-103. Klay Thompson added 24 points as Splash Brother Stephen Curry missed his third straight game with a strained left groin. The two-time Most Valuable Player shuffled and danced as he celebrated big plays from the bench. Taurean Prince scored 22 points, making four three-pointers and finishing eight for 14

from the floor in the Hawks’ fifth straight loss and ninth in 10. Durant led the way despite shooting nine of 23 hours after the Warriors suspended All-Star Green for one game without pay for conduct detrimental to the team. He got into it with Durant on the bench at the end of regulation in a 121-116 overtime road loss to the Clippers and Green wasn’t even at the arena on Tuesday. Jonas Jerebko started in place of Green and had season bests of 14 points and 14 rebounds— ”He was our MVP tonight,” Coach Steve Kerr said—as the Warriors stayed unbeaten in the second game of a back-to-back this season. Quinn Cook dished out six of Golden State’s 28 assists playing in Curry’s spot. “I think we’re all professional. We all love each other. We’re with each other every day for nine months. Brothers are going to fight, and brothers are going to get into it,” Cook said. “I think the biggest thing, we know the common goal, we know what’s at stake. These guys have been great for a while. I think we’re all going to get past this and come together. It’s going to

make us stronger.” Does Durant agree? “Who knows, we’ll see,” he said. Dazzling Atlanta rookie Trae Young was held to four points on 2-for-12 shooting and missed all five of his attempts from beyond the arc. The Hawks dropped their eighth straight to the Warriors and seventh in a row at Oracle Arena. Golden State shot six for 21 in the opening quarter, missing seven of nine three-point tries. “Not an easy game back-to-back, just coming in a little fatigued, a little emotionally spent and we had to grind it out,” Kerr said. “I’m proud of the guys. It wasn’t our best game but it was a good effort. We stayed solid.” James Harden scored 19 of his 22 points in the second half, and Houston pulled away to beat Denver, 109-99, sending the Nuggets to a fourth straight loss. Harden also had 11 assists, with several going to Clint Capela, who led the Rockets with 24 points, including a series of dunks. Chris Paul added 21 points for Houston, playing for a third straight game without Carmelo Anthony because of what the team said was an illness.

Monte Morris had 19 points for the Nuggets, who have lost their last eight meetings with Houston. Gary Harris and Jamal Murray added 15 points apiece. A step-back shot by Murray got Denver within four points midway through the fourth quarter, but Harden went on a tear, scoring 11 straight Houston points to put the Rockets up 104-91 with 3:48 remaining. Jordan Clarkson scored 24 points, Tristan Thompson had 21 rebounds and 11 points, and injury-riddled Cleveland won for the second time this season, beating Charlotte, 113-89. The Cavaliers (2-11) broke a five-game losing streak. Cleveland’s first win came against Atlanta on October 30. Kemba Walker, the league’s third-leading scorer, was held to a season-low seven points and was 2 for 16 from the field. The Hornets star guard was averaging 27.9 points going into the game. Rodney Hood scored 16 points for Cleveland, which built a double-figure lead midway through the first quarter and maintained that the rest of the game. Rookie point guard Collin Sexton scored 16 points and had five assists. David Nwaba scored 18 points off the bench. AP

NCHORAGE, Alaska—A former University of Alaska Anchorage runner who lost both of his feet to frostbite in 2011 ran his first marathon and became an American citizen last week. Marko Cheseto, 35, finished 613th overall out of nearly 53,000 runners at the New York City Marathon, the Anchorage Daily News reported on Sunday. Two days later, he became a US citizen. Cheseto, who is from Kenya, went to Anchorage in 2008 on an athletic scholarship, quickly earning honors in track and cross country. Grieving the death of another Anchorage runner from Kenya, Cheseto disappeared in the woods near campus in November 2011—his senior year of school. Temperatures dipped to single digits, and it snowed more than a foot. On the third day he was missing, Cheseto stumbled back with his shoes frozen to his feet, resulting in amputations. Fitted with a pair of running blades, Cheseto began running again 18 months later. He graduated from the university, got married and had three children. He remained in Anchorage until his move to Orlando, Florida, earlier this year to work and train at Prosthetic & Orthotic Associates. Cheseto finished the marathon last week in two hours, 52 minutes and 33 seconds—about 10 minutes off the world record for a double-leg amputee. “I was happy with my time,” Cheseto said. “My biggest challenge was going over the bridges, and sharp inclines. [It] is not an easy course running with blades, the last 0.2 was the hardest, after crossing Mile 26 mark, I was so ready to be done, and I couldn’t see the finish line.” Cheseto said one of his goals “is to run with elites in one of the major marathons.” He’s also aiming for marathon time under two hours and 10 minutes. Stan Patterson, the head prosthetist at Prosthetic & Orthotic Associates, said he believes the goal is achievable. “The ultimate goal is to break the overall world record and finish a marathon in less than two hours. We believe that Marko is the man to do it,” Patterson said. AP

THE medalists in the Asian Para Games and Youth Olympic Games are feted in Malacañang. With them are Executive Secretary Salvador C. Medialdea and Philippine Sport Chairman William Ramirez and Commissioners Mon Fernandez, Arnold Agustin, Charles Maxey and Celia Kiram.

Bogut lashes out at hoops Down Under rule S YDNEY—Former National Basketball Association (NBA) player Andrew Bogut has a message for his new league back in his home country: butt out of time-outs if you don’t like the language being spoken. The National Basketball League (NBL) isn’t listening. Bogut, playing for the Sydney Kings in the NBL, played nearly 700 games in the NBA and was a first-round pick by the Milwaukee Bucks in 2005. The 33-year-old center reacted on Twitter on Wednesday when reports emerged that the Australian league plans to crack down on swearing during televised timeouts. The league

broadcasters were given permission to film the team talks at the start of this season, which began in October. Basically, Bogut said if you don’t like the heat, get out of the huddle. “1st option: 5 second delay. Technology is beaut in 2018. 2nd option: Get out of timeouts,” Bogut tweeted. “Players/coaches are fiery and emotional. (Which means they care and want to win).” Under the new rules, players and coaches will be fined if the televised time-out huddle catches any audible swear words. The rules take

effect this weekend. The NBL said in a statement on Wednesday that it wanted to “continue to take people into the moment.” “Most of the clubs give fantastic access, and it’s a case of working with coaches to educate them that what they say at certain times during a game will be live,” the NBL said. “We are a family sport, and want to reduce the risk of bad language going to air while ensuring that we continue to give fans and viewers watching great access through the broadcast. Sanctions, including fines, are really a last resort...” AP

PHL MOTORSPORTS PRIDE Luis Gono has left an indelible mark in the long, colorful history of Philippine motorsports after he won the championship of the first GITI Formula V1 Challenge held recently in the country. As a result, the 20-year-old driver of Team Clean Fuel Racing takes the lone slot for a Filipino driver who will compete with Japan’s best at the prestigious Fuji Championship Race tomorrow and Friday.

orts

sMirror

Thursday, November 15, 2018

BLUE EAGLES SLAM TIGERS B R R B

TENEO ripped apart University of Santo Tomas (UST), 10262, to emphatically complete a second-round eliminations sweep of Season 81 of the University Athletic Association of the Philippines men’s basketball action on Wednesday at the Mall of Asia Arena in Pasay City. Angelo Kouame, Ateneo’s center from Ivory Coast, was on his usual

monster performance and finished with 22 points and 10 rebounds, while 12 of his teammates made their way to the score sheet in a powerful display of force as the Blue Eagles harnessed themselves for the Final Four with a front-running 12-win and two-loss card. “We’re happy that the players responded, and we’re also happy that our mentality in this game is that it’s not a no-bearing game,” Ateneo Assis-

tant Coach Sandy Arespacochaga said. Armed with a twice-to-beat advantage, the defending champions now await their opponents, and the team will waste no time to continue sharpening its game for the semifinals. “Our preparation for the Final Four would continue to move forward, not take a step backward—or rest,” Arespacochaga said. Kouame wasn’t the only man to control the shade. Big man William

Navarro scored a career-high 17 points on a perfect 7-of-7 from the field in only 15 minutes of action. As the Growling Tigers badly missed the services of top rookie CJ Cansino, who suffered an ACL injury last Sunday in their game against the University of the Philippine Fighting Maroons, the España-based squad groped for rhythm right from the opening buzzer. Cansino’s absence was a big void

that allowed Ateneo to launch a 16-0 run en route to a 34-13 first-quarter advantage. The Blue Eagles, behind the balanced scoring from the entire roster, were merciless the rest of the way and shamed their hapless foes with outside shots and inside pounding to lead by as many as 44 in the second half. Renzo Subido collected 18 points for UST, which bid goodbye to the season with a 5-9 record.

ACES BACK INDFIERY FORM ALASKA big man Vic Manuel foils Meralco’s Bryan Faundo in a bit of Game Two action on Tuesday night.

OWN to a best-of-three, Alaska and Meralco try to get ahead in their semifinal showdown in the Philippine Basketball Association Governors’ Cup on Thursday at the Cuneta Astrodome. With the sense of urgency kicking in, the Aces evened the series with a 100-95 win on Tuesday with Mike Harris and Simon Enciso sizzling from the field to finally snap the Bolts’ seven-game streak that stretched back from the elimination round. Alaska Head Coach Alex Compton couldn’t hide his relief after the Aces recovered from a late-game meltdown that almost costed them the victory. “Tell you what, if there were people who weren’t paying attention to the last

seven or eight games of Meralco, I hope they are now. Great character for them,” Compton said as he heaped praises for the Bolts, who almost stole the match from 20 points down in the third quarter. “They have a phenomenal run of seven straight games, and they showed that they just didn’t give up,” Compton added. The game is set at 7 p.m., and the Alaska tactician feels the journey is about to get rough. “I’m just happy to get that win. I hope we can do this again because Meralco is playing really good,” he said. Harris shouldered most of the scoring load with his 37 points that went with 19 rebounds. Enciso was as impressive as with

23 points built on five three-pointers, while Chris Banchero almost had a triple-double of 13 points, 11 rebounds and eight assists. The Aces were serious from the freethrow line by hitting 20-of-21, including six from Enciso and Jvee Casio that iced the game in the last minute. They led by as many as 20 at 66-46 in the third quarter, but Meralco came back to trim down the gap to just 87-90. Allen Durham topscored for the Bolts with 24 points, while Nico Salvo added 20. Meralco Head Coach Norman Black wants his team to pull its act together. “We just have to find a way to win. We should be better the next time,” he said. Ramon Rafael Bonilla

PALACE LAUDS PARA GAMES, Y.O.G. MEDALISTS

ts Commission

EDALISTS in the Asian Para Games and Youth Olympic Games (YOG) were feted in simple ceremonies in Malacañang on Wednesday and at the same time received their financial incentives from the government through Executive Secretary Salvador C. Medialdea. “The President and I are truly proud of your success,” Medialdea told the medalists, who were accompanied by their coaches, officials and top brass of the Philippine Sports Commission and Philippine Olympic Committee. “The Palace is joy by the achieve-

ments of our national athletes in the international events, which showed their competitors and the rest of the world the true fighting spirit and drive for excellence that the international community have come to know and expect from Filipinos,” said Medialdea, who spoke on behalf of President Duterte. A total of P36,150,000 was released to the medalists as their incentives under Republic Act 10699 or the National Athletes and Coaches Incentives Act. Para athlete Ernie Gawilan bagged three gold and two silver medals in swimming in

TESSA JAZMINES tessa4347@gmail.com

PART OF THE GAME

‘DOUBLE F WORD’

HE “in” word these days in the University Athletic Association of the Philippines (UAAP) is the “F” word. Or the “Double F word,” to be exact. Final Four. Season 81 has ripened and come this far. The hunt for the Final Four is in its closing seconds, and the road to the Finals beckons. In a few days, the complete Final Four cast will be known. And in a matter of weeks, a new UAAP basketball champion will be hailed. That’s the way the ball bounces out there. The Final Four is the collegiate league’s version of the post season. But did you know that prior to 1994, the UAAP did not have a Final Four at all? If a UAAP team wins 14 games straight in the eliminations, that team’s school would be declared the champion, outright. That’s exactly what happened in 1993 when the University of Santo Tomas (UST) won

14 straight and ended the season abruptly with its acceptance of the championship trophy. It was only after the UAAP had its first taste of a marketing strategy in the early-1990s, thanks to Silverstar Communications—its first media coveror, did the UAAP change its rules to incorporate a more exciting way for all eight teams to vie for a finals seat. Thus, the era of the Final Four started in 1994, Season 57. In those early days, De La Salle University (DLSU), Far Eastern University (FEU), University of the East (UE) and UST dominated the Final Four, with current powerhouse Ateneo de Manila University (ADMU) showing up only in 1994. Surprisingly, the UP Fighting Maroons were able to crash into the magic circle twice, first in 1995 under then-Coach Eric Altamirano, then again in 1996 under Coach Nic Jorge.

the Para Games in Jakarta and went home with P4 million, while chess player Sander Severino pocketed P2.6 million for four gold medals. Kiteboarder Christian Tio, who bagged a silver for the country’s lone medal in the YOG, banked P2.5 million. Medialdea cited the incentives as “a token of our people’s appreciation and a reward for their commitment and hardwork.” Medialdea, PSC Chairman William Ramirez and Commissioners Mon Fernandez, Arnold Agustin, Charles Maxey and Celia Kiram awarded the checks to the medalists. The 1995 team placed third, the 1996 team, fourth. By the start of the millennium, Ateneo had begun to steadily place itself in all the Final Fours—a neverfailing presence in all Final Fours from 1999 to 2018, except for 2013 (Season 76). Its main rival, DLSU, has also dominated Final Fours season after season since 1994. Where Ateneo has missed out on six Final Fours since the era began, La Salle has been out of just four. All told, all eight UAAP teams—including Adamson University (ADU) and National University (NU)— have all had Final Four stints, but some teams have been more dominant than others. For the record, here’s what the Final Four cast looked like from 1994 to 2017. This season’s cast, of course, is still to be completed. ■ 1994: DLSU vs. FEU/UE vs. UST (Champion: UST) ■ 1995: UST vs. FEU/DLSU vs. UE (Champion: UST) ■ 1996: DLSU vs. UE/UST vs. UP (Champion: UST) ■ 1997: FEU vs. UP/UST vs. DLSU (Champion: FEU) ■ 1998: DLSU vs. UST/FEU vs. UE (Champion: DLSU) ■ 1999: DLSU vs. FEU/UST vs. ADMU (Champion: DLSU) ■ 2000: DLSU vs. UST/ADMU vs. FEU (Champion: DLSU) ■ 2001: DLSU vs. NU/ADMU vs. FEU (Champion: DLSU) ■ 2002: DLSU vs.UST/UE vs. ADMU (Champion: ADMU) ■ 2003: ADMU vs. DLSU/FEU vs.

AM GOLF CHAMPS Bernice Olivarez-Ilas and Aidric Chan (third and fourth from left) hold their trophies as they pose with (from left) National Golf Association of the Philippines Secretary-General Bones Floro, director Caloy Coscolluela, Vice President Pepot Iñigo, Riviera Golf and Country Club Director Robin McDowell and President Florian Concepcion after ruling the Riviera MVP Sports Foundation Amateur Championship at Langer course recently. UE (Champion: FEU) ■ 2004: FEU vs. UE/DLSU vs. ADMU (Champion: FEU) ■ 2005: FEU vs. UE/DLSU vs. ADMU (Champion: FEU) ■ 2006: ADMU vs. ADU/UE vs. UST (Champion: UST) ■ 2007: DLSU vs. ADMU/UE vs. UST (Champion: DLSU) ■ 2008: ADMU vs. UE/DLSU vs. FEU (Champion: ADMU) ■ 2009: ADMU vs. UST/FEU vs. UE (Champion: ADMU) ■ 2010: FEU vs. DLSU/ADMU vs. ADU (Champion: ADMU) ■ 2011: ADMU vs. UST/ADU vs. FEU (Champion: ADMU) ■ 2012: ADMU vs. DLSU/UST vs. NU (Champion: ADMU) ■ 2013: NU vs. UST/DLSU vs. FEU (Champion: DLSU) ■ 2014: ADMU vs. NU/FEU vs. DLSU (Champion: NU) ■ 2015: UST vs. NU/FEU vs. ADMU (Champion: FEU) ■ 2016: DLSU vs. ADU/ADMU vs. FEU (Champion: DLSU) ■ 2017: ADMU vs. FEU/DLSU vs. ADU (Champion: ADMU) To summarize, the De La Salle Green Archers have the most Final Four appearances in the UAAP (19), followed by the Ateneo Blue Eagles (16), UST Growling Tigers (15), FEU Tamaraws (10), UE Red Warriors (10), Adamson Soaring Falcons (four), NU Bulldogs (three) and UP Fighting Maroons (two). As far as championships are concerned, La Salle has the most basketball titles in the Final Four era

(seven), followed by Ateneo (six), UST and FEU (four each). NU (one) has been able to snag one UAAP crown during the Eric Altamirano era. UE, UP and Adamson still have to win championships in this time stretch. In Season 81, the Final Four race is all set to go, but it is still missing its fourth and last member. At the time of writing, the Fighting Maroons and the Tamaraws are jockeying for position to get the final slot. The veritable newcomer is UP, who has not had a taste of this rarefied air since the 1996 and 1997 teams led by Paolo Mendoza, Ogie Gumatay and the late Bryan Gahol. The 2004 team—a wonder team that had Marvin Cruz playing the yeoman role for teammates Josant Cervantes, Nestor David and Toti Almeda, among others—almost did it too. They started the season 0-6, then went on a 6-0 tear but succumbed to the De La Salle Green Archers in the elims to miss the Final Four by just the skin of their teeth. What followed was a reign of the doldrums for the Diliman squad. This batch of Fighting Maroons led by Bright Akhuetie and Juan Gomez de Liaño has perhaps the strongest lineup it has had in years. It has left behind the depths and lows they have wallowed in for so many seasons past. They have climbed so hard and are now so close, they can almost see the sunrise at the top of the mountain. Will they finally get to the Promised Land of the Final Four this time around? The FEU Tamaraws hope not. But destiny will decide.

ATENEO’S Samjosef Belangel loses the ball after getting an elbow from University of Santo Tomas’s Renzo Subido. NONIE REYES

TORNADOES EYE LEAD VS. F2 SIDE

OTON tries to extend its winning run when it faces struggling F2 Logistics in the Philippine Superliga All-Filipino Conference on Thursday at the Filoil Flying V Centre. Game time is 7 p.m. with the Tornadoes shooting for solo lead in the women’s club tournament bankrolled by Isuzu, Sogo, Asics, Mikasa, Mueller, UCPB Gen and Bizooku with Genius Sports as technical provider. Generika-Ayala, meanwhile, hopes to sustain its momentum as it battles winless Sta. Lucia at 4:15 p.m. while Smart and Cocolife tangle in the 1:30 p.m. appetizer of the tournament that has ESPN5, Hyper HD and Aksyon TV as broadcast partners. Despite losing twin towers Jaja Santiago and Dindin Manabat to the prestigious V. Premier League in Japan, the Tornadoes are still off to a sizzling start as they tallied four consecutive victories to join idle Petron on top of the standings. They were impressive in their previous victory as they dominated a seasoned Smart, 26-24, 25-15, 25-19, much to the delight of rookie Coach Aaron Velez, who took over from Rommel Abella in the off-season. But Velez refuses to be complacent. “Honestly, I don’t want to think about our opponent,” he said, anticipating a dogfight against a bleeding F2 Logistics squad, which is coming from a four-set loss to the Lifesavers last Tuesday. “We will still prepare, but we will focus more on ourselves, on the things we can improve on rather than the things we don’t have control of.” The Cargo Movers, who have been dominating this conference for the past two years, are tipped to come out firing following a dismal performance by the veteran crew of Cha Cruz-Behag, Ara Galang, Aby Marano and Kim Fajardo in their previous game. Velez said F2 Logistics Coach Ramil de Jesus will surely come up with a solid game plan that would put them back on winning track. “I’m sure F2 Logistics will come back stronger, especially since they are coming from backto-back losses. But we will do our assignment, and we will try our best not to be their victim,” said Velez, who will bank on the resurgent Mina Aganon, Maika Ortiz, Shaya Adorador, Gyselle Sy and Bea de Leon.

Junior Blazers seek ‘NC’ title

A Salle-Greenhills shoots for a back-to-back title while Mapua tries to join San Beda as the league’s most successful high-school team as both schools tangle one last time in the 94th National Collegiate Athletic Association juniors basketball Finals at the Mall of Asia Arena in Pasay City. The Red Robins bounced back from a 69-74 defeat in the series opener on November 6 by downing the Junior Blazers, 85-76, in Game Two on Tuesday that forced the deciding game set at 2 p.m. With their best player Clint Escamis sitting down with a left-knee injury, Mapua drew strength from Dan Arches, Paolo Hernandez and Jonnel Policarpio in snaring Game Two, which gave them a chance to win their 22nd championship that will tie them with the Red Cubs as the most successful team in the league. “The players know we have to win without our best player, and I’m so proud that the team stepped up big in Game Two to give us a chance at winning another championship,” said Mapua Coach Randy Alcantara. It will be the third time that Alcantara will be playing a Game Three after the splitting the first two, including last season when they came a few plays away from winning it all before losing to La Salle-Greenhills. Alcantara said they learned from last year’s mistakes. “We need to really play intelligently and keep away from foolish fouls that we committed last year,” he said.

Sports BusinessMirror

Thursday, November 15, 2018

ROGER FEDERER plays better this time. AP

FEDERER BACK ON TRACK

ONDON—Sometimes no practice makes perfect—for Roger Federer anyway. After canceling his training session a day earlier, Federer produced a much-improved performance to get his campaign for a seventh Association of Tennis Professionals (ATP) Finals title back on track with a 6-2, 6-3 victory over Dominic Thiem on Tuesday. Having lost his opening round-robin match to Kei Nishikori, the 20-time Grand Slam champion was still some way from his fluent best but dropped just six points on serve and took advantage of a wayward display from Thiem to break twice in both sets. “[It] was not about my forehand or my backhand or my serve or anything,” Federer said. “I guess it was my head. For that sometimes you need a break.” With a 1-1 record in round-robin play, Federer will likely need to

defeat Kevin Anderson on Thursday to improve his 14-1 record of reaching the semifinals at the season-ending tournament. It will be a repeat of a dramatic Wimbledon quarterfinal earlier this season, in which Anderson came from match point down in the third set to win in five on his route to the final. “I’m happy I’m getting a chance to play him again and have a rematch,” Federer said. “Hopefully I can take my revenge. It was a great match but obviously one that hurt.” Anderson thrashed Nishikori, 6-0, 6-1, earlier Tuesday to move to 2-0, with the lopsided scoreline all but assuring the South African debutant’s place in the last four. Thiem is facing an opening-round exit at the O2 Arena for a third straight season and will need to defeat Nishikori in straight sets to have any chance of progressing. AP

www.businessmirror.com.ph

Heavenly Father

EAVENLY Father, help us love others unconditionally. As we are reminded that You love us in spite of our imperfections, let us extend that same love to those we come in contact with. We can do great things if we are inspired by the Holy Spirit. Let Your grace ignite us each day so we glow and feel the shine in Jesus name. Amen. GIVE US THIS DAY, SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Okada Manila welcomes holiday season with grand tree lighting ceremony WHEN the “ber” months roll in, Filipinos know that Christmas tunes and décors are sure to be heard and seen. This is why on November 17, Okada Manila (www.okadamanila.com) is hosting a Christmas tree-lighting ceremony that’s open to all. Families can enjoy a wonderful time of prancing and dancing inside a world-class destination in the heart of Entertainment City. Okada Manila will begin celebrating the beloved holiday season with a wide array of incredible shows—Christmas choir performances, a meet-and-greet session with Santa, live bands, DJs and street performers. Starting at 5 pm, families can enjoy the evening’s entertainment interplay of Manila’s top DJ acts, merry live music from the Zcentido band, and special shows from The Fountain. New viewing decks will be opened for breathtaking views of the world’s largest multicolored dancing water feature. See The Fountain like never before from new vantage points. At 8 pm, the Christmas tree comes to life at the Fountain Foyer in the Crystal Corridor. To really bring in the Christmas spirit, Chorus Vocales will fill the air with songs of the season as they light the magnificent tree, while the full cast of the Okada Manila Entertainment Group will elevate festivities with a thrilling performance to match the high-flying water spectacle. Apart from the show and the performances, Okada Manila has new stores activating the entirety of the Crystal Corridor where families can enjoy, learn and create picture-perfect memories. Make room for learning and exploration this Christmas with Mind Museum’s traveling exhibits featuring three mindblowing themes. Guests can enjoy festive dining experiences at the property’s signature restaurants and stuff their stockings with holiday goodies from the Gingerbread House. There will be no silent nights at Cove Manila because turntable legend Jazzy Jeff will fill the party paradise with his classic hip-hop tracks.

PHILIPPINE HOTELS WIN BIG AT AGODA GOLD CIRCLE AWARDS

PRESENTED to less than 1 percent of Agoda’s hotel partners around the world, the prestigious 2018 Agoda Gold Circle Awards named 62 winners from the Philippines, with Manila scooping the highest number of Philippine-based Agoda Gold Circle winners (22), followed by Cebu (14). Notable winners from Philippines include Salamangka Beach and Dive Resort in the enchanting island of Siquijor, MaxStays-MaxStyle @ One Eastwood Avenue in Manila, as well as Fairways and Bluewater Newcoast Boracay in the newly-reopened world-renowned island. Now on its 10th year, the Gold Circle Awards recognizes elite service, high-scoring peer-to-peer customer reviews from the 22 million reviews on Agoda, and excellence in pricing and availability. This year, more than 1,600 hotels and accommodation partners from 33 markets across the world made the cut. Thailand tops the market league table with 241 hotels represented, followed by Japan with 230 and 150 in China. “Huge congratulations to this year’s winners. The Gold Circle Awards lets our guests know that our trusted partners will offer them the best prices, availability and choice of accommodation every time. What’s more, they can be confident that these hoteliers are supported by high-scoring customer reviews, giving guests the chance to pick hotels and accommodation that suits their travel needs,” said Errol Cooke, vice president, Partner Services at Agoda. Travelers who book properties with the Gold Circle Awards icon on www.agoda.com can be assured of the property’s exceptional service, quality and value.

Life BusinessMirror

COOKING AND GLAZING A MOIST AND CURED HAM? IT’S IN THE BAG D2

Thursday, November 15, 2018

Travelers can find tools to weigh safety of foreign airlines

By DAViD KOeniG The Associated Press

NTERNATIONAL air travel has become remarkably safe in recent years, with deadly accidents like last month’s Lion Air crash in Indonesia becoming more rare. Statistics aside, the accident is making travelers wary of flying in some countries or on certain foreign airlines. The safety of Indonesia’s airlines had been questioned long before the Lion Air accident. “There has been a lot more trepidation about flying smaller airlines that Americans have never heard of” since the October 29 Lion Air crash, said Blake Fleetwood, president of Cook Travel in New York. “It is pushing people to the bigger airlines. People are scared.” Before plunking down big money to book international flights, nervous flyers can tap into resources that can provide red-flag warnings if there are doubts about a carrier’s safety. n The Federal Aviation Administration determines whether countries meet international safety standards set by the United Nations’s aviation agency. Five currently do not—Thailand, Bangladesh, Ghana, Curacao and Sint Maarten. Airlines from those countries can’t launch new flights to the US. Indonesia got off the blacklist in 2016. n Europe bans 120 airlines from its skies. Most are smaller carriers from developing countries in Africa and parts of Asia. Lion Air was banned for nearly a decade until 2016; other blackballed Indonesian carriers only got off the list in June. n Aviation Safety Network has an accident database that can be searched by airline or country. n Web sites like AirlineRatings.com rank carriers based on crash records and other data. That site gave Lion Air a rating of 1 star out of 7 in 2016 but

6 out of 7 last year, after US and European regulators upgraded Indonesia’s aviation regulatory regime. Such ratings have their critics. Skytrax, a UK company that does research for airlines and surveys travelers on airline quality, says there is no objective way to rank airlines on safety due to uneven reporting of incidents by airlines and regulators around the world. n And there are companies, such as Argus International that will provide reports on charter airlines. Since they charge a fee, typically $50 to $150, such services are mostly used by corporate travel departments. Fatal airline accidents have been declining for about two decades. By some accounts, 2017 was the safest year yet. The Aviation Safety Network and To70, an aviation consultant in the Netherlands, said there were no fatal crashes involving commercial passenger airlines last year. The reports excluded cargo planes, military aircraft and flights on planes certified to carry fewer than 14 people. “Aviation safety has become much better even in places that were notoriously unsafe at one time,“ said Alberto Riva, managing editor of The Points Guy, a web site for frequent flyers. Within a country, Riva said, some airlines have better safety records than others. He said he would not worry about flying on Garuda Indonesia, the national carrier, “but if I could find a way to circumvent Lion Air, I would do that.“ Fleetwood, the travel agent, said, “I would steer clear of any airline that is not certified to fly to the European Union.“ Matt Kepnes, who wrote How to Travel the World on $50 a Day, said he follows the news closely enough to have a sense of which airlines have good safety records. “I don’t do much digging beyond that unless it is an airline I haven’t heard of, especially one that doesn’t fly to the US or [European Union], as they have

A Baguio respite over the holidays HOLIDAYS in the Philippines always involve reunions and trips, and usually these combine into a family trip to one of the country’s most popular holiday destinations: Baguio City. After all, there’s nowhere else in the Philippines where you can really come close to experiencing a hot-chocolate batirol and exchange stories with family and friends as fog builds around you. As all roads lead to Baguio this holiday season, beat the rush and get ahead of the crowds by taking advantage of Piso Trip seat sale for land travel exclusively for Victory Liner Premiere (VLP) Prepaid Visa Cardholders. Piso Trip is a seat sale promo from Metrobank Card Corp., in partnership with Victory Liner. Ongoing until November 16, all VLP Prepaid Visa Cardholders who book bus tickets online at www.victoryliner.com for the 2 pm trips in the Cubao-Baguio route to travel between November 22 to 25 and December 6 to 9, and return via the 7:40 am Baguio-Cubao routes between November 25 and 26, and December 9 and 10 will only be charged P1 per way, inclusive of online booking fee. No worries because the fare is shouldered by MCC. To book the Piso Trip, load up the VLP Prepaid Visa Card, book at www.victoryliner.com, and use your VLP Card to pay for

your Piso Trip. To load your VLP Prepaid Visa Card, go to any Victory Liner Bus Teminal and give the cashier the amount you want to load plus the P20 loading fee. You can also load your VLP Prepaid Visa at SM Malls, Robinsons Malls, National Book Store, Family Mart, RD Pawnshop, 7-Eleven, H Lhuillier, Express Pay, Petron Treats and over 3,000 other ECPay Merchant Partners nationwide. Consumers who want to get a VLP Card can go to any Victory Liner Bus Terminal and SM Malls located at Metro Manila and North Luzon, present one valid ID and pay P300. Having the VLP Card means you get to enjoy a special VIP lane when buying tickets at any Victory Liner bus terminal. Another way to travel hassle-free and avoid long lines in the bus terminal is to book in advance your tickets online using the VLP Card at www.victoryliner.com. Going to Baguio ahead of the mad holiday rush means avoiding the Christmas crowd in the city and celebrating with family and friends in a more relaxed manner. Catch up on Christmas shopping at the ukay-ukay and Night Market, and visit its most popular spots like Camp John Hay, Mines View Park, Burnham Park, Session Road and the BenCab Museum.

tight airline regulations. Then I look.” Kepnes said airlines that fly to many countries tend to have a better safety record. He is more cautious about smaller airlines and domestic carriers in countries where he doesn’t trust the safety standards. “I won’t fly a Russian carrier...they have a history of poor safety and the planes are quite old,“ he said. “Indonesia has a spotty safety record, so I don’t like flying their domestic airlines. The same for India.” Jay Johnson, president of Coastline Travel Advisors in Garden Grove, California, said clients frequently ask about personal safety, but are less likely to ask if transportation is risky. “Because there is so much attention placed on dangerous countries or regions, travelers tend to ask questions of safety on the ground rather than how they get there,“ he said. He said air travel in the US is so safe that when people ask about a specific airline, it’s usually about creature comforts and not safety records. “It’s almost as if travelers assume they will arrive safely, but does the airline have lay-flat beds?” he said. Travel agents frequently recommend buying travel insurance for overseas itineraries in case you are unable to make the trip. However, if you try to cancel because the airline on which you are scheduled to fly has an accident, insurance is unlikely to reimburse you. Cancellations are covered only if the reason is specifically listed in the policy—such as terrorism, a weather event, or illness—said Jenna Hummer of Squaremouth.com, a travel insurance-comparison site. The exception is for people who buy a “cancel or any reason” policy. However, such policies generally must be bought when you book the trip or soon after, and they typically cost about 40 percent more than standard trip-cancellation insurance, Hummer said. n

Thursday, November 15, 2018

Entertaining BusinessMirror

Cooking and glazing a moist and cured ham? It’s in the bag THE glazed spiral-sliced ham, the recipe for which appears in the cookbook All Time Best Holiday Entertaining.

By America’s Test Kitchen The Associated Press

EATING and glazing a cured ham seems effortless, but many recipes yield leathery meat in an overly sweet glaze. We wanted to guarantee moist meat in a nuanced glaze. Bone-in hams, labeled “with natural juices,” have the best flavor and spiral-sliced ones make carving a cinch, but too much time in the oven can ruin even the best ham on the market, so we focused on reducing the cooking time. Soaking the ham in hot water shaved off a full hour, and using an oven bag further reduced the cooking time while also containing the ham’s moisture. We heated a mixture of sweet and savory pantry staples for two tempting glaze options. You may bypass the 1 1/2-hour soaking time, but the ham will be less juicy and the heating time must increase to 18 to 20 minutes per pound. We prefer a tapered shank ham but a rounded sirloin ham will work here. If there is a tear or hole in the ham’s inner covering, wrap it in several layers of plastic wrap before the hot-water soak. If you do not wish to use an oven bag, place the ham cut side down in the roasting pan and cover tightly with aluminum foil, adding three to four minutes per pound to the heating time.

Leaving ham’s inner plastic or foil covering intact, place ham in large container and cover with hot water; set aside for 45 minutes. Drain and cover again with hot water; set aside for another 45 minutes. Adjust oven rack to lowest position and heat oven to 250°F. Unwrap ham; discard plastic disk covering bone. Place ham in oven bag. Gather top of bag tightly so bag fits snugly around ham, tie bag and trim excess plastic. Set ham cut side down in large roasting pan and cut four slits in top of bag with knife. Bake ham until center registers 100 degrees, one to 1 1/2 hours (about 10 minutes per pound). Remove ham from oven and increase oven temperature to 350°F. Cut open oven bag and roll back sides to expose ham. Brush ham with one-third of glaze and return to oven until glaze becomes sticky, about 10 minutes (if glaze is too thick to brush, return to heat to loosen). Remove ham from oven, transfer to carving board, and brush entire ham with another third of glaze. Tent ham with aluminum foil and let rest for 15 minutes. While ham rests, add four to six tablespoons of ham juices to remaining one-third of glaze and cook over medium heat until thick but fluid sauce forms. Carve and serve ham, passing sauce separately. Maple-Orange Glaze: (Makes 1 cup) 3/4 cup maple syrup 1/2 cup orange marmalade 2 tablespoons unsalted butter 1 tablespoon Dijon mustard 1 teaspoon pepper 1/4 teaspoon ground cinnamon Combine ingredients in small saucepan and cook

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Shailene Woodley, 27; Jonny Lee Miller, 46; Beverly D’Angelo, 67; Sam Waterston, 78. HAPPY BIRTHDAY: Put more energy into home, family and bringing about positive changes that will make you happy. Don’t wait for someone else to make suggestions. Look at the possibilities and find the best way to move forward. It’s up to you to decide what’s in your best interest. Consider how best to make personal improvements that will build your confidence, strength and courage. Your lucky numbers are 4, 11, 16, 23, 32, 38, 43.

ARIES (March 21-April 19): Look over contracts and your financial situations; you’ll discover a hidden opportunity. Rely on your own resources to figure out your best move. A heartto-heart talk with someone you love will be helpful. Romance is encouraged. HHHH

TAURUS (April 20-May 20): Research your options before making a change. Talk to people you have worked with or who can give you expert advice. Knowing what you are up against will make it easier to decide what’s best for you. HH

GEMINI (May 21-June 20): Don’t make a big deal out of nothing. Stay calm and let situations play out naturally. Go about your business and make whatever changes suit you without drawing attention to what you are doing. HHHHH

CANCER (June 21-July 22): Do your thing. What you provide will be unique and draw interest from someone who is in a position to help you excel. Your knowledge and experience will encourage others to listen, as well as pitch in and help. HHH

LEO (July 23-Aug. 22): Look at the big picture and get involved in the things you feel will make the biggest difference. Your input, generosity and physical help will result in recognition and an opportunity to make positive changes to your lifestyle. HHH

GLAZED SPIRAL-SLICED HAM Servings: 12-14 Start to finish: 1 hour, 45 minutes (plus 1 hour, 30 minutes for soaking) 1 (7- to 10-pound) spiral-sliced bone-in half ham 1 large plastic oven bag 1 recipe glaze (recipes follow)

www.businessmirror.com.ph

over medium heat, stirring occasionally, until reduced to one cup, five to 10 minutes; set aside. Cherry-Port Glaze: (Makes 1 cup)

Add remaining ingredients and cook, stirring occasionally, until reduced to one cup, five to 10 minutes; set aside. n Nutrition information per serving with orange glaze: 390 calories; 157 calories from fat; 17 g fat (5 g saturated; 0 g trans fats); 145 mg cholesterol; 1914 mg sodium; 7 g carbohydrate; 0 g fiber; 6 g sugar; 52 g protein.

1/2 cup ruby port 1/2 cup cherry preserves 1 cup packed dark brown sugar 1 teaspoon pepper Simmer port in small saucepan over medium heat until reduced to two tablespoons, about five minutes.

n Nutrition information per serving with port glaze: 463 calories; 151 calories from fat; 17 g fat (5 g saturated; 0 g trans fats); 143 mg cholesterol; 1908 mg sodium; 25 g carbohydrate; 0 g fiber; 23 g sugar; 52 g protein.

Pasta-making with world-renowned chefs WORLD-RENOWNED chefs Carla Brigliadori and Margarita Forés recently conducted a two-day handson class on making fresh pasta and authentic Italian sauces at the Flame Restaurant of Discovery Primea. The intimate and hands-on cooking class gave participants a rare chance to learn from Asia’s Best Female Chef Margarita Forés who collaborated with Casa Artusi, a prestigious culinary school in Italy, to bring the art and science of home-style Italian cooking closer to home. Joining her was Casa Artusi’s Executive Chef Carla Brigliadori. Aside from making fresh handmade pasta in a dozen different shapes, participants also learned how to make fresh pasta sauces that range from the fresh and healthy Piselli e Prosciutto and the herby Pesto Genovese, to creamy Salsa di Magro and tomatobased Ragu alla Bolognese and Salsa Marinara, as well as the classic Italian favorite Piadina, an Italian flatbread sandwich loaded with mozzarella and other tasty fillings.

The Hub Series at Flame is a collection of exciting culinary experiences. It aims to share this appetite for discovery through classes and lectures, wine dinners and immersion programs. Join this rare opportunity to learn only from the best. More information can be found at bit.ly/2OE9RsE.

VIRGO (Aug. 23-Sept. 22): Step up and do your part. Get involved in something that encourages personal growth. Bonding with people who can be beneficial to your future is in your best interest. HHH

LIBRA (Sept. 23-Oct. 22): Take care of your responsibilities first or someone will make a fuss. Once you have taken care of business, you can concentrate on the things and the people you enjoy the most. HHHHH

SCORPIO (Oct. 23-Nov. 21): Spend more time dealing with personal matters. If someone questions your integrity, stay calm and stick to the facts. Anger will not help you or your situation. Be willing to compromise and to work in conjunction with others to make worthwhile changes. HH

SAGITTARIUS (Nov. 22-Dec. 21): Think big but stick to what’s reasonable as well as in your budget. Don’t let anyone entice you into taking on too much or you’ll set yourself up for failure. Baby steps and thought-out plans are favored. HHHH

CAPRICORN (Dec. 22-Jan. 19): Keep moving forward, but keep your eye on what’s going on around you. An unexpected change at home or with regard to your position could easily broadside you if you don’t pay attention. HHH

AQUARIUS (Jan. 20-Feb. 18): Put some passion into whatever you decide to take on. Listen carefully to what’s said and promised. A verbal agreement should be put on paper to avoid any misgivings. A personal change, gift or financial gain is heading your way. HHH

PISCES (Feb. 19-March 20): Offer your services, skills and knowledge to a cause and you will make a difference, but don’t let anyone take you for granted. Make it clear what you are willing to do and what it will take. HHH THE art of making fresh pasta, according to Chefs Carla Brigliadori and Margarita Forés.

BIRTHDAY BABY: You are innovative, excitable and persistent. You are entertaining and changeable.

‘i’m present’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 All set 6 Blade height controller 11 Invoice amount 14 Hundred-eyed monster 15 House and home 16 Generic dog’s name 17 “Starting now...” 19 Rocky deposit 20 Not well 21 Type of dust 23 Well-armed creatures 26 Reads 27 Hangman’s loops 28 Connecticut port 29 Luxurious tub 30 Widow’s due 32 Fine streak or furrow 35 It can be on a “while” 37 Taken into account 39 Bratty replies 40 Spud 42 Darn 44 Vanilla extract meas.

5 Smart ___ (obnoxious ones) 4 47 Save from harm 49 “Soul Train” participants 51 City in western Germany 52 Brought to ruin 53 Like Bart Simpson’s hair 55 Recent Olympics host 56 Exactly or precisely 61 Keebler employee 62 Silas Marner writer 63 Drum major’s hat 64 Call, as a game 65 Clarinet needs 66 Plains dwelling, once DOWN 1 Brit’s air arm 2 Drop the ball, really 3 Word of the past 4 Airheads and blockheads 5 Formed like a slingshot 6 Clay-sand combo 7 Follow, as rules 8 Court 9 Calls forth

0 Verbal comebacks 1 11 Anew 12 Spine-chilling 13 Some top corp. people 18 Stock ticker inventor 22 Some formal attire 23 Attack or commencement 24 Meat of the coconut 25 How tie games are fought 26 Blazing heaps 28 Distributes (with “out”) 31 Toils 33 Distribute, as a magazine 34 Ski mecca 36 Verizon, for one 38 Go off the tracks 41 Show a stamped hand at a show 43 Most feeble 46 Louisiana-speak 48 Cutter in the field 49 Artist Albrecht 50 Cronelike 53 With shoes on 54 Things often not allowed

7 Secure sneakers 5 58 Bug, in a way 59 Add to (with “out”) 60 Eggs in the sea

Solution to yesterday’s puzzle:

Parentlife BusinessMirror

www.businessmirror.com.ph

Thursday, November 15, 2018

Why not an ‘active’ Christmas list for kids…and us? Part II SOME of my “active” Christmas picks for the whole family: (clockwise) ¡Vamos a Comer! Cookbook; Lego Architecture Buckingham Palace; Don’t Sweat the Small Stuff Omnibus book by Richard Carlson; Crayola Dough Barnyard Play Centre; My First Crayola Washable Stamping Kit; Tiny Love DoubleSided Cloth Book; Techno Kids Stack & Spin Gears and Picture Word Bingo from The Learning Journey, makers of World Book Encyclopedia.

MOMMY NO LIMITS

MAYE YAO CO SAY

mommynolimits@gmail.com

AST week, I shared why I felt the need to push for an “active” environment for our families. At this time when everyone is so digitally connected, it’s ironic that “family connections” have suffered. Last September I wrote a three-part article on screen time. What I want to stress today is that screen time affects the whole family, not just our children, and I shared an infographic developed by Nowsourcing. Experts report that using tech devices is a form of “digital drug.” According to this, brain imaging research shows screen technologies and cocaine affect our brain’s frontal cortex in the same way. Both can lead to compulsive and erratic behavior like temper tantrums. We were very particular with screen exposure until my kids were in their preschool years. Once they were in grade school, we allowed more screen time. However, it was always a secondary recreation tool for the family. My son was more tactile, so we did a lot of building and clay time as a family. My husband would lead building cardboard landmarks like the Taipei 101 or the Eiffel Tower. My daughter loves art and experiments, so a lot of our free time was spent in cooking, baking and concocting our own marker colors. Our weekends are spent on game nights because I felt this was a good social building tool. My husband is into sports and I spend time on books and my writing. Our house is not a “screen-free” household. We all love our own “apps,” YouTube and Netflix shows. Would watch movies and TV series, like A Love So Beautiful, Brooklyn Nine-Nine or Kissing Booth. My son is even into Fortnite now. We are aware when any one of us gets too much screen time that there are mood changes, so we all remind each other. When my son gets too excited with his game, we would divert his attention by going out or playing sports. My son has a kitchen timer that he sets on his own to an hour of playing, then another hour of rest. My daughter enjoys her episodes of Dance Moms, as well as reading books. Even my husband and I feel the effects of the occasional “binge watching,” or non-communication when we are on social media, so we set a “no-phone zone” during family meal times. I learned that starting the kids young on play could prevent screen time addiction. I also realized that family environment is critical. Knowing now the effects of screen time on both kids and adults, I challenged myself to make this year’s Christmas list on “active” gifts. I hope to give gifts that literally make people forget about their gadgets. Recently, my kids learned to play the card game “Speed” and they taught us. We taught them to play “Pusoy Dos” (Philippinestyle poker). Also, I hope to promote giving “family” gifts instead of having to give each member.

Below is my own “active” Christmas list this year: A) FAMILY GIFTS (FROM THE HIGHEST PRICED TO LOWEST): Tefal Mixer, great for family baking; ¡Vamos a Comer!; Cookbook from Poveda Batch 1995; and National Geographic 3D Elephant Puzzle, which is great for game nights with young kids. B) ADULTS/YOUNG ADULTS (HIGHEST TO LOWEST): Lego Architecture Buckingham Palace, and daughter just finished the Statue of Liberty from this series; Don’t Sweat The Small Stuff Omnibus book by Richard Carlson, which is great for people who worry a lot. C) SCHOOL-AGE (HIGHEST TO LOWEST): 1. Crayola Makers like Silly Scents Sticker Maker, a great pick

because it occupies my kids’ Christmas break time instead of being on tablets, and is also great during play dates; 2. Bookstore gift cards, as it’s great for kids to visit a bookstore and choose the books they like to read; 3. Picture Word/Math Bingo Games: We have different versions of bingo games at home, and my son loved Math more because we used to play Math Bingo. D) INFANT/TODDLER (HIGHEST TO LOWEST): 1. My First Crayola Series, because art has been great for my kids in developing fine motor skills, and is also a pathway to calm; 2. Techno Kids Series—this STEM toy series is a unique early foundation for engineering, and I was told students from MIT use them; 3. Dough Play, great

Study reveals failure to plan for long-term care often leaves caregiving to female family members A NEW Lincoln Financial Group study released during Long-Term Care Awareness Month finds nearly 75 percent of people believe they will be responsible for caregiving of a family member in need, yet 7 in 10 people worry they will not be able to provide adequate care. Women surveyed were significantly more likely than men to believe familial long-term care responsibilities will fall on them, and 65 percent of those surveyed agreed that parents expect more help with longterm care from their daughters than from their sons. More than 1 in 2 people turning 65 are expected to need some form of long-term care supports and services in their lifetime, typically beginning in the home with family caregivers. Of those surveyed who have provided care, more than 60 percent said they had no idea how demanding it would be, and that an insurance product to help with long-term care would have made their role easier. Interestingly, emotion was

the most commonly cited challenge experienced by caregivers. “A long-term care event is a difficult time for a family, including the person in need of care, as well as the children or spouse making care decisions and often providing the care,” said Karen L. DeRose, CFP, CRPC, president and managing partner of DeRose Financial Planning Group and registered representative of Lincoln Financial Advisors. “Planning before care is needed and is the best way to ease those stresses. Think about the type of care you’d want, and discuss your preferences with your family and advisor; then, together, you can determine strategies on how to make those preferences a reality if the need arises.” More than half of respondents said they would hire professional services specifically to relieve the burden on children or a spouse. “In those instances where family members have to provide long-term care for a loved one, women are

often expected to step in and assume responsibility for caregiving. But remember the old adage, ‘Many hands make light work,’” continued DeRose. “Think about how all family members can contribute to caring for a loved one, and the role professional services may play, either early on with activities of daily living like bathing and eating, or in later stages when advanced medical skills may be needed.” When it comes to hiring professional help, those surveyed cited the ability to receive care in the home and receive more experienced care as the top advantages. Today there are many different types of long-term care funding solutions that can help mitigate the costs of professional services, such as a home health aide, registered nurse or a skilled nursing home. To learn more about the Lincoln research, view the full study at bit. ly/2QGId06. For resources to help with long-term care planning, see bit. ly/2zRqk7x.

in developing the sense of touch and imagination; 4. Tiny Love Story 2-in-1 Crib Toy and Book—I like to give infant toys that are multifunction, and I always tell new moms you only need three good toys from zero to six months—a developmental (with blackand-white) portable mobile, a black-and-white visual toy (book/crib toy) and a well-researched play mat for tummy time. Knowing the effects of how much screen time can do to both adults and kids especially on the area of anxiety and depression, I think it is everyone’s responsibility to give more “active” gifts this Christmas. n

Choosing the right insurance product WITH many insurance providers offering so many different kinds of products in the market today, choosing the right one can be a challenge. One of the leading insurance companies in the country, AXA Philippines offers these tips to help you find the right plan. n KNOW YOUR GOALS. There are different types of insurance—life, health, educational plans, savings and investments, and those to protect your assets like car and home insurance. If you want security and protection for you and your family in case of untimely death, traditional life insurance is the answer. If you want your child’s education covered until college, then you might want to get an educational plan; if you worry about contracting a serious illness, invest in a health insurance. Know your priorities and have clear goals so it becomes easier to choose the best type of insurance policy for you. n RESEARCH. Before making any purchase, do research on the insurance company of your choice to know if it’s reliable. Most insurance companies provide comprehensive information about themselves. You can read up on a company’s history, network, performance ratings and testimonials from clients to know its track record on payment of benefits. Research will make you better informed on pricing and insurance policy types that are within your budget. n BUDGET PROPERLY. Purchasing an insurance policy is a fixed, nonnegotiable expense

and, often, a recurring expense. You may pay the full premium amount, or arrange for premiums to be paid monthly, quarterly or annually, like your phone and electric bills or car payments. Include insurance premiums in your budget. n TALK TO A FINANCIAL EXPERT. Consult a financial advisor and get accurate answers to all your questions regarding insurance. He/she can also recommend the insurance policy suitable for your finances and lifestyle. An AXA financial coach will invite you to undergo the Financial Needs Analysis to help you determine your requirements. You can also go through the short version of the service by yourself via www.axa.com.ph/efna.

Thursday, November 15, 2018

Show BusinessMirror

www.businessmirror.com.ph

Movies that can move: Sweden’s ‘Holy Mess’ and Germany’s ‘Head-On’ IN A Holy Mess from Sweden, homophobia, racism, gender equality and family relationships all receive a rubbing and drubbing.

REELING

TITO GENOVA VALIENTE

titovaliente@yahoo.com

O movies have nationalities? If the movies I mentioned seemed connected to particular nations, it is because I am talking about more movies brought by European Union to Naga last week. Particularly, two films closed the festival in Ateneo de Naga: Helena Bergström’s A Holy Mess and Fati Akin’s Head-On. A Holy Mess fits the season. It is set on December 24 in what is a green Christmas, meaning no snow. A woman and a man are frantic in the kitchen. They are Cissy and Oscar. Both are in the middle of preparing what seems like a feast for a large number of visitors. In the store somewhere, Thomas is getting the call from Oscar and they are talking about the need for a non-lactose cream. In a hotel somewhere, a middle-aged couple are arguing whether the man should bring a Santa costume. The woman insists the house they are going to may have a different idea about Christmas, and this will not include Santa Claus. Housekeeping knocks on the door. Reluctant at first, the woman finally asks the “cleaning man” in. The woman also speaks in English to the man, which means that she immediately perceives the man is not British. Somewhere, a young man with dark looks is dancing to Michael Jackson’s Christmas carol. An older woman fits the dress she intends to wear and shows it to a young man. The man is not pleased with any of the choices of the older woman. The middle-aged couple in the hotel are then joined by the mother of the man and the daughter of the woman. A young girl, their grandchild, is with them. They are all in a hurry. The frisky grandchild run and bumps into a boy. All of them will meet in the same house. All of them are going to the home of Oscar and Simon. And, as it will turn out, Cissy’s. Oscar and Simon are gay and they are engaged. Both of their families know they are not getting married. But nobody knows they are up to something else, a decision that will bother the father of Oscar. It is an issue that will turn the heat on—after simmering for a long time—and make the Christmas these individuals will share into a holy mess. The press materials for A Holy Mess asks the question about how tolerant are Swedes. Indeed, we who are outside Scandinavia look to Sweden and the other nations there as the seat of freedom and daring. But A Holy Mess seems to project how, even in societies that have made big leaps when it comes to sexualities and sexual mores, fathers still expect their sons to be “men” and mothers can still be tongue-incheek about having a son who is not getting married to any woman. When Oscar and Simon finally reveal that they will be “dads,” the reactions of all the members of the

two families revert to the traditional. Can there be two daddies? Can two sperms be fused so that when they swim to rendezvous with the egg, there will be two fathers involved in the creation of a baby? Being a lawyer, the father of Oscar, raises the legal issues. There can be no two fathers! The conflicts and concerns in A Holy Mess are multiple and varied and all messed up, one cannot narrate them. Onscreen, the taboo topic of Swedes as closet racists and repressed moderns surface and intrigue the audience no less. Monica, the mother of Oscar, explains how she is not racist but when she tells the man who does the housekeeping (who turns out to be the father of Oscar) that she expects him to clean the room in the same manner a Swedish person would do it, you could sense that othering is still present in her. To assuage this “racist” streak of his wife, Ulf, Simon’s father, gives a good tip to the cleaner who is Greek. Indeed, it doesn’t help that Simon is Greek. And that Simon’s parents are separated and his mother has a younger boyfriend, who is also a foreigner. Homophobia, racism, gender equality and family relationships all receive a rubbing and drubbing in A Holy Mess. The happy ending in the end has turned off many. In my book though, by the time the snow has fallen and a soft resolution has been arrived at, the world of Sweden and those who are in it have been turned upside down. A grandmother reveals her own longing for the simple world. A Greek migrant finally sees himself as longing also for his country even as he is given a sample about how one remains a foreigner in a foreign land. A young girl loses her father on Christmas and a mother is not ready to accept that her daughter can be part of the statistics of the unhappy and unmarried. In many film concourses, there are awards for

Best Ensemble. A Holy Mess can make the audience understand how this category can be experienced. Helena Bergström directs the actors as if they are fluidly moving in and out of the frame, with the camera able to catch them in their acting best. The actors are exciting. As Simon and Oscar, respectively, Anastasios Soulis and Anton Lundqvist are dudes, the kind that will elicit silly comments like, “They are so good-looking, they can’t be gay.” Another Lundqvist graces the screen and this is Maria Lundqvist, who is the real mother of Anton. Doing a flamboyant role, Helene Bergström, the director, acts as Carina, Simon’s free-spirited mother. Where A Holy Mess is gracious and warm, Head-On, as its title implies, bumps us and shakes our surface feelings about a woman who beds any man she takes a fancy to. A Turkish-German coproduction, Head-On is a gritty, unflinching look at how migrants who don’t assimilate—because maybe the country they are in doesn’t allow them to be integrated—become dangerous phantasms. The film tells of a German-Turkish man, Cahit, who is depressed after losing his wife. He drinks and drinks. One day, he drives his car onto a wall. He is taken to a hospital where he meets Sibel, a woman who attempts to commit suicide. Sibel asks Cahit to marry her so she could be free from her family. Sibel, typical of a Turkish girl, is watched over by her brother who makes sure she remains the good woman in the eyes of Turkish society. Cahit and Sibel eventually become married. Sibel, however, remains the independent woman, seeking and having sex anywhere and everywhere. She is the hunter in this routine she develops. Somewhere, sometime, Cahit and Sibel separate. When they meet again, Sibel has entered into another

relationship and has even a daughter to keep the link firm. Cahit has finally fallen in love with Sibel and asks the latter to bring her daughter and go with him. Even as the film has its share of nudity and sex, those are not the real objectionable scenes in the film. For the audience, what is disturbing is this woman who is like a man—looking around and determining who she is going have sex with that day. Woman as predatory, the migrant as both the prey and the predator—all these and more are the contribution of Head-On to the literature of violence and displacement. When Head-On was screened in Naga, the First Secretary of the German Embassy Thorsten Gottfried did the introduction. He talked about how the film spoke of migrants being neither here nor there. He also talked about how the problem of assimilation produced nationals whose parents try to retain their cultures in an attempt to counter their children slowly erasing their ethnicity, or connection to that ethnicity. Gottfried earlier talked about the theme of migration in Germany and in many parts of Europe. In a sense, that was the introduction to the film. The literal/physical is really the metaphorical in Head-On. Sibel moving from one bed to the other, her desire for the carnal almost limitless, is no more about seediness and sex than a filmmaker’s commentary on how migrants are eternally searching for that person to affirm their identity or face. Cahit driving his car head-on hits us two ways: He is affirming his presence in a land that doesn’t see him and he is shouting about where he is, marking his territory either by his life or his death. Birol Ünel as Cahit is a German of Turkish descent. Sibel Kekilli, who plays Sibel, won the Lola, Germany’s prestigious award. Head-On won the Golden Bear award in the 54th Berlin International Film Festival in 2004. n

GMA executives honored at UP CMC Glory Awards

VANESSA HUDGENS ON NETFLIX

WHAT’S better than a film starring Vanessa Hudgens? A Christmas film with Vanessa Hudgens in a double role, and that would be The Princess Switch. One week before Christmas, Margaret, the gorgeous Duchess of Montenaro, switches places with Stacy, a “commoner” from Chicago, who looks exactly like her. With the assistance of a magical Santa’s helper, Margaret falls in love with Stacy’s handsome coworker, while Stacy falls in love with Margaret’s fiancé, the dashing prince. The Princess Switch stars Vanessa Hudgens, Sam Palladio and Nick Sagar. The film launches globally on November 16 only on Netflix. Netflix is the world’s leading Internet entertainment service with 130 million paid memberships in over 190 countries enjoying TV series, documentaries and feature films across a wide variety of genres and languages. Members can watch as much as they want, anytime, anywhere, on any Internet-connected screen. Members can play, pause and resume watching, all without commercials or commitments.

TWO GMA Network executives were honored at the second Glory Awards by the University of the Philippines College of Mass Communications (UP CMC) held in October. GMA Network Senior Vice President and Entertainment Group Head Lilybeth G. Rasonable and GMA First Vice President for News Grace de la Peña-Reyes were among the 12 alumni who received recognition for their contribution to the industry they belong to. Rasonable was named as the Glory Awardee for Television Arts, while de la Peña-Reyes was named as the Glory Awardee for Broadcast Journalism. Rasonable has been with the company since 1998 and rose through the ranks before becoming the head of the network’s Entertainment Group. She supervises the day-today operations and programming initiatives of the different departments of the Entertainment Group. Her 20 years of expertise in drama production has been acknowledged globally after she served as one of the speakers in the prestigious VI World Summit of the Telenovela and Fiction Industry 2008 and in Content Asia Summit 2017. She, likewise, spearheaded the creation of some of the pioneering and groundbreaking shows of GMA, such as Mulawin, Encantadia, Darna, Marimar, Dyesebel, Amaya, Munting Heredera, Ang Dalawang Mrs. Real, Ika-6 na Utos, Kambal, Karibal, Onanay, My Husband’s Lover, Dear Uge and The Clash, among others. De la Peña-Reyes, on the other hand, began her career with GMA in 1987 when she was hired fresh from college. She has worked in various capacities for GMA News—from news gathering to news production both for radio and television. She became a newscaster and reporter, covering

GMA Network Senior Vice President and Entertainment Group Head Lilybeth G. Rasonable (second from right) receives the Glory Award for Television Arts from (from left) UP College of Mass Communication Alumni Association President Malou Choa-Fagar; UP College of Mass Communication Dean Dr. Elena E. Pernia; and UP Assistant Vice President for Public Affairs and Executive Director for Alumni Relations Dr. Wendell C. Capili.

major beats that included Malacañang and Congress. In 1989, de la Peña-Reyes was a recipient of the Jefferson Fellowship Program at East West Center in Honalulu, Hawaii. In her current leadership role, she oversees both editorial and production aspects of the network’s several news programs including 24 Oras, Saksi, State of the Nation with Jessica Soho and Balitanghali. During the times she was in charge of news gathering, the network’s newscasts won many local and international awards including the prestigious George Foster Peabody

Award in 2013 which recognized GMA’s coverage of Supertyphoon Yolanda. The Glory Awards was launched last year in honor of UP CMC’s first dean, the late Dr. Gloria Feliciano. The 12 awardees—all alumni of UP CMC—were chosen for their outstanding work and influence in broadcasting, journalism, communication research and film, as well as allied communications fields, such as development communications, marketing communications, public relations, social advocacy and the performing arts.

Envoys&Expats BusinessMirror

www.businessmirror.com.ph | Thursday, November 15, 2018 E1

Austria celebrates historic milestones From international relations, infrastructure, culture and even training our 1st bobsled team, the European country highlights its multifaceted engagements with PHL

By Recto L. Mercene

@rectomercene

T the local celebrations marking the 70th anniversary of the adoption of Austria’s constitutional law on permanent neutrality in 1955, Ambassador Bita Rasoulian congratulated the Philippines for winning another term in the United Nations Human Rights Council. “Please allow me to congratulate both Austria and the Philippines under the baton of [thenActing] Foreign Secretary Teodoro L. Locsin Jr. for winning yet another term in the UN Declaration of Human Rights,” Rasoulian said. Locsin, who led the Philippine delegation to the UN, is also the

country’s permanent representative to the world’s general assembly of nations. (At that time, he was still the incoming foreign affairs secretary.) “We look forward to continued and increased engagements with the Philippines in [the said] forum,” the Austrian envoy stated, as she

hosted the festivity marking 100 years of the Austrian National Day. “Additionally,” she declared, “we are also celebrating a ‘round’ birthday—the centenary of the Republic of Austria!” The ambassador explained, “One hundred years ago in 1918, the First Republic of Austria was declared on the magnificent Ringstrasse in Vienna.”

Bobsled team training

AUSTRIA’S top local diplomat also revealed that her country is currently training the pioneering Philippine bobsled squad for the 2022 Winter Olympic games. She said two members of the Philippine Coast Guard are given training, technical assistance and equipment by the OlympiaWorld Innsbruck— “high up in the snowy Austrian Alps—to become the [breakthrough] bobsled team from the Philippines.” She added: “Actually, the first

ever from Southeast Asia to compete [for the sport] in the 2022 Winter Olympics.... We wish them good luck!”

Austrian-made in PHL

WITH Vienna’s excellent infrastructure, its state-of-the-art health care, modern transport network, clean air and water, green energy and sustainable organic farming, Austrian companies— many of them world leaders in their field—are ready to share their expertise and cutting-edge technologies. R asou lian said Austr ia “ is ready to bring in our smart city and smart traffic solutions to the Philippines.” She offers her country’s innovative expertise for sustainable farming, renewable energy, modernized infrastructure and more, “to be part of the ambitious ‘Build, Build, Build’ program.” “I was delighted to be part of

the inauguration of what President Duterte called ‘the most beautiful airport in the Philippines’: the new Mactan-Cebu International Airport [MCIA].” She disclosed that the MCIA’s magnificent arched-roof structure came from Austria. “More than 6,200 sq m of ‘glulam’ [glued laminated] wood were imported to build the first resort-style airport at Terminal 2 of Mactan City.” The ambassador went on to say: “And we will not stop there: We hope to use more of the same wood from Austria for the sustainable design of the new international airport in Clark Global City.”

From ‘Blue Danube’ to Boracay

DURING the event, the Austrian Embassy invited the Manila Symphony Junior Orchestra (MSJO) to play Johann Strauss II’s timeless waltz The Blue Danube, while young dancers in formal attire danced to

the classic masterpiece. Rasoulian announced, “ The MSJO won first prize in the Strings Category at the 12th Summa Cum Laude International Music Festival in Vienna this year.” Meanwhile, two replicas of Austrian artist Gustav Klimt’s iconic painting The Kiss, a deceptively simple depiction of love and desire, were also on display in the room. The diplomat invited the guests to imitate the couple in the portrait who are seemingly locked in a tight embrace. Her challenged: A tandem that can come closest to the pose in the painting would win two round-trip tickets to Vienna. The Austrian ambassador also conveyed her “very special thanks to President Duterte for reopening Boracay on October 26,” which coincided with the actual date of the Austrian National Day. “[That said,] we can continue our celebrations in the beautiful, world-renowned island!”

Envoys& BusinessMirror

E2 Thursday, November 15, 2018

SPORTS AND ADVOCACIES

UK, PHL forge ties thru football

STAKEHOLDERS from the recent UK-Philippines Friendship Day football camp

HE British Embassy in Manila and Football for Humanity Foundation (FFH) jointly held the UK-Philippines Friendship Day football camp with partner organizations and beneficiaries as they brought together disadvantaged children from Mindanao to enjoy the fun of football with local community children. They included the Dar Amanah Children’s Village Foundation, Barangay Hoyo and the Laguna Lions FC in a half-day clinic-and-games session conducted by Football Manila and Tala Manila football clubs. The British Embassy’s Head of Trade and Investments Richard Colley delivered a speech on behalf of the Ambassador of the United Kingdom to the Philippines Daniel Pruce, as he explained the importance of the Friendship Day tradition and further encouraging various organizations to continue their work of uplifting the lives of Filipino children. Colley relayed Pruce’s commitment and

support for FFH, as well as football as a sport that “spreads the benefits of exercise, discipline and teamwork.” As special guest, the Philippine Army’s Commanding General and Deputy Assistant Chief of Staff for Civil-Military Operations (G7) Col. Jose Arn M. Real echoed the same benefits and repeated Nelson Mandela’s famous quote on the “power of sports to change the world.” The Armed Forces, through the Mindanao Peace Council, has pledged support for football as a platform for peace building and youth development, especially in conflict-torn areas of Mindanao. FFH Vice President Belle Tiongco lauded

the attendees for their support to FFH’s vision, which is to establish “[a venue] where all children are protected and given equal opportunities to reach their full potential.” Different nations were represented in the event: the UK, the Philippines, Belgium, Nigeria, Korea, New Zealand and Egypt, “who [all...believe in the power of the sport] to unite people toward the greater goals of peace and understanding, for a better world and a better future for the children,” added Tiongco. FFH Founder Chris Thomas said, “This day is so inspiring for us. FFH has gone from strength to strength due to the support of partners who believe in our urgent appeal to help underprivileged youth. We are thankful that our call to ‘bring nations together’ continues to echo here and abroad.” The foundation and its partners celebrated the success of their multisectoral approach to implement football-based social action initiatives, and also affirmed their commitment to future goals. As a foundation and charity, FFH is dedicated to use football and the power of play to create personal and social transformations. It is registered in the UK, as well as the Philippines, and may be reached at www. footballforhumanity.org.uk or www.facebook. com/footballforhumanity.

German-PHL Chamber of Commerce & Industry marks 1st decade

HE German-Philippine Chamber of Commerce and Industry (GPCCI) celebrated its 10th anniversary through an annual golf tournament and reception dinner on October 11 at Mount Malarayat Golf and Country Club, attended by members of the German-Philippine business community, representatives from the diplomatic corps and the Philippine government. Sponsors and players alike joined the competition in support of Tuloy Foundation, an organization dedicated to provide residential care services, technical and vocational training, sports and health development, as well as performing-arts programs to the abandoned and homeless, including abused children and youth. The tournament implemented a game of Texas Scramble, or Captain’s Choice, where players competed in assigned teams based on their handicaps. This also provided players the opportunity to get to know the rest of the participants and create new connections during the game. Tournament Director Klaus Schroeder, with the German Embassy’s Deputy Head of Mission Dr. Roland Schissau, Banco de Oro (BDO) Vice President-Head of Europe Desk Maan Mariano, General Administration Deputy Executive Director Atty. McJill Bryant Fernandez and BASF Managing Director Ronald Mercado led the ceremonial tee-off. Players, members, partners and friends of the GPCCI thereafter marked its 10th year at the reception dinner held inside the Palms Country Club in Alabang, Muntinlupa City. The night began with welcoming remarks from GPCCI Vice President Dr. Bodo Goerlich, as he enumerated the milestones that the chamber had achieved in the past 10 years. Goerlich also used the time to thank all those who have contributed to the success of the chamber. Newly installed GPCCI Execu-

SCENE from the GPCCI reception dinner

tive Director Dr. Martin Henkelmann also shared a message of thanks and congratulations through a recorded video from Tunisia. The evening also served as a platform for the chamber to launch its new corporate video, which showcased its history, milestones and services. This was soon followed by a video message from GPCCI President Tristan Arwen Loveres, who thanked all those who attended and made everything possible. Ambassador of Germany to the Philippines Dr. Gordon Kricke was also in attendance and gave a short message congratulating GPCCI for a great 10 years and expressed optimism for the future of German-Philippine bilateral business relations. The night was an opportunity as well for the chamber to present honorary memberships to two distinguished women in their own fields who have stood by the advocacies and activities of the chamber: BDO Vice Chairman Teresita Sy-Coson and former

Philippine Ambassador to Germany Melita Sta. Maria-Thomaczek. After dinner was served, Fr. Rocky Evangelista introduced Tuloy Foundation and gave a short talk on the potential of the children in their care. He also invited everyone to visit their facilities to see firsthand the programs they provide for their kids. This was rightly followed by a performance of the Tuloy Choir. GPCCI’s board of directors, together with Deputy Executive Director Charlotte Bandelow, presented the check donation to Father Evangelista. During the reception dinner, Schroeder led the awarding ceremony for the winners of the morning’s golf tournament. They were Dr. Olaf Kliesow and James Ugarte for second runner-up, while the duo of Tony Co and Jupiter Nuñez was first runner-up. Jojo Habana and Mike Besa walked away with the championship trophies. Exciting prizes were also raffled off for everyone.

&Expats

envoys.expats.bm@gmail.com | Thursday, November 15, 2018 E3

United Nations turns 73 with ‘change makers’

HE United Nations recently hosted a local commemoration of its 73rd anniversary with a cultural program and reception at the SM Aura Premier-Samsung Hall. A joint partnership among the UN mission in the Philippines, the Department of Foreign Affairs and SM, the event highlighted the strong cooperation between the government and the world body in the delivery of the Sustainable Development Goals (SDGs), as well as the contribution of “change makers” in achieving such. UN-Philippines Resident Coordinator Ola Almgren and Foreign Affairs Undersecretary for Policy Enrique A. Manalo led the festivities, which gathered top government

officials, UN agency heads and members of the local diplomatic corps. Almgren paid tribute to the contributions of the Philippines to the UN, and added that he looked forward to future collaborations. On the other hand, Manalo highlighted the Philippines’s major contributions in the work of the UN in the areas of migration, SDGs, climate change, human rights and peacekeeping. The Philippines is a strong advocate for the achievement of the 17 SDGs of the

UNITED NATIONS Food and Agriculture Organization Representative Jose Luis Fernandez (left), Embassy of Hungary Deputy Chief of Mission David Ambrus and wife Kata Kondar-Ambrus

2030 UN Agenda: (1) No Poverty; (2) Zero Hunger; (3) Good Health and Well-being; (4) Quality Education; (5) Gender Equality; (6) Clean Water and Sanitation; (7) Affordable and Clean Energy; (8) Decent Work and Economic Growth; (9) Industry, Innovation and Infrastructure; (10) Reduced Inequality; (11) Sustainable Cities and Communities; (12) Responsible Consumption and Production; (13) Climate Action; (14) Life Below Water; (15) Life on Land; (16) Peace and Justice, Strong Institutions; and (17) Partnerships to Achieve the Goal. The program, hosted by SDGs advocate and actress Antoinette Taus, featured performances from Filipino folk musical group Kontemporaryong Gamelan Pilipino or Kontra-GaPi, Silly People’s Improv Theater and the Manila Symphony Junior Orchestra.

DEAN of the Diplomatic Corps and Apostolic Nuncio to the Philippines Archbishop Gabriele Giordano Caccia

UN Sustainable Development Goals advocate and actress Antoinette Taus

EMBASSY OF JAPAN Minister and Deputy Chief of Mission Takehiro Kano (center), his daughter and UN-Philippines Resident Coordinator Ola Almgren

WORLD FOOD PROGRAMME Country Director Stephen Gluning

AMBASSADOR of Singapore Kok Li Peng (from left), Taguig City Mayor Ma. Laarni L. Cayetano and Mexican Embassy Deputy Chief of Mission Ricardo Sanchez Mendez

AMBASSADOR of Turkey Esra Cankorur

AMBASSADORS Sung Kim of the United States (from left), Nicolas Galey of France and Dr. Gordon Kricke of Germany

AMBASSADOR of Venezuela Capaya Rodriguez Gonzalez

FOREIGN AFFAIRS Undersecretary for Policy Enrique A. Manalo

Envoys&Expats BusinessMirror

E4 Thursday, November 15, 2018

www.businessmirror.com.ph

EMBASSIES, EVENTS, ETC.

PHILIPPINE PRIDE Filipino autism awareness advocate PRRD IN ASEAN President Duterte attends the 21st Asean-

China Summit, together with high-ranking Philippine government officials, on Day 3 of the 33rd Asean Summit and Related Summits in Singapore. ASEAN 2018

DFA CHIEF IN ACTION Foreign Affairs Secretary Teodoro L. Locsin

Jr. takes part in the Asean-Australia Informal Breakfast Summit, also on the third day of the Summit. ASEAN 2018

Erlinda Uy Koe (left), chairman emeritus of Autism Society Philippines and former chairman of the Asean Autism Network, receives an Asean prize from Singapore Prime Minister Lee Hsien Loong for her “exemplary contributions to [support] inclusivity and [forge] closer ties in the region.” (See related story: https://

businessmirror.com.ph/filipino-autism-awareness-advocate-winsasean-inaugural-prize/.”) ASEAN 2018

PHL, JPN ink PAF, MRT 3 exchange of notes

HE Philippines and Japan have signed exchange of notes on two official development assistance (ODA) projects geared toward enhancing defense and transport capabilities at the Department of Foreign Affairs (DFA).

Foreign Affairs Secretary Teodoro L. Locsin Jr. and Ambassador of Japan to the Philippines Koji Haneda signed the notes on the Grant Aid of the Government of Japan to the Philippines of Japan Ground SelfDefense Force UH-1H Parts and Maintenance Equipment to the Philippine Air Force (PAF), as well as the Metro Rail Transit Line 3 (MRT 3) Rehabilitation. In his remarks, Locsin noted Japan’s support to the Philippines’s development objectives.

“Throughout the years, Japan has vigorously and unfailingly supported the priorities of the Philippine government for the well-being of the Filipino people, and in particular through economic and development assistance, as well as in enhancing our defense and security capabilities,” Locsin said. “It is [the kind of] help that has no agenda but friendship, decency, and a deep and abiding regard, as much for the safety and well-being of neighbors, as for oneself,” he added. “This is why we have elevated our relationship with Japan to a strategic partnership. Today’s exchange of notes affirms this ever-growing, mutually beneficial and gratifying relationship between our two countries and our two peoples,” the secretary further stated.

‘Joint work’

FOR his part, Haneda reflected on the successes of the Philippine-Japan partnership, as his country remains to be committed to its “joint work.” “With the signing of these two projects, let me assure you that we do not only mark our commitments on paper; we also pledge our all-out efforts in bringing these projects into successful completion,” the ambassador stated. The grant aid on parts and maintenance equipment to the PAF involves Japan’s grant of some ¥10.68 billion—about P5 billion—worth of spare parts and maintenance equipment of UH-1H helicopters by the Japan Self-Defense Forces consisting of the following categories: airframe structure, dynamic power system, control system, rotor system, hydraulic system, electrical system, instrument system, accessory equipment and others.

FOREIGN Affairs Secretary Teodoro L. Locsin Jr. (center) and Ambassador Koji Haneda (right) formalize their respective countries’ recent exchange of notes, witnessed by Defense Secretary Delfin N. Lorenzana. DFA PHOTO

The UH-1H helicopters are used in the PAF’s activities related to humanitarian assistance and disaster relief, transport, intelligence, surveillance and reconnaissance.

Total rehab

MEANWHILE, the project on the MRT 3 involves a complete rehabilitation to restore its design capacity and reliability, the general overhaul of the entire fleet of 72 light-rail vehicles, and day-to-day maintenance. The ¥38-billion (around P17.79billion) loan facility will be used to cover the railway line’s trains, power supply system, overhead catenary system, radio system, closedcircuit television system, public address system, signaling system, rail tracks, road rail vehicles, depot equipment, elevators and escalators, as well as other station-building equipment. The project will have a duration of 43 months, with the rehabilitation to be completed in the first 26 months, and the general overhaul by the 43rd month.

Defense Secretary Delfin N. Lorenzana, Transportation Undersecretary for Railways Timothy John R. Batan, Finance Undersecretary for the International Finance Group Atty. Mark Dennis Y.C. Joven, Japan International Cooperation Agency (Jica)-Tokyo Senior Vice President Yasushi Tanaka, Jica-Philippines Chief Representative Yoshio Wada, as well as officials from the DFA, the Departments of Finance, Transportation and National Defense, the Japanese Embassy and Jica witnessed the exchanges of notes. Japan is the Philippines’s top ODA partner, and has contributed significantly to the latter’s development and capacity building measures in various areas, including infrastructure, security, health, trade, tourism, human resources, agriculture, education, humanitarian assistance and disaster relief, among many others. The two countries celebrated the 60th anniversary of the normalization of their diplomatic relations in 2016.

DFA lauds Bahrain’s Flexi-Visa launch

HE Department of Foreign Affairs (DFA) welcomed the launch of the Flexi-Visa program by the Bahraini government, as it is expected to benefit some 3,000 undocumented Filipino migrants there, and would also help domestic workers who ran away from their employers. “After a series of quiet negotiations and discussions, Bahrain’s Labor Marketing Regulatory Authority announced for the first time that runaway domestic workers in the country will now be covered by the Flexi-Visa program,” Foreign Affairs Undersecretary for Migrant Workers Affairs Sarah Lou Y. Arriola said in Manama. “This is in line with the DFA’s efforts to seek pathwaysforregularizationofourOFWs,[andtoimplement] the mandate of President Rodrigo Duterte to spare no effort in protecting our nationals overseas,” Arriola explained during the launch and distribution of the the Flexi-Visa or “blue cards” to Filipino beneficiaries. She pointed out that the regularization program, which is unique to Bahrain and a first in the Middle East, addresses vulnerabilities associated with domestic work. There were more than 150 Filipinos who received their blue cards during the launch, and 267 previously undocumented Filipinos in Bahrain who have received their visas. Through the Philippine Embassy in Manama, the DFA covered the cost of the payment of the visa fee and the first two monthly administrative fees for Fili-

THE foreign affairs department appreciates Bahrain’s reaffirmation of its commitment to closer ties with the Philippines, as conveyed by Prime Minister Prince Khalifa bin Salman Al Khalifa (right) to Foreign Affairs Undersecretary for Migrant Workers Affairs Sarah Lou Y. Arriola in Manama. Foreign Minister Khalid bin Ahmed bin Mohammed Al Khalifa also relayed Bahrain’s appreciation of the contribution of the more than 60,000 overseas Filipino workers in the kingdom. The latter told Arriola that Bahrain appreciates its cooperation with the Philippines on migration issues as it demonstrates to the world that a receiving country and a sending country can cooperate to protect migrant rights to their mutual benefit. The Philippines and Bahrain have been working closely together to protect migrants’ rights under the Global Compact on Migration. DFA PHOTO

pinos who initially availed themselvesof the program. Theundersecretaryexpressedherappreciationto theBahrainigovernmentfortheinitiative,asitprovided anavenueforFilipinoworkerstoregularizetheirstatus. “These reforms are, to our mind, one of the most progressiveamongtheGulfCooperationCountriesand demonstratestotheworldthatareceivingcountryand a sending country can cooperate to protect migrant

rights to their mutual benefit,” she stated. The Flexi-Visa is essentially a residence and work permit made available for those who have no legal immigration status in Bahrain. It is renewable every two years and covers health insurance, as well as a return ticket once the contract period has ended, or when the migrant worker wants to be repatriated.