BusinessMirror November 27, 2018

IMMIGRATION BUREAU’S SPECIAL WORK PERMITS BEHIND CHINESE LABOR SURGE

By Samuel P. Medenilla

@sam_medenilla

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AX immigration rules were blamed for the sudden surge in the number of Chinese workers in the Philippines.

During a Senate hearing on Monday, the Bureau of Immigration (BI) reported it issued special working permit (SWP) to 119,000 Chinese nationals, who entered the country using tourist visas.

This allowed the Chinese nationals to work in SEN. Emmanuel Joel J. Villanueva (left photo) presides at a hearing of the Labor committee on Monday on, among others, a measure to compel Filipino employers to ensure at least 80 percent of their collective work force are Filipino citizens. Among the resource persons was Labor Undersecretary Ciriaco Lagunzad (speaking at right) and OWWA deputy administrator Brigido Dulay. PNA/AVITO DALAN

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

the country for three to six months without going through the necessary processes or being bound by restrictions from the Department of Labor and Employment (DOLE).

Meanwhile, the number of Chinese workers issued the Alien Employment Permit (AEP) by the DOLE stood at only 115,000 in the last three years.

Most of the SWP holders are Chinese and work in the Philippine Online Gaming Operations, or the so-called “Pogo,” partly validating a gaming analyst’s estimate, shared earlier with the BusinessMirror, that the surge in Chinese tourists the past year—nearly outpacing the Koreans who comprise Manila’s top tourist market—was rooted in the remarkable expansion of the Pogo sector.

Continued on A2

BusinessMirror A broader look at today’s business

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Tuesday, November 27, 2018 Vol. 14 No. 48

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@ReaCuBM

HE national government posted a budget deficit of P438.1 billion from January to October this year, an 87-percent increase over the same period in 2017 as expenditures outpaced revenue, Bureau of the Treasury (BTr) data showed on Monday.

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NG’s 10-month budget deficit up 87% to ₧438B

By Rea Cu

2017 EJAP JOURNALISM AWARDS

Boracay–Part 2 Manny B. Villar

THE ENTREPRENEUR

₧306.6B

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OURISM is one major contributor to the gross domestic product, but if we do not take care of our environment, we will lose to rival destinations in Asia the many foreign tourists flocking to the Philippines.

President Rodrigo Duterte did what other leaders would not have done: He shut down Boracay Island on April 26 this year to give way to a six-month rehabilitation after describing the prime tourist spot as a cesspool. Boracay in time healed itself and is now ready to accommodate tourists again.

Government expenditures for October 2018, a 35-percent hike over P226.9 billion in the same month for 2017; and marking the second-highest monthly disbursement growth for the year after the 43-percent growth recorded in April

Continued on A6

Year-on-year, expenditures posted a 25-percent expansion compared to last year’s P2.241 trillion, while revenues showed an 18-percent increase from P2.006 trillion in 2017.

‘Nothing short of 60-40 sharing is acceptable DOF reviewing mechanics of fuel excise tax suspension in PHL-China oil deal’

This deficit for the period already comprises 84 percent of the government’s 2018 full-year deficit program of P523.7 billion.

In the same 10-month period for 2017, the budget deficit was recorded at P234.9 billion.

The government’s expenditures

outpaced revenue collections for the period, with expenditures hitting P2.796 trillion and revenues amounting to P2.358 trillion.

Continued on A2

By Recto Mercene

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HE Department of Finance (DOF) is reviewing the measure on the suspension of the fuel excise tax increase for 2019, looking at how to shorten the period of the suspension when it is implemented next year.

Finance S ecretar y Car los G. Dominguez III said at the sidelines of the Sulong Pilipinas 2018 on Monday at Clark, Pampanga, “We are currently, again, reviewing it. This is a totally unexpected development, although it’s a pleasant development. I hope we have more developments like this, but we are currently reviewing the situation, especially now that prices has gone down to $55 per barrel or thereabouts. So that’s going to have a big effect in the reduction in inflation.”

He added that the review of the suspension measure would start by January 1, 2019.

“The law is very clear. The law says it has to be $80 and above for three months.... So it’s under review at the moment,” he added.

See “Fuel excise tax,” A8

I

A GAS attendant prepares to fill up a customer’s tank in Manila on Tuesday, as oil companies, tracking changes in the global market, lowered their prices for the seventh straight week. Story on page A2. NONOY LACZA

Digital, personal security concern Pinoys most–survey

By Cai U. Ordinario

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@caiordinario

ILIPINOS emerged as the most concerned about their digital and personal security compared to those living in other Asia-Pacific countries, according to the results of the latest 2018 Unisys Security Index.

The 2018 Unisys Security Index

also indicated that Filipinos were the most worried about identity theft, with 88 percent of those surveyed saying they are “extremely, or very concerned” about unauthorized access to, or misuse of, personal information.

Data also showed that 87 percent of Filipinos are concerned about natural disasters and epidemics while 86 percent of Filipinos are

PESO EXCHANGE RATES n US 52.3910

concerned about other people obtaining or using their credit/debit card details.

“Filipinos face a challenging combination of data and physical security issues, reflected in the highest Unisys Security Index globally. Filipinos are very aware of the global cybersecurity issues such as identity theft and credit card fraud,” said Lysandra Schmutter,

vice president for Public Sector, Unisys Asia Pacific.

“But they also regularly face local natural disasters such as the recent Supertyphoon Mangkhut, which endanger lives and impact the delivery of critical services,” Schmutter added.

Dat a showed t h at Fi l ipi nos are also concerned about See “Digital,” A2

@rectomercene

N any negotiation for a possible joint exploration for oil and gas in the West Philippine Sea, Filipino officials will insist on a 60-40 sharing scheme with China, and the latter can walk away from the table if it does not want that, Foreign Affairs Secretary Teodoro L. Locsin Jr. said on Monday.

However, Locsin added that if China accepts the sharing, then that means China has decided it is worth their investment.

“What if China doesn’t agree and wants it equal?” host Karen Davila asked Locsin on ANC. “Then they walk away because we cannot…it’s not allowed by our domestic law,” the country’s top diplomat said, adding that the sharing arrangement is not even mentioned in the memorandum of understanding (MOU) that he and Foreign Minister Wang Yi signed in the presence of President Duterte and visiting Chinese leader Xi Jinping on November 20.

“But certainly, when the working group [goes] into it, they will understand that they must operate on the Philippine side, within Philippine law, 60-40. But the Chinese side, they will also understand the Philippines needs to proceed on the basis of Philippine law. They can either walk away from the table or agree to it,” added Locsin.

He discouraged the facile conclusion that China has given in when it accepts the 60-40 in

“But certainly, when the working group [goes] into it, they will understand that they must operate on the Philippine side, within Philippine law, 60-40.

But the Chinese side, they will also understand the Philippines needs to proceed on the basis of Philippine law. They can either walk away from the table or agree to it.”—Locsin

Manila’s favor. “No,” Locsin said, that simply means, “China has decided it’s worth the price of investment, 60-40.”

Locsin said that, under international law, the MOU does not create rights or obligations, “but when it comes to sharing domestic law, we don’t really change [what the Constitution says],” adding that “the most sustainable growth of a country should not be at the expense of another… and the national progress is not a zero-sum game.”

Locsin said the alleged (Sen. Antonio F.) Trillanes documents, purporting to show a different sharing scheme, should not be believed because, “It does not exist, it does not even make sense.”

Market price

THE secretary said he talked with a Filipino expert, whom he will not name, who was involved in the discovery of a huge oil reserve off Beijing who told him that the sharing arrangement “should be determined after the cost covered by both sides [are computed].”

See “PHL-China oil deal,” A8

n JAPAN 0.4642 n UK 67.2124 n HK 6.6946 n CHINA 7.5384 n SINGAPORE 38.1108 n AUSTRALIA 37.8787 n EU 59.4271 n SAUDI ARABIA 13.9657

Source: BSP (26 November 2018 )

News

BusinessMirror

A2 Tuesday, November 27, 2018

NFA seeks to cut losses by hiking price of local rice

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By Jasper Emmanuel Y. Arcalas

@jearcalas

HE National Food Authority (NFA) is proposing to increase, to at least P33 per kilogram (kg), the price of locally produced rice it sells in order to cut the losses it incurs from its ballooning operating costs.

NFA OIC-Administrator Tomas R. Escarez said the food agency is losing P8 for every kg of rice it sells at P25 per kg to authorized retailers. This has been the case since the NFA started to buy palay at P20.70 per kg last month, according to Escarez.

The NFA spends an additional P12.30 per kg to mill, transport and market the local palay it procures.

This, according to Escarez, doesn’t even include the P2/kg overhead costs being shouldered by the NFA. “We buy [palay] at P20.70 per kg and, considering the 65-percent milling recovery rate, processing fee, trucking fee and other fees, our breakeven cost would be at P33 per kg,” he said during the Senate hearing on the NFA’s 2019 budget on Monday.

“Our present [selling] price is P25 per kg. This means that we are losing P8 per kg. Our proposal is that the NFA should be able to earn even a slight profit,” Escarez added.

Selling NFA rice at P35 per kg,

Escarez said, would cover the overhead costs incurred by the agency.

“Because the accepted retail price right now, and consumers are not complaining, is P38 per kg. The NFA is selling rice at P25 per kg,” he said. “We are proposing to increase the price, at least for locally produced palay, to at least P33 per kg or P35 per kg.”

Escarez also disclosed that he has discussed the proposal with some of the members of the NFA Council, the agency’s highest policy-making body, during “informal talks.”

“It seems they are interested to increase the selling price. I have talked to them in initial meetings that we had. And they are amenable [to the proposal],” he said.

Escarez added that the NFA is also incurring losses from selling imported rice, as the average landed cost per kg of imports is around P26.77 per kg, P1.77 higher than the agency’s minimum selling price.

The NFA sells rice at P25 per kg to retailers, who, in turn, sell it at P27 per kg. It has been the mandate of

the NFA to purchase palay at higher prices while selling the staple lower than the prevailing market prices, according to Escarez.

The NFA is effectively purchasing palay at P20.70 per kg following the council’s approval of the P3 buffer-stocking incentive last October. The NFA’s support price for palay is at P17 per kg, with an additional P0.70 incentive.

Escarez told the BusinessMirror that he has already raised the matter with Agriculture Secretary Emmanuel F. Piñol, who also chairs the NFAC. However, Escarez said Piñol told him that the proposal would still have to be discussed thoroughly, especially by the NFAC. It remains unclear, however, if the NFA would continue to sell government rice once the rice tariffication bill is enacted into law.

Escarez said he has received reports that the NFA may stop selling rice once the measure is implemented.

Palay purchases

ESCAREZ disclosed during the Senate budget hearing that the NFA intends to purchase around 723,000 metric tons (MT) of palay next year to achieve its 15-day buffer-stocking requirement.

The volume, according to Es-

carez, would cost the agency some P14.967 billion, which is more than double than the P7-billion subsidy that the food agency was granted for 2019.

“That’s our intention, to have at least 15 days [of buffer stocking] at any given time and 30 days during the lean season,” he said. “But we are limited in the budget to P7 billion. What we do right now is buy and hope to sell [rice] immediately and then buy again.”

The NFA would need at least 1 million MT to cover the 30-day buffer-stocking requirement during the lean season of July to September, according to Escarez.

However, Senate Committee on Agriculture and Food Chairman Cynthia A. Villar said the NFA’s subsidy for 2019 may no longer be increased.

“It’s unlikely. It would be hard,” Villar told reporters in an interview after the budget hearing.

Villar also said the NFA would be limited to procuring palay from local farmers for buffer-stocking purposes.

The food agency attached to the Department of Agriculture would no longer be allowed to import rice and issue licenses to importers starting next year, Villar said.

We buy [palay] at P20.70 per kg and, considering the 65-percent milling recovery rate, processing fee, trucking fee and other fees, our breakeven cost would be at P33 per kg. Our present [selling] price is P25 per kg. This means that we are losing P8 per kg.”—Escarez

NG’s 10-month budget deficit up 87% to ₧438B Continued from A1

Tax revenues for the period accounted for P2.117 trillion of the total, with the Bureau of Internal Revenue (BIR) reporting a P1.609trillion collection and the Bureau of Customs (BOC), P490.6 billion; other offices, P18.2 billion.

Nont a x re ve nues for t he 10-month period reached P240.6 billion with the BTr contributing P98.9 billion and other offices at P141.7 billion.

Of the expenditures, interest payments amounted to P295.3 billion, while primary expenditures net of interest payments of the government reached P2.501 trillion for the period.

The government reported a primary deficit of P142.8 billion as of end-October, coming from the primary surplus of P34.5 billion recorded in the same 2017 period.

For the month of October alone, the government recorded a budget deficit of P59.9 billion, expanding by 175 percent compared to the P21.8-billion deficit reported in October 2017.

The month also reported a 35-percent surge in government expenditures amounting to P306.6 billion, coming from P226.9 billion in the same month for 2017. “ T his marks the second highest monthly disbursement growth for the year following the 43-percent growth recorded in April,” the BTr said in a statement on Monday.

Revenues for the month reached P246.8 billion, which also grew by 20 percent coming from P205.1 billion last year. Tax revenues contributed P222.2 billion, while nontax revenues amounted to P24.5 billion for the month.

Digital. . .

Continued from A1

computer v ir uses or hac k ing , wa r or terror ism, financial obligations, personal safety and shopping/banking online.

However, the data showed that Filipinos are becoming less concerned about all these issues compared to the results in 2017. Filipinos’ concern for identity theft and natural disasters has declined this year from 93 percent in 2017.

The survey also revealed that Filipinos are the “most comfortable” in the Asia and the Pacific when it comes to digital IDs. Filipinos are the most concerned when it comes to biometrics for airport security at 87 percent, followed by using a single user ID and authentication to access multiple government services at 76 percent.

Similarly, 70 percent are comfortable with a centralized electronic health record.

Unisys said the top reason given by those not comfortable using digital identities is their concern about data security.

“The high degree of willingness to embrace digital identities in the Philippines

The BIR reported revenue collections for October of P164.8 billion, which is 16 percent higher than P142.5 billion last year, while the BOC reported a P56-billion collection rising by 30 percent, from P42.9 billion in 2017.

Under nontax revenue collections for the month, the BTr reported collections of P8.4 billion, or 10 percent more than the P7.6 billion in 2017.

“The increase was driven by higher income from nationa l government deposits, interests on advances to GOCCs [government- ow ned a nd - cont rol led corporations], foreign-exchange risk cover fee, and remittance of national government share from Pagcor [Philippine Amusement and Gaming Cor p.],” the BTr added.

The government showed a pri-

may be driven in part by the need to quickly access services following natural disasters.

Given that Filipinos are also concerned about identity theft and bankcard fraud, biometric identifiers such as fingerprints or facial scans offer an accurate and secure way of authorizing someone’s identity so that they can access the services they need, even if all of their identity papers have been destroyed,” Schmutter said.

The index is a calculated score out of 300 covering changing consumer attitudes over time across eight areas of security in four categories: national security and disaster/ epidemic, in the National Security category; bankcard fraud and financial obligations, in the Financial Security category; viruses/ hacking and online transactions, in the Internet Security category; and identity theft and personal safety, in the Personal Security category.

The 2018 Unisys Security Index is based on online surveys conducted on August 19 to September 3 of nationally representative samples of at least 1,000 adults in Argentina, Australia, Belgium, Brazil, Colombia, Germany, Malaysia, Mexico, the Netherlands, New Zealand, the Philippines, the United Kingdom and the United States.

mary deficit of P35.9 billion in October this year coming from the P1.4-billion primary deficit in the same month last year.

Meanwhile, at the sidelines of the Clark leg of the Sulong Pilipinas 2018 on Monday, Budget Secretary Benjamin E. Diokno said the government’s spending activities will continue to boost the growth of the Philippine economy under the medium-term agenda of the Duterte administration.

“Government spending as a share of GDP [gross domestic product] will increase from 17.9 percent in 2017 to 20.4 percent in 2022.

This year we would like to keep a 3-percent deficit to GDP, which will be increased to 3.2 percent next year in recognition of strong government infrastructure spending,” Diokno said.

PHL elected to chair Midterm Review of Aspac declaration on population

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HE Phi l ippines has been elected to c ha ir t he Midter m R ev iew of t he A si a n a nd Pac i f ic Minister ia l Dec l a rat ion on Popu l at ion a nd Development.

In a statement, the Commission on Population said its Executive Director Juan Antonio A. Perez III was elected to lead the discussions on the country experiences in addressing sexual and reproductive health situation and population in the Asian and the Pacific region, within the context of the International Conference on Population and Development (ICPD) Program of Action (PoA).

The review, which is being conducted in Bangkok this week, will discuss the progress of the Region in the implementation and challenges yet to be faced to attain the objectives of the ICPD and Sustainable Development Goals (SDGs) in 2030.

“The Midterm Review is critical in monitoring the Region’s efforts in balancing economic growth with social imperatives and in advancing gender equality and sexual and reproductive rights,” Perez stressed. Cai U. Ordinario

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7th price rollback: ₧1.10 a liter for gas, ₧2.30 for diesel O IL firms implemented for the seventh consecutive week a price rollback following the continued softening of global oil prices.

Gasoline prices were slashed by P1.10 per liter, diesel by P2.30 per liter and kerosene by P2.10 per liter.

The price rollback took effect at 6 a.m. on Tuesday, November 27, for Eastern Petroleum Corp., PTT Philippines, Pilipinas Shell and PetroGazz.

Phoenix Petroleum initiated the price reduction last Saturday. It implemented a price cut of P2.20 per liter for gasoline and P1.10 per liter for diesel.

Seaoil Philippines implemented its price reduction Sunday morning.

Prior to this week’s price rollback, gasoline prices were reduced by around P8 per liter, diesel by P6.20 per liter and kerosene by P5 per liter for the past six weeks.

Based on Department of Energy (DOE) monitoring, the following reasons account for the continued fall in global oil prices to their lowest level.

First, the US-Energy Information Administration (EIA) data of crude inventories settled higher for an eighth straight week, adding 10.27 million barrels in week ending November 9 to 442.05 million barrels.

Also, IEA Executive Director Fatih Birol warned Opec and other key oil producers to “behave responsibly” to ensure continued “comfortable” market conditions and prevent a return to higher oil prices.

Asian gas and oil remained stable on medium demand and ample supply. Moreover, the Organization of the Petroleum Exporting Countries is considering a supply cut during its meeting next month. Lenie Lectura

IMMIGRATION BUREAU’S SPECIAL WORK PERMITS BEHIND CHINESE LABOR SURGE Continued from A1

The analyst told the BusinessMirror that the glaring gap between the number of AEPs issued by DOLE, at 25,000 and the number of Chinese tourists masked the real number of Chinese workers in the country, and that the number of those in the gaming sector could actually be nearer to 300,000.

The influx of many Chinese workers became the focus of an inquiry by the Senate Labor committee chaired by Sen. Joel Villanueva after DOLE officials discovered that dozens of Chinese nationals were working on Chinese-funded infrastructure projects without the requisite DOLE permits.

Full test

THE AEP is a mandatory requirement for foreigners, who would like to work in the country for more than six months. The document, which can be obtained once a foreigner is already in the country, will allow a foreigner to apply for a work visa at the BI. Labor Undersecretary Ciriaco Lagunzad III, who appeared at the Senate Labor committee hearing, said the labor-market test ensures only highly skilled and technical positions like supervisors, engineers and architects are given to foreigners.

“We like to reassure that if we will issue the AEP anyway, no Filipinos will be deprived [of a job],” Lagunzad told reporters in an ambush interview.

Unlike the immigration bureau’s SWP, applicants for the AEP must go through the labor-market test, wherein their names will be published on newspapers. They will only be given the AEP if no local worker contests their application.

Lagunzad said SWP holders do not fall under the jurisdiction of DOLE since they are technically considered as tourists and their stay is temporary.

Large discrepancy

VILLANUEVA, the chief of the Senate Committee on Labor, Employment, and Human Resources, expressed concern over the large discrepancy between the SWP and AEP issuance.

He noted the BI should have no jurisdiction in issuing work permits since only DOLE has the “technical knowledge” to assess if allowing foreigners to work here will be detrimental

for local workers.

Other than these registered foreign nationals, Villanueva said there could actually be more than 200,000 illegal Chinese nationals based from the reports they have received from Pasay City, Makati, Muntinlupa and Caraga.

“Again numbers don’t lie and our eyes don’t lie. We see the influx of Chinese nationals and foreign nationals who are working in the country. No one would contest how they would enter the country as tourists to be employed,” Villanueva said.

He said his committee is now reviewing the possible legislative remedial measures or interventions from Malacañang to remove the power of BI in issuing work permits.

Aggressive inspection

AMID concerns over the growing number of foreign workers in the country, especially in the Pogo, the DOLE is set to start the “mapping” of foreign workers in Metro Manila in the coming days.

“We already talked with Pagcor [Philippine Amusement and Gaming Corp.] We will start the mapping this week or next week first in NCR [National Capital Region] with the coordination of our regional office,” Bureau of Local Employment [BLE] Director Dominique R. Tutay said in an ambush interview.

Foreign workers identified to have no permits during the course of the mapping may face deportation.

Lagunzad said they will also make AEP validation a top priority for their labor law compliance officers, when they conduct their inspections starting next year.

“For next year we will have a special attention on this issue because this is an emerging and significant problem... we may have to re-calibrate our inspection strategy and put more people to check this out,” Lagunzad said.

The labor official said they will intensify their effort to make their labor-market test more visible to the public so more local workers could scrutinize the AEP applications.

“We feel the publication is insufficient and there has to be an extra effort. We just like to make sure that all efforts are exhausted,” Lagunzad said.

The Nation BusinessMirror

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Editor: Vittorio V. Vitug • Tuesday, November 27, 2018 A3

PNP deploys SAF troops to Bicol, Samar provinces to fight lawlessness, terrorism

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By Rene Acosta

@reneacostaBM

HE Philippine National Police (PNP) has deployed augmentation teams and realigned its forces in areas where President Duterte wanted to see stronger presence of security forces to suppress lawlessness and terrorism.

PNP chief Director General Oscar D. Albayalde said he had already ordered the head of the Special Action Force to deploy a company of SAF forces in the Bicol region and another company in Samar, while standby forces were realigned in Negros island provinces.

“I gave [a] directive to the director of SAF to immediately deploy one company each to Bicol and Samar area,” Albayalde said during a news briefing on Monday. A SAF company has 127 up to 132 officers and members.

On the island of Negros, the PNP chief said, no deployment will be made as the leadership will just realign SAF and other forces that are on standby near the area to critical provinces where stronger police presence is needed.

Albayalde said the order of Duterte to deploy additional military and police forces to deal with New People’s Army rebels in these areas will not affect the present deployment setup of the PNP, especially for territorial units in police stations.

“What will be affected there are the regional mobile forces.

They will be probably deployed and be augmented in different provinces that we know are critical like Negros, Bicol area. We will augment our mobile forces,” he said.

Accompanying the deployment of forces was the order of Albayalde to all police forces to step up their operations to stop violence and terrorism.

“We have alerted all maneuver and territorial police forces in these areas to assume an active defense posture while stepping up proactive operations to suppress lawless violence and acts of terror, and prevent these from spreading to other localities,” he said.

Defense Secretary Delfin N. Lorenzana said the military may not also need to deploy additional forces in the regions and provinces identified by President Duterte, but will only need to realign its forces by concentrating in areas where violence and terrorism are prevalent.

“They will just realign forces. They will just have to stay in

Carpio may still bag SC top post despite stand on WPS–Palace

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ENIOR Associate Justice Antonio T. Carpio’s stand on the West Philippine Sea (WPS) dispute between the Philippines and China will not impede his possible appointment as the next Supreme Court Chief Justice, Malacañang assured on Monday.

Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said in news a briefing that President Duterte already has a track record of appointing officials, no matter these appointees’ view differs, or dissents, from that of the Chief Executive. “…If you will look at the history of the President, when he appointed Harry Roque as spokesman, I remember during the campaign he was against the President. He was supporting another candidate.

And yet, the President appointed him, he became a member of the Cabinet. Also those members of the Cabinet coming from the Left, attacking the President and yet they were appointed. So I don’t think you can derive a conclusion that just because someone is a critic of the administration you cannot be appointed,” Panelo said.

Carpio was part of the legal team that brought the Philippines its victory in a landmark arbitral ruling in 2016 which invalidated China’s massive claims to the WPS. Bernadette D. Nicolas

briefs COURT ASKED TO REVERSE RULING ON PINOY LANGUAGE STUDY AN alliance of professors, students, writers and cultural activists on Monday asked the Supreme Court to reverse its ruling issued on October 9 which declared as constitutional the order issued by the Commission on Higher Education (CHED) excluding Filipino, Panitikan and Philippine Constitution among the core subjects in the general education curriculum in college.

In a 19-page motion for reconsideration, Tanggol Wika insisted that the constitutional provisions they relied upon in assailing the constitutionality of CHEd Memorandum Order (CMO) 20 Series of 2013 are “self-executing.”

The Court, in its ruling, held that Section 6, Article XIV on the use of the Filipino language as medium of instruction is not self-executory.

But group noted that the Constitution states that “national language of the Philippines is Filipino” and “shall be further developed and enriched on the basis of existing Philippine and other languages.” Joel R. San Juan

DE LIMA TO C.A.: DISALLOW CONVICTS’ TESTIMONY DETAINED Sen. Leila M. de Lima has asked the Court of Appeals to reverse a lower court ruling which denied her plea to disqualify 13 convict-witnesses from testifying against her in connection with the illegal-drug trading charges filed against her by the Department of Justice (DOJ).

In a 26-page petition for certiorari and prohibition filed last week, de Lima insisted that Regional Trial Court in Muntinlupa Branch 206 Presiding Judge Lorna Navarro-Domingo committed grave abuse of discretion amounting to lack or excess in jurisdiction when she denied her plea to disqualify the said convicts from testifying against her. Joel R. San Juan

areas that are critical and vulnerable to attacks,” he said, adding that if there is a need for additional forces, they will just have to deploy either Army Special Forces or Scout Rangers.

Albayalde said that they are also continuously

validating reports of the active collusion by some local politicians with organized crime groups engaged in kidnapping for ransom, presumably for fund-raising purposes.

“Reports of this nature have been monitored in

some parts of Mindanao, particularly in known areas of operation of kidnap gangs,” the PNP chief said.

He declined to say how many politicians were involved in kidnapping, but there are only few of them, most of whom are based in Western Mindanao.

A4 Tuesday, November 27, 2018 • Editor: Vittorio V. Vitug

Economy BusinessMirror

Joint circular mandates Neda Board approval on all reclamation projects

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By Cai U. Ordinario

@caiordinario

ECLAMATION projects will now have to go through the approval of the National Economic and Development Authority (Neda) Board before projects of such nature can proceed.

This was stated in the joint memorandum circular between the Neda and the Philippine Reclamation Authority (PRA) which places “more teeth into the regulation of reclamation activities.”

Socioeconomic Planning Secretary Ernesto M. Pernia, who is also Neda Board vice chairman, welcomed the joint memorandum circular, saying that it will strike a balance between economic growth and environmental sustainability in the implementation of reclamation projects.

“Reclamation projects can be good or bad for sustainable development

depending on how, and to what ends, they are done. So we must strike a balance between the twin goals of economic growth and environmental sustainability,” Pernia said.

The joint circular will be endorsed to the Office of the President for notation. It aims to strictly enforce the implementation of Executive Order 146, series of 2013, which delegates to the Neda Board the power to approve reclamation projects.

The joint directive aims “to foster heightened compliance with the approval of reclamation projects” and “prevent indiscriminate illegal reclamation activities which lack

prior Neda Board approval.”

It states that the “completed staff work by the PRA and the corresponding PRA Board endorsement, through a PRA Board Resolution, of a reclamation project and reclamation component of a development or infrastructure project should be obtained before submission to the Neda Board Investment Coordination Committee [ICC] and/or Neda Board, as the case may be.”

Based on EO 146 Series of 2013, the power of the President to approve reclamation projects was delegated to the Neda Board, while the PRA is tasked to continue processing, evaluating and recommending for approval projects to the Neda Board.

Proposed reclamation projects endorsed by the PRA to the Neda Board should include all relevant documents as may be required by the Neda Board, such as, but not limited to, Letters of Intent, Project Proposals, Pre-Feasibility Studies, draft agreement or contract.

However, the President still has the authority to modify, amend or

nullify the Neda Board’s action.

Under the EO, reclamation projects initiated or proposed by PRA or any government entity allowed under existing laws to reclaim land and even projects initiated by the private sector through PRA and local government units will go through the Neda Board.

In May, Pernia said, the President himself was not keen on projects that involve reclamation because of his concern for environmental costs.

Pernia said this was one of the primary considerations in the choice of the location of the new airport. Pernia said the airport in Sangley may not be forthcoming given the President’s reservations on reclamation work to be done to make the airport viable.

He said environmental concerns are important to the Duterte ad m i n i st rat ion wh ic h h a s a “Green, Green, Green” program for cities and plans to harness the country’s blue economy composed of fisheries, corals, marine life, biodiversity, and other natural resources found in the sea.

More quits than job terminations recorded in Q2–survey

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ETTER opportunities in other companies, family considerations and aspiration to be an overseas Filipino worker (OFW) were among the common reasons Filipinos quit their jobs in the second quarter of 2018, according to the Philippine Statistics Authority (PSA).

In its latest Labor Turnover Survey (LTS), the PSA said there were still more quits than terminations in the April to June period of 2018.

Data showed employee-initiated separations were at 5.6 percent while

employer terminations were at 3.7 percent during the period.

The separation rate of 9.3 percent indicated that 93 workers were either laid off (3.7 percent) or voluntarily left their jobs (5.6 percent).

“The overall growth of employment in all establishments was recorded at 1.7 percent during the period, which was higher than the previous quarter [1.6 percent]. This rate denoted that in every 1,000 persons employed, 17 workers were added to the estimated total em-

ployment of 4.3 million during the quarter,” the PSA said.

Data showed that around 32.6 percent of workers who left their jobs to other companies, around 18.3 percent said it was due to family considerations, and 14.4 percent said they wanted to work abroad.

Other reasons were Awol, or absence without leave, at 10.7 percent; voluntary resignations, 8.5 percent; retirement, 5.8 percent; personal matters, 2.2 percent; study/review, 1.9 percent; health reasons, 1.3 per-

Policies for SMEs to protect their business

By Henry J. Schumacher

communications resources are used for appropriate purposes only.

S

MALL and midsize businesses are increasingly being targeted by cybercriminals—but they often lack the resources and expertise to develop comprehensive security policies to help defend against threats. These companies also have done little yet to fully comply with the Data Privacy Act of the Philippines which is being implemented by the National Privacy Commission (NPC).

Let’s look at some of the issues: IT staff systems/data access policy IT pros typically have access to company servers, network devices and data so they can perform their jobs. However, that access entails risk, including exposure of confidential information and interruption in essential business services.

Guidelines for governing access to critical systems and confidential data are needed.

Encryption policy Encryption offers a means of protecting data in transit or stored on devices—but organizations must follow proven methods and adhere to current standards for it to be effective. There are tested and recommended encryption technologies to help secure your corporate data.

IT physical security policy You need a policy that will help

your organization safeguard its hardware, software and data from exposure to persons (internal or external) who could intentionally or inadvertently harm your business and/or damage physical assets.

Information security policy To protect your information assets, you need to define acceptable and unacceptable use of systems and identify responsibilities for employees, IT staff and supervisors/ managers. You need to establish rules and guidelines to secure your company data.

Password management policy Password-driven security may not be the perfect solution, but the alternatives haven’t gained much traction. You will have to look at best practices that will make password protection as strong and manageable as possible.

Electronic communication policy You require a policy that provides guidelines for the appropriate use of electronic communications.

Such policy should cover privacy, confidentiality, and security and is intended to ensure that electronic

Intrusion detection policy A clear and concise plan of action will help counteract any intrusion into an enterprise network and mitigate potential damage. You need to establish guidelines and procedures that your organization can follow when your computer network is compromised.

There are organizations that can help SMEs with special programs.

The idea is for you to learn Data Privacy and Protection in a simple way, allowing you to immediately start a privacy management program across your organization, translating your privacy vision to your operations down to every employee in the company.

Legal and operational compliance seems to be a daunting activity often confusing and complicated. It should not necessarily be. The difficult can be made simple to comprehend and deploy.

Using a best practices framework approach, you can now start a culture of data privacy and protection in your organizations.

Even for SMEs, there is affordable automation software available, for instance the Data Protection Management System (DPMS), a Compliance Collaboration and Management Tool that helps companies to productively manage the process of governance, risk and compliance with new data protection laws. Remember, data breaches are costly and criminal and can easily ruin your company’s reputation.

If assistance is needed or you want to comment on this content of this column, please contact me at Schumacher@eitsc.com.

cent; and death, 0.5 percent.

In terms of employer-initiated separations, the most common reasons were project completion at 44.8 percent; Awol, 20.5 percent; and retirement at 8 percent; reorganizing/downsizing, 4.7 percent; termination, 3.6 percent; lack of market, 3.1 percent; transferred to another branch, 2.5 percent; merger/change in management, 2.1 percent; performance issues, 1.8 percent; and financial losses, 1.6 percent.

Data showed that the most quits were in education at 7.2 percent, followed by administrative and support service activities at 6.9 percent and manufacturing at 6.7 percent.

The highest terminations were seen in construction at 6.1 percent; administrative and support service activities at 5.1 percent; and accommodation and food service activities and education at 4.9 percent.

Meanwhile, there were a total of 219,022 vacancies in the second quarter of 2018. This was 2.22 percent lower than the 223,993 vacancies seen in the first quarter.

“The bulk of the total job openings were offered by the services sector at 76.1 percent [166,713].

Industry sector posted 19.9 percent share [43,536] while the remaining 4 percent [8,773] was in agriculture, fishing and forestry sector,” the PSA said.

By major occupation, PSA data showed that service and sales workers accounted for the highest share to total job vacancies at 18.4 percent, or 40,216 vacancies.

This was followed by technicians and associate professionals at 16.3 percent, or 35,802 job openings; elementary occupations at 16 percent or 35,016; professionals at 15.9 percent or 34,871; and clerical support workers at 15.7 percent or 34,395.

The LTS is a quarterly sample survey of enterprises which has been conducted by the PSA since the third quarter of 2002.

Initially, it only covered enterprises located at the National Capital Region. However, starting the first quarter of 2018, the LTS covered the establishments based within and outside NCR or Metro Manila.

The survey intends to collect data on “ job creations” and “ job displacements” in business establishments in the Philippines by collecting quarterly data on accessions and separations of workers. Cai U. Ordinario

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Arroyo to Executive branch: Take extra step to enforce economic laws and policies

By Jovee Marie N. Dela Cruz @joveemarie

H

OUSE Speaker Gloria Macapagal-Arroyo on Monday urged the Executive branch of government to take “extra action” to implement economic laws and polices passed by Congress and “transform these into actual business activity.”

At a lunch briefing with media, Arroyo said Congress has already passed several laws and policies to support the government, but stressed that the “area of government that is most responsible for the implementation is the Executive [branch].”

“The country already has a good policy framework in place, supported by good legislation,” she said.

“This cannot be done merely by making good economic policies and then stopping there— we need to take the ‘extra step’ to implement those policies and transform them into actual business activity,” she pointed out.

During the early years of President Duterte’s term, Arroyo said, the Executive branch has put in place a set of policies to guide the country’s economic and infrastructure development in the coming years.

“There will always be room for making new policy and legislation. But on the whole, I think it is time to pivot from mere policies to implementation. We must harvest the results during the final three-and-a-half years of President Duterte’s term,” she said.

For the remaining months of the 17th Congress, Arroyo said the lower chamber is prepared to give the implementing depart-

ments and agencies the support that they may need to the extent that they make this pivot from policy to action, “such as by way of House resolutions from the elected representatives of the people, or through the helpful exercise of House oversight functions.”

Anti-inflation measures

AS the lower chamber pivots from policy to action, Arroyo also said the chamber will provide support to the government on the implementation of policies to address inf lation.

“People continue to wor r y about what economists call ‘inflation,’ although it seems to be softening now, and what ordinary people call ‘rising prices.’

We hear the term ‘supply-side inflation.’ My simple explanation is that this kind of inflation occurs when there is not enough supply of goods available in the market—food for example. This shortage of supply causes prices to rise. The solution, of course, is to increase the supply,” she said.

“When applying this example to the economy as a whole, this means we have to generate the economic activity that will produce more goods and ser vices for the economy, and in doing so, create pay checks for the people involved in producing them,” she added.

While the Legislative branch has already enacted a set of laws in support of the economy, Arroyo said “this week, the House can report with confidence that it has already either passed, or is in the final mile of the effort to pass, the President’s legislative agenda as he announced in his 2018 State of the Nation Address.”

DTI chief, House member press Senate to pass P3 measure to benefit MSMEs

By Elijah Felice E. Rosales @alyasjah

T

HE country’s trade chief and a Mindanao legislator on Monday called on Senators to pass the measure that seeks to institutionalize the Pondo sa Pagbabago at Pag-asenso (P3) program.

In his speech at the P3 National Congress in Pasay City, Trade Secretary Ramon M. Lopez said the measure’s passage will provide a boost for micro, small and medium enterprises (MSMEs), and will ensure annual funding for the government’s microfinance scheme.

“If now [the P3 program] has P1 billion every year, in Rep. Peter Unabia’s proposal, the budget will be made P4 billion for every year. Let’s hope that this measure breezes past Congress and the Senate,” Lopez said.

“If every year we have this allocation for the P3 program, we will be able to reach more MSMEs and it will be easier to eradicate the P30-billion industry of ‘5-6’ moneylending,” he added. The P3 program is intended to replace the notorious 5-6 lending scheme viewed by the government as usurious for its 20 percent per day, week or month interest.

As of November, the Small Business Corp., tasked to manage the P3 fund, released some P1.7 billion to over 52,000 MSMEs across 79 provinces. According to Lopez, P68.7 million of this total was issued directly by SB Corp., while the remaining chunk through microfinance conduits.

“The total number of borrowers from the Pondo sa Pagbabago at Pag-asenso is now at 52,000 microenterprises in 79 provinces, almost covering the entire country,” Lopez reported.

Unabia, representative of the First District of Misamis Oriental, vowed to pressure the Senate to pass the bill

“If now [the P3 program] has P1 billion every year, in Rep. Peter Unabia’s proposal, the budget will be made P4 billion for every year. Let’s hope that this measure breezes past Congress and the Senate.”–Lopez

institutionalizing the P3 program.

He said it is vital for the measure to be enacted, as this will secure the microfinance scheme’s continuity even after the Duterte administration.

“If the Senate prioritizes this, if this is passed by Congress, we will be able to ensure the continuity of the program,” Unabia argued. He promised to regularly check with Senate to know the status of the bill.

House Bill 7446, or the P3 bill, was approved in May by the House of Representatives. However, its counterpart measure in the upper chamber—Senate Bill 2017—filed

by Sen. Aquilino L. Pimentel III—is pending on second reading.

The measures seek to create the P3 fund, which will be lent out to qualified MSMEs under terms and conditions. The SB Corp., as in present, will be mandated under the proposals to handle the fund delivery either through direct lending to small businesses, or wholesale lending to microfinance conduits, rural banks and credit cooperatives.

MSMEs can borrow P5,000 up to P200,000 depending on its business needs and repayment capacity with no collateral requirement under the P3 program.

Interest rate and services fees do not exceed 2.5 percent monthly.

The government expects this microfinance scheme to veer small businesses from onerous moneylending.

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Editor: Angel R. Calso • Tuesday, November 27, 2018 A5

Latin America in flux as G-20 leaders arrive

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UENOS AIRES, Argentina— Argentina had hoped to show off its newly market-friendly economy to the world when the G-20 group of the world’s top economies begins its first South American summit this week. Instead, it’s looking for help to avoid an all-out crisis.

T he t wo-day meeting that starts on Friday is meant to focus on development, infrastructure and food security, but most of the talk on the sidelines is expected to center on trade disputes between the US and China and the signing of the new North American free trade deal.

Argentina, a darling of Wall Street just a year ago, finds itself hosting the summit while scrambling for international aid to fend off a collapse.

“The original vision for Argentina was to use the G-20 to showcase that it had transformed the economy, and instead it welcomes world leaders to the economic wreckage.

So, the timing is inconvenient, to say the least,” said Benjamin Gedan, an Argentina expert at the Woodrow Wilson International Center for Scholars.

“Instead of a showcase, the G-20 is an opportunity to plead for international support.”

Argentina was forced to obtain a record $56 billion credit line from the International Monetary Fund recently following a currency crisis and spiraling inflation. The peso has depreciated by more than half

this year and consumer prices are estimated to have risen by about 45 percent. Growing frustration over massive layoffs and poverty has also stoked protests that are expected to reignite during the summit.

Still, President Mauricio Macri will want to show improvements in international relations during his three years in office after more than a decade of protectionist policies under the populist governments of President Cristina Fernandez and her late husband and predecessor, Nestor Kirchner.

Even with the economy in turmoil, Macri has resolved a longstanding legal dispute with creditors that gave Argentina renewed access to global credit markets for the first time a default in 20012002. He has also improved relations with the US after years of animosity under his predecessors, keeping friendly ties both with US President Donald J. Trump and Chinese leader Xi Jinping.

“Argentina is in a critical moment when it comes to international debt and it will seize on this moment to confirm international support from other G-20 countries” that are leading creditors

IN this August 30, 2018, file photo, people walk past an exchange house in Buenos Aires, Argentina. Argentina had hoped to show off its newly market-friendly economy to the world when the G-20 group of the world’s top economies begins its first South American summit in late November, but instead it’s looking for help to avoid an all-out crisis. AP PHOTO/NATACHA PISARENKO

of the IMF, said Julio Burdman, a Buenos Aires-based political analyst and pollster.

Macri is also expected to make a renewed push for Argentina’s membership into the Organisation for Economic Co-operation and Development.

Meanwhile, neighboring Brazil and the other Latin American member, Mexico, are both in political flux, with one veering to further right and the other left.

Brazilian President Michel Temer will be replaced on January 1 by rightist Jair Bolsonaro, who

Oil halts slide near $51 US agents fire tear gas as supply glut concerns at migrants persist amid Saudi output T

O

IL traded near $51 a barrel on concerns record output

by Saudi Arabia will exacerbate a supply glut as President Donald J. Trump continues to call for lower prices.

Futures in New York halted a decline, after slumping 7.7 percent to the lowest level in more than a year on Friday. Saudi Arabia is pumping as much as 11.2 million barrels of crude a day, the most since the kingdom extracted its first oil eight decades ago, according to a person familiar with the matter. Trump reiterated his view that falling oil prices are great even after the US benchmark plunged the most last week since January 2016.

The American crude marker teeters near the $50 threshold as the Saudi output surge combines with larger-than-expected volumes of Iranian oil flowing into international markets after Trump granted waivers to some nations. In the US, growing inventories have added to the pressure on prices. Traders are assessing whether the Organization of the Petroleum Exporting Countries (Opec) and its allies will decide to trim output when they meet early next month in Vienna.

“While all eyes are on what Opec will decide at the upcoming meeting, investors see a loosening supply and demand balance,” Tomomichi Akuta, a senior economist at Mitsubishi UFJ Research and Consulting Co., said by phone from Tokyo. “Saudis may have to give consideration to Trump’s wish for lower crude prices.”

West Texas Intermediate ( WTI) for January rose 84 cents to $51.26

a barrel on the New York Mercantile Exchange at 8:15 a.m. in London. The contract plummeted 10.7 percent last week to $50.42. There was no settlement on Thursday due to the US Thanksgiving holiday.

Total volume traded was 72 percent above the 100-day average.

Brent for January settlement climbed $1.34 to $60.14 a barrel on London’s ICE Futures Europe exchange. The contract slumped on Friday to below the $60 threshold for the first time since October 2017. The global benchmark traded at a $8.87 premium to WTI. Trump, who’s made his opposition to Opec a regular theme, has continued to comment on Twitter about the benefits of cheaper crude. He thanked Saudi Arabia last week for lower oil prices. He has also been critical of the Fed, describing the central bank as a “problem” as he called for lower interest rates.

Saudi Arabia may be doing its share of lowering prices amid mounting pressure from Trump.

Yet Energy Minister Khalid AlFalih said last week that demand for Saudi crude may be lower in January than in December and his country will not export oil that customers don’t need.

Opec and its partners are set to meet on December 6 in Vienna, but the direction of next year’s oil prices may well be decided later this week when the key decisionmakers are set to gather on the sidelines of the G-20 summit in Buenos Aires. The Saudi crown prince and Russian president are both said to be in the Argentinian capital, along with their energy ministers. Bloomberg News

IJUANA, Mexico—US border agents fired tear gas on hundreds of migrants protesting near the border with Mexico on Sunday after some of them attempted to get through the fencing and wire separating the two countries, and American authorities shut down the nation’s busiest border crossing from the city where thousands are waiting to apply for asylum.

The situation devolved after the group began a peaceful march to appeal for the US to speed processing of asylum claims for Central American migrants marooned in Tijuana.

Mexican police had kept them from walking over a bridge leading to the Mexican port of entry, but the migrants pushed past officers to walk across the Tijuana River below the bridge. More police carrying plastic riot shields were on the other side, but migrants walked along the river to an area where only an earthen levee and concertina wire separated them from US Border Patrol agents.

Some saw an opportunity to breach the crossing.

An Associated Press reporter saw US agents shoot several rounds of tear gas after some migrants attempted to penetrate several points along the border.

Mexico’s Milenio TV showed images of migrants climbing over fences and peeling back metal sheeting to enter.

Honduran Ana Zuniga, 23, also said she saw migrants opening a small hole in concertina wire at a gap on the Mexican side of a levee, at which point US agents fired tear gas at them.

Children screamed and coughed.

Fumes were carried by the wind toward people who were hundreds of feet away. AP

has often expressed admiration for Trump, criticized multilateralism and vowed to renegotiate or scrap trade deals. Like Trump, he has also been skeptical of Chinese investment, saying “the Chinese are not buying in Brazil. They are buying Brazil itself.”

Monica de Bolle, senior fellow at the Peterson Institute for International Economics, said Brazil will be focused more on relations with the US and less on regional integration with Mexico or the South American trade bloc Mercosur.

“I think that agenda is now out

the window, at least it’s dropped from the Brazilian perspective,” she said.

For Mexico, there are questions about whether “there really is any interest in engaging with the region or if the interest lies elsewhere given that Brazil is going to have an antagonistic, I think, administration with respect to Mexico given the ultra-conservative right-wing politics that Bolsonaro espouses.”

Mexico and Canada recently reached agreement with the Trump administration on a revamped version of the North American Free

Trade Agreement between the two nations, and the deal may be signed during the G-20 summit, though it won’t take effect until approval by the countries’ legislatures.

There’s also uncertainty about the potential policies of Mexican President-elect President Andrés Manuel Lopez Obrador, who will skip the summit because he’s being sworn in on Saturday.

The left-leaning leader has tried to ease concerns among the business community, but he upset many when he recently canceled a partly built, $13-billion new airport on the outskirts of Mexico City. He has vowed, however, to avoid tax hikes and to adopt tight budget austerity.

Argentina’s Pedro Villagra Delgado, the lead organizer for the G-20 acknowledged last week that it might not be possible to reach a consensus on a final statement.

“Everything might fall through if there is no agreement on the trade issue,” he said. “It would be a shame because there is a huge amount of issues where we do have an agreement.”

While the US-China trade conflict is far from being the only issue at the G-20, analysts said it is likely to cast a cloud over the summit.

“The US-China dynamic has poisoned all multilateral forums.

There’s basically nothing you can do but you now hope for a miracle and even a miracle looks modest,” said Gedan of the Wilson Center.

“What is unthinkable is any progress at the G-20 itself. As I said recently on Twitter, quoting an Argentine official I spoke to, they would be satisfied with a communiqué that did nothing but compliment the weather in Buenos Aires.” AP

A6 Tuesday, November 27, 2018 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Can’t quit coal

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HE Philippines is a signatory to the Paris Climate Accord, a landmark agreement among nations to combat climate change and to accelerate and intensify the actions and investments needed for a sustainable low-carbon future.

Despite the growth of renewable energy projects in the country—RE accounts for more than a third (36.1 percent) of the Philippines’s energy mix, according to Department of Energy data— we still get more than half of our energy requirements from fossil fuels, mostly from coal-fired power plants, generally claimed as the biggest contributors to climate change.

Coal is the most carbon-intensive fossil fuel and accounts for 43 percent of global greenhouse-gas emissions. A study by the USbased think tank Institute for Energy Economics and Financial Analysis says another 10,423 megawatts (MW) of coal projects worth over P1.1 trillion are in the country’s energy pipeline.

The government, through the Tax Reform for Acceleration and Inclusion law, implemented its first tax hike on coal in 30 years in March—a 400-percent tax increase on imported coal. Yet there seems to be no slowing down for coal projects, even if RE costs are falling.

A New York Times article—“The World Needs to Quit Coal. Why Is It So Hard?”—written by Somini Sengupta explains why coal thrives: “So, why is coal so hard to quit? Because coal is a powerful incumbent. It’s there by the millions of tons under the ground.

Powerful companies, backed by powerful governments, often in the form of subsidies, are in a rush to grow their markets before it is too late. Banks still profit from it. Big national electricity grids were designed for it. Coal plants can be a surefire way for politicians to deliver cheap electricity—and retain their own power. In some countries, it has been a glistening source of graft.”

The article notes, in particular, the coal boom in Asia.

In the Philippines a Chinese company is putting up several coal power plants with a combined capacity of around 1,500 MW as part of a deal with China’s state-run National Energy Administration, which, the energy department assures, would be declared as energy projects of national significance.

Other coal plants have been announced, permitted, operated or are currently being built around the Philippines sparking community opposition: A pristine village in Limay, Bataan, sits near two coal plants; Two new coal plants will be built close to an intact rainforest in Luna, La Union; A 1,200-MW coal plant is being built in Atimonan, Quezon, in Barangay Villa Ibaba, a community facing Lopez Bay, which leads out to the Pacific Ocean; and Catholic bishops from Bacolod, Dumaguete, Kabankalan and San Carlos recently condemned proposals to build coal plants in their areas, despite a proposed ordinance disallowing the exploration, establishment and operation of coal projects in Negros Occidental.

The point that “coal is a powerful incumbent” is very much true. Indeed, to paraphrase what a Harvard professor in the article said: The main reason coal sticks around is, we built coal-fired power plants already—and we keep building them.

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Boracay—Part 2 Manny B. Villar

THE ENTREPRENEUR Continued from A1

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ORACAY’S closure and cleanup, however, should not be the first and last. President Duterte should train his sight on other equally famous beach and tourism destinations. The government in the middle of this month zeroed in on El Nido in Palawan, ranked as one of the top 20 most beautiful beaches in the world by a foreign luxury and lifestyle travel magazine.

This is a step in the right direction. All our popular resorts should be subjected to strict environmental standards to ensure their long-term viability. I am sure foreign governments and the world tourism industry will look up to the Philippines if we succeed in preserving and cleaning up our tourist spots. Word gets around fast, and the Philippine tourism industry will benefit from the rehabilitation of popular tourist destinations.

The cleanup of popular tourist spots might as well include the mountain resort city of Baguio, the famous Banaue Rice Terraces in the

mountains of Ifugao province, Panglao Island in Bohol, Paoay in Ilocos Norte and the Puerto Galera beaches in Oriental Mindoro.

The rehabilitation of Boracay and the rigid environmental standards enforced prior to its reopening would not have happened if the government did not have the resolve to do what is good for the country.

I agree with what the Malacañang Palace said when Boracay was reopened to the public late last month.

It described Boracay as a “lesson of political will” and “a lesson of neglect, misfeasance, and malfeasance” by unidentified persons.

T is prudent to consider the advice of someone who may have a better perspective than you do. If your barber says that your haircut style looked great in 1982, it might be time to do it differently.

Words of caution are always appreciated and needed. But why do they make blanket statements if these “experts” don’t offer any alternative? It is joyously wonderful to see the world community so deeply concerned about the Philippines and its business relations with China. But why are they suddenly so helpful?

However, if your well-respected doctor wants to prescribe a particular “maintenance med” it also might be prudent to do some research. If you discover that the drug has limited success and there is a scandal involving European doctors getting a kickback for writing prescriptions, get a second opinion.

Everything is not a conspiracy, but as Joseph Heller wrote in Catch-22, “Just because you’re paranoid doesn’t mean they aren’t after you.”

There are several competent economic consultancy firms that provide independent economic research to their clients and subscribers. We should assume that there is nothing to be paranoid about. However, we also need to look deeper at the analysis. When it comes to the Philippines, too often the local press treats these words of wisdom as if

Down-Easy Monthly Payments.”

“With the current account deficit already approaching unsustainable levels, and given the corruption problems associated with Chinese investment projects elsewhere in Asia, the Philippines would be better off shunning Chinese investment,” said the report. That sounds serious. The report cited Sri Lanka and Pakistan’s recent dealings with Chinese loans.

Fair enough.

Further, “Given the relatively high level of foreign currency debt in the country, and with inflation well above target, a sharp fall in the peso would pose a major threat to the economy.”

Let’s talk about the current account deficit, which is now at 0.8 percent of the GDP. Granted, there are now two consecutive years with deficits, but those are the first deficits since 2002. In contrast, Paki-

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The cesspool that was Boracay, according to Presidential Spokesman Salvador S. Panelo, would not have happened if political will was exhibited by those in authority and if only officials of the island paradise, as well as the stakeholders, operated by following the law and the rules and regulations of pertinent government agencies.

It took the strong leadership of President Duterte to put things in order, and we should all learn from these lessons so that Boracay will become an attraction not only in this country but in the world, Panelo added.

The sewage problem is common in popular tourism spots. While El Nido is not being shut down, the government is set to impose the strict environmental rules being ignored by hotels, restaurants and households in the Palawan beach

‘Fake’ economic analysis: Why?

✝ Ambassador Antonio L. Cabangon Chua Publisher

The cleanup of popular tourist spots might as well include the mountain resort city of Baguio, the famous Banaue Rice Terraces in the mountains of Ifugao province, Panglao Island in Bohol, Paoay in Ilocos Norte and the Puerto Galera beaches in Oriental Mindoro.

I

they came directly from the burning bush on Mount Sinai. There may be something behind the curtain that we should know.

The latest example came under the headline, “Philippines would be better off shunning Chinese investment altogether” and “PH may fall into debt trap with China funds, says firm.” There have been countless warnings about the dreaded “Chinese Debt Trap,” and that is beneficial.

Of course, it is unfortunate that there were no such warnings back in the 1970s about borrowing from the International Monetary Fund or in the 1990s about borrowing from international banks. The 1997 Asian Financial Crisis might have been avoided. The 2008 Global Debt Disaster would have never happened if the same warnings were given about buying three houses with “No Money

site. The government has initially ordered the closure of at least 22 establishments in El Nido for illegal operations. Environment Secretary Roy A. Cimatu says more businesses will be shut down in El Nido for violation of the Ecological Solid Waste Management Act and the Philippine Clean Water Act. El Nido, a first-class municipality, was declared a managed resource protected area in 1998 from being a turtle sanctuary in 1984. It was later declared a marine reserve park in 1991, and has since been attracting thousands of foreign and local tourists. It is famous for its white-sand beaches and dramatic limestone cliffs.

But El Nido’s allure cannot be sustained if the establishments there do not have a proper sewage and wastedisposal system. The local government should adopt a more proactive attitude in dealing with the filth that is finding its way into the open sea.

Like Boracay, El Nido is suffering from overdevelopment. The government must check if the infrastructure there is enough and adequate to accommodate the increasing number of tourists visiting the tourism site.

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

stan has been running a deficit since 2002, and it now stands at 8.2 percent of GDP. Big difference.

Sri Lanka has a 2.6-percent deficit, and the last time that country ran a surplus was never—since 1981.

Maybe we are seeing some mango/ rambutan comparisons. Countries with a much worse current account deficit include New Zealand (2.8), Australia (3.1), Peru (1.3) and Turkey (5.5).

Also, this statement—“the relatively high level of foreign currency debt” for the Philippines—seems suspect. The Philippine external debt to GDP is now 42 percent, the same as Australia. Neighbors Malaysia stands at 51 percent and Vietnam at 61 percent. Maybe Brazil should be a greater concern at 74 percent.

Words of caution are always appreciated and needed. But why make the blanket statement—“better off shunning Chinese investment altogether”—without these “experts” offering an alternative? It is joyously wonderful to see the world community so deeply concerned about the Philippines and its business relations with China. But why are they suddenly so helpful?

E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.

Opinion BusinessMirror

www.businessmirror.com.ph

The two-emperor problem

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By Ross Douthat | New York Times News Service

ENERALLY, Donald J. Trump’s Twitter beefs are an expense of spirit and a waste of breath. But a minority of them are genuinely edifying, and illustrations of his likely world-historical role—which is not to personally bring down our constitutional republic, but to reveal truths about our political situation, through his crudeness and goading of others, that might be harbingers of the Republic’s eventual end.

Last week’s beef with Chief Justice John Roberts was such a case.

After the president complained that an “Obama judge” from the 9th Circuit had ruled against his administration’s asylum policy, the chief justice issued a highly unusual rebuke, declaring that “we do not have Obama judges or Trump judges, Bush judges or Clinton judges,” and an “independent Judiciary is something we should all be thankful for.”

This predictably inspired a tweeted rejoinder from the president: “Sorry Chief Justice John Roberts, but you do indeed have ‘Obama judges,’” Trump began, before dilating on his grievances against the 9th Circuit’s alleged overreach.

The Official Washington response to this beef was to accuse Trump of once again degrading important constitutional norms— which in a sense his attack on the idea that judges’ legitimacy transcends the partisan origins of their appointments obviously did.

But to anyone who lived through the Merrick Garland and Brett Kavanaugh nominations, the idea that this norm would be resilient absent Trump’s Twitter provocations seems laughable. What was once a conservative assumption dismissed as extremism by the “bien-pensants”— that the Supreme Court is a highly ideological institution defined by partisan bias and antidemocratic overreach—is now a commonplace liberal belief, as well. And when nonTrump politicians hail about the court’s independence, it’s usually just an exercise in tribalism with no consistency behind it.

In this sense the really telling tweet last week came from Sen. Chuck Schumer, the Senate minority leader, who weighed in with the following praise—or “praise,” perhaps — for the chief justice: “I don’t agree very often with Chief Justice Roberts, especially his partisan decisions which seem highly political on Citizens United, Janus, and Shelby. But I am thankful today that he—almost alone among Republicans—stood up to President Trump and for an independent judiciary.”

Read these sentences over a few times, and relish their internal contradictions. John Roberts is to be commended for standing up for an “independent Judiciary,” Schumer suggests, so long as he is attacking Trump. But when he is issuing rulings with which Schumer disagrees, he is a “partisan” and “highly political” and a “Republican.”

Save for the pious tone there is little practical difference between this intervention and Trump’s rants about “Obama judges.” Which, in

turn, suggests that in the case of Trump v. Roberts, our president is mostly just exposing a degradation that already exists, acknowledging a truth of our constitutional order that’s badly disguised by officialD.C. politesse.

That truth reflects an old problem joined to several new ones. The old problem is that the Supreme Court’s legal supremacy over the White House depends upon the presidency’s willingness to accept the court’s rulings. From Andrew Jackson’s conflict with John Marshall over Cherokee removal to Abraham Lincoln’s suspension of habeas corpus to Franklin Roosevelt’s attempts to force the court to accept the New Deal, there have always been tensions in the American republic between judicial “authority” and presidential “power.”

To that centuries-old tension the last few decades have added several more. The growth of partisan polarization has increased the potential ideological hostility between the branches, and raised the perceived stakes of presidential elections and high court appointments both.

Meanwhile, the liberal ambitions of the Warren Court and the expanded powers of the Cold War presidency made both branches considerably more imperial relative to both Congress and the states, and neither trend has been substantially reversed. Instead the political abdication of the Congress, the steady atrophy of legislative power and flight from legislative responsibility, means that America is increasingly governed by negotiations between the imperial presidency and whichever philosopher-king has the swing vote on the court.

A dual imperialism is still a separation of power, and a decaying republic with two emperors by definition does not have its Caesar or Augustus yet. Nor are we about to get one: Because Trump is too politically weak to win a stark confrontation with the Supreme Court, and Roberts is temperamentally modest and consensus-oriented, their Twitter beef is an illumination of reality, rather than a step into crisis. So there is time for an anti-imperial rebalancing, in which a more assertive Congress somehow brings us back into constitutional equilibrium.

But if Congress prefers abdication, a two-emperor system isn’t built to last. Come a crisis, one (probably the one that commands the military and law enforcement) must be master, the other must submit. That’s the important message of Trump v. Roberts. Let those with ears, hear.

Winter weather extremes are expected in the US Northeastern Region and Europe Cecilio T. Arillo

DATABASE

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ILIPINO travelers and others must be prepared: arctic air masses are predicted to bring record-cold temperatures and frigid winds in the Northeastern Region of the United States and Europe.

There are 11 states that make up the US Northeast Region: Maine, Connecticut, Delaware, Massachusetts, Maryland, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont. These include the major cities of New York, Philadelphia, Boston, Baltimore and Washington, D.C. Such extreme winter weather is often driven by the stratospheric polar vortex, a band of fast-moving winds 30 kilometers above the ground. In winter, when the polar vortex is disturbed by upward-blowing air masses, this can bring cold spells over Northeastern America or Eurasia, according to a new study by the Potsdam Institute for Climate Impact Research (PIK) shared with Database.

Climate change might further disrupt the complex dynamics in the atmosphere—bringing us not only more hot extremes in summer but

New York Times News Service

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OMETHING continues to nag at me about the midterm elections.

It’s the way we in the news media too often allowed ourselves to be manipulated by President Donald J. Trump to heighten fears about the immigrant caravan from Central America so as to benefit Republican candidates. Obviously there were many journalists who pushed back on the president’s narrative, but on the whole I’m afraid news organizations became a channel for carefully calculated fearmongering about refugees.

We in the media have, quite rightly, aggressively covered the failings of Facebook and other social media in circulating lies that manipulated voters. That’s justified: We should hold executives’ feet to the fire

when they pursue profits in ways that undermine the integrity of our electoral system.

The problem is that, too often, we in the media engage in the same kind of profit chasing. The news business model is in part about attracting eyeballs, and cable television in particular sees that as long as the topic is Trump, revenues follow. So when Trump makes false statements about America being invaded by Central American refugees, he not only gets coverage but also manages to control the media agenda.

At a recent Trilateral Commission conference in Silicon Valley, there was discussion of the irresponsibility of Internet companies in modern democracy—but also tough words about the role of the mainstream media. Nathaniel Persily, a Stanford law professor and elections expert, told me that in

potentially also cold spells in winter.

“There are two different ways how the stratospheric polar vortex affects winter weather,” explained Marlene Kretschmer of the PIK, lead author of the study now published in Climate and Atmospheric Science.

Usually planetary waves, giant airstreams in the upper troposphere, move horizontally, conveying chains of high- and low-pressure systems.

“However, in winter these planetary waves do also move up and down, vertically striking the polar vortex in the stratosphere. The polar vortex can either absorb the planetary waves, causing cold spells over Europe and Russia, or reflect them, bringing icy temperatures over the US and Canada,” said the PIK study.

The scientists analyzed the daily stratospheric data in the polar region from 1979 to 2017. “Within this data we found certain patterns of the polar vortex and asked ourselves: How

might these patterns be related to extreme winter weather,” said Vivien Matthias, coauthor of the PIK study.

“And indeed we showed in our study that the physical mechanisms behind these patterns of reflection and absorption are strongly related to the cold spells over Northeastern America and Eurasia in the past years,” she said.

She explained: “To disentangle the exact mechanisms, new innovative machine learning methods were used to extract cause-effect relationships in the atmosphere. Identifying the intricate mechanisms is an important step forward.”

Substantial damage

“WINTER cold extremes affect millions of people in the most densely populated regions of the world, causing hardship to residents, taxing infrastructure and resulting in economic losses,” said Judah Cohen, coauthor from Atmospheric and Environmental Research, a Verisk (Nasdaq:VRSK) business based in Lexington, US. “We found a mechanism that targets the United States in particular for such cold spells that drain energy supplies and can cripple power grids by these events such as late December and early January last winter, repeatedly in winter 20132014 and even this Thanksgiving holiday. Through improved understanding of the behavior of the polar vortex and its relationship to winter

weather, we can better predict such severe cold weeks and at longer lead times,” she said.

Investigating the link between greenhouse-gas emissions, atmospheric flows and extreme weather events on the ground is cuttingedge science with huge practical implications. “It is very important to understand how climate change might affect such cold winter weather extremes,” added coauthors Dim Coumou.

She explained further: “the uncertainties are quite large, but global warming provides a clear risk given its potential to disturb circulation patterns driving our weather. To avoid serious risks of climate change such as extreme weather, we must start ratcheting up our ambitions for climate stabilization.”

Other scientists involved in the research are Marlene Kretschmer, Judah Cohen, Vivien Matthias and Jakob Runge.

The PIK, a member of the Leibniz Association, is one of the leading research institutions addressing relevant questions in the fields of global change, climate impacts and sustainable development. Natural and social scientists work closely together to generate interdisciplinary insights that provide a sound basis for decision-making for society, businesses and politics.

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

Revisiting the tax liabilities of condominium corporations Atty. Jose Emilio M. Teves

TAX LAW FOR BUSINESS

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ONDOMINIUMS continue to become an important part of the cityscape of the Philippines.

Just taking a walk in Manila, Makati or Bonifacio Global City shows us that there seems to be no end to the number of condominiums being built as the demand increases.

Managers of these newly opened condominiums should know what taxes must be paid by condominium corporations from their purchase and continued use.

For every individual purchase of a condominium unit, the condominium corporation must pay the corresponding income tax. Also, every year, real property tax will have to be paid to the local government unit, which has jurisdiction over the area where the property is located. This responsibility may eventually be transferred to the buyer of the unit.

With respect to the condominium corporation, there are some tax issues related to the collection from its members. A unit owner pays

Trying to fight, not spread, fear and lies

By Nicholas Kristof

Tuesday, November 27, 2018 A7

2016, Russians used mainstream media to manipulate voters even more successfully than they used Facebook.

Likewise, Alex Stamos, formerly at Facebook and now at Stanford, noted that much of the public discussion has been about how Russia used profiles of fake Americans to sow discord and falsehood. There has been less focus, he noted, on how Russia used news organizations to publicize stolen Democratic e-mails to hurt Hillary Clinton.

“There has not been a great deal of soul-searching in the traditional media on their role in this,” Stamos told me. “There is no easy answer for what legitimate journalists should do when newsworthy information is strategically leaked, but there might be some options to cover these stories without providing massive amplification.”

In general, as I’ve written many

Association or condominium dues, membership fees and other assessments collected from the members, or unit owners and from which the corporation could not realize any gain or profit as a result of their receipt thereof, must not be included part of the corporation’s gross income.

association dues and other fees to the building administrator of the condominium corporation for the maintenance and general improvement of the condominium building and facilities.

Should these sums be considered taxable income of the condominium corporation? Are they subject to income, withholding or value-added tax (VAT)?

The 2014 case of OfficeMetro versus Commissioner of Internal Revenue is instructive. In this case, the taxpayer, OfficeMetro, was assessed for deficiency in the payment of the expanded withholding tax for 2005. However, OfficeMetro asserted that these were actually

payments of condominium dues and should not form part of the condominium’s taxable income. It argued that the same should not be subject to withholding tax.

The Court of Tax Appeals (CTA) ruled that OfficeMetro was correct.

Association or condominium dues, membership fees and other assessments collected from the members, or unit owners, which are merely held in trust and which are to be used solely for administrative expenses in implementing their purpose and from which the corporation could not realize any gain or profit as a result of their receipt thereof, must not be included part of the corporation’s gross income.

In other words, if the payments are to be used for the maintenance and upkeep of condominium facilities and to raise the quality of life of

times, I thought that we in the media (especially cable television) fumbled 2016 but then had a much better 2017 and 2018—until we let ourselves be used to elevate lies about the caravan to the top of the agenda. We even knew we were being manipulated and we still let it happen: As we expected, Trump lost interest in the caravan after ballots were cast and the topic faded.

Solutions are complicated, for there may well be a public interest in seeing purloined material; if Trump’s tax returns showed up in my mailbox, I would report on them even if I thought that China had stolen them and was using me to undermine the White House.

Likewise, we do have to cover what a president says, even if it’s false, bigoted or demagogic — but I think we can try harder to make crystal clear the efforts at manipulating the public.

One challenge is that factchecking doesn’t work very well.

Social psychology experiments have found that when people are presented with factual corrections that contradict their beliefs, they may cling to mistaken beliefs more strongly than ever. This is called the “backfire effect.”

For example, when people wary of vaccinations were presented with information showing the benefits of vaccines, they on average became even less likely to vaccinate.

Consider the statements, “Millions of illegal votes were cast” and “Experts dispute Trump’s claim that millions of illegal votes were cast.”

The former is false, the latter correct, but Persily says that the cognitive impact on news consumers is roughly the same, seeding doubts about illegal voting.

This presents the media with a dilemma. How do we cover lies with-

the condominium occupants, they do not form part of the income of the condominium corporation. This means that a condominium corporation should not be subject to the aforementioned taxes.

This interpretation of the CTA has been integrated by the Bureau of Internal Revenue. Revenue Regulation 13-18, which implements the VAT provisions under the Tax Reform for Acceleration and Inclusion law, holds that association dues, membership fees collected on a purely reimbursement basis by homeowners’ associations and condominium corporations shall be VAT exempt.

Taxes are the lifeblood of the nation. As such, we all must do our part.

However, one must also be vigilant in paying only those taxes that one is obliged to pay.

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

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at josemilio. teves@bdblaw.com.ph or call 403-2001 local 150.

out compounding them? My answer is that we have to try harder, relying on evidence about what kind of fact-checking seems more successful. There’s an emerging literature on this topic, and not surprisingly it appears to be more effective to quote Republicans than Democrats in correcting a GOP narrative. Mocking people for their worldview is counterproductive.

We’ve managed effective factchecking at crucial junctures in the past: The great Edward R. Murrow deflated Joseph McCarthy, and some heroic news reporters (often from the South) covered the civil rights struggle in ways that changed attitudes rather than reinforcing prejudices.

So let’s start asking ourselves the tough questions we ask of Facebook and others. We must try harder to avoid becoming a channel to spread disinformation, hatred or lies.

2nd Front Page BusinessMirror

A8 Tuesday, November 27, 2018

DBM cites reenacted budget impact, but hopes for passage

By Rea Cu

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@ReaCuBM

HE Department of Budget and Management (DBM) has submitted a brief on the possible implications of a reenacted budget, but is still confident that the 2019 General Appropriations Act will be passed before the end of the year.

Budget Secretary Benjamin E. Diokno said at a news conference of the Sulong Pilipinas 2018 on Monday at Clark, Pampanga, that he submitted the brief to Finance Secretary Carlos G. Dominguez III, Executive Secretary Salvador C. Medialdea and Presidential Spokesperson Salvador Panelo.

“It was pointed out that Congress

has until December 31 of this year to pass the 2019 proposed national budget,” he added, and he is confident the measure will be passed before then. “[Until] end of the year, December 31st, they can work holidays; you know, in the US [United States], they work on Saturday and Sundays. So, like I said, duty first

“[Until] end of the year, December 31st, they [lawmakers] can work holidays; you know, in the US [United States], they work on Saturday and Sundays. So, like I said, duty first before leisure.”—Diokno

before leisure,” he added.

Last week, the House of Representatives approved on third and final reading the proposed P3.757trillion 2019 national budget or House Bill 8169.

House committee on appropriations Vice Chairman Maria Carmen Zamora pointed out that the P3.757-trillion budget is the first annual cash-based budget of the Philippine government.

She explained that the P3.757trillion budget is around 19.3 percent of the country’s gross

S.S.S. DISBURSES P22B TO BANKS FOR DECEMBER, 13TH MONTH OF MEMBERS

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HE Social Security System (SSS) has disbursed t hrough its pa r t ner banks around P22 billion for the December and 13th-month pension of its members which will be made available on Thursday.

“We have already requested our partner banks to release the 13th-month pension on November 29. However, we leave the discretion to our partner banks if they will release the regular monthly pension for December along with the 13thmonth pension or stick to the regular schedule of release of monthly pension on the contingency date of the pensioner,” said SSS President and CEO Emmanuel F. Dooc.

Broken down, SSS released P10.95 billion for the 13thmonth pension and about P10.95 billion for December 2018 pension.

Dooc added that the pension fund has asked the Philippine Postal Corp. (PHLPost) to prioritize the delivery of the checks for the December and 13th-month pensions of SSS pensioners residing in far-f lung areas so they can enjoy their cash benefits before Christmas.

“Almost all our pensioners receive pensions through their respective bank accounts, but there are more than 15,000 pensioners, mostly in far-flung areas, who still prefer to receive their pensions through checks.

For those in Metro Manila and nearby areas, it usually takes three to five days to receive

domestic product, higher than the 18.9 percent in 2018, and is 13 percent greater than the 2018 cash-based equivalent of P3.324 trillion.

While the Senate has already conducted committee hearings on the budget bill, it could not yet start its plenary deliberations and debates, as it will have to wait for the House-approved version of the 2019 budget. Under the rules the annual appropriation should emanate from the lower chamber.

It was reported that the delayed approval of the national budget stemmed from the supposed P52-billion insertions— allegedly by the previous House leadership—prompting the new officers of the chamber to realign the money to other projects and for equitable and fair distribution of funds.

House approves resolution extending 2018 MOOE

By Jovee Marie N. dela Cruz @joveemarie

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HE House of Representatives on Monday approved on third and final reading a joint resolution extending for another fiscal year the 2018 appropriations for Maintenance and Other Operating Expenses (MOOE) and Capital Outlays (CO).

Voting 194-6, the lower chamber passed the House Joint Resolution 32, principally authored by Speaker Gloria Macapagal-Arroyo, to amend Section 61 of the General Provisions of Republic Act 10964 or the General Appropriations Act (GAA) of 2018.

Section 61, Availability of Appropriations of 2018 GAA, states: “All appropriations authorized in the GAA shall be available for release and obligation for the purpose specified, and under the same special provisions applicable thereto, until December 31, 2018.”

The measure asserts that the call to extend the validity of MOOE and CO has been done in the past.

In 2002 and 2013, the Congress passed similar resolutions.

HJR 32 explains that the onslaught of calamities such as Typhoons Rosita and Ompong, as well as flash floods and flooding due to the southwest monsoon, have resulted in severe damage to vital in-

FRONTAL SYSTEM AFFECTING EXTREME NORTHERN LUZON TROPICAL STORM “TOMAS” 1,090 KM EAST OF BASCO, BATANES as of 4:00 pm - November 26, 2018

frastructure and affected the delivery of basic services to affected communities, particularly in Regions 1, 2, 3, 4-A, 4-B, the National Capital Region, 10, 12 and the Autonomous Region of Muslim Mindanao.

Moreover, there are appropriations that have not been released and allotment issued that have not been obligated. According to the resolution, this shall automatically lead to the reversion of unexpended appropriations to the unappropriated surplus of the General Fund of the muchneeded MOOE and CO to fund priority projects, aid and relief activities, as well as for the maintenance, construction, repair and

rehabilitation of schools, hospitals, roads and other essential government facilities.

“It is clearly imperative that Section 61 of the General Provisions of the Republic Act No. 10964 should be amended such that the validity of the MOOE and CO appropriations shall be extended for another fiscal year for the benefit of the people and for the welfare of the nation,” HJR said.

Oversight

ON Monday, Arroyo backed the resolution, filed by the minority bloc headed by Quezon Rep. Danilo Suarez, summoning Budget Secretary Benjamin Diokno to a question hour over the alleged massive underspending of the government amounting to P1.3 trillion.

“The oversight wants to look into the underspending, that’s a very good function, that’s a very good intention. This is a free assembly with freedom of thought and freedom of action as long as you stay within the parliamentary rules. If they want to have a question hour, it’s their call,” said Arroyo.

“I agree with them. I agree with the minority on the general evaluation,” she added. According to Arroyo, the House committee on oversight chaired by Suarez will not be prosecutorial, as it will only exercise its function to help various government agencies to perform their mandate.

“I think oversight has a better tone than an inquiry supposedly in aid of legislation. We’d like to find out what are the reasons why and how can we help address those reasons. The whole idea is to help,” she said.

Meanwhile, Suarez said he filed the resolution as President Duterte may not know the real situation on the ground, suspecting that his economic managers are not telling the whole truth to him, including the massive unemployment.

Fuel excise tax. . .

Under the Tax Reform for Acceleration and Inclusion (TRAIN) law, the excise tax on diesel imposed in 2018 is at P2.50 per liter, with an additional P2 to be imposed in 2019, and P1.50 per liter in 2020. This brings the excise tax on diesel to P4.50 per liter in 2019, and P6 per liter in 2020.

From the previous P4.35 per liter, excise tax on gasoline was increased to P7 this year, with an additional P2 increase in 2019, and P1 in 2020.

For 2019 and 2020, the rates will be at P9 per liter and P10 per liter, respectively.

Under the TRAIN law, the excise tax increase may be suspended if the international price of Dubai crude breaches the $80-per-barrel

www.businessmirror.com.ph

their checks, while it would take five to eight days for faraway Luzon provinces, and eight to 10 days for [the] Visayas and Mindanao,” he added.

Of the total number of pensioners, more than 99.38 percent or 2.4 million pensioners receive their 13thmonth and regular pensions through SSS-accredited partner banks, while the remaining 0.62 percent or more than 15,000 pensioners receive their cash benefits through checks.

The 13th-month pension is an additional cash benefit given to SSS pensioners, except for partial disability pensioners whose pension duration is less than 12 months. The pension fund started providing 13th-month pensions, which is equivalent to one-month basic pension, in 1988.

Aside from the 13th-month pension, SSS earlier announced the release of P442.38 million for the pension adjustment of employee compensation (EC) pensioners following the approval of President Duterte on the increase of the EC benefit in May. According to the SSS, more than P442.38 million was disbursed to 17,619 EC pensioners for the additional benefit of P1,150 per month starting January 2017 until October 2018, including the 13thmonth pension for the year 2017 and for the additional P425 per carer’s allowance month starting May 2018 to October 2018. Rea Cu

PHL-China oil deal. . .

“It will then be determined according to the market price of oil and or gas.”

Former Secretary of Foreign Affairs Alan Peter Cayetano, on one of his press briefings, said the country has agreed to have a joint agreement to search for oil and gas because“China will provide the capital, manpower, and technology.”

He added that the 60-40 sharing agreement has been adopted in the Malampaya gas field in Palawan.

Cayetano said experts have determined that the natural gas in Malampaya would last only until 2027 or 2029 and that the country needs to find an immediate replacement, which could potentially be those that could be found in the WPS. The incumbent energy secre tary, Alfonso Cusi, had described the MOU signed during the Xi visit as something vital to efforts to harness new energy sources, given the huge challenge in sustaining the country’s robust economic growth.

Cusi this week presided at the latest round of energy contracting, in a bid to lure more petroleum players to invest in the Philippines’s search for new energy.

In a 2017 event hosted by Shell Philippines— leader of the consortium operating the Malampaya gas field—Shell’s country manager Cesar Romero, citing

Continued from A1

threshold for three months. The law was silent on the mechanism for lifting the suspension.

The DOF said suspending the scheduled excise tax increase for fuel in 2019 may lead to an estimated revenue loss of P41 billion. It added, however, that value-added tax collections, pegged at P14 billion, may help offset part of the losses.

Earlier in the month, it was reported that the government is holding off the increase in fuel excise tax of P2 per liter in 2019, as President Duterte has given his go-ahead to the inflationbusting recommendation of economic managers.

Budget Secretary Benjamin E. Diokno,

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company data, said: “Based on what we know, it depends on the drawdown; there could be supply until 2027 to 2029.”

Agreements reviewed MEANWHILE, Locsin, explaining the origin of the MOU draft, said: “No there was never [a Trillanes draft], there was just this draft, and then let me tell you the truth.

“This agreement [waving the document] and all the others and the rest of the 29 [agreements from the November 20 visit of Xi] were not revealed to the public immediately. To begin with, the reason I was here from Asean instead of going with the President [Duterte] to Papua New Guinea was because only seven documents had been cleared. So I came back to Manila and went over all the rest and started approving them and then they were all included.”

He said he and Finance Secretary Carlos Dominguez worked on the agreement “because I trust him.”

“So we just cursorily looked at it, there’s no danger to National Security or anything like that. There were agreements on certain roads on certain dams, etc., and then suddenly they [Malacañang] were swamped with 29 documents,” meaning he submitted the finished documents to the Palace for official release.

Finance Secretary Carlos G. Dominguez III, and Socioeconomic Planning Secretary Ernesto M. Pernia were informed by Executive Secretary Salvador C. Medialdea that the President had approved their proposal in a memorandum dated November 8. Energy Secretary Alfonso G. Cusi was also given a copy of the memo.

Economic managers made a pitch for suspending the scheduled increase in fuel excise tax after inflation surged in recent months.

“Well the President has approved it already, but again, we have to look at the facts on the ground. But, most likely, we will do it. [It] depends on the prices; two months ago, I thought it was going to be above $80 [per barrel]. The projection was $80; actually, we were wrong, the market was wrong,” he said. Rea Cu

Editor: Efleda P. Campos

Companies BusinessMirror

Tuesday, November 27, 2018

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3 groups invest $215M in Voyager

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By Lorenz S. Marasigan

@lorenzmarasigan

INANCIAL technology solutions provider Voyager Innovations Inc. is set to raise P11.25 billion in fresh capital, after it signed a $40-million investment deal with International Finance Corp. (IFC).

financial inclusion in the Philippines and hasten the migration of the country into the digital economy through digital payments.

“In this undertaking, we are kindred spirits. Through its Global Innovative Retail Payments Program, IFC aims to make financial services much more accessible and affordable to the world’s lowincome population by supporting innovative financial ser vices.

That is precisely the goal PLDT is pursuing through Voyager’s platforms,” Voyager Chairman Manuel V. Pangilinan said.

All three deals are expected to be closed by year-end. Once completed, PLDT’s shares in Voyager will fall below 50 percent, but will continue to be the largest investor in the tech company.

“Our mission is to accelerate digital and financial inclusion in the Philippines, so all Filipinos can participate in the digital economy.

IFC and IFC Emerging Asia Fund’s investment will enable us to scale up our efforts, especially in the digital financial services space,” Voyager President Orlando B. Vea said.

Earlier, Pangilinan said that while his group is in talks with IFC, it is also negotiating with two more parties for their possible entry into the digital innovations company that is behind successful brands such as PayMaya, Lendr and Fintq.

Voyager officials first floated the idea of taking in a foreign partner in 2017, when Pangilinan described the potential investor as a group that will help the company realize its Asian expansion dream.

Under the deal, IFC and IFC Emerging Asia Fund will subscribe to newly issued shares in Voyager, joining Tencent Holdings Inc., the operator of Chinese super app WeChat, and Kohlberg Kravis Roberts & Co., a global investment firm based in New York, as the new investors in the homegrown tech start-up.

Combined, all three groups are infusing $215 million—or about P11.25 billion based on Monday’s exchange rates — into Voyager. Despite the new investors’ pouring in large sums of money, PLDT Inc. will remain as the single largest investor in Voyager.

The deals are expected to drive

PLDT inks ₧1.6-billion investment deal with Multisys

NGCP holds Luzon, VisMin summits to improve PHL transmission grid

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LDT Inc. has signed an investment agreement with tech company Multisys Technologies Corp. for the acquisition of a 45.73-percent stake in the Filipino start-up through the infusion of P1.6 billion in fresh capital.

The transaction, done via investments arm PLDT Global Investments Holdings Inc., is expected to be completed by December. The new capital will be injected to Multisys after the “fulfillment of the prescribed conditions to complete such investment,” a disclosure to the stock exchange read. Multisys has developed over the past eight years a number of software platforms—including payment gateway Bayad Center—that can be used by its pool of programmers to create highly scalable, flexible and customizable software solutions as required by its clients.

Earlier, PLDT Chairman Manuel V. Pangilinan said the investment in the Filipino tech start-up could help create “bespoke solutions” for companies under the First Pacific Co. Ltd., the parent company of PLDT, Metro Pacific Investments Corp. and Philex Mining Corp., among others.

Pangilinan said the partnership can also strengthen the ongoing digital initiatives of ePLDT Inc. and Voyager Innovations Inc., particularly in the fields of electronic payments and digital financial services. Lorenz S. Marasigan

By Lenie Lectura

@llectura

T

HE National Grid Corp. of the Philippines (NGCP) has convened energy stakeholders to map out next year’s plans to further improve the country’s transmission grid.

With the theme “Strength in Harmony,” the recently concluded conference brought together energy stakeholders from the generation sector and regulating bodies, and discussed the power grid’s operational and performance highlights, the power situation outlook for the next calendar year, NGCP’s plans and programs, including recently completed projects, and other transmission grid connection and situational briefings.

“Every year, we bring together

all our partners from the generation sector to see how we can further improve and create a seamlessly running system,” the NGCP said. “Our partners are important, as all of us in the power industry are advancing technologies and improving operations. Therefore, we always need to be on the same page for us to keep the grid in optimal condition, and to prove the strength of the Philippine power industry.”

The conference was held on October 23 in Quezon City for Luzon and on November 7 in Cebu for the Visayas and Mindanao.

Apart from the generators conference, NGCP also conducts an Annual Blackout Tabletop and Simulation Drill, which seeks to ready the grid and its customers during a poten-

tial blackout scenario, and Annual Grid Operations Mode Analysis Conference, to evaluate the impact of NGCP’s current and future projects, and external factors such as the growing power demand, to the country’s transmission grid.

“Our yearly events are in place to assess our yearly performance and to make sure that we have set all possible contingency plans in any given situation. These events are integral to our operations, and they give us an avenue to build better relationships and more open communication lines with our customers,” NGCP stated.

NGCP is a Filipino-led, privately owned company in charge of operating, maintaining and developing the country’s power grid, led by majority shareholders Henry Sy Jr. and Robert Coyiuto.

CITYMALL ENDORSER CONTRACT SIGNING CityMall has signed up last Wednesday, November 21, its newest celebrity endorsers,

Kathryn Bernardo and Daniel Padilla. DoubleDragon is positioned to soon make CityMall its new center of gravity in every province in Luzon, the Visayas and Mindanao. Signing the contract are (from left): DoubleDragon Cochairman Tony Tan Caktiong, DoubleDragon/CityMall Chairman Edgar Injap Sia II, Bernardo and Padilla.

IPC, Conversant tie up to provide local companies with economical CDN services

By Roderick L. Abad

@rodrik_28

Contributor

P

HILIPPINES-BASED companies stand to benefit from the content delivery network (CDN) offerings of IPC and Conversant Solutions that aim to provide economical solutions for service providers.

CDN is very critical for businesses in the field of financial, e-commerce and broadcast entertainment (e.g., online gaming, video streaming) that need accelerated or real-time delivery of digital content and transactions online.

Small- and big-scale enterprises that serve international markets or mobilize personnel through the Internet can give customers or users an improved online experience in terms of the accessibility and responsiveness of their portal or Web-based applications.

Online games, video stream-

ing, reservations and booking, payment transactions, as well as other digital content and media are delivered online with minimized lag and enhanced availability via CDN services.

With subscription-based IPC Contentcast CDN services, digital companies in the country can use them without the need to invest in special hardware equipment, maintenance and other related operational expenses.

This translates to four to five times cost savings from subscribing to other available CDN services.

“IPC is able to empower industries more by providing a CDN service that helps organizations establish a reliable global presence by eliminating issues that interrupt long-distance online transactions, as well as the delivery of digital content, affecting customer experience and, thus, resulting in revenue loss. CDN is a logical step toward becoming

a future-ready digital business,” IPC COO Dave de Leon said.

In particular, CDN intermediates between the point of origin of data and an Internet-connected device.

Through a network of servers worldwide, member-firms can deliver digital content, such as web sites or videos, faster, safer and more reliably to end-users.

What’s more, it’s beneficial to developing countries like the Philippines, where Internet speed and reliability remains a concern.

IPC Contentcast CDN services also give clients access to several features, such as monitoring tools and reports for customer insights and analysis, and be able to use it for geolocation.

In the same manner, the tool should be utilized to transmit content as often as possible and help offload original servers.

Local cloud services pioneer IPC is an ePLDT company. Conversant Solutions is a Singaporean

digital-media solutions provider.

Their alliance was made possible through the latter’s local partner, Pagecom.

This strategic partnership, Conversant Solutions Executive Chairman and CEO Cheong Kong Wai said, enables IPC to offer CDN services to its customers by taking advantage of the reach and scale of their network via their SwiftFederation Partners.

“We are excited to share IPC’s commitment in helping its customers to grow and drive their brand forward in this increasingly connected world,” he said.

As a CDN provider, IPC now offers a stable network through more than 50 points of presence located worldwide, with strong presence in the Asian region.

It will provide in-country customer support 24/7 to those who are using its CDN service and allow customers to test the product and determine its resiliency prior to purchase.

AirTaxi.ph takes delivery of 1st H130 helicopter

By Recto Mercene

T

@rectomercene

HE Philippines’s largest charter operator AirTaxi.ph welcomed the delivery its first single-engine H130 helicopter.

Currently operating two H145 helicopters, the new H130 will be dedicated for commercial operations, including passenger transport and sightseeing services in the Southern islands of the Philippines, including Boracay, Cebu and Palawan.

“We are excited to introduce the first H130 into our expanding fleet.

Having experienced the outstanding performance of the twin-engine H145 and the success it has brought us, we are confident that the H130 is a timely and ideal addition to meet our needs as we grow our operations in the Philippines,” said Peter Angelo Rodriguez, EVP of AirTaxi.ph.

“We are delighted that AirTaxi. ph has chosen our H130 to bolster their current helicopter fleet for helitourism. We are confident that the highly agile and high-performing H130 will fulfill every mission excellently, and lives up to its reputation as the best-selling helicopter in the Philippines,” said Lionel de Maupeou, managing director of Airbus Helicopters Philippines.

The H130 is a member of the Ecureuil family of light helicopters renowned for their performance, reliability, safety and multi-mission capability. The model has a spacious eight-seat configuration and large unobstructed cabin, making it an extremely ideal for passenger transportation.

Thanks to its large panoramic view, low noise signature and antivibration system, the H130 offers customers an enhanced onboard experience. Easily identified by its emblematic Fenestron tail rotor,

the H130 is fitted with energyabsorbing seats, enhancing operational safety.

In the Philippines, about 30 H130 helicopters are flown by civil operators for various missions, including passenger and VIP transport, as well as goods transport.

Although Airbus Helicopters Philippines was established in 1997, Airbus Helicopters’ presence in the Philippines started 40 years ago with the country’s first BO105.

The company has a strong market share of 50 percent of the Philippine civil and parapublic helicopter market, with 80 Airbus helicopters currently flying in the country, operated by 60 customers, completing missions for aeromedical, search-andrescue, private and business aviation, commercial transportation, aerial work and law enforcement.

In fact, it is the only rotorcraft manufacturer with a maintenance center based in the Manila Domestic Airport, offering a full-suite sales and aftersale support to its customers in the country. The helicopters represented in the country include the light single-engine H125 and H130, light twins H135 and H145, and the medium sized H155 and AS365. Airbus is a global leader in aeronautics, space and related services. In 2017, it generated revenues of €59 billion ($67.26 billion) restated for IFRS 15 and employed a workforce of around 129,000.

Airbus offers the most comprehensive range of passenger airliners from 100 to more than 600 seats.

Airbus is also a European leader providing tanker, combat, transport and mission aircraft, as well as one of the world’s leading space companies. In helicopters, Airbus provides the most efficient civil and military rotorcraft solutions worldwide.

B2

Companies BusinessMirror

Tuesday, November 27, 2018

PSE STOCK QUOTATIONS

November 26, 2018

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

ASIA UNITED 59.5 59.7 59 59.7 59 59.7 26190 1560563.5 1545129.5 BDO UNIBANK 127.7 128 129 129.6 125.5 128 1699920 218069591 -25110125 BANK PH ISLANDS 93.85 93.9 94.3 94.65 93.1 93.85 2104150 198165285 53278001 CHINABANK 27.45 27.6 27.8 27.8 27.45 27.5 136400 3760125 -1305215 EAST WEST BANK 11.3 11.36 11.42 11.42 11.26 11.3 2603900 29471132 -23862680 METROBANK 74.2 74.25 72 74.5 71.5 74.25 6386110 471547701 263077749 PB BANK 11 11.38 11.1 11.1 11 11 108900 1200830 151350 PHIL NATL BANK 40.7 40.75 40.6 40.8 40.5 40.75 258900 10547615 3116795 PSBANK 71.8 74.7 72 72 71.9 72 1240 89220 10795 RCBC 28.2 28.7 28.9 28.9 28.05 28.2 36000 1023260 SECURITY BANK 163 163.3 162.7 165.1 160 163 735220 119786997 30365275 UNION BANK 65.9 65.95 65.95 65.95 65.85 65.9 10340 681378.5 122027 BRIGHT KINDLE 1.49 1.57 1.5 1.5 1.5 1.5 13000 19500 BDO LEASING 2.31 2.35 2.34 2.34 2.34 2.34 3000 7020 COL FINANCIAL 15.32 15.5 15.4 15.5 15.4 15.5 4600 71290 FERRONOUX HLDG 3.74 3.75 3.75 3.75 3.74 3.74 28000 104850 IREMIT 1.45 1.56 1.57 1.57 1.53 1.53 14000 21800 MEDCO HLDG 0.45 0.48 0.45 0.45 0.45 0.45 20000 9000 NTL REINSURANCE 0.78 0.8 0.78 0.78 0.75 0.78 37000 28310 PHIL STOCK EXCH 173 175 174 174 173 173 1890 327310 1730 SUN LIFE 1811 1845 1811 1811 1810 1811 225 407385 VANTAGE 1.14 1.22 1.14 1.14 1.14 1.14 25000 28500

INDUSTRIAL ALSONS CONS 1.23 1.25 1.24 1.25 1.23 1.25 430000 533330 ABOITIZ POWER 32.9 33.3 32.85 33.4 32.8 32.9 1258700 41559825 -11206680 BASIC ENERGY 0.25 0.255 0.25 0.255 0.244 0.25 4060000 1014640 4980 FIRST GEN 17.34 17.36 17.44 17.44 17.34 17.36 1373900 23906658 -8167908 FIRST PHIL HLDG 62.4 63 62.3 63.75 62.3 63 161130 10047182.5 -217632.5 PHIL H2O 4.8 4.84 4.6 4.8 4.58 4.8 214000 1003990 9170 MERALCO 387.2 388 390 390.6 386.2 388 218230 84847330 46710202 MANILA WATER 25.75 25.8 25.4 25.8 25.2 25.75 1015600 26074975 7820270 PETRON 8.13 8.14 8 8.13 8 8.13 1165200 9438876 250844 PETROENERGY 3.92 4.01 3.91 4 3.9 4 78000 305290 PHINMA ENERGY 0.89 0.9 0.91 0.91 0.9 0.9 642000 580590 -406490 PHX PETROLEUM 11.28 11.3 11.4 11.62 11.28 11.3 179100 2038364 -127890 PILIPINAS SHELL 47.9 48 48.5 48.5 47.85 47.9 935700 44881350 -5078360 SPC POWER 5.29 5.3 5.2 5.3 5.2 5.3 231700 1208930 2600 AGRINURTURE 17.56 17.7 17.74 17.74 17.36 17.7 823000 14551948 -860814 BOGO MEDELLIN 99.8 104 99 100 99 100 530 52674.5 CNTRL AZUCARERA 15.7 17.64 15.52 15.58 15.5 15.58 1600 24820 CENTURY FOOD 14.52 14.66 14.56 14.72 14.52 14.52 75100 1100766 169864 DEL MONTE 6.62 6.85 6.91 6.91 6.6 6.85 8600 59005 -13810 DNL INDUS 10.4 10.7 10.42 10.76 10.38 10.4 2741500 28799052 -14620524 EMPERADOR 6.95 7 6.96 6.96 6.88 6.96 73700 508748 -52649 SMC FOODANDBEV 83.5 83.6 83.6 83.6 83.45 83.6 1568220 131050348 41810234.4998 ALLIANCE SELECT 1.06 1.08 1.05 1.09 1.03 1.06 6958000 7374850 -237440 GINEBRA 23 23.3 23 23.4 22.7 23 45300 1042760 982100 JOLLIBEE 280 280.2 282.8 284.2 280 280 316450 89152006 -21755140 MAXS GROUP 10.22 10.38 10 10.44 10 10.3 191800 1972610 -1161840 MG HLDG 0.165 0.174 0.165 0.165 0.165 0.165 100000 16500 14850 PEPSI COLA 1.31 1.34 1.3 1.35 1.3 1.34 517000 696250 -664210 SHAKEYS PIZZA 10.6 10.66 10.32 10.78 10.32 10.6 100200 1054808 ROXAS AND CO 1.79 1.83 1.77 1.86 1.77 1.83 129000 234900 RFM CORP 4.7 4.75 4.7 4.75 4.7 4.75 21000 99540 ROXAS HLDG 2.76 2.95 2.82 2.82 2.8 2.82 15000 42260 SWIFT FOODS 0.121 0.125 0.121 0.122 0.121 0.121 250000 30320 UNIV ROBINA 135 136.5 135 139.4 132.1 135 702390 96151841 19430160 VITARICH 1.51 1.52 1.52 1.62 1.51 1.51 20522000 32036950 -7798080 VICTORIAS 2.32 2.5 2.32 2.32 2.32 2.32 4000 9280 9280 CEMEX HLDG 1.68 1.69 1.65 1.69 1.61 1.69 4750000 7881440 -2498300 DAVINCI CAPITAL 5.25 5.74 5.22 5.25 5.22 5.25 5000 26145 EAGLE CEMENT 15.32 15.66 15.68 15.68 15.66 15.66 5304700 83073640 EEI CORP 8.56 8.65 8.6 8.7 8.47 8.56 301400 2570612 806630 HOLCIM 5.96 5.97 6.15 6.15 5.96 5.97 333900 1998955 -1906946 MEGAWIDE 16.6 16.8 16.9 17.5 16.6 16.6 10885000 185900866 -16644174 PHINMA 8.6 8.78 8.5 8.78 8.5 8.78 3800 32356 TKC METALS 0.78 0.8 0.77 0.81 0.77 0.8 105000 82380 VULCAN INDL 1.68 1.69 1.67 1.73 1.62 1.68 11768000 19764970 -16600 CROWN ASIA 1.36 1.4 1.36 1.42 1.35 1.4 136000 186200 -107730 EUROMED 1.5 1.7 1.5 1.5 1.5 1.5 1000 1500 PRYCE CORP 5.04 5.2 5.12 5.12 5.05 5.05 252000 1283500 -278750 CONCEPCION 36.5 36.9 36.9 36.9 36.9 36.9 700 25830 GREENERGY 2.08 2.1 1.88 2.13 1.85 2.1 34640000 68965640 -1271370 INTEGRATED MICR 8.85 8.86 8.71 9.09 8.57 8.85 6324600 55835294 3967094 IONICS 1.71 1.72 1.56 1.73 1.56 1.71 1229000 2047760 -225800 PANASONIC 5.88 6 6.16 6.16 6 6 17500 106369 SFA SEMICON 1.26 1.28 1.22 1.29 1.21 1.29 134000 166490 CIRTEK HLDG 35.5 35.95 36.3 36.3 35.5 35.5 38800 1385040

HOLDING & FRIMS ABACORE CAPITAL 0.58 0.59 0.54 0.61 0.53 0.58 93700000 54649020 277300 ASIABEST GROUP 19.62 19.82 20.3 20.3 19.5 19.82 64200 1265786 -102490 AYALA CORP 944 945 939 952 937 945 211850 200548565 -33630405 ABOITIZ EQUITY 53.45 53.5 48.15 55 48.15 53.5 1573000 82542320 18918005 ALLIANCE GLOBAL 11.16 11.18 11.2 11.22 11.14 11.18 12146300 135757086 -13562096 ANGLO PHIL HLDG 0.78 0.88 0.84 0.84 0.84 0.84 1000 840 ATN HLDG A 1.42 1.43 1.42 1.43 1.4 1.42 3018000 4268110 ATN HLDG B 1.41 1.43 1.42 1.43 1.42 1.43 532000 755540 364940 COSCO CAPITAL 7 7.05 7.01 7.07 7 7 373700 2630686 1634625 DMCI HLDG 13.38 13.4 13.06 13.5 13.06 13.38 3790800 50546496 -18455350 FILINVEST DEV 8.71 8.92 9 9 8.6 8.92 1089300 9718326 -644520 FJ PRINCE A 3.7 4.99 3.1 5.16 3.1 5.16 10400 32734 FORUM PACIFIC 0.198 0.234 0.198 0.198 0.198 0.198 10000 1980 GT CAPITAL 867 868.5 874 880 865 867 122830 107077170 -58432280 JG SUMMIT 48 48.1 47.5 48.4 47 48 2208100 105923290 -33851835 LODESTAR 0.5 0.54 0.54 0.54 0.5 0.5 74000 37130 LOPEZ HLDG 3.88 3.89 3.89 3.97 3.88 3.89 14825000 57565060 -1234710 LT GROUP 15.3 15.32 15.5 15.64 15.2 15.32 2234100 34306308 11128470 MABUHAY HLDG 0.61 0.62 0.59 0.61 0.58 0.61 2732000 1652480 65100 METRO PAC INV 4.65 4.67 4.73 4.73 4.65 4.65 18074000 84332130 -40734710 PACIFICA 0.034 0.035 0.034 0.034 0.033 0.033 4300000 143900 PRIME ORION 2.31 2.34 2.3 2.37 2.26 2.31 913000 2125440 11750 SOLID GROUP 1.27 1.31 1.31 1.31 1.27 1.27 257000 327020 SYNERGY GRID 428 479 428 428 428 428 110 47080 SM INVESTMENTS 912 915 911 920 911 915 212830 194630700 -72200790 SAN MIGUEL CORP 171.5 171.8 172 172.5 171.5 171.8 94490 16223390 24848 TOP FRONTIER 273.4 280 272.2 280 272.2 280 5700 1587750 WELLEX INDUS 0.232 0.237 0.239 0.239 0.23 0.232 2110000 493760

PROPERTY ARTHALAND CORP 0.56 0.58 0.58 0.58 0.56 0.58 1083000 627020 319000 ANCHOR LAND 10.14 10.98 10.46 10.6 10.46 10.6 23200 245542 AYALA LAND 41.45 41.5 41.5 42 41.2 41.5 10524300 438943585 63654475 BELLE CORP 2.18 2.26 2.23 2.27 2.16 2.18 1573000 3452670 -2775850 A BROWN 0.79 0.8 0.77 0.81 0.76 0.8 2405000 1897400 -8000 CITYLAND DEVT 0.87 0.88 0.87 0.87 0.87 0.87 10000 8700 CROWN EQUITIES 0.218 0.219 0.215 0.218 0.213 0.218 1230000 263180 161880 CEBU HLDG 5.8 5.97 5.7 5.97 5.7 5.97 20700 118017 CEB LANDMASTERS 4.07 4.14 4.01 4.14 4 4.14 927000 3787730 53170 CENTURY PROP 0.4 0.415 0.405 0.415 0.4 0.415 8870000 3564250 -401400 CYBER BAY 0.335 0.35 0.35 0.35 0.335 0.345 280000 97000 DOUBLEDRAGON 17.94 17.98 17.86 18.28 17.84 17.98 237300 4303308 651668 DM WENCESLAO 7.6 7.61 7.6 7.65 7.6 7.61 296100 2255247 20564 EMPIRE EAST 0.49 0.53 0.495 0.54 0.495 0.53 150000 77800 EVER GOTESCO 0.123 0.129 0.115 0.134 0.114 0.123 1840000 219680 FILINVEST LAND 1.44 1.45 1.43 1.45 1.43 1.44 1552000 2240470 -174260 GLOBAL ESTATE 1 1.01 1 1.01 0.99 1.01 2260000 2262550 8990 HLDG 7.54 7.55 7.57 7.59 7.5 7.55 2239300 16907131 1044241 IRC PROP 2.71 2.72 2.58 2.72 2.52 2.72 24172000 63600920 107520 CITY AND LAND 0.84 0.92 0.83 0.83 0.83 0.83 9000 7470 MEGAWORLD 4.75 4.76 4.85 4.86 4.75 4.75 8503000 40,698,950( 3,675,089.9996) MRC ALLIED 0.38 0.385 0.37 0.385 0.365 0.385 29270000 11115800 177200 PHIL ESTATES 0.46 0.465 0.46 0.465 0.46 0.46 520000 239250 PRIMEX CORP 3.58 3.59 3.62 3.62 3.57 3.59 587000 2105710 -1030250 ROBINSONS LAND 21 21.15 21.35 21.35 20.65 21.15 2170000 45812035 -10520555 PHIL REALTY 0.37 0.39 0.36 0.39 0.355 0.39 2910000 1078650 ROCKWELL 1.93 1.95 1.92 1.95 1.92 1.93 125000 242410 81450 SHANG PROP 3.11 3.12 3.1 3.12 3.04 3.12 42000 129470 STA LUCIA LAND 1.16 1.18 1.16 1.19 1.16 1.18 812000 952640 SM PRIME HLDG 34.3 34.35 33.85 34.8 33.25 34.35 8566100 293880800 75955845 STARMALLS 4.7 4.78 4.75 4.83 4.6 4.7 518000 2462130 -5000 SUNTRUST HOME 0.7 0.71 0.68 0.69 0.68 0.69 106000 73080 VISTA LAND 5.38 5.4 5.39 5.45 5.38 5.4 1008300 5447151 -918053

SERVICES ABS CBN 19.5 19.7 19.5 19.7 19.4 19.7 24300 474398 GMA NETWORK 5.22 5.3 5.24 5.3 5.2 5.3 124600 658330 MANILA BULLETIN 0.35 0.375 0.35 0.375 0.35 0.375 540000 191000 MLA BRDCASTING 14.52 19.4 17.7 19.8 17.7 19.48 3800 69666 GLOBE TELECOM 1974 2002 1975 2002 1973 2002 41530 82605420 27284435 PLDT 1188 1192 1208 1210 1182 1188 121800 145272760 -22230545 APOLLO GLOBAL 0.038 0.039 0.038 0.038 0.038 0.038 100000 3800 DFNN INC 7.3 7.6 7.55 8.2 7.48 7.6 27300 206695 IMPERIAL 1.7 1.93 1.7 1.7 1.7 1.7 2000 3400 ISLAND INFO 0.098 0.099 0.101 0.101 0.097 0.098 2020000 199320 9800 ISM COMM 6.43 6.44 6.57 6.7 6.2 6.44 19401900 125693754 17845933 JACKSTONES 3.28 3.45 3.28 3.45 3.28 3.45 25000 83600 NOW CORP 3.63 3.64 3.16 3.64 3.16 3.63 14188000 49529110 798070 TRANSPACIFIC BR 0.375 0.38 0.37 0.38 0.365 0.375 29920000 11135350 923400 PHILWEB 2.97 3 2.92 3.13 2.92 3 434000 1311430 -304400 2GO GROUP 9.91 9.99 10 10 9.8 9.91 11500 114700 ASIAN TERMINALS 13 13.3 13.4 13.4 13.4 13.4 300 4020 CEBU AIR 72.05 72.25 69 73.4 69 72.05 740370 53395332.5 23468250 CHELSEA 7.54 7.55 7.77 7.77 7.48 7.55 3127800 23708926 200805 INTL CONTAINER 97.55 98 94.7 98.5 94.7 98 8474740 823652913.5 -689031139.5 LBC EXPRESS 14.2 14.4 14 14 14 14 4600 64400 LORENZO SHIPPNG 0.76 0.78 0.75 0.76 0.75 0.76 84000 63730 MACROASIA 14.04 14.06 13.88 14.08 13.7 14.06 2636200 36893842 -8079820 METROALLIANCE A 1.85 1.87 2.07 2.07 1.52 1.85 1525000 2775640 METROALLIANCE B 1.8 1.86 2.07 2.07 1.64 1.8 47000 85430 PAL HLDG 7.9 8.19 7.8 8.19 7.8 8.19 4800 38532 15600 HARBOR STAR 3.54 3.55 3.4 3.6 3.39 3.55 2519000 8878010 -75000 WATERFRONT 0.58 0.59 0.52 0.59 0.52 0.58 6598000 3695080 11200 STI HLDG 0.65 0.66 0.65 0.67 0.62 0.65 3833000 2470040 -704070 BERJAYA 1.99 2 1.95 2.07 1.92 1.99 5936000 11778120 87010 BLOOMBERRY 8.26 8.3 8.08 8.33 8.03 8.3 3531800 29079688 712726 PACIFIC ONLINE 9.51 10.32 10 10.44 10 10.44 3200 32880 LEISURE AND RES 2.82 2.83 2.79 2.82 2.79 2.82 317000 891390 -11320 MANILA JOCKEY 5.35 5.55 5.45 5.55 5.35 5.55 75800 408295 54000 MELCO RESORTS 7.1 7.16 7.17 7.17 7.1 7.16 3003600 21349609 -19349243 PREMIUM LEISURE 0.64 0.65 0.67 0.67 0.64 0.65 15674000 10198260 -5760570 TRAVELLERS 5.24 5.25 5.28 5.28 5.22 5.24 359300 1884410 -284199 METRO RETAIL 2 2.01 2.06 2.13 2.01 2.01 6066000 12378640 24900 PUREGOLD 42.9 43 43.5 43.5 42.65 43 3308300 142272915 -126752635 ROBINSONS RTL 72.05 73 74.7 74.7 71.2 72.05 1121130 80,782,173.5( 25,080,006.9999) PHIL SEVEN CORP 108 108.1 107.9 108.1 105.9 108 2680 287927 264587 SSI GROUP 2.56 2.57 2.59 2.6 2.55 2.57 3360000 8636320 2341310 WILCON DEPOT 12.16 12.18 12.16 12.5 12.02 12.18 1749300 21333678 12997512 APC GROUP 0.365 0.37 0.36 0.365 0.36 0.365 380000 137450 EASYCALL 11.8 - 9 11.8 8.98 11.8 1044900 11679128 987278 GOLDEN BRIA 315 320 320 320 310 320 730 232450 IPM HLDG 7.15 7.2 7.2 7.2 7.2 7.2 1500 10800 PAXYS 3.11 3.49 3.4 3.49 3.3 3.49 14000 46780 PRMIERE HORIZON 0.32 0.33 0.33 0.335 0.32 0.33 200000 65800 SBS PHIL CORP 6.74 6.9 6.74 6.78 6.74 6.74 41100 277022

MINING & OIL ATOK 12.92 13.7 13.9 14 13.5 13.7 21200 292954 APEX MINING 1.69 1.7 1.7 1.74 1.69 1.7 5244000 8961480 52200 ABRA MINING 0.0019 0.002 0.002 0.002 0.0018 0.002 1037000000 1992000 ATLAS MINING 2.38 2.65 2.36 2.5 2.36 2.5 133000 329680 -304910 CENTURY PEAK 1.91 1.92 1.94 1.94 1.94 1.94 5000 9700 DIZON MINES 7.01 7.02 7.11 7.11 7.02 7.02 8500 59732 24570 FERRONICKEL 1.69 1.7 1.71 1.71 1.67 1.7 736000 1241480 -529080 GEOGRACE 0.199 0.202 0.2 0.202 0.199 0.202 170000 33980 LEPANTO A 0.094 0.096 0.093 0.095 0.093 0.094 490000 45960 MANILA MINING A 0.0068 0.0075 0.0069 0.0076 0.0069 0.0075 12000000 87200 MARCVENTURES 1.03 1.1 1.1 1.1 1.03 1.03 11000 11470 NIHAO 1 1.03 1.02 1.03 0.99 1 87000 86980 NICKEL ASIA 2.11 2.12 2.04 2.13 2.03 2.11 10962000 22,962,680( 10,089,119.9996) OMICO CORP 0.52 0.6 0.52 0.52 0.52 0.52 2000 1040 ORNTL PENINSULA 0.91 0.93 0.94 0.94 0.91 0.91 738000 676670 4600 PX MINING 2.53 2.54 2.58 2.59 2.54 2.54 2122000 5430050 -718450 SEMIRARA MINING 26.8 26.9 25.65 27.15 25.65 26.9 1199900 32106900 2117480 ORNTL PETROL A 0.012 0.013 0.012 0.013 0.012 0.012 34600000 415500 PHILODRILL 0.012 0.013 0.013 0.013 0.013 0.013 12300000 159900 PHINMA PETRO 3.32 3.35 3.37 3.38 3.2 3.35 179000 596850 PXP ENERGY 15.04 15.06 14.7 15.4 14.3 15.04 3740900 56161148 -287166

PREFFERED DD PREF SMC FB PREF 2 FGEN PREF G LR PREF PNX PREF 3A PCOR PREF 2B SMC PREF 2B SMC PREF 2C SMC PREF 2E SMC PREF 2F SMC PREF 2G SMC PREF 2H SMC PREF 2I

95.6 969 101.5 1.01 99.05 960 75.1 76.15 72.5 74 72.85 72.15 73.2

PHIL. DEPOSITARY RECEIPTS GMA HLDG PDR

5.06

97 998 102.5 1.03 102 999.5 75.95 76.6 74.95 74.85 73 73.95 73.5

96 970 102.5 1.03 102 950 75.4 76.25 72.5 74.5 73 72.25 73.5

96.6 998 102.5 1.03 102 950 75.4 76.25 74.95 74.9 73 73.9 73.5

95.5 968.5 102.5 1.03 102 950 75.1 76.1 72.5 74.5 73 71.85 73.5

95.6 998 102.5 1.03 102 950 75.1 76.15 74.95 74.9 73 73.9 73.5

19000 1810 1930 1000 20 770 10180 427600 7970 6300 15130 10700 60

1820740 1756520 197825 1030 2040 731500 766417 32560605 580275 471190 1104490 773083.5 4410

-

5.15

5.08

5.08

5.06

5.06

4200

21264

-

WARRANTS LR WARRANT

1.74

SMALL & MEDIUM ENTERPRISES ITALPINAS 4.56 XURPAS 1.1

1.75

1.63

1.76

1.63

1.75

221000

382380

17300

4.58 1.11

4.25 1.11

4.59 1.12

4.25 1.09

4.56 1.1

732000 2398000

3253110 2639290

3660 -1288710

EXHANGE TRADE FUNDS FIRST METRO ETF

110

110.5

109.5

110.5

109

110.5

6610

726160

-2205

Editor: Efleda P. Campos

Okada son admitted in court father’s removal based on suspicion–lawyer

T

By VG Cabuag

@villygc

HE son of Japanese gambling mogul Kazuo Okada allegedly moved for the removal of his father from their family-owned company last year based on mere suspicion of impropriety and not on concrete evidence.

The older Okada’s lawyer Reody Anthony Balisi said the son Tomohiro Okada made this admission when he testified in September during a hearing of their case in Chiba Prefecture in Japan.

In his testimony, a copy of which was given to the Okada’s local representative, Tomohiro, 51, learned his father was allegedly degrading

the company value of Universal Entertainment Corp. (UEC), and that he was allowing the assets of Okada Holdings Ltd. to flow out of the company so he could convert them for personal use, such as acquisition of antiques and other valuable items.

“There were various suspicious stories, though not in the sense of being specific. They were just suspi-

cions,” Tomohiro said.

“I spoke of mixing of [Kazuo’s] personal affairs and official business earlier, and there was also talk he might be taking other illegal actions.

No. It was just a possibility, and at the time, he had not done anything concrete,” the younger Okada said in his testimony.

Okada Holdings is the asset management company of the family that owns 69 percent of UEC. UEC controls Tiger Resort Asia Ltd., which, in turn, owns Tiger Resort and Leisure and Entertainment Inc., the local operator of Okada Manila, the $1.5-billion integrated resort and casino in Parañaque.

The Japanese magnate, through his lawsuit filed before the Parañaque regional trial court, insists that he still owns a third of Okada Manila, the biggest among the three other integrated resort and casino in Entertainment City.

Tomohiro made the admission when he testified in the case he filed in Tokyo against his sister Hiromi to validate the trust agreement between the two of them signed on March 2 and May 23, 2017.

The agreement was meant to boot out their father from Okada Holdings.

When she took the witness stand, Hiromi claimed that Tomohiro took advantage of her weak emotional state to trick her into signing contracts that were disadvantageous to her and their father Kazuo.

Hiromi has filed a lawsuit in Hong Kong against Tomohiro and Okada Holdings to have the trust agreement she entered into nullified.

If the court favors Hiromi’s lawsuit, Kazuo Okada will regain majority control of his holdings, which could lead to taking back control of his casino business.

PTT PHL eyes 151 service stations by year-end

By Lenie Lectura

@llectura

P

TT Philippines is expected to end the year with 151 service stations, six of which will be opened within the year.

“To date, PTT has a total of 145 stations in the Philippines scattered all over Luzon and Cebu in the Visayas. Six more stations are expected to open before the year ends,” the oil firm said on Monday.

PTT is originated from Thailand and operates hundreds of service stations in the Asean region.

This developed as the company bared its new service station logo with the recent opening of its 145th station in the country and its 14th in Metro Manila.

PTT Baesa, the Thai oil firm’s sixth station in Quezon City, carries the new station logo on its canopy combining the flame logo design with “PTT Station” wordings highlighted in dark and light blue colors.

“The new design was not a total departure from our original sta-

tion logo that had the flame and the PTT acronym beside it,” PTT Philippines President and CEO Sukanya Seriyothin said.

The change in service station logo was part of the transition in PTT management of its oil business from PTT Public Co. Ltd. (PTTPCL) to PTT Oil & Retail Business Co. (PTTOR).

The transfer of assets has begun from PTTPCL to PTTOR in preparation for the planned initial public offering on the Thai exchange next year. Regulations for staterun enterprises in Thailand no longer applies to PTTOR, allowing it more flexibility to complete acquisitions and accelerate foreign expansion.

“This is why we have introduced our new station logo and we will do this eventually to all our stations, starting with the companyowned,” Seriyothin said.

Apart from Baesa station, PTT Pulilan also carries the new logo design that will soon be followed

by PTT station in Abucay, Bataan.

STI income flat during fiscal H1 despite fall in enrollments

S

TI Education Systems Holdings Inc. said it had a flat income during its fiscal first half of the year ending September despite the double-digit fall in its enrollments for the period.

STI posted a net income of P51.7 million, down by 2 percent from last year’s P52.9 million.

Gross revenues fell to P1.23 billion, an 11-percent drop from last year’s P1.37 billion.

It said it still sees its flat income as “favorable” since enrollments dropped by 18 percent during the 2018-2019 academic year to 85,797 enrollees from last year’s 105,031 students.

For the Ju ly-to-September quarter alone, its income was cut in half to P131.8 million, from last year’s P269.8 million.

Revenues for the quarter was at P766.1 million, lower by 13 percent from last year’s P883.9 million.

Meanwhile, the company’s assets amounted to P15.4 billion as of September 30, 2018, 7 percent higher than the end-March balance.

“This was largely due to the increase in property and equip-

ment as construction projects continued in full swing,” STI said.

The ongoing construction included costs related to the construction of school buildings, which will be the new sites of Santa Mesa in Manila, PasayEdsa and San Jose del Monte in Bulacan.

It also covers the cost of the portion of STI Lipa building that is still being completed. STI Lipa started operations in the new building in August 2018, specifically in the ground up to the fourth floor.

The remaining works from the fifth floor up to the roof deck are expected to be completed by end November 2018, while the basketball gymnasium at the seventh floor is expected to be completed in January next year. The rest of the buildings are expected to be operational in January.

As of end September, the building, machinery and equipment accounts included costs incurred for the land development and building of iAcademy’s Yakal campus. The building opened and was launched as iAcademy Nexus on February 12, 2018, and is now operational. VG Cabuag

MUTUAL FUNDS

November 26, 2018

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC * 246.88 -13.83% -0.47% 2.08% -15.8% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.3625 -14.24% 3.88% 2.5% -14.67% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 3.8365 -14.24% 0.43% 0.78% -16.47% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.884 -12.89% N.A. N.A. -13.08% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. * ********* 0.8202 N.A. N.A. N.A. N.A. FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 5.1701 -12.17% -1.5% 1.66% -14.02% MBG EQUITY INVESTMENT FUND, INC. * ****** 111.74 N.A. N.A. N.A. N.A. ONE WEALTHY NATION FUND, INC.* 0.8249 -14.69% N.A. N.A. -16.9% PAMI EQUITY INDEX FUND, INC.* 48.4741 -11.8% 0.7% N.A. -14.04% PHILAM STRATEGIC GROWTH FUND, INC.* 506.54 -11.83% -0.46% 1.36% -13.92% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.2397 -10.26% 1.35% N.A. -11.72% PHILEQUITY FUND, INC.* 36.1287 -10.46% 1.73% 4.29% -12.09% PHILEQUITY PSE INDEX FUND INC.*

4.8784 -11.85% 1.38% 3.98% -14.02% PHILIPPINE STOCK INDEX FUND CORP.* 814.7 -11.7% 1.13% 4.04% -13.85% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.8459 -10.65% -1.05% N.A. -12.53% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 4.0342 -9.95% 1.29% 2.53% -11.92% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 0.9389 -12% 1.18% N.A. -14.12% UNITED FUND, INC.* 3.4554 -8.44% 2.58% 2.98% -11.27% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* ***108.8597 -11.38% 2.28% N.A. -13.57% ATRAM ASIAPLUS EQUITY FUND, INC.** $0.9446 -16.64% 1.5% -0.55% -14.77% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.1688 -6.34% N.A. N.A. -7.62% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.6402 -10.4% -2.22% -1.3% -11.98% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.1796 -9.89% 0.01% 0.64% -11.29% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.499 -8.71% -3.01% -1.6% -9.78% GREPALIFE BALANCED FUND CORPORATION* **** 1.2943 -10.06% N.A. N.A. -11.04% NCM MUTUAL FUND OF THE PHILS., INC* 1.8257 -6.66% 0.45% 1.57% -8.37% PAMI HORIZON FUND, INC.* 3.4867 -9.61% -1.03% 0.64% -11.01% PHILAM FUND, INC.* 15.7236 -9.09% -0.86% 0.6% -10.45% SOLIDARITAS FUND, INC.* ******** 2.0416 -7.85% 0.39% 2.4% -8.94% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.6346 -7.69% 0.14% 1.02% -9.05% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.9265 -7.47% -0.29% N.A. -9.19% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.03477 -3.9% -0.65% 1.26% -3.68% PAMI ASIA BALANCED FUND, INC.* $0.9636 -9.44% 2.35% -0.89% -7.97% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.4319 -5.03% 3% 1.68% -6.04% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.0266 -7.27% N.A. N.A. -7.7% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 342.45 1.86% 1.96% 1.63% 1.58% ATRAM CORPORATE BOND FUND, INC.* ******* 1.8439 -2.61% -0.98% -0.82% -2.56% COCOLIFE FIXED INCOME FUND, INC.* 2.9563 5.46% 5.31% 5.24% 4.76% EKKLESIA MUTUAL FUND INC.* 2.1262 1.22% 1.43% 0.99% 1.14% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2048 -0.5% -0.07% 0.13% -0.51% GREPALIFE FIXED INCOME FUND CORP.* P 1.5633 -3.08% -0.96% -1.42% -2.87% PHILAM BOND FUND, INC.* 3.887 -4.1% -0.79% -0.79% -4.02% PHILEQUITY PESO BOND FUND, INC.* 3.4859 -0.31% 0.22% -0.19% -0.54% SOLDIVO BOND FUND, INC. * 0.8873 -3.86% -1.15% N.A. -3.89% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.7592 -0.72% 0.75% 0.14% -0.64% SUN LIFE PROSPERITY GS FUND, INC.* 1.531 -1.32% 0.28% -0.25% -1.21% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $446.78 0.35% 2.25% 2.99% 0.19% ALFM EURO BOND FUND, INC. * Є212.36 -0.49% 0.96% 1.5% -0.64% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.1224 -1.1% 0.81% 1.84% -1.03% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0248 -0.8% 0.68% N.A. -0.8% GREPALIFE DOLLAR BOND FUND CORP.* $1.6871 -4.97% -0.48% 1.05% -4.76% 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* $1.0244 -5.24% -0.72% -2.64% -4.57% PHILAM DOLLAR BOND FUND, INC.* $2.1364 -4.93% 0.35% 2.36% -5.09% PHILEQUITY DOLLAR INCOME FUND INC.* $0.0568992 -1.03% 0.86% 1.8% -0.53% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.8687 -4.84% 0.5% 1.59% -4.78% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 120.34 2.51% 1.75% 1.5% 2.32% PHILAM MANAGED INCOME FUND, INC.* 1.1774 1.82% 0.48% 0.43% 1.73% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.2145 2.53% 2.2% 1.5% 2.45% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* ***** $1.0142 1.52% N.A. N.A. 1.55%

* - 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

www.businessmirror.com.ph

Banking&Finance

Investing options for OFWs Genesis Kelly S. Lontoc

W

PERSONAL FINANCE

EALTH can be defined in terms of purchasing power. Money growth must eventually outpace the inflation rate to improve the state of wealth.

In 2018 the economy has witnessed rising prices brought about by different factors.

Thus, saving money in the bank is not enough.

In the case of overseas Filipino workers, it is recommended that a certain proportion of the valuable remittances they send should be allocated for investment purposes. The good news is that there are a number of investing options for OFWs that are available.

The choice of what investment to take can be based on four factors. The first is the goal.

Any investment should significantly help an OFW achieve a specific and ambitious goal.

This goal can be a financial goal that delivers a better future.

The second factor is the time horizon.

Some relevant time horizon discussions can revolve around the time every OFW would target to return to the country and the planned retirement time.

The third is the risk profile. Higher returns will definitely entail higher risks. Investment options can vary for those who are aggressive and for those who are conservative with respect to risk.

The fourth factor is purpose. Every investment chosen must ultimately help establish a well-lived legacy for the OFW. One investing option would be pooled funds. Examples of these would include mutual funds, unit investment trust funds and variable unit-linked funds. These funds have dedicated professional fund managers who invest mainly in equities and bonds. In the case of variable unit-linked funds, these also provide insurance coverage. In choosing the right pooled fund, an OFW must review the profile and performance of the fund. To assess performance, both long-term and shortterm figures matter to determine consistency.

One investing option would be direct investing in the stock market. Unlike pooled funds, the OFW would need to invest more time and effort in getting education on tools like fundamental analysis and technical analysis in order to make more informed decisions. The risk profile needed would be aggressive since volatility is a given in the stock market.

Different stocks have different strokes so diversification is important. A good stock portfolio can be one with both established companies and emerging companies.

One investing option would be real estate.

This type of investment offers possible gains in terms of price appreciation and rental income. In choosing the type of real estate, an important consideration would be the location. Different areas have different development trends.

Those areas with dynamic plans for development will potentially yield higher returns.

Another important consideration would be the choice of developer. There is no substitute for trust in business. Financing schemes must also be considered.

One investing option would be agriculture.

Our economy can be stronger if we are able to accelerate the development of the countryside. Investing in agriculture can prove to be a viable investing alternative for OFWs if the products would cater to a growing market segment in the local landscape or global setting.

One investing option would be entrepreneurship. Our economy can be stronger if we are able to accelerate the development of the middle class.

One way to be an entrepreneur is to build a business from scratch. Another way to be an entrepreneur is to buy or invest in an existing profitable business. Conducting due diligence is key. Investing in a successful business might require more active involvement of an OFW whether in terms of settingup the right foundation or in overseeing the daily operations.

OFWs must embrace a culture of continuous learning. A heightened level of financial literacy would help every OFW maximize as many opportunities as possible. No OFW becomes an OFW forever. Good investments can help OFWs eventually transition from being an OFW to being a successful balikbayan.

Gemmy Lontoc is a registered financial planner of RFP Philippines. To learn more about personal financial planning, attend the 74th RFP program this January 2019. To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-9689774.

BusinessMirror

Tuesday, November 27, 2018

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Senate pushes mandatory reporting twice yearly of state of debt, finances

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HE Senate, asserting congressional review power over the national purse, moved to require the government’s economic managers to update Congress and render a report on the status of the country’s debt and finances twice a year.

Senate President Pro Tempore Ralph G. Recto, in filing Senate Bill 1483, asserted the need for early enactment of the measure passed by the senators as “the government piles up debts without congressional review.”

Recto said, “A law requiring the coun-

try’s lead economic managers to make a biannual appearance before a joint committee of Congress to report on the country’s debt and finances has become more urgent,” adding: “Kung may Ulat sa Bayan ang Pangulo, kailangan may Utang ng Bayan report din ang mga tao niya [If

Investors lap up T-bills with longer tenor I

NVESTORS lapped up Treasury bills (T-bills) with longer tenors as the Bureau of the Treasury (BTr) rejected all bids for the 91-day tenor bucket during Monday’s auction.

Rates would have shot up by 34.5 basis points, settling at 5.641 percent compared to the previous rate of 5.295 percent, had government fully awarded the P4 billion on offer for the 91-day tenor. Bids were also undersubscribed at P3.131 billion.

“I think their preference now is to really go longer,” National Treasurer Rosalia V. de Leon said. “[Investors] are now inching toward the longer part of the yield curve; they are ready to lock in the rates at this point. So [investor] preference is now going toward the long.”

The 182-day and 364-day tenor buckets were both fully awarded at P5 billion and P6 billion, respectively.

The 182-day T-bill was also awarded the full P5 billion on offer with tenders reaching P16.203 billion at an average annual rate of 6.294 percent. This is 1.4 basis points higher than the previous rate of 6.280 percent.

For the 364-day tenor, bids amounted to P9.945 billion being awarded the full P6 billion on offer at an average annual rate of 6.550 percent. This posted an increase by 2 basis point from the previous rate of 6.530 percent.

Last week investors of government securities flocked to the BTr tap facility with bids increasing to P50.976 billion for the reissued five-year Treasury bonds (T-bonds) compared to the tenders received—at P48.857 billion—during the auction for the security earlier in the afternoon.

De Leon told reporters they decided to open the tap facility due to oversubscription—more than threefold—for the reissued five-year Tbond, with tenders reaching P48.857 billion at a reasonable 7.003-percent average annual rate. Rea Cu

Makati reports ₧16.2-B collection as of Oct. 31

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HE Makati City government on Monday said that it has already surpassed its revenue target by 3 percent as of October 31, collecting P16.18 billion.

Mayor Abigail Binay said this showed the trust and confidence of the private sector and taxpayers in the reforms she instituted to promote efficiency and transparency at City Hall.

“We are heartened by the positive outcome of our efforts to strengthen the institutional integrity of the city government,” Binay said.

“Let me assure our residents that my administration will continue to implement and expand existing health, education and social services,” she added.

In a report to the mayor, Acting City Treasurer Jesusa Cuneta said the city was able to collect P16,189,056,365 from January to October, or 103 percent of the 2018 target of P15,676,047,000.

The bulk of collections came from local sources led by business tax with P8.9 billion (100 percent of target), followed by real-property tax, almost P5.2 billion (113 percent of target). Other local revenue sources include fees and charges with P720 million and economic enterprise, P216.8 million.

The mayor also noted that new business registrants as of endSeptember reached 3,762 based on the records of the Business Permit Office (BPO), which have a combined capital investment of over P24.5 billion.

BPO records also show that the number of permit renewals at the end of the third quarter reached 33,781, which was higher by 1,122 compared with the same period in 2017. Claudeth Mocon-Ciriaco

the President has a Report to the Nation, his economic manager must also render a Report on the Country’s Debt].”

The Senate President Pro Tempore pointed out that with the “national debt meter” moving up without lawmakers knowing the details, it was all the more necessary to enact into law the Senateapproved bill mandating four Cabinet men to make two “national fiscal status” reports before a House-Senate oversight panel in a year.

Recto also noted that “not fully included in the debt picture are contingent liabilities arising from sovereign loans or guaranteed obligations in PPP projects, and embedded in various kinds of joint ventures.” He stressed the need to have “a reliable, running estimate on how much these costs, otherwise we may be blindsided.”

Under the Recto bill, those required to render what he dubbed the State of the Debt Address, or Soda, are the secretaries of the Department of Finance (DOF) and the Department of Budget and Management (DBM), as well as the National Economic and Development Authority (Neda) director general and the Bangko Sentral governor.

In a statement, Recto prodded Congress to “take an active stance in closely monitoring the enlargement of the public debt,” adding that “our eyes should be on the debt needle.”

The senator cited what he described as “the alarming trend of finding foreign

financing, signing the loan papers, and passing, as a matter of fait accompli, the loan repayment to Congress—instead of first securing appropriations for a certain project or program.” He gave as example the conditional cash tranfers or the 4Ps program. “People don’t know that $1.75 billion, in five loan packages, were borrowed for such. What simply reached Congress is the request to allocate for debt servicing. It’s like we were just told, ‘Oh, by the way, we borrowed this amount, so pay this,’” Recto said, in a mix of English and Filipino.

He aired concerns that “there is always the temptation of going on a borrowing spree and letting the succeeding administrations pay for it. If that is so, future income is mortgaged and budget space is constricted.”

According to Recto, while the most important debt indicator—the debt-to-GDP ratio—has been going down, from Presidents Arroyo to Aquino to Duterte, or from 52.4 percent in 2010 to 42.1 percent last year, “we should not let up in our oversight because loose loan approvals will create payables the next generation will amortize.”

He recalled that the national government debt was pegged at P4.582 trillion as of June 2010, when then-President Gloria Macapagal-Arroyo stepped down from office. “It was P5.94 trillion in June 2016 when it was Benigno S. Aquino III’s turn to leave Malacañang. This has climbed to P7.15 trillion by end of last September.” Butch Fernandez

B4 Tuesday, November 27, 2018

OPTIMIZING PERTUZUMAB-BASED REGIMEN FOR EARLY HER2-POSITIVE BREAST-CANCER PATIENTS

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REAST cancer has the highest incidence worldwide. It is the most prominent cancer in women. Each year over 1.4 million new cases of breast cancer are diagnosed globally and over 450,000 women die of the disease annually.

As of 2018 in the Philippines, breast cancer is the most common cancer in the country, constituting to over 19 percent of all new reported cancer cases.

At the recently concluded Philippine Society of Medical Oncology (PSMO) convention,inpartnershipwiththeAmerican Society of Clinical Oncology (ASCO), pharmaceuticalcompanyRoche(Philippines) Inc. shared the latest innovations in human epidermalgrowthreceptor2-positive(HER2) breast-cancer treatment utilizing dualblockade treatments.

Dr. Stephen Chia (in photo), a professor in the Department of Medicine, University of British Columbia, Vancouver, Canada;

and chairman of the British Columbia Breast Tumor Group Council, presented the latest research addressing unmet needs of HER2-positive breast-cancer patients in the adjuvant setting; and the results of clinical trials utilizing Pertuzumab in combined adjuvant therapy that achieve less disease recurrence for early HER2-positive breastcancer patients.

HER2-positive breast cancer is a type of breast cancer that overexpresses a protein called HER2. Among women with breast cancer, 15 percent to 20 percent are HER2 positive. This type of breast cancer tends to be more aggressive than other types. HER2positive patients are also less responsive to hormone or other initial forms of treatment.

However, targeted treatments, specifically for HER2, can be very effective.

“In the era before Trastuzumab, HER2positive breast cancer was a subgroup that had the worst prognosis,” Dr. Chia

shared. “With chemotherapy and adjuvant Trastuzumab therapy, outcomes were significantly improved. However, it still didn’t cure all women. We still see about 25 percent of node HER2-positive breastcancer patients who experience relapse in 10 years, after the standard care of one year adjuvant Trastuzumab, so there is still an unmet need there.”

Dr. Chia added the results of Aphinity, the latest clinical trial. In the study, patients were given Pertuzumab along with their standard care of one-year adjuvant Trastuzumab treatment. The results showed a significant improvement in reducing the risk of disease recurrence or death. In addition, no new safety signals were raised arising from the treatment.

“There was a statistically significant improvement in invasive disease-free survival in patients from this study,” Dr. Chia explained. “The control arms, which received standard therapy of chemotherapy andTrastuzumabadjuvanttherapyalone,still did well and had a close to 91-percent diseasefreesurvivalrate.Thiswasimprovedbyabout 20 percent with the addition of Pertuzumab.”

In the Philippines, Pertuzumab is approved for the treatment of early HER2positive breast cancer and metastatic breast cancer in patients determined eligible for treatment via diagnostic tests (e.g.

HER2 testing). To help make Pertuzumab treatment more accessible to Filipino patients, Roche has created an innovative patient support program for medication.

For more information and to enroll, doctors and patients may contact (02) 395-3558.

CALAPAN CITY WATER RESERVOIR INAUGURATED Calapan City Mayor Arman Panaligan (left), and Jolliville Holdings Corp. chairman and founder Jolly Ting (right) lead the ceremonial opening of the water valve to signify the formal operation of a 1,500-cubic-meter water reservoir of Calapan Water, a subsidiary of Jolliville Holdings. The water reservoir at Barangay Lumangbayan, Calapan City, Oriental Mindoro, is part of a P400-million water-facility development. The project will boost the water-service facility benefiting the present 15,000 to a projected 28,000 households by 2028 in the city.

‘CHRISTMAS WITH SOUL DIVAS’

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HRISTMAS with Soul Divas” bring together Patti Austin and Jaya in what music fans would call a “dream soul” collaboration on the Philippine stage.

The Grammy award winner and one of the country’s bestselling female artists are sure to move and mesmerize the Filipino audience on December 6 at The Theatre at Solaire; and on December 9 at Alonte Sports Arena in Binan, Laguna.

The 68-year-old music icon has, so far, had close to a dozen shows in the country, which she described as home “to the greatest singers around the world.”

This is not her first Christmas show, too. In December 2013 she also held a benefit concert for the Yolanda victims.

“I have always loved coming back here. The Filipinos always have this, ‘Hi, Patti,’ greeting for me whenever I see them.

The Philippines’s Queen of Soul says, “I am looking forward

to this wonderful opportunity of singing with the one and only Patti Austin. Man, we all grew up listening to her songs.

Both known for their timeless tunes and passionate performances, the ladies are bound to deliver stellar sets.

Tickets for the December 6 show at The Theatre at Solaire are sold via TicketWorld for the following prices: P6,200 (SVIP), P5,000 (VIP), P4,200 (Gold), P3,500 (Premium Gold), P2,200 (Silver) and P1,000 (Bronze).

Tickets for the December 9 show at the Alonte Sports Arena are sold via SM Tickets for the following prices: P3,500 (SVIP), P3,200 (VIP), P2,500 (Lower Box A), P1,500 (Lower Box B) and P800 (Upper Box).

The two shows are brought to you by Dreamwings Production Inc. For more information, e-mail Michael Caliwara at mccaliwaramichael@gmail.com.

CHINA-PHILIPPINES INFRASTRUCTURE CONFERENCE TO HIGHLIGHT POTENTIAL PROFIT OPPORTUNITIES

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ROSS-BORDER China-Philippines Infrastructure Investment Conference 2018, the Philippines’s lone and most prestigious Infrastructure Investment event, is coming to Manila on November 28 at Diamond Hotel. The Cross-Border China-Philippines Infrastructure Investment Conference brings together senior policy-makers, business leaders and regulators to unlock the huge potential of core infrastructure investments in the Philippines; and discuss the future and map out the blueprint that will drive continued Philippine economic growth and development with infrastructure investments, in collaboration with Asia’s leading economy.

The conference will host 25 of the sector’s most senior speakers and offer 12 sessions featuring policy-makers, industry executives and several governmental heads, including Budget Secretary Benjamin Diokno; National Economic and Development Authority Undersecretary Rolando Tungpalan; World Bank senior economist Dr. Rong Qian; China-Asean Investment

Cooperation Fund Managing Director Patrick Ip and Philippines’s Build, Build, Build program collaborators.

Expert speakers will discuss key strategic issues across all segments on opportunities in infrastructure, and breakout sessions will address additional business advantages in key areas of public works, utilities and technology.

The event is supported by the Philippine Economic Zone Authority, Public-Private Partnership Center, Department of Energy, Bases Conversion and Development Authority, and Metropolitan Waterworks and Sewerage System. Other event partners include PLDT Enterprise, Ayala Land, Megaworld and Azeriu Construction Corp.

With the government initiative angled in the Philippines’s “Golden Age of Infrastructure”, the Cross-Border China-Philippines Infrastructure Investment Conference 2019 will create an open door for investment direction in the rehabilitation and expansion of existing infrastructures in the country and creating new ones.

CROATIA! CROATIA! CROATIA wins the Davis Cup for a second time, after victory in 2005, and denies France—whose players lash out at future plans for the Cup adopted earlier this year—an 11th crown. AP

Sports BusinessMirror

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| Tuesday, November 27, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

L Frenchmen one in defeat against Davis Cup overhaul

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ILLE, France—French players don’t like the new Davis Cup format and they’re saying it loud and clear.

After failing to defend their title this weekend in northern France in a 3-1 loss to Croatia, the French lashed out at future plans adopted earlier this year and Lucas Pouille said he would boycott the competition from now on.

This weekend marked the last time in the 118-yearold competition history that the final was played in a best-of-five matches format and over a three-day weekend. Starting next year, the top team event in men’s tennis will be decided with a season-ending, 18-team tournament at a neutral site.

The International Tennis Federation (ITF) believes this format, with matches played in best-of-three sets, will be more attractive to elite players who often pass on competing for their countries because of a crowded schedule. The French tennis federation supported the reform.

“I’m extremely sorry because of the ITF decision,” doubles specialist Pierre-Hugues Herbert said. “It was the last true Davis Cup.” Herbert’s partner, Nicolas Mahut, said he spoke with ITF David Haggerty immediately after the final to express his discontent. “I believe he understood very well what I wanted to say,” said Mahut, without giving details.

Lucas Pouille, who was thrashed in straight sets

by Marin Cilic on Sunday a year after he wrapped up France’s 10th title, said he would not play in the Davis Cup anymore.

“Last year I was crying of joy, this year I was crying because I was sad,” Pouille said. “I’m not going to change my mind about the new format. As far as I’m concerned, I’m not going to play in the Davis Cup anymore. That was the last time.”

The ITF said it expects the new format will help generate more money for tennis development around the world. A $3 billion, 25-year deal has been agreed by the ITF with Kosmos, an investment group founded by the

Barcelona defender Gerard Pique.

Mahut claimed tennis stakeholders should have come up with better solutions.

“There are other means to find money. The Grand Slams tournaments could have given some of their revenues and the Davis Cup would have been saved,” Mahut said. “We needed to find ways to lighten the schedule, we had so many good ideas to save that competition. There were other solutions.”

France’s Davis Cup captain Yannick Noah, who oversaw his last Davis Cup match this weekend and will be replaced by Amelie Mauresmo, is also a fervent opponent of the overhaul.

“It will never be the same, it’s going to be something else,” said Noah, who guided France to three Davis Cup titles. “I really hope this is not going to be called the Davis Cup. Playing two sets is not the Davis Cup. They are lying. I told [Haggerty] to his face I’m disgusted and upset because this is the way I feel. The Davis Cup was so much for me.” AP

UNITED IN WRESTLING S

EOUL, South Korea—North and South Korea are making a first joint bid for an international recognition of Korean traditional wrestling.

South Korean culture officials on Monday said a Unesco committee is set to determine whether to add the Korean wrestling to its list of “Intangible Cultural Heritage of Humanity” this week.

The Koreas had earlier pushed separate bids for the sport’s Unesco recognition, but the cooperation follows an easing of tension on the divided peninsula amid a flurry of exchanges this year. Local media reports said South Korea had first proposed the joint bid during a leaders’ summit at the Korean border village in April.

The Koreas were originally a single country before their separation in 1945.

Split along the world’s most heavily fortified border, the countries now have linguistic, cultural and other gaps.

They use different English Romanization rules. The wrestling’s English spelling is “ssirum” in North Korea and “ssireum” in South Korea. According to South Korea’s Cultural Heritage Administration, the Koreas use both spellings for their combined bid.

North Korea has won Unesco recognitions of two Korean cultural assets—the Korean folk tune “Arirang” and the making of Kimchi. The two are among the 19 items that South Korea has received Unesco recognition for, according to South Korean officials.

In the Korean wrestling, participants with a belt around their waists and thighs use their hands, legs and other body parts to bring down their opponents to the sand ground.

In South Korea, it gained wide popularity the 1980s, threatening the long-running popularity of baseball and soccer. AP

WRESTLERS compete during the Korea Open Ssireum Festival in Seoul. AP

By Samuel Petrequin The Associated Press

ILLE, France—After an agonizing defeat in Croatia’s previous Davis Cup final, there was no letdown for Marin Cilic this time.

Cilic was two sets up against Juan Martin del Potro two years ago in Zagreb, with Croatia leading Argentina, 2-1, on the final day, when his game collapsed as the South Americans fought back and ultimately won the final.

This weekend in northern France, Cilic did not give even a glimmer of hope to his French opponents that they could stage a comeback of their own.

On the indoor clay court set up inside the Lille soccer stadium and in front of a hostile crowd, the former US Open champion was ruthless and composed. His clinical display on Sunday secured a 7-6 (3), 6-3, 6-3 win over Lucas Pouille to give Croatia a 3-1 victory over defending champion France in the best-of-five series. Both teams agreed not to play the final rubber.

Cilic said his loss to del Potro hadn’t been a distraction but he was relieved to finally add the Davis Cup trophy to his list of trophies.

“I was always sleeping well, so no problem, but I’m happy that I played so well this weekend,” the 30-yearold Cilic said.

While Argentina was able to fight back, the French didn’t have the weapons required. The hosts won the doubles but were thrashed in straight sets in the three singles matches played against Cilic and Borna Coric.

“Look at the statistics from Borna and I, in three matches we did not lose a serve, it says much about our level and how well we played,” said Cilic, who finally tasted success in the team event 12 years after his debut.

“We were both in a great form at the right time.”

Cilic lived up to his status of team leader. After beating Pouille, he was surrounded by the whole Croatian team on the court and covered his shoulders with

the Croatian flag. The country’s president, Kolinda GrabarKitarovic, warmly hugged him.

“It’s not every day that you become a world champion,” Cilic said. “For us, it’s a dream come true, for this nation, we are so passionate, you can see the fans.

And I feel that in Croatia it’s going to be incredible too.”

Croatia won the Davis Cup for a second time, after victory in 2005, and denied France an 11th crown.

“They destroyed us,” France captain Yannick Noah said. “They did not give us a single break.”

The final was played for the last time in its traditional format. Beginning next year, the top team event in men’s tennis will be decided with a season-ending, 18-team tournament at a neutral site.

After Nicolas Mahut and Pierre-Hugues Herbert won Saturday’s doubles, France trailed 2-1 and needed to win both reverse singles on the final day to become the first team since 1939 — when Australia beat the United States—to overturn a 2-0 deficit in a final.

But their hopes of a comeback were quickly dashed.

The seventh-ranked Cilic struggled with his first serve in the opening set but gradually found his rhythm while Pouille started well but quickly faded.

Pouille, who replaced Jeremy Chardy after Noah changed his lineup in a bid to force a decisive fifth match, made repeated mistakes on his backhand. Pouille hit a total of 44 unforced errors, compared to Cilic’s 29.

The Frenchman, who wrapped up France’s 10th Davis Cup title last year by winning the decisive point against Belgium, managed to stay in contention on the back of his strong serve and some clever drop shots that surprised Cilic, but his Croat rival raised his level in the tiebreaker.

Cilic won four straight points to seal the set, including a thunderous forehand pass that left Pouille stranded.

Pouille’s level of play then dropped drastically while Cilic kept up the intensity and broke for a 4-2 lead in the second set. Pouille managed to save four set points in the eight game with a series of good serves before Cilic held his next service game to seal the set with a crosscourt forehand.

Despite the support of the vociferous French fans at the Pierre Mauroy stadium, Pouille appeared powerless in the third set

and dropped his serve again in the fifth game after yet another backhand error that sealed his fate. The Frenchman saved two match points at 5-3 but was forced to watch when Cilic unleashed a superb lob that secured another break and the title.

“This is one of the best teams we ever had, it’s like a dream team,” Croatia captain Zeljko Krajan said.

“After seven years on the bench, it’s an honor for me to be here. My singles players not only didn’t lose a set, they didn’t lose serve in three matches which is an unbelievable achievement and shows you the quality that we produced.”

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Business

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COLOR IT U.E. RED U

NIVERSITY of the East (UE) retained the men’s championship, while teenage sensation Maxine Esteban powered Ateneo to its first women’s crown in 12 years as the University Athletic Association of the Philippines Season 81 fencing tournament came to a close on Sunday at the Victoria Sports Tower in Quezon City.

The foil team of CJ Concepcion, JC Concepcion, Sammuel Tranquilan and Xavier Arabaca won the gold medal on the final day of the competition to ice the cake for the Red Warriors who extended their reign to a seventh straight year.

The Recto-based fencers have already annexed the crown on Saturday, as the team saber of CJ Concepcion, JC Concepcion, Tranquilan and Jinro Villanueva emerged triumphant.

UE, which also captured three silver medals, also clinched a league-best 13th title overall.

The Warriors earlier swept the individual events with CJ Concepcion bagging the saber gold and Tranquilan topping the épeé and foil events.

Tranquilan was named the MVP for the second straight season.

In the juniors division, UE achieved another golden double with Samantha Catantan and Prince John Francis Felipe claiming the season MVP awards in the girls and boys division, respectively.

The Junior Warriors achieved an “eight-peat” in the girls division, while the boys streaked to their ninth

straight championship. University of Santo Tomas’s (UST) Patricia Daradar was the girls Rookie of the Year winner.

Esteban’s gold-medal triumphs in individual foil and saber events, as well as the Lady Eagles’ victory in the team foil brought the Katipunan-based fencers back on top of the women’s division.

Esteban captured the Top Rookie-MVP award as Ateneo bagged its second title overall, and the first since 2006 behind sisters Faye and Veeg Garcia. It also ended UE’s amazing 11-year reign.

UST finished second with two golds courtesy of Marielle Peralta in individual épeé and team foil of Peralta, Andrea Bernal, Pauline Bernarte and Mira Dorimon. The Tigresses also bagged a silver and two bronze medals.

The Lady Warriors finally won gold on the fourth day thanks to Carla Arreza, Nicole Cortey, Joy Javinar and Marry Jae Lonzaga in team saber. UE also went home with three silvers and three bronzes to settle for third place.

De La Salle’s gold-medal quest in men’s team épeé on Saturday was enough to claim second place to go with a silver and three bronzes, while Ateneo’s one-silver and five-bronze haul sealed third spot.

Green Fencer Darryl Lumahan was named the season’s top rookie.

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TOUGH TO EX

THE University of the East fencers—CJ Concepcion, JC Concepcion, Sammuel Tranquilan and Xavier Arabaca

NU ends 2-match losing streak ATIONAL University (NU) ended a two-game slide as the reigning girls champions overpowered University of the East, 25-18, 25-18, 25-13, on Sunday in the University Athletic Association of the Philippines Season 81 high-school volleyball tournament at the Far Eastern University (FEU)-Diliman Gym.

UTAH’S Dante Exum dives over Sacramento’s De’Aaron Fox, as they scramble for the ball. AP

Faith Nisperos had six service aces to finish with 11 points, while reigning Most Valuable Player Mhicaela Belen added nine hits and five digs to help the Bullpups finish the eliminations as the No. 1 team with a 10-2 win-loss card.

Angel Canino had 16 hits, while Alleiah Malaluan fired two service aces to also finish

ABRE GRANDE SPORTSFEST

with 16 points, she laced with eight digs as De La SalleZobel also notched 10 wins and two losses following a 25-22, 25-15, 23-25, 25-16 victory over FEU-Diliman.

But the Junior Lady Spikers will settle for the No. 2 spot because of inferior match points. Renee Lou Penafiel had three service aces for a 17-point outing, while Imee Hernandez added 16 points and seven digs as University of Santo Tomas beat Adamson University, 25-23, 25-22, 25-18.

The Junior Tigresses clinched the No. 3 ranking in the Final Four with a 8-4 card, while the Baby Falcons wound up fourth with 7-5.

The quiet island of Kalanggaman in Palompon, Leyte, bursts into life once more as local paddlers rule the recent Abre Grande sports festival. Homegrown Marjun Montealto and Joemer Montealto of Team Cyclist Palompon emerge victorious in the 15-km kayak marathon and Cambinoy Mangrove and Livelihood Association Paddlers dominates the mantaha category.

SUZUKI PHL REAFFIRMS SUPPORT TO FOOTBALL S

UZUKI Philippines (SPH) reaffirmed its commitment to supporting the Filipino youth and upholding the Filipino pride by again sponsoring the Asean Football Federation (AFF) Cup, the region’s biggest football tournament.

The AFF Suzuki Cup 2018, the tournament’s 12th edition, was held at the Panaad Park and Stadium in Bacolod City.

A huge crowd composed of government representatives, students from 11 schools, aspiring kids from Sagay of Gawad Kalinga Negros, Suzuki clubs, dealers and clients supported the Azkals as they battled Singapore and Thailand.

“The AFF Suzuki Cup is more than just a sports tournament. For us at Suzuki Philippines, it is an avenue to connect much more directly with the Filipino people, in particular the youth, and create unforgettable moments and memories with them,” SPH Director and General Manager for Automobile Keiichi Suzuki said.

“The dedicated and enthusiastic spirit exhibited by the audience shows the very meaning of the Suzuki Way of Life!, which we have always been adamant in sharing with Filipinos,” Suzuki added.

To share the Bacolodnons’ passion for the sport and support the Azkals, SPH organized a grand motorcade in the early afternoon of November 13, with automobiles traversing Lacson Street, Magsaysay Avenue, Alijis Road and Dona Carmen, and motorcycles covering Capitol Lagoon to Circumferencial Road and

Alijir Road to Dona Carmen.

More than 40 Suzuki car owners and 287 Suzuki motorcyclists joined the motorcade, together with more than 500 participants from the province of Negros Occidental. The vehicles proudly carried the Suzuki and Azkals banners around the city before proceeding to the stadium.

Outside the arena, a Suzuki Village with pop-up booths enabled the motorcade participants and spectators to enjoy fun activities and play mini games before the match. Audiences were also able to view up close some of the best-selling products from Suzuki, such as the all-new Swift, Skydrive Sport and DF350 Outboard Motor.

“We are more than happy to share the AFF Suzuki Cup 2018 with the Bacolodnons. For the many years that we have been in the country, they have given the Suzuki brand the same support and loyalty that they have shown at the games,” SPH President Hiroshi Suzuki said.

LADY BULLDOGS IN FORUM

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EIGNING four-time University Athletic Association of the Philippines (UAAP) women’s basketball champion the National University Lady Bulldogs will be the special guest in Tuesday’s Philippine Sportswriters Association Forum at the Tapa King Restaurant at the Farmers Plaza in Cubao.

Coach Pat Aquino and star player Jack Animam are gracing the 11 a.m. public sports program as they talk about the Lady Bulldogs’ bid for a fifth straight championship with an unbeaten record.

The team completed another 14-game sweep of the eliminations to make it back to the finals. In all, the team stretched its winning streak to 78 games—the longest in UAAP history—dating back to July 13, 2014.

Aquino and Animam will also discuss the plans for the national women’s team program in the forum presented by San Miguel Corp., Tapa King and the Philippine Amusement and Gaming Corp. Both are key members of the Perlas Pilipinas team.

Patafa Junior National Team VINCENT JUICO | @VJuico Instagram vpjp_j, vince.juico@gmail.com

SPORTS WITHOUT BORDERS SEVERAL weekends ago, I had a conversation with Coach Nonoy Unso, secretary-general of Philippine Athletics Track and Field Association (Patafa), about the formation of the Patafa youth (15-17 years) national team.

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

The Patafa youth team has to be formed

and ready for competition as soon as possible, as the Philippines will be hosting the Southeast Asian Youth Championship on March 2 and 3, 2019, at the City of Ilagan (Isabela) Sports Complex.

To begin the formation of our country’s national youth athletics team, we must first identify who are qualified to be on the team.

Talent identification is done during competitions and tournaments like the Palarong Pambansa

orts

sMirror

Tuesday, November 27, 2018

PETRON STAKES UNBEATEN CARD

TOUR OF NEW CLARK CITY Arrey Perez, mayor of the Athletes Village of the 30th

Southeast Asian Games, leads a group of national athletes to a tour of a model unit at the New Clark City in Capas, Tarlac, recently. The 9,500-hectare New Clark City of the Bases Conversion and Development Authority is inside the Clark Special Economic Zone. Also ongoing are the construction of the 20,000-seat athletics stadium and 2,000-seat aquatics center. Joining Perez is Engr. Nico David.

XPLAIN U

NDER the former National Basketball Association (NBA) schedule, the first month of the season would just be coming to a close this week.

The earlier start that the league went to last year, with the regular season beginning two weeks sooner, means some teams are now already more than a quarter of the way through their 82-game schedules.

The extra time doesn’t make it any easier to explain things so far.

The Clippers and Nuggets are up. Houston and Boston are down. Golden State has already been both, flying out to a fast start that quickly came to a halt after Stephen Curry was hurt.

The restructured schedule, done to build in more opportunities for rest and fewer backto-back games, trimmed the preseason and reduced the number of exhibition games, in some cases forcing coaches to continue tinkering around Thanksgiving when they’d prefer to be done with it by Halloween.

“Just like every team in the league, in November you’re not going to be the same team as you are in April or May,” Portland Coach Terry Stotts said. “So you kind of expand your play list a little bit.”

Eleven teams in the Western Conference are .500 or better, and that list doesn’t include the usually automatic San Antonio

NBA RESULTS Orlando 108, LA Lakers 104 Detroit 118, Phoenix 107 Atlanta 124, Charlotte 123 New York 103, Memphis 98 Philadelphia 127, Brooklyn 125 Toronto 125, Miami 115 Utah 133, Sacramento 112 LA Clippers 104, Portland 100 Spurs. The Clippers, Denver and Memphis are all in the top 5 spots after missing the playoffs last season.

The experimenting figures to continue for the Celtics, who had to readjust to having Kyrie Irving and Gordon Hayward, and the Rockets, who had to replace Trevor Ariza and Luc Mbah a Moute. Both teams start the final week of November at .500 after falling a game short of the NBA Finals last season.

Then there’s the Clippers, perhaps the surprise of the league and percentage points ahead of the Warriors for the best record in the West. The team that once boasted a starting lineup that included Chris Paul, Blake Griffin and DeAndre Jordan now fields a much more anonymous starting lineup but with excellent results.

Can that continue? Like plenty else around the NBA thus far, it appears too early to tell.

“I think we can beat anyone,” Clippers Coach Doc Rivers said, “but I think we can lose to anyone.”

GAME OF THE WEEK

THE Warriors are recovering. The Raptors are rolling.

When they meet this week, possibly with Stephen Curry back on the floor, it sets up as one of the games of the NBA season.

Golden State heads to Toronto on Thursday for the nationally televised game with the Raptors, who have the NBA’s best record at 17-4. Led by Kawhi Leonard, they have won five in a row overall and are 8-2 at home.

The Warriors have won two in a row after a four-game skid that was their longest under coach Steve Kerr. The game in Toronto opens a five-game road trip to the Eastern Conference during which they believe Curry will return from a strained left groin that will sideline him for a 10th straight game Monday against Orlando. AP

TACKLED Cincinnati Bengals tight

end CJ Uzomah (top) is tackled by Cleveland Browns cornerback Denzel Ward (21) in the first half of their National Football League game on Sunday in Cincinnati. AP

and the University Athletic Association of the Philippines and National Collegiate Athletic Association. Filipino foreigners will help augment the talent pool.

Selection of team members will be based on certain key performance indicators and standards set by Patafa. For example, only boys and girls between 15 to 17 years who finish not lower than third place in a Patafa-recognized competition will be invited to train and eventually make it to the team.

In my next column, we’ll take a look at the logistical and operational requirements of forming a competitive fighting team for next year’s Southeast Asian Youth Games. nnn SINCE 2015 there has been a debate on whether rims in the Women’s National Basketball Association (WNBA) should be lowered from 10 feet to 9.5 feet.

The proponents behind this proposed change reason out that this would improve attendance at the games therefore increase

revenue, and would result in more WNBA highlights and more women dunking.

There have only been 14 dunks in the WNBA since the league’s inception in 1998. According to those in favor, more people will watch the game both on TV and in the arenas.

One of those for it is 2016 WNBA MVP 6-foot5 Chicago Sky high-scoring forward Elena Delle Donne who is blessed with athleticism to dunk the basketball, according to the For The Win web site in March of 2016.

“I think it would bring a whole different aspect to the game and bring viewership as well and show the athleticism of our women,” she told For The Win at Nike’s Innovation Summit. “We do every single thing on that court that the men do, other than the dunking. And, obviously, there is a handful of athletes who can dunk.”

“But when you look at other sports like volleyball, their net’s lower,” she continued. “Golf, their tees are closer. It goes on and on. Tennis, they play [fewer] sets. Why not lower our rim and

By Ramon Rafael Bonilla

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EAD Coach Yeng Guiao admits Team Philippines remains a work in progress and must polish its movement inside the court—but he has barely four days to do that.

“We’re still trying to get the cohesion, proper spacing and moving the ball around,” said Guiao on Monday, four days before Team Philippines tackles Kazakhstan in the penultimate window of the Fiba World Cup Qualifiers on Friday at the Mall of Asia Arena.

Team Philippines lost three of its four tune-up matches with Jordan and Lebanon.

The Filipinos split their duel with the Jordan players, but the second one went ugly and their opponents walked out after Guiao engaged his counterpart to an altercation.

Lady Stags in hot ‘NC’ volley start

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AN Sebastian College came alive in the fifth set to overcome a pesky Lyceum of the Philippines University, 25-12, 25-21, 17-25, 22-25, 15-9, to set in motion its campaign in the women’s section of the 94th National Collegiate Athletic Association volleyball tournament on Monday at the Filoil Flying V Centre in San Juan City.

Nikka Dalisay unleashed a match-high 21 points while rookie Shane Requierme and Joyce Sta. Rita scattered 19 and 12, respectively, to help the Lady Stags to their first win and an early share of the top spot with reigning titlist Arellano University and last year’s runner-up San Beda University.

San Sebastian is going all out to advance to the Final Four after failing last year, when it finished fifth place with a 5-4 (win-loss) record.

Lyceum drew strength from returnees Cherilyn Sindayen and Rocelyn Hongria, who conspired for 28 points only to fall short in the end.

In the men’s section, San Sebastian turned back Lyceum, 25-18, 25-19, 14-25, 25-17, to also open its campaign on a bright note.

Nathalian Bunsuan and Timothy Eusebio carried the Stags by unloading 16 and 13 hits, respectively.

Lyceum averted a shutout as it dispatched San Sebastian, 25-13, 22-25, 25-23, 25-21, in juniors’ action.

Valeriano Sasis, Yoj Pabiton and Joshua Rodriguez took turns and paced the Junior Pirates with 11 points each. let every single player playing in the league play above the rim like the NBA can?”

In the same article, legendary Uconn (University of Connecticut) women’s basketball Head Coach Gene Auriemma says, “What makes fans not want to watch women’s basketball is that some of the players can’t shoot, and they miss lay-ups and that forces the game to slow down.

“How to help improve that? Lower the rim.

Do you think the average fan knows that the net is lower in women’s volleyball than men’s volleyball? It’s about seven inches shorter so the women have the chance for the same kind of success at the net [as the men].”

Saul Pink of Washington International School International Dateline thinks, in an extensive argument, “The WNBA should lower their rims by 6 inches, from 10 feet to 9 1/2 feet, to promote more dunks and make the game more electric.

Next week, more on lowering the height of the rim for women’s basketball.

T

ARNISHING Petron’s flawless record will be Foton’s objective when they clash anew in the Philippine Superliga All-Filipino Conference on Tuesday at the Bacoor Strike Gym in Bacoor City.

Action kicks off at 7 p.m. with the Tornadoes itching to become the first team to deal the Blaze Spikers their first loss in the women’s club tournament bankrolled by Isuzu, Sogo, Senoh, Asics, Mikasa, Mueller, UCPB Gen and Bizooku with Genius Sports as technical provider.

Sta. Lucia, meanwhile, looks to barge into the win column when it tackles struggling Smart at 2 p.m. while Cignal and Generika-Ayala are out to shatter their deadlock in the 4:15 p.m. second match of this explosive triple header that ESPN5, Hyper HD and Aksyon TV as broadcast partners.

After racing to an impressive 8-0 start, Petron is heavily tipped to sweep this tourney, similar to what it did three years ago when the core of Rachel Anne Daquis, Aby Marano and Dindin Manabat steered the club to 13 consecutive wins en route to its first All-Filipino crown.

But the road to a perfect conference will be very difficult.

Foton, for one, is also having an amazing performance despite the absence of sisters Jaja

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Santiago and Manabat and the season-ending injury suffered by spikers Arianne Layug and Shaya Adorador.

Layug, the former De La Salle University stalwart, crashed with an anterior cruciate ligament tear, while the former University of the East main gunner in Adorador suffered a severe sinusitis infection.

Adding motivation to the Tornadoes is their 1425, 27-25, 14-25, 12-25 setback to the Blaze Spikers last Thursday that sent them to third spot with a 5-2 win-loss slate entering the second round.

But Head Coach Aaron Velez insisted that they would march to warzone with no pressure.

“We know how strong Petron is. We will try to our best to beat them, but we will go there and have some fun. No pressure and no expectations whatsoever,” said Velez, adding that the troika of Mika Reyes, Aiza Maizo-Pontillas and Frances Molina will be tough to handle at the attack zone.

“We know that we lost the Santiago sisters and now Arianne and Shaya. We’re depleted. So I told the team to just enjoy the game and play with no pressure.”

Petron Coach Shaq de los Santos admitted that booking eight straight wins puts pressure on their shoulders.

‘LACK OF EFFORT’ The Filipinos absorbed back-to-back losses to Lebanon—68-74 on Friday and 60-71 on on Sunday night at the Meralco Gym. Guiao gave his players a piece of his mind after the game, stressing on “a lack of effort”— although that did not deter him from believing the nationals will deliver when it matters most.

“I’m disappointed with their competitive nature because I felt they could have exerted more effort,” said Guiao after the match witnessed by a big crowd that included the team’s head of delegation Christopher “Bong” Go.

“But we’re positive we can play a good game against Kazakhstan on Friday,” he stressed.

After Kazakhstan, the Filipinos take on Iran on December 3 also at the Mall of Asia Arena.

The tune-up games, Guiao said, bared more of the team’s weaknesses.

“We have a lot of work to do, which we hope to make it matter in the games that are more important to us, which is the Kazakhs and Iran games,” he said.

Instead of trimming the current pool to 15 players, Guiao and his staff will just announce

right away the composition of the final roster against the Kazakhs.

“We already have an idea of the final 12.

The scrimmages and tune-up games were big factors in choosing the players,” he said.

Guiao noted that playing on a big stage requires focus on a higher level than what the players are used to in the Philippine Basketball Association (PBA).

“We must be able to execute under pressure, and it’s a lot more than what they do in PBA,” he said.

‘STILL I RISE’

By Jerome Pugmire The Associated Press

A

BU DHABI, United Arab Emirates—World champion Lewis Hamilton coasted to victory from pole position at the year-ending Abu Dhabi Grand Prix on Sunday, and in doing so equaled his personal best for a season with his 11th win of the campaign.

Having already secured a fifth Formula One (F1) title, the British Mercedes driver beat Ferrari’s Sebastian Vettel at the Yas Marina circuit to secure the 73rd win of his career. He is contracted to Mercedes for the next two years at least, giving him a realistic chance of matching Michael Schumacher’s F1 record of 91 GP wins.

Vettel is third all-time with 52, and did not look like adding to that in a race controlled by his rival.

“I wanted to finish on a high. The team has done an exceptional job all year,” said Hamilton, who stripped down to the waist on the podium and pointed to a tattoo on his back.

“I wanted to show ‘Still I Rise’ on my back,” said Hamilton, referring to a poem by writer and civil-rights activist Maya Angelou.

It was a symbolic finish to a season where, again, Hamilton showed his superiority under pressure to beat Vettel into second place overall for the second straight year.

Red Bull driver Max Verstappen finished third in the race ahead of teammate Daniel Ricciardo for a fifth straight podium.

Verstappen overtook Hamilton’s teammate Valtteri Bottas to finish fourth overall behind Kimi Raikkonen, who retired early into his final race for Ferrari.

Verstappen and Ricciardo made light work of overtaking Bottas,

who finished fifth, raising questions again about the Finnish driver’s ability to withstand pressure in a season where he has not won.

Veteran Spanish driver Fernando Alonso placed 11th with McLaren in his last F1 race with the team. The two-time F1 champion is pursuing other racing interests.

“It’s been an honor and a privilege to race in the same era as him,” Hamilton said. “The sport will miss him, we will miss him.”

The race was held up after a spectacular crash on Lap 1 involving French driver Romain Grosjean and Nico Hulkenberg, who was sent tumbling into the barriers and finally settled upside down. Hulkenberg was unharmed and eventually climbed out.

Grosjean has a reputation as one of F1’s more reckless—or adventurous—drivers. He caused the crash by clipping the right rear tire of Hulkenberg’s Renault, sending it tipping upward, barreling over and sliding on its back. As some smoke billowed from the car, a fearfulsounding Hulkenberg urged his team to get him out fast.

“I’m hanging here like a cow,” he said. “There’s fire. There’s fire.”

A concerned Grosjean asked about Hulkenberg’s condition on his radio.

Stewards took no action against Grosjean, deeming it a racing incident.

“I was very sorry for him, but there was nowhere I could go,” Grosjean said.

After a few moments, Hulkenberg’s Renault was tipped over the right way and the German driver climbed out unassisted. His car was crane-lifted off the track. The incident held up the race for a

Vettel feels bitterly frustrated

Sports BusinessMirror

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| Tuesday, November 27, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

IT’S a symbolic finish to a season where, again, Lewis Hamilton shows his superiority under pressure. AP few laps, with drivers forced to slow down behind a safety car, until the race resumed on Lap 5.

Verstappen and Esteban Ocon tangled on track once again, continuing their feud from Brazil two weeks ago where Verstappen fell from first place to second after being tagged by Ocon. This time they narrowly avoided touching cars as they fought for space.

Raikkonen’s race ended on Lap 6 when his car had a power cut.

The Finnish driver, who is joining Sauber next year, trudged back to the team garage.

With the halfway point in the 55-lap race approaching, there was a rare sight as rain briefly fell on the desert track. Ricciardo, by this point, was in the lead and about five seconds clear of Hamilton but had yet to change tires. He eventually did so with 21 laps to go, and Hamilton regained

the lead ahead of Vettel and Bottas in third but Verstappen pressuring behind him.

Once again, Bottas failed to properly defend his position.

“Very happy to get past because it was quite crucial,” Verstappen said. “I had to get past. I enjoyed that battle.”

Toro Rosso driver Pierre Gasly, Sauber’s Marcus Ericsson and Ocon all retired late in the race.

It was also farewell from Ricciardo to Red Bull after a difficult season where he has won two races—including the Monaco GP—but retired from eight largely because of engine problems. He is leaving to join Renault next year.

“He’s such a big character, we will miss him and we wish him the very best for the future,” Red Bull team principal Christian Horner said. “He had a really rough second half of the year, so it’s been hugely frustrating for him and the team.”

CORRUPTION OVER SPORTS

IN I.O.C. TOKYO MEETINGS

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OKYO—A corruption case involving a powerful International Olympic Committee member is likely to overshadow meetings this week in Tokyo with local Olympic organizers, IOC officials and the heads of 206 national Olympic committees.

Under pressure, Sheikh Ahmad al-Fahad al-Sabah stepped down temporarily last week as an IOC member amid a pending criminal trial in Switzerland. He denies any wrongdoing and has said the charges against him are “politically motivated.”

He has been an IOC member since 1992 and is the head of the Olympic Council of Asia.

In addition to his IOC membership, the Kuwaiti is also the head of the powerful Association of National Olympic Committees (ANOC). That group with 1,400 delegates meets this week in Tokyo, with its general assembly meetings on Wednesday and Thursday at a luxury Tokyo hotel complex.

Sheikh Ahmad is set to be reelected unopposed as head of the umbrella group, though the case pending against him creates an open and difficult problem for the IOC. He is one of three members listed as

FERRARI’S Sebastian Vettel knows he must improve next year. AP

suspended on the IOC’s web site. The others are Patrick Hickey of Ireland, and Frank Fredericks of Namibia.

Hickey was arrested in 2016 in Rio de Janeiro on suspicion of ticket scalping, and Fredericks has been charged in a French investigation connected with vote buying in the selection of the 2016 Olympic host city.

Honorary member Carlos Nuzman of Brazil, who headed the 2016 Rio de Janeiro Olympics, is also suspended on corruption allegations connected with vote buying. AP

BU DHABI, United Arab Emirates— Sebastian Vettel acknowledged he must improve his driving next year after a second straight season where his Formula One (F1) title challenge crumbled under relentless pressure from Lewis Hamilton.

Vettel led Hamilton by eight points after 10 of 21 races and 4-3 in wins, only to lose by 88 points overall and 11-5 in races won.

Having shaped up as a classic season between two drivers who were both chasing a fifth F1 title, it ended as a one-horse race as Hamilton cantered home. It moved the Mercedes driver Hamilton level with Argentine great Juan Manuel Fangio on five titles and two behind record-holder Michael Schumacher.

And it left Vettel feeling bitterly frustrated.

“I haven’t been at the top of my game. I need to look at myself first,” Vettel said after finishing symbolically second behind Hamilton in Sunday’s season-ending Abu Dhabi Grand Prix. “It’s been a difficult, exhausting year for me.”

Just like last year, Vettel’s title bid unraveled as a series of driver and team errors swung the title momentum toward Hamilton and Mercedes.

This year, however, he was even more soundly beaten considering he finished 46 points behind Hamilton in 2017.

A terrible run of form saw Vettel win only one of the last 11 races—the last success coming at the Belgian GP in late August.

“Certainly I have to review a couple of things that went wrong,” Vettel said. “I’ve never had a problem raising my hand if I did a mistake.”

As Vettel’s wins dried up, problems mounted.

After taking a super pole position at Hockenheim—his home race in Germany— Vettel crashed into the barriers while leading. He was under little pressure with Hamilton nearly 10 seconds back and, even if Hamilton had overtaken him, Vettel would still have led the championship with a second-place finish.

But the rain came down and Vettel made an error unbefitting a driver of his caliber and slid off track to gift Hamilton a win.

Then, at the next race in Hungary, Ferrari looked strong in practice only to wilt when rain fell in qualifying. This essentially handed Mercedes a 1-2 on the starting grid, with Valtteri Bottas alongside Hamilton and able to fend off the Ferraris.

During the race itself, Ferrari botched the pit stops of Vettel and teammate Kimi Raikkonen after struggling to fit a tire quickly enough. Raikkonen also drove the whole race in sweltering heat and without fluids after his team did not properly attach his drinking bottle.

It was another unfathomable mistake from F1’s most storied team, which has not won the driver’s title since Raikkonen in 2007 and the constructors’ title in 2008.

Earlier this season, too, a mechanic’s leg was broken by Raikkonen’s car following an unsafe pit release at the Bahrain GP. Vettel did bounce back to form with a commanding drive in Belgium, but then he was furious with his team after Raikkonen took pole ahead of him at the Italian GP in Monza. His team could have imposed team orders and told Raikkonen to let Vettel past. They did not, and Hamilton jumped from third to take the win on Ferrari’s home track.

It was a crushing humiliation, and the title race slid into freefall.

During the Singapore GP in September, Vettel hit a wall during practice and lost valuable track preparation time for qualifying.

Ferrari was being sucked into a vortex of errors, one which Vettel and team principal Maurizio Arrivabene could not prevent. AP

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God of the saints

OD of the saints, You made Teresa of Jesus a religious reformer, mystic and teacher of prayer. In company with her, we pray: God, in Your love, hear our prayer.

Send Your Spirit of Wisdom upon Pope Francis and all Your Church. Animate all Christians in the desire for prayer and love for neighbor. Inspire members of religious communities in their search for God and quest for living the Gospel. May the peace of Christ rule our hearts and lead us to deeper love and gratitude. 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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Tuesday, November 27, 2018

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As your family and friends gather around the table for Christmas dinner, dish up the meal on festive holiday table wear. Decorate the table for Christmas dinner with Christmas table linens from tablecloths to placemats to table runners—everything you need to complete your dining room with festive flare.

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This landmark district is an important hub for business and lifestyle, with prestigious schools and universities, world-class medical facilities, and top shopping and entertainment centers within the area.

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Tuesday, November 27, 2018

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‘Toxic’ is Oxford’s Word of the Year.

No, we’re not gaslighting you.

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BY JENNIFER SCHUESSLER New York Times News Service

T’S official: 2018 is toxic.

Well, lexicographically speaking, at least.

Oxford Dictionaries has chosen “toxic” as its international word of the year, selecting it from a short list that included such politically inflected contenders as “gaslighting,” “incel” and “techlash.”

Katherine Connor Martin, the company’s head of US dictionaries, said there had been a marked uptick of interest in the word on its web site over the past year. But the word was chosen less for statistical reasons, she said, than for the sheer variety of contexts in which it has proliferated, from conversations about environmental poisons to laments about today’s poisonous political discourse to the #MeToo movement, with its calling out of “toxic masculinity.”

In fact, Martin said, the committee initially considered choosing toxic masculinity, until it realized how widespread toxic itself had become.

“So many different things,” she said, “are tied together by the word.”

Oxford’s word of the year is chosen to reflect “the ethos, mood or preoccupations” of a particular year, but also to highlight that English is always changing.

Last year’s winner, to the consternation of many, was “youthquake.” In 2016, it was “post-truth.”

Toxic derives from the Greek toxikon pharmakon, meaning “poison for arrows.” (The part of the phrase

meaning arrows, rather than poison, became the basis for the word.) The current entry in the online Oxford English Dictionary dates its earliest known printed occurrence to 1664, in a book about forests.

For its first few centuries, it mostly referred to literal poisons. Martin mentioned one early metaphorical use included in the Oxford English Dictionary’s database of citations, from a 1913 Saturday Evening Post article about workplace injuries, referring to “the toxic carelessness of men dulled by long hours.” But such uses weren’t interesting enough to lexicographers to be included in the OED entry for toxic published in 1913.

But as concern about literal toxins expanded, Martin said, so did metaphorical uses of toxic.

Things really took off in the 1980s, particularly in self-help books. The 1990s brought references to “toxic debt” and “toxic bachelors” (thank you, Sex and the City), and of course there was Britney Spears’s 2003 song “Toxic.”

But recently, there’s been an explosion in the use of the phrase toxic masculinity. The only grouping that has occurred more frequently over the past year in its sampling of online news sources and blogs has been “toxic chemicals,” Martin said.

Other words on the short list highlight different ways that words emerge or evolve. While toxic is an old and very common word that has expanded in usage, incel—short for “involuntarily celibate”—is an example of jargon used by a limited group that

suddenly enters widespread usage.

In that case, it came to prominence in April, after it was reported that the young man who drove a van into a crowded sidewalk in Toronto, killing 10 people, appeared to be connected to a now-banned Reddit community of resentful self-identified male incels.

(The word itself seems to have emerged first on a benign web site called Alana’s Involuntary Celibacy Project, which aimed at helping people of all genders and orientations who had trouble dating.)

Another word from the short list, “BDE” (look it up, if you’re curious), is what Martin called “an Icarus word.” It went viral after Ariana Grande used it in a now-deleted tweet to describe her fiancé at the time. “Such words are usually doomed to die,” Martin said. “It spread so fast it may be more a meme than a word.”

And then there’s techlash, defined as “a strong and widespread negative reaction to the growing power and influence of large technology companies, particularly those based in Silicon Valley.”

It’s the kind of word that occurs mainly in journalism, but doesn’t really exist in common usage.

(It has appeared in only three articles in The New York Times, all since June, and mostly in scare quotes.)

While such words often vanish, some take hold and become what Martin called “real words.”

“My favorite example is ‘glamping,’” she said.

“The first time I saw it, I thought, ‘This is a made-up journalism hook word.’ But now I have even used it myself.” ■

STEPHEN KING RAISES THE BAR WITH ‘ELEVATION’

BY ROB MERRILL The Associated Press

Get lost in Central Europe with Jessica Zafra’s new travel book IN this age of navigation apps and Google maps, writer Jessica Zafra recommends getting lost as the best way to explore a foreign city.

In her new book, Twisted Travels: Rambles in Central Europe, she gets drunk in Prague, wanders through haunted castles in Cesky Krumlov, browses through bookstores in Budapest, and relives the complicated histories of Warsaw and Krakow. Along the way she visits the Vienna Opera, loses her luggage in Rome, imagines an alternate life in Venice and becomes embroiled in a Parisian petty crime drama.

Twisted Travels: Rambles in Central Europe is published

by Visprint in cooperation with Discover Central Europe and the Embassies of the Czech Republic, Hungary and Poland in Manila. The book is available at Fully Booked, Shopee.ph, Lazada.com.ph and National Book Store.

AFTER more than four decades of banging out best sellers, Stephen King still has the power to surprise his beloved “constant readers.”

Consider Elevation (Scribner), which the book jacket calls a novel, but which clocks in under 150 pages and takes about 90 minutes to read.

Guess how you feel when it’s over?

Happy! Maybe even...hopeful?

Those aren’t emotions typically ascribed to King books, which often feature gallons of blood (Hello, Carrie!), killer cars or things that go much more than bump in the night.

The biggest evil in Elevation is closed-mindedness, as a few townsfolk in Castle Rock, Maine, don’t look too kindly on the same-sex couple that has opened a vegetarian Mexican joint on the main drag.

Enter Scott Carey, the hero of King’s slim story. We learn by page three that Scott is “losing weight,” as he tells his retired friend, Doctor Bob. According to the scale, the pounds are sliding off at an alarming rate, but anyone looking at Scott sees the same overweight man they always have.

Most mysteriously, he can’t even make the needle on the scale move higher. As King writes, “whatever he wore or carried that was supposed to weigh him down...didn’t.”

Scott isn’t the type to head to a hospital for a battery of tests. He feels better as the pounds come off, his energy rises and he commits to making a difference in his community. The plot turns on one act of kindness that changes the fate of a few characters and makes it possible for Scott to orchestrate what he begins to call “Zero Day.” Elevation follows Gwendy’s Button Box in the King canon, another short story set in Castle Rock that he

cowrote last year with Richard Chizmar. Both stories are now part of a King-verse that contains Castle Rock, the series on Hulu that brings together many of King’s most famous characters for a variety of tales.

It all adds up to plenty more plot fodder for a storyteller still at the top of his game.

Elevation is a magical tale that entertains and manages to say a little something about the state of our culture in 2018.

z

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Alison Pill, 33; Jaleel White, 42; Fisher Stevens, 55; Kathryn Ann Bigelow, 67.

HAPPY BIRTHDAY: You can light up the world with your charisma and flair this year, but don’t go overboard or your critics will be quick to set you straight. Change is in the works, and having a plan in place will ensure you don’t overdo it. Too much of anything will lead to delays.

A moderate approach will encourage help and support.

Your lucky numbers are 7, 19, 23, 28, 33, 41, 43.

a

ARIES (March 21-April 19): Take care of personal affairs. Tidy up loose ends, and make changes that will improve your health.

A commitment will lead to a new beginning. Personal change is encouraged, and romance will bring you closer to someone you love. ★★★★★

b

TAURUS (April 20-May 20): Stick to your game plan. Don’t let a sensitive issue stop you from reaching your goal. Being productive will help ease stress and give you a chance to distance yourself from a matter that has left you feeling uncertain. ★★

c

GEMINI (May 21-June 20): Talks will lead to changes that will add to your comfort and convenience. A chance to collaborate with someone creative will encourage you to let your imagination wander; favorable results will transpire.

Trust in your ability to get things done. ★★★★

d

CANCER (June 21-July 22): Remain focused on what needs to be finished.

Refuse to let anyone confuse you with lastminute changes. Gather information online or through conference calls. Don’t trust secondhand information.

Be resourceful and avoid being misled by someone who tends to exaggerate. ★★★

e f

LEO (July 23-Aug. 22): Initiate change if that’s what you want. Don’t wait for someone else to step in and take over. Set your goals, budget and time frame; don’t venture off-track. ★★★ VIRGO (Aug. 23-Sept. 22): Question everyone and everything to be sure you are getting legitimate information. Problems at home should be looked at carefully, and consideration should be made based on what’s transpired and the facts. Honesty may be an issue. ★★★

g

LIBRA (Sept. 23-Oct. 22): Speak up if you don’t agree with someone or if you are being bullied or taken for granted. A change shouldn’t be made quickly. Slow down and double-check all the facts rather than acting on an emotional impulse. ★★

h

SCORPIO (Oct. 23-Nov. 21): Pour your energy into fixing up your residence.

Don’t be fooled by someone looking for a handout or exaggerating about how well he or she is doing. Trust your instincts, and don’t let your emotions lead you astray. ★★

i

SAGITTARIUS (Nov. 22-Dec. 21): Take care of your cash, possessions and your physical well-being. Don’t let anyone bully you into something you don’t want to do. Question suspicious offers or anyone who is too complimentary. Joint ventures should be monitored carefully. ★★★★★

j k

CAPRICORN (Dec. 22-Jan. 19): A steady pace forward is your best bet. Don’t let the changes others make get in your way or stop you from moving forward with or without help or support. ★★★ AQUARIUS (Jan. 20-Feb. 18): Share your thoughts and feelings to find out where you stand. If something doesn’t sound right, ask questions until you feel satisfied with what you are being told. ★★★

l

PISCES (Feb. 19-March 20): Nothing will be clear-cut, and communication will lead to uncertainty. If you aren’t sure about someone or something, sit tight and wait until you have a better view of what’s happening.

Problems while traveling or dealing with others can be expected. ★★★ BIRTHDAY BABY: You are benevolent, open-minded and energetic.

You are competitive and talkative.

‘tail’er made’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 Conned but good 4 Brusque and surly 9 It’s downhill from here 13 Indonesian island 14 Nickel or silver, e.g.

15 Big Brother host 16 Sits on a condiment?

19 Intimate 20 “___ you nuts?”

21 Linen fabric 22 Some metrical feet 24 ERA part 25 Tourist’s staple 28 Exploits 29 Matures 30 Meditative exercises 33 Filmdom’s Ryan 36 Positioning of a backward posse?

39 Sargasso, for one 40 Christmas stuff 41 Like gentlemen’s agreements 42 Southern dish, corny 43 Sight organ

45 R or PG 48 Chickens of the 39-Across?

50 Blocking layer 51 Dada VIP Jean 52 V-sign’s meaning 56 Puts a tail-end to defeats?

59 Nabisco cookie 60 Like confused sailors?

61 “It ___ over till it’s over” 62 Williams and Danson 63 Cross and on edge 64 Work a shuttle DOWN 1 Tow 2 Choir voice 3 Most airheaded (var.)

4 Clock std.

5 Post-op period 6 Wombs 7 What celebs have 8 Avian malady 9 Thespians 10 Thing with many links 11 Haggard of music

12 13 17 18 23 24 25 26 27 28 31 32 33 34 35 37 38 42 44 45 46 47 48 49

Shut down Brit’s network Char with high heat Unwanted noise Safe floor covering Rank in an organization Uber alternatives Malarial fever “Physical” intro Masseuse’s target Choice 45-Across Neutral possessive Crumbling earthy deposit Twin in the Bible Salon goops Big pebbles Watched someone’s place Beans or ponies Guitar attachment R2D2, for one Sky-colored Carried, as a gun Unit of hair Needing comforting

51 53 54 55 57 58

Poker pay-in It’s continental Dollar fraction Ballpark guess, cut Certain bit of grain Be a tile installer

Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Tuesday, November 27, 2018

D3

‘Wreck-It Ralph,’ ‘Creed’ fuel record holiday box office

Top K-dramas you can’t miss on Viu WHO wants to wade into the holiday madness now happening in every mall in the metropolis— especially when you can instead snuggle cozily in bed and do a marathon of your latest K-drama favorites on Viu? This season is as good a time as any to binge-watch K-dramas. To kick-start your marathon, here are the top Koreanovelas on our list that make us go daebak!

■ ‘WHAT’S WRONG WITH SECRETARY KIM?.’ This drama proves that a good story doesn’t necessarily need an evil adversary. Park Seo-joon, the handsome star of Fight for My Way and She Was Pretty, headlines another rom-com with Park Min-young in this story about a boss-secretary relationship. Fans will be hooked to find out where they are headed.

■ ‘ABOUT TIME.’ Mix Lee Sang-yoon, Lee Sungkyung and a special ability to see the remaining time people have to live, and you’ll get a heart-warming drama that will let you think about living life to the fullest and what true love really means.

■ ‘GO BACK COUPLE.’ If you were given a chance to go back in time and change your life, will you make a new choice, or make the same life decisions? When unhappy couple Choi Ban-doo and Ma Jin-joo are faced with this question, they suddenly travel back in time to the day before they met. With its simple yet touching storyline, this relatable drama will keep you glued to the screen and make you wonder about the what-might-have-beens in your life.

■ ‘LAWLESS LAWYER.’ In Lawless Lawyer, Lee Joon-gi is a “gangster lawyer” named Bong Sang-pil who doesn’t trust the law and feels free to use his fists. He takes advantage of loopholes in the law and boasts an excellent win rate. He works with Ha Jae-yi and together, they must navigate court battles, law manipulations, power struggles and politics to fight against those in absolute power.

■ ‘SKETCH.’ Rain and Lee Dong-gun reunite in this dramatic thriller. In Sketch, Detective Kang Dong-soo’s fiancée is mysteriously killed. To solve the mystery and capture the murderer, he needs to work with a female detective who has the ability to see three days into the future and relays what she sees through her sketches.

With a Viu Premium subscription, Globe Postpaid customers can enjoy unlimited access to Korean dramas and variety shows as early as eight hours after its original telecast for just P99 per month.

To start enjoying your favorite K-dramas onthe-go, simply download the Viu app, and text VIU99 to 8080 to activate your 30-day Viu Premium subscription for only P99 per month. The 30-day free Viu Basic is now also included with the GoWATCH promo bundle on Globe Postpaid.

Globe Prepaid customers can also watch Viu using GoWATCH promos.

L

BY LINDSEY BAHR The Associated Press

OS ANGELES—Movie sequels are having their own Thanksgiving feast at the box office and fueling record industry-wide grosses for the long weekend.

Ralph Breaks the Internet and Creed II took the top two spots on the North American charts, beat the openings for the original films and helped the five-day Thanksgiving box office totals cross the $300-million mark for the first time ever.

Studios on Sunday said Disney’s Wreck-It Ralph sequel earned an estimated $55.7 million over the three-day weekend and $84.5 million since its Wednesday opening to take first place and become one of the biggest Thanksgiving openings of all time.

Its five-day Thanksgiving grosses are the third highest of all time, behind Frozen and Hunger Games: Catching Fire. The film sees the return of the vocal talents of John C. Reilly and Sarah Silverman, and it scored with audiences and critics.

“We’re very thankful for this weekend,” said Cathleen Taff, who oversees Disney’s theatrical distribution. “It was a fantastic start and a great way to kick off the holiday season.”

The Rocky spinoff Creed II, starring Michael B. Jordan and Sylvester Stallone, placed second with $35.3 million from the weekend and $55.8 million since Wednesday, far surpassing the first film’s Thanksgiving debut in 2015. The sequel directed by Steven Caple Jr. has Jordan’s Adonis Creed fighting the son of Ivan Drago.

“This is a timeless franchise for us at MGM, and it’s a thrill to see both its legacy and new generation of audiences continue to respond to Rocky Balboa and Adonis Creed in this time when we need uplifting stories,” Jonathan Glickman, president of MGM’s Motion Picture Group, said in a statement.

Third place went to Illumination Entertainment’s Dr. Seuss’ The Grinch, which earned $30.2 million in its second weekend, and just barely beat out the Fantastic Beasts sequel, Crimes of Grindelwald ($29.7 million) which is also in weekend two.

There was little left at the table for the latest version of Robin Hood, starring Taron Egerton.

The poorly reviewed pic from Lionsgate’s Summit Entertainment grossed only $9.1 million over the weekend and $14.2 million in its first five days in theaters against a reported production budget of nearly $100 million.

Universal’s crowd-pleaser Green Book, starring Mahershala Ali and Viggo Mortensen, expanded to 1,063 locations after a limited start and took ninth place with $5.4 million.

Peter Farrelly directed the film based on a true story of a road trip through the Jim Crow-era South. With awards buzz, good reviews and an “A+” CinemaScore for the movie, Universal’s distribution chief Jim Orr said he expects it to have a long life at the domestic box office.

Another awards season movie, Fox Searchlight’s acclaimed period piece The Favourite, with Emma Stone, Rachel Weisz and Oliva Colman, opened in four locations to $420,000.

Overall, it was a remarkable Thanksgiving frame at the box office for the industry. It’s the first time

GMA Artist Center stars Andre Lagdameo, Lindsay Johnston, Ayeesha Cervantes and Addy Raj

ever that the total domestic box office has surpassed $300 million over the five days counted around the Thanksgiving holiday. Box office tracker comScore is projecting a $314-million total.

“This is a perfectly fitting Thanksgiving for a year that’s had its share of records being broken,” said comScore Senior Media Analyst Paul Dergarabedian.

Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore.

Where available, the latest international numbers for Friday through Sunday are also included.

1. Ralph Breaks the Internet, $55.7 million ($41.5 million international) 2. Creed II, $35.3 million 3. Dr. Seuss’ The Grinch, $30.2 million ($7.6 million international) 4. Fantastic Beasts: Crimes of Grindelwald, $29.7 million ($83.7 million international) 5. Bohemian Rhapsody, $13.9 million ($38 million international) 6. Instant Family, $12.5 million 7. Robin Hood, $9.1 million ($8.7 million international) 8. Widows, $8 million 9. Green Book, $5.4 million 10. A Star Is Born, $3 million ($3.5 million international).

Estimated ticket sales for Friday through Sunday at international theaters (excluding the US and Canada), according to Comscore: 1. Fantastic Beasts: Crimes of Grindelwald, $83.7 million 2. Ralph Breaks the Internet, $41.5 million 3. Bohemian Rhapsody, $38 million 4. A Cool Fish, $25.1 million 5. Venom, $21.3 million 6. Johnny English Strikes Again, $12.2 million 7. Superlopez, $10.2 million 8. Robin Hood, $8.7 million 9. Dr. Seuss’ The Grinch, $7.6 million 10. Unstoppable, $6.3 million. ■

CHUPA Chups Brand Manager Denise Opulencia, PVM Managing Director Gerard Orriols, and Marketing and Trade Marketing Director Ira de Vera

GMA stars turn out for childhood favorite’s birthday

BY DINNA CHAN VASQUEZ

A CHILDHOOD favorite turns 60, and several stars turned out for the occasion.

The icon confectionery brand enjoyed in over 150 countries, Chupa Chups marked its 60th anniversary with a 1950s-themed event at Bonifacio High Street. Joining in on the celebration were GMA Artist Center stars Ayeesha Cervantes, Meant to Be hunk Addy Raj, Andre Lagdameo and Lindsay Johnston, plus influencers Jackie Go, Angela Nepomuceno and DG Razon.

Of course no such milestone could come to a close without the revelation of a big, big surprise—and unveiled was the Chupa Chups Super Mega Lolly, which Chupa Chups Brand Manager Denise Opulencia and other officials of Perfetti Van Melle, one of the world’s largest manufacturers and distributors of confectionery, announced as being now available for the first time in Southeast Asia.

The Super Mega Lolly is Chupa Chups’s biggest product offering to date. It resembles a giant lollipop while inside are 40 assorted-flavored lollipops.

“In line with the brand’s 60th birthday, we wanted to do something really big. So, to kick off the new global positioning of ‘Forever Fun in the Philippines,’ the Chupa Chups Super Mega Lolly is definitely perfect for the job,” said Opulencia.

“For the launch, we decided to partner with Shopee because we share the same vision of constantly innovating and being where our consumers are. In today’s modern world, there’s no other way but to go digital,” said Eugen Soriano, PVM Trade marketing manager and digital lead. Also present during the event were Perfetti Van Melle Managing Director Gerard Orriols, and Marketing and Trade Marketing Director Ira De Vera, plus Shopee PH Head of Business Intelligence Martin Yu. Chupa Chups Super Mega Lolly is exclusively available on Shopee at an introductory price of P550.

DREAMY Meant to Be hunk Addy Raj

With child coming, it’s off to the suburbs for Harry, Meghan

BY GREGORY KATZ The Associated Press

BRITAIN’S Prince Harry (right) and Meghan, the Duchess of Sussex, arrive to attend the Royal Variety Performance at the London Palladium in Central London. AP

LONDON—Like many a couple before them, Prince Harry and his wife Meghan are moving to the suburbs ahead of the anticipated birth of their first child.

Officials said on Saturday that Harry and Meghan, the Duchess of Sussex, will move from Kensington Palace in Central London to Frogmore Cottage, a house on the grounds of Windsor Estate, early next year.

The couple, who married in a chapel on the Windsor Castle grounds in May, is expecting their first child in the spring.

Windsor is about 20 miles (32 kilometers)

west of Central London.

The palace statement said that “Windsor is a very special place for their royal highnesses and they are grateful that their official residence will be on the estate.”

Windsor Castle is one of Queen Elizabeth II’s favorite homes. It is surrounded by horse country where she used to ride frequently in her younger days, and she is known to prefer the castle and its environs to Buckingham Palace, her more formal official residence in Central London.

Harry and Meghan have been living at Nottingham Cottage on the grounds of Kensington Palace since announcing their engagement last year. They will keep their

office at Kensington Palace, which is also home to Prince William and his wife Kate.

Frogmore Cottage is a two-story, stuccocovered house on the Windsor Estate. It is near Frogmore House, the grand 17thcentury manor house where Meghan and Harry held their evening wedding reception for 200 friends after their nuptials earlier in the day. The cottage and house were called Frogmore because of the many frogs that resided in the marshy area near the River Thames.

The move means that William and Harry will no longer be living in close proximity to each other now that Harry is starting his own family. William and Kate have three children.

D4

Art

BusinessMirror

Tuesday, November 27, 2018

www.businessmirror.com.ph

Julian Schnabel and the great painters, side by side

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BY TOBIAS GREY New York Times News Service

ARIS—A game of brinkmanship began when the Musée d’Orsay (musee-orsay.fr) here invited Julian Schnabel to choose paintings from its 19th-century collection to exhibit alongside his own works of art.

“At a certain moment the museum said: ‘You can’t have this or that painting,’ so I said ‘I can’t do it,’” Schnabel said in a recent interview at the museum. “I thought, if I can’t pick the paintings, there’s no reason for me to say that I picked the paintings.”

The American artist and filmmaker, 66, had his eye on works by four artists in particular—Vincent van Gogh, Claude Monet, Henri de Toulouse-Lautrec and Paul Cézanne—which the museum did not want to move from their usual places.

Schnabel credited Laurence des Cars, who was appointed director of the Musée d’Orsay last year, for “moving heaven” to get him what he wanted. Or almost what he wanted: There remained a Cézanne that couldn’t or wouldn’t be moved.

The show, Orsay Through the Eyes of Julian Schnabel, on view until January 13, juxtaposes 13 paintings from the museum’s collection with 11 works by Schnabel from the last 40 years. There are several of his signature paintings done on broken plates, as well as other surfaces, such as tarpaulin and black velvet.

“What the surface of a painting can be is an obsession of mine,” Schnabel said.

“If you see how the plate paintings function, it’s very three dimensional, both physically and spatially. I like dealing with physical problems and rudimentary concerns about trying to stick things to a surface.”

The earliest of his works in the show is the large-scale Blue Nude with Sword from 1979, the first

figurative, as opposed to abstract, plate painting that Schnabel made. It hangs alongside Cézanne’s much smaller tableau La Femme Étranglée (The Strangled Woman, 1875-1876), with which it shares a similar red, white and blue palette.

The hanging of the exhibition, which was overseen

by Schnabel and his partner, Swedish interior designer Louise Kugelberg, also explores connections in style, content and scale.

Schnabel, who is known for his gargantuan pieces, selected two of Toulouse-Lautrec’s largest paintings— both night life scenes featuring the Moulin Rouge dancer nicknamed La Goulue (the Glutton)—where the canvases have been stuck roughly together.

“If you get up close you can see all these seams that someone might think look like a mistake,” he said. “But it’s part of the artist’s intent and about his attitude toward the materials.”

The most recent work in the exhibition is a delicate plate painting of roses and foliage Schnabel did in 2017, inspired by a visit to van Gogh’s grave in Auverssur-Oise, near Paris.

The Dutch master, whose sublime Portrait de l’Artiste (Portrait of the Artist, 1889) features in the show, has been on Schnabel’s mind lately. In September he premiered his latest film, At Eternity’s Gate—about the final, helter-skelter months of van Gogh’s life—at the Venice Film Festival.

The movie, which stars Willem Dafoe, who won the best actor prize at Venice for his portrayal of van Gogh, closed the New York Film Festival. Its development dates from 2014, when Schnabel and French screenwriter Jean-Claude Carrière visited a Musée d’Orsay exhibition that paired paintings by van Gogh with drawings by avant-garde poet Antonin Artaud.

“Every van Gogh painting we saw was a vignette all of its own,” said Schnabel, who wrote the

‘THIS IS HOW TO BE A WOMAN OF THE WORLD?’ NIKKI LUNA’S SOLO EXHIBITION 1335MABINI presents Nikki Luna’s solo exhibition This is How to Be a Woman of the World? The exhibit opened three days prior to the International Day for the Elimination of Violence Against Women on November 25. This International Day aims to raise awareness on violence against women and girls, and Nikki Luna’s work deals with the systematic violence perpetrated against women and girls in the Philippines and beyond.

Nikki Luna (1977) studied visual art at the University of the Philippines, and she is currently undertaking her masters in Women and Development Studies there. She recently received the prestigious Chevening Award to conduct a master in Art and Education at Goldsmiths, the University of London, United Kingdom. In 2018 she authored the book I Love My Body to raise body awareness among girls (the book is published by Power in Her Story).

In 2016 she was the recipient of a grant from the Asian Cultural Council. She exhibits her work at home (Cultural Center of the Philippines; Vargas Museum; Lopez Memorial Museum) and abroad (Aichi Triennale, Japan; Singapore Biennale; Beijing Biennale; Le Festival International des textiles Extra Ordinaires, France). In 2015 she was one of the CCP Thirteen Artist awardees. In 2008 Nikki Luna conducted a residency at the

Cooper Union Summer Art Residency in New York. As an activist, she conducts art therapy workshops in conflict zones in the Philippines.

Luna says: “I believe that art is something that you can share. It feeds your soul.”

Feminism—as discourse as well as lived practice—informs her research, advocacy for women human rights, as well as her artistic practice. Luna’s body of work in How to Be a Woman of the World deals with the systematic violence against and utter disrespect for women and the integrity of their bodies. Luna’s artworks bring to the foreground that the body of women—wives, daughters, sisters—is always politically charged. In her solo show, she subtly unpacks the perpetual rape culture; women are victimized twice: first they are assaulted (and those who have not been assaulted have to live with the threat of assault), and then there is the silence (no support from the legal system,

politicians who joke about sexual harassment and assault, etc.). Throughout her life, Nikki Luna has been vocal.

According to the artist, the “consumption of symbolic violence in everyday narrations begets violence.” Through her beautiful artworks, she hopes that whispers can accumulate to such a swell that the silence surrounding violence can break.

The exhibition runs until January 19, 2019, at 1335MABINI gallery in Karrivin Plaza, Makati City.

screenplay for At Eternity’s Gate with Carrière and Kugelberg. “Seeing the exhibition was an accumulative sensation. The movie functions like that: It’s a gallery of emotions, a gallery of scenes that possibly could have happened and ways of talking about painting and life.”

Schnabel said that, for him, van Gogh is “the most modern painter” because of “the freedom and clarity of what he established.” Like van Gogh before him, Schnabel paints quickly, completing a work in a matter of hours, not days. He is also an outdoor painter, who said he prefers to contend with the elements than with the dark interior of a studio.

His enthusiasm for painting “en plein-air” dates from when he did his first plate painting, while working as a cook in New York in the late 1970s, he said. “When I saw that painting, which I’d done in my studio taken out into the street, I thought it looked terrible,” he added. “Since then, I’ve always thought that painting outside is better because you can really see everything.”

Dafoe, who has known Schnabel for over 30 years, said in a telephone interview that At Eternity’s Gate “is filtered through certain events and certain things that Vincent said, but of course, it also says a lot about Julian.” Dafoe, who took painting lessons from Schnabel to prepare for the role, often felt as if he were standing in for the artist himself.

“It’s like he can’t do it because he’s got to be behind the camera, so he needs someone else to be his creature in front of the camera,” Dafoe said.

“The opportunity to be in such a personal film was a great gift.”

Schnabel said he had similar feelings about the exhibition at the Musée d’Orsay. “It’s a great privilege,” he said. “It’s like there’s a letter that is written from one painter to the next, which is handed off through the paintings.” ■

History in the time of fake news THE culture and heritage advocacy group Proyekto, in partnership with Gateway Gallery, will be conducting a talk on history and fake news. The timely talk, “Seeking Katuwiran: Reading Philippine History in the Time of Fake News,” will be held at Gateway Gallery on December 1 at 2 pm.

The talks will be delivered by leading historians Xiao Chua and John Ray Ramos.

Ramos of the Far Eastern University will talk about the issue of truth and fake news during the time of Rizal and Bonifacio. Chua of De La Salle University will focus on the Filipino concept of human rights as reflected in various readings of Philippine history. Both topics will highlight the magnitude of critical thinking which is an important skill in the discipline of history, especially in research and interpretation.

Proyekto Live! talks, workshops and symposiums have been held at the Gateway Gallery since 2015. They serve as an amplifier and distiller of the issues and events that transpired in history as depicted in the longterm Gateway Gallery exhibit SiningSaysay: Philippine History in Art. Proyekto is a project-based movement that contributes in bringing about social change, and bringing Philippine heritage and history to life. It was started by Ramos and Cesar Ramirez Jr. on April 1, 2014. Since then, Proyekto has

conducted numerous events in various places and institutions to promote love of history, heritage and culture. Their avenues include tours, talks, collaborations and some products/ services.

“Seeking Katuwiran: Reading Philippine History in the Time of Fake News” is open to the public, students, teachers, history enthusiasts and is open for group registration.

The registration fee is P150. To register, text 0920-2228889.

Gateway Gallery is the art and history museum of Araneta Center, and is managed by the J. Amado Araneta Foundation. Opened in 2015, it serves as the artistic and cultural hub of the Araneta Center community. It is open Monday to Saturday, 10 am to 5 pm, at Gateway Tower, Araneta Center, Quezon City.

JULIAN SCHNABEL in the Musée d’Orsay in Paris. The museum invited him to choose paintings from its 19th-century collection to exhibit alongside his own. JULIEN MIGNOT/ THE NEW YORK TIMES