BusinessMirror November 22, 2018

GOVT AWARDS P11-B SUBWAY CONTRACT TO JAPANESE GROUP I

T’S all systems go for the Metro Manila Subway as the government has awarded the P11-billion general contract to a Japanese consortium. One of the flagship infrastructure projects of the Duterte administration’s “Build, Build, Build” program, the country’s first subway is widely expected to decongest traffic, especially in Metro Manila. “The winning bidder is OC Global, consisting of six Japanese firms.” Budget Secretary Benjamin E. Diokno said on Wednesday. The firms comprising the Japanese

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Thursday, November 22, 2018 Vol. 14 No. 43

Fear, cheer greet PHL, China pact on oil, gas

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By Joel R. San Juan @jrsanjuan1573 & Lenie Lectura @llectura

ALLS mounted on Wednesday for the Executive to reveal the full text of a cooperation agreement on oil and gas exploration in the South China Sea, signed on the first day of President Xi Jinping’s historic state visit. However, not everyone was filled with anxiety amid calls for transparency. A local petroleum firm in earlier talks with a stateowned Chinese company said it may augur well for efforts to develop new sources of energy for

the Philippines, which is launching the next round of the energycontracting exploration program in hopes of luring downstream oil-industry players. In a related development, the Supreme Court was asked to im-

mediately resolve a 10-year-old petition to strike down an earlier similar agreement, signed with China and Vietnam in 2004. A lthough the Joint Marine Seismic Undertak ing (JMSU) e ntere d i nto b y t he A r royo

“The signing of [the] MOU with China is a small but significant step. I do hope that this could lead to some positive steps that we could take in respect of the work program we submitted to the previous administration.” —Pangilinan

administration had already expired on June 30, 2008, the petitioners said in an urgent motion on Wednesday that there is still a need for the Court to resolve their petition in light of the Duterte administration’s plan to enter into a new exploration agreement covering certain areas of the South China Sea.

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Changing configuration of Philippine capitalism Rene E. Ofreneo

LABOREM EXERCENS

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HE above is the title of a paper on the changing nature of capitalism in the Philippines written by Dr. Antoinette Raquiza of the UP Asian Center (Philippine Political Science Journal, 2014). It is an inquiry on where the 10 richest Filipinos, all named in Forbes’s billionaire list, are making money and how they are shaping the directions of Philippine capitalism in the 21st century. In the process, Dr. Raquiza’s research is able to document the answers to two puzzling developments in Philippine economic development: 1) high growth being posted by the country in recent years and 2) sustained growth despite stagnant industrialization and collapsing agricultural sector. Continued on A7

‘NFA must retain power to issue rice licenses’ By Jasper Emmanuel Y. Arcalas

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By Lorenz S. Marasigan @lorenzmarasigan

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ECOGNIZING that the operability of trucks does not rest on their age, officials from the transportation department said on Wednesday that the agency is setting up motor vehicle inspection system (MVIS) centers to determine the roadworthiness of units for the renewal of their franchises. Land Transportation Franchising and Regulatory Board Chairman Martin B. Delgra III said the LTFRB has issued a memo that spells out the rules for phasing out trucks, amending a policy on age and shifting it to the roadworthiness of units.

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Continued on A2

LTFRB nixes trucks’ age limit, eyes vehicle inspection sites

See “LTFRB,” A2

The target completion for the entire subway project is by 2025. Once completed, the subway will have 14 stations, which will start running from Mindanao Avenue in Quezon City to Ninoy Aquino International Airport in Pasay City. The project funded with a loan from the Japan International Cooperation Agency (Jica) costs P356.96 billion. Jica and the Philippine government signed in March a ¥104.53-billion loan agreement for the construction of the first phase of the subway project. Bernadette D. Nicolas

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consortium are Oriental Consultants Global Co. Ltd; Tokyo Metro Co. Ltd.; Katahira and Engineers International; Pacific Consultants Co. Ltd.; Tonichi Engineering Consultants Inc.; and Metro Development Co. Ltd. The Department of Transportation aims to have the project break ground on December 19. By 2022 or before the term of President Duterte ends, partial operations are expected to start with the opening of a training center, depot and three stations ready: Quirino Highway, Tandang Sora and North Avenue.

CHINESE President Xi Jinping waves in the rain as he boards his plane to depart the Ninoy Aquino International Airport on Wednesday, November 21. Xi ended his two-day visit in the Philippines with offers of infrastructure loans and new accords to prevent clashes and possibly explore for oil and gas in the disputed South China Sea. AP PHOTO/AARON FAVILA)

PESO EXCHANGE RATES n US 52.5330

@jearcalas

GRICULTURE Secretary Emmanuel F. Piñol said he would oppose the removal of the licensing power of the National Food Authority (NFA) during the bicameral conference committee on the rice tariffication bill. Piñol said the licensing authority of the NFA must be kept, especially since Manila would soon remove its quantitative restriction (QR) on rice imports, to regulate the entry of imports. “Of course,” Piñol said when he was asked if he is against the removal of the NFA’s licensing authority. “We need that. Who is going to regulate [rice imports]?” Pinol said he would air his position during the bicameral conference committee on Thursday,

when legislators from the House of Representatives and the Senate are expected to merge conflicting provisions in their respective versions of the rice tariffication bill. Senate Bill (SB) 1998 includes a provision removing the NFA’s licensing power, but House Bill 7735 does not have it. “We have a position on this matter. You know, the idea of lumping what should become of the NFA in the [rice] tariffication [bill], I think is wrong,” Piñol told reporters in an interview on Wednesday. “Rice tariffication is not about the NFA.” The agriculture chief is also lukewarm to a provision in SB 1998, which indicates that the Bureau of Plant Industry will be given the power to give licenses to importers in the form of sanitary and phytosanitary import clearance.

n JAPAN 0.4662 n UK 67.1792 n HK 6.7090 n CHINA 7.5636 n SINGAPORE 38.2141 n AUSTRALIA 37.9236 n EU 59.7353 n SAUDI ARABIA 14.0028

See “NFA,” A2

Source: BSP (21 November 2018 )

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A4 Thursday, November 22, 2018 • Editor: Vittorio V. Vitug A2

POEA pushes two-year freeze on grant of license to new recruitment agencies

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By Samuel P. Medenilla

@sam_medenilla

TWO-YEAR moratorium on the licensing of new recruitment agencies is now being pushed by the Philippine Overseas Employment Administration (POEA) as part of the agency’s bid to purge so-called foreigncontrolled recruiters. POEA Governing Board Private Sector Representative Estrelita S. Hizon said she proposed the “drastic” measure amid the rising number of foreigners, who are illegally conducting recruitment through incorporation or tie-ups with local firms. “We notice these players would tie up with Filipinos or employ Filipino

as dummy [for their operations]. If the government finds out and shut [them] down, all they have to do is to open a new agency,” Hizon said. She added the moratorium will give the POEA and other government agencies the necessary time to weed out these foreign-controlled recruitment agencies.

“I already suggested this during our pre-board meeting.... POEA Administrator [Bernard] Olalia said we could discuss again during the formal board meeting,” Hizon said. For the duration of the moratorium, she said, the POEA could further intensify monitoring of the new personnel of recruitment to ensure it will not include any foreigners. “I am confident [that] the over a thousand existing licensed recruitment agency could handle the demand for that two years [when the moratorium takes effect],” Hizon said. The rise in the number of foreign recruiters, she added, could be attributed to the lucrative nature of the recruitment business. She said the practice is not only illegal, but also detrimental to Filipino applicants they prey upon. “This is dangerous for our OFWs [overseas Filipino workers] since these foreigners have no capabil-

ity to provide protection when the need for it arises,” Hizon said. Philippine recruitment agencies are responsible for monitoring the welfare of OFWs while they are deployed abroad and their repatriation if the need, or the situation, arises. Labor Undersecretary Jacinto V. Paras, who heads the task force of the Department of Labor and Employment (DOLE) against human trafficking and illegal recruitment, said he will be endorsing the proposal to Labor Secretary Silvestre H. Bello III. The labor official said the proposal is timely, especially with the expected rise in the demand for OFWs abroad. “This will allow us to focus on those with existing [recruitment agencies] and evaluate if they have foreign stockholders or incorporators,” Paras stated.

Fear, cheer greet PHL, China pact on oil, gas On Tuesday, hours after Xi’s ar-

rival in Manila, he and President Duterte witnessed the forging of 29 bilateral agreements between Philippine and Chinese officials on a wide range of programs and projects, topped by the MOU that was described as a framework agreement on how to proceed when they get to the point of jointly exploring parts of the South China Sea, believed rich in oil and gas. Before the exchanges on the 29 accords, the office of Sen. Antonio F. Trillanes IV had provide media a copy of a purported draft initiated by the “Chinese side” that was supposedly leaked in advance of the MOU signing. However, it was painted as a mere Chinese-initiated draft, and until press time Malacañang had declined to state if the text of the official MOU was anywhere near that version. Trillanes’s allies in the Senate minority were among the first to demand transparency in whatever agreement the Executive might have made with Beijing on cooperation in exploring for oil and gas. Among those who weighed in on the issue were Sens. Franklin M. Drilon, Francis N. Panglinan and Leila M. de Lima. A statement was also issued by former congressman now senatorial aspirant Lorenzo Tañada III.

Talks interrupted

MEANWHILE, businessman Manuel V. Pangilinan said on Wednesday the MOU signed between Beijing and Manila may yet be the clincher for resuming talks on a possible tie-up between local firm PXP Energy Corp. and the China National Offshore Oil Corp. (CNOOC) on a joint exploration in the Reed Bank, to the west of Palawan. Pangilinan chairs PXP Energy, which holds a 78.98-percent interest in UK-based Forum Energy Plc. which, in turn, has a 70-percent stake in SC 72, an oil-and-gas-exploration permit covering the Sampaguita natural-gas prospect in the Reed Bank. PXP and CNOOC used to discuss a possible joint exploration of SC 72 to develop a part of the Reed Bank.

However, the Philippine government declared force majeure on the license in 2015, because its pending maritime row with China had reached international arbitration. The Philippines won its case against China in 2016, with a UN tribunal invalidating China’s nine-dash-line claim that it uses to claim nearly 90 percent of the South China Sea. Pangilinan had said earlier his company sent feelers to CNOOC to explore the possibility of returning to the negotiating table. “We’d like to renew our conversation with them in respect to SC 72,” Pangilinan said. “I suspect that will not happen until a bilateral has happened between the Philippine government and Chinese government.” On Wednesday, reacting to Tuesday’s signing of the MOU on cooperation in oil and gas exploration, Pangilinan, who is also chairman of Manila Electric Co. said at Meralco’s MTech event, “The signing of [the] MOU with China is a small but significant step.” Added Pangilinan, “I do hope that this could lead to some positive steps that we could take in respect of the work program we submitted to the previous administration.” The Department of Energy, as of press time, has yet to provide details of the agreement. Last month Pangilinan’s PXP Energy signed a deal with Dennis Uy’s holding firm Dennison Holdings Corp., allowing the former to acquire up to 49 percent in Phoenix Petroleum Philippines Corp.’s joint venture with CNOOC for LNG (liquefied natural gas) development in exchange for shares. PXP Energy said it signed a subscription agreement with Dennison Holdings for 340 million shares priced at P11.85 per share. Pangilinan said part of the reason his group wanted to partner with Uy was that, “it looks like Dennis has established connections with CNOOC.” “With respect to the gas terminal and gas plants, we thought it might be good to bring Dennis, as well. If he knows CNOOC fairly well enough.”

LTFRB. . . continued from a1

“We will be veering away from the vehicle age policy and moving toward a roadworthiness policy in determining the roadworthiness of public-utility vehicles like trucks,” he said at a press briefing on Wednesday. “We will put up motor vehicle inspection system centers to determine the roadworthiness of trucks.” The scuttling of the year-model policy for phasing out trucks had been deemed arbitrary by truckers, and an independent alliance of at least seven groups cited it among their key grievances for mounting

Pangilinan also said that the proposed partnership with the Davao City-based businessman is a “logical step” to do given the latter’s “established connection” with the Chinese state power firm. “We thought that, given that Dennis has signified an intention and desire to be part of PXP Energy in respect with SC 72, this would be a logical step for us to co-invest with him on the gas terminal and gas plant, but there is no commitment at this stage. It is basically an option for us to take 49 percent of what he might own eventually of the terminal or gas plant,” said Pangilinan.

JMSU petition

THE anti-JMSU petition was filed in 2008 by then party-list representatives Neri Colmenares, Teddy Casiño, Satur Ocampo, Crispin Beltran, Liza Maza and Luzviminda Ilagan; along with then-Rep. Lorenzo Tañada III and former Sen. Teofisto Guingona III. In particular, the petitioners sought the High Court’s issuance of directions as to how the case can be resolved speedily, to provide status updates on the case and for the immediate resolution of the petition by declaring the tripartite agreement unconstitutional. “With all the years that have passed, with all the events that appear to make the Republic of the Philippines seemingly an adjunct of the People’s Republic of China, another joint exploration is set to be entered by the Duterte administration with China, it is high time for the Honorable Court to at least give directions and/or status updates and/or already immediately resolve the instant case now,” the urgent motion read. “The substantive issues in the present case are now of overreaching and paramount importance to the Philippines and the Filipino people, especially in light of our current territorial and maritime disputes with China,” it added.

Not mooted

THE petitioners added that the petition should be exempt from the ap-

this week’s “truck holiday” that further tied up the flow of commerce to and from Manila’s ports. Under the new LTFRB memo, trucks that are 15 years old or older cannot renew their franchises, but will be allowed to file for renewal once the MVIS centers certifiy their roadworthiness. Transportation Assistant Secretary March Richmund M. de Leon said the department is jump-starting the process for the accreditation of private-run MVIS centers, which will number about 200 centers.

continued from a1

plication of the “moot and academic” principle for various reasons, such as the alleged grave violation of the Constitution; the paramount public interest involved; the fact that the constitutional issues raised in the petition would require the formulation of controlling principles to guide the Court and the public; and the possibility that the act being assailed will be repeated. “In order to uphold the Constitution and conform to the assertion of the Republic of the Philippines of its sovereignty, territory, exclusive economic zone, continental shelf and maritime resources, among others, over both the undisputed and claimed areas in the West Philippine Sea covered by the agreement area, the Honorable Court must strike down as unconstitutional the Tripartite Agreement,” the petitioners added. Under the JMSU, which expired in 2008, the Philippines, China and Vietnam, through their respective national oil corporations, agreed to conduct joint explorations of the disputed South China Sea. However, up to 80 percent of the JMSU site is within the Philippines’s 200-mile exclusive economic zone. Vietnam is one of four Asean countries, including the Philippines, that have claims in the South China Sea, and in the past it had tangled with China. Manila took the international arbitration route, filing in 2013 the case with the UN Permanent Court of Arbitration in The Hague. Named respondents in the 2008 anti-JMSU petition were then-President Gloria Macapagal-Arroyo, her Executive Secretary Eduardo Ermita, her Foreign Affairs and Energy secretaries, as well as the Philippine National Oil Co. and the Philippine National Oil Co.-Exploration Corp. “Any joint exploration with any foreign country or entity that allows almost absolute control over the benefits of the exploration to such foreign country or entity is detrimental to the Filipino people and therefore must not be allowed,” the petitioners said.

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More things unite than divide PHL, China–Sotto, Arroyo to Xi

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HILIPPINE congressional leaders met with Chinese President Xi Jinping on the last day of his state visit on Wednesday and assured him lawmakers support the policy to forge closer ties with Beijing despite the two countries’ differences on maritime territory. In his opening statement during the joint call on both houses of Congress by Xi, Senate President Vicente C. Sotto III stated the importance of the good diplomatic relations between the Philippines and China. Sotto stressed there is certainly much more that binds the Philippines and China together than what may divide the two. It is in the spirit of friendship that the Philippine delegation welcomed Xi to Manila, he added. In his response, Xi stressed that the South China Sea is a sea of friendship and cooperation that creates a bond of friendship for the two nations. Xi told the lawmakers his plans for Filipinos, which include increasing job opportunities for Filipino teachers and nurses; multiplying mutual visits from 1 million to 2 million; and opening up free trade to the Philippines, among others. Speaker Gloria Macapagal-Arroyo, for her part, assured Xi that the House of Representatives fully supports the policy of the Duterte administration forging closer ties with Beijing. During the bilateral meeting at the ShangriLa at the Fort, Manila in Bonifacio Global City, Taguig, Arroyo also stressed the importance of stronger ties between China and the Philippines as “all-around cooperation” of the Philippines and China is “as good as it has ever been.” “The relationship between China and the Philippines is very important for our countries. One reason is geography. Good relations between neighbors is always a priority. A second reason is that, China is increasingly involved not only in bilateral dealings but collectively, such as through Asean. The third reason is that China’s economy is the most dynamic among

the neighboring nations,” Arroyo said. “A fourth factor is that domestically, the Philippines has a vibrant Filipino-Chinese community for whom increased business dealings with China is very natural. And fifth, infrastructure will be very important for the Philippines in the coming years. And there is no country in the world that matches China’s recent track record and capability in this area,” the Speaker added. Arroyo said the House will help maximize the benefits of the Philippines’s increased joint activity with China. “Our legislative agenda is focused on areas that are essential to economic activity such as generating fiscal resources to improve our country’s infrastructures. Going forward, implementation will now be the key to maximizing the benefits of growing economic trade and investment relations between our two countries,” she said. “In this area, the traditional oversight function of the Legislative will be useful in encouraging our implementers from the Executive Branch so that they can maintain focus and strive for maximum results in the shortest possible time,” Arroyo added.

Bonanza

CAMARINES Sur Rep. Luis Raymund F. Villafuerte cited the “bonanza” secured by the Philippines, ranging from concessional financing for the “Build, Build, Build” program to joint oil and gas exploration plus stronger cooperation in education and agriculture with China, following the twoday state visit of the Chinese president to Manila. President Duterte and President Xi witnessed in Malacañang the exchange of 29 agreements on November 20. These were a mix of bilateral accords, letters and commercial contracts, including nine on infrastructure development, one on joint oil and gas exploration in the West Philippine Sea, and another on the follow-up float of the country’s “Panda” or renminbi-denominated bonds in China. Jovee Marie N. dela Cruz, Butch Fernandez

Faeldon’s priority mission: End drug trade in prisons By Joel R. San Juan @jrsanjuan1573

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USTICE Secretary Menardo I. Guevarra has directed newly installed Bureau of Corrections (BuCor) Director General Nicanor E. Faeldon to put an end to illegal-drug activities inside the country’s penitentiaries. Guevarra issued the order after Faeldon finally took his oath before the Department of Justice (DOJ) chief and officially assumed the post after more than a month in limbo due to lack of an official appointment from the Palace. Faeldon replaced retired Philippine National Police (PNP) chief Ronald dela Rosa, who vacated the post to pursue his senatorial bid in the May 2019 elections. Aside from addressing the illegal-drug problems, DOJ Undersecretary and Spokesman Mark Perete said Faeldon was told to focus on two other important tasks as BuCor chief, which include finding solutions to the congestion and security problems of prisoners, as well as looking into the possibility of transferring facilities of the BuCor elsewhere. It can be recalled that during his term, former Justice Secretary Vitaliano N. Aguirre II tapped members of the Philippine National Police-Special Action Force (PNPSAF) to halt the illegal-drug trade at the New Bilibid Prison (NBP) in

Muntinlupa, which currently houses around 27,000 inmates. Signal jammers were also installed to prevent the inmates involved in these illegal activities from communicating with their cohorts outside. Perete said the maximum-security facility housing high-profile inmates such as those convicted for drug trafficking would stay at the NBP. He said Faeldon was asked to check on the possibility of transferring other prison facilities to other locations to address congestion and security problems. It will be recalled that the previous BuCor leadership pressed for the construction of a new building to house the prison facility in Fort Magsaysay, Laur, Nueva Ecija, that could eventually replace the NBP as the country’s main prison facility. But the project has been temporarily put on hold due to legal issues raised by private claimants in both the current NBP land in Muntinlupa and the property in Fort Magsaysay. Aside from the NBP, Faeldon has supervision over the Abuyog Penal Colony in Leyte, Correctional Institute for Women (CIW) in Mandaluyong City; Iwahig Prison and Penal Farm in Puerto Princesa, Palawan; Sablayan Prison and Penal Farm in Occidental Mindoro; San Ramon Prison and Penal Farm in Zamboanga City; and the Davao Prison and Penal Farm.

NFA. . . continued from a1 “We have signed a department order authorizing private-sector companies and agencies to run motor vehicle inspection units, for now; we are drafting the implementing rules and regulations accrediting these private companies to run these facilities,” he said. This should be available in the next six months, de Leon added. He said his group will also start the procurement of MVIS centers across the Philippines, to be operated by the Land Transportation Office (LTO).

“We are also procuring 26 motor vehicle inspection units, which will be government-run,” he said. Both officials were responding to the current truck-holiday protest held by the Customs Brokers Truckers Alliance. It will run until November 24. Besides the age-limit policy on trucks, the seven-group alliance was protesting the supposed congestion in the two Manila ports due to empty containers being parked inside the compound, which results in losses for them.

“It is not gonna work,” he said, when asked about that provision in the Senate bill. The removal of the NFA’s licensing power seeks to make it easier for traders to import rice as the nontariff measure was deemed as discretionary by the country’s economic managers. Various farmers groups and nongovernment organizations have aired concerns on the removal of NFA’s licensing power and argued that it would allow the influx of imported rice. They said the influx of cheap rice will be detrimental to the local rice sector as retail prices could decline drastically and effectively slash the farm-gate price of unmilled rice. “Personally, I am not in favor of the proposal to abolish the NFA because it will effectively deprive poor families of access to government-subsidized rice,” he said.

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More infra project tie-ups coming, says Neda chief, despite warning of China ODA ‘debt trap’

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ITH the recent signing of various agreements between the Philippines and China, the National Economic and Development Authority (Neda) said Filipinos can expect more infrastructure project partnerships between Manila and Beijing. Socioeconomic Planning Secretary Ernesto M. Pernia told reporters on Wednesday that the memorandum of understanding he signed focuses on future cooperation with China on infrastructure buildup. This cooperation, Pernia said, included undertaking feasibility studies and project design. He added that cooperation also means preparing loans and technical assistance. “It’s really just a memorandum of understanding on cooperation on infrastructure development. Nothing specific, no amounts mentioned,” Pernia said. Pernia said another offshoot of the agreement is that some new projects that will be funded by China could be included in the government’s list of flagship projects. This could be possible, he said, given that there were projects that were approved by the Investment Coordination Committee such as the Bataan-Cavite bridge project, which was not included in the list of flagship projects. Some projects could also be considered flagship projects because there are over 4,000 projects in the Public Investment Program that will be undertaken in the medium term. “I guess these visits are always symbolic, and they can be helpful, one way or another,” Pernia said. Based on the joint declaration, Manila and Beijing agreed to complete the Chico River Pump Irrigation Project and the Binondo-Intramuros and Estrella-Pantaleon bridges. They also agreed to facilitate the implementation of the New Centennial Water Source—Kaliwa Dam Project, the Safe Philippines Project Phase I and the Philippine

National Railways South Long Haul Project. The declaration also stated that there are other priority projects lined up for feasibility study support and implementation. Both countries also committed to an effective implementation of ongoing projects. Manila and Beijing also agreed to create new protocols, particularly for government concessional loans, as well as use a preferential buyer’s credit for projects. “Both sides will work toward the formulation of relevant procedures and protocols for government concessional loan [Renminbi-denominated loan] and utilize preferential buyer’s credit, commercial loans for development and co-financing arrangements between China and multilateral development banks, and provide financial support to key infrastructure projects,” the declaration stated. Earlier, IBON Foundation Inc. issued a stern warning against obtaining more Chinese official development assistance (ODA). IBON said Chinese ODA “has been known to stipulate the collaterization of resources and state assets should a country default on its loan payments.” An example, IBON said, is the Hambantota Port in Sri Lanka where the government was forced to lease the port for 99 years to a Chinese company when it was unable to pay back its debt to China. “Instead of prioritizing the attraction of onesided foreign investments and loans for its infrastructure program, the government should put national interest and public welfare first over local and foreign big business interests,” IBON said. “To be beneficial to the country, foreign investments and loans that are being considered should be planned in accordance with the genuine development of domestic agriculture and industries, with close monitoring and regulation by the government,” it added. Pernia earlier said that of the 75 flagship projects, some 32 projects are going to be completed within the term of the Duterte administration. Cai U. Ordinario

UN extends $506.627-M ODA grant for SDG, AmBisyon in next 5 years

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@alyasjah

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HE country’s free trade agreement (FTA) with the European Free Trade Association (Efta) is seen to boost exports to the economic bloc by 20 percent in 2019, a trade official said on Tuesday night. In an interview with reporters, Trade Undersecretary Ceferino S. Rodolfo Jr. said the Philippines aims to expand by 20 percent its trade, particularly exports, with Efta economies under the Philippines-Efta FTA. The Efta is an economic bloc consisting of four European states, namely, Iceland, Liechtenstein, Norway and Switzerland. “Our objective really for this [FTA] is to promote more of our exports. First [objective is] to increase our bilateral trade, both imports and exports by—let’s be modest—increase it by 20 percent first for the first year,” Rodolfo said. The trade deal, signed in 2016, covers trade in goods, services, investments, competition, intellectual property rights protection, government procurement and sustainable development. It entered into force for all parties in June this year. “Moving forward, maybe we will be able to double it or triple it as we move toward [the] third year [on] the trade part, both the imports and the

exports,” Rodolfo added. Since the FTA only entered into force middle of the year, the first full year of its implementation will be next year. Data from the Philippine Statistics Authority showed total merchandise trade with Efta economies amounted to $816.76 million last year. The Philippines, however, recorded trade deficits with Norway ($38.66 million), Iceland ($146,944) and Switzerland ($28.55 million). On the other hand, it has a trade surplus of $6.67 million with Liechtenstein. Rodolfo said the FTA could be an avenue for the country to reduce its trade deficits with Efta economies. He added the trade deal’s reduced tariff regime, as well as its liberalized rules of origin, can help Philippine exports “gain a stronger foothold in the European market.” “Right now, our trade with Norway and with Switzerland, we are trading with a deficit because we import a lot from [these countries]. Of course, [our imports from Switzerland are] very important: pharmaceutical products. From Norway, [we mostly import] Norwegian salmon and, very important also, fertilizers,” the trade official said. “We would like to continue on importing these strategic products, but, at the same time, be able to export key Philippine products, taking advantage of preferential tariffs,” he added.

Based on the Philippine-United Nations Partnership Framework for Sustainable Development (PFSD) 2019 to 2023, the UN will be extending $506.627 million for education and health; economic and environment; and peace-related projects. The PFSD is the new framework to be used by the UN system in the Philippines. This replaced the United Nations Development Assistance Framework (UNDAF) 2012 to 2018, which had a budget of $368.5 million. “The PFSD illustrates our renewed commitment for development cooperation and partnership. While the framework reflects strong government ownership, it also intends to leverage shared opportunities and the respective comparative advantages of the government and UN Country Team, toward efforts that are catalytic, path-breaking and innovative,” said Socioeconomic Planning Secretary Ernesto M. Pernia in his opening remarks at the signing of the PFSD in Pasig

Last year, top exports to Norway included pineapples ($1.37 million), desiccated coconuts ($434,542) and carrageenan and seaweeds ($410,305), while to Iceland carrageenan and seaweeds ($78,900), articles of precious metals ($63,140) and semiconductor devices ($33,956). The country mostly exported manufactured products ($8.06 million), semiconductor devices ($692,819) and artificial teeth ($462,485) to Liechtenstein. Switzerland, for its part, imported nonmonetary gold ($273.12 million), aircraft parts ($18.42 million) and digital monolithic integrated circuits ($13.06 million) from the Philippines. Norwegian Ambassador to the Philippines Bjorn Jahnsen described the FTA as “the basis for future growth of trade between our countries.” He added the governments have done their role in sealing the trade deal, “now it is up to the private sectors, in both the Philippines and the Efta states, to take advantage of this agreement.” Under the FTA, the Efta economies abolished all tariffs on industrial goods, including fish and other marine products, originating from the Philippines. Manila, for its part, committed to gradually eliminate import duties on industrial products originating from Efta states.

Firm to undertake feasibility study for PNR south rail project named

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HE Philippine government has tapped China Railway Design Corp./Guanzhou Wanan (CRDC-WACC) as consultant to undertake the feasibility study for the Philippine National Railways (PNR)-South Long Haul project, Budget Secretary Benjamin E. Diokno announced on Wednesday. The budget chief confirmed that the selection was also part of the agreements that were exchanged between the two governments witnessed by President Duterte and Chinese President Xi Jinping on Tuesday in Malacañang. “Now for the PNR-South Long Haul, the awardee is China Railway Design Corp. and Guangzhou Wanan. The amount involved is P14.38 billion,” he said. The Project Management Cons u lt a nc y ( PMC ) cont r ac t w a s

bagged by CRDC-WACC after it got the highest rating among the shortlisted consultants. One of the flagship projects of the Duterte administration under its “Build, Build, Build” program, the PNR-Bicol railway project is a 639-kilometer railway connecting Metro Manila, Region 4A (Calabarzon) and Region 5 (Bicol). This is expected to reduce travel time from Manila to Legazpi City from 13 hours to under six hours. The project funded by a Chinese loan worth P175.318 billion is also expected to be completed by 2022, the end of the Duterte administration’s term. In a separate statement, the Department of Transportation (DOTr) said the Philippines and China entered into the contract on Saturday, November 17, at the Chinese Embassy

By Cai U. Ordinario

@cuo_bm

HE United Nations is extending half a billion dollars worth of official development assistance (ODA) grants in the next five years to help the Philippines meet the Sustainable Development Goals by 2030 and AmBisyon by 2040.

Trade exec sees 20% export hike to 4 European nations with PHL-Efta pact By Elijah Felice E. Rosales

Editor: Vittorio V. Vitug • Thursday, November 22, 2018 A3

Economic and Commercial Section at South Forbes Park in Makati. The DOTr also said the National Economic and Development Authority Board previously approved the financing of the PNR-Bicol project through the official development assistance (ODA) from China. Being a China ODA-financed contract, the selection of the PMC was based on a list of qualified and experienced bidders, as endorsed by the Chinese government. The DOTr also noted that the consortium will conduct all preconstruction surveys (topographic, geotechnical, hydrological, parcellary, environmental, etc.), preparation of designs for bidding, preparation of bidding documents, bidding assistance, construction supervision and defects liability period (warranty) supervision. Bernadette D. Nicolas

City on Wednesday. The lion’s share of the assistance, amounting to $205.38 million of the total ODA, was allocated for projects that fall under the prosperity and planet pillar, or projects that have to do with the economy and environment. The framework will also finance $174.23 million worth of projects under the people pillar or human development and $127.02-million worth of peace-related projects. The funds, UN Resident Coordinator Ola Almgren said, will be sourced mainly from partnerships and cofinancing options. Currently, only $49.95 million of the funds are available for use and the remaining $456.68 million will still be sourced elsewhere. Almgren said the funding needed for the PFSD will be sourced from all UN agencies operating in the Philippines together with other partners, including the national government. “The other part [funds that are not yet avail-

able] is what we need to mobilize here at the country level,” Almgren said in a news briefing on Wednesday. “We do that through third party cost-sharing.” The top 3 largest sources of total funding are the United Nations Development Programme with $202.67 million; United Nations Children’s Fund (Unicef), $112.18 million; and the International Organization for Migration (IOM), $45.55 million. In terms of core funding or available funding, the largest is contributed by Unicef with $17.38 million followed by the United Nations Population Fund with $11.5 million and the IOM, $8.05 million. T he PFSD a lso showed that the agencies that need to raise the largest amounts were Unicef w ith $94.8 mil lion; IOM, $37.5 mil lion; and the World Food Program, $27.9 mil lion. The partnership between the Philippines and the UN stretches as far back as the birth of the United Nations, as the Philippines was one of 51 founding member-states in 1945. Since 1995 the partnership has been guided by Philippines-UN country plans, which were called the United UNDAF. The PFSD is the new strategic framework guiding the partnership between the Philippines and United Nations, from 2019 to 2023. It redefines the nature of UN System engagement in the Philippines from one that provides “development assistance” to a collaboration in a strategic partnership.

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Thursday, November 22, 2018

Relief of stuffy PHL port seen

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By Jasper Emmanuel Y. Arcalas & VG Cabuag

OMETHING is wrong somewhere. So says former Cabinet Cluster Secretary Jose Rene Gregory D. Almendras, the central figure in a port congestion problem four years ago. The congestion of ports, where imported goods are processed before these hit the shelves, was emphasized by a truck holiday called for November 19-23 by small independent truckers. In 2014, port congestion started when the City of Manila imposed a truck ban. It caused enough bottlenecks that disrupted the entire shipping system in Manila. Hundreds of ships were on anchorage and waiting on the line; docking ports were full. “It’s bad,” Almendras told the BusinessMirror on November 21, the third day of the truck holiday. The truckers, notably, were also protesting the move by government to phase out trucks next year that are 15 years old or older. “Some people say it’s not a crisis,” Almendras said. “Not yet.”

Imports influx

THE congestion of ports worsened due to the influx of imports that has resulted in the increasing volume of empty containers left in port areas. The volume of imported raw materials is usually higher than the number of products being exported during this time of the year, according to Rex Agarrado of the Philippine Association of Meat Processors (Pampi). Agarrado said the truck holiday may force small meat-processing firms to shut down their operations in the meantime due to lack of raw materials. Meat processors import about 80 percent to 90 percent of their raw materials such as mechanically deboned meat, which is locally unavailable, according to Agarrado. “This is not part of our earlier assumptions when we promised to the government to maintain our prices. We have to ask the government to assist us [on this],” he told the BusinessMirror. “This is the Christmas season and all factories are running 24 hours. And when materials are scarce the risk of shutdown is coming in,” he added. If small meat processors would want to sustain operations, they would be forced to purchase raw materials locally, which would be very expensive, according to Agarrado. “If they would shut down then it would mean their operations would be cut from the usual seven days a week to five days a week,” he explained. Based on the estimates provided by Agarrado, meat processors incur an additional cost of over P10,000 due to storage costs, electrical costs and demurrage. These additional costs, according to Agarrado, are a burden to small meat processors. He cited one meat processor who unloaded 15 containers on Monday and it cost the company P150,000 for one day of delayed unloading. “We are not threatening to raise prices but we need help when the effect [of the port congestion] is tremendous,” he said. “We promised to the DTI [Department of Trade and Industry] and DA [Department of Agriculture] that we are not going to increase prices until the end of the year unless prices go up unexpectedly.”

Unloading sugar

ANOTHER important commodity expected to be delayed is sugar.

Nonetheless, the Sugar Regulatory Administration (SRA) said on the third day of the truckers’ holiday it is doing its best to facilitate the easier unloading of imported sugar. “If there is port congestion then there may be some delays, but the SRA is coordinating with the BOC [Bureau of Customs] and FDA [Food and Drug Administration] to expedite and prioritize processing of imported sugar,” SRA Administrator Hermenegildo R. Serafica told the BusinessMirror. Serafica said the SRA has not received any request from participating traders and importers under its importation program to extend the December 31 deadline for the shipment arrivals. “I am confident shipments will arrive before the deadline,” he said. The SRA earlier allowed the importation of 150,000 metric tons (MT) of sugar to plug the shortfall in local supply and arrest the high retail prices of the sweetener in the local market. Data from the SRA, a government-owned and -controlled corporation attached to the Department of Agriculture, showed that 99.97 percent, or 149,950 MT, has been subscribed. Of the volume that has been subscribed, 94.66 percent, or 141,950 MT, is refined sugar while the remaining volume of 8,000 MT is raw sugar, SRA data showed. Figures from the SRA also indicated that the bulk of imports was cornered by traders, who accounted for 70.61 percent, or some 105,875 MT, of the total import volume. Food and beverage (F&B) manufacturers would bring in a total of 44,075 MT of refined sugar.

Stock shortage

FOR Meat Importers and Traders Association (Mita) President Jesus C. Cham, the delays in movements of goods to and from the port would not only disrupt the sales of their members but also on their stocks. “We now experience more shortage of stocks,” Cham told the BusinessMirror in an interview. He explained that, due to the unavailability of truckers, they are incurring additional costs as some of their shipments stay longer than usual at the ports despite being ready for unloading. “Because of congestion, truckers do not want to take delivery jobs if the container return depot is far or if there is a long queue in container returns for the particular shipping line’s containers,” he explained. “So, we either need one or two more days reefer plug-in and demurrage/detention or we pay higher trucking fees—worse case is double—just to get a container delivered,” he added. Cham said every day at the port for a reefer container would mean an additional cost of about P10,000 and more to pay reefer plug-in and demurrage. And this could be more worrisome given the five-day truck holiday launched by various small independent trucker groups, according to Cham. “The worst scenario after the five-day truck holiday is possible. Because for five days no containers would come out of the port, further exacerbating the situation,” he said, at the start of the truck holiday. The Mita official said meat imports for the holiday supply and

CUSTOMS brokers and truckers began on Monday, November 19, 2018, their five-day truck holiday. The truckers are asking the LTFRB to base its phaseout program not on year model but on roadworthiness. NONIE REYES

aderLook

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Editor: Dennis D. Estopace | Thursday, November 22, 2018

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requiring strong-willed leader

to assure the public of the minimal impact of the truck holiday on port operations, even as it works to address the concerns of trucking companies,” the DoTr said. “Together with its attached agencies, the DOTr will continue to push for the modernization of public vehicles for the safety, security and comfort of the Filipinos. Through modernization, vehicles will be made to comply with higher standards of roadworthiness, travel efficiency, and environmental sustainability.” Austria agrees the BOC couldn’t be the sole agency that could solve port congestion. “As we said in the past, the solution to this is not confined in the BOC because we just account for one component, one leg in the entire logistics chain,” Austria said.

Alternative routes

CONTAINERS are stacked at the Manila North Harbor in Manila. The Bureau of Customs is mandated to complete the inspection of container vans in the country’s ports within 24 to 48 hours. NONIE REYES

even stocks for early next year are affected by the ongoing port congestion. Cham said stocks for January should already be arriving before mid-December. “We also hear that shipping lines now hold containers at the transshipment port and schedule shipment for Manila for later arrival,” he said.

Déjà vu

WHEN Almendras was Cabinet Cluster Secretary during the time of President Benigno Aquino III, he was tasked to solve the port congestion problem in 2014. It took Almendras, now managing director and public affairs group head of conglomerate Ayala Corp., 10 months to solve the previous port congestion problem that, according to some estimates, incurred P70 billion in losses. It started in July 2014 and lasted until May the next year. But, Almendras said, the problem was not solved entirely. The shipping of goods using ocean liners should have enough balance for it to work. It will start at the seaports where ships are lined up to unload their cargo. The shipment will then have to be cleared by the Bureau of Customs before it can be loaded to the trucks, to go out of the ports to be delivered to its destination. But it will not stop there. Empty containers, or empties, will have to be loaded back to the ships or stored somewhere. Since the country is an importing country, out of the four containers that come in, only one is shipped out immediately filled with cargo, and the rest of the empties stay either in an offsite parking facility. Worse, some are just parked on the side streets waiting to be picked up. It is this situation—where international shipping lines don’t have their own container yarddepot and thus crowd the ports— that the independent truckers and customs brokers groups cited among their key grievances. The second key grievance cited for the truck holiday is the policy of the Department of Transportation and the Land Transportation Franchising and Regulatory Board (LTFRB) phasing out old trucks. Protesters said the policy is arbitrarily based on year model, and not roadworthiness, which should be the case. At press time, the LTFRB announced in a news conference it

was veering away from an agecentric policy to one that relies on having more motor vehicles inspection sites (MVIS) to test the roadworthiness of vehicles as their franchises are renewed. To resolve the truck holiday, the protesters gave two key suggestions: one, compel international shippers to have their own container yard-depot. And, while they don’t have these yet, the protesters want to suspend the charges and penalties that they say are draining their bottom lines. As for the LTFRB policy, truckers asked them to base the phaseout program not on year model but roadworthiness.

PIDS study

UNIVERSITY of the Philippines Professor Emeritus Epictetus Patalinghug and researchers from the state-owned think tank Philippine Institute of Development Studies (PIDS) found that the economy lost an estimated P43.85 billion due to the seven-month truck ban imposed by the City of Manila. In a study titled “A Systemwide Study of the Logistics Industry in the Greater Capital Region,” Patalinghug and PIDS researchers said the amount included lost BOC revenues, output losses and vehicle operating costs. The researchers estimated that BOC losses cornered the lion’s share of the amount. The customs agency’s revenue losses reached an estimated P25.55 billion. This was followed by output losses that reached P18.20 billion and vehicle operating costs, P0.99 billion during the sevenmonth period. The truck ban in the City of Manila caused other problems such as the doubling of shipping costs for 20-footer and/or 40-footer containers. Prior to the truck ban, the study noted that shipping costs for these types of containers amounted to P18,000, but after the truck ban, the cost reached P36,000. In an email sent to the BusinessMirror on Monday, Patalinghug lamented that phasing out old vehicles by the LTFRB was not viable. He said replacing old trucks with Euro 4-compliant buses is expensive, making it difficult for truckers to comply with the regulation. “Because trucks are more polluting than jeepneys, the crazy LT-

FRB is imposing the same phaseout policy on trucks, but it costs between P3 million and P5 million to buy a new Euro 4-compliant bus, which would not meet LTFRB’s goal before the 2022 elections,” Patalinghug said. “Since the replacement won’t happen in the short run, it should not affect prices during Christmas time. However, the protest and the claim of port congestion will simply be used by truckers and shippers as an alibi to raise their charges,” he added.

Customs measures

THE BOC has emphasized the agency attached to the DOF is already implementing a number of measures to address the congestion pointed out by truckers. Customs Commissioner Rey Leandro B. Guerrero said they are coordinating with the Department of Transportation (DOTr) and the other agencies “so that we can fix these problems of port congestion.” Guerrero cited these measures include transferring some of the empties at the inland container terminals and requiring shipping companies to open up additional container yards. He added they are also undertaking an inventory of existing containers for immediate evacuation, among others. “Right now, it’s too early for us to see if it’s affecting our transactions because it’s the first day,” Customs Spokesman Erastus San­dino B. Austria said on Monday. “We discussed it and we are monitoring the situation. From the very start, when these groups made it known to us that they are planning to do a truck holiday, there were also several stakeholders that got in touch with the BOC and said that they will not be participating; rather they would just want to sit with the relevant government agencies.”

State reaction

THE increasing volume of empty containers in the container yards was a result of shipping companies not retrieving their empty containers once they have retrieved their shipped goods, according to the protesting truckers. This causes a long queue for truckers doing business at the ports, the protesters added. At least seven trucking groups put the blame on international shipping lines for using the ports as container yard-depot. The groups said these containers are already considered overstaying.

The delays in retrieval of containers now take about four days to seven days, the protesters said. They said such delays cause huge costs for truckers and brokers in storage fees, as well as penalties from the Philippine Ports Authority (PPA). PPA General Manager Jay Daniel R. Santiago believes the protest will have “very minimal effect” on the operations of the port, as the alliance only represents “less than 8 percent” of the total truckers in Manila. Santiago said the government will take appropriate legal actions against those who joined the truck holiday. He said he received reports there were trucks that obstructed the traffic flow of the ports by illegally parking in areas where movement of containers happens. “Our ports are facilities wherein these are gateways of commerce. They are imbued with public interest,” he said on Wednesday. “Now, whoever does anything that will block the movement of commerce in our ports, it means that they are stopping the shipment of vital materials for our industries—they are stopping the movement of the economy.” Hence, the transport department is looking into filing legal cases—including criminal ones— against the truckers who allegedly stopped the port movements. Sanctions may include the revocation of the franchises and fines, among others.

DOTr statement

THE “truck holiday” protests Department Order (DO) 2017-09, which reinforced the earlier DO 2002-030 on the mandatory 15year age limit for buses and trucks for hire covered by a certificate of public convenience. LTFRB Chairman Martin Delgra III said it was already agreed upon that truckers, even with units older than 15 years, may continue with their current franchises during the transition period. The transition period for the year model-based phaseout of trucks covered by a certificate of public convenience is from June 30, 2017, to June 30, 2020, in accordance with LTFRB Memorandum Circular 2018-007. Further, the DOTr reiterates that major trucking companies have expressed that they will not be participating in the protest. “The department continues

ALMENDRAS believes the current port congestion wasn’t “supposed to happen if they continued what we were doing.” “It’s hard because they are pointing fingers at each other. It took me two months before I determined the problem,” he narrated. “No one will tell you the truth, especially if you gain something from the port congestion. There’s no martial law that time, so you can only talk to all of the parties involved.” Mita’s Cham, for his part, is proposing that the government, particularly the DA, adopt a “riskbased” inspection system to save time by doing away with the 100-percent in-bound shipment inspections. “We are not familiar with the grievances of the truckers with [the DoTr] and the shipping lines, but we hope they will be resolved expeditiously,” he said. “With regard to the BOC and DA Quarantine, they should already adopt a risk-based inspection system so that they do not need to do 100-percent inspection, since meat containers have all been preinspected by a government agency deemed equivalent to our local inspection agencies. The International Health Certificate as an inviolable document gives assurance on the contents of the container and its SPS [sanitary and phytosanitary] acceptability,” he added. Pampi’s Agarrado, meanwhile, cautioned that the present port congestion situation calls for another round of dialogue with the government as the truck holiday was not discussed earlier.

Other ports

UP Professor Emeritus Patalinghug said there are no shortcuts in resolving the situation. But in the short term, the national government should increase its use of the Batangas and Subic ports to address port congestion, he said. This was one of the key solutions arrived at by Almendras’s team when they were sorting out the 20142015 congestion in Manila’s ports. In the medium term, Pataling­ hug said Asian Terminals Inc. (ATI) and International Container Terminal Services Inc. (ICTSI) should not be allowed to expand their operations in Manila ports. “The government should build a bigger port in Batangas, Bataan, or in Pangasinan instead of transferring the congestion problem from Manila ports to Batangas and Subic ports,” Patalinghug added. Indeed, according to Almendras, solving the port congestion in 2014 wasn’t a walk in the park. “You have to study every possible bottleneck and then you needed to find a way to diffuse the pressure,” he told the BusinessMirror. “You have to calibrate every step of the way. Look for the bottlenecks and solve that.” “Where that problem [is] right now, I don’t know. But I know what the effect will be,” Almendras added. With reports by Rea Cu, Cai U. Ordinario and Lorenz Marasigan

A6 Thursday, November 22, 2018 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

The elephant in the room

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OR two days, China’s President Xi Jinping experienced Filipino hospitality in Manila where he came to celebrate with President Duterte the “rainbow after the rain” (the “rain” being decades of mistrust and bitter maritime disputes between the two countries). His trip marks the first state visit to the Philippines by a Chinese president in 13 years. If it reflects warmer ties, Xi’s trip was made even more significant by the collapse of the Asia-Pacific Economic Cooperation summit that ended without a joint statement due to the US-China trade war. US Vice President Mike Pence attacked China at the summit, calling on Apec leaders to avoid loans that will leave them indebted to Beijing. Pence promised Apec leaders that America would offer a better alternative—one that wouldn’t be a “constricting belt or one-way road.” Budget Secretary Benjamin E. Diokno said Pence’s statements don’t apply to Duterte’s administration, which has a “rigorous process” to evaluate funding from Beijing. He added: “We must take his statement with a grain of salt—of course the US would not want the whole world to be dependent on China.” In an article published by Philippine newspapers, Xi described how the two countries are historically intertwined: “Over 600 years ago, Chinese navigator Zheng He made multiple visits to the Manila Bay, [the] Visayas and Sulu on his seven overseas voyages seeking friendship and cooperation. The King of Sulu also made a goodwill visit to China, bringing with him good wishes to the Chinese people and leaving behind touching stories of China-Philippine friendship. Many born on the southeast coast of China sailed across the sea to settle down in the Philippines and have since lived in harmony with the local community. The ancestors of Jose Rizal, national hero and founding father of the Philippines, came from Jinjiang of China’s Fujian province. The famed Chinese General Ye Fei, who fought for the founding of New China, was born in Quezon of the Philippines. For both our peoples, these are proud names to remember.” Xi added: “Since President Duterte took office, China and the Philippines have reengaged in dialogue and consultation for the proper handling of the South China Sea issue. Our relations have now seen a rainbow after the rain. In just a little more than two years, China has become the Philippines’s largest trading partner, largest export market and largest source of imports, and the second-largest source of tourists.” These warm words notwithstanding, many Filipinos are not rushing to China’s embrace, based on a September Social Weather Stations poll released past midnight on Tuesday, just hours before the arrival of the Chinese president. China recorded a “poor” -16 net trust rating among Filipinos in the SWS survey conducted from September 15 to 23—far from the “very good” + 59 net rating of the United States, and the moderate +28 net rating of Japan. Malacañang, however, questioned the timing and the findings of the SWS survey. Presidential Spokesman and Chief Presidential Counsel Salvador S. Panelo said in a statement that he found the release of the SWS survey on the morning of the Chinese president’s state visit “suspect.” President Xi’s state visit was indeed colorful and successful, based on the things accomplished during his two-day stay. For example, the Philippines and China signed 29 deals, highlighting the growing cooperation between the two countries under President Duterte. The only question unanswered is how to sustain the long-term growth of Philippine-China relations when nobody wants to acknowledge the elephant in the room. Since 2005

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OUTSIDE THE BOX

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S President Dwight D. Eisenhower said in 1957: “Plans are worthless, but planning is everything.” This is from the man who was the supreme commander of all the Allied Forces in Europe during World War II.

Eisenhower will never be near the top of the greatest generals in history, in part because he never saw actual combat. He was considered a “desk jockey.” However, Eisenhower had one particular quality. He looked for the unexpected. “Plans are worthless, but planning is everything. There is a very great distinction because when you are planning for an emergency you must start with this one thing: it is not going to happen the way you planned.” You have heard from the greatest minds in the stock market that you must “plan your trade and trade your plan.” While not recorded in the Bible, apparently that was the first thing Moses said when coming down the mountain.

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Developing a stock-market trading plan takes only three easy steps: Pick the stock. Buy the stock. Sell the stock. I am not being sarcastic. You should buy an issue that has gone through an accumulation period and is showing signs of life. You could also find a potential winner with a stock that is trending higher on increasing volume. This does not require knowing the “Mother of Dragons” chart pattern or the “Five sub-waves that form a 3-3-3-3-3 structure labeled as A-B-C-D-E,” unless you want to, of course. Once you have decided what stock to buy, the experts suggest: “When entering a trade, the entry should be based on a tested trading strategy. Your trading plan should highlight exactly when and where you are go-

You should buy an issue that has gone through an accumulation period and is showing signs of life. You could also find a potential winner with a stock that is trending higher on increasing volume. This does not require knowing the “Mother of Dragons” chart pattern or the “Five sub-waves that form a 3-3-3-3-3 structure labeled as A-B-C-D-E,” unless you want to, of course.

ing to enter, what the indicators need to be doing, what the pricing action needs to be doing and what’s occurring on the different time frames.” You need some rules, like, “An entry rule could be: If signal A fires and there is a minimum target at least three times as great as my stop loss and we are at support, then buy X shares here”. When it comes to getting out, there are also important rules. “For profit target: Exit when the price is 20 fluctuations above your entry price and for stop loss, 10 fluctuations below the entry price.” Therefore, “When developing your trading plan, remember to include all of the important elements:

time frames, entry conditions (including filters and triggers), and exit rules (including profit target and money management). I sincerely appreciate the countless hours that stock smart people put in to write the thousands of pages on making a trading plan. I also appreciate the wisdom in “plan your trade and trade your plan.” But the problem for most investors and traders who have not yet lost a lot of real money learning how to play the game comes from Mike Tyson. “Everybody has a plan until they get hit. Then, like a rat, they stop in fear and freeze.” In other words, “plans are worthless, but planning is everything.” Allow me to make it simple. Buy an upside trending issue at or near support. Sell at resistance for profit and get back in if it goes higher. Sell and get out if the price breaks far enough below support that you start worrying. And learn the most important stock-market lesson that only comes with experience. “You’ve got to know when to hold ‘em, know when to fold ‘em. Know when to walk away and know when to run.” 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.

US best approach to the South China Sea issue Cecilio T. Arillo

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IBON warns on China’s debt-trap diplomacy

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HAT is the best approach for the United States to the South China Sea issue? This was asked by global security expert, retired Admiral James Stavridis, former supreme allied commander of the North Atlantic Treaty Organization and dean of the Flecher School of Law and Diplomacy at Tufts University. “This tense situation is out in the open, and President Xi’s September 2015 visit to Washington, and President Trump’s trip to Asia in 2017, did not fundamentally change anything,” he said in his best-selling book Sea Power, an exemplary and contemporary history and geopolitics of the world’s oceans. “First, despite provocations, the United States must maintain open communications with China and seek ways to reduce the chances of an inadvertent collision between the United States and China [unlikely] or

between China and one of its neighbors [far more unlikely]. The US relationship with China encompasses economic issues, geopolitical cooperation from Afghanistan to Iran, and global environmental issue—the South China Sea dispute is only one element. Dialogue is crucial. And the agreement on military-to-military contact and cybersecurity that the two presidents discussed during Xi’s visit are better than nothing. “Second, the United States needs to strengthen its relationship with existing allies and partners in the

“Pushing back on Chinese claims in the South China Sea requires a broader strategy that treats this violation of the international law and the larger context of both Chinese behavior and SinoUS relations. Above all, it will require US leadership alongside America’s many partners and friends through East Asia.”

region and encourage them to work together better. This applies especially to Japan and South Korea, which, for a host of historical reasons, have long had an uncomfortable relationship. The United States can help build better ties between the two neighbors by promoting military exchanges and exercises, enabling conversations at important events like the Shangri-La Dialogue [an annual gathering of strategic thinkers in Singapore], and encouraging socalled Tract II engagement, which are exchanges and dialogue conducted not through government channels [Tract I] but instead through academic and research institutions. The Trans-Pacific Partnership, a massive

multilateral trade agreement, is a big element: building a network of even stronger trading ties can ensure that America’s friends and allies cooperate with one another. And in particular, working more closely with Vietnam makes good sense—and this should include lifting bans on weapons sales. “Third, the fundamental tenets of international law are against China’s approach in the South China Sea. The United States should sternly emphasize this in international forums like the United Nations, the G-7 and the Association of Southeast Asian Nations. The intellectual underpinnings of international legal judgments on the South China Sea are very clear: nations cannot simply declare “ historical claim” and take over what other nations regard as international waters. The United States, as a global maritime power, should not miss any opportunity to object. The recent negative ruling against China further buttresses this strategic approach. And frankly, the United States should finally sign the UN Convention on the Law of the Sea, the treaty See “Arillo,” A7

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Trump’s Black Friday The Servant King sale: Oil, guns and morals Msgr. Sabino A. Vengco Jr.

ALÁLAONG BAGÁ

Thomas L. Friedman

NEW YORK TIMES

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REALLY wrestle with this question: What is the worst thing about President Donald J. Trump’s approach to foreign policy? Is it that he is utterly amoral or that he is such a chump? Because the combination is terrible—“a president who is an amoral chump is the worst thing of all.” He sells out American values— awful enough—but then gets nothing of value in return. Trump presents himself as a tough, savvy dealmaker and then he lets all these leaders play him for a sucker. The word is out on the street: “Hey, guys, get in line! Trump is giving away free stuff! Just tell him you’re fighting Iran or the Muslim Brotherhood or that you’re a friend of Sheldon Adelson’s, and you get free stuff!” Last May, Hanukkah came early for Israel when Trump moved the US Embassy from Tel Aviv to Jerusalem—a dream of every Israeli prime minister—“for free!” Trump could have gone to Bibi Netanyahu and said: “Bibi, here is the deal. I am going to make your dream come true and move the embassy. But in return you’re going to freeze all Israeli settlements in the heart of the West Bank.” Then Trump could have told the Palestinians: “You’re not going to like this. I’m moving the US Embassy to Jerusalem. But I am getting you something no American president ever got you—a freeze on Israeli settlements beyond the settlement blocks.” Instead, Trump gave the embassy move away for free. Well, I shouldn’t say that. “He” got millions of dollars in donations for Republicans from right-wing Jewish megadonor Sheldon Adelson—who lobbied for the move—and warm applause from evangelicals. So Trump got something, but America got nothing. Now Christmas has come early for the Saudi crown prince, Mohammed bin Salman, in the form of a get-outof-jail-free card for his involvement in the murder of moderate Saudi journalist Jamal Khashoggi in the Saudi Consulate in Istanbul. Khashoggi was killed by a Saudi hit team, which then reportedly sawed apart his body and dissolved the pieces in acid. The Saudis claim this was a rogue operation that just happened to include key guards and aides of the crown prince. Attention: There has never been a rogue operation by the closest aides and guards of a Saudi leader in the history of Saudi Arabia. Not possible. This is an absolute monarchy. This was ordered from the top. But because one cannot absolutely prove MBS ordered it, Trump has chosen to give MBS a pass, using the same language he did with Russian President Vladimir Putin, who is another recipient of Trump’s free stuff. When US intelligence agencies declared that Putin interfered in our 2016 election, Trump said Putin told him that he didn’t do it. Putin’s regime got a slap on the wrist—a few sanctions—but nothing remotely as damaging to him as his intervention in our elections was to us. And what did the American people get? Nothing—except a lecture from Trump about why we need Russia’s help around the world. Again, though, Trump personally may have gotten something. More silence from Putin on what he knows about Trump’s finances or other escapades? As for the Saudis, Trump issued an official statement on Tuesday: “King Salman and Crown Prince Mohammed bin Salman vigorously deny any knowledge of the planning or execution of the murder of Mr. Khashoggi. Our intelligence agencies continue to assess all information, but it could very well be that the Crown Prince had knowledge of this tragic event — maybe he did and maybe he didn’t!” Trump could have told MBS: “I know this came from you. And so you’re not getting a free pass. For starters, you’re going to let every one of these women driving activists

that you’ve arrested out of jail; you’re going to announce an immediate, unilateral cease-fire in Yemen—let the Iranians and Houthis have it and we’ll side with you if they attack from there. You’re going to end this stupid blockade of Qatar, and I expect you to keep taking steps to moderate Saudi Islam and ensure that Salafijihadi ideas are not exported to any mosque or madrasa from your country ever again.” Instead, Trump gave MBS a pass on Khashoggi’s murder for “the promise” of future arms purchases— “the Kingdom agreed to spend and invest $450 billion in the United States,” said Trump. That may be the most crass giveaway of American principles by any president in US history, especially when you consider that the Saudis are unlikely to spend even a small fraction of that, and it would not be in our interest or theirs if they did. But even if they did buy so many arms, what is the intangible damage to our moral standing all over the world from such a grotesque bloodfor-money transaction? Tell me that the Saudis decided to buy $450 billion worth of American university scholarships for their young people, or import $450 billion in Western education programs and technical colleges for the whole Arab world, and I might feel differently. To repeat: “People talk as if America’s choices in the Middle East are between ‘good allies,’ like Saudi Arabia, and ‘bad adversaries,’ like Iran, but our actual choices are between bad allies and bad adversaries,” observed Karim Sadjadpour, Middle East expert at the Carnegie Endowment. Iran and Saudi Arabia are both behaving awfully—just in different ways and places. It is true, though, that a lot of people have given Iran a pass in recent months because it is anti-Trump and anti-Israel, while the Saudis have become pro-Trump and tacitly aligned with Israel. Did you know that, according to Reuters, on September 28, four days before Khashoggi was murdered in Istanbul, “Danish police shut two major bridges to traffic and halted ferry services from Denmark to Sweden and Germany”—cutting off Copenhagen from the rest of Denmark and causing massive traffic jams— “in a nationwide police operation” intended to prevent an attack by an Iranian government agent on an Iranian Arab exile living in Demark? Denmark recalled its ambassador from Tehran over the incident. Did you know that on October 2—on the same day Khashoggi was killed—the BBC reported that “French officials say Iran’s ministry of intelligence was behind a plot to bomb a rally of Iranian opposition groups in Paris in June. In a statement, the French government said it had frozen the assets of two senior Iranian officials”? Rather than choosing between bad allies and bad enemies, we should be working frantically to do the one thing that is in our whole country’s security interest, financial interest and moral interest—launch a Manhattan Project to get America off oil by 2025. It is our addiction to oil that funds so much of the bad behavior out of the Middle East. It is our addiction to oil that forces us to look the other way at a murder most vile. And it is our addiction to oil that leads us to think it is actually OK to trade a call for justice for a purchase order of arms.

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HE last Sunday in our liturgical calendar is always the celebration of the feast of Christ the King, the fitting finale to reflections on the fullness of time. Saint John’s gospel text decisively clarifies the meaning of the title “king” given to Jesus (John 18:33b-37).

Are you the King of the Jews? THE arraignment of Jesus before Pilate, the Roman procurator, is His one and only encounter with a representative of political power. Pilate is understandably wary of this case brought to him by the religious leaders of the Jews. What do they really want? Is he being trapped in their own intramural quarrel? Pilate asks Jesus to hear his side, “Are you the king of the Jews?” Jesus responds with a question of his own, “Do you say this on your own or have others told you about me?” Meaning: Do you have on your own information about any illegal activities by me, or is this entire affair a machination of others using you for their own agenda? With disdain Pilate shoots back,

“I am not a Jew, am I?” He is not stooping down to the level of the interminable squabbling among the Jews and their apparent religious pettiness. But he squarely identifies the accusers, “Your own nation and the chief priests handed you over to me. What have you done?” So, Jesus must answer and state whether or not He is aspiring to be a king and therefore guilty of treason against the emperor of Rome. “My kingdom does not belong to this world.” No emperor, king or leader need to be worried about Him, because He is not intent on some power-grab in rivalry to anyone. He has already turned down once the wish of some people to make Him their king (John 6:15). And He has never resorted to the use of force to achieve anything;

Thursday, November 22, 2018 A7

For Jesus, the reign of God he came to establish is a kingdom of love and justice, of peace and joy. It is a kingdom of truth, where to be a leader one must live by the truth and testify to the truth of the supremacy of love, of God’s mercy, of the dignity of even the little ones, of man’s vocation to holiness and to eternal life. in fact He has stopped His followers from doing so even for His protection (John 18:11).

Then you are a king?

PILATE’S questioning neatly serves to clear the matter. Having eliminated any political purpose in the activities of Jesus, the opening is given Him to state His type of kingship. “You say I am a king”—a king in what I do, highest and supreme in my fidelity to my mission, an exemplar to all in my commitment, unchallenged in the totality of my service to the people. A king because born especially to accomplish something very vital for the good of the world: to testify and bear witness to the truth of God’s saving love for all. For Jesus, the reign of God He came to establish is a kingdom of love and justice, of peace and joy. It is a kingdom of truth, where to be a leader one must live by the truth

and testify to the truth of the supremacy of love, of God’s mercy, of the dignity of even the little ones, of man’s vocation to holiness and to eternal life. Jesus is King because He can say: I am the way, the truth, and the life (John 14:6)—He personifies absolutely all this. And “everyone who belongs to the truth listen to my voice.” Everyone who really cares for the truth, who is truly concerned with people, who is uncompromising in the commitment to justice for all, who consistently works for peace, any such person listens to Jesus and recognizes in Him a King, their model. Alálaong bagá, Jesus Christ has raised up to the highest level what kingship or leadership means. Pilate’s cynical retort: “What is truth?” identifies the virus that brings down the self-seeking dream of many who would be king, whether in the family or in society or in an organization. It is not a game or a theory or some magic formula that can get people off the mire of personal interests and infantile opportunism, but the life, the way, the truth of Jesus, the servant king, who says He has come not to be served but to serve and to give His life as a ransom for many (Mark 10:45). 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.

Changing configuration of Philippine capitalism Dr. Rene E. Ofreneo

LABOREM EXERCENS Continued from A1

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AST studies on the economic elite were overwhelmingly focused on the following: the feudalistic landed elite, who built their wealth out of the labor of the landless sacada’s and casama’s who toiled in the elite’s haciendas and plantations; the postwar industrial elite, who were labeled by the neoliberals as “rent-seekers” for they were able to prosper behind high protectionist walls; and the political dynastic elite, who use their positions in the government to enrich their families and cronies. The last types are derisively called by the street activists as “bureaucrat capitalists”; and by other researchers, as “booty capitalists.” As the economic data show, the Philippines has become a service-led economy without going through an industrial revolution/transformation and agricultural modernization. This is the common experience of the developed countries such as the United States, Japan and those in Western Europe. This is the path of development that is being followed by a surging China. The answers to the two puzzles above were amply answered by Dr. Raquiza’s research. The dramatic increase in OFW remittances, from the turn of the millennium to the present, has enabled the economy to keep growing despite the inability of the real sectors of the economy—industry and agriculture—to develop and expand. The economy has become “consumption-led.” In the 1970s the number of OFWs, called then as “overseas contract workers,” numbered less than a hundred thousand.

Arillo . . .

continued from A6

that governs the world’s oceans, to maintain the high ground in these conversations. “Fourth, and finally, the United States should exercise its rights of transit under international legal norms: its Freedom of Navigation operations. That means overflying Chinese territorial claims and sailing US ships through China’s claimed water space—the waters within 12 miles of these islands. The United States has a long tradition of countering unjustified historical claims by sailing and flying through international waters and airspace.

Now, where do the new elite make money? The answer is in the service industries catering to the consumption needs of OFWs and their families. Foremost among these is the banking industry. Thus, Henry Sy has BDO, while Lucio Tan, PNB, and the Ayalas, BPI.

Today, the total is estimated at 10 million to 11 million, or roughly 10 percent of the 106 million Philippine population and about one-fourth of the 43 million labor force reported by the Philippine Statistics Authority. According to Dr. Raquiza, the total foreign direct investments is equivalent to the monthly total remitted by the OFWs. These remittances, now estimated by the Central Bank at around $30 billion a year, are supplemented by the earnings generated by the call center/BPO sector, which has become the second leg of the economy. Now, where do the new elite make money? The answer is on the service industries catering to the consumption needs of OFWs and their families. Foremost among these is the banking industry. Thus, Henry Sy has BDO, while Lucio Tan, PNB, and the Ayalas, BPI. They even have remittance business shops set up in

countries with large concentration of OFWs. Then there are the malls and supermarkets that are built one after the other by the Sys, Gokongweis, Gaisanos, Cos and so on. Of course, one cannot fail to see the booming real estate, condominium business and property development in major cities. One of the original visionaries who realized that huge profits could be made out of homes purchased by the OFWs is Camella Home magnate Manny Villar. Other service industries include aviation, telecom, tourism, logistics, leisure and entertainment, education, car distribution, hospital operation, etc. All the above-named taipan—together with Ramon Ang, Manny Pangilinan, Enrique Razon, George Ty, Andrew Tan, David Consunji and the Aboitiz family—are somehow involved in these varied businesses. This is the reason most of these taipans have formed their respective holding companies, for better coordination of different business outfits, which have their own respective management teams. On top of their investments in service industries that are fueled by OFW remittances, the taipans are competing with one another in bidding for the various big-ticket infrastructure projects lined up by the government in its “Build, Build, Build” program. Earlier, under the

Now is the time to exercise it in the South China Sea.” According to Stavridis, none of these strategic prescriptions by themselves will resolve the challenges of the South China Sea. Nor will simply moving US military aircraft and vessels through claimed Chinese air and sea space suffice. “Pushing back on Chinese claims in the South China Sea requires a broader strategy that treats this violation of the international law and the larger context of both Chinese behavior and Sino-US relations. Above all, it will require US leadership alongside America’s many partners and friends through East Asia. China’s Great Wall was at least partially successful in keeping for-

eigners out. The Great Wall of Sand will not be,” Stavridis stressed. “Unfortunately,” he said, “we are merely at the start of an entirely predictable and dangerous arms race as nations in the region increasingly respond both to the perception of a rising military power in China that seems more assertive in a strategic sense and in growing evidence of instability on the Korean Peninsula.” “All of this happened as the American ‘Pacific Pivot’ [President Obama’s rebalancing foreign policy initiative in East Asia and the Pacific] failed to gain traction in the face of crisis in Syria, threats from the Islamic State, an ongoing tension with Russia over Ukraine, and the

BOT/Epira law and the PPP program, the government allowed the big business conglomerates to participate in power generation and distribution, water distribution business, MRT/LRT operation and building of schools and other infrastructures. Based on the foregoing, it is abundantly clear that Philippine capitalist development has indeed deviated from the pattern of industrial transformation and agricultural modernization first before an economy, after reaching a certain level of growth, becomes a services-led one. This happened because of the OFW phenomenon. The strange thing is that the above development pattern was not the one envisioned by those who formulated the “structural adjustment program” in the 1980s. And yet, the SAP is doggedly and continuously being pursued by the economic technocrats, from Corazon Aquino to Rodrigo Duterte, without any major deviations. SAP is based on the triad programs of trade/investment liberalization, economic deregulation and privatization. The trouble is that the SAP, in its failure to deliver industrial and agricultural dynamism and job-creating structural adjustment in the economy, has not been able to reduce or even alleviate the unemployment and poverty affecting many Filipino families, especially those families with no OFW lifesavers. On the other hand, the emergence of a service sector dominated by a dozen or so Filipino conglomerates has also not been able to ease these twin problems of mass unemployment and mass poverty. Unchanged, the above pattern of economic development can lead to chronic or persistent social and economic inequality in the country.

Trump administration’s isolationist instincts,” Stavridis pointed out. “Overall,” said the global security expert, “the South China Sea will be a hinge upon which huge geopolitical issues will ultimately swing. The United States must consider it a crucial zone of maritime activity in the 21st century. If we cede it to China—something China deeply desires and would consider inevitable—our global strategy will fail. While we should not push ourselves into a cold war with a rising China, we need to be mindful of our values and the importance of international law.” To reach the writer, e-mail cecilio.arillo@ gmail.com.

2nd Front Page BusinessMirror

A8 Thursday, November 22, 2018

Nine-month infra spending up 46% to ₧571B–DBM

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By Bernadette D. Nicolas

@BNicolasBM

NFRASTRUCTURE spending from January to September surged by 45.9 percent to P570.8 billion, from last year’s P391.2 billion, the Department of Budget and Management (DBM) said on Wednesday. T he d ou bl e - d i g it g ro w t h posted in infrastructure spending for the “Build, Build, Build” program also caused government spending to rise by 23.6 percent to P2.490 trillion compared to last year’s P2.015 trillion. “This is proof that the Build, Build, Build program is firing on all cylinders,” Budget Secretary Benjamin E. Diokno said in a statement. The improved rate of government spending indicates the quicker delivery of social programs in health, education and poverty reduction, and the faster implementation and completion of infrastructure projects like roads, bridges and public transport systems.

Moreover, expenditures on Personnel Services also boosted spending as it amounted to P684.4 billion from January-to-September period. This was due to the faster rate in the creation and filling of positions in the Department of Education. On an annual basis, spending on Personnel Services also rose by 22.4 percent, or P125.3 billion, due to higher pay for civilian government employees and military and uniformed personnel. As for September alone, infrastructure spending increased by 21.6 percent to P65.2 billion. T his robust infrastr ucture spending contributed to government spending growth at 26 per-

₧2.490 trillion

Government spending for JanSep, a 23.6-percent hike over the 2017 figure, and attributed to the momentum from infrastructure spending for the “Build, Build, Build” program cent to P298.6 billion, compared to the same month last year in which the government recorded only P237 billion. Among the major items under infrastructure spending in September are road infrastructure projects of the Department of Public Works and Highways (construction of access roads to airports, seaports and tourist destinations; construction of by pass/diversion roads, road improvement/ widening; rehabilitation/reconstruction/upgrading of damaged paved national roads; preventive maintenance; flood control and drainage improvement works, construction of storm surge and slope protection), as well as local infrastructure projects (e.g., shelter or housing, water and electricity)

under the Bangsamoro Regional Inclusive Development for Growth and Empowerment (BRIDGE) program of the Autonomous Region in Muslim Mindanao (ARMM). Meanwhile, actual revenue collections reached P2.112 trillion in the first three quarters of the year, exceeding the program by P81 billion, or 4 percent. This, as the deficit registered at P378.2 billion, below the program by P18.4 billion or 4.6 percent. “The reforms in the fiscal sector are gradually taking hold. Underspending in the first nine months of the year reached as high as 15.8 percent and 14.5 percent in 2014 and 2015, respectively. We have turned it around this year as we are even above the program by 2.6 percent,” said Diokno. “Revenue collections and the deficit have also churned out favorable numbers, indicating the robust health of our public finances,” he said. “Government spending will continue to be a source of strength for the Philippine economy and will support the Duterte administration’s objectives of sustained economic growth and rapid poverty reduction,” he added.

House panel OKs changes in financial services taxation By Jovee Marie N. dela Cruz @joveemarie

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HE House Committee on Ways and Means on Wednesday approved the fourth package of the Duterte administration’s Comprehensive Tax Reform Program (CTRP), which introduces changes in capital income and financial services taxation.

The unnumbered substitute bill, or the “Passive Income and Financial Intermediary Taxation Act of 2019,” seeks to make taxation of the sector simpler, fairer and more efficient. It also reviews the taxes imposed on financial intermediaries and the products they offer: on savings and investments; and debt and equity instruments.

NORTHEAST MONSOON AFFECTING NORTHERN LUZON TROPICAL DEPRESSION “SAMUEL” 80 KM SOUTHEAST OF CUYO, PALAWAN as of 4:00 pm - November 21, 2018

According to the Department of Finance (DOF), Package 4 aims to harmonize the country’s current 80 financial tax rates to 41 in efforts to deepen the capital markets, among others. It will harmonize financial tax rates from the current 80 to at least 41 while repealing 32 out of the 41 special laws that have been granting special rates and exemptions.

The DOF also said the Package 4 is revenue-neutral with the objective of reforming the country’s taxation system, in turn helping to deepen the local capital market. The documentary stamp tax rate will also be reduced, which will be of benefit to the nonlife insurance industry, among others, with the move seen to help promote more insurance as the country faces more disasters. The bill said a final tax at the rate of 15 percent (from 20 percent) is hereby imposed upon the amount of interest, yield or any other monetary benefit earned or received from debt instrument, bank de posit, deposit substitute and any other form of debt instrument and similar arrangements. A rationalization of the gross receipt tax of the banking system is also proposed at a flat 5 percent instead of 0, 1, 5, or 7 percent, aimed to make bank transactions easier. Also, the measure said a final tax rate of 15 percent (from 10 percent) shall be imposed upon the cash and/or property dividends actually or constructively received by an individual from a domestic corporation or from a joint stock company, insurance, mutual fund companies, collective investment schemes and regional operating headquarters of multinational companies, or on the share of an individual in the distributable net income after tax of a partnership (except a general professional partnership) of which he is a partner, or on the share of an individual in the net income after tax of an association, a joint account, or a joint venture or consortium taxable as a corporation of which he is a member or co-venturer. However, the bill said 15-percent tax on dividends shall apply only on income earned on or after January 1, 2019. Income forming part of retained earnings as of December 31, 2018, even if declared or distributed on or after January 1, 2019, shall be subject to 10 percent tax. The bill said a final tax at the rate of 15 percent is hereby imposed upon the net capital gains realized during the taxable year from the sale, barter, exchange or other disposition of shares of stock in a domestic corporation, except shares sold, or disposed of through a local or a licensed organized marketplace.

www.businessmirror.com.ph

GOVT MAY TAP P207-B MALAMPAYA FUND TO CUT POWER RATES By Butch Fernandez @butchfBM

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EN. Sherwin T. Gatchalian on Wednesday pressed for early enactment of an enabling law to use the P207-billion Malampaya Fund to pay off the stranded contract costs and stranded debt of the National Power Corp. (Napocor) in order to provide Filipino households consumer savings on their monthly electricity bill. Gatchalian, Senate Committee on Energy chairman, endorsed for plenary approval Senate Bill 1950, also known as the Murang Kuryente Act, adopting a bill filed by Senate President Pro Tempore Ralph G. Recto. In his sponsorship speech, Gatchalian informed the Senate that the P207billion fund, originally intended to bankroll exploration, development and exploitation of energy resources, was largely unused since 2001. The senator affirmed that early passage of the proposed enabling law will “minimize, if not completely eliminate, the universal charges for stranded contract costs and stranded debts.” Once enacted into law, he added, “this bill would lower electricity rates and provide significant consumer savings for Filipinos.” Gatchalian griped that consumers have long been made to share the burden of paying the Napocor ’s debts through the universal charge for stranded debts and stranded contract costs paid in the monthly electricity bill. He cited estimates that power consumers shelled out P0.1938 per kilowatt-hour from January 2013 to May 2017 to pay for Napocor debts through the universal charge for stranded debts and stranded contract costs. In June 2017 Filipino household started paying P0.2203 per kilowatt. At the same time, the senator

aired a warning that Filipino households may “suffer even more” from pass-on charges as the cash flow projection of the Power Sector Assets and Liabilities Management Corp. (PSALM), the government corporation which inherited Napocor’s debts, “shows the necessity of collecting an accumulated universal charge of P0.5593 per kilowatt-hour from the year 2020 to 2026 unless the bill becomes law.” By his computation, Gatchalian said “this may translate to an additional charge of P111.86 per month for a household consuming 200 kilowatts during said period— money that could have been used to buy 2 to 3 additional kilos of rice.” Using the Malampaya Fund—accrued from the net profit share earned by the government from the operation of the Malampaya Natural Gas Project in the West Philippine Sea—solely to pay the stranded contract costs and stranded debts would, Gatchalian said, “help lower electricity rates and provide significant consumer savings for Filipinos.” He added that for a household consuming 200 kilowatt-hours per month, this would result in savings of P109.34 per month, or P1,312.08 per year. Adequate safeguards were included in the proposed law, Gatchalian added, easing fears of fund disbursement abuses once the law is enacted. He cited a provision that PSALM may only tap the fund after it has already applied the collections from its different sources of revenue. He said the funds to be used for the power debt payment servicing will be allocated through the General Appropriations Act. According to Gatchalian, once the obligations have been fully paid, the remaining funds will be remitted to the Special Fund used to finance energy resource exploration, development and exploitation programs.

New EO adopts ‘NACS,’ fights money laundering, funding for terrorist groups

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ALACAÑANGonWednesday issued an executive order complementing the efforts of the banks to stop money laundering and prevent the flow of funds to extremist groups. Through Executive Order68 signed on November 12, President Duterte ordered the adoption of the National Anti-Money Laundering and Countering the Financing of Terrorism Strategy (NACS) as a policy of the government. The strategy was formulated by the Anti-Money Laundering Council (AMLC), together with relevant government agencies, to enable the government and the private sector to have a coordinated and strategic approach towards combating money laundering and terrorism financing in the country. Moreover, the President also ordered the creation of a National Anti-Money Laundering Council and Countering the Financing of Terrorism Coordinating Committee (NACC) to provide the strategic direction and ensure the effective implementation of the NACS. Chaired by the Executive Secretary with the Bangko Sentral ng Pilipinas (BSP) Governor and the chief of the Anti-Money Laundering Council as vice chairmen, the Coordinating Committee shall also facilitate the periodic conduct of the money laundering and terrorist financing risk assessment. It will recommend action plans which may be included in the NACS, to address the risks identified, among others. “The NACS is a dynamic docu-

ment as the level and direction of the Money Laundering and Terrorism Financing risks of the country change from time to time. As such the NACC shall periodically review and update the strategic objectives and action plans in 2020, when circumstances warrant upon determination of the NACC or any of its subcommittees to keep it relevant,” said the order. Members of the NACC are the Secretaries of Foreign Affairs, Finance, Justice, National Defense, Interior and Local Government, Trade and Industry; the Securities and Exchange Commission chairman; Insurance Commissioner; Chief Executive Officer and Chairperson of the Philippine Amusement and Gaming Corporation; Administrator of the Cagayan Economic Zone Authority; and President of the Aurora Pacific Economic Zone and Freeport Authority. The order said the Ombudsman may become a member of the NACC subject to his or her concurrence. This comes more than two years after unidentified hackers stole $81 million from the Bank of Bangladesh account in the New York Fed and wired it to different fake accounts in Rizal Commercial Banking Corp. (RCBC). The money was subsequently laundered through casinos in the country. After two years of investigation, the Bangladesh Bank was able to retrieve only $15 million from the Philippines. The BSP ordered RCBC to pay a P1-billion fine for its failure to prevent the theft and laundering. Bernadette D. Nicolas

Editor: Efleda P. Campos

Companies BusinessMirror

Thursday, November 22, 2018

B1

Chinese firm to invest $3.5B for steel mill in Mindanao

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By Elijah Felice E. Rosales

@alyasjah

CHINESE company has pledged to invest $3.5 billion (about P184.1 billion) for an integrated steel mill in Mindanao, strengthening the country’s production of iron and steel, and creating more than 50,000 jobs, Trade Secretary Ramon M. Lopez said.

Chairman Xinghua Li. The proposed steel mill will cover 305 hectares. It will consist of a port, a production facility with a capacity of 10 million tons, an industrial park and other downstream industries. The project will be completed in three phases and is penciled to operate in six years to seven years. “The signing of this MOU is a testament to the strengthened relations between the Philippines and China. A completely private undertaking, Panhua, is set to accomplish President Duterte’s vision of growing the integrated iron and steel industry so it can cater to the growing domestic and external market demand,” Lopez said. After the MOU, Panhua must ob-

tain a registration with the Philippine Economic Zone Authority and an environmental compliance certificate from the Department of Environment and Natural Resources. The firm should also ink a memorandum of agreement with the government to begin the construction of the project. Li said he is looking forward to the inception of the project. He added he is determined to build more industrial parks to increase employment and attract businesses into Philippine provinces. The government is committed to assisting Panhua accomplish the next steps to immediately set up the steel mill early next year, the trade chief said.

In a recent statement, Lopez confirmed China-based Panhua Group Co. Ltd. will build a steel manufacturing plant at the Phividec Indus-

trial Estate in Misamis Oriental. This was after the government on Tuesday signed a memorandum of understanding (MOU) with Panhua

Novartis, AWH eye health-care financing for rural areas

PHL renews air pacts with Switzerland, Thailand

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INGAPORE—Global private health-care firms are looking to establish a communitybased insurance in the Philippines, in an effort to extend health-care financing to the low-income rural population of the country. Novartis Social Business (NSB), in partnership with Allied World Healthcare (AWH), said they are eyeing to create an integrated finance model, one which can be used alongside the existing governmentfinance health-care coverage—or the Philippine Health Insurance Corp. (PhilHealth). The discussion on their partnership for a complementary healthcare insurance establishment in the Philippines is part of the fourth Novartis Social Business Stakeholders Dialogue, with this year’s theme being “Innovative solutions to bridge unmet health needs in Asia.” “We have been parterning with Allied World Healthcare in the Philippines to see how we can use technology so that we can inform ourselves about the need of these more remote communities because the Philippines has some very distinct challenges because of your geography and the number of islands,” Novartis Social Business Asia Head Deborah Gildea said. Gildea was also a panelist at the stakeholders diaogue. “What we have learned over the last years in terms of the physical barriers for patients and what we are now looking to see is that there is a way to complement the PhilHealth program—which we know has already started to make good progress in terms of improved access to health care for patients. We also know the size of the task is enormous and there is a way that patients might be able to buy a community-based insurance that would then help complement the gaps within current primary public health-care system,” she said in an interview with Filipino reporters at the sidelines of the NSB Stakeholders Dialogue. More specific details of the community-based health-care coverage are still on the works, but Allied World Healthcare CEO Edward Booty said the framework is seen to be a top-up insurance policy that will be backed by private, community-led, group health insurance policies based on wholesale-priced pharmaceutical products. Bianca Cuaresma

By Lorenz S. Marasigan @lorenzmarasigan

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FTER wrapping up its negotiations with Switzerland for the modernization of its air services agreement with that European country, the Philippines is now looking at expanding its current bilateral air deal with Thailand. Transportation Undersecretary for Aviation Manuel Antonio L. Tamayo reported late Tuesday that the Philippine air panel and its Swiss counterpart signed a new air services agreement providing for seven flights per week between Zurich and Manila. The two countries also agreed to unlimited direct flights with Third Freedom and Fourth Freedom Rights between Switzerland and the Philippines. “These will be increased to 14 frequencies each side one year after the date of signing of the memorandum of understanding,” he said. The European territory is a key component for good air access by serving as the origin or destination of Fifth Freedom operations, Tamayo said.

“Thus, it was agreed that for designated carriers of both the Phi lippines and Sw itzerland, Fifth Freedom traffic rights may be exercised at points in Europe and Asia, both as intermediate or beyond points,” he said. Carriers may also enter into code-share agreements. “These arrangements are conditioned on all participating airlines having the appropriate route and traffic rights, and in case of third country code sharing, the third country airline should only fly direct traffic between Switzerland and the Philippines, and the third country’s home state should allow similar arrangements with Switzerland and the Philippines,” Tamayo said. The air pact with Switzerland was first signed in 1952 and was last amended in 1994. Tamayo said the Philippines air consultation also signed a memorandum of understanding to negotiate for the expansion of frequencies among the airports of the Philippines and Thailand. “The new ASA will not just conform to the current International Civil Aviation Organization

template, but will also reflect the current legal milieu and aviation relationship between the parties. The two delegations also agreed to operationalize the provisions of the air services agreement pending its signature by the parties’ pertinent authorities,” Tamayo said. Currently, the agreement between the Philippines and Thailand is aligned with Asean multilateral agreements opening up travel, tourism, and trade within and among the 10-country bloc. “The parties have, thus, declared that the passenger and cargo capacities between the Philippines and Thailand are now without restriction, in keeping with the Asean Multilateral Agreement on Air Services, the Multilateral Agreement on Full Liberalization of Passenger Air Services, and the Multilateral Agreement on Full Liberalization of Air Freight Services,” Tamayo said. Increasing coefficients—measured by the number of flights or seats—allow local and foreign carriers to mount more flights between two or more points, thereby generating more traffic and revenues from travel and tourism.

Bank of China pledges 6B RMB to Philippines By Rea Cu

@ReaCuBM

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HE Department of Finance (DOF) has signed a memorandum of understanding (MOU) with the Bank of China that aims to enhance Philippine-Chinese economic relations and bring more renminbi-denominated funding to the Philippines, initially said to reach 6 billion RMB (about P45.465 billion if computed based on today’s exchange rate). Finance Secretary Carlos G. Dominguez III and Bank of China Chairman Chen Siqing forged a new partnership by signing the MOU on Tuesday at the Malacañan Palace, with Chinese President Xi Jinping and Philippine President Duterte serving as witnesses. “This new partnership aims to further facilitate cross-border opportunities by bringing more Renminbi funding to the Philippines that will make foreign investments more convenient and cost-efficient. With these funds readily available, we hope to spur investments between the Philippines and the Mainland that will contribute to the economic growth of our two countries,” said Deng Jun, country head of Bank of China Manila branch. The DOF said the MOU also provides assistance from the Bank of China in line wit the country’s future issuances of Panda bonds in the Chinese debt-capital market. The MOU covers the Philippines’s plan to return to the China Interbank Bond market in 2019, with a possible application for a multi-tranche RMB 6 billion bond issuance. The Bank of China had served as one of the lead underwriters for the Philippines’s first Panda bond float of RMB 1.46 billion in March 2018. Aside from being the lead underwriter for the “Panda” bonds, Bank of China also acts as the Philippines’s joint global coordinator for its upcoming global dollar-bond transaction, and is involved in establishing a direct currency conversion platform between the Philippine peso and the Chinese renminbi. In October the Bank of China along with 13 partner local banks signed a memorandum of agreement (MOA) forming the Philippine RMB Trading Community, which provides a local platform for direct RMB-peso

foreign exchange. The platform and the new RMB funding are both in line with the government’s plan to diversify its currency basket and attract greater cross-border trade and investment. Meanwhile, the DOF reported that the Philippines and China exchanged documents on Tuesday on three economic agreements covering the cooperation arrangements in implementing key infrastructure projects in Mindanao under the “Build, Build, Build” (BBB) program, and Chinese funding support for feasibility studies on priority development projects. The three accords were among the 29 agreements exchanged between the two countries to cap President Xi Jinping’s historic state visit to the Philippines, the first by a Chinese leader in 13 years. Dominguez and Commerce Minister Zhong Shan of China signed an MOU on “Jointly Promoting the Cooperation in Key Infrastructure Projects in the Davao Region.” The MOU outlines the cooperation arrangements between the Philippines and China in implementing big-ticket infrastructure projects in Davao including the Davao City Expressway Project; the Davao-Samal Bridge; the BucanaDavao River Coastal Bypass Road of the Department of Public Works and Highways; and the Mindanao Railway Project of the Department of Transportation. The finance chief also exchanged with Wang Xiaotao, the chairman of the China International Development Cooperation Agency (Cidca) an MOU that provides the framework for China’s support for the feasibility study of the Duterte administration’s major projects as agreed upon by the two countries. Cidca also exchanged with the DOF the document that provides financing for new projects covered by the Philippines-China Agreement on Economic and Technical Cooperation. These new projects covered by the 500 million RMB (about P3.788 billion) accord includes financing for the Davao River Bridge (Bucana) Project and the donation of x-ray machines and scanning technologies to the Bureau of Customs and other projects to be mutually agreed upon by the two governments.

Groups formalize complaint vs land-reclamation projects in Manila Bay By Jonathan L. Mayuga @jonlmayuga

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EM BER S of v a r iou s environmental groups under the Kalikasan— People’s Network for the Environment (Kalikasan-PNE) and the Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) on Wednesday trooped to the Department of Environment and Natural Resources (DENR) in Quezon City to file a formal complaint against the massive land-reclamation projects in Manila Bay. The filing was part of the groups’ celebration of the World Fisheries Day. They said reclamation projects endanger not only the community, but deprive the people of their rights to food and livelihood. Fer n a ndo H ic ap, n at ion a l chairman of Pamalakaya, said over 100 reclamation projects a re pend i ng t h roughout t he Philippines’s terrirorial waters, 70 percent of which are found in Manila Bay where hundreds of thousands of fishermen survive through fishing. “The environment department

under the leadership of Secretary Roy A. Cimatu must cease and desist from issuing environmental compliance certificates [ECC] to reclamation projects. It is historically tested that any land reclamation or conversion of coastal waters destroy marine and aquatic resources, which eventually affects the livelihood of small fishers by depleting their fish catch,” Hicap said. The Philippine Reclamation Aut hor it y ( PR A) ea rl ier a nnounced it targets to complete 80 percent of the reclamation projects within the term of President Duterte, which Pamalakaya said is tantamount to massive displacement and deprivation of the livelihood of fishers. “Reclamation is not only a destruction of our environment, but a sellout of resources to corporate aggressors with the backing of government laws and programs to legalize such activities. We strongly demand the DENR to exercise its mandate in preserving the environment by rejecting destructive projects such as reclamation,” Hicap said. Leon Dulce, national coordinator of Kalikasan-PNE, is urg-

ing the Duterte administration through the DENR to deny proponents of land-reclamation projects their application for ECC and other permits to proceed with the destructive dump-and-fill activities in the Manila Bay region. Dulce said, “Manila Bay reclamation projects in Bulacan, Navotas, Manila, and Cavite have been found engaging in patently illegal development activities without consent from communities and clearance from scientific assessors. The Bulacan Aerotropolis is an emblematic case for cutting mangroves and threatening displacement of communities despite still not having a formal contract and much less environmental clearance.” The projects under question are the 2,500-hectare Bulacan Aerotropolis, the 18,000-hectare Manila Bay Integrated Flood Control, Coastal Defense And Expressway Project covering the coastal areas from Navotas to Balanga City in Bataan, and the 650-hectare Navotas City Coastal Bay Development Project straddling the northern part of Manila Bay where most of its remaining intact mangrove forests, seagrass beds and coral reefs can be found.

It further includes projects from Manila to Cavite, such as the 148-hectare Manila Solar City Project, the 50-hectare Bradi Reclamation Project, the 40-hectare PRA Baseco Reclamation Project, the 407-hectare City of Pearl Reclamation Project the 944-hectare Bacoor City Reclamation Project, and 68-hectare Cavite Special Economic Zone Reclamation Project. “Collectively, these projects threaten displacement or heightened flood risk directly to an estimated 124,200 people from Bulacan to Cavite. Aside from displacement, the projects would lead to the clearing of hundreds of mangrove trees which serve as habitat for fish and crustaceans that are food for migratory birds and humans. These mangroves also serve as natural barriers against storm surge, waves and tsunami hazards,” explained Dulce. In their complaint, the protesters urged the DENR to deny these projects from receiving ECCs and area clearance permits as “not one of these reclamation projects passed key international humanrights guidelines such as the UN Guiding Principles on Business

and Human Rights and the OECD Guidelines.” These guidelines for businesses include compliance to civil, political, and socioeconomic rights policies in the Philippines, adopting internal human-rights policies and contributing to the implementation and development of state policies, conducting due diligence in assessing and addressing rights concerns and cooperating with legal remedy mechanisms, they said. “From grossly bastardizing the public participation mechanisms and environmental regulations of the Environmental Impact Assessment process, to the harassment of critics on the ground, these projects are wantonly violating people’s environmental rights. There is no reason not to respect democratic procedures, even for the Aerotropolis that is an unsolicited proposal not yet governed by the formal regulatory process of the state,” Dulce said. “We expect the DENR to act on our legitimate complaints. These destructive projects should be prohibited until such time that a rational regulatory framework over coastal resource management is put in place,” Dulce said.

B2

Thursday, November 22, 2018

Companies BusinessMirror

Apo Cement to close Davao terminal, suspend Cebu kiln

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PO Cement Corp. (Apo Cement) decided to implement additional measures to deal with the continuing challenges of having to source raw materials from different regions of the Philippines and from outside the country to produce cement. Earlier, Apo Cement announced that its production costs have gone up, impacting its operations due to the continued suspension of the quarry operations of Apo Land and Quarry Corp., a principal raw material provider of Apo Cement. Today, Apo Cement announced it will close down its Davao ce-

ment terminal and indefinitely suspend the operation of one of its two kilns in Cebu. The kiln is the heart of the cement manufacturing process and is the main equipment utilized to produce clinker, the primary component for cement. The Davao terminal holds and dispatches 25,000 bags on a daily

basis. As much as the company commits to support the government’s massive infrastructure program, Apo Cement has no choice but to also indefinitely suspend the operation of a kiln in Cebu. Apo Cement is likewise constrained to engage with its suppliers in Cebu and neighboring provinces and is required to take actions in order to further reduce cost and extend payment terms. With the anticipated depressed output of the plant, Apo Cement will implement a reduced workweek to decrease its fixed costs and expenses. This is in addition to the temporary suspensions earlier announced, affecting at least 30 percent of its work force and reducing around 40 percent of its contractors. Also, to try to partially recov-

er the increase in its production costs, Apo Cement intends to implement a price increase of its cement products by P20. It is regrettable that these difficult decisions had to be made, but Apo Cement needs to take remedial measures to reduce the adverse impact of the current situation in this period of uncertainty brought about by the disruption in Apo Cement’s source of raw materials and to pursue the best interest of the organization’s various stakeholders. Technical experts from the Department of Environment presented an official report in October 22 stating that the September 20 landslide in Naga, Cebu, was due to natural causes. This was the same findings from the companies’ private geology experts from the United States, Mexico and the Philippines.

Total PHL to double service stations by 2023 By Lenie Lectura

@llectura

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OTAL Philippines intends to more than double its service stations to 1,000 over a fiveyear period, a top official said on Wednesday. Total has 550 service stations nationwide. Of these, 50 stations were opened this year. “The target is 1,000 service stations in the Philippines over five years. We have opened 50 new stations this year spread out all over the country,” Total Philippines President Laurent Stouffe said. The additional stations will be strategically

located all over the country. Total could not say how much investment it would pour in to achieve its target, saying the project cost varies with the size of the service stations. “We will build flagship stations. These are company-owned and dealer-owned stations,” he said. The oil firm, he said, is already present in Mindanao with five stations “and 20 more in the pipeline.” Total Philippines joins other industry players—most of which directly import the bulk

Cirtek income up 50% to $5.52M in 1st 9 months

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AGUNA-BASED Cirtek Holdings Philippines Inc. on Wednesday said its net income doubled during the first three quarters of the year to $5.52 million, from last year’s $2.77 million on strong revenue contribution of its US unit. Revenues for the first nine months rose 30 percent to $88.47 million, from last year’s $67.91 million, as it saw sales increase across all business units. Revenue contribution from Quintel was $47.5 million, while revenue contribution from its antenna-manufacturing business before consolidation was at $39.8 million. “The strong year-to-date operating performance of the group validates the group’s overall strategy. We will continue to invest and focus on high-growth spaces, optimize the group’s strong

research and development capabilities to deliver innovative and leading-edge products and solutions to our customers, while at the same time continually implementing cost-improvement measures,” Cirtek Chairman Jerry Liu said in a statement. “We expect the group’s growth momentum to continue for the rest of the year and into 2019. Strong demand from existing customers, new customer wins and strategic collaboration with selected wireless product companies resulting in quicker product time to market, will all come into play and enable the company to capture new business opportunities and further drive shareholder value,” Cirtek President Roberto Juanchito Dispo said. VG Cabuag

of their requirements—in ending 2018 with a market share of the total demand at 45.4 percent. The 54.6-percent share of the total demand is distributed among the “Big Three” players—Petron Corp., Pilipinas Shell and Caltex Philippines. The 45.4-percent share is shared among PTT

MUTUAL FUNDS

Philippines, Total Philippines, Seaoil Philippines, TWA Inc., Phoenix Petroleum, Prycegas, Micro Dragon, Unioil, Isla Gas, Jetti, Eastern Petroluem, JS Union, JS Philipppines, Petrotrade, South Pacific, Marubeni, SL Harbour, Insular, Rockoil, RK3 International, Perdido and Filoil Logistics Corp. November 21, 2018

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC * 246.81 -13.74% 0.51% 1.52% -15.82% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.3588 -13.69% 4.05% 2.05% -14.9% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 3.8227 -14.31% 0.98% 0.22% -16.77% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.8761 -13.65% N.A. N.A. -13.85% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. * ********* 0.8144 N.A. N.A. N.A. N.A. FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 5.1581 -12.35% -0.99% 1.11% -14.22% MBG EQUITY INVESTMENT FUND, INC. * ****** 108.49 N.A. N.A. N.A. N.A. ONE WEALTHY NATION FUND, INC.* 0.8256 -14.62% N.A. N.A. -16.83% PAMI EQUITY INDEX FUND, INC.* 48.2389 -12.32% 1.53% N.A. -14.46% PHILAM STRATEGIC GROWTH FUND, INC.* 503.81 -12.42% 0.14% 0.81% -14.39% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.2353 -10.53% 2.04% N.A. -12.03% PHILEQUITY FUND, INC.* 35.9796 -10.63% 2.54% 3.71% -12.45% PHILEQUITY PSE INDEX FUND INC.* 4.8534 -12.09% 2.28% 3.45% -14.46% PHILIPPINE STOCK INDEX FUND CORP.* 810.52 -11.93% 2.08% 3.42% -14.3% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.8422 -11.2% -0.38% N.A. -12.91% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 4.0104 -10.2% 2.15% 1.89% -12.44% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 0.9341 -12.23% 2.09% N.A. -14.56% UNITED FUND, INC.* 3.4383 -8.88% 3.24% 2.37% -11.71% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* *** ● 108.2999 -11.6% 3.25% N.A. -14.02% ATRAM ASIAPLUS EQUITY FUND, INC.** $0.9462 -14.66% 2.09% -0.73% -14.63% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.1849 -4.14% N.A. N.A. -6.35% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.6363 -10.51% -1.55% -1.64% -12.19% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.179 -9.85% 0.44% 0.38% -11.31% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.4851 -9.24% -2.71% -2.06% -10.28% GREPALIFE BALANCED FUND CORPORATION* **** 1.2892 -10.3% N.A. N.A. -11.39% NCM MUTUAL FUND OF THE PHILS., INC* 1.8214 -6.68% 0.92% 1.12% -8.59% PAMI HORIZON FUND, INC.* 3.4722 -9.98% -0.63% 0.14% -11.38% PHILAM FUND, INC.* 15.6463 -9.63% -0.5% 0.1% -10.89% SOLIDARITAS FUND, INC.* ******** 2.0323 -8.26% 0.8% 2.02% -9.36% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.6166 -7.98% 0.57% 0.55% -9.5% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.9197 -7.77% 0.02% N.A. -9.86% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.03463 -4.26% -0.77% 1.25% -4.07% PAMI ASIA BALANCED FUND, INC.* $0.9413 -10.41% 2.15% -1.61% -10.1% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.4675 -3.35% 3.71% 1.96% -5.07% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.0327 - 6.23% N.A. N.A. -7.15% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 342.3 1.86% 2% 1.63% 1.54% ATRAM CORPORATE BOND FUND, INC.* ******* 1.8523 -2.09% -0.82% -0.71% -2.11% COCOLIFE FIXED INCOME FUND, INC.* 2.955 5.47% 5.37% 5.24% 4.71% EKKLESIA MUTUAL FUND INC.* 2.1244 1.08% 1.44% 1.06% 1.06% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2035 - 0.45% -0.05% 0.15% -0.57% GREPALIFE FIXED INCOME FUND CORP.* P 1.5611 -3.19% -0.57% -1.47% -3.01% PHILAM BOND FUND, INC.* 3.8674 -4.64% -0.92% -0.9% -4.51% PHILEQUITY PESO BOND FUND, INC.* 3.4774 -0.27% 0.23% -0.24% -0.78% SOLDIVO BOND FUND, INC. * 0.8849 -4.06% -1.16% N.A. -4.15% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.7527 -0.95% 0.78% 0.08% -0.88% SUN LIFE PROSPERITY GS FUND, INC.* 1.5272 -1.54% 0.29% -0.32% -1.45% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $446.72 0.3% 2.27% 3% 0.17% ALFM EURO BOND FUND, INC. * Є212.63 -0.33% 1.03% 1.54% -0.51% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.1223 -1.13% 0.81% 1.77% -1.04% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0248 - 0.8% 0.54% N.A. -0.8% GREPALIFE DOLLAR BOND FUND CORP.* $1.6873 -5.15% -0.5% 1.07% -4.75% 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* $1.0249 -5.15% -0.7% -2.7% -4.53% PHILAM DOLLAR BOND FUND, INC.* $2.1365 -4.9% 0.32% 2.39% -5.09% PHILEQUITY DOLLAR INCOME FUND INC.* $0.0568985 -1.02% 0.86% 1.81% -0.53% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.8688 -5.02% 0.47% 1.62% -4.78% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 120.28 2.55% 1.74% 1.49% 2.27% PHILAM MANAGED INCOME FUND, INC.* 1.1768 1.79% 0.45% 0.42% 1.68% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.2142 2.52% 2.21% 1.49% 2.42% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* ***** $1.014 1.66% N.A. N.A. 1.53% * - 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 21, 2018

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

ASIA UNITED 59.1 59.5 58.05 59.1 58.05 59.1 2890 169460 BDO UNIBANK 126.1 127 126.6 128.9 126 127 1573840 200091437 BANK PH ISLANDS 90 91.4 90.5 91.4 88.1 91.4 1203870 108369079.5 CHINABANK 27.35 27.4 27.9 27.9 27.35 27.35 48100 1331050 EAST WEST BANK 10.66 10.72 10.7 10.74 10.58 10.7 221100 2358814 METROBANK 71.85 71.95 71.2 72 70.9 71.95 6412560 459158583 PB BANK 11.04 11.36 11.22 11.22 11.04 11.04 17600 195956 PHIL NATL BANK 39.65 39.75 39.7 39.7 39.65 39.65 29300 1163010 PSBANK 71.9 74.9 74.9 74.9 74.9 74.9 10 749 PHILTRUST 105 119.9 105 105 104.3 105 370 38808 RCBC 28.5 28.55 28.7 28.7 28.5 28.5 57900 1650300 SECURITY BANK 149.7 151 151.8 151.8 149.4 151 640760 96673236 UNION BANK 65.9 65.95 65.85 65.9 65.8 65.9 3280 215862 BRIGHT KINDLE 1.49 1.58 1.5 1.5 1.48 1.49 67000 100290 BDO LEASING 2.3 2.35 2.3 2.35 2.29 2.35 42000 98200 COL FINANCIAL 15.5 15.6 15.5 15.6 15.5 15.5 2200 34300 FERRONOUX HLDG 3.76 3.85 3.75 3.99 3.75 3.85 122000 469330 IREMIT 1.48 1.57 1.52 1.57 1.52 1.56 86000 134060 MEDCO HLDG 0.445 0.465 0.47 0.47 0.47 0.47 10000 4700 MANULIFE 785 835 790 790 785 785 120 94260 NTL REINSURANCE 0.73 0.76 0.74 0.76 0.73 0.76 169000 124760 PHIL STOCK EXCH 172.8 181 182.5 182.5 173 173 2640 462395 SUN LIFE 1811 1879 1811 1811 1811 1811 25 45275 VANTAGE 1.14 1.22 1.14 1.14 1.14 1.14 12000 13680 INDUSTRIAL ALSONS CONS 1.23 1.24 1.23 1.24 1.23 1.24 86000 105880 ABOITIZ POWER 32 32.6 32.75 32.9 31.55 32.6 844500 27466375 BASIC ENERGY 0.245 0.248 0.25 0.25 0.24 0.248 6080000 1499260 FIRST GEN 17 17.1 17.3 17.3 17 17.1 2150000 36744694 FIRST PHIL HLDG 63 63.3 64.1 64.5 62 63.3 46600 2945141.5 PHIL H2O 4.5 4.6 4.48 4.63 4.43 4.62 159000 717110 MERALCO 385.2 388.8 382 388.8 381 388.8 312500 120618832 MANILA WATER 25 25.05 25.2 25.3 25 25 119100 2983660 PETRON 7.7 7.75 7.77 7.84 7.7 7.7 566600 4380054 PETROENERGY 3.92 4 4 4 3.93 3.93 5000 19720 PHINMA ENERGY 0.92 0.93 0.93 0.94 0.93 0.94 140000 131370 PHX PETROLEUM 10.62 10.8 11 11 10.6 10.8 6081300 65668538 PILIPINAS SHELL 48.3 48.55 48.55 48.75 48.3 48.3 1058800 51291925 SPC POWER 5.15 5.2 5.41 5.41 5.1 5.25 1360500 7083832 AGRINURTURE 17.56 17.58 17.64 17.8 17.56 17.58 1261600 22330694 CNTRL AZUCARERA 15.82 17 17.48 17.5 17.48 17.5 2100 36738 CENTURY FOOD 14.3 14.32 14.12 14.3 14.02 14.3 818900 11490680 DEL MONTE 6.7 7 6.9 7 6.9 7 200 1390 DNL INDUS 10.4 10.54 10.78 10.78 10.38 10.4 1764000 18509476 EMPERADOR 6.96 7 6.95 7 6.94 6.95 33200 230745 SMC FOODANDBEV 83.45 83.6 83.8 83.8 83.4 83.6 2584840 216170476 ALLIANCE SELECT 1.08 1.09 1.06 1.11 1.03 1.08 16049000 17096660 GINEBRA 23.1 23.2 23 23.3 22.5 23.1 44200 1018750 JOLLIBEE 278.2 282 279 282 277.4 282 437010 122325906 LIBERTY FLOUR 52 58.25 58.9 58.9 58.9 58.9 10 589 MACAY HLDG 8.63 8.89 8.62 8.89 8.62 8.89 13500 118330 MAXS GROUP 9.49 9.5 9.68 9.68 9.5 9.5 636300 6072608 PEPSI COLA 1.35 1.37 1.43 1.43 1.36 1.36 1078000 1498190 SHAKEYS PIZZA 9.96 9.97 9.98 10 9.97 9.97 28400 283571 ROXAS AND CO 1.9 2 1.91 2.02 1.9 2 35000 67120 RFM CORP 4.65 4.7 4.7 4.7 4.7 4.7 27000 126900 ROXAS HLDG 2.8 2.99 2.81 2.81 2.81 2.81 6000 16860 SWIFT FOODS 0.122 0.125 0.122 0.122 0.122 0.122 850000 103700 UNIV ROBINA 130.8 131 130 131.9 129 131 701210 91642587 VITARICH 1.47 1.48 1.53 1.55 1.46 1.48 9459000 14130310 VICTORIAS 2.32 2.4 2.32 2.32 2.32 2.32 150000 348000 CONCRETE A 66 66.8 66 66.8 66 66.8 230 15301.5 CEMEX HLDG 1.89 1.9 1.94 1.95 1.9 1.9 6988000 13322290 DAVINCI CAPITAL 5.55 5.6 5 5.88 5 5.6 395100 2224885 EAGLE CEMENT 15.3 15.32 15.3 15.3 15.12 15.3 75200 1149406 EEI CORP 8.51 8.7 8.87 8.87 8.52 8.52 20200 172742 HOLCIM 6.53 6.6 6.39 6.53 6.38 6.53 45500 292768 MEGAWIDE 16.88 16.9 17.06 17.34 16.86 16.9 385400 6,537,280( PHINMA 8.65 8.78 7.83 8.65 7.83 8.65 200 1648 TKC METALS 0.82 0.86 0.87 0.88 0.86 0.86 4000 3480 VULCAN INDL 1.45 1.46 1.46 1.48 1.44 1.46 3470000 5072080 CROWN ASIA 1.35 1.4 1.35 1.39 1.35 1.35 108000 146790 EUROMED 1.5 1.69 1.69 1.69 1.5 1.5 3000 4880 LMG CHEMICALS 4.65 4.7 4.65 4.65 4.65 4.65 173000 804450 CONCEPCION 36 36.9 36.8 37 36.8 36.9 5100 188090 GREENERGY 1.62 1.64 1.64 1.67 1.58 1.64 15952000 25909010 INTEGRATED MICR 7.51 7.63 7.61 8.14 7.48 7.51 7386600 57532181 IONICS 1.48 1.49 1.48 1.6 1.47 1.48 614000 936010 PANASONIC 5.8 6.1 6.04 6.1 6.04 6.1 200000 1214810 SFA SEMICON 1.21 1.22 1.19 1.22 1.16 1.21 390000 463770 CIRTEK HLDG 36.6 36.7 36.4 37.4 36.4 36.7 33400 1229935 HOLDING & FRIMS ABACORE CAPITAL 0.54 0.55 0.49 0.55 0.47 0.55 62240000 32345250 ASIABEST GROUP 19.18 19.2 19.36 19.88 19.2 19.2 21600 417290 AYALA CORP 918 921 932 932 916.5 921 231910 213603845 ABOITIZ EQUITY 47.9 49.5 47.95 49.5 46.4 49.5 1762100 86207005 ALLIANCE GLOBAL 10.72 10.8 10.86 10.88 10.6 10.74 5810600 62495040 ANSCOR 6.32 6.33 6.3 6.32 6.3 6.32 24300 153539 ANGLO PHIL HLDG 0.77 0.8 0.84 0.84 0.84 0.84 1000 840 ATN HLDG A 1.38 1.39 1.41 1.45 1.35 1.38 11602000 16284690 ATN HLDG B 1.4 1.41 1.46 1.46 1.4 1.41 2641000 3774130 COSCO CAPITAL 7 7.02 7.32 7.32 6.95 7 1965300 13854880 DMCI HLDG 12.68 12.8 12.6 12.8 12.22 12.8 4560300 57458528 FILINVEST DEV 8.1 8.19 7.6 8.1 7.6 8.1 10440900 83300558 FJ PRINCE A 4.12 4.6 2.91 4.6 2.91 4.6 17800 57420 FORUM PACIFIC 0.21 0.237 0.23 0.23 0.21 0.21 20000 4400 GT CAPITAL 880 885 885 898 862 885 261250 232853990 HOUSE OF INV 5.88 5.92 5.9 5.9 5.88 5.88 18600 109428 JG SUMMIT 47 47.05 46.8 47.1 46 47 924700 43370880 LODESTAR 0.5 0.52 0.52 0.53 0.495 0.52 1607000 804705 LOPEZ HLDG 3.76 3.8 3.88 3.94 3.75 3.76 706000 2672020 LT GROUP 16.3 16.44 16.38 16.48 16.26 16.44 3144100 51475544 MABUHAY HLDG 0.54 0.55 0.52 0.55 0.52 0.54 782000 419630 MJC INVESTMENTS 2.78 3.59 3 3 3 3 100000 300000 METRO PAC INV 4.6 4.61 4.65 4.66 4.52 4.61 30747000 141231070 PACIFICA 0.033 0.035 0.034 0.035 0.034 0.034 11400000 389700 PRIME ORION 2.35 2.36 2.45 2.45 2.3 2.36 1075000 2527440 PRIME MEDIA 1.15 1.22 1.15 1.15 1.15 1.15 219000 251850 SOLID GROUP 1.27 1.36 1.27 1.36 1.27 1.36 27000 34830 SYNERGY GRID 440.4 495 459 495 440.2 495 100 45614 SM INVESTMENTS 916 920 928 930 912 920 222210 204818285 SAN MIGUEL CORP 172.4 172.5 173.4 173.4 170.9 172.4 434710 74891083 SEAFRONT RES 2.27 2.28 2.28 2.28 2.28 2.28 11000 25080 TOP FRONTIER 271.2 281 271.2 281 270.6 281 2400 671638 WELLEX INDUS 0.221 0.232 0.225 0.235 0.215 0.23 4040000 900630 ZEUS HLDG 0.192 0.215 0.192 0.192 0.192 0.192 50000 9600 PROPERTY ARTHALAND CORP 0.51 0.53 0.52 0.54 0.51 0.54 207000 106080 ANCHOR LAND 10.58 11 10.98 11 10.98 11 12700 139680 AYALA LAND 39.85 40 40.05 40.05 39.5 40 7884800 315007940 ARANETA PROP 1.73 1.85 - - - - - - BELLE CORP 2.18 2.19 2.2 2.2 2.18 2.18 539000 1177170 A BROWN 0.76 0.77 0.76 0.77 0.75 0.77 351000 267800 CITYLAND DEVT 0.84 0.85 0.85 0.85 0.85 0.85 70000 59500 CROWN EQUITIES 0.212 0.219 0.212 0.219 0.212 0.219 900000 192680 CEBU HLDG 5.98 5.99 6 6 5.98 5.99 52400 313787 CEB LANDMASTERS 3.8 3.9 3.84 3.9 3.72 3.9 1137000 4394400 CENTURY PROP 0.4 0.405 0.405 0.405 0.395 0.4 3930000 1565800 CYBER BAY 0.32 0.345 0.325 0.35 0.32 0.35 250000 80350 DOUBLEDRAGON 18.1 18.12 18.3 18.3 18.1 18.1 307400 5580572 DM WENCESLAO 7.58 7.6 7.57 7.6 7.57 7.6 155600 1181676 EMPIRE EAST 0.49 0.5 0.52 0.52 0.49 0.49 1049000 517560 FILINVEST LAND 1.43 1.45 1.47 1.47 1.43 1.43 2774000 3996060 GLOBAL ESTATE 1 1.01 1 1.01 0.99 1 1701000 1700140 8990 HLDG 7.3 7.4 7.45 7.45 7.28 7.3 165300 1214863 IRC PROP 2.51 2.52 2.44 2.59 2.4 2.51 25134000 62943230 MEGAWORLD 4.74 4.75 4.75 4.75 4.65 4.74 11972000 56389430 MRC ALLIED 0.345 0.35 0.35 0.355 0.34 0.35 30230000 10508450 PHIL ESTATES 0.46 0.465 0.44 0.465 0.435 0.465 2450000 1105000 PRIMEX CORP 3.57 3.6 3.63 3.66 3.57 3.6 1760000 6337320 ROBINSONS LAND 20.15 20.55 20.55 20.7 20.15 20.55 863500 17722495 PHIL REALTY 0.35 0.355 0.36 0.36 0.35 0.35 460000 162900 ROCKWELL 1.92 1.95 1.95 1.95 1.92 1.94 63000 122300 SHANG PROP 3.1 3.12 3.12 3.12 3.12 3.12 2000 6240 STA LUCIA LAND 1.12 1.15 1.15 1.16 1.12 1.15 430000 485120 SM PRIME HLDG 33.2 33.3 33.2 33.4 32.95 33.3 8195200 272055665 STARMALLS 3.94 3.95 4.07 4.09 3.91 3.94 411000 1646460 VISTA LAND 5.18 5.2 5.2 5.2 5.16 5.2 912800 4738940 SERVICES ABS CBN 19.48 19.5 19.9 19.9 19.5 19.5 34000 667174 GMA NETWORK 5.25 5.27 5.26 5.27 5.24 5.25 70000 368003 MLA BRDCASTING 14.24 16.48 14.3 14.3 14.3 14.3 100 1430 GLOBE TELECOM 1906 1920 1954 1990 1888 1920 74805 143677985 PLDT 1212 1225 1230 1230 1190 1225 89150 107620735 APOLLO GLOBAL 0.038 0.039 0.038 0.039 0.038 0.038 1900000 72400 DFNN INC 7.56 7.98 7.56 7.56 7.56 7.56 2600 19656 IMPERIAL 1.7 1.8 1.79 1.8 1.79 1.8 10000 17960 ISLAND INFO 0.091 0.098 0.091 0.098 0.091 0.098 950000 87160 ISM COMM 6.3 6.32 7.5 7.53 6.06 6.3 118557200 791421555 JACKSTONES 3.26 3.4 3.44 3.44 3.44 3.44 1000 3440 NOW CORP 2.97 2.98 2.99 3.1 2.92 2.97 4082000 12272590 TRANSPACIFIC BR 0.36 0.365 0.36 0.37 0.355 0.365 23660000 8531050 PHILWEB 2.87 2.98 3.02 3.07 2.86 2.98 949000 2822260 2GO GROUP 9.9 10 9.76 10 9.74 9.9 8000 78383 CEBU AIR 65.9 66 66.1 68.2 66 66 275280 18294084 CHELSEA 7.8 7.81 8.5 8.5 7.35 7.81 15004500 117792451 INTL CONTAINER 93.1 93.9 94.2 94.2 93 93.9 1185520 111210312.5 LBC EXPRESS 14 14.4 13.82 13.82 13.82 13.82 300 4146 LORENZO SHIPPNG 0.65 0.66 0.64 0.65 0.64 0.65 44000 28420 MACROASIA 12.18 12.2 13.9 13.9 11.8 12.2 8389900 103148178 METROALLIANCE A 1.35 1.39 1.25 1.54 1.11 1.39 616000 864440 METROALLIANCE B 1.24 1.4 1.4 1.49 1.36 1.4 88000 126570 HARBOR STAR 3.25 3.26 3.29 3.32 3.23 3.26 1902000 6233910 ACESITE HOTEL 1.25 1.35 1.26 1.26 1.26 1.26 8000 10080 DISCOVERY WORLD 2.02 2.1 2.1 2.1 2.02 2.02 13000 26620 WATERFRONT 0.485 0.49 0.485 0.49 0.48 0.485 1270000 613550 STI HLDG 0.6 0.61 0.61 0.61 0.6 0.6 1348000 816360 BERJAYA 1.66 1.67 1.72 1.72 1.65 1.66 1487000 2480550 BLOOMBERRY 7.58 7.59 7.6 7.63 7.51 7.59 3259100 24723460 PACIFIC ONLINE 9.56 10.34 10 10 9.56 9.56 11300 112912 LEISURE AND RES 2.77 2.83 2.74 2.88 2.74 2.83 1501000 4,187,760( MANILA JOCKEY 5.24 5.39 5.49 5.49 5.25 5.47 28200 148226 MELCO RESORTS 7.13 7.14 7.13 7.14 7.13 7.13 12550700 89523686 PREMIUM LEISURE 0.64 0.65 0.66 0.66 0.64 0.64 4431000 2899770 TRAVELLERS 5.22 5.24 5.22 5.22 5.2 5.22 1522700 7934944 METRO RETAIL 1.99 2 2.01 2.03 1.99 1.99 1178000 2368530 PUREGOLD 42.4 42.5 42.55 42.6 42.15 42.5 635100 26975455 ROBINSONS RTL 73.9 74 74 76 73.7 73.9 736030 54607029.5 PHIL SEVEN CORP 107 107.8 104.1 107.8 104 107.8 56250 6007161 SSI GROUP 2.49 2.5 2.71 2.71 2.45 2.49 17063000 43551780 WILCON DEPOT 11.78 11.8 12.2 12.2 11.76 11.8 4582900 54773896 APC GROUP 0.345 0.35 0.35 0.36 0.345 0.35 1040000 364800 EASYCALL 4.7 5 4.45 5 4.35 5 78000 363790 GOLDEN BRIA 315 320 315 320 315 320 260 82612 PRMIERE HORIZON 0.31 0.32 0.31 0.32 0.305 0.32 630000 194900 SBS PHIL CORP 6.75 6.76 6.76 6.76 6.76 6.76 2000 13520 MINING & OIL ATOK 13.12 13.98 13.52 15 13.1 15 11900 156860 APEX MINING 1.65 1.66 1.81 1.84 1.62 1.66 30695000 52381310 ABRA MINING 0.002 0.0021 0.002 0.0021 0.002 0.0021 6000000 12400 ATLAS MINING 2.37 2.95 2.36 2.36 2.36 2.36 35000 82600 COAL ASIA HLDG 0.285 0.295 0.29 0.29 0.29 0.29 190000 55100 CENTURY PEAK 1.89 1.9 1.91 1.91 1.9 1.9 268000 509880 DIZON MINES 6.99 7.01 7.02 7.29 7 7.01 1100 7841 FERRONICKEL 1.69 1.71 1.68 1.71 1.67 1.71 292000 495780 GEOGRACE 0.201 0.203 0.199 0.203 0.199 0.201 30000 6030 LEPANTO A 0.094 0.097 0.098 0.098 0.092 0.094 5860000 553880 LEPANTO B 0.096 0.098 0.099 0.1 0.096 0.098 50000 4900 MANILA MINING A 0.0065 0.0069 0.0065 0.0065 0.0065 0.0065 1000000 6500 MARCVENTURES 1.06 1.1 1.11 1.11 1.1 1.1 90000 99150 NIHAO 0.99 1.01 1.02 1.02 0.99 1.01 30000 29820 NICKEL ASIA 1.93 1.94 1.99 1.99 1.92 1.94 2475000 4810860 ORNTL PENINSULA 0.88 0.9 0.89 0.89 0.82 0.88 960000 820370 PX MINING 2.66 2.67 2.7 2.7 2.65 2.66 1114000 2977860 SEMIRARA MINING 24.95 25 26 26 24.75 25 3076300 77497785 UNITED PARAGON 0.0059 0.0063 0.0059 0.0059 0.0059 0.0059 2000000 11800 ORNTL PETROL A 0.012 0.013 0.013 0.013 0.012 0.012 150700000 1811000 ORNTL PETROL B 0.012 0.013 0.013 0.013 0.013 0.013 2000000 26000 PHILODRILL 0.011 0.012 0.012 0.012 0.012 0.012 28800000 345600 PHINMA PETRO 3.77 3.84 3.9 3.9 3.78 3.84 169000 649490 PXP ENERGY 14.64 14.66 18.14 18.3 13.88 14.66 28673100 456266764

PREFFERED HOUSE PREF A AC PREF B2 DD PREF FGEN PREF G GTCAP PREF B LR PREF MWIDE PREF PNX PREF 3A PNX PREF 3B PCOR PREF 2A PCOR PREF 2B SMC PREF 2B SMC PREF 2C SMC PREF 2D SMC PREF 2F SMC PREF 2G SMC PREF 2I

96 460 97 101 894 1.01 99.5 99.05 102 911 950 75.2 76.2 71.3 74.2 73.6 73.05

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

18.82 5.07 1.68

SMALL & MEDIUM ENTERPRISES ITALPINAS 4.06 MAKATI FINANCE 2.72 XURPAS 1.05

107.6

-92750 -24043060 -8410800 -27373528 84680 -426270 50395 -36040992 17938586 -73727905 -16674425 -2288130 21127870 -49314940 -97060 -29580545 62252768 27804 13310 9600 -436335 -744680 -7600 98870 -171600 -36036 -165000 -804700 -6111200 38739590 693700 -205160 -132870 7000 42680 -18383505 235600 -2461781 -29269500 8436840 -2195981 209920 2297250 -5880 465309.5 11888233 15239252.5 -4146 -14814200 138510 -171590 -20310 -13153349 1,390,129.9999) -47960340 -839520 -2396615 -26149.9997 785565 -29071441.5 9517 2418690 4985912 13799.9999 6380950 6300 -4720 5170 147810 33630 -820640 23981825 -26000 1093612

96 451 97.9 102.5 895 1.03 99.5 102.2 102 990 1000 75.95 76.2 73 74.3 73.7 73

96 489 97.95 102.5 925 1.03 99.5 102.2 102 990 1000 75.95 76.2 73 74.3 73.7 73.5

96 450 97.9 102.5 895 1.03 99.5 102.2 102 990 999 75.2 76.15 71.3 74.3 73.65 73

96 489 97.95 102.5 925 1.03 99.5 102.2 102 990 999 75.2 76.15 72.8 74.3 73.65 73.5

340 2940 10150 250 20 14000 10200 60 50 10 30 2350 100 36150 400000 12300 21140

32640 1397150 994117 25625 18200 14420 1014900 6132 5100 9900 29990 176982.5 7617.5 2584326 29720000 906310 1553785

22500 6132 -

19 5.19

19.2 5.24

19.2 5.24

19 5.19

19 5.19

181000 18000

3450650 93962

-3306230 93962

1.7

1.65

1.7

1.57

1.7

158000

257900

-

4.07 2.75 1.09

4.07 2.95 1.27

4.15 2.95 1.27

3.95 2.72 1.05

4.06 2.72 1.05

451000 11000 16308000

1820040 30400 17860590

137280 -113770

EXHANGE TRADE FUNDS FIRST METRO ETF

6541280 509000 -11418164 -1930245 81264016 2198785 -1944790 -43578 -15188740 1050612 624476 -133398 -23617 29005417.5 -453330 894410 -8297828 104500 -796760 -54835 1173056 159540 347999.9999 -775210 2875 -77876 118428 -3210 1,847,224.0002) 199890 -3970.0002 -147610 5076030 1336074 -

98.8 489 97.9 102.5 925 1.03 101.5 102 108 990 1005 75.95 76.6 72.8 74.95 73.65 73.5

WARRANTS LR WARRANT

115366.5 -20552522 31124745 -162300 -389692 116422140 -1155080 -62810 47063252 -54651 78500 -45275 -

108.3

108.7

108.7

107.5

108.3

2200

237148

-

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Thursday, November 22, 2018

B3

Government allows more traders to import rice By Jasper Emmanuel Y. Arcalas

M

@jearcalas

ANILA will allow rice imports beyond the country’s minimum access volume (MAV) after the National Food Authority Council (NFAC) approved the out-quota guidelines on Wednesday to further boost the Philippines’s stockpile. Agriculture Secretary and NFAC Chairman Emmanuel F. Piñol said interested traders may start applying for permits to import rice at the NFA on November 22. “The purpose of the importation is to bring down the prices of rice,” Piñol told reporters in an interview after the NFAC meeting on Wednesday. Rice imports within the MAV of the World Trade Organization are slapped a tariff of 35 percent, while

those bought into the country outside of the quota are levied a tariff of 50 percent. The NFAC’s move comes ahead of the expected passage of a measure that would lift the quantitative restriction (QR) on rice and replace it with tariffs. Piñol said the NFAC has decided to allow out-quota importation to ensure that the retail price of rice would remain affordable to Filipino consumers.

“Why would I wait for [the rice tariffication]? What if it would take longer? Then consumers would complain that rice prices are increasing,” he said. According to Piñol, interested traders need to meet only three requirements approved by the NFAC— show proof of financial capacity, warehouse capability and retail capability. “These will effectively weed out fly-by-night importers who just apply for import permit and sell them afterward,” he said. “The feeling of the council is that the old system employed did not effectively reduce the price of rice because some import permits of farmers cooperatives are sold at about P100 per bag. And that effectively increases the price of rice by P2 per kilogram,” he added. Piñol brushed aside fears that the NFAC decision to further open up the Philippine rice market would cause an influx in cheap imports and hurt local farmers. “When importers feel that there’s

THIS April 12, 2017, file photo shows different varieties of rice being sold at a local market in Manila. The government on Wednesday approved rules that will allow more traders to import rice outside of the minimum access volume of the World Trade Organization.

so much rice stocks in the market, prices could go down and they will not make money,” he said. “It would be the market that will set the cap. The absorbtive capacity of the market would dictate it. No businessman in his right mind will import rice if he would not earn.” The NFAC did not specify an enddate for the out-quota importation, so traders may import rice provided that they meet the requirements of the council and pay the tariffs. Piñol said the Philippines will start 2019 with a buffer stock equivalent to 134 days of national consumption. He said his estimate does not include yet rice that will be brought into the country by the Department of Trade and Industry (DTI).

‘Enough rice’

THE National Food Authority (NFA) on Wednesday said its warehouses in areas hit by Typhoon Samuel have enough rice. NFA OIC-Administrator Tomas Escarez said he has already instructed the agency’s regional offices in the Visayas, Bicol region, Southern Luzon and Northern Mindanao to secure their stocks “in anticipation for rice distribution and relief operations during and after the storm.” “NFA has at least 1.4 million bags of rice strategically stored in its different warehouses in Regions 4-8, Region 10 and Caraga. These regions are projected to be hit by Typhoon Samuel,” Escarez said in a statement on Wednesday. “Our stocks will be available to local government units [LGUs] and other agencies for their relief operations during calamities,” he added. The NFA said its concerned field offices have already activated their operation centers that would be open for 24 hours in preparation for the typhoon. “The NFA has standing memorandum of agreements with relief agencies like the Department of Social Welfare and Development, Office of Civil Defense, as well as LGUs allowing them to withdraw rice on credit from the food agency for their relief operation anytime during calamities and emergencies,” Escarez said.

S. Korean firms E. coli in romaine lettuce sparks US, Canada warning; PHL safe to assemble farm N machines in PHL T HE Department of Agriculture (DA) said it expects farm equipment to become more affordable after 30 South Korean manufacturers have set up an assembly plant in Batangas. Led by the Korean Agricultural Machinery Industry Cooperative (Kamico), Agriculture Secretary Emmanuel F. Piñol said the South Korean firms would tentatively build an assembly plant in a 50-hectare area in Malvar, Batangas. The assembly plant, which is expected to be operational by late-2019, will produce tractors, harvested, planters and other farm machinery accessories. It would later on be converted into a manufacturing facility, according to Piñol. “It is expected to generate employment for young mechanical engineers and other skilled workers,” he said in a recent Facebook post. “Kamico will also establish a Research and Development Center and a Training Center for farmers and equipment operators,” he added. Citing Kamico, Piñol said a portion of the 50-hectare area would be used as a demonstration farm where the locally assembled farm machines would be showcased. The DA signed a memoran-

dum of agreement with Kamico on Tuesday for the establishment and operation of the demo farm and training center. Quoting Kamico President Shin-gil Kim, Piñol said the South Koreans decided to invest in the Philippines to support the “aggressive” mechanization program of the DA. “Kim said the number of companies which will locate their assembly and manufacturing facilities in the Philippines could reach 50 by 2020,” he said. Piñol said the DA started to engage Kamico in June for a possible investment deal on farm mechanization in the country during a farm machinery and equipment convention in Mactan, Cebu. “During the convention, I invited the companies to relocate in the Philippines to cash in on the farm mechanization program of the government,” he said. In February, the DA rolled out a P400-million loan program that seeks to entice more farmers to invest in modern farm equipment by extending affordable credit to them. Piñol said the new program is part of the DA’s effort to “improve the implementation of the farm mechanization program of the country.” The DA procures farm equipment and machineries, which are being distributed to farmers’ groups. Jasper Emmanuel Y. Arcalas

EW YORK—Health officials in the United States and Canada told people on Tuesday to stop eating romaine lettuce because of a new E. coli outbreak. The US Food and Drug Administration (FDA) said it is working with officials in Canada on the outbreak, which has sickened 32 people in 11 states and 18 people in the Canadian provinces of Ontario and Quebec. The strain identified is different than the one linked to romaine earlier this year but appears similar to last year’s outbreak linked to leafy greens. FDA Commissioner Scott Gottlieb said the agency doesn’t have enough information to ask suppliers for a recall, but he suggested that supermarkets and restaurants should withdraw romaine until the source of the contamination can be identified. People are also being advised to throw out any romaine they have at home. The contaminated lettuce is likely still on the market, Gottlieb told the Associated Press in a phone interview. He said FDA wanted to issue a warning before people gathered for Thanksgiving meals, where the potential for exposure could increase. “We did feel some pressure to draw conclusions as quickly as we could,” he said. In Canada, officials issued similar warnings to the two provinces where people were sickened. They said there was no evidence to suggest people in other parts of the country had been affected. Most romaine sold this time of year is grown in California, Gottlieb said. The romaine lettuce linked to the E. coli outbreak earlier this year was from Yuma, Arizona. Tainted irrigation water appeared to be the source of that outbreak, which sickened about 200 people and killed five. The FDA’s blanket warning in the current outbreak is broader and more direct than the ones issued in the earlier outbreak, said Robert Whitaker, chief science officer for the Produce Marketing Association. In the earlier outbreak, the warnings about romaine from Yuma might have been confusing, he said.

Whitaker said the industry group told members they should cooperate with the FDA and stop supplying romaine lettuce, especially since people have been told to stop buying and eating it.

‘No impact’

AGRICULTURE Secretary Emmanuel F. Piñol assured Filipino consumers that the lettuce sold in local markets are produced locally and are free from E. coli bacteria. “I don’t think we are importing lettuce from the US,” Piñol said in an interview on Wednesday. “E. coli is a local health issue. It doesn’t mean that if romaine lettuce in the US was hit by E. coli then Philippine lettuce is also affected,” he added. AP, with a report by Jasper Emmanuel Y. Arcalas

B4 Thursday, November 22, 2018

NEW A.I.M. BOARD APPOINTEES BRING YEARS OF MANAGERIAL EXPERIENCE TO THE FOREFRONT FREE VOCATIONAL COURSES FOR SUAL RESIDENTS John Alcordo (in photo, fourth from left), chairman and chief executive officer of TeaM Energy; together with Roberto Ll Arcinue (fifth from left), mayor of Sual, Pangasinan, inaugurate the brand-new livelihood and training center in Sual, Pangasinan, which was built through TeaM Energy and the Energy Regulation 1-94 program of the Department of Energy (DOE). The livelihood and training center will offer various vocational courses like baking, dressmaking, pipe fitting, electrical technology and carpentry for free, for the residents of Sual. The ER1-94 program of DOE mandates generation facilities in the country to provide financial benefits equivalent to one centavo per kilowatt hour of its total electricity sales to designated communities. TeaM Energy—a partnership between Japanese companies TEPCO and Marubeni—operates the 1,200-megawatt Sual power station.

EJERCITO GRACES 27TH C.R.E.B.A. CONFERENCE Senate Committee on Housing, Urban Development and Resettlements chairman Senator Joseph Victor G. Ejecito was the keynote speaker at the opening ceremonies of the 27th national convention of the Chamber of Real Estate and Builders’ Associations Inc. held from October 17 to 20 in La Union, with the theme “A Home for Every Filipino: Building Homes, Building Communities, Building Lives”, where he announced to the delegates the imminent passage of the bicam-approved Department of Human Settlements and Urban Development. The convention discussed comprehensively Creba’s 5-point agenda for Housing. In photo are (from left) Creba External Vice President Roberto A. Alvarez Jr., National President Noel Toti M. Cariño, Ejercito and convention chairman lawyer Antonio M. Bernardo.

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HEAsianInstituteofManagement (AIM) is pleased to announce the appointments of Ashok Soota (in photo, left) and Marife B. Zamora as the newest members of the boards of governors and trustees, respectively. Soota is the executive chairman of Happiest Minds, a next generation IT-service company that is widely recognized as one of the pioneering leaders of the Indian IT industry. Happiest Minds has already established several benchmarks in the IT-service industry and is on course to achieve its goal of being the fastest to achieve $100 million revenue. Prior to founding Happiest Minds,

Soota led the growth of Wipro’s IT business from $2 million to $500 million run-rate. Subsequently, he was the founding chairman and managing director of Mindtree, and led it through a very successful IPO. Soota holds a Bachelor of Engineering degree from Roorkee University (now IIT, Roorkee); and Master of Business Administration degree from the AIM. Zamora is the chairman of the Philippine unit of global customer management firm Convergys and was the 68th president of the Management Association of the Philippines, only the third woman president since its inception in 1950.

She pioneered Converg ys Philippines, setting up its first contact center in 2003 and leading its eventual expansion into India, the United Kingdom and Malaysia. In 2011 she became its managing director for Asia Pacific, Europe, Middle East and Africa. In April 2014 she was named chairman of Convergys Philippines. She previously ser ved as managing director of Headstrong Inc., a global provider of integrated solutions and digital technologies. Prior to that, she was w ith IBM Philippines for 18 years, where she held a number of sales, marketing and management positions. In 2011 she earned the title of 100 Most Influential Filipina Women of the World and as Asia CEO’s Global Filipino Executive of the Year. Zamora studied at the College of the Holy Spirit, the University of the Philippines and the Wharton School of the University of Pennsylvania. With their appointment, the AIM looks to further advance its mission of developing leaders and managers who will positively impact Asian businesses and societies. On the occasion of its 50th anniversary, AIM is well positioned to “Lead, Inspire, and Transform”.

Sports

Singh settles anti-doping lawsuit with PGA Tour

BusinessMirror

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| Thursday, November 22, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

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IJAY SINGH has settled his lawsuit against the Professional Golfers’ Association (PGA) Tour over how it investigated his use of deer antler spray, ending more than five years of litigation less than a week before the case was to go to trial in New York. Terms of the settled announced on Tuesday were not disclosed. “I’m very happy for Vijay that the matter has been resolved,” said Jeffrey Rosenblum, one of his attorneys. Rosenblum declined further comment because of a confidentiality agreement. The PGA Tour said in a statement that the settlement reflects a mutual commitment to move forward “as we put this matter behind us.” It ends a rough chapter in the tour’s 10 years of an anti-doping program. Singh was approaching his 50th birthday when he said in a Sports Illustrated article at the start of 2013 that he used deer antler spray, which was said to include an insulin-growth factor that was on the tour’s list of banned substances. The tour sent a sample from Singh to be tested, and it returned small amounts of IGF-1. Under the tour’s policy, admission of using a banned substance is a violation even without a test. The tour told him on February 19, 2013, that he would be suspended for three months. Two months later, the tour decided to drop its case. During the appeals process, then-Commissioner Tim Finchem said the World Anti-Doping Agency said it no longer considers deer antler spray prohibited except for a positive test result because it contained such a tiny amount of IGF-1. The next week, Singh sued the tour, claiming “public humiliation and ridicule” during the 12-week investigation. Singh’s lawyers said the tour “rushed to judgment in accusing one of the hardest-working players in golf.” Singh, who grew up in Fiji, set a PGA Tour record by winning 22 times after turning 40. He won 34 times on the PGA Tour, including three majors, reached No. 1 in the world and was inducted into the Hall of Fame. He ended the PGA Tour Champions season a week ago by shooting 61 in the final round to win the Charles Schwab Cup Championship. At age 55, Singh still played nine times on the PGA Tour this year, though his best finish was 49th in the Masters. The tour said in its statement that it does not believe Singh intended to gain an unfair advantage by using the deer antler spray. “Vijay fully supports the PGA Tour’s Anti-Doping Program and all efforts to protect the integrity of the game that he loves so much,” the statement said. AP THE Vijay Singh case ends a rough chapter in the tour’s 10 years of an anti-doping program. AP

NICKLAUS-PALMER BUT unlike Tiger Woods-Phil Mickelson, who never really squared off in a major until Woods’s fifth year on the tour, Jack Nicklaus famously beat Arnold Palmer in a playoff to win the 1962 US Open at Oakmont in Palmer’s backyard.

STILL THE STANDARD By Doug Ferguson The Associated Press

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EST PALM BEACH, Florida—Jack Nicklaus says if he were in a high-stakes match in Las Vegas in his prime, the most compelling opponent would be Arnold Palmer. Never mind that he considers his toughest rival to be Tom Watson. Or that he finished runner-up to Lee Trevino in majors four times in seven years. With apologies to the super-hyped exhibition between Tiger Woods and Phil Mickelson on pay-per-view, any talk of rivalries in golf starts with Nicklaus and Palmer. “I rarely lost to Arnold,” Nicklaus said last week before an American Cancer Society benefit. “We never ended up coming down the stretch every much.” Nicklaus was a runner-up to him six times, including the 1960 US Open at Cherry Hills as a 20-year-old amateur. But unlike Woods-Mickelson, who never really squared off in a major until Woods’s fifth year on the tour, Nicklaus famously beat Palmer in a playoff to win the 1962 US Open at Oakmont in Palmer’s backyard. “Arnold and my rivalry became more from the two us,” Nicklaus said. “We would play together a lot. We were paired a lot. And usually we beat each other up and we ended up giving the tournament away. That’s why they talk about the rivalry. Everyone was interested in who won that day, not who won the tournament.” Nicklaus was reminded of the 1970 US Open at Hazeltine, where the tournament scoreboard had the names Palmer, Nicklaus and Gary Player at the bottom

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‘CARE TO WATCH ON PPV?

HE winner between Tiger Woods and Phil Mickelson might be the least relevant aspect of their Friday night match in Las Vegas. Far more compelling was the outcome of a 72-hole exhibition played over two courses for an obscene amount of money— Harry Vardon received nearly seven times more than what he had won from his one-shot victory over Willie Park Jr. in the 1898 British Open. That next summer, Vardon and Park played an exhibition billed by the British press as the greatest golf competition ever. Vardon won 100 British pounds with his 2-up advantage at North Berwick before 10,000 spectators, and another 100 pounds for completing the 11-and10 rout at his home course of Ganton. So Woods versus Mickelson is nothing new, except the public is not allowed at Shadow Creek. What’s unique about this exhibition, with $9 million supposedly going to the winner, is the delivery. This is golf’s first venture into pay-per-view, and organizers were smart to keep the price at $19.99, which is about 25 percent of what a compelling heavyweight fight would command.

How many people care enough to sign up on Black Friday? “Um, no,” Rory McIlroy said when he was asked last week in Dubai if he would pay to watch. “I contemplated it. I was having lunch with Phil at one of the FedEx Cup events and I said, ‘I might watch it.’ He took $25 out of his pocket and said, ‘No, here’s $25, I’ll pay for it for you.’Thank you.” McIlroy says it might have been worth it 15 years ago, but that now it has “missed the mark a little bit.” Woods and Mickelson remain the two biggest names in golf even in this tidal wave of youth, but their one-sided rivalry—Woods was the only rival Mickelson had, not the other way around—has been dormant for five years. This feels old, and the relentless promotion at times has made it feel contrived. Is it a bad idea? Not at all. There is no downside to Woods and Mickelson squaring off in a pay-perview event on a beautiful golf course at Shadow Creek that everyone seems to know but hardly anyone has seen. But when the biggest upside is that there’s no downside, selling it becomes an uphill battle. There will be plenty of talking, and Mickelson is rarely without words. There will be side action. That’s part of what makes this different from the “Showdown at Sherwood,” a Monday night exhibition between Woods and David Duval in 1999 when they were in their prime and battling for No. 1 in the world. The question is whether it has a future. That’s about the only thing that piques the interest of Alastair Johnston, vice chairman of IMG who knows a little about these golf exhibitions. Johnston was deeply involved with the Skins Game when it began in 1983 until it had run its course in 2008. In the midst of that run were the Monday night matches that featured Woods against Duval, Sergio Garcia and then a team format that ended—thankfully—when it had Woods, Mickelson, John Daly and Retief Goosen. “It’s very tough for me to criticize it, but it’s very tough to praise it,” Johnston said.

the entire week. None of them finished in the top 40. “I’ve never seen a tournament ever do anything like that,” Nicklaus said. Nicklaus also finished runner-up in the majors four times to Watson, all coming down to the final few holes, none more dramatic than Turnberry in 1977. “Watson was the toughest,” Nicklaus said. “He was a kid with blinders on. I love the way Tom played.” Trevino won by four shots at Oak Hill in the 1968 US Open, then beat Nicklaus in a playoff at Merion in 1971 and denied Nicklaus the third leg of the Grand Slam a year later by beating him at Muirfield. And in 1974, Trevino got him by one shot at Tanglewood in the Professional Golfers Association (PGA) Championship. “He thrived on competitive moments,” Nicklaus said. But Palmer? That was different. He said the rivalry started in 1958 when Nicklaus, an 18-year-old amateur, was invited to take part in a day honoring Dow Finsterwald. “On the first tee we had a driving contest,” Nicklaus said. “Arnold drove it on the green. I drove it 30 yards over the green. I never let Arnold forget that. I’d say, ‘Hey AP, we had one driving contest, I hit it 30 yards by you.’ He’d say, ‘Yeah, but I shot 63 that day and you shot 67.’ To me, that was the start of our rivalry. Ever since we played, we always had fun with that. “I’d say, if I hadn’t shot 39 on the last nine holes at Cherry Hills, no one would have ever heard of you.’ And he’d say to me, ‘If I hadn’t three-putted nine times in 1962, nobody would have ever heard of you.’That was our banter.” There was no social media back then. Or pay-perview.

That covers a lot of territory for a lot of golf fans. Those who live to criticize will be reaching for low-hanging fruit. Those who want to watch Woods and Mickelson go head-to-head will have no trouble finding entertainment. “I’ll be interested, from a professional standpoint, in how many viewers it gets, how many pay,” Johnston said. “How many people actually care to spend money on that, and does it lead to other opportunities and different delivery systems? Golf hasn’t been tested like that. That’s what intrigues me.” The Professional Golfers Association Tour has approved only one of these matches, even as there is talk of a franchise. History suggests this won’t have much staying power. The Skins Game was ideal for Thanksgiving weekend, and there was plenty of star power among Jack Nicklaus, Arnold Palmer, Gary Player, Lee Trevino, Tom Watson, Fred Couples and others. Golf has that now with a strong core of young major champions, and perhaps that’s in the future. But more episodes of Woods and Mickelson will get old, and history suggests that Woods and any collection of players might not be enough. In the old Monday night exhibitions, Woods went from a 7.6 national rating with Sergio Garcia to a 3.0 in the last of the team events. So the only outcome on Black Friday is how many care, even when it involves the one player everyone loves to watch. Johnston recalls not so fondly the time he put together a unique concept in 1997, the year Woods set 20 records at the Masters and won by 12. He was to play against Michael Jordan, Ken Griffey Jr. and Kevin Costner. For every hole Woods won, they could choose which club to take out of his bag. They had walk-up music. It was taped to be shown on Christmas Day. It was called “Tiger & Friends.” But then Jordan and Costner had to pull out, replaced by Nascar driver Jeff Gordon and actor Chris O’Donnell. And then it rained. The forecast is for sunshine and mild weather in Las Vegas on Friday. AP

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Business

C2 Thursday, November 22, 2018

Love could be out until ‘new year’ C LEVELAND—Cavaliers All-Star forward Kevin Love may not be back until sometime in 2019 following foot surgery. Love had an operation on November 2 to relieve pain and pressure in his big left toe, which he injured in the club’s preseason opener. At the time, the team said Love would be out at least six weeks and his status would be updated in “approximately” when that period ended. On Tuesday, Love said in an interview on ESPN that he expects “to be back sometime after the new year.” Love said he’s going in to a restrictive boot for two more weeks. “There’s just no telling at this time with the

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LEVELAND—The air was heavy, heaving with hatred. And when LeBron James skipped onto the Quicken Loans Arena floor on December 2, 2010, with his Miami teammates, scorned Cleveland fans aimed their fury at one of their own, the kid from Akron who was shaken by the experience. James was profanely taunted, booed and mocked. It was vile. It was personal. Eight years later, he’ll feel loved. James returns to Cleveland on Wednesday night for the first time since leaving as a free agent last summer and signing with the Los Angeles Lakers. He’s coming back to a city still grappling with losing him again and wondering what might have been had the world’s best all-around player stayed. But unlike his previous comeback, the 33-year-old is coming home to be saluted for what he did during 11 years with the Cavaliers. He revived a franchise, lifted an entire region and brought a championship. “It’s going to be fun,” said Cavs forward Kyle Korver, who spent two seasons with James. “LeBron had an incredible run in Cleveland. He touched Cleveland. He touched

Ex-MSU head charged with lying about Nassar

weight-bearing injury what it is going to be like moving forward,” he said. Love’s loss was a devastating blow for the reeling and rebuilding Cavs, who are a leagueworst 2-13 heading into Wednesday’s game against LeBron James and the Los Angeles Lakers. A five-time All-Star, Love signed a four-year, $120-million contract extension this summer. AP KEVIN LOVE’S loss is a devastating blow for the reeling and rebuilding Cavs. AP

NOT A VILLAIN, BUT A CHAMP Akron. Us as individuals, we were all fortunate to get some time with him. I think hopefully he feels that. I think it’s going to be positive overall, and it should be.” Early in the game, the Cavs will show a video tribute of the franchise’s career leader in virtually every statistical category. The images will capture his stirring run in Cleveland—the buzzer-beating shots, the iconic chase-down block on Golden State’s Andre Iguodala in Game Seven of the 2016 NBA Finals, James’s teary reaction to winning an NBA title and the parade celebrating the city’s first sports championship in 52 years.

NBA RESULTS

Toronto 93, Orlando 91 Washington 125, LA Clippers 118 Brooklyn 104, Miami 92 Portland 118, New York 114 There will also be reminders of his immense impact off the court, including the opening of his I Promise School in Akron, an elementary school for at-risk kids. But he’s keeping his perspective on this Thanksgiving week homecoming.

UNLIKE his previous comeback, LeBron James is coming home to be saluted for what he did during 11 years with the Cavaliers. AP

“I don’t try to put too much into it,” he said on Sunday night in Miami after scoring 51 in a win over the Heat. “I will see some familiar faces. I’ll think about some of the good. I’ll think about some of the bad. I’ll think about some of the great times that I had with the franchise, obviously. And then once the tip-ball gets going, it’ll be time to go to work. “It’ll be good to see some of my family that’s going to come to the game, see some of my friends as well, and get the thing going.” On that cold December night in 2010, James wasn’t sure what to expect months after his “taking my talents to South Beach” announcement had incensed Cleveland fans, driving some to burn his jersey. More frightening was the reception James received in his first game back. Security was beefed up to unprecedented levels, but nothing could shield James from the vicious words. There were chants of “Ak-ron hates you” and “Scott-ie Pipp-en” and fans held up signs calling him a traitor, liar, sellout and worse while a national TV audience watched an ugly divorce played out in real time. Cavaliers owner Dan Gilbert had fueled the disdain in a letter written to Cleveland fans on the night James announced he was joining Dwyane Wade and Chris Bosh in Miami. But while the negativity crashed down upon him, James, as is usually the case, soared. He performed his pregame chalk-toss ritual and then dropped 38 points on the Cavs in Miami’s 118-90 rout that galvanized the Heat and teased two future titles. James passed on a chance to apologize for his leaving afterward, and there seemed to be no chance for reconciliation with Cleveland or its fans. That, of course, changed four years later when he forgave Gilbert, came home and carried the Cavs to the title he had promised to deliver. In 2010 he came back a villain. Now, he’s a champion—Cleveland’s own. James said he isn’t sure what kind of reaction he’ll receive, but he’s confident it won’t be anything like before. He’s changed. The city is different, thanks in part to him. His second stint with the Cavs may have ended earlier than anyone in Cleveland wanted, but anger has been replaced by appreciation. “I think whatever happens, happens,” he said. “But I will be in uniform, I will be there and I will be trying to get a victory. That’s what’s most important.” AP

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ANSING, Michigan— Ex-Michigan State University (MSU) President Lou Anna Simon was charged on Tuesday with lying to police during an investigation of the handling of serial sexual abuser Larry Nassar—the third current or former campus official other than Nassar to face criminal charges in the scandal. Simon, who stepped down under pressure in January, spoke with state police investigators on May 1. She is accused of making two false and misleading statements—that she was unaware of the nature of a sexual-misconduct complaint that sparked the school’s 2014 Title IX probe of Nassar, and that she only knew a sports medicine doctor, not Nassar himself, was under investigation at that time. If convicted of two felony and two misdemeanor counts of lying to a peace officer, the 71-year-old Simon faces up to four years

in prison. The Mason resident is scheduled to be arraigned on Monday in Eaton County near Lansing. One of her attorneys, Lee Silver, called the charges “completely baseless” and said he had not seen a “shred of evidence” to support them. “In my opinion, the real crime here is that these charges are even being brought,” he said. “We are confident that when we have our day in court, Dr. Simon will be exonerated and these charges will be proven to have no merit.” University spokesman Emily Guerrant said Simon, who stayed on at MSU to do research while preparing for a return to teaching, is taking an immediate unpaid leave of absence from her $750,000-a-year job “to focus on her legal situation.” The charges were filed by special independent counsel Bill Forsyth, who was appointed by Michigan Attorney General Bill Schuette to investigate Michigan State’s handling of Nassar. Forsyth declined comment. Simon is the fifth person to be criminally charged in the wake of Nassar’s convictions for molesting young female athletes under the guise of treatment. Numerous other people have lost their jobs or have been sued. In June, Simon told a congressional committee that she was “horrified” that Nassar’s crimes occurred during her tenure and had she known he was sexually abusing young women, “I would have taken immediate action to prevent him from preying on additional victims.” She also told senators that when she was informed of the Title IX probe in 2014, she knew it involved a “sports medicine physician” but did not know Nassar was the one under review. In August Schuette charged former MSU gymnastics Head Coach Kathie Klages with lying to an investigator when she denied that witnesses told her years ago about being sexually assaulted by Nassar. In March, the ex-dean of the osteopathic medicine school, William Strampel, was charged with neglecting his duty to enforce examining-room restrictions imposed on Nassar after the 2014 Title IX investigation. That probe, initiated by a patient, resulted in the school clearing Nassar. He was fired in 2016 after another victim went public and filed Title IX and police complaints. In Texas, former USA Gymnastics President Steve Penny was charged last month with tampering with evidence while a former sports medicine trainer, Debra van Horn, was charged in June with “acting as a party” with Nassar in the sexual assault of a child. AP

NEVER TO VANDALISM

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UBUQUE, Iowa—A man accused of driving onto and damaging the eastern Iowa baseball field made famous by the 1989 movie Field of Dreams must serve two to five years of probation. Television station KCRG reports that 21-year-old Austin Pape, of Dyersville, also was granted a deferred judgment at his sentencing on Monday in Dubuque. A deferred judgment allows Pape’s conviction to be removed from court records if he fulfills his probation terms. Investigators say Pape acknowledged driving onto the field on January 22. The field sits just outside Dyersville, 220 kilometers northeast of Des Moines. Thousands of people visit the property every year, running around the bases and walking to the surrounding cornfields. Pape pleaded guilty in September to felony criminal mischief after prosecutors dropped a charge of reckless driving. AP

CELEBRATION

India’s Khaleel Ahmed celebrates after he got the wicket of Australia’s D’Arcy Short (not shown) during the first T20 International cricket match between Australia and India in Brisbane, Australia, on Wednesday. AP

FOUR YEARS FOR DOPING

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ONDON—British sprinter Nigel Levine, who has won world and European championship medals, has been banned for four years for doping. The UK Anti-Doping (UKAD) agency says Levine tested positive in an out-of-competition test last year for the banned substance clenbuterol, which can be used to burn fat. UKAD’s ruling says Levine accepted a fouryear ban in August after arguing “one of the

supplements” he was taking was contaminated. UKAD says Levine provided two samples of a supplement for testing, but it couldn’t test them because one container was empty and the other was from a different batch to the one Levine said he’d taken. Levine won the 4x400-meter relay at the 2014 European indoor championships, silver in the same event at the 2012 European championships and relay bronze at the 2013 world championships. AP

orts

sMirror

Thursday, November 22, 2018

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TAMS IN FINAL 4 By Ramon Rafael Bonilla

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Zobel boys deal NU first setback

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E LA SALLE-ZOBEL dealt defending girls champion National University (NU) its first loss with a stunning 25-18, 25-12, 18-25, 25-20 victory on Wednesday in the University Athletic Association of the Philippines Season 81 high-school volleyball tournament at the Blue Eagle Gym. Alleiah Malaluan was sensational for the Junior Lady Spikers with 20 points, including seven service aces, eight receptions and seven digs. Justine Nazareno also had seven aces to finish with 10 hits for De La Salle-Zobel, which improved to 8-2 and assured itself of a playoff for the twice-to-beat slot in the Final Four. Faith Nisperos led the Bullpups with 14 points. Despite the loss, NU is already assured of a twiceto-beat semifinals incentive. Kate Santiago had 12 points as Adamson University secured the third semifinals berth with a 28-26, 28-26, 25-13 conquest UP Integrated School. The Lady Falcons now have a 7-3 card, still trailing the Junior Lady Spikers by a game in the race for the No. 2 seed in the Final Four. University of Santo Tomas moved closer in advancing to the next round with a 25-21, 25-14, 2523 win over University of the East. Imee Hernandez led the way for the Junior Tigresses with 10 points. With a 6-4 slate, UST has opened a two-game cushion over fifth-running Far Eastern University-Diliman.

FAR Eastern University’s Kevin Ebona scramble for the ball with De La Salle’s Justine Baltazar. NONOY LACZA

Ball Hammers target semis

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TA. ELENA-NATIONAL University (NU) seeks to nail the second semifinal berth as it faces winless Fury as Air Force and Prima-Far Eastern University (FEU) square off in a key duel in the Spikers’ Turf Open Conference at the Blue Eagle gym in in Quezon City on Thursday. The Sta. Lucia Ball Hammers, led by the league’s top scorer Bryan Bagunas and Angelo Almendras, have racked up three straight victories since absorbing a four-set defeat to Cignal TV side on October 19, including back-to-back five-set escapes

PETRON EYES 1ST ROUND SWEEP

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ETRON guns for a sweep of the first round when it clashes with a red-hot Foton side in the Philippine Superliga All-Filipino Conference on Thursday at the Filoil Flying V Centre in San Juan. Battle starts at 7 p.m. with the Blaze Spikers hunting for their seventh straight win against the tough Tornadoes, who won five of their six matches in the women’s club tourney bankrolled by Isuzu, Sogo, Asics, Mikasa, Mueller, UCPB Gen and Bizooku with Genius Sports as technical provider. Prior to that F2 Logistics will secure the third spot as it faces Smart at 4:15 p.m., while Generika-Ayala tries to forge a tie with idle Cignal

when it tackles Cocolife in the 2 p.m. opening match of this battle that also has ESPN5, Hyper HD and Aksyon TV as broadcast partners. A victory by the Blaze Spikers over the Tornadoes will give them the top spot and a chance to be in Pool A together with the third, sixth and eighth-seeded teams for another round of action in the second half of the preliminaries. On the other hand, either Foton or F2 Logistics will take the second spot and join the fourth, fifth and seventh-ranked squads in the next round, making this explosive tripleheader very crucial and exciting for local volleyball aficionados. Reigning champion Petron is definitely the

He’s Bright! TESSA JAZMINES | tessa4347@gmail.com

PART OF THE GAME HE was a big basketball name that buzzed in the grapevine of the University Athletic Association of the Philippines (UAAP) circles in the 20162017 season. A big, dominating star of the other collegiate league, the National Collegiate Athletic Association (NCAA) out of the University of Perpetual Help System Altas. He was a member of the NC’s Mythical Five in 2015 and an All-Star Most Valuable Player in 2016, with the reputation of being a powerhouse, a monster at the game, a hulking presence particularly in the paint. He averaged 17 points, 12.1 rebounds, 1.7 blocks, and 1.3 assists for Perpetual in the NCAA. Several UAAP schools pursued him, among them Ateneo de Manila and De La Salle. But in January 2017, he chose to move to the University of the Philippines (UP), which surprised everyone. Some said it was his good relationship with UP Fighting Maroons Coach Bo Perasol, that was the deciding factor. Bright said prayer helped him decide to go to UP. Well, looks like the decision was good for both Akhuetie and UP. The Big Man has helped to bring the Fighting Maroons to long uncharted territory: The Final Four. In turn Akhuetie’s talent and efforts have been rewarded with something really big for him, game-wise. He is Season 81 MVP and a member of his new league’s Mythical 5—a constant double-double artist. His UAAP numbers pre-Final Four are : 18.86 points and 14.64 rebounds and a total of 82.5 statistical points, which led UP to a third-seed finish at the end of eliminations. Most of us know what Bright Akhuetie is as an athlete. But not many know what he is as a student. Is he as bright as his name? Is he as dominant as his game? The answer is yes. While serving his residency in UP’s Diliman campus in UAAP Season 80, Bright was a fulltime student who attended all his classes, got to know fellow students, soaked in the sylvan delights of the UP Campus and hanged

RVIN TOLENTINO sank a go-ahead triple with 3.1 seconds left as Far Eastern University (FEU) edged De La Salle, 71-70, to punch a ticket to the Final Four in Season 81 University Athletic Association of the Philippines men’s basketball action on Wednesday at the Smart Araneta Coliseum. With neither team giving an inch right from the opening buzzer, the Tamaraws showed that they meant business at crunch time book their sixth straight Final Four appearance. They will face the defending champion Ateneo Blue Eagles—who own a twice-to-beat advantage as the semifinals top

out in all the famous haunts of UPD, including its famous Eat Street—popularly known as Area 2. There, Bright sampled the quirky fare that fueled UP Iskos and Iskas (short for Iskolar ng Bayan) in their daily campus life. Here’s a sample platter of a fun menu: Iskomai (siomai), Iskoramble (the iced treat known as scramble), Pan Tea (pandan tea), Siomai Egg (siomai with quail egg), Pot Pots (mojo potatoes) and LB Fruit Shakes (Lutong Bahay shakes), among others. Despite his basketball stature in the leagues, Bright was a regular student in UP. “He would attend his classes regularly and recited well in class”, said Keith Magcaling, his classmate in Sports Science 100. “He’s not bookish or anything. In fact he’s makulit, loves to crack jokes, make funny comments and he puts everyone at ease. He doesn’t act like he’s a big man on campus even if he is.” “He’s a really smart fella,” continued Keith. “Once we had a group report to do and Bright didn’t have a group yet. We took him in on the spot and just gave him an overview of what our report would be. He was able to present right then and there and he made very good sense. We, his group mates and the professor were impressed.” Bright Akhuetie, in fact, is a college scholar— the equivalent of a dean’s lister in other schools. He works hard for the grades, attending practice twice a day and gets no allowances from his professors. He takes on his share of quizzes, papers, reports, exams and extra assignments. Like former UP Fighting Maroons basketball captain JR Gallarza and UP Women’s Volleyball captain Kathy Bersola before him, he plans to graduate with honors. “Education is what everybody should fall back on so that is why I want to graduate with honors because getting that from UP is wow!” he said in an earlier interview. Teammate Janjan Jaboneta #17 gives his own two cents on Bright: “You can always count on him. If you have a problem, he’s like our kuya on the team. He wants everybody to contribute, especially ’yung players who aren’t

over PLDT and Prima-FEU to post a 5-2 card. And ranged against a winless rival, Sta. Elena is heavily favored to get past Fury in their 11 a.m. encounter although a reversal is not being ruled rout with the Blazing Hitters also going all out to score the elusive win and stop the Ball Hammers. Focus will also be on the Air Force-Prima match at 1 p.m. with the Agilas also riding the momentum of a three-game run to zero in on one of the semis seats with a 4-1 slate. But at, 4-3, and in joint fifth with idle Ateneo, team-to-beat. In fact, it won all but one set in its first six matches, sparking speculations that it is on track to sweep the tournament similar to what it did in 2015 when the core of Rachel Anne Daquis, Dindin Manabat and Aby Maraño won 13 straight matches en route to the title. Petron Coach Shaq de los Santos, however, said it’s still a long way to go. “We’re really happy with what we have right now, but I always tell my players not to be complacent or contented,” said de los Santos following their impressive 25-9, 25-12, 25-6 win over struggling Sta. Lucia late Tuesday. “I let them enjoy the win today. But I have to remind them that tomorrow will be a different story. We need to go back to practice and work hard because our mission is not yet done.” used much. Gusto niya ipakita nila ang galing nila tapos siya ang parating nagsasabi sa akin na wag akong matatakot magkamali kasi alam niya magaling ako. Pag alam niya may mali sa amin, sinasabihan niya at prangka siya sa tao. Pagdating sa laro, wala akong masabi kasi utak at puso ang laro niya. Ayaw niya matalo. Malaking bagay na dumating siya sa team kasi siya ang missing piece ng UP sa loob ng 21 years.” Guard Jarrell Lim adds his own take on Season 81’s MVP : “He’s a great teammate. He is a leader on and off the court. It’s easy to get along with him because he knows when to be serious and when to be silly. That’s what I like about him. Bright pushes you to your limit and brings you up when you’re struggling. He is also down to earth. He has never boasted about any of his stats or achievements. What people don’t know is that he works hard for his family back in Nigeria. You will never see Bright eating in fancy restaurants. He always eats in Area 2 because he thinks about his family a lot. I also heard he’s doing great in his studies. He is a consistent college scholar who always attends his classes. His professors can attest to that.” Now that the Fighting Maroons have achieved their goal of being in the Final Four, Akhuetie has often been referred to as the messiah who brought his team there. But Bright is quick to downplay the importance and contributions of foreign players to a team. “Isang tao lang ’yon, hindi niya kayang lumaban sa lima,” he says in fluent Tagalog. “The whole team must play and contribute together in order to win.” Bright Akhuetie and the UP Fighting Maroons now face the biggest test of their inspiring season as they begin their Final Four campaign on Saturday, November 24. Finishing third, they will have to defeat second-place Adamson twice in order to open the door to a bigger dream only the 1986 team of Ronnie Magsanoc, Eric Altamirano and Benjie Paras have last experienced. Will he lead this promising team and its long-suffering faithful to the Promised Land? “No promises,” he says in his typical low key way. “All I promise is to give it my best every day. We’ll take it one step at a time. But yes, we’re one step closer to our dream which is to win a championship. But we’ll just take it one step at a time.” So. The present seems already bright for the denizens of Diliman, but who knows? The near future could be even brighter for Mr. Bright Akhuetie and his brother Maroons.

Prima-FEU Tams need to sweep their last two games to stay in the race for a playoff for the last semis berth with four playdates left in the single round robin elims among 10 teams. Army (2-5) and Instituto Estetico Manila (0-7), meanwhile, collide in a duel of ousted teams at 3 p.m. PLDT crushed Navy in three last Tuesday to claim the first semis slot with Cignal and Sta. Elena at joint second at, 5-2, and Air Force tipped to advance with a 4-1 slate.

seeds—on Sunday in the same venue. “I love how this team battled through adversity. They never gave up even after our four-game losing streak,” FEU Head Coach Olsen Racela said as the squad recovered from a string of losses early in the second round. “It’s just fitting that we made it to the Final Four this way,” added Racela, who will be squaring off with his alma mater. The Green Archers led, 70-66, on an Aljun Melecio basket in the final 1:03 of the do-or-die game. But the Tamaraws didn’t let their guard down and showed resiliency with defensive stops and 2 perimeter baskets that keyed their win. Ken Tuffin drilled a long jumper that put

FEU within two and De La Salle failed to score in their possession to give the Tamaraws that slim hope of bagging the game. With the golden chance to steal the match, Jasper Parker, who earlier assisted Tuffin, found an open Tolentino who nailed the winning triple. The Green Archers had the chance to reverse the outcome, but Santi Santillan’s attempt from a Melecio pass rimmed out. Tolentino led FEU with 15 points that went with five rebounds. Kevin Ebona listed a double-double or 12 points and 16 boards. Santillan was the lone double-digit scorer for De La Salle with his 20 points. The Taft-based dribblers will miss the semifinals for the first time since 2015.

Irebu’s double-double lifts UST

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ONGO’s Grace Irebu had a double-double effort of 29 points as University of Santo Tomas (UST) reasserted its mastery of De La Salle, 79-67, to claim the remaining Final Four berth on Wednesday in the University Athletic Association of the Philippines Season 81 women’s basketball tournament at the Smart Araneta Coliseum. It was the Tigresses’ second win over the Lady Archers in five days, having beaten the Taft-based squad, 68-65, last Friday that forced the playoff for the No. 4 spot. Clare Castro had 25 points and 16 boards as Far Eastern University clinched the twice-to-beat bonus in the step-ladder semifinals with a 67-63

conquest of Adamson University. Sai Larosa added 18 points and four boards, while Tin Capalit was the other UST player in twin digits with 16 markers. The Tigresses will face another do-or-die match—this time against the Lady Falcons in the first step-ladder match 11 a.m. on Sunday also at the Big Dome. The Lady Tamaraws also drew big game from Valerie Mamaril, who had 14 points, four boards, and four assists. National University, gunning for a fifth straight title, jumped straight to the Finals after another 14-game elimination round sweep.

Sports

VENUS CASE SETTLED W

EST PALM BEACH, Florida—Tennis star Venus Williams has settled a wrongful death lawsuit related to a fatal car crash in Florida, court records show. Palm Beach County court records show that the case was closed on Friday. Terms of the agreement between Williams and the estate of Jerome Barson, 78, weren’t included in the documents. Palm Beach Gardens police previously cleared both Williams and Barson’s wife, Linda, in the June 9, 2017, crash that fatally injured Barson. A police report said an unidentified third vehicle illegally cut off Williams as she tried to cross a busy six-lane highway near her home, setting off a chain of events that ended with a sedan driven by Linda Barson, 68, slamming into the passenger side of Williams’ sport-utility vehicle (SUV). Jerome Barson died 13 days after the crash, and his wife suffered a broken arm and other injuries. Williams, 38, was not hurt. Officer David Dowling, the lead investigator, said in his report that video from a nearby security camera shows Williams legally entered the intersection from a road exiting

her gated neighborhood on a green light. As she started to cross, a dark sedan cut her off, forcing her to stop. When the sedan cleared her path, Williams began moving forward in her 2010 Toyota Sequoia, but that put her in the path of the Barsons, who now had the green light. The Barsons’ 2016 Hyundai Accent hit Williams’s SUV at 40 mile per hour (65 kilometer per hour). Dowling said in his report that state law required Williams to exit the intersection, and that even though Linda Barson had the green light, she was obligated to make sure the intersection was clear. Williams has career on-court earnings of about $40 million, her own clothing line and endorsement deals with Ralph Lauren, Kraft foods, Tide detergent and Wilson sporting goods. She also owns a small percentage of the Miami Dolphins. Attorneys for Williams and the Barsons didn’t immediately return messages seeking comment. The Davis Cup and the Laver Cup, meanwhile, are getting a new team-competition companion. The men’s tennis tour said on Thursday that the debut of the Association of Tennis Professionals (ATP)

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| Thursday, November 22, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

THE terms of the agreement between Venus Williams and the estate of the victim weren’t included in the documents. AP

FRANCE BEATS URUGUAY TO CAP SUCCESSFUL YEAR

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Cup will take place in January 2020, just a week before the start of the Australian Open. The announcement of the 24-team event comes three months after the International Tennis Federation—backed by a group of investors spearheaded by Barcelona soccer player Gerard Pique—said it would hold a one-week competition for 18 nations in Madrid in November 2019. The ATP Cup will be played over 10 days in three yet-tobe-confirmed Australian cities. “You can have multiple team events, that’s not the issue,” ATP President Chris Kermode said. “The issue is that the timing is so close, and I get that. I’m really, really confident that down the line we will find a resolution for this.” The ATP Cup, which will offer $15 million in prize money for players, will be held in partnership with Tennis Australia. The location and timing is intended to provide ideal preparation ahead of the Australian Open, with the first Grand Slam of the season starting in Melbourne a week later. Tennis Australia is also a partner of the Laver Cup, another annual team competition, which began in 2017 and pits European players

against a “World” team in September. “We’ll make sure that, in 2020, we run a great event, and we’ll do whatever we can in partnership with the tour and others to ensure that Davis Cup is also a magnificent global event,” Tennis Australia CEO Craig Tiley said. Roger Federer, the 20-time Grand Slam champion who cofounded the Laver Cup, said that he would like to “wait and see,” how the new tournaments go. “If you make it in a team format, it can be fun,” Federer said. “Players enjoy being with somebody else, than just fighting for yourself. I see it in their eyes.” Nations will qualify for the ATP Cup by virtue of the ranking of their highest-seeded player and will then be split into six groups of four to compete in a round robin, which will feature one doubles contest and two singles matches. Unlike the Davis Cup, the ATP Cup will offer ranking points, which will be based on individual results. A player who wins all his matches—and the tournament—could claim 750 points. The launch took place at the O2 Arena in London, where the men’s tennis tour’s flagship event. AP

ARIS—Olivier Giroud scored from the penalty spot for France as the world champion beat Uruguay 1-0 in a friendly match on Tuesday to conclude an exceptional year with a rather mundane display. The French bounced back from a 2-0 loss at the Netherlands that cost them a spot in the UEFA Nations League finals but failed to impress in front of their home crowd ahead of a four-month pause before the next international break in March. The win was also marred by teenage forward Kylian Mbappe having to leave the game with a shoulder injury. Coach Didier Deschamps, who led France to a second World Cup title this summer in Russia, had made changes at the back following the loss in Rotterdam, with Adil Rami starting at the heart of the defense alongside the returning Mamadou Sakho, who played his first international in more than two years. Ferland Mendy won his first cap at left-back, and midfielder Tanguy Ndombele started in place of Steven Nzonzi, who disappointed against the Dutch and was sent to the bench. The French played aggressively in midfield from the start and dominated throughout against an uninspired Uruguay team that defended deep and left a lot of space for the hosts to exploit. Uruguay strikers Edinson Cavani and Luis Suarez were shut down by the French defenders but the world champions rarely threatened. “We needed this, we finished the year on a good note after what we went through this summer,” Giroud said. “We are a bit disappointed we did not qualify for the final four, but we wanted to show a good reaction, and we did it.” Mbappe was at the heart of most of France’s chances before his injury. He missed a good chance 15 minutes in when he collected a pass from Antoine Griezmann and broke into the box but completely fluffed his shot. He hurt his shoulder on the half-hour mark after he failed to convert another one-one-one with Uruguay keeper Martin Campana, who dived at his feet to block the ball. Mbappe fell over after making contact with Campana and landed awkwardly on his right shoulder, forcing Deschamps to substitute him for Florian Thauvin. AP

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Golden rule

ORD Jesus, thank You for the encouraging words, appreciative remarks, welcoming gestures, others have for us which we treasure so much. We pray that we can do the same, as well. It is heartwarming that we can be the same in observing the golden rule 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

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SEN. Cynthia A. Villar (second from left) graced the culminating event of the Banaag Festival with Iloilo Fourth District Rep. Ferjenel Biron (from left), Vice Mayor Ma. Theresa Debuque and Mayor Nathalie Ann Debuque

❷ THE winning

group Hubon Bulalakaw

Life BusinessMirror

As the lights shine, so does Anilao I F there’s one thing Anilao Vice Mayor Ma. Theresa “Matet” Debuque hopes for this pocket in Iloilo, it is for light to continue to guide their journey as a people. Anilao is a fourth-class municipality in the province nestled 42 kilometers away from the capital. In the 1700s, Moro pirates came to the coastal areas of Panay and started stealing from its residents and took them as captives. To protect themselves, Anilao locals built baluartes, or Spanish-era watchtowers made of bamboo that were guarded by local sentinels who warned residents of incoming attacks by lighting a torch as a signal to flee. From this point in time, “light” became an enduring symbol of the resiliency of the townsfolk. Such was also the inspiration behind the Banaag Festival, an annual celebration of the town’s culture and history retold through a dance-drama competition and light show held at night. “‘Banaag’ is Hiligaynon for gleam. It helps us remember that there was a light of hope which guided Anilaonons to realize their desire for independence, and this light would help us in moving forward, too,” Debuque told BUSINESSMIRROR in a press conference held right after the festival’s culminating event. Debuque founded the festival in 2004, way back when it was still called the Hinugyaw Festival and Anilao was just on its 64th year of being an independent municipality. She recounted her vision of reinventing the town’s sleepy image and troubled past by creating a new identity, one that’s unique to them. However, funding was scarce back then, and the first

installation of the festival wouldn’t have been staged were it not for Iloilo Fourth District Rep. Ferjenel Biron, who “heard her out.” “Who would have thought that one day, this would be a nationally awarded festival?” the congressman said. “Definitely not me, but Matet did. She is the creative and passionate one; she’s the reason behind all these,” adding that “what started as a small community festival 14 years ago has gained national recognition and has now become a sought-after tourist attraction in Iloilo.” Earlier this year, Anilao won the Philippines’s Best Municipal Festival plum at the 2018 Pearl Awards of the Association of Tourism Officers of the Philippines-Department of Tourism (ATOP-DOT), a recognition that Biron said will herald a new era for Iloilo tourism. Incumbent Mayor Nathalie Debuque, on the other hand, shared that theirs wasn’t an easy journey and there were some challenges in past years, specifically in terms of tourist monitoring: “In 2014 we were just runner-ups at the ATOP-DOT competition because we weren’t able to accurately record the number of tourism that came to Anilao. So taking that in mind, we put in place several mechanisms so that we could say the festival really created an impact on our tourism sector.” The younger Debuque added, “Based on our 2016-2017 data, we have exceeded the 4,000 onset tourist population, and last year we were able to accommodate more than 19,000 tourists. This year we’re expecting a higher number. The population of Anilao is only 28,684, so that number is more than half of our own people.” The monthlong festivity marks the welcoming the start of Christmas season, so domestic tourism is seen

to rise, as well. Moreover, Debuque emphasized that since the festival’s inception, the shows performed by students are grounded on dramatic interpretations of socio-cultural issues. This year, the focus was on environmental problems that plague the town. “Based on the theme of the performances, the tribes or districts participating in the festival have an awareness on the relevant issues in our society and environment. But most important, their performances are telling stories, [it’s] not just merely an interplay of lights and colors,” she said. Debuque said the annual festival is a platform for Anilao to see the comprehension of the citizens of each district on relevant issues, as well as to educate the masses on certain issues the province faces, “be it climate change or environmental conservation.” The competing tribes this year were District 1’s “Hubon Bulalakaw,” District 2’s “Hubon Siga-Siga,” District 3’s “Hubon Daba-Daba,” District 4’s “Hubon Aninipot,” District 5’s “Hubon Silak,” District 6’s “Hubon Cabogwason,” District 7’s “Hubon KarabKarab” and District 8’s “Hubon Iwag.” Hubon Bulalakaw took home the trophy with their show which celebrated the nature conservation efforts of Anilao in the time of climate change. “The festivity, through the years, has developed a sense of ‘oneness’ for each tribe despite the competitive nature of the event,” said Debuque, adding that this sense of unity in the community represents how the Banaag Festival is more than an annual celebration. It is also a beacon of hope for Anilaonons—be it in facing new beginnings or remembering what brought them all together in the past. n

Harbour City kicks off holiday celebration with world’s largest video kaleidoscope

HARBOUR City kicks off its holiday celebration featuring the world’s largest video kaleidoscope.

IT’S beginning to look a lot like Christmas as Harbour City, Hong Kong’s premier shopping destination, whimsically transforms into a “treasure city” that is chockfull of festive spots and attractions, giving holiday revelers an exciting and fanciful experience. Mall guests get into the spirit of the “treasure hunt” as they trawl Harbour City for a slew of fun photo spots and attractions, such as a 60-feet Christmas tree, the 40-meterlong Christmas Bridge, The Largest Video Kaleidoscope, Festive Music Light Show, The Marching Band Spectacle, Christmas Joy Maker and so much more. Filipino actor and former PBB housemate Richard Juan was a special guest at the recent lighting of the 60-feet Christmas tree, which jump-started the Yuletide festivities of Harbour City, home to Hong Kong’s scores of Filipino residents. Walk through the 16-meter-long, 4.5-meter high, and 4.5-meter wide triangle mirror kaleidoscope and enter an enchanting world of a Christmas-themed “landscape” filled with snowflakes, Christmas tree, stars, and a rainbow tunnel refracted through the triangular mirror and LED screen walls.

Thursday, November 22, 2018

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BLACK FRIDAY SALE FOR THAT MUCH-DESERVED MINIBREAK

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By PaUliNe JOy M. GUTierreZ

REELING: THE ANXIETY WITH ‘THE CRIMES OF GRINDELWALD’ D4

Known as the world’s largest video kaleidoscope, this “secret garden” is open to everyone for HK$50 until January 1, 2019, from 12 nn to 9 pm, at Level 3, Ocean Terminal. The proceeds of this activity will be donated to the Hong Kong Blood Cancer Foundation. Aside from its enthralling photo spots and activities, Harbour City is also treating mall guests to a Festive Multimedia Music Light Show until January 1, 2019, from 6 to 10 pm, at the Ocean Terminal Forecourt. The 40-meter-long Christmas Bridge, the giant Christmas tree, and other festive installations dazzle with nearly 200,000 LED lights, creating different spectacular lighting effects. This synchronizes with an original musical scoring specifically composed for the light show and matches the different moods of the scenery. There’s much more Harbour City (www.harbourcity.com. hk) offers this holiday season, so make this year’s Christmas celebration a magical and more exciting experience with family and friends. Head for the treasure city-themed Harbour City when you visit Hong Kong this holiday season.

AN exciting treat awaits vacationers as The Discovery Leisure Co. once again holds its annual Black Friday Sale from November 23 to 30. Join the cyber-craze and delight in the special online offers with discounts of up to 60-percent off at Discovery Shores Boracay, Club Paradise Palawan, Discovery Country Suites Tagaytay and Discovery Suites Manila. Members of My Discovery Elite get to save even more with an additional 5-percent discount. Enjoy a lavish vacation at Discovery Shores Boracay with a special room rate of P11,000 per night, with the stay period until December 23, 2019. What’s more, guests will also get daily breakfast for two at the internationally acclaimed Sands Restaurant, and round-trip van and boat transfers to and from Boracay Airport in Caticlan. Dive into an adventure of a lifetime at Club Paradise Palawan in Coron, with a special room rate at P11,000 per night at the Garden Suite, for stays until December 23, 2019. Perks include daily breakfast for two at Firefish Restaurant, one-time dinner for two, and round-trip airport transfers. Enjoy the cool breeze of Tagaytay while marveling in the astonishing view of the world’s tiniest volcano at Discovery Country Suites, with the limited offer of P6,761.71 for a Deluxe Suite and P7,576.38 for a Premier Suite, all with breakfast and set dinner for two. Guests will also have highspeed Internet access, wine and cheese at sundown, milk and cookies at turndown, and 10-percent discount at Restaurant Verbena. Stay dates are from December 2 to May 31, 2019. Finally, have the perfect getaway without going very far with Discovery Suites Ortigas offering special packages, starting at P4,500 for a One Bedroom Suite. Avail of your stay from December 1 to March 31, 2019. Guests will get to enjoy breakfast buffet for two for One-Bedroom Suites, four persons for Two-Bedroom Suites, and six persons for ThreeBedroom Suites; Internet access, and 10-percent food and beverage discount on room service. Use promo code BLACK to book these deals online. More information is available at www.discoveryhotels-resorts.com.

DIAMOND HOTEL LIGHTS UP MAGICAL AND DREAMY CHRISTMAS TREE

DIAMOND Hotel Philippines officially marked the beginning of the most wonderful time of the year by lighting up its magical and dreamy Christmas tree. Hotel guests, corporate clients, partners and media friends joined the tree-lighting event and expressed their admiration for the spectacular Christmas tree decked out in festive decorations accentuated by blush, red and golden hues. The holiday celebration was made more meaningful with the presence of honored guests: Director Danilo Intong of Tourism Standards and Regulation, Department of Tourism; Arnold Gonzales, deputy chief overlooking officer for Marketing and Promotions, Tourism Promotions Board; Miss Earth 2018 Phuong Khanh Nguyen; Miss Earth Fire Melissa Flores; Miss Earth Water Valeria Ayos; Miss Earth Air Melanie Mader; Fr. Nante Tolentino, Parish Administrator and Shrine Rector of Immaculate Conception Parish and the National Shrine of Our Lady of Peace and Good Voyage; Carmela Ang of Diamond Hotel Philippines; and Vanessa Suatengco, general manager of Diamond Hotel Philippines. Altogether, they lit the mesmerizing Christmas tree and offered a toast to bring good tidings this season. Among the highlights of the event were the remarkable performances of Bayanihan, harmonious music from the Pansol Choir and of course the gift of joy from Santa Claus. Kids from the Remedios Training Center also joined the merriment and were amazed by the joyful holiday experience. As part of its annual tradition of giving back to the community, the hotel has chosen Kanlungan ni Maria to be its official charity beneficiary. Kanlungan ni Maria is a nonstock, nonprofit organization with a mission to provide adequate and sufficient home care, basic and medical needs for the abandoned, sick and homeless elderly. The hotel invites guests to help spread the holiday cheer by donating P300 to the charity and, in return, the guests will be entitled to hang one Christmas ornament with their name on the tag at the Charity Tree at the lobby. More information is available at www.diamondhotel.com.

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Thursday, November 22, 2018

Entertaining BusinessMirror

A dish for comfort on those cold, dark days escarole, frisée or radicchio. Aligot is most impressively served right after it’s made, when the potatoes are best able to stretch to dramatic heights in front of your guests. But if you must, you can make it up to three days in advance. Reheat it on low, stirring in a little cream until the mixture is melted and smooth. Then sit down and exhale. Dinner doesn’t get more comforting than this. SWEET POTATO ALIGOT Yield: 6 servings Total time: 45 minutes 1 pound sweet potatoes, peeled and cut into 2-inch chunks Kosher salt Grapeseed, olive or sunflower oil Leaves from 1 small bunch sage 1 thyme or lemon thyme sprig 1/4 cup heavy cream 6 tablespoons unsalted butter, cubed 1 garlic clove, finely grated or minced Large pinch of freshly grated nutmeg 8 ounces grated Gruyère, cheddar or Emmentaler cheese 5 ounces Saint-Nectaire or Tomme de Savoie cheese, rind removed, cubed

A CROSS between fondue and potato purée, this sweet, beautifully autumnal dish is sure to warm you from the inside. ANDREW SCRIVANI/THE NEW YORK TIMES

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By Melissa Clark New York Times News Service

N a perfect French pommes aligot, it’s hard to know where the potatoes end and the cheese begins. A molten, creamy mass of potatoes permeated with mountain cheeses, aligot combines the stretchy pull of fondue with the silky suppleness of potato purée. Soft, gooey and eminently soothing, it’s just the thing to make on an icy, dark day, or at least, when it feels that way deep in your soul. I first saw aligot potatoes, a dish from the windswept Aubrac plateau in France, being whipped up tableside at a restaurant in the Auvergne. Into a well-used copper pot, the waiter beat boiled yellow potatoes and handfuls of grated local tomme fraîche (sometimes spelled tome fraîche) until he could pull it above his head. Then he mounded the steaming, elastic mix next to browned sausages, and I ate them

In a medium pot, cover the potatoes and a generous amount of salt with 1 inch of water. Bring to a boil, then simmer until potatoes are tender, 10 to 15 minutes. Drain but don’t wash out the pot. (You’ll need it again later.) Meanwhile, fry the sage leaves: Line a plate with a paper towel. In a small skillet, heat 1/4-inch of oil. Add sage leaves a few at a time, and fry until golden and crisp, usually about one minute or so. Use a slotted spoon to transfer fried leaves to the paper-towel-lined plate and sprinkle with salt. Repeat with remaining sage leaves, adding more oil to the pan if needed. In a small pot over medium heat, add the thyme and cream, and bring to a simmer. Turn off the heat and cover until needed. Transfer the cooked potatoes to a food processor, and pulse just until mashed. Or pass potatoes through a food mill or large-holed sieve to mash. Return potatoes to their cooking pot and set it over low heat. Using a wooden spoon, stir in butter, garlic and nutmeg until the butter melts. Remove thyme sprig from the cream. Stir the cream into the potatoes, then stir in the cheese, a handful at a time, until melted and stringy. Serve immediately, topped with the fried sage leaves. n

together, spreading the aligot over sausage slices like a thick, savory sauce. In this version, sweet potatoes stand in for regular ones, making the whole thing sweeter and beautifully autumnal. And instead of hard-to-find tomme fraîche, I use a mix of easier to find semifirm cheese—Gruyère, Emmantaler, SaintNectaire, Tomme de Savoie and the like. Finally, as a crisp, herbal garnish, I add fried sage. Try to find the biggest sage leaves you can: They are easier to fry than small leaves, which can burn almost as quickly as you add them to the oil. In either case, set everything up before you start frying, and work quickly. Then season the leaves while they are still hot so the salt sticks. (Then try not to gobble them all before the aligot is ready.) Although in France aligot is usually a side dish to roasted or grilled meats, I like it as a meatless main course, served with a snappy green salad, preferably one made from assertive lettuces like watercress,

Eastwood Richmonde is making it great at 8 AUSTRALIAN Lamb Shank adobar-style

ON its 8th anniversary, Eastwood Richmonde Hotel brings super deals to patrons for a marvelous monthlong celebration. Take a well-deserved weekend staycation with family or friends and enjoy a relaxing respite within the confines of the hotel, or an activity-filled break as you explore the exciting happenings in Eastwood City for as low as P4,000 per night in a Superior Room, inclusive of breakfast buffet for two, Wi-Fi access and use of the Fitness Center’s gym and pool. Need more space for your weekend city getaway? Rates for Deluxe Rooms and all types of suites are also discounted. This “Great at 8” special offer is valid for Friday, Saturday and Sunday stays until November 30. Since its launch in September, the latest collection of Chef’s Specials, dubbed Mundial Cuisine, has been a hit with the diners of Eastwood Café+Bar. Created by Eastwood Richmonde Hotel Executive Chef Vic Barangan, these dishes combine local and international cooking styles and ingredients to produce original

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Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Scarlett Johansson, 34; Mark Ruffalo, 51; Jamie Lee Curtis, 60; Steve Van Zandt, 68. HAPPY BIRTHDAY: Keep your life simple, moderate and sincere. If you exaggerate, you will be held accountable. This is a year of change but also one that could cost you physically or financially if you aren’t careful. Persuasive tactics may work to help you get your way, but don’t expect to get anything for free. The payback will be greater than anticipated. Your lucky numbers are 4, 17, 20, 28, 35, 42, 46.

a

ARIES (March 21-April 19): Keep track of your money. Unnecessary purchases will add up quickly. A responsible attitude regarding your personal documents and keeping things updated will ensure you don’t have any problems come tax time. Love and romance are highlighted. HHH

b

TAURUS (April 20-May 20): Finish what you start, regardless of setbacks. Staying on top of your responsibilities will help you avoid a run-in with someone counting on you to do your part. HHH

c

GEMINI (May 21-June 20): While looking for opportunities, don’t get saddled with someone’s problems or projects. The best way to get ahead is to do whatever it takes to promote yourself, your skills and your ideas, not working to promote the interests of others. HHH

d

CANCER (June 21-July 22): Look at partnerships carefully. If you think both parties will benefit, great, but if not, be prepared to walk away. Do a background check; honesty may be an issue. Do your best to build up strength and endurance. HHHH

e

LEO (July 23-Aug. 22): Don’t let the little things get to you. Socialize with people who motivate you to be your best. Monitor those who have bad habits and who try to coax you to join in. HH

f

VIRGO (Aug. 23-Sept. 22): Participate in trade shows, courses or meetings that will broaden your sense of awareness and give you a better understanding of what’s possible. Refuse to let a personal problem you are dealing with stifle your chance to learn something new. HHHHH

g

LIBRA (Sept. 23-Oct. 22): Short trips, getting together with old friends or colleagues or just taking a moment to gather your thoughts and formulate new plans will do you good. HHH

h

SCORPIO (Oct. 23-Nov. 21): Put more effort into emotional relationships. Take time to listen to problems, nurture connections and protect against love loss. Don’t evade issues or mislead someone about the way you really feel. Honesty is the best policy. HHH

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SAGITTARIUS (Nov. 22-Dec. 21): Anger will mount if someone misleads you. Don’t engage in a battle you cannot finish or win. You should do your best to nurture partnerships, not disrupt them. Put your time and energy into something constructive that will help you get ahead. HHH

j

CAPRICORN (Dec. 22-Jan. 19): Spend more time on domestic issues. Make changes at home that will improve your life and personal relationships. Your effort won’t go unnoticed and will ward off someone’s complaints. HHHHH

gourmet masterpieces. And as a delectable anniversary treat, Eastwood Richmonde will be making these Chef’s Specials even more exceptional with a set of entrée and two side parings for only P800. Choose among the following main dishes: US short ribs braised in Mount Apo coffee; Abra organic chicken a la kiev with salted egg butter; parrotfish fillet with tamarind, cilantro, jicama and Zambales mangoes; and Australian lamb shank cooked adobar-style with garlic and hollandaise. Complement your mouthwatering entrée with two tasty sidings, such as compressed watermelon salad with basil, olives, goat’s cheese, rocket leaves and radish; and Tortellini Royale soup of consommé with adlai, tortellini of chicken and mushroom dexelles; and “Dessert Mélange,” an assortment of treats that include pistachio bark, spiced walnuts, cured egg yolk, basil oil, coral sponge cake, cream cheese and vanilla ice cream. More information is available at www. eastwoodrichmondehotel.com.ph.

k

AQUARIUS (Jan. 20-Feb. 18): Finish what you start, and positive changes will come your way. Taking on a job that requires your full attention will also end up lining your pockets with extra cash. A personal gain will change your life. Romance is encouraged. HH

l

PISCES (Feb. 19-March 20): Stick close to home, and don’t let important personal documents lapse. Keeping everything in order will help you avoid getting into trouble with authorities. Look to someone you know you can trust for good advice. A reunion will be informative. HHHH BIRTHDAY BABY: You are generous, entertaining and influential. You are impressive and energetic.

‘start the day’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 River navigator 5 Falafel envelopes 10 Sticky strip 14 Shrek, for one 15 Nearly priceless violin 16 “Help ___ the way!” 17 Host’s sendoff 20 Type of Arabian? 21 Place for a ship’s nurse 22 Badge shape in Westerns 25 South American country 26 Atlas page 29 Blemish 31 North or South state 35 Foreman’s KO’er 36 Stereotypical cobwebby place 38 Mai ___ (cocktails) 39 What you want your investments to do 43 Black in 1492 44 Collect, as funds 45 ___ out an existence 46 Tot minder

9 Not stand straight 4 50 Resetting of an hr. 51 Knocked for a loop 53 Ladder crosspiece 55 Movement under stimulus 58 Delete 62 Luther Stickell and Marsellus Wallace 65 GI on the run 66 Make accustomed 67 Letters of urgency 68 Trig ratio 69 Missionary’s target 70 Prying and then some DOWN 1 Molders to nothing 2 Any Turkish commander 3 German housewife 4 Works behind bars? 5 Sound projectors 6 World financial grp. 7 Ski city in New Mexico 8 On ___ (vacationing) 9 Commanded a dog to attack 10 Far-off place, figuratively

1 “Heat of the Moment” group 1 12 Polo mount 13 Lang. subj. 18 Knapsack relative 19 Creole veggie 23 Voice in the choir 24 Helicopter part 26 Wizards of old 27 Defendant’s excuse 28 Swivel 30 Type of wave 32 Made a canoe go 33 Spoon-striking-glass sounds 34 Good ledger entry 37 Olde Towne screamer 40 Snag in a net 41 Isaac’s boy 42 Sawbuck 47 Large jug 48 Transmit again 52 Ross or a princess 54 React to a bad pun 55 Fuzzy-skinned fruit 56 Words with “zoom” or “barge”

7 Self-complacent 5 59 In addition 60 Massive waterways 61 See yards away 62 “___ in victory” (school lesson) 63 Lower-the-better baseball stat 64 One of a D.C. 100

Solution to yesterday’s puzzle:

Parentlife BusinessMirror

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Thursday, November 22, 2018

Preventing infant deaths: The ABCs of safe baby sleep By riCHarD GUNDerMaN Indiana University JUST last week, I read an x-ray study of an infant who died while sleeping with a parent. I am a pediatric radiologist, and in cases where an infant has died unexpectedly, we often obtain x-ray images to make sure that the infant does not have skeletal fractures or other signs of injury that might suggest that he or she was the victim of child abuse. Most of the time we find no such evidence. Yet every infant death is heart-wrenching, above all for the parents who wake up to discover their infant limp and lifeless. Each year, about 3,600 US children under the age of 1 year die suddenly and unexpectedly. Such deaths are especially common in babies between 1 and 4 months of age, perhaps because younger infants are less capable of repositioning themselves and crying out for help. For reasons that are unclear, such deaths are also slightly more common among boys than girls. While all infant deaths are not preventable, many are. A 2010 investigation of hundreds of deaths in North Carolina showed that as many as two-thirds may have been attributable to ill-advised sleep practices, such as the use of unsafe bedding and sleeping with adults. Many are thought to be due to suffocation, when the baby’s airway becomes blocked or when a larger person rolls over and prevents the baby’s chest from expanding during breathing. Efforts to prevent such deaths have led the American Academy of Pediatrics to formulate a policy on safe infant sleep, key points of which can be summarized as the ABCs of safe sleep: n A. ALONE. This does not mean that babies should be put to bed in a room separate from parents. It does, however, mean that infants should not sleep in the same bed. The reason for this is that parents may move during sleep in ways that interfere with babies’ breathing or even crush them. Inadvertently dozing off while breastfeeding or cuddling an infant is just as hazardous as intentionally co-sleeping. n B. BACK. Babies should always be put to sleep on their backs. There is nothing wrong with placing healthy babies on their tummies to play, but on the back appears to be the safest position for sleeping. One possible explanation is the fact that babies lying on their bellies are more likely to rebreathe the air they exhale, causing blood levels of carbon dioxide to rise as oxygen falls. This recommendation applies throughout the first year, but it is especially important in the first six months after birth. The American Academy of Pediatrics policy on safe sleep explicitly contradicts the outdated view that back-sleeping increases the risk of choking. While it is true that many infants experience gastroesophageal reflux, familiar to parents as “spitting up,” healthy babies protect themselves against aspiration. Parents should also avoid raising the head of the crib. It doesn’t reduce the risk of reflux and can cause babies to slide into a dangerous position. n C. CRIB. Cribs and bassinets that meet current safety standards are the safest places for babies to sleep, while chairs and sofas should be avoided. A firm surface prevents the baby’s face from becoming caught in a fold or indentation. Likewise, the crib should be empty of loose bedding, pillows, bumpers and toys, any one of which could cause entrapment and suffocation. Too many coverings can also increase the risk that a baby will overheat, an important consideration because temperature regulation is not fully developed in infants. Of course, there are other steps parents can take to ensure that their babies sleep safely. One is to prevent exposure to cigarette smoke, which appears to increase the risk of sudden infant death. Unsurprisingly, parental intoxication and illicit drug use also appear to place babies at greater risk. Another key factor is making sure that others who care for the baby, such as family members and day-care workers, understand the importance of adhering to the ABCs of safe sleep. It is important to avoid stigmatizing parents who have lost an infant. In many cases, like the baby whose x-rays I read, we never know for sure what caused the death. Yet there are simple steps every parent can take to enhance the safety of sleeping infants, and it all begins with education. My colleagues and I hope that by educating parents about the ABCs of safe sleep, we may be able to prevent hundreds—perhaps even thousands—of infant deaths every year. AP

TRAVELING to Tokyo with Toddlers: The Abridged Bébé Voyage Travel Guide (Traveling with Toddlers: Bébé Voyage Travel Guides Book 1) Kindle Edition; Marianne Perez de Fransius with her husband, Andreas, and son Simon in Paris.

Mom peer-mentors: Bébé Voyage MOMMY NO LIMITS

MAYE YAO CO SAY

mommynolimits@gmail.com

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T has been a while since I shared “Mom PeerMentors” articles, which are pieces where I share how learning from others continues to help me become a better parent. I usually share parents whom I personally know and are in-tune with my parenting goals. Last September I was lucky to be in correspondence with Marianne Perez de Fransius, the CEO and cofounder of Bébé Voyage. Since the travel season is coming up and many are planning holiday travels, I thought it best to share how this site helps, as well as the interesting insights of the founders. Marianne Perez de Fransius, 38, is an entrepreneur and educator. She helps people see the value of peace and access to it in their daily lives so that everyone can live in a better world. She does this by teaching middle-school kids peace and conflict transformation skills through video games and helping parents travel the world with their babies. Marianne is a French-American, currently residing in Buenos Aires, Argentina, with her husband Andreas and 4-year-old son Simon. She has led an extremely global life, having lived in numerous countries (Brazil, the US, Israel, Turkey, France, Austria, Sweden and Mozambique) and traveled to even more around the world. She received her bachelor’s degree from Georgetown University’s

School of Foreign Service and later received her Master’s Degree in Peace and Conflict Studies from the European Peace University. Juliet Perrachon, 35, is the president and cofounder of Bébé Voyage. Juliet loves bringing people together. Juliet is French-American and has resided and traveled all over the world. While obtaining her bachelor’s degree at the University of Pennsylvania, Juliet had the opportunity to spend a semester in Buenos Aires. Afterward, she worked in the film and television industry in Paris, Los Angeles and San Francisco. Later, she taught English in northern Thailand, taking the opportunity to discover Southeast Asia. In pursuing her Master’s Degree in Marketing and Creativity, Juliet moved to London where she attended ESCP Europe and met her husband. While in London, Juliet developed her expertise in digital content strategy. Juliet now resides in Chicago with her husband, Marc-Antoine, a Frenchman, son Felix (4 years) and daughter Alexia (2 years). I was lucky to have gotten tips from Marianne, as well, on being an active parent. “I think for most working parents, it’s not having enough hours in the day. We also work from home, so sometimes we have to deal with a toddler having a temper tantrum while we’re on a conference call or similar situations. From the beginning, we agreed that Bébé Voyage should never get in the way of our ability to take care of ourselves and our families. And whenever we are dealing with people outside our organization, we always let them know that a 4-year-old might want to join a video conference or need to be given a snack. We’ve found that if you let people know ahead of time, they’re understanding,” says Marianne Perez de Fransius. She also shares advice to new parents. According to her, “Parenting can be tough and overwhelming, especially since no one really

teaches you how to do it. But now there are so many (too many!) resources available for new parents. Don’t try to do them all! Just pick one or two that are recommended by people you trust or that you have researched on and stick with those. More is not necessarily better!” Bébé Voyage is a global community of parents helping you travel with your baby. It has a community of over 10,000 members around the world. When you enter the site, the best route is to go to Destinations then pick a place. Currently, it covers London, Paris, Stockholm, Chicago, Tokyo, Sydney, Southern Africa, California, the Middle East, Southeast Asia, Latin America and even Reykjavik, one of the greenest, most beautiful cities in the world located in Iceland. On September 14, Traveling to Tokyo with Toddlers: The Abridged Bébé Voyage Travel Guide (Traveling with Toddlers: Bébé Voyage Travel Guides Book 1) Kindle Edition was launched by Amazon (amzn.to/2QtaGqq). This was a collaboration by Wisterian Watertree (author), Victoria Spaeth (author), Dominique de Jerphanion (illustrator), Bébé Voyage (editor) and Kendal Rodgers (editor). The book aims to help parents get the most out of their family visit to the capital of Japan. Tapping into the collective wisdom of the Bébé Voyage community of parents traveling with children under age 5, Wisterian Watertree has created a travel guide that helps parents navigate Tokyo with kids and minimum of hassle. The guidebook gives a curated list of easy-touse tips for traveling to Tokyo: tips on where to stay, where to eat (and what not to eat!) and how to navigate the public transit system. “The community has really been a fantastic resource,” says lead author Wisterian Watertree, a Tokyo resident for 10 years and father of toddler triplets (two girls, one boy). Happy Holiday family traveling, everyone. n

Finding the perfect holiday gifts CHRISTMAS is the most wonderful time of the year. It’s filled with moments of love, laughter and good memories. And the holidays wouldn’t be complete without heartwarming presents. Whether you are getting a gift for your secret Santa or family, get something that will make them feel appreciated. Here are some tips from SM Supermalls (www.smsupermalls.com) to choose the perfect holiday gift to create meaningful Christmas moments: 1. MAKE A GIFT GUIDE. A list of names and gift suggestions makes shopping a lot easier. Put a lot of thought into what you are giving whom to come up with the perfect idea. 2. PLAN YOUR SHOPPING TRIP. Decide on what stores to visit. Save yourself a lot of time and effort by to shopping in places with a wide selection of merchandise, like SM Supermalls.

3. KEEP AN EYE OUT. Look through the prospective recipients’ social-media accounts and pay attention to their posts. They might be dropping hints about what they want for Christmas. Scroll through and you will likely find at least one that says “NEED.” 4. BE CREATIVE. Before buying a present, think hard if he/she will appreciate the gift. Whether grand or simple, what matters is that you put a lot of love and effort into your gift. Remember that gift-giving is about sharing a little piece of yourself with others. 5. HAVE FUN. After weeks of looking for the perfect gift for everyone on your list, let them know how much you appreciate them as you hand them their presents. After all, Christmas is all about giving with love, without asking for anything in return.

FIND the perfect Christmas gift and avail yourself of amazing deals and gift options at SM.

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Show BusinessMirror

Thursday, November 22, 2018

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JUDE LAW as the young Albus Dumbledore in Fantastic Beasts: The Crimes of Grindelwald.

JON HAMM, Jeff Bridges and Cynthia Erivo

A PERILOUS JOURNEY IN R-RATED FILM ‘BAD TIMES AT THE EL ROYALE’

STARS collide in the upcoming R-rated intense crime drama Bad Times at the El Royale, featuring director Drew Goddard’s dream cast composed of Academy Award winner Jeff Bridges (Crazy Heart), Tony Award winner Cynthia Erivo (Broadway’s The Color Purple), Dakota Johnson (Fifty Shades trilogy), Emmy winner Jon Hamm (Mad Men), Cailee Spaeny, Lewis Pullman and Chris Hemsworth (Avengers: Infinity War). In the film, seven very different but equally lost souls converge on the El Royale, a once-glorious resort that has since fallen—like its visitors—into disrepute. Situated on the border between California and Nevada, the El Royale offers warmth and sunshine to the west; hope and opportunity to the east. It also straddles the colliding worlds of past and present. Once the hot spot of Tahoe, where the country’s most famous celebrities and politicians comingled in and around the resort’s casino, bar, bungalows and pool, the good times have now come to a close. At the El Royale, where the shine has faded from its lobby and the laughter fallen silent, gather Father Daniel Flynn (Bridges), soul singer Darlene Sweet (Erivo), traveling salesman Laramie Seymour Sullivan (Hamm), hippie Emily Summerspring (Johnson), her sister Rose (Spaeny), manager Miles Miller (Pullman) and the enigmatic Billy Lee (Hemsworth). Over the course of one fateful night, everyone will have a last shot at redemption...before everything goes to hell. “I wanted to work with my dream cast,” says writerdirector Drew Goddard, “so I knew I had to create a document that would attract them. I had moments where I would look at Jeff and Cynthia and Chris, Jon, Dakota, just sit and look at all these heavyweights and think, how did I get here? I don’t understand how I got to be so lucky. It was never lost on me how special it was.” Rated R-16 by the MTRCB, Bad Times at the El Royale is now in Philippine cinemas from 20th Century Fox.

The anxiety with ‘The Crimes of Grindelwald’ REELING

TITO GENOVA VALIENTE

titovaliente@yahoo.com

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‘ALITA: BATTLE ANGEL’ LATEST TRAILER REVEALED

THE cinemas are set for the latest powerful collaboration of highly respected filmmakers James Cameron, Jon Landau and Robert Rodriguez in Alita: Battle Angel in 2019. 20th Century Fox has just released its Battle Ready Trailer on Facebook (20th Century Fox Philippines page) and YouTube (20thcenturyfoxph). Based on Yukito Kishiro’s classic manga series, Alita: Battle Angel is set in the 26th century, 300 years after the Great Wars when all but one of the great Sky Cities fell and technology was set back centuries. It’s the story about a cyborg girl named Alita (Rosa Salazar) whose cyber core, having been discarded from the Sky City above, is rescued from a scrapyard by a grieving father, Ido (Christoph Waltz). She is repaired with a new doll-like cyber-body that Ido built long ago for his paraplegic daughter. Tragically, the daughter died before Ido finished making the body. Alita, in many ways, represents a second chance at fatherhood for Ido. Opening in 2019 in Philippine cinemas, Alita: Battle Angel promises to be another unparalleled cinematic experience.

T is 1927. Grindelwald is in prison. He is described as a dark wizard, one who uses his magic for evil purposes. The Magical Congress of the United States of America is the one responsible for keeping Grindelwald in jail. He is, however, being “extradited” to the United Kingdom. On his way to London in that carriage, Grindelwald escapes. It is an escape that introduces the adventure, with massive special effects that defy gravity and reality, bringing us into the world of wizards and wonder where every action is possible, every material thing is hyper-real and where reality is deathly boring compared to the eternal allure of magic and wizardry. As if the escape of Grindelwald is merely a prelude, many characters surface. We have Newt Scamander and his brother, Theseus. Relationships in J.K. Rowling’s works—including the Harry Potter series—are often complicated. Being human, it seems, is not the monopoly of human beings; wizards are, by themselves, human in how they live through tortuous and tortured relationships. Newt Scamander enters the scene as he requests for the travel ban imposed on him be lifted. Apparently, earlier Newt had to answer for a misdemeanor that he did not commit. He sacrifices himself in order to free the others. In the other developments, some characters would do the same. For fear of bringing upon you spoilers, one character has to die in order to free or save others. Jacob Kowalski is a friend of Newt. A veteran of World War 1, Jacob has one trait: he has no memory, that capacity having been erased by Grindelwald in one of those attacks perpetrated by the dark sorcerer.

In Jacob’s life is Queenie, Tina’s sister. Queenie has made Jacob her lover mainly because the former has no memory. This is a source of conflict because there is a taboo on relationship between the humans—the Muggles—and the wizards. If Grindelwald is here, then Albus Dumbledore cannot be far behind. The two have a strange relationship. This link gives their impending animosity and battle interesting and intriguing. As with any other tales of the mythological, the metaphors are running stray and all waiting to be caught and examined, to be questioned even. In the climactic scene, Grindelwald, majestically shows us the reason he wants the human race to be gone. Amid the mystical smoke flies the warplanes and a mushroom cloud fills the space, an augury of the nuclear weapon and the nuclear waste it is going to bring upon this Earth. Humans are seen as bringing the destruction of wizards. J.K. Rowling shows in this film, Fantastic Beasts: The Crimes of Grindelwald, which is based on her story and the characters she created, how her imagination has not dissipated. The screen blazes and amazes us with a fabulous menagerie of animals and wizards not seen in the previous Harry Potter series. Rowling is really showing us her process of creating the story and enchantments. She has a collection of fantastic beasts, from which she has formed what would be under the Fantastic Beasts franchise. And, yet, many fans are not happy. That is, if we are to rely on what people are declaring online. The feeling is that J.K. Rowling, in conjuring the universe that will eventually form the worlds of Harry Potter and the fabulous experiences of all the characters there, has made picture of complicated twists and turns. But many are also giddy because of the characters presented in The Crimes of Grindelwald. Here we see anticipated those personalities who would have significant roles in the more major Harry Potter stories. Here we have Grindelwald precious with his angst. Then, we have Dumbledore, young and still not knowledgeable about the complications of wizarding. It helps that these two characters are played by two of the most charismatic—whether in darkness or in light—actors in the industry: Johnny Depp as Grindelwald and Jude Law as Dumbledore.

As Grindelwald, Depp is fitted with prosthetics that make him difficult to recognize. Depp, known for making tour de force interpretations of characters hidden by makeup and fake warts, plays it cool and subtle in this film. In fact, in his rage, one notices poignancy that can come only from performances that put premium on slowness and a bit of silence—a trait that is even more dramatic given the noise and pandemonium brought about by the massive special effects in the film. Oh, yes, the film is loud and noisy with every thunderstorm and explosion presaging the appearance of monsters. Jude Law is the Dumbledore we recognize “later” in Harry Potter tales. We see the wellspring of wisdom in his younger form, accessible as our memory, in a way, makes us think of those faces and voices of Richard Harris and, upon his demise, of Michael Gambon. Jude Law has the supreme duty not to destroy our remembrances of Dumbledore and he succeeds. Not to be left out, Eddie Redmayne as Newt Scamander in his mid-30s surprises us with his youth. It is the actor’s manner and gait consistently essayed plus those innocent blue eyes that make his Newt a great character, one that we would look for in future Rowling tales. Redmayne has recently amazed us with his Stephen Hawking in The Theory of Everything (2014) and as a man who became a “woman” in The Danish Girl. Redmayne also sang through our pains and to our hearts as Marius in the musical Les Misérables. There are two elements that should not be missed in The Crimes of Grindelwald, and these are the music by James Newton Howard and the cinematography by Philippe Rousellot. Newton Howard is popular for his collaboration with M. Night Shyamalan. Rousellot, a French filmmaker, is noted for his works on Stephen Frears’s Dangerous Liaisons, and A River Runs Through It, for which he received the Academy Award. The Crimes of Grindelwald is directed by David Yates, who directed the final four Harry Potter films. It is said that there will be at least another Fantastic Beast film to come from J.K. Rowling, a promise that is getting mixed reactions from fans and other cineastes. n

Scorsese feted at MoMA by friends De Niro, DiCaprio, Hill NEW YORK—Many young boys grow up with superheroes adorning their walls. Jonah Hill grew up with a picture of Martin Scorsese on his. The actor related the poignant anecdote at a starstudded benefit on Monday evening at the Museum of Modern Art (MoMA), honoring the celebrated director both for his contributions to both cinema and to film restoration and preservation. “You might not even understand how often just the image of you creates young people who want to be filmmakers every single day,” said Hill, who worked with Scorsese on The Wolf of Wall Street and just released his directorial debut, Mid90s, last month. Hill added: “As far as I’m concerned that’s the coolest thing in the entire world. Thank you for just existing, because I am only up here because you did what you did.” Also among the speakers at MoMA’s annual film benefit, which raises funds to bring great works of film to the museum’s collection,

were Hollywood heavyweights Leonardo DiCaprio and Robert De Niro, two of the actors most closely associated with Scorsese. DiCaprio, who’s appeared in five Scorsese films including Shutter Island, The Departed and The Wolf of Wall Street, also went back to his youth to describe the influence Scorsese, 76, had on him. He told the audience how when he was just 15, and starting his journey as an actor, his father took him to a movie theater for inspiration. “He pointed at the screen, and as the reels of Goodfellas began to spin, he said, ‘This is the epitome of modern filmmaking,’” DiCaprio recounted. “‘This is someone who you may be lucky enough one day to work with, and when it comes to directors, Martin Scorsese is where the bar is set.’” The actor added that from that moment, “I made it a goal, I made it a relentless ambition to work alongside the master we’re celebrating here tonight.”

The pair is about to start on its sixth collaboration, the crime thriller Killers of the Flower Moon. DiCaprio also spoke of Scorsese as a lifelong teacher, from his constant on-set references to film history to his efforts to restore and preserve old films with The Film Foundation, which he founded in 1990. De Niro, who’s made nine feature films with Scorsese, including classics like Taxi Driver, Raging Bull and Goodfellas, spoke of the director’s many years of friendship. “Marty’s gift for friendship is directly related to his many gifts for filmmaking,” the actor said. The director has, he said, “a giant heart that understands and embraces every character he helps us create, and every story he tells.” De Niro also quipped to the crowd that Scorsese’s first career ambition was to be a priest. “My theory was that he changed when he realized that being a priest meant serving God, but being a director meant being God,” he said. AP

HONOREE Martin Scorsese (center) poses with actors Robert De Niro (left) and Leonardo DiCaprio at the Museum of Modern Art Film Benefit tribute to the Oscar-winning filmmaker. AP

Envoys&Expats BusinessMirror

www.businessmirror.com.ph | Thursday, November 22, 2018 E1

Oman, PHL march toward achieving ‘broader converging interests’

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HE Sultanate of Oman and the Republic of the Philippines have fostered active bilateral relations dating back to October 1980. The robust ties that bind the two nations spanning almost 40 years serve as inspiration and driving force to the Arab monarchy’s ambassador to the country, Munther Mahfoodh Salim Al-Mantheri, who aims to elevate the collaborations further. Currently in the sixth year of his tour of duty, Al-Mantheri is all praises for his host country’s brand of hospitality, as well as the skill set and commendable work attitude of Filipinos, especially those who comprise the integral labor force in his native land. Oman happens to be one of the top 10 destinations for overseas Filipino workers abroad, with about 30,000 working for a diverse set of professions. (According to a February 2018 BusinessMirror report, it is one of

two countries with no accounts of abuses to our countrymen.) The envoy is upbeat with the vibrant people-to-people exchanges of Oman and the Philippines, more so with the recent deployment of direct flights to and from their capital cities via flag carrier Oman Air. His conversation w ith Envoys&Expats revealed how he has grown accustomed to the local way of life: the Manila vehicular gridlock (notwithstanding), the almost similar climate with Oman, his fondness for sinigang as well as chicken adobo and how he enjoys weekends dining in the countryside without his overcoat. As Oman celebrates its 48th National Day this week, Al-Mantheri gave deeper insights on the state of

affairs between his country and the Philippines. ENVOYS&EXPATS: Please describe the quality of bilateral relations existing between our countries. AL-MANTHERI: Since the establishment of our diplomatic relations, our ties have started to grow gradually in the following four decades. We have seen an all-around growth of the relations with progress at various levels, and across a broad spectrum of areas. Today the current state of bilateral relations could be described as featuring “more intensive exchanges, deeper cooperation and broader converging interests.” Since the official inauguration of our embassy in Manila in 2013, we’ve worked closely with the concerned Philippine government offices to foster that goal through the signing of a number of agreements and memoranda of understanding (MOU). One such is for political consultations between our two foreign ministries, and another for cultural

cooperation. Another is in the field of air transport services. Efforts are underway to finalize some of these (instruments), which currently are subjects of joint studies. These agreements (are) expected to push bilateral relations to a wider perspective, such as the MOU on avoidance of double taxation, the agreement on the promotion and reciprocal protection of investments, an MOU in the mutual recognition of maritime certificates, (one) in the field of labor and another on agriculture and fisheries cooperation. Many more are still in the planning stages.

we are looking forward to further strengthen the business relations between them, considering that the Philippines is one of the strongest growing economies not only in the Southeast Asian region, but also in the global arena. As mentioned, we are still in the progress of signing agreements with the friendly Philippine government that aims to strengthen and boost the relations between our countries, such as the one on double taxation and the agreement on the promotion and reciprocal protection of investments.

How are Oman-based businesses or enterprises performing locally? We’ve witnessed a steady inflow of businesses, investors and entrepreneurs from Oman to the Philippines since the inauguration of our embassy in 2013. Perhaps the most important of these was the opening of the Oman Air office in December 2014, and achieving a daily flight schedule between Manila and Muscat. Speaking of our capital cities,

What potentials do you see in our countries’ conduct of business? No doubt, Omani-Philippine relations have witnessed a qualitative development, especially in the field of investment and trade. The Philippines is one of the most important economies in the world today and has great potential in so many levels. Thus, the Sultanate is looking forward to strengthen the bilateral relations between our two friendly countries and add more economical

dimensions, the exploitation of their unique maritime locations and the opening up of many areas of commercial, agriculture and industrial cooperation with the Philippines. What programs would you engage in to further the relations of our countries? What would be the hallmark of your tour of duty here? In enhancing the bilateral relations between (our nations), Manila will be instrumental in constituting a qualitative leap in line with the Sultanate’s development plans, especially Oman’s Vision 2040, which will ultimately achieve prosperity through sustainable development that is not dependent on a single sector, but through promising ones and large assets owned by both countries. Therefore, trade and investment exchange are steadily increasing between the two countries. Oman’s entry into the Philippine market has greatly strengthened this role and has opened new horizons. Continued on E4

Envoys& BusinessMirror

E2 Thursday, November 22, 2018

EFFORTS IN EDUCATION

Friends, partners in educational exchange

‘Preparing success in an increasingly knowledge-based, global economy’

THE US PERSPECTIVE

Amb. Sung Y. Kim

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VERY November the US Departments of State and Education celebrate International Education Week to highlight the benefits of educational exchange. I am proud to report that based on the most recent data, more Filipino and American students are preparing for the future in each other’s countries. I believe strongly in the value of educational exchange to promote mutual understanding, spark innovative partnerships and prepare students, as well as researchers for success in an increasingly knowledgebased, global economy. The US and the Philippines share a rich history of educational exchange. More than a century ago, 526 American teachers boarded the USS Thomas for a monthlong voyage to Manila to establish a new publicschool system in the Philippines. Known as the Thomasites, their legacy survives here today. They built the foundation of the Philippines’s public education system, as many of them married and settled in the Philippines, effectively bridging our two countries and cultures. In 1948 recognizing the promise of educational exchange in the aftermath of World War II, US Ambassador to the Philippines Emmet O’Neal and then-Philippine Vice President Elpidio Quirino signed an agree-

ment to promote mutual understanding between our countries through educational exchange. This agreement established the Fulbright program with the Philippines, which has the singular distinction of being the oldest continually running program in the world. Since launching this partnership 70 years ago, more than 9,000 of the best and brightest Filipinos and Americans have participated in US government-funded exchange programs in each other’s countries, including several of the Philippines’s national artists and scientists, as well as many prominent politicians, academics and businessmen. Today our government sends more than 300 Filipinos to the United States every year through 30-plus student- and professional-exchange programs. As US Ambassador to the Philippines, my team and I have been working with students, teachers and the Commission on Higher Education to provide more Filipinos

with opportunities to study in (my country). I am delighted to report these efforts are paying off. For the second year in a row the number of Filipino students studying at US institutions has grown, according to data from the annual Open Doors Report released this week. The 7.3-percent increase in Filipino students to the US is significantly higher than the global average. The number of US students in the Philippines has also increased. This is fantastic news and augurs well for the future of our friendship, partnership and alliance. While proud that more of our students are studying in each other’s countries, I am confident we can, and must, expand educational exchange even further to prepare our youth. With more than 4,500 accredited institutions, thousands of academic programs, as well as most of the world’s top-ranked universities and colleges that provide unmatched value and flexibility, the US offers higher-education opportunities unavailable anywhere else in the world. The Philippines has more than 50 million English speakers under the age of 24, a rapidly growing economy, and mobile population, including a large diaspora, making the US a natural fit for Filipinos seeking to enhance their skills and opportunities. For Filipinos interested in higher-education opportunities in the US, the Embassy’s EducationUSA office is the one-stop source for information. EducationUSA services are free of charge, and advisors have one mission: To find the best academic fit for each student’s needs and aspirations. Given the diversity and quality of institutions, I am confident the US has the right program for everyone. Students, parents and teachers can find information on EducationUSA services and programs on Facebook: www. facebook.com/educationusa.philippines. During my time in the Philippines, I have come to realize education is one of the most valuable assets for Filipinos, who seek brighter futures for themselves and their families. In the US, we seek the same. Together, through educational exchange and the resultant stronger connections, we can create the economic opportunities that will propel both countries into the future.

Taiwan offers scholarships, apprenticeships

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HE Republic of China is currently offering 80 slots for free four-year study scholarships and apprenticeships in computer numerical control (CNC), which involves the use of computers to activate machine tools. To be considered, students who are 18 to 23 years old must have undergone K to 12, or be in their second year of college, according to the Taipei Economic and Cultural Office (Teco), which will hold interviews end of November and early in December. The 80 slots are reserved for Manila students, while 15 are for female learners from Cebu, where the entrance examinations are scheduled for December 8 and 10. Successful aspirants will study at the Kao Yuan and Kun Shan universities in the cities of Kaoshung and Tainan, respectively. Representatives from the two educational institutions in Taiwan will conduct the interviews for interested Filipino students.

“The four-year course [guarantees] free tuition and an opportunity to earn wages doing part-time work while training on-the-job,” Teco said. Regarding the CNC course, Teco explained, “The degree qualifies graduates to practice machining—a delicate, precise process in the manufacturing sector. Tools that can be controlled in this manner include lathes, mills, routers and grinders.” Teco said this offer is part of Taiwan’s Southbound Policy, which aims to attract students from Asean member-countries. “Eventually, graduates would be employed in Taiwan’s vast manufacturing companies,” Teco revealed. The schools will subsidize accommodations while airfare, visa fees and medical fees will be for the account of the learners. Students who will qualify are required to study Mandarin for the first six months of their stay in Taiwan.

Taiwan, Teco explained, has a labor shortage for its bluecollar jobs. Currently, it is host to 300,000 foreign laborers, including 150,000 Filipinos now working in manufacturing and assembly plants of electronic products. There are also around 40,000 overseas Filipinos working as caregivers. Applicants, aside from their diploma or certification of a two-year college course, must submit a copy of their passport, 2” x 2” and whole-body pictures, as well as bio-data. Those who wish to be interviewed must e-mail their applications and résumé to info@studyintaiwan.ph, or visit the Philippine Christian University’s Office of the President in Taft Avenue, Manila. Another batch of 100 students will be selected for the February 2019 term, applications of which are now being accepted. Those who will qualify will have their documents authenticated by the Department of Education and Culture, Department of Foreign Affairs and Teco.

SOKOR ENVOY VISITS U.S.T. The Ambassador of South Korea to the Philippines Han Dong-man (seated, left), accompanied by First Secretary Song Areum (second row, fifth from left), paid a courtesy call on the University of Santo Tomas (UST) Rector Very Rev. Fr. Herminio V. Dagohoy, OP (seated, right), on October 12. The ambassador also met with the Vice Rector for Finance Rev. Fr. Rolando M. Castro, OP (second row, third from left), Vice Rector for Research and Innovation Prof. Maribel Nonato, PhD (second row, fourth from left), Executive Secretary to the Rector Prof. Augusto Antonio A. Aguila, PhD (second row, left), and Office for Internal Relations and Programs Director Prof. Lilian J. Sison, PhD (second row, right). UST Public Affairs Director Assoc. Prof. Giovanna V. Fontanilla, PhD (second row, second from left), welcomed the Koreans.

&Expats

envoys.expats.bm@gmail.com | Thursday, November 22, 2018 E3

PROVINCIAL MONITOR

Indonesian products exhibit set in Davao

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AVAO CITY—The consulate general of the Republic of Indonesia in Davao City will hold the second Indonesia Manufactured Products Expo 2018 in Abreeza Ayala Mall from November 23 to 25.

The consulate’s Information and Sociocultural Affairs Chief and First Secretary Endah R. Yuliarti Farry said the expo would showcase export products, such as construction-building materials, houseware items, fashion products, food and beverage, health care and beauty products, as well as agricultural machinery. Farry said the expo would also include vehicles manufactured in Indonesia, as one

of the major assembly plants is based in Chikara, West Java. “It will be the first time that car manufacturers will be joining the expo through a local dealer that import cars from Indonesia,” she said during Wednesday’s Habi at Kape forum here. The first secretary said the proximity of Indonesia to Mindanao remains an advantage of being part of the BIMP-EAGA, or the

Brunei Darussalam, Indonesia, Malaysia, Philippines-East Asean Growth Area region. “We also would like to support the products, considering that [their models are] already being sold in the Philippines by way of promoting them through this expo to increase sales in Mindanao area,” she said. According to Farry, business-matching sessions between Indonesian traders and local business partners will also be conducted, apart from the exposition. The three-day event will also feature arts display and cultural performances, as well as tourism promotion. The Indonesian official said the expo is the sixth series of promotional activities that the consulate has organized this year, focusing on economic and trade relations through direct trade and people-to-people contacts between Indonesia and Mindanao. Digna D. Banzon/PNA

EU Chamber of Commerce to conduct energy conference D

AVAO CITY—The European Union (EU) Chamber of Commerce of the Philippines (ECCP) is holding the fifth edition of Energy Smart Mindanao 2018 on November 22 at the Apo View Hotel. The ECCP said the event would focus on the mainstreaming of the region’s energyefficiency and renewable-energy initiatives. The chamber noted that the Philippine

government, international development organizations, nongovernment organizations and even private enterprises have introduced many initiatives to mainstream energy-efficient technologies and renewable energy. It said the forum is organized into three sessions: Government-Private Sector Dialogue on Energy Issues and Challenges; Energy Efficiency and Renewable Energy

Initiatives and Programs; and Best Practices in Energy Efficiency and Renewable Energy. It will also include topics such as EU Initiatives Supporting the Philippine Energy Sector Development; Investing in a Sustainable and Resilient Energy Future in Mindanao; and Partnering with the Government Energy Sector Development in Mindanao. Digna D. Banzon/PNA

Belgium lauds Boracay rehab, PHL bid on sustainable tourism T

HE Duterte administration’s decision to rehabilitate Boracay was a “good decision” after all, according to Ambassador of Belgium to the Philippines Michel Goffin. “Let’s be frank: When you cleaned [up] Boracay and El Nido, [those were] very good decisions. President Duterte is doing the right thing in cleaning up those areas,” he told reporters recently. The diplomat also lauded the upcoming rehabilitation plans of the government for other popular Philippine destinations, including El Nido in Palawan.

Israel holds Mashav founding anniversary

“You have such a beautiful country, not only in Boracay and El Nido, [but] everywhere else. Together, let’s keep them clean and sustainable,” he appealed. Goffin said such initiatives translate to the government’s commitment toward sustainable tourism—a move that will eventually attract more tourists. In 2017 Manila welcomed at least 15,000 visitors from Brussels. While the number keeps “increasing,” the Philippines’s brand as a treasure trove of beautiful tourist sites is little known in Brussels. “The Philippines should be much more

promoted in Belgium [and] in Europe, because everyone [there] knows Thailand. We [are] sort of [just starting] to know Indonesia, but the Philippines is still very far [behind], and there’s a big market out there,” Goffin said. The envoy also noted the need to improve infrastructures in the country, specifically the connectivity between some island provinces. “Really, you have beautiful places, but even for me, [they are] difficult to reach. There’s no train, there’s no public transport. Crossing islands on a ferry is really difficult. You should really improve infrastructure,” he clamored. Joyce Ann Rocamora/PNA

Leyte officials learn disaster management from Germany

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HE embassy of Israel in the Philippines recently celebrated the 60th anniversary of Mashav, Israel’s Agency for International Development Cooperation, in a gala event that gathered graduates and friends of the “Holy Land” in the country. More than 3,000 Filipinos from public agencies, academe and the private sector have completed international courses and workshops in their fields of capabilities, including agriculture and food security, community development, education, innovation and entrepreneurship, as well as medicine and public health. In her keynote address, Sen. Cynthia A. Villar encouraged Mashav scholars to maximize the skills they acquired in Israel as they their return to the Philippines. For his part, Ambassador of Israel Rafael Harpaz welcomed Mashav scholars and emphasized the good historic relations between the countries.

LEYTE Vice Gov. Carlo Loreto (second from left) signs a guest book during a trip to Germany to learn about its disastermanagement system. VICE GOV. LORETO’S FACEBOOK PAGE

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ACLOBAN CITY—A team of officials from Leyte embarked on a mission to study Germany’s disastermanagement system organized by the International Search and Rescue (ISAR)-Germany. Vice Gov. Carlo Loreto, who led the team, said their trip taught them ways to further develop Leyte’s pre-disaster preparedness and post-disaster response. Part of the United Nations rescue mission, ISAR-Germany extended assistance to the recovery of Leyte after the catastrophe through several humanitarian projects in the province. The humanitarian projects were focused on the reconstruction and supply of rescue equipment, such as ambulances and rescue boats. Part of these ongoing projects is the education of rescuers and trainers. ISAR-Germany said it will apply for a research-and-development (R&D) project for the promotion and implementation of a disaster-management system for Leyte by the end of 2018.

The project, funded by the German Federal Ministry of Education and Research, will be a common scheme between the Philippines and Germany and will run for three years. The initiative funds R&D projects within the International Disaster and Risk Management program, or IKARIM. Its goal is the common development and implementation of innovative and application-oriented solutions in the fields of disaster prevention, disaster management and restoration. The program aims to strengthen the resilience of partner countries against natural and technical risks, as well as the transfer of know-how and the formation of international partnerships for disaster-risk management. As part of the project, Leyte will receive unmanned aerial vehicles or drones, and communications equipment, among others, as the province’s personnel undergo training while developing solutions to actual challenges during calamities. Lizbeth Ann Abella/PNA

Envoys&Expats BusinessMirror

E4 Thursday, November 22, 2018

www.businessmirror.com.ph

EMBASSIES, EVENTS, ETC.

FRENCH Chamber of Commerce and Industry in the Philippines Managing Director Vanessa Hans delivers her opening remarks at the La Soirée news conference as she announced the organization’s upcoming 30th anniversary celebration. ROY DOMINGO

AMBASSADOR Dr. József Bencze cites late in October Hungary’s fruitful relations with the Philippines during the local celebrations of his country’s national day and the 45th anniversary of the two nations’ diplomatic relations. PNA PHOTO/GIL CALINGA

PHL, Saudi Arabia advance co-op in trade, services, agri

FOREIGN Affairs Secretary Teodoro L. Locsin Jr. and the Dean of the Diplomatic Corps-Apostolic Nuncio to the Philippines Gabriele Giordano Caccia exchange toasts during the vin d’honneur at the Department of Foreign Affairs main office. DFA PHOTO/CLARK GALANG

German state secretary visits for ‘smart cities’ talk

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HE Republic of the Philippines and the Kingdom of Saudi Arabia have reaffirmed their commitment to advance their bilateral cooperation at the conclusion of their fifth Joint Commission Meeting in Manila.

Aside from trade, investment, labor and health services, other possible areas of cooperation discussed by both sides are in security, trade and investments, agriculture, energy, finance, education, cultural, tourism, youth and sports, technical training and technology. Among the bilateral agreements discussed were the deployment of workers of general category and

household workers, as well as the memoranda of understanding in the fields of agriculture, sports, media, Islamic affairs and development cooperation. Foreign Affairs Undersecretary for Policy Enrique A. Manalo and Vice Labor Minister Abdullah Nasser Abouthnain led the Philippine and Saudi delegations, respectively. Relations between the Philip-

FOREIGN Affairs Undersecretary for Policy Enrique A. Manalo (second from left) and Saudi Arabia’s Vice Labor Minister Abdullah Nasser Abouthnain (second from right) during the recent memoranda of understanding signing to heighten their countries’ cooperation.

pines and Saudi Arabia span 49 years and remain vibrant, with total trade last year pegged at around

$1.25 billion. Saudi Arabia also hosts close to a million Filipino workers.

France gives grant for cable-car system study

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HE government of France has provided financial aid for a feasibility study on the implementation of the first urban cable-car project in the country, the Department of Transportation (DOTr) said on Wednesday. In a statement, the department stated that the initiative was formalized through a launch held at its office in Clark, Pampanga, attended by Secretary Arthur P. Tugade, Ambassador Nicolas Galey, transportation officials and representatives of the National Economic and Development Authority, as well as the Metropolitan Manila Development Authority. “The construction of an urban

cable-car system in Manila is certainly an exciting prospect, and the French government is very happy to…support the Philippine government in getting the most efficient way to include this mode of transportation in Metro Manila’s transport network,” Galey noted. The DOTr said France has provided a grant of €450,000, or about P27 million, for a 10-month study on the creation of an urban cablecar system in the Philippine capital, which will be conducted by French consulting firms MDP Consulting and Systra, as both have international expertise in transport infrastructure and cable car systems. Tugade, meanwhile, explained a

cable-car system is part of a “basket of solutions” to address the traffic situation in the country. “Admittedly, not one system can solve the situation of transportation and traffic in the Philippines. Not a cable system alone can solve the problems; it has got to be a basket of solutions, procedures and systems, and one of those baskets is certainly cable,” Tugade said. The feasibility will consist of three phases: identification of potential cable-car corridor; comparison of the corridors and selection of the best cable-car alignment; and the full feasibility study, which will determine if the project is technically, financially

and economically feasible. Tugade is pushing for the consideration of the La Union-to-Baguio and Caticlan-to-Boracay routes as prospects for the cable-car systems to promote tourism in those areas. The implementation of the cable-car project will depend on the results of the study. Before assuming office in June 2016, Tugade proposed that a cablecar system be set up as one of the measures to ease traffic congestion in Metro Manila. He said the Philippines should consider the experience of Bolivia that uses cable cars to help address the country’s traffic situation. PR/PNA

Oman, PHL march toward achieving ‘broader converging interests’ Continued from E1

For tourist exchange between the two countries, discussions are under way to identify potential areas for possible mutual cooperation between the two countries, particularly in the fields of agriculture, transportation, communications, real estate, petroleum and logistics, design and architecture, construction, aviation and hospitality. I strongly believe that achieving such vision will not only be a personal hallmark of my (stint) here, but a milestone in my diplomatic career. Speaking of such, please tell us a little about your professional background and diplomatic

AMBASSADOR of Oman to the Philippines Munther Mahfoodh Salim Al-Mantheri NONOY LACZA

career. I joined the Ministry of Foreign Affairs in Muscat back in 1990. Since then I joined several departments within, both in internal and external (capacities), then worked as a director of our office in Iran in 1990. I served as first secretary to our

embassy in Washington, D.C., from 1993 to 1998, director of our office in Italy and Spain between 1998 and 2001, as well as a director in our German and Scandinavian countryoffice in 2001 until 2007. Also, I was deputy head of Oman’s Western Europe Department from 2007 to 2013. Currently, I am honored to be the very first ambassador of the Sultanate of Oman to the Republic of the Philippines since December 2013, until now. What aspects of the Philippines do you share with your countrymen? Actually, the Philippines is already a very well-known country to

my fellow Omanis, as traders, as well as tourists have been its visitors for generations. Today, Filipino culture, music and food are well recognized in Oman— thanks to many OFWs from your country. One can actually buy Filipino grocery in Oman, or even eat your favorite (fast-food) meal while strolling in Muscat. But what I would like to share with every Omani will be the very friendly nature of Filipino people, the rich culture this beautiful country has, (and) the wide diversity of Filipino cuisine. Of course, I would love to invite them to explore the natural beauty of the Philippines, which is truly the Pearl of the Orient.

GERMAN State Secretary Gunther Adler (from left) Taguig City Mayor Laarni L. Cayetano and Ambassador of Germany Dr. Gordon Kricke

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TATE Secretary of the Federal German Ministry of the Interior, Building and Community (Bundesministerium des Innern, für Bau und Heimat, or BMI) Gunther Adler visited Manila from November 3 to 5, accompanied by a ministerial delegation from the Division for Smart Cities and Urban Development Policy. The visit to Manila marked the last destination of their mission to Asia, which included visits to Beijing and Tokyo. The BMI visit focused on urban planning and smart cities. More specifically, the delegation sought to learn the Philippines’s definition of smart cities, the problems the Filipino govern-

ment encounters concerning urban development and the way they address these challenges. The BMI is creating a dialogue platform for smart cities. Within a network of different countries, the ministry aims to open up a dialogue about different smart city concepts and their values. During his visit, Adler engaged with representatives from different companies, institutions and government agencies such as the National Economic and Development Authority, the Housing and Urban Development Coordinating Council, the Department of Finance and the Bases Conversion and Development Authority.

US showcases its food products on Thanksgiving

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MBASSADOR Sung Kim hosted a Thanksgiving celebration at the US Embassy in Manila on November 13 to showcase his country’s food commodities available in the Philippines. In the event, visiting US Undersecretary of Agriculture for Trade and Foreign Agricultural Affairs Ted McKinney thanked customers in the Philippines for supporting US agriculture. McKinney said, “From hotels and restaurants to franchise chains, food manufacturers and retail customers, Philippine buyers constantly demonstrate their awareness of the quality and variety of US food products.” In 2017 export sales reached $964 million—up 4 percent from the previous year. Traders expect 2018 sales to surpass the $1-billion mark. High-value food and beverage products remain the premier growth sector for US agriculture

US Undersecretary of Agriculture for Trade and Foreign Agricultural Affairs Ted McKinney cites the Philippines as one of the largest markets in Southeast Asia for US food and agricultural exports.

in the Philippines due to the country’s robust economy, steady expansion of the food sector and consumer familiarity with American brands. While in the Philippines, McKinney met with Agriculture Secretary Emmanuel F. Piñol to discuss the strong and growing two-way agricultural trade relations between their countries.