BusinessMirror November 28, 2019 by BusinessMirror

GOOD NEWS HERE This is the sprawling main dining hall at the New Clark City’s Athletes’ Village, where renowned chef Bruce Lim guarantees that the nutrition and dietary needs of athletes competing in the 30th Southeast Asian (SEA) Games will be well taken care of. It is 100 percent halal: serving a soup station with bread, fresh fruits, desserts and about seven choices of viands. More SEA Games stories on pages C2 and C3. PHOTO COURTESY OF BCDA

Thursday, November 28, 2019 Vol. 15 No. 49

NG urged to increase cash transfer to farmers

By Cai U. Ordinario

@caiordinario

HE national government should increase the cash transfer to be extended to farmers as they have already incurred significant losses, according to the Philippine Institute of Development Studies (PIDS).

In a forum on the rice trade liberalization (RTL) law organized by PIDS and the Congressional Planning, Budget and Research Department (CPBRD), Senior Research Fellow Roehlano Briones estimated the cash transfer that should be extended to farmers at P20 billion at the very least. He said he used PSA’s exact

quarterly harvest data to come up with his computation, which is just a third of the farmers’ losses estimated by the Philippine Rice Research Institute (PhilRice). PhilRice earlier said farmers lost at least P61.77 billion due to the continuous drop in the farm-gate price of unhusked rice, which hastened in recent months when imports rose

significantly as the rice trade liberalization law took effect. Briones said that based on his study, farmers have already incurred around P8.22 billion between April and September 2019 due to the steep decline in farm-gate prices.

‘Still economical’

“Right now, zero [cash transfer],

₧20B

The amount that the government should at least provide to farmers to cover their losses, according to the PIDS so P20 billion will be a big [help]. It’s still much less than what the consumers have benefited [under the RTL]. So this is still economical,” Briones said. Based on his study, Briones estimated that the discounted value of social benefits of the RTL over the long term is P379.986 billion annually for the richest households and P86.392 billion for the poorest households. Continued on A2

laborem exercens

sia today accounts for about 40 percent of the world’s GDP. Based on this figure, McKinsey Global Institute (Asia’s Future Is Now, July 2019) has declared that the 21st century is indeed Asia’s century.

Asia’s economic surge in the last four to five decades is attributed by ADB economists to the transformation of the region as the world’s factory, with China assuming a leadership role. John West of the Asian Century Institute (Asian Century on a Knife-Edge, 2018) describes Factory Asia as follows:

By Butch Fernandez

@llectura

PESO exchange rates n

Rene E. Ofreneo

Bicam panel starts work Friday as Senate okays ₧4.1-T 2020 budget bill

By Lenie Lectura

Factory Asia ‘disrupted:’ Policy implications for PHL

Continued on A7

NGCP tells lawmakers: Check out our facility O further allay fears of China’s interference in the Philippine power grid, the National Grid Corp. of the Philippines (NGCP) on Wednesday invited lawmakers to inspect the grid operator’s facility. NGCP President and Chief Executive Officer Anthony L. Almeda suggested a visit by legislators and an independent party to personally see how the power grid is managed and operated. “We are happy to welcome our senators and congressmen, as well as an independent third party to visit our facilities in order to dispel any security concerns that had been raised these past few days,” Almeda said. A few lawmakers had visited the site a few years back. These include Sen. Sherwin Gatchalian in August 2016, and Reps. Baby A renas and Danilo Suarez in March 2017. Sometime in August 2017, Energy Secretary Alfonso Cusi also inspected the NGCP facilities. See “NGCP,” A2

P25.00 nationwide | 6 sections 56 pages |

LIGHT IN EVERY HOME A woman arranges assorted colorful lanterns (parol) and Christmas lights at Central Market in Manila, where prices are reputably competitive. Sales of Christmas-related items are expected to further pick up as December rolls in next week. ROY DOMINGO

PHL, South Korea ink MOU on fisheries trade

HE Philippines and South Korea signed a memorandum of understanding (MOU) that seeks to expand fisheries trade and cooperation between the two countries, the Department of Agriculture (DA) said. The DA said the agreement was part of the deals and pacts signed by the two countries during their bilateral in Busan, South Korea, recently. This is the first-ever MOU on fisheries cooperation between the

Philippines and South Korea, the DA added. “The Philippine-[South] Korea bilateral on fisheries is expected to boost the collaboration between the two countries for mutual benefits of its fishery sectors by enhancing cooperation in aquaculture and fisheries, and promoting fisheries trade and fishery-business investment,” it said in a statement on Wednesday. “Under the cooperation, DA and

MOF will pursue and promote scientific and technical, economic, and trade cooperation in fisheries and aquaculture,” it added. The DA said the MOU was a result of the first agriculture cooperation it signed in 2018 with South Korea’s Ministry of Agriculture, Food and Rural Affairs (Mafra) during the first state visit of President Duterte in Seoul, South Korea. See “Fisheries trade,” A2

@butchfBM

he Senate, vot ing 220, on Wednesday passed the P4.1-trillion national budget for 2020, paving the way for bicameral talks to reconcile conflicting provisions in the annual money measure separately approved earlier by the House of Representatives. Senate President Vicente Sotto III confirmed that the Senate and House panels are set to convene on Friday to start bicameral talks and hammer out a reconciled final version of the annual money measure before Congress adjourns session on December 20. This would avert having government operate under a reenacted budget by January. Sen. Juan Edgardo Angara, Finance Committee chairman, listed the highlights of amendments to the General Appropriations Bill (GAB) as proposed by senators and the panel’s vice chairmen. “We augmented the budget of the Department of Education for its Education Service Contracting [ESC] Program to fund the increase in the Teacher Salary Subsidy [P273 million],” said Angara.

There was also an additional allocation for National Assessment Systems for Basic Education (P100 million), Basic Education Curriculum (P15 million), Literacy and Numeracy Program (P20 million), Student Assistance Program for those who excel in sports (P20 million), Special Education PrPogram (P100 million), Voucher Program for Non-DepEd Public Schools (P50 million), and School-Based Feeding Program (P500 million), for a total of P1.1 billion. Angara noted that following the adoption of the amendments, “the School-Based Feeding Program will receive the highest budget it has been appropriated in the last five years for a total of P6.47 billion.” At the same time, he confirmed that the Senate agreed to provide P616 million to implement the law enacted earlier this year “mandating the conservation and restoration of Gabaldon and other heritage schools,” adding that senators also agreed to “increase the DepEd’s Quick Response Fund [QRF] for the repair of schools [P100 million] and the budget for school electrification for the benefit of unenergized schools [P500 million].”

US 50.7610 n japan 0.4656 n UK 65.3091 n HK 6.4846 n CHINA 7.2184 n singapore 37.2257 n australia 34.4413 n EU 55.9691 n SAUDI arabia 13.5363

Source: BSP (27 November 2019 )

News

BusinessMirror

A2 Thursday, November 28, 2019

PHL’s BPO a good model for services trade–WTO

By Elijah Felice E. Rosales

@alyasjah

HOULD business-process outsourcing firms keep their fiscal incentives? The World Trade Organization (WTO) has named the BPO industry in the Philippines as one successful model of how services trade can bring about economic development and transformation. In its World Trade Report 2019, the WTO discussed how the expansion of trade in services in many countries resulted in the development of their economies. The report cited the cases of air transport in Ethiopia; information and communications technology services in India; financial services in Kenya; health, tourism and financial services in Mauritius; tourism in Mexico; and the BPO sector in the Philippines. “The Philippines is another example of how services trade can transform an economy and catalyze economic development,” the WTO said in the report. The WTO said the country did right by developing its BPO sector. As defined by the United Nations Conference on Trade and Development (Unctad), BPO is the transfer to third parties of the performance of service-based functions once car-

ried out within a company or within an organization. “This arrangement involves foreign companies outsourcing their business processes to a service provider domiciled in the Philippines, which may be purely local, purely foreign or consist of local companies with foreign partners,” the WTO explained. “The BPO industry has several component sectors: contact centers,

back-office services, data transcription, animation, software development and engineering development. It has become a critical part of the economy of the Philippines,” the report added. In 2015 the BPO sector generated $22 billion in revenue, accounting for 7.3 percent of the GDP of the Philippines, and was employing 1.2 million workers, the WTO reported. Further, the BPO sector in the country tripled its share of the global market to 12.3 percent in 2014, from 4 percent in 2004. It is projected to climb to 19 percent by 2020. “The sector’s international success owes a lot to the fact that the country has a young, educated work force with a strong command of English, as well as relatively low living costs that allow labor to be compensated at an internationally competitive rate,” the WTO said.

Cutbacks

The BPO sector this November reduced its growth forecast by nearly $7 billion in revenue and roughly

The sector’s international success owes a lot to the fact that the country has a young, educated work force with a strong command of English, as well as relatively low living costs that allow labor to be compensated at an internationally competitive rate.”—WTO

Pangilinan, Belmonte seek P6B in 2019 budget to cover rice farmers’ losses

EN. Francis Pangilinan has filed a bill seeking to augment the 2019 budget with P6 billion to immediately provide unconditional cash transfer to rice farmers. Senate Bill 1191 proposes a P6billion supplemental budget for direct cash transfers to vulnerable rice farmers who are planting 1 hectare or less, “as compensation for the reduction or loss of farm income arising from the influx of imported rice.” At the House of Representatives, Quezon City Rep. Christopher “Kit” Belmonte, also on Tuesday afternoon, filed House Bill 5629 as a counterpart measure, saying that the cash assistance will encourage rice farmers to continue farming. Pangilinan is Liberal Party president while Belmonte is the party’s secretary-general. “Ang buhay at kabuhayan ng ating mga magpapalay ay nasa panganib, at dapat nating tratuhin ito bilang isang emergency situation

na nangangailangan ng agarang atensyon [The life and livelihood of our farmers are in peril, and we should treat this as an emergency situation that needed immediate attention]” Pangilinan said. “The cash transfer will give them a lifeline to continue farming while we try our best to fix the law,” Pangilinan added, referring to Republic Act 11203 or the Rice Tariffication Act. The law imposes a minimum 35-percent tariff on rice imports in lieu of quantitative restrictions (QRs). The liberalization of rice imports, while intended to give the country a steady supply, has led to declining palay farm-gate prices in many rice-producing areas. Eight months since the passage of the law, farm-gate prices of palay have plunged to as low as P7 to P10 per kilo in some provinces, while the price of rice dropped by 2.9 percent, and the price of palay by 17.48 percent. The drop in farm-gate price of

palay has resulted in huge income losses for rice farmers and the industry, now estimated around P60 billion, and projected to double by year-end. Pangilinan said releases from the proposed supplemental fund will be made by the Department of Budget and Management (DBM) directly to the Department of Agriculture (DA), which shall make available the fund to the farmers. The fund will be effective until December 31, 2020. Earlier, both the Senate and the House approved on third and final reading their respective bills extending the validity of the 2019 budget until December 31, 2020. This would allow agencies to spend funds for capital outlays and maintenance, and other operating expenses in the 2019 budget until next year. According to Pangilinan’s bill, the DBM will submit to Congress and the Commission on Audit quarterly report on the utilization of funds.

NG urged to increase cash transfer to farmers When translated to the net present value using current prices, Briones said the social benefits of the RTL would be around P2.26 trillion. Briones said farmers from all household income brackets will lose around P10.075 billion annually between 2019 and 2030 under the RTL implementation. All households, meanwhile, are expected to gain P238.509 billion annually between 2019 and 2030 under the law. “Certainly, there are big losses and I think a cash transfer would send a signal that the government is not abandoning the farmers.

The reform is not there to make you lose money or lose income or make you suffer,” Briones said. Briones explained how he got a much lower figure in terms of farmers’ losses, attributing this to the differences in baseline and data from the Philippine Statistics Authority (PSA).

‘Extremely exaggerated’

He said he used PSA’s exact quarterly harvest data to come up with his computations. Briones described the PhilRice computation of P61.77 billion as “extremely exaggerated.” The plight of local planters may

Continued from A1

even worsen as their losses could balloon to nearly P130 billion if prevailing farm-gate prices will continue to fall below production cost, the PhilRice paper added. Given the losses incurred by rice planters, the paper noted that the P10-billion Rice Competitiveness Enhancement Fund (RCEF) created by Republic Act (R A) 11203 may be insufficient to offset farmers’ losses. The surge in rice imports driven by the opening up of the domestic market has been identified by industry stakeholders as the culprit to the double-digit decline in palay prices.

230,000 workers in employment. It attributed the cut to uncertainties brought about by changes in tax policy on the domestic level and escalation of trade conflict on the global scale. The sector is now just expected to generate revenue of $32 billion by 2022, nearly 18 percent lower from the original projection of $38.9 billion under the road map. The sector is also now forecast to employ roughly 1.57 million workers by 2022, or more than 13 percent below the previous figure of 1.8 million workers. The annual growth rate in revenue was brought down to 7.5 percent, from 9.2 percent; while in manpower to 3.5 percent, from 7.8 percent. The BPO sector is hounded by the government’s push to rationalize the menu of incentives for firms operating in economic zones as laid out under the Corporate Income Tax and Incentives Rationalization Act (Citira) bill. Mostly located in economic zones, BPO firms will need to surrender their incentives once the Citira bill is enacted into law. The measure will bring down the corporate income tax rate to 20 percent by 2029, from 30 percent at present, but will overhaul tax perks granted to economic zone locators. Among those that will be lifted is the 5-percent tax on gross income earned paid in lieu of all local and national taxes, which investors find crucial in maintaining their operations here.

NGCP. . .

Continued from A1

Gatchalian said recently that he was informed by the National Transmission Corp. (TranCo) of the possibility that the power grid could be shut off remotely by the Chinese government. The State Grid Corp. of China (SGCC) has a 40-percent stake in NGCP, which took over the management and operation of the power grid since 2009. TransCo still owns the assets. But Almeda played down the possibility of a remote shutdown by Chinese parties. “There is nothing to be alarmed about the stake by the SGCC in NGCP as its investment is limited only to being a technical adviser,” he said. NGCP, he noted. is 60-percent controlled by Filipino companies: Monte Oro Grid Resources Corp. and Calaca High Power Corp. with 30-percent shares each. As such, SGCC has only three nominees who sit as members of the NGCP Board of Directors representing the company and proportionate to its capital shares. “SGCC serves only as the technical adviser of the consortium, but the management and the control of NGCP, including its Systems Operation, are exclusively exercised by Filipinos,” Almeda pointed out. He added that the supervisory control and data acquisition (Scada), the system that controls the grid, is operated only by authorized Filipino technical experts of NGCP. “By default, Scada is disconnected from the Virtual Private Network; thus, remote users cannot connect to Scada,” Almeda said, pointing out that “VPN access may only be granted to the Filipino CEO [chief operating officer] in an emergency situation and only after undergoing a secure and confidential approval process.” Since NGCP commenced its operations in 2009, the approval process for the VPN access has not been invoked and no remote access has been granted. Almeda noted that its Systems Operation (SO) Datacenter is equipped with biometric access controls which allow only authorized NGCP personnel to enter, apart from the Scada workstations and servers that have been secured by firewalls and layers of authentication systems to block unauthorized access. Almeda also said that NGCP has not entered into other businesses, other than those permitted under the Concession Agreement.

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DOH expresses alarm as 26 samples test positive for poliovirus

HE D epar tment of Health (DOH) expressed alarm on We d n e s d ay fo l l ow i n g t h e confirmation by the National Polio Laboratory (NPL) of the Research Institute for Tropical Medicine (RITM) and the Japan National Institute of Infectious Diseases that a total of 26, out of 142 environmental samples (ES) collected, tested positive for poliovirus types 1 or 2. “The presence of the poliovirus in environmental samples implies that carriers of the virus are continuously shedding in the communities. If viruses continue to spread from person-toperson in areas with low immunization coverage, the poliovirus evolves and regains the ability to cause paralysis,” Health Secretary Francisco T. Duque explained. Out of the 26 positive samples, 25 were collected from the National Capital Region (NCR) and one from Davao City from July 1 to November 6, 2019. Samples collected came from 39 sites in NCR, Cordillera Administrative Region, Region 3, Region 4A, Region 11, Region 12, Bangsamoro Autonomous Region in Muslim Mindanao, and Region 7 as part of regular surveillance nationwide. The ES are being collected from sewage treatment plants and bodies of water from areas

Retail trade. . . Continued from A1

The measure removes RA 8762’s requirement for foreign investors acquiring shares of stock of local retailers. It also deletes the requirement under RA 8762 for public offering of shares of stock by foreign-owned retail enterprises. The bill eliminates the required net worth, number of retailing branches and retailing track record conditions for foreign retailers to engage in retail trade in the Philippines. It permits only nationals from, or judicial entities formed or incorporated in countries which allow the entry of Filipino retailers, to engage in retail trade in the Philippines. The bill also reduces the required locally manufactured products carried by foreign retailers—from 30 percent to 10 percent of the aggregate cost of their stock inventory. “One important obstacle is the substantial minimum paid-up capital requirement. Currently, a foreign entity that wishes to participate in our retail markets will have to put up $2.5 million in paid-up capital plus a minimum investment of $830,000 per retail store,” Quimbo said. “This is large, especially in comparison with our Asean neighbors. For instance, the paid-up capital requirement for foreign corporations is only $66,300 in Thailand and a meager $10,000 in Vietnam, while Brunei has no such re-

Fisheries trade. . .

“DA has been continuously collaborating with Mafra and agrirelated agencies to develop new partnerships leading to projects that will bolster agricultural and rural development, and facilitate market access of Philippine agricultural products,” it said. The DA said the MOU was signed by Agriculture Secretary William Dar and Minister Seong-Hyeok Moon of the Korean Ministry of Oceans and Fisheries. Dar said the government is “serious” in its “commitment to engage and strengthen bilateral relations with South Korea,” which he described as one of the “leading food importers in the world,” importing around $30 billion worth of food annually. “South Korea is one of the most lucrative markets for Philippine agri-fisheries products,” Dar said. The DA said South Korea is one

without treatment plants. In September 2019, the DOH declared the reemergence of poliovirus in the country. The DOH, RITM, Unicef and the World Health Organization responded to the polio outbreaks through intensified surveillance of acute flaccid paralysis cases, implementation of simultaneous mass vaccination and expansion of ES collection sites nationwide. The NPL will continue to provide laboratory confirmation of cases and conduct collection of ES. The DOH is conducting the third round of the Sabayang Patak Kontra Polio campaign in Metro Manila and the second round in all of Mindanao. This will run from November 25 to December 7, 2019. Health workers are set to go houseto-house to administer the oral polio vaccine. Fixed vaccination posts/patak corners in the communities will also provide the OPV. “This is why it is of utmost importance that we vaccinate all children below five years old [zero to 59 months], regardless of their vaccination status,” Duque added. On November 25, the DOH confirmed the eighth case of polio recorded in the country this year.

Claudeth Mocon-Ciriaco

quirement,” she added. According to Quimbo, the proposed threshold of $200,000 balances the need to be competitive in the Asean region and at the same time, to continue to protect micro and small establishments from foreign competition. “Based on PSA data, only medium and large establishments would be directly affected by increased foreign competition under these amendments,” she said. This makes up less than 1 percent of all establishments that will possibly face stiffer competition from foreign retail firms, she said. With the anticipated competition, Quimbo urged the DTI to formulate and implement a road map for the retail sector. She said the DTI must identify retail market niches where possibly disenfranchised retail firms could redeploy their labor and capital. “Our government must also ensure that both skills training and credit are made available for purposes of helping local retail firms re-shape their businesses, so they can be fully capacitated to face growing international competition,” she added. She also urged other government agencies to ensure that existing anticompetitive structures in the retail sector be dismantled. For his part, House Committee on Trade and Industry Chairman Rep. Weslie Gatchalian, principal sponsor of the bill, said the Philippines’s wholesale and retail trade industry is one of the most important sectors of the Philippine economy.

Continued from A1

of the Philippines’s “emerging markets” for high-value seafood and fisheries products. Since 2016, exports of high-value seafood and fisheries products to Korea have been growing by an average of almost 17 percent, generating $28-million earnings for the Philippines in 2018, the DA said. It listed tuna, abalone, sea cucumber, octopus, shrimps and prawns, seaweeds and carrageenan among the major Philippine fishery exports to Korea. The MOU on fisheries cooperation was part of the Philippine side meetings during the 2019 Asean-Republic of Korea Commemorative Summit held on November 25 and 26 to celebrate the 30th anniversary of the dialogue partnership between Asean and the Republic of Korea, according to the DA. Jasper Emmanuel Y. Arcalas

BusinessMirror Special Feature

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Thursday, November 28, 2019 A3

THE MACTAN NEWTOWN’S FIRST HOTEL OPENS DOORS WITH ITS UNIQUE FILIPINO HOSPITALITY

Megaworld expands hotel portfolio with its first hotel development in Cebu, the 18-storey Savoy Hotel Mactan Newtown

electronic safety box, 43” LED TV, coffee and tea-making facilities, mini-bar, and wireless Internet connection. Its interiors are designed by world-renowned Hirsch Bedner Associates (HBA), the same firm that designed Marina Bay Sands and Fullerton Hotel in Singapore, as well as Shangri-La Dubai and St. Regis Abu Dhabi in UAE. The hotel also has a wide range of function and meeting rooms. It also has food and beverage (F&B) outlets, such as the Savoy Café for breakfast and all-day dining, Lobby Café for coffee and pastries, Zabana Bar at the lobby area that offers cocktails and drinks, Pool Bar at the third level, and the Patio, an outdoor dining area located at the second level. Among the hotel’s amenities include a swimming pool, paved sunbathing lounge, fitness center, business center, and a flower garden. To be operated by Megaworld Hotels, Savoy Hotel Mactan Newtown will offer complimentary shuttle services to and from the Mactan Newtown Beach. Transport services will also be offered to guests traveling to and from the airport. Savoy Hotel Mactan Newtown is the third hotel under the Savoy Hotel brand, a homegrown hotel chain established by Megaworld. Other Savoy Hotels have already opened in Boracay Newcoast and in Newport City, Pasay City.

By Kyle Dacua

EACHING your destination after disembarking from the plane, one usually longs for a quick and quiet rest which, when followed by a soothing walk on the beach, truly makes for a perfect kick off to a much needed getaway.

Property giant Megaworld has recently brought its brand of hospitality service to Cebu with the opening of the 18-storey Savoy Hotel Mactan Newtown, its first hotel development inside the 30-hectare The Mactan Newtown in Lapu-Lapu City. Ideal for travelers who crave that space and convenience wherever they go, Savoy Hotel Mactan Newtown offers 547 guest rooms and suites, making it the biggest hotel in Mactan Island in terms of number of rooms and the second

biggest in the entire Cebu. The hotel’s close accessibility to the township’s beach and resorts around Mactan, as well as the new Mactan-Cebu International Airport, makes it a topnotch choice. Megaworld has spent P1.7 billion to build Savoy Hotel Mactan Newtown, which is one of the many hotels that it plans to put up inside the township. “Savoy Hotel Mactan Newtown’s location allows one to experience the beach and the township at the same time, where

An award-winning township continues to grow

Included in the hotel amenities are a swimming pool, paved sunbathing lounge, fitness center, business center, and a flower garden - all ready to make the guests’s tay an unforgettable one.

With interiors magnificently designed by internationally-acclaimed Hirsch Bedner Associates, Savoy Hotel Mactan Newtown offers a one-of-a-kind welcome to guests.

The 18-storey Savoy Hotel Mactan Newtown proudly stands as the biggest hotel in Mactan Island in terms of the total number of rooms, as well as the second biggest in the entire Cebu province.

restaurants, cafes, supermarket, spa, and other retail shops are just within easy reach,” says Raymundo Melendres, managing director, Megaworld Hotels. The hotel offers superior and deluxe rooms, deluxe premier, and junior suites—all fully equipped with essential amenities, in-room

At 30 hectares, there are more things and places to visit and love at The Mactan Newtown - a Megaworld township with the live, work, play, learn components.

SAVOY Hotel Mactan Newtown is the newest addition to The Mactan Newtown, the first Megaworld township development outside of Metro Manila with its own beachfront. Earlier this month, Megaworld also announced that it will be building the Mactan Newtown Beach Walk, a two-level mall that will soon rise along the township’s beachside cliff. The development, which is slated for completion in 2021, will offer a total gross floor area of 30,000 square meters and will be highlighted by a 1.4-hectare man-made lagoon at the center. The Mactan Newtown boasts all the makings of an ideal livework-play-learn community. It currently serves as home to almost 10,000 BPO and office workers, as well as topnotch residential condominium developments and Megaworld’s first school in Visayas and Mindanao—the Lasallian-supervised Newtown School of Excellence. The Mactan Newtown also recently added another prestigious distinction under its name when it was awarded as the ‘Best Mixed-Use Development of 2019 for Visayas and Mindanao’ at The Outlook 2019 by Lamudi for seamlessly blending residential, office, commercial, and retail components into a community that promotes an effective integrated lifestyle. Discover the best of The Mactan Newtown by visiting https:// www.megaworldcorp.com/townships/mactan-newtown and by booking your stay at Savoy Hotel Mactan Newtown through https://www. savoyhotelmactan.com.ph/.

The Lasallian-supervised Newtown School of Excellence is deemed as an excellent choice for children of residents of Lapu-Lapu City and nearby towns and cities.

The Nation

A4 Thursday, November 28, 2019 • Editor: Vittorio V. Vitug

BusinessMirror

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Police seize ₧2.5-billion shabu in Makati drug bust By Rene Acosta @reneacostaBM

OLICE anti-illegal drugs operatives seized on Tuesday night at least 371 kilos of shabu worth P2.5 billion following a drug bust in Makati City. The seizure, which also resulted in the arrest of a Chinese

national, is considered the “biggest” since the government intensified its anti-illegal drugs drive made by the National Police-Drug Enforcement Group (DEG) under Col. Romeo Caramat Jr. The DEG personnel carried out the buy bust wherein they arrested Liu Chao at his apartment along Banuyo Street, Barangay San Antonio, Makati

City, at around 11: 45 p.m. PNP Officer in Charge Lt. Gen. Archie Gamboa said that prior to the operation, the PNP had managed to conduct several test buys against the suspect, whom he described as a “warehouse keeper” for a drug syndicate. “He was the source of drugs for other couriers,” Gamboa said. The PNP officer in charge said

CA affirms Abad’s complicity in DAP fiasco By Joel R. San Juan

@jrsanjuan1573

HE Court of Appeals (CA) has affirmed its decision, which found former Budget Secretary Florencio Abad administratively liable for simple misconduct in the implementation of Disbursement Acceleration Program (DAP) of the previous administration that has been declared illegal by the Supreme Court. I n a fou r - pa ge resolut ion penned by Associate Justice Zenaida Galapate-Laguilles, the CA’s Former Special 14th Division held that Abad failed to raise new arguments that would warrant the reversal of its February 27, 2019, decision which upheld the findings of the Ombudsman that the former budget secretary should be held accountable for simple misconduct. “After a review of the grounds relied upon by the petitioner, this Court finds no compelling reason to amend our decision as the issues raised have already been re-

solved and covered extensively in the assailed resolution,” the CA said. The CA reiterated its February decision that the former budget secretary intruded on the powers of Congress by effectively modifying the provisions on savings in the General Appropriations Act (GAA) of 2012 when he issued National Budget Circular (NBC) 541, which consolidate savings, or unutilized balances, and withdraw unobligated balances of agencies with low levels of obligations. NBC 541 provided the principal bases for the withdrawal of unobligated allotments which were declared as savings and used to fund programs, activities and projects under the DAP. “Thus, Abad may not successfully evade liability by invoking good faith. While Abad’s desire to fast-track public spending and push economic growth is laudable and the implementation of the DAP, in fact, undeniably yielded positive results that enhance economic welfare of the country, his defenses cannot override the

clear mandate of the law,” the CA explained. “As responsible public officer, Abad ought to have been well aware that he has no authority to overrule the requirements of established rules and t he f u nd a ment a l l aw of t he land,” it added. The SC declared DAP unconstitutional in its 2014 decision, specifically on the withdrawal of unobligated allotments from the implementing agencies; the declaration of the withdrawn unobligated allotments and unreleased appropriations as savings prior to the end of the fiscal year without complying with the statutory definition of savings contained in the GA A; and the cross-border transfers of the savings of the Executive branch to augment the appropriations of other offices outside the Executive branch. Since Abad is no longer in public service and may not be suspended anymore, the penalty is convertible to a fine equivalent to his threemonth salary.

that during the operation on Tuesday night, Liu sensed that he was transacting with a policeman posing as a buyer, prompting him to run inside his apartment. When the team of policemen followed him inside his apartment, they discovered large volume of drugs, some of which were stuffed in suitcases.

The PNP-DEG arrested three more suspects several hours later in Las Piñas City in the follow-up operations. Joel B. Bustamante and Merwin B. Bustamante, both residing at Tinajeros in Malabon City, were arrested at a parking lot located along C-5 Extension, Barangay Manuyo, Las Piñas City.

The two, who were reported couriers of Liu, yielded 17 plastic packs of suspected shabu with a total weight of more, or less 17 kilos, worth P115.6 million. “Recovered pieces of evidence and the arrested suspects are now under the custody of PNP-DEG while complaint is being prepared for filing at the prosecutor office,” the PNP said.

Soldiers doing everything possible to rescue kidnapped Indonesian fishermen–Sobejana “The exercise ranges from naval doctrine discussion, tabletop exercise, and open sea drills and maneuvers, which aims to enhance the readiness of both navies in addressing their common maritime security concerns and interests.” —Balagtey

RMED Forces Western Mindanao Command (Westmincom) commander Lt. Gen. Cirilito Sobejana has assured that the military is doing everything to rescue the three Indonesian crewmen of a Malaysian fishing boat snatched by the Abu Sayyaf Group (ASG) in Sabah last month. The assurance was made by Sobejana following a courtesy visit by Indonesia’s Consulate General Dicky Fabrian on Tuesday at the

Westmincom headquarters in Zamboanga City, which also jumpstarted the two-day 7th Trilateral Port Visit and Maritime Training Activities. Malaysia and Indonesia are participants of the two-day visit and training activities. The three Indonesian crewmen of a Malaysian fishing boat were abducted last month after seven ASG members armed with highpowered firearms and using two pump boats boarded their vessel, off Tambisan Island in Lahad Datu, Sabah. Reports said the abductors first took the Indonesians to Tawi-Tawi before transporting them to Sulu where they are currently being held. Westmincom Spokesman Maj. Arvin Encinas said their forces are operating nonstop to safely recover the three Indonesians, who were the last victims still held by the terrorist groups operating in Sulu.

On Monday, Westmincom forces also rescued a British national and his Filipino wife from the ASG in Sulu following a series of operations. The two were abducted last month from their resorts in Zamboanga del Sur. Mea nwh i le, A r med Forces Easter n Mindanao Command Spokesman Lt. Col Ezra Balagtey said the First Philippines-Indonesia Maritime Training Activity has began at the Naval Station Felix Apolinario, in Panacan, Davao City. T he week-long activ it y involved personnel from the Naval Forces Eastern Mindanao and members of the Indonesian Second Fleet Command. “The exercise ranges from naval doctrine discussion, tabletop exercise, and open sea drills and maneuvers, which aims to enhance the readiness of both navies in addressing their common maritime security concerns and interests,” he said. Rene Acosta

Slex traffic to ease with opening of third lane, new Skyway ramp

AN Miguel Corp. (SMC) President and Chief Operating Officer Ramon S. Ang said that traffic on the South Luzon Expressway (Slex) is expected to ease with the December 1 reopening of the third lane of the Skyway at-grade level, and the opening of a new, two-lane ramp connecting the Alabang viaduct to the elevated Skyway. “ T hese en ha ncements will ensure that there will be five lanes available to northbound Slex vehicles during rush hours, even as we go ANG full blast with construction of the Skyway Extension project. Motorists will be able to use the original three lanes at the at-grade section, plus two more lanes at the elevated section,” Ang said. This is a considerable improvement from previous conditions, wherein five lanes on the Slex would narrow to just three at the Alabang viaduct. To make this possible, Skyway reconfigured and maximized the first section of the elevated Skyway coming from the Alabang-Zapote road to three lanes, from the original two. With the new ramp connecting to the elevated section, northbound traffic from Slex can be accommodated without significantly impacting traffic coming from the Alabang-Zapote road. The original design for the Alabang-Zapote road Skyway ramp, built by the previous concessionaire, is one lane northbound and one lane southbound. At certain times in the morning, when traffic is heaviest, both lanes are used for northbound traffic. The advantage of the new threelane configuration at the start of the elevated portion is that lane assignments can be easily adjusted depending on traffic volume. As such, even with the new ramp, motorists coming from the Alabang-Zapote road will retain use of one to two lanes, depending on traffic volume. In the evening, when southbound traffic is heavier, more, or all lanes, including the two lanes on the new ramp, can be

assigned for southbound use. These measures are part of preparations for the construction of the Skyway Extension, a P10 billion SMC initiative to extend Skyway from Alabang to Slex near Susana Heights and the Muntinlupa-Cavite Expressway (MCX). Set for completion by December next year, it will add three northbound lanes and two southbound lanes on either side of the existing Slex. It will allow both nor thbound and southbound motorists to bypass the Alabang viaduct. With the December 1 openings on track, SMC is delivering on a promise to reopen the third lane of the at-grade Skyway before the holiday rush, and improve Alabang traffic by adding new lanes. “We hope that our valued motorists will find these immediate measures satisfactory. Even as we start construction on the Skyway Extension, which is meant to be the long-term solution to traffic on the Slex, we’ve already increased the number of usable lanes to help mitigate and improve traffic,” Ang said. “But as with anything new, we expect a period of adjustment for motorists. This may still cause some congestion in the beginning, especially with the sheer volume of vehicles on the Slex everyday. But we expect the traffic situation to improve quickly once we open,” Ang added. A s part of continuing efforts to manage traffic, Ang said that SMC ’s tollway unit is mobilizing all traffic personnel to ensure efficient f low of traffic. They are also increasing the number of signs and providing advisories to motorists. “We’ve also instructed our teams on the ground to constantly communicate with the different communities and villages for traffic matters. In the meantime, we continue to appeal for patience and understanding, as we work on providing a long-term solution to traffic in south Metro Manila.” Ang said.

The Economy

BusinessMirror Editor: Vittorio V. Vitug • Thursday, November 28, 2019 A5

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DA scrutinizes ‘unusable’ machinery given to farmers, agri-fishermen from ’14 to ’18

By Jasper Emmanuel Y. Arcalas

@jearcalas

he Department of Agriculture (DA) has started scrutinizing farm machinery and equipment it distributed since 2014 after it verified reports which showed that some of these were unusable, or underutilized, by farmers. The DA issued Memorandum Order (MO) 29 that instructed its attached and regional agencies to conduct an inventory of all farm machinery and equipment they distributed since 2014. The DA explained that they are doing this after it found that agri-fishery machinery and facilities it provided were “non/underutilized” by farmers due to various reasons. The DA added it discovered these problems after a series of Philippine Council for Agriculture and Fisheries (PCAF) monitoring, and various national and local consultations and meetings, as well as reports

reaching the department. “Some of the agri-fishery machinery and facilities provided by the DA are non/underutilized due to lack of aftersales service, lack of social preparations, absence of feasibility studies conducted for facilities, lack of skilled agricultural machinery operators and technicians, and unrational/skewed allocations and distribution, among others,” the order dated October 30, which was recently made public, read. “This must be prevented and adequately addressed in the planning, procurement and

implementation of agri-fishery mechanization programs and projects,” it added. Under the order, the DA directed all high-ranking officials, heads of bureaus and attached agencies, regional field offices and their respective bids and awards committees, among others, “to ensure the provision of appropriate, quality and safe agricultural and fisheries machinery, as well as the establishment of sustainable postharvest and processing facilities, and its efficient utilization.” Under the order, all DA procuring entities were directed to submit a consolidated report on the status of their distributed/ established agricultural and fisheries machinery and facilities from 2014 to 2018 to the Bureau of Agricultural and Fisheries Engineering (BAFE). Furthermore, they should also submit a list or directory of their suppliers during the reference period, according to the order. The instructed agencies should also submit the same report regarding the machinery and facilities they distributed and established for 2019 to the Office of the Secretary through the BAFE. They should

submit their consolidated reports on or before December 27, 2019. The DA procuring entities, as identified by the order, are bureaus, attached agencies/ corporations, Office the Secretary units, regional field offices, local and foreign assisted project offices. Under the order, the DA would also pursue a “nationwide inventory of agricultural and fisheries machinery and facilities at the barangay or municipal levels” next year. This, the DA added, would be its “basis for the project allocation and programs.” “Alternatively, the inventory shall form part of the deliverables of the local technicians receiving incentives from DA,” the order read. The order also instructed officials and agencies that new agricultural and fisheries machinery and facilities projects to be implemented next year and proposed for 2021 “must be properly validated and evaluated.” This means that these programs should have “appropriate beneficiaries and service areas, implementation ready and operationally feasible and viable,” according to the order.

A6 Thursday, November 28, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Will we ever learn from past lessons?

massive power outage hit the whole of Luzon on May 21, 2002, affecting some 40 million people and inflicting damage to businesses in Metro Manila and surrounding areas. The Philippine Stock Exchange was forced to halt trading following a series of transmission line failures that knocked off three baseload power plants. The Luzon blackout was included in Wikipedia’s list of major power outages worldwide.

On Tuesday, November 26, the Luzon grid was placed anew on yellow alert for 11 hours, the 48th this year. That’s more than the total of 39 yellow alerts experienced since the start of President Duterte’s administration in mid-2016 until 2018. These developments are quite alarming, considering that more yellow alerts are being issued in the fourth quarter. What to expect in the summer months of 2020 then? A yellow alert is issued when operating reserves drop below the required 647-megawatts contingency in Luzon, or equivalent to the largest unit in Luzon, which is the 647-MW coal-fired power plant in Sual, Pangasinan. Despite assurances from the Department of Energy (DOE) of ample electricity supply, businessmen are worried over an impending power crisis. Representatives from the real estate and business-process outsourcing sectors, for example, have expressed concern over the possibility of less than steady supply of electricity in the future. They fear that the rollout of big projects under the government’s “Build, Build, Build” program will unfortunately stretch the country’s thinning energy supply. The good news is that several generation companies are in the process of completing Energy Regulatory Commission requirements to jumpstart the construction of new power plants that will help address the thinning power supply in the Luzon grid. A new coal-fired power plant was switched on last month in Mauban, Quezon, which now provides additional supply to the Luzon grid. The coal plant is seen playing a big role in quelling the alarming record number of yellow alerts, or even red alerts that have plagued Luzon grid customers. But this is not enough. Aware that the country needs more than the current generational capacity in Luzon, the Manila Electric Co., the country’s largest power retailer, scheduled a competitive selection process for its power-supply contracts following a Supreme Court ruling. Several generation companies participated in the bidding, with three companies offering the lowest rates in the utility firm’s search for the supply of 1,200 MW. Last week, Bayan Muna censured the contract to supply 1,200 MW of energy capacity that has yet to be awarded. Bayan Muna Chairman Neri Colmenares claimed that if the contract is awarded, consumers may have to face a high energy cost for the next 20 years. The power firm said the power-supply contract adhered to DOE regulations and, more important, will result in least cost to consumers. Regulators know what transpired in their respective turfs. There’s a need to trust an open and transparent process rather than propagate ill will without factual basis. Otherwise, the country will not be able to build the generating capacity we need in the short time we have before a full-blown power shortage occurs. Constructing new power plants is an urgent measure to solve the country’s energy security requirements. We don’t want to experience again the 2002 blackout that landed us in Wikipedia’s global list of major power outages. Since 2005

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‘These aren’t the catalysts you’re looking for’ John Mangun

OUTSIDE THE BOX

he question asked repeatedly is what is going to make the Philippine stock market go higher. The new exciting word is “catalyst,” which is defined as “a person or thing that precipitates an event;” in this case, investor buying. If in fact there is such thing as a catalyst for the stock market, then March 20, 2009, is the key date as the Philippine Stock Exchange (PSE) began its 10-year bull run. A search of world news around that date shows “China’s retail sales increased 15.2 percent in 2009” and “Bernard Madoff pleads guilty surrounding his $65-billion Ponzi scheme.” For the Philippines, you will find that nothing of significance happened in March 2009. Buying shares is not that different from buying anything else. We buy a new car air freshener or a pair of socks from a need. But no

one needs to buy the stock market. I just bought a television that I did not want or need because the price was lowered to the same level as the one I bought two years ago. We do buy “cheap prices,” and we are told constantly the PSE is cheap but still there is no move higher. A catalyst is that something happens to get things started. Think of a snowball going down the side of a mountain that becomes an avalanche wiping out a Swiss village. All year long, the experts have been thinking that the next event would be the catalyst. The primary driver was supposed to be the low

inflation rate. But after months of lower inflation, nothing has happened. Maybe lower economic growth is the problem. However, annual growth has been stable since 2012 between 5 percent and a little over 6 percent. There certainly was not any particular “negative catalyst” to hamper stock prices. Another factor to consider—as I have been saying for months—the market has been boring. The trading range this year is about 8 percent from weekly close high to low. That compares with about 20 percent to 25 percent in 2016, 2017 and 2018. Looking at 2009, we find that from October 2008 through the middle of March 2009, price movement was equally boring. The weekly range was from 1,800 to 2,000, or about 10 percent. Then the bull market started. However, the rally started from a bottom. What happens when boredom comes in when prices are near a top? That happened in 2005 and when the market started moving higher; it went up more than 100 percent before making a trend lower. While one man’s floor is another’s ceiling, there is no reason to believe that now

is a top and not a bottom. The experts are looking for the catalyst in all the wrong places. It is not found in the economic data today anymore than it was in 2009 and 2005. Economic growth in 2005 was less than 1.5 percent and in 2009 was 2 percent. Inflation was going down dramatically in 2009 but in 2005 it was over 6 percent. In both instances, prices did not go up for months. But prices did not go down either. The same thing is happening now. I bought my Sony BRAVIA 65inch 4K Ultra HD with HDR Processor television, including a free wall rack for the same reason the stock market will go higher. I believed that the price would never be any lower. Eventually it will kick in to investors that this is the low. Maybe sooner, or maybe later. The experts will still not find a catalyst and will miss the beginning of the next run higher. Don’t be an expert.

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.

Europe’s Social Democrats could suffer mass extinction

By Andreas Kluth | Bloomberg Opinion

ere’s the state of Social Democrats across continental Europe: In two corners, Scandinavia and Iberia, they’re alive and well, having become pragmatic centrists or, as in Denmark, having turned hard right on issues such as migration. Almost everywhere in between—from France to the Netherlands, Germany, Austria and Italy—they’re in various states of disarray or dissolution. What happened? And is their decline terminal? That’s what Germany’s SPD, founded 156 years ago as the ancestor of the movement, should be asking itself, as it convenes next week to anoint new leaders and decide whether to quit its coalition with the conservative bloc of Chancellor Angela Merkel. But this more existential question won’t be debated, at least not honestly. To get the big picture, look at the chart. It shows the percentage of eligible voters in the Federal Republic of Germany who plumped for the SPD in national elections. What you see is a rise in the postwar years, when the SPD formally dropped its Marxist doctrines to appeal to potentially all Germans, not just the blue-collar types. The SPD then peaked in the 1970s under two Social Democratic chancellors, Willy Brandt and Helmut Schmidt, who promised to lift more people into prosperity. But in the 1980s and 1990s, the ideological left wing of the party fought back. Lifting up was de-emphasized. Leveling down was the new message, as the SPD cast aspersions on “the rich.” Its support dwindled.

The lifters briefly prevailed again over the levelers in 1998, putting the third Social Democrat in the chancellery, Gerhard Schroeder. But since then, the levelers have dominated rhetorically. According to polls, the next bar in this chart will be the smallest, yet. Something similar has taken place around the neighborhood. The equivalent party in France, called PS, had an absolute majority of the National Assembly in 2012, then got overrun by the brand-new centrist movement of President Emmanuel Macron; it’s now irrelevant. Its Italian sister, called PD, is in government again, but as a much diminished junior partner to populists. Emulating Macron, Matteo Renzi, the PD’s former star, will quit and form his own party. One lesson is that Social Democrats, not unlike the Democrats in the US, do well whenever they promise opportunity and badly whenever they preach, as Winston Churchill put it, “the gospel of envy.” But envy is all they’ve got these days. Hence, calls by Germany’s SPD (and

others) to bring back a wealth tax, even though it was suspended in the 1990s because it was a nightmare to assess and brought in little revenue. Another lesson: You can’t just keep looking for new demographic groups that allegedly suffer some urgent “injustice” that must be fixed (by Social Democrats, of course). But that’s what the SPD keeps trying. It has just spent months haggling with its coalition partners to top up the state pensions of low-income retirees who’ve paid into the system for 35 years or more. Why not 34 years? Nobody knows. Not discussed was the unsustainability of the whole pension system, in which ever fewer young people will pay ever more of their income to ever more old people. As usual, the SPD is baffled that it hasn’t risen in the polls. The bigger insight is that the Social Democrats are simply out of ideas and out of date. They sprang from the

Second Industrial Revolution, when workers eked out miserable and unsafe existences in factories, smelting ores or bashing metals. Just by fighting for the right to safe workplaces and paid leave, Social Democrats did lift many people up. But today, at the dawn of the Fourth Industrial Revolution, that proletariat is disappearing. Unions are shrinking. Jobs are moving into the service sector and the gig economy. Brains are more important than brawn. The new threat to workers is not from “capitalists” but from artificial intelligence, automation and the Internet of Things. Some very low-wage jobs (such as janitors) are pretty safe. Many high-wage jobs (the creative and brainy ones) will boom. But in between, many professions—especially those based on routines or algorithms, whether in manufacturing or administration—could See “Europe,” A7

Opinion BusinessMirror

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Sulu natural gas find, Advent for Filipinos bigger than Malampaya’s

Msgr. Sabino A. Vengco Jr.

Alálaong Bagá

Val A. Villanueva

Businesswise

mid the gaffes of the administration of President Duterte— from his failed drug war which his men are now blaming on Vice President Leni Robredo who was appointed as drug czar but fired even before she got to warm her seat, to the national embarrassment the country has been getting for its unpardonable solecisms in hosting the biennial Southeast Asian Games (SEA Games)—comes a whiff of good news from the south.

The most unlikely bearer is a foreign company that this government has given little attention to and, to a large extent, hasn’t gotten any assistance from. British-based Energy World Group (EWG) through its subsidiary Energy World International Ltd. (EWI) in partnership with Hadar and Medzar Oil and Gas Corp. (HMOGC) is bankrolling $3.2 billion (the largest single investment in Muslim Mindanao) to develop a liquefied natural gas refinery complex in Lugus Island, Sulu. EWG’s EWC is the same company that has built an LNG power plant in Pagbilao, Quezon, which for years has been held hostage by government red tape. It’s more than 90-percent complete, but was restricted to tap into existing transmission grid despite its repeated pleas. Without the transmission grid, the company could not distribute the power that the country badly needs. It is now building its own transmission facilities using available funds from its operations and is optimistic of the plants’ early commissioning. In an exclusive interview, EWI Executive Director Graham Elliot explains that there is no need to rush the completion of the (EWC’s LNG Pagbilao) transmission grid: “Everything is running smoothly now and there is no reason to doubt our determination to push through with the project. Financing has never been a problem as what our detractors have been trying to paint.” The Sulu project is heaven sent for EWG. Once operational, the LNG Pagbilao plant no longer needs to import natural gas. The synergy of the two projects—Lugus’s and Pagbilao’s—will naturally come into place. Sulu Vice Gov. Sakur Tan II, Mayor Hajiri, and EWI’s Elliot recently held the groundbreaking rites at Barangay Parian Kayawan, one of the island villages in Lugus town, which was found to have huge natural oil and gas deposits believed linked to the petroleum-rich Brunei Darussalam. The Lugus project is expected to kick-start economic development in the Autonomous Region in Muslim Mindanao (ARMM) the reason it is most welcome in the region, according to Mayor Hajiri, who is also the president and chief executive officer of the HMOGC. EWI knows that there has already been sufficient gas discovered in the Sulu Archipelago, which can churn out a yearly output of 1 million tons of LNG that is more than ample to distribute 1,000 megawatts of power for 20 years. The natural gas has been discovered in areas that have been handed back to the Department of

Europe . . .

continued from A6

well disappear. Overall, society will be better off. But for many individuals, the transition will be hell. What about them? Beats the Social Democrats. Rhetorically, they enjoy calling for “fresh” thinking. So what did Kevin Kuehnert, the allegedly up- and -coming 30-year-old leader of the SPD’s youth organization, come up with? He recently had a brainstorm—wait for it—to collectivize

Energy. EWI seeks to tap into this already discovered gas by bringing it ashore on Lugus Island, where it will be processed and used as the foundation of a new Petroleum Park, which will provide economic development and clean energy for the Philippines. Before Lugus, the most significant gas discovery was that of Malampaya with reserves of about 2.7 trillion cubic feet of natural gas and 85 million barrels of condensate. The Lugus Island Petroleum Park will simplify the development of existing natural gas discoveries in the Sulu Sea and surrounding areas. It will consist of a LNG production and export terminal, seaport, airport, industrial precinct, residential area and power generation. I could foresee that this investment will bring employment and fiscal development to Mindanao, long battered by security nightmare. With ARMM in place, it is expected that all armed elements marauding the region will come together to usher in peace and prosperity. Oil has also been detected in some of the existing wells in the Sulu Sea. The need to refine this product into a higher value export commodity within the region is significant to the future economic growth of the Sulu archipelago. The Petroleum Park will cater to potential future discoveries of commercial oil reserves by making an allowance for the initial infrastructure to be colocated within the developing area. The planned oil refinery, BusinessWise learned, will be developed at an appropriate time in the future. The oil refining area will be designed in such a way that it will cater to the domestic demands of the Philippines as far as possible, while also being tailored to meet the needs of the export market. An international and domestic airport will also be built to ensure that physical communication links required for the economic development of region are catered to. The facility will serve passengers and cargo, allowing for new markets, domestically and globally for regional products. Increased accessibility will also help open the region to tourism projects. This will add another pillar of growth to the local and regional economy by providing for long-term sustainable employment. I just hope that the government will give its utmost assistance to this ambitious, yet doable project. It’s about time that a venture of this magnitude be given the utmost priority it so deserves. For comments and suggestions, e-mail me at mvala.v@gmail.com

BMW. Bold and visionary, in a bygone century. Nobody in politics has yet found convincing and comprehensive answers to the twin challenges or our time: reconciling the economy and ecology on a heating planet, and assuring social cohesion as technology first supplements, then competes with, human intelligence. The answers will eventually touch everything from education to taxation, welfare and consumption. There are people probing deeply and curiously into these fields. Just not among the Social Democrats.

(Fifteen years ago as I started to write this weekly column on BusinessMirror upon the urging of my kababayan Sen. Blas Ople, I decided early on to focus on the Word of God as proclaimed in the Sunday liturgy of the Church in the belief that we as a people would do very well to be shaped by the two-edge sword of God’s Word. For 14 years we have systematically gone over every Old Testament reading, Psalm, Epistle text, and Gospel pericope used in worship, and we have reflected on them for spiritual nourishment. Now I intend to take a more freewheeling approach to contemporary issues and relevant matters but still as guided by the Word of God and the tradition of our Christian faith.)

E are again in the season of Advent. Our attention is directed on what is to come. It is a season of faith, as we look forward to what is not yet there but what we, deep in our hearts, hope and long for. Advent is about a birthing to come, and this time around for us Filipinos Advent launches us in the last year of our preparation for the Fifth Centennial of the Christianization of the Philippines. This Advent should at the very least focus our energy on what we have to do, as we wait actively, for the big celebration of the 500th anniversary of the coming of Christianity to our country. But even more profoundly, this Advent must awaken us to the real import of our Christianization that only started 500 years ago.

Time of fulfillment Advent points our attention to the coming of Jesus Christ, the beginning of the time of fulfillment. His coming for our salvation is the fulfillment of God’s long-standing promise to send His Chosen One to lead humankind to the right path

of reconciliation with Him. His birth, which we celebrate the whole Christmas season, is a joyous remembrance precisely of that advent of the time of fulfillment the first time around. Jesus appeared on the scene and in due time proclaimed, “This is the time of fulfillment,”

Thursday, November 28, 2019 A7

meaning “The reign of God is at hand” (Mark 1:15). Man’s fulfillment cannot be against or apart from the reign of God; man’s fulfillment is the completion of what the Creator has destined for humankind. The people then knew only too well that things were far from being good; there were always so much rottenness around, so much violence and oppression, so much ignorance and suffering. That things would be better, that was the expectation of all. Filipinos have been at times faulted for being too optimistic, unrealistically optimistic, amid so much dross and inanities in our society. It is as if we are too blind to see the real score, or so much taken up with whistling in the dark we are actually refusing to see the truth. We have seen the bottom of the barrel, we claim, and we convince ourselves that it cannot get any worse than this. Well, things definitely have to improve. It is not God’s plan that we suffer unjustly and self-destruct. We Filipinos are not a God-forsaken people, nobody is.

The imperative of transformation

Jesus called on His listeners to change their ways, to be converted (Mark 1:15). This metanoia he was demanding means both a turning back to God and a turning away from old sinful ways. This turning around implies living up to God’s commandments, God’s reign among us, therefore, according to the Gospel of Jesus, a life of faith

guided by the teachings of Jesus. This is the conversion which is the heart of the Christianization of any people; this must be the measure of the evangelization of our people these 500 years. In the “lights and shadows” of the Christianization of the Philippines, we must avoid being too defensive, as we traditionally are, trying always to cushion the blows of the real and the true. The majority of our people are up to now “nominal Christians,” not yet living according to Gospel values. What have we really and effectively done about it? What are we all honestly and in concert doing about this? What are we not yet doing that needs to be undertaken in true evangelization? Surely, the coming Fifth Centennial of our Christianization is not a celebration of a Filipino success, but more of a fresh call to conversion to Christ. Alálaong bagá, we Filipino Christians need to focus on the message of Advent. Yes, there is something we can still look forward to: Someone is coming by the power of God. Jesus is up to the end of time “a-coming,” also to us Filipinos, for whom the grace of Christianization and conversion is not done in nor limited by 500 years of history. Our transformation according to the Gospel of Christ is ongoing and lifelong. Join me in meditating on the Word of God every Sunday, from 5 to 6 a.m. on DWIZ 882, or by audio streaming on www.dwiz882.com.

Factory Asia ‘disrupted:’ Policy implications for PHL Dr. Rene E. Ofreneo

LABOREM EXERCENS Continued from A1

‘E

ast and Southeast Asia is crisscrossed by a dense network of GVCs for a wide range of manufacturing products, notably electronics, automobiles, machinery and clothing. Each country specializes in tasks according to their comparative advantages. Hong Kong and Singapore tend to specialize in logistics and finance, and be home to corporate regional headquarters. Japan and Korea focus on branded product designs and high-tech companies, and Malaysia and Thailand specialize in midrange manufacturing. Thailand has become a regional manufacturing hub for the automobile industry in particular, being used by companies like Toyota, Mazda and Ford. China specializes in product assembly and lower-skilled manufacturing, although it is now graduating to higher value-added activities. Bangladesh and Cambodia are very active in clothing manufacture, while Indonesia and Mongolia are rich in natural resources.” The GVCs referred to above are the global value chain facilities in Asean and other Asian-Pacific countries established by the multinational companies. The pioneer GVC MNCs from Europe, the United States and Japan succeeded in atomizing industrial production in the 1970s to 1990s, dividing it into two major clusters: the capital-, knowledge- and skills-intensive cluster and the labor-intensive, low-tech cluster. The former was retained in the developed countries, while the latter was outsourced to developing countries. Most of the GVC investments have been captured by host countries through the establishment of special economic zones or export processing zones where duty-free reexport manufacturing is encouraged. The leading players in Factory Asia are Japan and China, that is, Japan as the leading outsourcer (especially auto parts manufacture and auto assemblies) and China as the leading assembler of almost every imaginable industrial product. With its “mercantile innovation” culture, China has also made huge advances in technological upgrading and has succeeded lately in doing some industrial outsourcing herself across Asia. Is Factory Asia sustainable? Can the present constellation of GVCs in Asia keep growing uninterrupted? There are signs that Factory Asia

is highly vulnerable to economic, political and technological disruptions. First, Factory Asia’s leading market destination, the US, has become protectionist. In fact, Donald J. Trump, with his America First battle cry, has launched a vicious “trade war” against China. This trade war has a weakening impact on US-China trade, with some observers even predicting a global recession resulting from this war. And there are other trade conflicts that are roiling global and regional markets. For example, the muchpublicized Regional Comprehensive Economic Partnership, projected to become the world’s biggest freetrade agreement, got bogged down with the withdrawal by India, whose domestic farming and manufacturing sectors lobbied against a China-dominated RCEP. On the other hand, within the RCEP, two countries are so distrustful of each other they delisted each other as a “trusted trade partner.” These are Japan and South Korea. However, the immediate problem for some Asian countries, the Philippines included, is that most of the GVC facilities are interlinked or “networked” with one another. In the case of the electronics industry, a series of assembly work and testing makes it possible for electronics GVC investors to assign assembly work in different countries based on

Somehow, the Philippines, due to lack of a clear industrial vision in the past, has remained stuck at the low end of the electronics assembly ladder (since the 1970s!). This explains why in certain years the leading export destination for Philippine electronics were Singapore and Malaysia, which were engaged at a higher sophisticated level of assembly, testing and even industrial application.

skills and technology sophistication obtaining in these host countries. Somehow, the Philippines, due to lack of a clear industrial vision in the past, has remained stuck at the low end of the electronics assembly ladder (since the 1970s!). This explains why in certain years the leading export destination for Philippine electronics were Singapore and Malaysia, which were engaged at a higher sophisticated level of assembly, testing and even industrial application. Today, the leading export destination is China, which has become the “finalstage export platform” for electronics and other GVC products coming from different Asian countries. The reported decline in Philippine electronics exports is due to the slowing Chinese economy, which, in turn, is partly due to the US-initiated tariff war against China. The disruption threat is coming not only from America with the inward-looking policy of Trump. Other GVC export destinations in Europe have also become inwardlooking or protectionist. And then there is another disruption threat: the global advances in automation and robotization. Some labor-intensive GVC industrial processes are now vulnerable to possible “reshoring.” This is amply illustrated by the success of Adidas of Germany in building in 2017 a factory in Germany and another, in Atlanta, US. Adidas once had a giant shoe factory in Novaliches. Given the foregoing, a developing country that is organizing its economy by focusing mainly on how to increase its participation in the GVC system of the MNCs is facing an increasingly uncertain future. In the case of the Philippines, it has been trying to lure GVC investors for nearly four to five decades under the Neda’s so-called labor-intensive export-oriented industrial strategy, shortened in the 1980s to “exportoriented industrial,” with limited

success. Alarmed by the poor Philippine industrial performance, the ADB itself has been nudging the Philippines to be more forwardlooking in industrial programming and to scale up its participation in the GVC system. In a way, this ADB advice means abandoning the existing neoliberal policy framework of simply opening up the economy’s trade and investment regime, with the hope that more GVC investments shall flow into the country. But given the uncertainties facing the GVC system of Asia today, is the GVC-scaling-up strategy the best or the only policy option for the Philippines? How about going into nontraditional GVC industries and, yes, domestic-oriented industries? Right now, the DTI focus is on how to persuade Japanese auto makers to assemble more cars in the country by offering fiscal incentives to those who can assemble a certain number of vehicles per year. The idea is for Japan to replicate what it did for Thailand, which has been transformed into a major auto hub in the region, manufacturing over 2 million vehicles a year with the support of over 2,000 car parts makers. In contrast, the Philippines, once a leading car assembler in Southeast Asia, has just only over a hundred active car part makers, half of which are doing parts production on a part-time basis. But are the Japanese willing to develop a “complete” auto hubinthePhilippinestocompetewith the existing Japanese-led auto hubs in Thailand, Indonesia, China and other Asian countries? And what is the future for the old-style car assembly when the race today worldwide is for the production of cleaner e-vehicles at affordable rates? In short, are there no other policy choices in car assembly and parts production? How about consolidating further the niche that the Philippines has developed in wire harness production? As DTI reported, the country accounts for over 20 percent of the global demand for wire harness. The biggest Philippine factories today are the wire harness factories. The whole point is that the economic-technological threats shaking Factory Asia, felt Asia-wide, requires our industrial policy-makers to go back to the drawing board to craft a more holistic, realistic and balanced industrial program that is not wholly dependent on the existing but crumbling GVC system.

A8 Thursday, November 28, 2019

House opens debates on bill on expanded retail trade lib

By Jovee Marie N. dela Cruz

@joveemarie

N economist-lawmaker on Wednesday said opening the retail trade sector to foreign competition through passage of the amendments of Retail Trade Liberalization Act will lower the prices for Filipino consumers.

In a news conference, Marikina Rep. Stella Luz Quimbo said competition in the retail sector is needed to broaden consumers’ choices. “Let us embrace competition particularly in the retail sector as this will discipline the huge retail firms and conglomerates,” she said. On Tuesday, the House started plenary deliberations on House Bill 59 or the proposed amendments to Republic Act 8762 (Retail Trade Liberalization Act) to remove the

barriers to foreign investments in the local retail sector. “Despite a law that was passed in 2000 to liberalize retail trade, in the last 19 years, only 43 foreign retail investments have been recorded. Their investments have generated approximately 22,000 jobs, equivalent to only 0.6 percent of the total jobs generated in wholesale and retail from the time liberalization was enacted,” Quimbo said.

PRA against bill

The Philippine Retailers Associa-

Number of foreign retail investments recorded in the last 19 years, since the law was passed to liberalize retail trade. The investments created 22,000 jobs, or only 0.6 percent of the total jobs generated in wholesale and retail since year 2000 tion (PRA) is against the bill. “If it comes intro fruition, however, the proposed amendments will instead upset a careful balance first struck 19 years ago between government, the economy, foreign investors, consumers and especially Filipino entrepreneurs,” said the PRA in a position paper submitted to the House Committee on Trade and Industry. “In other words, [the proposal]

intends to strip the protection extended by law to micro, small and medium sized retail enterprises against foreign competition, which many are unprepared against,” it added. The amendatory bill opens up the Philippine retail industry, resulting in greater variety of products, more choices of goods for consumers, inflow of new technology and employment of more Filipinos. The bill allows foreign-owned partnerships, associations and corporations formed and organized under the laws of the Philippines, upon registration with Securities and Exchange Commission (SEC) and the Department of Trade and Industry, or in the case of foreignowned single proprietorships, with the DTI, to engage or investment in the retail trade business with a minimum paid-up capital of the equivalent in Philippine peso of $200,000. See “Retail trade,” A2

SEA Games to bring in ₧894-M revenue to hotels

HE Southeast Asian Games (SEA Games) is projected to generate at least P894.2 million in revenue for the hospitality

industry. In a news statement, the Department of Tourism (DOT) said the SEA Games is estimated to

NORTHEAST MONSOON AFFECTING NORTHERN LUZON as of 4:00 pm - November 27, 2019

bring in a total of 137,563 room nights to hotels across the four event hubs in Manila, Southern Luzon and La Union, Clark and

Subic, with delegates staying from November 19 to December 12, 2019. According to the Hotel Sales and Marketing Association Inc. (HSMA), the average rate of these hotels would be about P6,500 per night. There are some 35 hotels and resorts where athletes, sport officials and other event guests are billeted. Among the hotels in Metro Manila are: Manila Hotel, Midas Hotel, Tryp by Wyndham, New World Manila Bay and Dusit Thani. Accommodations in the prov inces inc lude Royce Ho tel (Clark, Pampanga); Summit Ridge (Tagaytay); Kahuna Beach Resort and Spa (La Union), to name a few. According to the SEA Games 2019 web site, some 8,750 athletes and team officials are participating in the event, along with 2,050 technical officials. The estimated industry revenue doesn’t include food and transportation costs. As this developed, Tourism Secretar y Bernadette Romulo Puyat directed representatives of hotels with guests who are SEA Games participants, to “ensure that the Filipino brand of hospitality is exercised to the maximum capacity of hotels’ resources and capabilities.” The DOT chief met with the hotel representatives on Wednesday, along with officers of the Tourism Congress of the Philippines (TCP), Philippine Hotel Owners Association Inc.; HSMA; and the Philippine Association of Convention/Exhibition Organizers and Suppliers to discuss issues pertaining to the sports event. Also present in the meeting were Philippine Southeast Asian Games Organizing Committee Foundation Inc. (Phisgoc) officials Arsenic Lacson, director of games services, and Chris Tiu, deputy director for the volunteer program. The DOT committed to assign a focal person in each of the four SEA Games sports hub and upgrade its existing information desks at the lobbies of the participating hotels. Initially intended to promote Philippine tourist destinations and tour packages to visitors, the desks are now open to disseminating additional SEA Games-related information from Phisgoc and receiving concerns, which will be forwarded to the foundation for proper handling. Ma. Stella F. Arnaldo

BTR MAY REPEAT ‘PREMYO’ BONDs OFFERING NEXT YEAR

HE Bureau of the Treasury (BTr) may again raise funds via the peso-denominated “Premyo”bonds next year should its maiden offering prove successful. National Treasurer Rosalia de Leon told reporters on Wednesday that the government will use the P3 billion it plans to raise via the Premyo bonds to fund items under the national budget, including education, housing, health care and other social services. “We’re thinking maybe we can [do it again] next year because the Premyo bonds we have issued will [mature] by December 18, 2020,” de Leon told reporters in a briefing in Malacañang. She said the participation of realestate developers has been a big help in attracting investments in the peso-denominated bonds. De Leon noted the increase in the number of individuals opening bank accounts to buy Premyo bonds. For just a minimum of P500, the public can invest in the retail treasury bonds. The offer period is from November 25 to December 13, and the issue date is on December 18. On top of a quarterly interest payment, or an interest rate of 3 percent per annum, investors would also have a chance to win a cash reward of up to P1 million and a non-cash

reward in the form of condominium units or house and lot. For every raffle draw, there will also be 10 winners of P100,000 and 50 winners of P20,000. Aside from raising funds for the government, government officials said the sale of Premyo bonds was also intended to achieve government’s priority of financial inclusion for the public. Citing the 2017 Financial Inclusion survey, Finance Assistant Secretary Joselito G. Lambino II said only 22.6 percent of the adult population have savings or deposit account in the banks while the majority resort to informal lending practices like the onerous “5-6.” De Leon said she hopes that more overseas Filipinos would open accounts in the Philippines, considering that there is an online ordering form to make it easier for the people to participate in Premyo bonds. Premyo bonds are available through five selling agents: Development Bank of the Philippines, Land Bank of the Philippines, Banco de Oro, China Bank and First Metro Investment Corp., a subsidiary of Metrobank. The non-cash rewards came from three participating institutions—Vista Land, Megaworld and DoubleDragon.

Ex-SC Justice Carpio: China gained what it lost from 2016 arbitral ruling By Recto Mercene @rectomercene

ETIRED Supreme Court Justice Antonio Carpio on Tuesday said China should not begrudge the ruling of the international tribunal annulling its historic claim to the whole South China Sea (SCS) “because it gained what it lost by having the means to explore the resources of the high seas.” Keynoting the 50th Anniversary of the Vienna Convention on the Law of Treaties at the Department of Foreign Affairs, Carpio said, “Whatever China lost in arbitration it has actually recovered because it can now fish in the larger high seas because the claims of other states will also be denied. Their small islands will not be awarded exclusive economic zone [EEZ], only 12 nautical miles territorial sea.” The DFA event also coincides with the Golden Anniversary of the Vienna Convention on the Law of Treaties. “So China should look at it that way. If you look at the sum total of everything, it’s actually ahead, because as the country with the largest fishing fleet, it stands to benefit immensely because the high seas have been greatly increased with this ruling.” Carpio explained why the Philippines’s pleading with UN body was accepted to consider Itu Aba, (Ligao or Ligaw to the Filipinos, Taiping to China and Taiwan), a “rock.” Itu Aba is the largest of the naturally occurring Spratly Islands in the South China Sea with a runway running its entire 1.4-km length. It is occupied by 220 military, coast guard and support personnel, including four civilians. In the July 2016 historic ruling, the arbitral tribunal classified Itu Aba as a rock under United Nations Convention on the Law of the Sea (Unclos), and therefore not entitled to a 200-nautical mile EEZ and continental shelf. Both Taiwan and China rejected this ruling. Like Itu Aba, Carpio said “there are many islands in the Pacific Ocean where the US is claiming 200-nm EEZ for their tiny islands that are not habitable.” However, he said the Tribunal has invalidated those claims and granted only 12-NM jurisdiction. Since the original claims of a 200-NM EEZ for rocks and inhabitable islands have been overturned, Carpio said in effect, “the high seas have been expanded, increased and the country with the largest fishing fleet is the No. 1 beneficiary. And the country with the largest fishing fleet is China.” Asked why China, despite having the largest fishing fleet, still blocks attempts by other claimants and coastal estates to fish in

the contested islands, Carpio said: “I think they [China] should start respecting international law, start by respecting the arbitral tribunal because they did not really lose in terms of fishing and even in terms of mineral resources.” He explained that in the high seas where islands do not have EEZ, “then beyond the territorial sea, other countries can explore the mineral resources; all they have to do is to get a permit from the International Seabed Authority [ISA].” Carpio continued: “So if you sum it up all, China is really ahead, even if it lost to us but it gained much more because the high seas have been expanded, and in the high seas where there are no EEZ of coastal states, they are free to apply for permit from the ISA to explore the mineral resources.” Asked why China claims ownership of seven features in the SCS that they excavated from the bottom of the ocean, Carpio said there are two disputes in the SCS. “The first is the dispute on the maritime resources, like fish, oil, gas; and the second is the dispute over territory.” In areas “where China built on rocks above water at high tide, those are territorial disputes not covered by the Unclos tribunal because Unclos governs only maritime disputes, not territorial disputes,” Carpio explained. Carpio who has taken a hard stance against China following the favorable ruling by the Tribunal in 2016, said “There can be no effective dispute settlement between and among treaty states without uniform and universally accepted rules of treaty interpretation. That is the function of the Vienna Convention—the treaty we celebrate today for its 50th year since its signing.” He said the Vienna Convention is the common language used in applying and interpreting treaties so that states are on the same wavelength when they negotiate, conclude, apply and interpret treaties, enabling peace and stability in the world and the advancement of civilization in an orderly manner. “The Vienna Convention has been cited, in both majority and minority opinions, in no less than 22 Supreme Court decisions that applied and interpreted treaties entered into by the Philippines.” He said the most important example of the value of the Vienna Convention to the Philippines was the application of the Vienna Convention in the South China Sea Arbitration at The Hague. “The Tribunal’s Award was wrestled on what constitutes a rock which cannot sustain human habitation of its own so as to be entitled not only to a 12-NM territorial sea, but also to a 200-NM exclusive economic zone.”

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If you have any information / objection to the above mentioned application/s, please communicate with the Regional Director thru Employment Promotion and Workers Welfare (EPWW) Division with Telephone No. 400-6011.

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

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Companies BusinessMirror

Thursday, November 28, 2019

Despite Citira fears, aircraft maintenance firm Lufthansa Technik invests in $40-M new hangar

By Lorenz S. Marasigan

@lorenzmarasigan

IRCRAFT maintenance, repair and overhaul provider Lufthansa Technik Philippines (LTP) broke ground on Wednesday for its new $40-million hangar in Manila, even as it is remains skeptical of the implications of a tax bill that could potentially cause it to pack its bags and move elsewhere in Southeast Asia. Elmar Lutter, the president of the company, said his group is still confident of prospects in the Philippine market given that it is a demographic sweet spot filled with local talent, reflective of a fresh $40-million investment for a new hangar at the MacroAsia Special Economic Zone, Villamor Airbase in Pasay. “The Philippines is perfectly geared up to be a provider for aircraft maintenance in the future,” he said in a press briefing on Wednesday. “The company strongly believes in the ability of the Philippines to be a hub for aviation services in the re-

gion, and proof of this is our expansion and continued commitment to the country.” The new hangar will increase the company’s capacity by 20 percent, and could potentially draw 10 percent more revenues from maintenance orders from various airlines around the world.

Citira jitters

However, Lutter expressed concerns on the Corporate Income Tax and Incentives Rationalization Act (Citira), as its industry is “not properly represented” in

Breaking ground for the $40-million Lufthansa Technik hangar on Wednesday (November 27, 2019) are, STAM Engineering Executive Director Keh Ching Ann (from left); MacroAsia Corp. President and COO Joseph Chua, House Majority Leader Martin Romualdez, Trade Secretary Ramon Lopez, Sen. Cynthia Villar, Lufthansa Technik Philippines President and CEO Elmar Lutter, Bukidnon Rep. Manuel Zubiri, Finance Undersecretary Karl Chua and Grandspan Development Corp. President Alfred Tiu. NONIE REYES

the proposed bill’s current form. “We have reached out to the government on all channels we could, and we have officially handed in our position—flagged our concerns to the tax bills, and that’s part of the democratic process,” he said. Lutter added that his group, contrary to its earlier statement,

SEC approves shelf offering of Vista Land, Cirtek

HE Securities and Exchange Commission (SEC) has approved the shelf registration of the debt paper of property developer Vista Land and Lifescapes Inc., and Cirtek Holdings Philippines Corp. In its November 26 meeting, the SEC’s commission en banc approved Vista Land’s shelf registration of P30 billion and Cirtek’s P2 billion. The fixed-rate bonds and commercial papers will be listed and traded at the Philippine Dealing & Exchange Corp. Vista Land will issue the bonds in tranches within a period of three years from the effective date of the registration statement. It intends to issue the first tranche comprising fixed-rate bonds of P10 billion, including an oversubscription option of up to P5 billion. The offer bonds will have a tenor of five years and six months from issue date. Vista Land may redeem in whole the outstanding bonds at 101 percent of the principal amount on the third year, or at 100.5 percent on the fourth anniversary of the issuance.

Vista Land plans to issue and list the bonds on December 12, based on the latest registration statement submitted to the SEC. China Bank Capital Corp., PNB Capital & Investment Corp. and SB Capital Investment Corp. will act as joint issue managers, lead underwriters and bookrunners for the offer. The proceeds will fund the construction and completion of various malls, redevelopment of existing malls and the construction of condominium projects, as well as for general corporate purposes. Cirtek Holdings, meanwhile, will issue the commercial papers, either in lump sum or in tranches, within three years from the date of effectivity of the registration statement. The Laguna-based company will offer the commercial papers in three series: 91day series A worth P500 million; 182-day series B worth P500 million; and 364-day series C worth P1 billion. Proceeds will be used to refinance existing debt and cover working capital requirements. VG Cabuag

Work on MRT 7 depot starts as court favors DOTr, SMC arm

ONSTRUCTION work on the depot of the Metro Rail Transit Line 7 (MRT 7) started this week, after local courts decided in favor of the Department of Transportation (DOTr) and concessionaire SMC Mass Rail Transit 7 Inc. on a contested parcel of land for the railway line’s terminus. Transportation Secretary Arthur P. Tugade said the Quezon City Regional Trial Court Branch 92 and 98 issued the writs of possession for a 20-hectare land along Quirino Highway in Barangay Lagro, Quezon City, which is deemed “optimal for right-of-way implementability, asset constructibility, capital expenditure and operational expense efficiency, and operational reliability and maintainability.” In a statement on Wednesday, he said, “The start of depot works sig-

nifies much more than a dot in the time line of the project. It shows us that when the Judiciary work hand in hand with the Executive department, we are able to pick up speed in delivering infrastructure development to the Filipino people.” To recall, the department offered to buy the depot site from its owners at current market value, but they refused the deal. Citing the new Right-of-Way law, or Republic Act 10752, the agency filed an expropriation case against the property owners. It won the writs of possession just last week. A writ of possession is a writ of execution employed to enforce a judgment to recover the possession of land. It commands the sheriff to enter the land and give its possession to the party entitled under the judgment. Lorenz S. Marasigan

will wait first for the government to finish crafting the bill, and would first dismiss prospects of relocating to another Asian country, should the legislation be passed against it. “Our hope is that our concerns are properly integrated into the final consideration,” he said. “We have a

lot of trust that the Philippines, and we hope the elected lawmakers see the benefits of this in the industry.” The group’s main concern focuses largely on the treatment of aircraft parts that it imports in the Philippines. “We are not planning to relocate and we have trust in the process,”

Lutter added. For now, the group will focus on developing the new hangar that it is building, which will create 275 jobs by the end of 2020. LTP is currently employing 3,300 Filipinos across key cities nationwide, including Clark, Cebu, Davao, Kalibo and Puerto Princesa.

Companies BusinessMirror

Thursday, November 28, 2019

PSE STOCK QUOTATIONS

November 27, 2019

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

ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PBCOM PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK BRIGHT KINDLE BDO LEASING COL FINANCIAL FIRST ABACUS FERRONOUX HLDG FILIPINO FUND MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

53.7 155.5 88.85 25.1 12.9 68.2 20.55 39 58 112.1 24.8 201.6 59.05 1.05 1.88 18 0.53 4.14 7.58 0.4 0.84 173.5 1806 1.06

54 157 89 25.15 12.92 68.45 21.9 39.15 58.75 125 24.9 204 59.55 1.1 1.99 18.2 0.59 4.32 8.49 0.415 0.85 175.8 1884 1.07

53.65 150.2 88 25.1 12.96 67.6 20.6 39.7 58.75 112.1 24.8 203 59 1.05 1.89 18 0.59 4.15 7.7 0.4 0.85 175.8 1880 1.06

53.7 158 89.25 25.1 12.98 68.5 20.6 39.7 58.75 112.1 25 204.2 59.55 1.05 1.89 18.2 0.59 4.33 7.7 0.4 0.85 175.8 1890 1.06

53.65 150.2 87.65 25.05 12.8 67.05 20.55 38.9 58.75 112.1 24.8 198.1 59 1.05 1.88 18 0.59 4.14 7.7 0.4 0.85 173.1 1806 1.06

53.7 157 88.85 25.1 12.92 68.45 20.55 39.15 58.75 112.1 24.8 204 59.55 1.05 1.88 18.2 0.59 4.33 7.7 0.4 0.85 173.5 1806 1.06

20 2570940 6662390 28400 204700 2788870 4200 1245000 390 140 154200 517470 1780 85000 56000 30900 2000 40000 600 30000 3000 680 240 200000

1073.5 398578111 590483243 712730 2638388 189,534,3291 86505 48644405 22912.5 15694 3824580 104920574 105225 89250 105320 557370 1180 166750 4620 12000 2550 117979 435010 212000

INDUSTRIAL

AC ENERGY ALSONS CONS ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PETROENERGY PHX PETROLEUM PILIPINAS SHELL SPC POWER VIVANT AGRINURTURE AXELUM CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT GINEBRA JOLLIBEE LIBERTY FLOUR MACAY HLDG MAXS GROUP MG HLDG PEPSI COLA SHAKEYS PIZZA ROXAS AND CO RFM CORP ROXAS HLDG SWIFT FOODS UNIV ROBINA VITARICH CONCRETE A CONCRETE B CEMEX HLDG EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE PHINMA TKC METALS VULCAN INDL CROWN ASIA LMG CHEMICALS MABUHAY VINYL PRYCE CORP GREENERGY INTEGRATED MICR PANASONIC SFA SEMICON CIRTEK HLDG

HOLDING & FRIMS

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL AYALA LAND LOG ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B BHI HLDG COSCO CAPITAL DMCI HLDG FJ PRINCE A GT CAPITAL JG SUMMIT KEPPEL HLDG A LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PACIFICA PRIME MEDIA SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER WELLEX INDUS ZEUS HLDG

55372461 -155988124.5 325774 5083693.4997 -20600695 -4970 -23319872 -2550 -1758 -

2.51 1.25 34.6 0.23 23.75 75.75 318 18.06 4.63 4.07 10.88 32.65 8.89 15.58 13.36 3.66 15.26 5.35 8.67 7.21 87.4 0.59 40.8 197.1 45.05 8.03 12.1 0.181 1.38 10.98 2.04 5.45 1.91 0.12 151.6 1.15 66.05 67.85 2.3 15.06 10.48 13.9 17 9.11 1.02 0.98 2.03 4.95 3.5 4.96 2 8 5.27 0.96 5.23

2.52 1.29 34.75 0.24 23.9 76 319 18.28 4.68 4.19 11.06 32.7 8.9 16.7 13.96 3.68 15.38 5.4 8.7 7.22 90 0.62 41 197.9 48.45 8.6 12.2 0.192 1.39 11 2.05 5.47 1.95 0.122 154 1.16 70.95 69.8 2.31 15.1 10.5 13.98 17.2 9.6 1.06 1 2.09 5 3.59 5.21 2.01 8.09 5.67 1.02 5.25

2.6 1.29 34.2 0.239 23.4 76 325 18.02 4.72 4.08 11.06 32.5 8.8 15.72 14.08 3.67 15.38 5.4 8.86 7.22 88 0.58 40 187.8 45 8.15 12.1 0.182 1.38 11.16 2.04 5.47 1.91 0.127 152 1.15 66 67.85 2.3 15.22 10.3 13.72 17.1 9.6 1.02 0.98 2.02 4.96 3.6 5 1.96 8 5.7 0.96 5.5

2.6 1.29 34.95 0.24 23.95 76.2 325 18.48 4.72 4.19 11.06 32.75 8.89 16.2 14.08 3.68 15.38 5.4 8.88 7.23 90 0.63 41 198.6 45.05 8.81 12.4 0.182 1.41 11.16 2.08 5.47 1.91 0.127 154.9 1.16 71 67.9 2.34 15.22 10.5 13.98 17.2 9.6 1.06 1 2.02 4.96 3.6 5.28 2.02 8.16 5.7 0.99 5.62

2.51 1.25 33.75 0.239 23.4 75.75 317.2 17.84 4.65 4.06 10.88 32 8.3 15.56 13.06 3.55 15.26 5.35 8.67 7.22 87.05 0.58 40 187.8 45 8.02 12.06 0.182 1.36 10.8 2.01 5.45 1.91 0.118 150.3 1.13 66 67.85 2.3 14.88 10.3 13.72 16.9 9.59 1.02 0.97 2.01 4.96 3.41 4.97 1.96 8 5.25 0.95 5.22

2.51 1.25 34.6 0.24 23.9 75.75 319 18.06 4.65 4.19 11.06 32.7 8.89 16.2 13.96 3.68 15.38 5.4 8.67 7.22 90 0.62 41 197.9 45.05 8.6 12.1 0.182 1.39 11 2.05 5.47 1.91 0.121 154 1.16 71 67.85 2.31 15.1 10.48 13.98 17.2 9.6 1.06 0.98 2.01 4.96 3.41 4.97 2.01 8.09 5.67 0.96 5.23

1662000 17000 5607600 60000 630600 93200 262400 2018900 670000 13000 12500 700200 833200 2700 160200 1937000 45900 7300 1808100 5381600 266220 1508000 17900 1099600 200 3700 94900 300000 2752000 398000 3276000 4000 5000 3640000 500710 9342000 230 2110 452000 264000 3279100 50700 879900 7200 137000 856000 117000 30000 15000 1228000 14748000 88400 3900 164000 640600

4207460 21610 191904730 14350 15043880 7083874 83738126 36359950 3135670 52970 138070 22641265 7238269 42670 2225242 7027280 705010 39215 15902497 38855162 23814318 925490 730190 213469588 9005 30126 1151398 54600 3789450 4374242 6685530 21842 9550 445480 76315299 10736200 16130 143164.5 1050290 3968642 33854892 708604 15104456 69084 140400 845770 236240 148800 52390 6143550 29479250 716475 21333 158210 3430333

-66510.0001 -85416410 -5231850 -5992624 -42901906 2165712 719570 422120 1815419.0001 -1304354 1821310 614276 1620 -1346009 3900244 -21080 -6100 -409000 27511917 37400 1381649.9999 -1299830 8200 -31763970 -11600 -241870 1954020 -29913818 -142570 321821.9997 -9590 -6060000 -127680 395938 35106

0.78 12.28 802 48.95 11.18 3.48 6.6 0.7 0.91 0.93 1250 7.07 6.8 3.81 880 77.1 5.2 0.485 4.04 11.98 0.56 4.3 0.043 1.33 1088 157.2 216 0.214 0.213

0.8 12.48 802.5 49 11.2 3.49 6.88 0.72 0.93 0.97 1649 7.11 6.83 4.01 887 78.45 5.54 0.51 4.07 12 0.57 4.33 0.044 1.35 1089 160 219 0.222 0.216

0.8 12.5 799 49.85 10.92 3.43 6.9 0.72 0.9 0.95 1250 7.08 6.75 3.81 878 76.3 5.23 0.52 4.05 12.26 0.57 4.34 0.038 1.33 1090 160 213.2 0.214 0.217

0.8 12.5 813.5 49.9 11.28 3.49 6.9 0.72 0.94 0.97 1250 7.11 6.96 3.81 890 78.45 5.23 0.52 4.06 12.48 0.58 4.4 0.047 1.35 1100 160 219 0.214 0.217

0.78 12.28 795 48.9 10.88 3.43 6.8 0.7 0.9 0.95 1250 7 6.74 3.81 872.5 76.3 5.22 0.49 4.03 12 0.57 4.3 0.038 1.27 1087 156 210 0.214 0.212

0.78 12.48 802 49 11.18 3.48 6.88 0.72 0.94 0.97 1250 7.07 6.8 3.81 880 78.45 5.22 0.51 4.06 12 0.58 4.3 0.044 1.35 1089 160 219 0.214 0.216

2197000 4600 524800 4838800 40661200 287000 12300 110000 799000 155000 5 776500 89833100 10000 61490 1224660 1900 90000 87000 1548300 74000 28630000 640900000 158000 473390 48490 1720 500000 620000

1737890 57196 421028785 237197050 452125836 994480 84281 78630 731480 148350 6250 5495789 616266963 38100 54155485 95477056 9934 44650 351820 18643782 42200 124066040 27812500 204200 515825795 7731429 363852 107000 133450

-285370 -88654235 -148636760 -162181534 -388170 648835 -116804035 -30866645 15519780 -12140 3109276 -26912510 -405800 -94442460 -717408 51286 -107000 -

PROPERTY ARTHALAND CORP 0.84 0.85 0.86 0.86 0.84 0.84 840000 709650 AYALA LAND 44.5 44.55 43.4 44.65 43.1 44.5 15035300 660741610 -18723305 1.5 1.54 1.56 1.56 1.5 1.54 190000 287560 ARANETA PROP BELLE CORP 1.99 2 2 2 1.98 1.99 1594000 3177980 -2509390 0.73 0.74 0.73 0.74 0.73 0.74 119000 87050 A BROWN CITYLAND DEVT 0.84 0.86 0.86 0.86 0.86 0.86 1000 860 6.46 6.47 6.67 6.7 6.65 6.69 101500 677958 464543 CEBU HLDG 4.7 4.72 4.68 4.73 4.68 4.73 326000 1534320 CEB LANDMASTERS CENTURY PROP 0.58 0.59 0.58 0.59 0.58 0.59 11366000 6704010 0.425 0.43 0.42 0.435 0.42 0.435 390000 165300 CYBER BAY DOUBLEDRAGON 19.7 19.74 19.8 19.8 19.4 19.74 238000 4686542 3583480 10.32 10.34 10.32 10.34 10.2 10.32 177200 1826512 1373112 DM WENCESLAO EMPIRE EAST 0.445 0.45 0.445 0.45 0.445 0.45 1090000 489050 -220500 1.55 1.56 1.56 1.56 1.54 1.56 7105000 11034890 -1083800 FILINVEST LAND 1.2 1.23 1.23 1.23 1.2 1.23 716000 870920 GLOBAL ESTATE 8990 HLDG 14.84 14.86 14.86 14.98 14.84 14.86 71600 1063984 1.28 1.3 1.32 1.32 1.28 1.3 589000 759100 132880 PHIL INFRADEV KEPPEL PROP 4.25 4.69 4.41 4.41 4.4 4.4 4000 17620 0.61 0.76 0.75 0.75 0.75 0.75 94000 70500 70500 CITY AND LAND MEGAWORLD 4.56 4.61 4.5 4.64 4.48 4.56 19933000 91058770 -44120080 0.233 0.234 0.231 0.235 0.23 0.234 5680000 1327090 21060 MRC ALLIED PHIL ESTATES 0.395 0.415 0.395 0.395 0.395 0.395 10000 3950 2.01 2.02 2.02 2.02 2.02 2.02 60000 121200 PRIMEX CORP 26.5 26.6 26.35 27 26.25 26.5 2212100 58640080 -23643260 ROBINSONS LAND PHIL REALTY 0.345 0.365 0.35 0.36 0.345 0.345 450000 157600 2.17 2.24 2.14 2.19 2.13 2.19 159000 345260 62860 ROCKWELL SHANG PROP 3.18 3.24 3.17 3.24 3.17 3.18 30000 95640 2.45 2.46 2.4 2.45 2.4 2.45 159000 387050 STA LUCIA LAND SM PRIME HLDG 39.6 39.75 38.9 39.75 38.85 39.75 6474500 255981365 32493545 VISTAMALLS 5.2 5.5 5.45 5.5 5.02 5.5 70500 381082 1.43 1.44 1.48 1.5 1.41 1.44 9010000 12947890 SUNTRUST HOME VISTA LAND 7.56 7.62 7.59 7.62 7.52 7.62 2772700 21048029 -6231015 SERVICES ABS CBN 17.42 17.48 17.44 17.48 17.42 17.48 34400 600248 GMA NETWORK 5.24 5.28 5.24 5.25 5.2 5.25 69400 363066 0.415 0.42 0.415 0.425 0.405 0.42 2100000 868100 MANILA BULLETIN MLA BRDCASTING 12 13.94 12 12 12 12 600 7200 1894 1911 1930 1947 1894 1894 37720 71948815 -25989495 GLOBE TELECOM PLDT 1079 1080 1103 1105 1080 1080 88760 96544850 -34497960 0.038 0.04 0.039 0.04 0.037 0.04 31500000 1204700 APOLLO GLOBAL 5.21 5.7 5.6 5.6 5.2 5.25 113300 592723 -106712 DFNN INC IMPERIAL 1.66 1.74 1.7 1.7 1.7 1.7 6000 10200 0.102 0.104 0.103 0.105 0.101 0.104 2470000 251180 ISLAND INFO ISM COMM 4.2 4.21 4.21 4.21 4.17 4.2 1526000 6395270 -79800 3 3.02 2.89 3.02 2.89 3 1275000 3811580 49800 NOW CORP TRANSPACIFIC BR 0.3 0.305 0.3 0.305 0.295 0.305 5490000 1655650 120000 2.74 2.79 2.75 2.79 2.71 2.79 189000 519380 -32690 PHILWEB 10 10.08 10.08 10.1 10 10 3300 33118 2GO GROUP ASIAN TERMINALS 18 18.74 18 18 18 18 315200 5673600 264600 5.85 5.87 5.8 5.86 5.79 5.85 339400 1978647 -424158 CHELSEA CEBU AIR 92.1 92.8 92.8 93 91.2 92.1 123000 11332085.5 297462 123 123.4 122.9 123.4 121.4 123.4 1752050 215673766 29839424 INTL CONTAINER LBC EXPRESS 13.98 14 13.98 13.98 13.98 13.98 900 12582 0.9 0.93 0.89 0.9 0.89 0.9 82000 73480 LORENZO SHIPPNG MACROASIA 18 18.3 18.5 18.5 18 18 4541100 81894144 1667244 METROALLIANCE A 1 1.05 1 1.05 1 1.05 9000 9050 7.9 8 8 8 8 8 4500 36000 PAL HLDG HARBOR STAR 1.25 1.26 1.21 1.28 1.21 1.26 1776000 2191410 1.51 1.59 1.66 1.66 1.5 1.51 512000 778450 16610 ACESITE HOTEL WATERFRONT 0.62 0.63 0.62 0.62 0.62 0.62 217000 134540 7.08 7.09 7.08 7.08 7.08 7.08 3400 24072 CENTRO ESCOLAR IPEOPLE 7.86 8 7.86 7.86 7.86 7.86 1200 9432 0.67 0.69 0.67 0.68 0.67 0.68 493000 331810 STI HLDG 2.84 2.85 2.8 2.84 2.78 2.84 682000 1915070 -2840 BERJAYA BLOOMBERRY 11.3 11.46 11.3 11.46 10.94 11.46 2038700 23229268 8281566 2.55 2.58 2.55 2.58 2.54 2.58 19000 48600 -40980 PACIFIC ONLINE LEISURE AND RES 2.8 2.85 2.8 2.85 2.8 2.84 52000 147460 0.62 0.63 0.63 0.64 0.62 0.62 340000 215330 -72450 PREMIUM LEISURE ALLHOME 11.5 11.54 11.5 11.54 11.46 11.54 2060100 23726194 -5294248 METRO RETAIL 2.29 2.3 2.28 2.3 2.22 2.3 805000 1824030 -55140 39.8 40.05 40.15 40.25 39.45 40.05 753400 30156295 -8694795 PUREGOLD ROBINSONS RTL 75.05 75.2 74.5 75.3 74.5 75.2 221700 16671520.5 -1493272.5 145.5 150 150 150 150 150 41000 6150000 10500 PHIL SEVEN CORP SSI GROUP 2.65 2.67 2.68 2.69 2.63 2.67 318000 846040 175060 18.22 18.34 18.22 18.34 18.18 18.34 1753100 32069046 22449952 WILCON DEPOT APC GROUP 0.47 0.475 0.465 0.47 0.465 0.47 1300000 608500 18700 8.83 9.14 9.15 9.16 8.81 9.14 10600 96381 EASYCALL 422 425 424 425 423 425 1650 701100 127500 GOLDEN BRIA IPM HLDG 2.66 3.59 3 3 3 3 2000 6000 2.78 2.9 2.9 2.9 2.9 2.9 1000 2900 -0 PAXYS PRMIERE HORIZON 0.5 0.51 0.48 0.52 0.47 0.51 24570000 12111500 212400 9.05 9.15 9.06 9.06 9.05 9.05 1100 9965 SBS PHIL CORP MINING & OIL ATOK 10.22 11.18 10.98 11.5 10.98 11.18 1300 14346 APEX MINING 1.06 1.07 1.07 1.08 1.06 1.07 660000 703420 -180850 0.0016 0.0017 0.0016 0.0016 0.0015 0.0015 10000000 15500 ABRA MINING ATLAS MINING 2.55 2.59 2.55 2.55 2.55 2.55 402000 1025100 2.52 2.53 2.53 2.53 2.52 2.52 727000 1836940 CENTURY PEAK FERRONICKEL 1.83 1.84 1.88 1.88 1.81 1.83 3541000 6472070 -503050 0.205 0.21 0.213 0.213 0.2 0.21 560000 115080 GEOGRACE 0.099 0.101 0.101 0.101 0.098 0.101 3010000 296820 LEPANTO A LEPANTO B 0.104 0.105 0.105 0.105 0.103 0.103 360000 37140 -37140 1 1.02 1.02 1.03 1 1.01 262000 264860 MARCVENTURES NIHAO 1.02 1.04 1.06 1.06 1.04 1.04 2000 2100 3.54 3.55 3.46 3.55 3.42 3.55 3847000 13517690 1289050 NICKEL ASIA OMICO CORP 0.5 0.53 0.5 0.52 0.495 0.5 236000 118790 0.81 0.82 0.8 0.82 0.8 0.82 36000 29240 ORNTL PENINSULA 3.39 3.4 3.39 3.51 3.38 3.4 379000 1291070 -38500 PX MINING SEMIRARA MINING 21.9 21.95 21.75 22 21.5 21.9 2636200 57767800 13787130 9.4 9.41 9.15 9.4 8.93 9.4 1072000 9817179 -199827 AC ENEXOR ORNTL PETROL A 0.011 0.012 0.011 0.012 0.011 0.012 38200000 443700 0.011 0.013 0.011 0.011 0.011 0.011 650000000 7150000 ORNTL PETROL B PHILODRILL 0.01 0.011 0.011 0.011 0.011 0.011 15000000 165000 10.52 10.56 10.7 11.2 10.52 10.52 695300 7371868 -678338 PXP ENERGY PREFFERED AC PREF B1 505 509 509 509 509 509 690 351210 ALCO PREF B 100 101.5 100 100 100 100 5240 524000 100.1 100.5 100.5 100.5 100 100.1 37080 3710307 DD PREF FPH PREF C 450.6 499.8 470.2 470.2 450.2 450.2 90 41710 982 1000 1000 1000 1000 1000 7080 7080000 GTCAP PREF B LR PREF 1.01 1.03 1.01 1.01 1.01 1.01 89000 89890 1025 1029 1029 1030 1025 1029 21530 22154190 -5125 PNX PREF 4 1027 1050 1049 1049 1049 1049 2720 2853280 PCOR PREF 3A PCOR PREF 3B 1066 1071 1066 1066 1066 1066 170 181220 77.75 77.9 78.4 78.4 77.75 77.75 45220 3517398 SMC PREF 2C SMC PREF 2D 75.1 75.45 75.15 75.15 75.1 75.1 12000 901300 75 75.95 75.95 75.95 75.95 75.95 120 9114 SMC PREF 2E SMC PREF 2F 76.6 77.35 76.6 76.6 76.55 76.55 33000 2527550 75.2 75.6 75.1 75.15 75.1 75.15 811240 60924656 SMC PREF 2G 75.3 75.45 75.3 75.45 75.3 75.45 1012660 76253307 SMC PREF 2H SMC PREF 2I 75.2 75.5 75.5 75.5 75.5 75.5 1000 75500 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

16.8 5.08

17.5 5.12

16.84 5.07

16.84 5.18

16.8 5.07

16.8 5.12

14100 215400

237160 1094213

WARRANTS LR WARRANT

1.4

-45360 -841090

1.45

1.42

1.45

1.4

140000

198390

ITALPINAS 4.52 12.08 KEPWEALTH XURPAS 0.89

4.59 12.18 0.9

4.3 12.4 0.9

4.65 12.4 0.9

4.3 12.06 0.88

4.59 12.08 0.9

145000 313200 1260000

657570 3808712 1118530

26720 -

FIRST METRO ETF

117.8

SMALL & MEDIUM ENTERPRISES

EXHANGE TRADE FUNDS 117.4

115.8

117.4

115.8

117.4

25060

2916755

992215

www.businessmirror.com.ph

A global first: AC Energy launches $400-M green bonds for RE projects By Lenie Lectura

@llectura

C Energy Inc. has successfully launched $400-million, fixedfor-life green bonds to finance the expansion of planned renewableenergy (RE) projects.

The power arm of conglomerate Ayala Corp. said Wednesday that it has successfully set the terms of its inaugural US dollar-denominated, senior perpetual fixed-for-life green bond issuance at an aggregate principal amount of $400 million, with a fixed coupon of 5.65 percent for life and with no step-up and no reset. This, it said, represents the first US dollar-denominated fixed-forlife green bond ever issued globally. The green bonds will be issued by AC Energy Finance International Ltd., a wholly owned subsidiary of AC Energy, and will be guaranteed

by AC Energy. The bonds will be listed at the Singapore stock exchange. “AC Energy plans to deploy the funds for renewable-energy expansion across the Asia-Pacific region to include the Philippines, Indonesia, Vietnam, Myanmar, India and Australia, among others,” it said. To date, AC Energy has a net attributable capacity of over 1,600 megawatts, of which 600 MW is from renewable sources. As one of the fastest-growing energy companies with over $1 billion of invested and committed equity in renewable and thermal energy in the Philippines and around the region, AC

Energy aspires to achieve 5 GW of attributable renewable-energy capacity, and generate at least 50 percent of total energy output from renewables by 2025. “We are very pleased to see the strong reception among bond investors for our maiden perpetual green bond,” said AC Energy President Eric Francia. “We expect to add well over 1000 MW of renewables capacity in 2020, and this fresh capital will further cement AC Energy’s commitment towards renewable energy and sustainability, and will support the company’s scaling up of renewable-energy investments in the Asia Pacific.” The Asean Green Bonds Standards is an initiative that facilitates Asean capital markets in tapping green finance to support sustainable regional growth and meet investor interest for green investments and is part of the Asean Capital Markets Forum’s broader efforts in developing green finance for the region. The Asean Green Bonds Standards have been developed in collaboration with

the International Capital Market Association. AC Energy Chief Finance Officer Cora Dizon lauded the inaugural perpetual fixed-for-life green bond as a step toward widening the company’s investor base. “We recognize the fast-growing investor demand for green bonds, which we are leveraging to strengthen and diversify our sources of capital,” said Dizon. “The strong investor demand generated interest of over $1.2 billion and allowed the company to raise $400 million.” BPI Capital Corp. is the Sole Global Coordinator for the transaction, while BPI Capital Corp., CLSA Singapore Pte. Ltd., Credit Suisse (Hong Kong) Ltd. and UBS AG Singapore Branch (B&D) are the Joint Lead Managers and Joint Bookrunners for the transaction with the participation of BDO Capital & Investment Corp., China Bank Capital Corp., First Metro Investment Corp., PNB Capital & Investment Corp. and RCBC Capital Corp. as Domestic Lead Managers.

Shell’s Mindanao facility first to be marked by govt enforcers

EFINER Pilipinas Shell Petroleum Corp. said it started the nationwide rollout of the government’s fuel marking program, which kicked off earlier this week at the company’s Northern Mindanao Import Facility in Cagayan de Oro. The marking conducted last Monday was witnessed by officials of the Bureau of Customs and representatives from project contractor SGSSicpa, the company said. A preliminary inspection of the Davao terminals of Phoenix Petroleum and Insular Oil were conducted by several government agencies, including the Department of Finance, Bureau of Customs, Bureau of Internal Revenue and Department of Budget and Management. The inspection is required prior to the marking of fuel products. Under the TRAIN law, or Republic Act 10963, petroleum products that are refined, manufactured, or imported to the Philippines such as unleaded premium gasoline, kerosene and diesel fuel shall be marked by an official marking agent after payment of taxes and duties. By February 3 next year, all gasoline, diesel and kerosene retailed in the country are expected to be marked. To date, around 435 million liters of fuel have already been marked.

Petroleum companies that have already engaged the enforcers and started to have their fuel marked include smaller players Seaoil, Pure Petroleum Corp., Phoenix Petroleum Corp., Unioil Petroleum Philippines, the entire network of Chevron Philippines Inc. and Shell. Last August 2, the fuel marking program of the government was first launched with the live marking of petroleum products at Seaoil Bulk Terminal in Mabini, Batangas. Within six months after the initial marking, petroleum companies have already complied and worked with the BOC in having their products marked. Petroleum products found in the domestic market, including those in storage tanks, depots and terminal facilities, shall be tested for compliance under the program. The fuel marking program is mandated to curb oil smuggling and misdeclaration of petroleum products in the country, and increase revenue collection from taxable imported and locally refined petroleum products. An official fuel marker with a unique chemical marker, detectable at a molecular level, is used. This allows for authorities to test, identify, and distinguish products with paid excise taxes in the market from those without. VG Cabuag

LG expects to hit growth targets in displays segment with its latest products, solutions

ORE than a month before the year ends, LG Electronics (LG) is on track to close 2019 with more than 30-percent share of the display solutions market in the Philippines, which will translate to roughly around $6 million in total sales. This was revealed by Versatech International Inc. (VSI) Vice President for Marketing Jessa Dasas as LG officially launched its Information Display (ID) products and solutions catered to most industries in the country. “So we’re gunning the remaining days that we have. We’ll pull it off here,” she told the BusinessMirror in an interview during the LG Connect 2019 event held at the Green Sun Hotel in Makati on Wednesday.

LG IDs are business-to-business (B2B) displays that utilize high-performance panels optimized for commercial use. Fit to environments with high humidity, they boast of conformal coating that prevents corrosion of the main board from humidity and dust, as well as durability for long-term use, with fewer malfunctions of the built-in media player. The newly introduced displays from LG include the in-plane switching B2B panel, signage and hospitality TV, transparent OLED, in-glass OLED, OLED wallpaper, 86/88” ultra stretch models, transparent LED film, 130” all-in-one LED, and interactive digital board or TR3BF. Roderick L. Abad

mutual funds

November 27, 2019

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 249.25 0.39% 1.09% -1.43% -1.17% ATRAM Alpha Opportunity Fund, Inc. -a 1.4687 6.86% 2.68% -0.68% 1.94% ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.7111 -3.88% -1.29% -3.46% -4.92% Climbs Share Capital Equity Investment Fund Corp. -a 0.8852 -0.94% n.a. n.a. -1.75% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.8374 1.91% n.a. n.a. 2.03% First Metro Save and Learn Equity Fund,Inc. -a 5.2537 1.36% 2.31% -1.13% -0.37% First Metro Save and Learn Philippine Index Fund, Inc. -a,6 0.8435 1.69% -1.74% n.a. 0.81% MBG Equity Investment Fund, Inc. -a 109.24 -2.44% n.a. n.a. -5.96% PAMI Equity Index Fund, Inc. -a 50.645 3.7% 3.49% n.a. 2.89% Philam Strategic Growth Fund, Inc. -a 527.45 3.37% 2.26% -0.87% 2.47% Philequity Dividend Yield Fund, Inc. -a 1.2777 2.53% 2.84% 0.13% 1.89% Philequity Fund, Inc. -a 37.5147 3.16% 3.71% -0.04% 2.41% Philequity MSCI Philippine Index Fund, Inc. -a,1 1.0003 n.a. n.a. n.a. n.a. Philequity PSE Index Fund Inc. -a 5.1521 4.8% 4.2% 1.01% 3.9% Philippine Stock Index Fund Corp. -a 859.95 4.75% 4.1% 0.91% 3.8% 0.8594 0.88% 1.63% n.a. -0.07% Soldivo Strategic Growth Fund, Inc. -a Sun Life Prosperity Philippine Equity Fund, Inc. -a 4.1579 2.57% 3.36% -0.09% 2.44% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.9876 4.39% 3.91% n.a. 3.49% United Fund, Inc. -a 3.6085 3.87% 5.43% 1.76% 3.08% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 115.3 5.1% 4.84% 1.91% 4.11% ATRAM AsiaPlus Equity Fund, Inc. -b $0.9927 5.99% 5.09% -0.17% 6.85% Sun Life Prosperity World Voyager Fund, Inc. -a $1.3411 15.17% 9.28% n.a. 21.34% Balanced Funds Primarily invested in Peso securities 1.5664 -4.89% -2.13% -4.24% -5.14% ATRAM Dynamic Allocation Fund, Inc. -a ATRAM Philippine Balanced Fund, Inc. -a 2.1961 0.38% -0.26% -1.46% -0.59% First Metro Save and Learn Balanced Fund Inc. -a 2.6013 3.69% 2.42% -1.55% 2.29% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,5 0.229 n.a. n.a. n.a. n.a. Grepalife Balanced Fund Corporation -a 1.3257 1.98% n.a. n.a. 1.64% NCM Mutual Fund of the Phils., Inc. -a 1.9493 6.38% 3.25% 0.71% 5.76% PAMI Horizon Fund, Inc. -a 3.7552 7.16% 2.47% -0.17% 6.4% Philam Fund, Inc. -a 16.7977 6.36% 2.24% -0.25% 5.59% Solidaritas Fund, Inc. -a 2.1172 3.27% 1.91% 0.49% 2.32% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.8164 4.7% 3.25% -0.02% 4.52% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d,2 1.0026 n.a. n.a. n.a. n.a. Sun Life Prosperity Achiever Fund 2038, Inc. -a,d,2 0.9826 n.a. n.a. n.a. n.a. Sun Life Prosperity Achiever Fund 2048, Inc. -a,d,2 0.9798 n.a. n.a. n.a. n.a. Sun Life Prosperity Dynamic Fund, Inc. -a 0.9654 4.04% 2.54% -1.05% 4.74% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03816 9.78% 2.87% 1.97% 8.1% $1.0034 7.35% 4.38% 0.26% 9.82% PAMI Asia Balanced Fund, Inc. -a Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.8339 11.97% 7.29% 3.35% 15.88% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,7 $1.1145 9.22% 4.41% n.a. 10.9% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 356.43 4.06% 2.77% 2.24% 3.77% ATRAM Corporate Bond Fund, Inc. -a 1.9272 4.5% 0.79% -0.36% 3.66% Cocolife Fixed Income Fund, Inc. -a 3.109 5.09% 5.26% 5.23% 4.47% Ekklesia Mutual Fund Inc. -a 2.212 4.02% 2.51% 1.74% 3.89% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.3434 6.27% 2.07% 1.42% 6.27% Grepalife Fixed Income Fund Corp. -a P 1.6082 2.82% 1.62% -0.35% 2.8% Philam Bond Fund, Inc. -a 4.334 11.43% 2.81% 1.36% 10.57% Philequity Peso Bond Fund, Inc. -a 3.7582 7.76% 2.89% 1.35% 6.86% Soldivo Bond Fund, Inc. -a 0.9536 7.42% 1.43% n.a. 7% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.0346 9.99% 5% 2.22% 9.72% Sun Life Prosperity GS Fund, Inc. -a 1.6763 9.33% 4.49% 1.65% 8.86% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $466.76 4.44% 2.58% 2.76% 4.09% ALFM Euro Bond Fund, Inc. -a Є219.62 3.38% 1.59% 1.35% 3.27% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2033 7.2% 3% 2.56% 6.89% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0258 4.03% 1.33% 1.29% 4.03% Grepalife Dollar Bond Fund Corp. -a $1.7101 1.35% -0.35% 0.18% 1.18% PAMI Global Bond Fund, Inc -a $1.0952 6.89% 1.27% -0.92% 5.68% Philam Dollar Bond Fund, Inc. -a $2.3964 12.15% 3.4% 3.01% 10.39% Philequity Dollar Income Fund Inc. -a $0.0602957 5.94% 2.23% 1.98% 5.78% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1665 10.35% 2.7% 2.61% 10.25% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 125.41 4.18% 2.79% 2.14% 3.75% First Metro Save and Learn Money Market Fund, Inc. -a,3 1.0281 n.a. n.a. n.a. n.a. Philam Managed Income Fund, Inc. -a 1.2489 6.04% 2.55% 1.6% 5.67% Sun Life Prosperity Money Market Fund, Inc. -a 1.2611 3.8% 2.85% 2.28% 3.44% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0356 2.09% n.a. n.a. 1.94% Feeder Fund Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,4 $0.99 n.a. n.a. n.a. n.a. a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is January 3, 2019. 2 - Launch date is January 28, 2019. 3 - Launch date is February 1, 2019. 4 - Launch date is August 1, 2019. 5 - Launch date is September 28, 2019. 6 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 7 - Adjusted due to stock dividend issuance last October 9, 2019. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa. com.ph to see the latest NAVPS/NAVPU."

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Banking&Finance BusinessMirror

‘Right balance’ in alcohol, tobacco tax rates sought

EN. Richard J. Gordon is pressing for a “right balancing” system as Congress moves to craft enabling legislation to carry out the Palace-backed plan to impose higher taxes on alcohol and tobacco products. Gordon raised the issue during the plenary deliberations on Senate Bill (SB) 1074 embodying the revenue-raising bill being sponsored by Sen. Pia S. Cayetano as chairman of the Senate Ways and Means Committee. The committee conducted public hearings on the proposal to raise additional revenues to bankroll the government’s Universal Health Care Program. Pointing out that while he supports having more resources for the country, Gordon asserts public health should also be considered and be given importance. “We should look for a balancing system wherein we can allow the alcohol and tobacco,” Gordon said. “But with higher taxes, our people will somehow be discouraged to consume both products.” According to Gordon, “the objective is to make them [tobacco] not easily accessible to the public, especially to the minors, and to curb the vices.” ”In the realm of the capitalist society, it is really trying to make

the business strive and, at the same time, trying to protect the public,” the Senator added. “So, while we allow the use and selling of cigarettes and alcoholic drinks, we also earn revenue that we can use to fund our government’s programs.” Gordon clarified that the proposed “sin” tax measure should be put in the context of how the country’s interests are guaranteed, adding that he wants more finance opportunities for the government not just because the country needs more infrastructures and funding for social services, but “because we need more tools for national defense, as well.” The Senator emphasized that “the point I want to make here is that we have to be very sensible and clever with how we impose taxes.” ”If we are going to tax, let’s tax wisely and be direct to our people that this is a revenue measure for us to combat other issues,” Gordon added. He explained that SB 1074, once passed into law, will update the 1997 National Internal Revenue Code, providing a “new set of taxes for alcohol and cigarette products.” This is expected to produce P40 billion to P50 billion in revenues,” Gordon said adding that a portion of that “will be allotted for the implementation of the Universal Health Care law.” Butch Fernandez

SEC chief: Credit info agency database ensures inclusivity

HE database continuously being built by the Credit Information Corp. (CIC) “ensures the accuracy and inclusivity envisioned” by the Credit Information System Act (Cisa), according to Securities and Exchange Commission (SEC) Chairman Emilio B. Aquino. “While the road to implementing the Cisa has been a long and arduous journey, we are now finally reaping the benefits of the hard work, sacrifices and dedication demonstrated by the men and women of the CIC,” Aquino, who is also CIC ex-officio chairman, said during the CIC’s charter anniversary on November 22. The SEC chairman also emphasized how the continuously growing database of the CIC—currently with 9-million data subjects and over 50million contract data—ensures the accuracy and inclusivity envisioned by the law. In a November 27 statement, the CIC said Aquino further said “that there are financial institutions that

are now accessing the credit database and applying them in credit-decisioning activities.” “This is a turning point for the organization,” Aquino was quoted in a statement as saying. “While previous efforts have been focused on building the database and onboarding the same with credit data, access to that data is the crucial step in disseminating the information and translating it to meaningful change in the credit space.” “Truly, this era of access is a gamechanger for the CIC,” Aquino told the GOCC’s 70-strong work force. For his part, CIC President and CEO Jaime Casto Jose P. Garchitorena said the quality and quantity of CIC data significantly improved, making it the largest credit database in the Philippines to date, with the most diverse set of contributors. “We feel that this depth and diversity makes the CIC data more relevant in promoting inclusive, risk-based lending,” Garchitorena added.

AUB reports increase in Q3 income

HE Asia United Bank (AUB) reported on Wednesday a double-digit rise in its third-quarter net income, attributed largely to its interest income during the period. The bank’s net-profit hit P3.8 billion by the end of third quarter of 2019, a 66-percent rise from the same period in 2018. AUB, owned by Jacinto Ng, said the strong rise in its net income during the period was due to the 39-percent increase in gross interest income of P10.4 billion by the end of September. “It is truly a remarkable year for

AUB and we look forward to finishing 2019 strong,” AUB President Manuel A. Gomez said. “This growth is a result of the successful execution of our strategy from the beginning of the year, which remains a testament of the trust and confidence that our customers give us.” The bank’s gains translated to a 4.3-percent net interest margin, higher than last year’s 4.2 percent. “We are confident that this growth will continue to motivate us to be the primary enablers our customers’ envisioned success,” Gomez added. Bianca Cuaresma

Thursday, November 28, 2019 B3

Customs ₧35.7B below target in first 10 mos, dismays solons

HE Bureau of Customs (BOC) on Wednesday told the House Committee on Ways and Means that its revenue collection is P35.7 billion below its target in the first 10 months of 2019. House Committee on Ways and Means Chairman Joey Sarte Salceda expresed dismay over the revelation. “Even without considering BIR allegations of P55 billion tax shifting of oil companies from refining to importing, customs collections were 6.3 percent below target, collecting only P535 billion versus target of

P571 billion,” said Salceda following his committee oversight hearing on the bureau’s collection effort. The hearing was attend by Customs Commissioner Rey Leonardo Guerrero and five deputy commissioners. “While peso appreciation could account for P7.1 billion of the deficit, still, with two months to 2019,

the committee has urged BOC to heighten measures to curtail smuggling particularly in excisable products,” Salceda said. In particular, Salceda asked BOC to exercise greater surveillance at the Port of Manila which posted the most dismal deficit at P21 billion, or 25 percent below target of P85.3 billion; and the Manila International Container Port with a deficit of P20 billion, or 13.1 percent below target of P158.6 billion. Based on the report of the BOC, the Port of Batangas’s collection is 7.1 percent lower than the P136.7billion target; Port of Cebu’s collection is 6.6 percent below the target of P28.3 billion; and Port of Davao is 9.8 percent below the P25.9billion target.

With this, Salceda said the committee expressed displeasure over the BOC deficit and required the District Collectors of the major ports— Davao, Manila, Manila International Container Port or MICP, Batangas and Cebu—to explain their respective collections before the panel. However, the BOC officials said the collection deficit has increased due to the projected collection from fuel marking amounting to P10 billion. The BOC added the collection was also affected by the foreign-exchange variance from P55 to $1 in 2018, to P52 to $1 in 2019; and the substantial decrease in importation of oil, sugar and automobiles. The BOC briefing on revenue collections will continue on December 9, 2019. Jovee Marie N. Dela Cruz

BIR shutters POGO for failing to register Parañaque branch

HE Bureau of Internal Revenue (BIR) has padlocked a Philippine Offshore Gaming Operator (POGO) service provider’s Parañaque City branch for having failed to register this. According to authorities, the New Oriental Club (NOCC) was registered in Makati City as a customer relations service provider and live studio streaming provider. Its branches in Parañaque were not registered with the taxing agency’s district office. The NOCC has employed 23,156 foreigners as of end-2018. Meanwhile, the Department of

Finance (DOF) said there will be no letup in the ongoing crackdown against tax delinquent POGOS as the government aims to secure a fresh revenue source by collecting unpaid income taxes. A statement from the DOF said it is unfair to Filipinos dutifully paying their taxes while POGOs continue with their tax-dodging practices. “We’re going hard against people who are evading taxes,” the statement said. The DOF said a task force led by the BIR has so far temporarily shuttered the operations of at least three tax-evading POGOs and collected an

initial $25 million (about P1.2 billion) from one of these online gaming companies. The BIR has so far collected P1.63 billion in withholding taxes from POGOs and their service providers covering the period from January to August this year. BIR Deputy Commissioner Arnel SD. Guballa said the bureau has listed 218 POGOs and their service providers with a total of 108,914 foreign workers. The BIR earlier ordered the temporary closure of the operations of the Great Empire Gaming and Amusement Corp. on September 25

for failure to pay the correct amount of taxes to the government. After initially paying P250 million and the issuance of an undertaking to settle its remaining tax arrears of P1.050 billion in three separate monthly payments covered by postdated checks, the Gegac was allowed by the BIR to resume operations last September 27. The Gegac was also required to update its withholding tax payments and register its employees with the BIR. The DOF has also ordered the BIR to file the appropriate cases against tax-dodging POGO firms. Jovet Moya

SEB faces money laundering allegations tied to Russian scandal

NOTHER major Swedish bank was reportedly used for money laundering, with the country’s state broadcaster alleging it can trace the flow of cash back to a case surrounding the death of a prominent Russian lawyer. SEB AB, one of Sweden’s three top banks, is suspected of money laundering in the Baltic region, broadcaster SVT reported on Wednesday. SVT alleges that 475 million kronor ($50 million) that flowed through SEB can be linked to companies involved in Russian tax fraud that Sergei Magnitsky died trying to investigate. Magnitsky was the lawyer of Hermitage Capital Management Cofounder Bill Browder, who has made it his mission to chase down those tied to the case. SEB is the latest Nordic bank to be tainted by allegations that it handled dirty money from Russia via its Baltic operations. The broader case has already dragged down Danske Bank A/S and Swedbank AB. Both those lenders are now being investigated in the US and shareholders are bracing for fines. SEB, which is the biggest bank in the Baltics after Swedbank, says it has terminated relations with customers it found to be suspicious. Allegations of money laundering have proven ruinous for some of the biggest Nordic banks. Danske’s share

A SEB bank branch in Old Riga, the historical center of Riga, Latvia. BLOOMBERG

price is down about 30 percent this year, after plunging by almost 50 percent in 2018. Swedbank has lost almost 40 percent of its market value this year. Both firms fired their chief executive officers and have committed to cooperating with the relevant authorities as investigations drag on. SEB has so far maintained that it hasn’t found any evidence of “systematic” laundering. Late on Tuesday, it sought to address any concerns about its role by providing the first glimpse of how much potentially suspicious money gushed through its Baltic business.

The numbers ABOUT €84.6 billion ($93 billion) in non-resident Estonian customer flows went through the bank between 2005 and 2018, it said. Of that, only €25.8 billion was deemed “low transparency.” The amounts fell throughout the period, with lowtransparency flows reaching zero in recent years, SEB said. “Still, at any given time, all banks are subjected to the risks that financial crime entail,” Johan Torgeby, SEB’s chief executive officer, said in the statement. “From 2006 and onwards, SEB

has been working in a structured and determined way, in order to reduce the risk of being exploited in money laundering activities in the Baltic countries,” SEB said. “After receiving criticism from the Estonian financial supervisory authority and information from another external source in 2006, the bank took several active decisions in order to reduce risk exposure related to money laundering.” “A large number of customer relations were ended,” the SEB added. “As new information has emerged, SEB has continuously ended customer relations and has been reporting suspicious activities to relevant financial police.” SVT said it identified 130 customers in SEB’s Baltic and Swedish operations that can be identified as high-risk. SVT cooperated with news agency TT and a group of journalists from Finland’s Yle and the OCCRP network (the Organized Crime and Corruption Reporting Project) in investigating SEB’s Baltic business between 2005 and 2017. OCCRP contributed with “a large leak” regarding Lithuanian lender Ukio and its transactions. SVT also had access to “secret documents” regarding SEB, from “within the banking system,” it said. Bloomberg News

Germany needs large fiscal stimulus, China a bit more–Goldman report

OLDMAN Sachs Group Inc. reckons Germany should embrace “a large fiscal expansion” but probably won’t; China should deploy just enough to avert “a sharp slowdown”; and “potential meaningful implications” for budget policy are another reason to watch the US presidential election. In its “Top of Mind” report, Goldman explores the fiscal front given monetary policy is nearly exhausted in major economies, interest rates are low globally and money-financed deficit spending is gaining attention, interviewing an ex-IMF official,

Harvard University professor and its own chief economist. “Nearly by definition, when interest rates are low—and especially if the interest rate is lower than the growth rate—debt dynamics are more favorable,” wrote Olivier Blanchard, former International Monetary Fund chief economist. “So yes, low interest rates increase the room to use fiscal policy.” After years of unprecedented monetary stimulus, central banks have almost exhausted their tools, and increased pressure on governments to step up fiscal support. The

OECD warned this month that the global economy is stuck in a rut that it won’t exit unless governments revolutionize policies and how they invest, rather than just hoping for a cyclical upswing. Alberto Alesina, a professor of political economy at Harvard, isn’t as sanguine about the use of fiscal policy. “I think we should keep a longer-term perspective,” he told Goldman. “Yes, interest rates are low, and they may be low for a while, but they won’t be low forever. And when they rise, of course the cost of debt will increase again.” Earlier this month, the chief

economist at the Bank for International Settlements—often dubbed the central bank of central banks— said amalgamating monetary and fiscal policy to bolster the economy isn’t the right solution to the world’s slow-growth, low-inflation challenge. “It helps if both march in the same direction,” but “the boundaries between monetary and fiscal policy must not disappear,” the BIS’ Claudio Borio said. “That is why I do not believe in proposals such as helicopter money or the monetization of fiscal deficits. Otherwise the risk of fiscal dominance, where public finances

heavily constrain what central banks can do, would loom large.” Goldman expects US economic growth of 2.5 percent in 2020 off the back of recovering housing, strength in consumer spending and a fading inventory drag, according to the report. It sees Japan slowing to 0.4 percent from 0.9 percent in 2019, due to the impact of October’s consumption tax increase. The bank forecasts Japan’s government will pass a fiscal stimulus package of about 5 trillion yen ($46 billion) in 2020. Goldman lowered its expectation for China’s growth by 0.1 percentage

point to 5.8 percent in 2020. It sees the Euro area picking up to 1.1 percent next year and predicts the central bank will keep rates on hold. The UK is forecast to rebound to 2.4 percent annualized in the second half of 2020 due to reduced Brexit uncertainty and fiscal stimulus. Jan Hatzius, Goldman’s chief economist, expects a “fiscal impulse” of 0.3 percentage point of GDP in the Euro area in 2020. That “is not a lot in an economy that is near stagnation,” he wrote. “So policy makers are moving in the right direction, but at a frustratingly slow pace.” Bloomberg News

TheBroa Plenty of problems pepper P B4

Business

Thursday, November 28, 2019

By Cai U. Ordinario

WAEL ALFUZAI | DREAMSTIME.COM

HOUSE to call your own, a good education for your children and spare cash to buy a car and travel. It’s the American dream for many Filipinos.

The National Economic and Development Authority (Neda) aims to grow Filipinos’ income to as high as $11,000 per capita GNI (Gross National Income) from only $3,000 today. By doing so, the Neda places the country on the high-income growth trajectory. And for the people managing the country’s economy, it’s a dream that could come into fruition in two decades. These managers call this “AmBisyon 2040,” a long-term vision of seeing Filipinos living a “matatag, maginhawa, at panatag na buhay” or a stable, comfortable and satisfying life. To attain this dream, the National Economic and Development Authority (Neda) aims to grow Filipinos’ income to as high as $11,000 per capita GNI (Gross National Income) from only $3,000 today. By doing so, the Neda places the country on the high-income growth trajectory. However, a survey funded by private firm PhilhealthCare Inc. (PhilCare) shows that economic growth and rising incomes are not the only things that will lead to a comfortable life for Filipinos. Health and well-being are also key factors that will allow Filipinos to turn their dreams into reality.

HMO poll

PHILCARE’S 2019 Wellness Index is the second study of its kind in the Philippines. PhilCare commissioned its first study five years ago, which allowed the health maintenance organization firm to develop affordable and responsive medical insurance plans that provided coverage to Filipinos without a risk coverage. The firm’s pollsters held faceto-face interviews with 1,350 respondents selected from following a multi-stage cluster and regional sampling of the population in Luzon, the Visayas, Mindanao and the National Capital Region. Results of the Philcare Wellness Index showed that while many Filipinos feel good about their health, they consider medical costs a threat to their well-being. Respondents rated themselves “somewhat good” in terms of their overall health with a score of 2.84. They also said they felt good about their psychological wellness. Meanwhile, respondents also rated themselves as “somewhat good” when it came to their physical, lifestyle, nutritional, financial and medical well-being. However, about 540 people (40 percent) said they are unsure whether they can pay for

their medical bills. About 405 (35 percent), meanwhile, expressed doubts they could afford regular medical checkups. The inability to finance their medical needs was also evident in the findings of the survey, which said that more than 60 percent of respondents (810 respondents) have incurred up to P30,000 in medical bills.

Ease burden

ABOUT 37 percent (nearly 500 people) said they managed to pay their bills using their savings, while 25 percent (337) ended up borrowing from friends and relatives to pay what they owe. Only 15 percent, or 202 people, said they were able to settle their bills using health insurance. Among the respondents hospitalized in the previous year, the survey also revealed that only 63 percent of them managed to use their PhilHealth benefits to ease the burden of their medical expenses. “Their health and wellness are linked to their capacity to pay,” lead researcher and University of the Philippines Professor Fernando D. Paragas told the BusinessMirror in an interview. Based on data from the Philippine Statistics Authority (PSA), the country’s total health expenditures at current prices grew by 8.3 percent in 2018, amounting to P799.1 billion from P737.8 billion in 2017. Spending on health care in 2018 contributed 4.6 percent to the country’s economic activity— measured as gross domestic product or GDP—last year. More than half of this amount (53.9 percent) came from households. Data showed that households’ out-of-pocket payment (OOP) reached P413 billion in 2018. And more than half (50.1 percent) of OOP worth P206.7 billion is the amount households spent on pharmacies. Hospitals received the second largest amount of OOP by households at P148.8 billion.

Stress amid progress

MORE notable, however, is the fact that many provinces that are already experiencing higher income levels are also reporting their pop-

ulation is experiencing stress. Many of these provinces’ populations are deemed generally of sound mind and body because of the higher incomes they now have, compared to previous years when money was difficult. Nonetheless, stress among them is rising, the survey revealed. Paragas said stress is caused by lack of sleep as well as less time for family, for work-life balance and recreation. Data showed that respondents in the City of Iloilo and Legazpi City consider themselves “stressed.” These cities were given a score of 2.63 in the Philcare Wellness Index. Other up and coming cities like San Fernando City in Pampanga were “somewhat stressed” with a score of 3.48; Pili in Camarines Sur, 3.19; San Fernando City in La Union with a score of 3.16; Tagbilaran City, 3.21; and, Bacolod City, 2.63. Paragas explained the stress levels could be due to the change in the lifestyle they are now experiencing. Rapid economic growth leads to more hours devoted to one’s work. PSA data showed that regions where these cities belonged exhibited high economic growth. Western Visayas, where Iloilo and Bacolod is located, registered an average GRDP growth rate of 6.92 percent in the past five years.

Lifestyle change

BICOL, where cities like Legazpi and Pili are located, experienced an average GRDP growth of 6.52 percent in the 2014 to 2018 period. Central Luzon, Ilocos and Central Visayas—where San Fernando City in Pampanga, San Fernando City in La Union are located, respectively—posted average GRDP growth rates of 8.12 percent; 6.52 percent; and 6.8 percent, respectively. “Your lifestyle will not remain the same with those growth rates. The higher the economic growth rate you have, the higher your stress level [would be],” Paragas said. “It’s the lifestyle change; it’s the adjustment.” However, cities in Metro Manila were considered “not stressed,” “neither stressed nor not stressed” or “not very stressed,” despite accounting for 60 percent of the country’s GDP. The data showed respondents living in the cities of Manila, Taguig and Pasig are “not stressed,” while those living in Caloocan, Pasay and Parañaque were considered “not very stressed.” Those living in Quezon City, Taguig and Pasig were “not stressed,” while those in Marikina City were “somewhat not stressed.” Paragas said this is because residents in these cities were used to the hustle and bustle of city life.

Results of the Philcare Wellness Index showed that while many Filipinos feel good about their health, they consider medical costs a threat to their well-being.

aderLook

sMirror

Editor: Dennis D. Estopace | Thursday, November 28, 2019

Philippines’s path to progress Paragas said the top cities in the Philcare Wellness Index which showed high stress levels should be closely monitored, along with other possible local areas expected to benefit from high economic growth.

ing well-being for all at all ages. One of the targets in SDG 3 is achieving universal health coverage, particularly in financial risk protection and access to quality essential health-care services. The targets also include the need to increase access to safe, effective, quality as well as affordable essential medicines and vaccines for all. SDG 3 also targets that by 2030, countries must reduce premature mortality from NCDs by one-third through prevention and treatment, and promote mental health and well-being. “Investments in universal health coverage are investments in economic growth. Such investments play a critical role in leveraging opportunities, anticipating challenges, and delivering the knowledge, expertise, and financing countries need to achieve universal health coverage within the region,” Osewe said. “A growing body of evidence suggests that progress toward universal health coverage can ensure that people have access to the health care they need without suffering financial hardship, and it can also help drive better economic development outcomes,” he added.

MIK3812345 | DREAMSTIME.COM

Required funds

This means getting used to traffic congestion and the long hours spent working.

Transitioning

IN contrast, the up-and-coming cities were more stressed compared to these places because their economies are transitioning to a higher level. “For them, these places are relatively laid back urban centers [that] are now experiencing this kind of growth,” Paragas said. [They’re] growing quite fast; so many things are happening, so many changes.” One of the factors that could explain this further could be the presence of the 24-hour operations of business-process outsourcing (BPO) firms that have relocated in these places. While this sector and their allied industries offer workers higher disposable incomes, there’s also a factor of low inflation. The combination of low prices and higher salaries is a combined pressure for workers and their families to spend for rest or relaxation. For this reason, Paragas said, being more conscious of health in these places is important. However, he said, given their newfound purchasing power, people should also invest in activities or measures that will prevent them from getting sick or encountering medical expenses.

“It’s a wake-up call, as we have discussed with mayors and members of the press, that they should be mindful—that while it is fortunate—that they are growing this fast, maybe [they] should also mitigate unintended consequences,” he said.

Health behavior

PHILIPPINE Institute for Development Studies (PIDS) Senior Fellow Michael Ralph M. Abrigo said available studies for determining the effects of economic growth on health in the Philippines are scant. Nonetheless, Abrigo said economic growth is related to negative health-related behaviors such as increased consumption of sugary, salty and fatty food, among others, which often leads to non-communicable diseases (NCDs) or what are called “lifestyle diseases.” Incidentally, NCDs are now considered the leading cause of morbidity in the Philippines. Around 579,237 Filipinos died in 2017. This represented, however, a decrease of 0.5 percent than the previous year’s 582,183 deaths. Based on the PSA’s data, the top 10 leading causes of death led to 407,824 deaths in 2017. This represented 70.41 percent of the total deaths in that year. The top cause of death was ischemic heart disease, which accounted for 84,120 deaths in 2017. This was followed by neoplasms or can-

cers with 64,125 deaths, cerebrovascular diseases (59,774 deaths), pneumonia (57,210 deaths) and diabetes mellitus, 30,932, which accounted for 84,120 deaths in 2017. Hypertensive diseases caused 26,471 deaths in 2017, followed by chronic lower respiratory infections, 24,818 deaths; respiratory tuberculosis, 22,523 deaths; other heart diseases, 22,134 deaths; and diseases of the genitourinary system, 15,717 deaths.

Consumption ways

ACCORDING to Abrigo, “there are indications that economic growth is also related to negative healthrelated behaviors, including increased consumption of sugary, salty and fatty food and tobacco products and alcoholic beverages, which may increase the incidence of non-communicable diseases in the longer term.” However, households with higher incomes can also afford better and higher quality health-care services. One example of this is in terms of maternal health. Citing a study they conducted last year, Abrigo said that mothers who have higher incomes can seek antenatal care from skilled attendants. They also have better access to antenatal care in the first trimester of their pregnancy and have at least eight antenatal care visits in areas with vibrant economies. The rise in access to better

health services when household incomes increase in relation to better economic growth has spillover effects in other cities and municipalities, according to Abrigo. This now places more pressure on governments to deliver on the needed infrastructure and services that will enable households to get their medical and health needs. Paragas said this was also observed in the Wellness Index where good medical health was akin to access to checkups and dental care. He said dental care is very important since it can be a predictor of disease. “If public infrastructure are not sufficiently adequate, then fast economic growth may also impact health through other channels, such as through poor water and sanitation, pollution from traffic congestion, etc.,” Abrigo said.

ADB, SD3

ASIAN Development Bank (ADB) Health Sector Group Chief Patrick L. Osewe asserted in a recent ADB blog entry that it was time for countries to invest in universal health care. Osewe said investments in health coverage are investments in economic growth. He said basic health care remains out of reach for millions worldwide. This is a potential threat to meeting the Sustainable Development Goal (SDG) 3 on ensuring healthy lives and promot-

IT is fortunate that the Philippines successfully passed a law institutionalizing universal health care (UHC). However, there are many concerns regarding the implementation of the law. For one, the Department of Health (DOH) said in September it is not yet ready for the nationwide implementation of a UHC program since the government failed to raise the required P257 billion to fund its implementation. Of the proposed budget, PhilHealth was supposed to get P153 billion for UHC for 2020. However, PhilHealth Acting Senior Vice President for Actuary Nerisa R. Santiago told the BusinessMirror that it was only given P67 billion, which translates to a shortfall of P85 billion. Santiago said this was because of a projected low “sin” tax collection, particularly for tobacco products, for 2020. Both the DOH and PhilHealth are hoping this funding gap will be addressed once the proposed bill raising taxes on alcohol and vape products is passed into law. Further, Health Secretary Francisco T. Duque III recently said that the “opt out” provision included in the law, which was provided to local government units (LGUs), is the biggest hurdle in achieving true UHC in the Philippines. Duque said that with this option, local officials can refuse to integrate their health services to hold on to control of the local health system made up of health stations and rural health units.

Ensuring effect

IF local officials such as mayors agree to buy into the UHC, they will have to surrender control over this system to the governor of the province. Through this transfer, a health fund can be created that will make funds available for all. “Their mayors probably do not want to give up control of their local health system,” Duque said. “It is a very real, on-the-ground hurdle but it needs a lot more educating, a

lot more explaining and the DOH will never get tired of convincing those without doubts.” However, Duque said, the way toward achieving UHC is a wholeof-society approach. He said the DOH is “too small” an agency to implement the UHC law. He said the “buy-in” of major stakeholders, such as LGUs, is crucial in making UHC reach all Filipinos. For one, Abrigo said the role of LGUs cannot be played down in terms of helping citizens cope with the demands of growth and development. LGUs can ensure the trickle-down effect of progress by providing better roads, better health services, and better public facilities, he said. These, Abrigo said, can include infrastructure that can promote better health outcomes. He said there must also be more information campaigns on health-related behaviors. “Having public parks, for example, have been documented in some studies to improve quality of life even in cities that are known to be very congested,” he said.

Not enough

MEANWHILE, given the results of the Philcare Wellness Index, Paragas said a UHC that is designed on “a per-disease” basis is not enough. He explained that health care should not be reactive but proactive. This means putting more emphasis on preventive care through greater private- and public-sector partnership, which Duque also recognized. This is especially crucial given the Philippines’s aim to be classified as an upper-middle-income country under the Duterte administration. If the government is successful in increasing Filipinos’s GNI per capita, Paragas said more second-tier cities will become “stressed.” Paragas said the top cities in the Philcare Wellness Index which showed high stress levels should be closely monitored, along with other possible local areas expected to benefit from high economic growth. “Expect [that stress levels will increase] because of the absorptive capacity of cities in terms of accommodating greater investments. What now are the mitigating activities that you can implement to help residents?” Paragas asked. These mitigating activities can include “wellness breaks” that can be introduced in the workplace as well as stress-coping mechanisms for people living in previously laidback communities which are now experiencing rapid urbanization and growth.

Too fast, too soon?

THE recent economic success of the country, particularly of many provinces and second-tier cities, speaks highly of the kind of macroeconomic policies implemented in the country in the past five years. While the government intends to continue on this high-growth path, the Philcare Wellness Index showed there are unintended consequences that need to be prevented by institutions. And investing in people, particularly in their health, is the first step toward the right direction— high growth—and a “matatag, maginhawa, at panatag na buhay.”

Thursday, November 28, 2019

The World BusinessMirror

Editor: Angel R. Calso

Global risk-taking binge gives central banks cause to shudder

lobal central banks are approaching the end of the year with a collective shudder at the risky behavior that their low interest rate policies are encouraging.

Policy-makers from European Central Bank (ECB) and the Federal Reserve are among those raising cautionary flags at potentially unsafe investing stoked by their efforts to flood economies with ultra-cheap money. Stock indexes from the US to India are at records, and low sovereign bond yields have

pushed funds into property seeking better returns. The warnings are couched in measured language that doesn’t signal panic, but the combined message is one of growing anxiety, laced with the discomfort that central bankers can’t easily tighten policy either. The danger is that such risk-

taking recreates a backdrop similar to that preceding the global financial crisis a decade ago. “Markets have been complacent, but this is probably the outcome of low rates or negative rates,” Sergio Ermotti, chief executive officer of UBS Group AG, told Bloomberg TV last week at the New Economy Forum in Beijing. “The chances that one day or the other things are going to be out of sync is increasing.” Historically low interest rates are warping markets. In August, some $17 trillion of global investment-grade debt, around a third of the total, had negative yields. That means investors holding a bond to maturity may receive less at the end than they paid out at the beginning—upturning financial wisdom that you should get compensated for lending money. Despite central banks’ qualms about side effects, there’s little sign that they’ll do any more than issue warnings. In fact, their desperate efforts to boost inflation saw them unleash another round of monetary loosening this year. The result is lower sovereign borrowing costs even in some of Europe’s riskier nations as investors seek out the few remaining places that offer a positive return. Tenyear yields in crisis-ridden Italy

are barely above 1 percent. In Switzerland, home of the world’s lowest interest rate, lenders have toughened standards on borrowing for residential investment. A number of other countries are similarly concerning, with Bloomberg Economics estimating this year that Canada and New Zealand are the most vulnerable to a correction given the price-income and price-rent ratios are well above long-run averages. The spate of recent financial stability assessments began November 15 with the Fed, which warned that low rates could encourage riskier behavior, such as eroding lending standards. A prolonged period of low rates could also “spur reachfor-yield behavior, thereby increasing the vulnerability of the financial sector to subsequent shocks,” it said. The Fed though appeared to take a more relaxed view of rising stock prices than in its last report in May. While equity prices remain high relative to corporate earnings, they are consistent with the low level of interest rates, it said. T he EC B —whose ow n benchmark rate is below zero—highlighted threats to investment funds, insurers and in some real-estate markets. It also had a warning that mispriced assets could face corrections in future. The Riksbank chimed in too, saying it’s monitoring excessive risk-taking and its analysts have been looking at the danger of markets seizing up. The Swedish central bank plans to end negative rates next month having pioneered that policy with mixed results. “We have done substantial stress testing on the liquidity side,” Governor Stefan Ingves told Bloomberg TV. “If the system stops, that’s where it starts first.” At Ger many’s Bundesbank, which has long warned of the dangers of too-loose policy, Vice President Claudia Buch says there’s an “underestimation of credit risk.” “There’s some element of backward looking expectations” she said. “That means that risks going for ward might be underestimated.” While the alignment of the central banks is notable, they aren’t yet signaling outright dread. Fear hasn’t infected financial markets, and the global economy is still growing, after all. T hat sanguine v iew is largely shared by David Solomon, CEO at Goldman Sachs Group Inc. “The environment at the moment is relatively benign from an economic perspective,” he told Bloomberg TV in Beijing. “The world is growing at 3 to 3.5 percent— that’s not bad. Everybody is looking for what’s wrong. There are a lot of things that are going well.” Still, both he and his rival at Standard Chartered Plc, CEO Bill Winters, described the Fed’s recent difficulty in calming the repo market as instructive. “We haven’t really had a test of the market, post-the financial crisis,” Winters said. “I’m concerned that there’s a little bit more fragility in there than we’re aware.” Bloomberg News

US President Donald J. Trump speaks at the White House on November 26. Andrew Harrer/Bloomberg

Trump says trade deal in ‘final throes’ as US-China negotiators sew up phase 1

resident Donald J. Trump declared on Tuesday that talks with China on the first phase of a trade deal were near completion after negotiators from both sides spoke by phone, signaling progress on an accord in the works for nearly two years. “We’re in the final throes of a very important deal,” Trump told reporters at the White House. “It’s going very well.” The president said in an interview with former Fox News host Bill O’Reilly that he’s holding up the trade deal to ensure better terms for the US. “I’m holding it up because it’s got to be a good deal,” he said in the interview for O’Reilly’s web site. “We can’t make a deal that’s like, even. We have to make a deal where we do much better, because we have to catch up.” Trump announced on October 11 that he had reached the outlines of a “substantial” but partial deal that would see China ramp up purchases of US farm goods, make new commitments to protect US intellectual property, refrain from manipulating its currency and further open its financial sector to foreign investors. Since then, the two sides have been wrangling over how to put the deal on paper and what tariffs the US will drop in exchange. The negotiations have been complicated by strong support in the US for pro-democracy demonstrators in Hong Kong and China’s suspicions that the US is feeding unrest in the territory. Trump said on Tuesday that the US wanted to see things “go well in Hong Kong” but added that he was confident of a good outcome. Chinese President Xi Jinping “can make that happen,” Trump said. “I know him and I know he’d like to make it happen.” Trump gave no indication on Tuesday about whether he would sign the legislation Congress passed last week backing the protest movement in Hong Kong. The Chinese Foreign Ministry has warned of “strong countermeasures” in response to the measure. Trump’s comments came after officials on both sides signaled talks were back on track toward an interim deal after negotiators from the world’s two largest economies spoke by telephone. Negotiators are “getting really close”

to completing the first phase, White House counselor Kellyanne Conway said on Fox News early Tuesday. She told reporters that the sides continue to negotiate sticking points, including forced technology transfer and alleged theft of intellectual property, adding that “things like this take awhile.” In a statement, China’s Ministry of Commerce said officials “reached consensus on properly resolving relevant issues” and agreed to stay in contact on the remaining points in phase one. The US Trade Representative’s office confirmed a conversation took place, but declined to comment on the contents. Chinese Vice Premier Liu He, US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin discussed core concerns, according to China’s statement, which didn’t provide further details. As the phase-one talks progress through the final stages, people familiar with the details have said the contours will include US assurances of no additional tariffs and the rollback of existing ones—a key Chinese demand. The American side wants Beijing’s pledge of billions in purchases of US commodities—a deliverable Trump wants for his rural base. A date and place to sign the deal still hasn’t been decided. Stocks in Asia gained and US equities touched new highs on optimism that the countries won’t escalate a tariff war that’s dragged on for 20 months and involves about $500 billion in products traded between them. Talks on the limited deal have continued since it was first announced in October, with both sides making concessions recently on issues, such as food imports, intellectual property and tech giant Huawei Technologies Co. Liu, China’s chief negotiator, said last week that he was “cautiously optimistic” about concluding a phase-one deal, but the lack of a deadline and comments from Trump and others have led to speculation that talks could extend into next year. If a phase one deal does not materialize before December 15, Trump will have to choose whether to carry out his previous threat to impose 15 percent tariffs on some $160 billion in imports from China. Bloomberg News

Modi considers excluding $7B of Air India debt to lure buyers

ndia is considering a plan to exclude more than half of Air India Ltd.’s $11 billion of debt in the government’s latest attempt to lure investors to the struggling carrier, people with knowledge of the matter said. Prime Minister Narendra Modi’s administration plans to ask proposed investors to take over 300 billion rupees of the airline’s debt, which are backed by the carrier’s aircraft, the people said, asking not to be identified, citing private information. The government may call for the so-called expression of interest as early as December 15, the people said. Modi’s administration, which failed to attract any bidder for the carrier last year, is keen to sell the company to help bridge a widening fiscal deficit following dismal tax collections and cuts to corporate tax rates worth $20 billion. Last week, the government decided to sell its entire stake in the

country’s second-largest state refiner, and its biggest shipping company. Unprofitable for a decade with taxpayers bailing it out repeatedly, Air India’s appeal to any investor is contingent on the government’s ability to write off the debt not backed by assets. The government has pumped in 560 billion rupees in the last past decade in a bid to keep the carrier afloat, the people said. A spokesman at India’s finance ministry, which handles assets sales, was not immediately available for a comment. The government will absorb 500 billion rupees worth of obligations, the people said. Air India Assets Holding Ltd., a special purpose vehicle, holds about 300 billion rupees of the state-owned carrier’s debt and some of its assets, they said. The SPV expects to raise 100 billion rupees selling the assets, the people said. Bloomberg News

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Thursday, November 28, 2019

Hong Kong tunnel reopens, campus siege winds down

ONG KONG—A major tunnel in Hong Kong reopened on Wednesday as a weeklong police siege of a nearby university appeared to be winding down, closing one of the more violent chapters in the longrunning anti-government protests in the Chinese territory.

The Cross-Harbour Tunnel, which links Hong Kong Island to the rest of the city, had been closed for two weeks after protesters blocked the approach with debris and set the toll booths on fire as they clashed with police. Search teams sweeping the Hong Kong Polytechnic campus for a second straight day found no evidence of any protesters still holding out, said University Vice President Miranda Lou. On Tuesday, one person was found—a young woman in weak condition. Lou told reporters that university officials would let the police decide if they want to enter the campus to investigate but hopes for an end to the siege so a cleanup operation can begin. Police had no immediate comment. The campus is littered with piles of garbage, and police said there are also stockpiles of dangerous materials, including explosives. Calls for police to retreat from the campus have escalated after the prodemocracy camp won a stunning vic-

tory in local elections Sunday, delivering a stinging rebuke to city Leader Carrie Lam’s tough line on the protests, which are in their sixth month. Lam offered no concessions, saying only that she would accelerate dialogue and identify ways to address societal grievances. “Carrie Lam is the goddess of democracy. She has single-handedly motivated and galvanized us to fight for democracy,” an activist, who only gave her name as Tham, said mockingly during a Tuesday night rally at the Tsim Sha Tsui district. Tham, who works in South Korea, said in an online livestream of the rally by the Apple Daily newspaper that she had returned to Hong Kong to cast her ballot. Echoing what many protesters feel, she said the election outcome cannot be viewed as a victory, as the demonstrators’ demands, in-

University staff members inspect the campus of Polytechnic University in Hong Kong, on Wednesday, November 27, 2019. A major tunnel in Hong Kong reopened on Wednesday as a weeklong police siege of the university appeared to be winding down, closing one of the more violent chapters in the city’s anti-government protests. AP Photo/Ng Han Guan

cluding free elections for the city’s leader and legislature and a probe into alleged police misconduct, have not been met. “This election doesn’t mean anything because we have not achieved our goals,” she said. A lull in violence that began days before the elections has continued as protesters in the largely leaderless movement weigh their next step amid Lam’s refusal to compromise. Small, peaceful rallies have popped up this week

during lunchtime and at night in some areas. Lam has said the central government in Beijing did not blame her for the election setback, which saw the pro-democracy bloc win control of 17 out of 18 district councils. While it may have reflected unhappiness with the government’s handling of the unrest, she said Tuesday that it also showed that many people want an end to the violence. Lam said she hopes to resume

her community dialogue and will set up an independent review committee to find solutions to deepseated societal issues. “Please help us to maintain the relative calm and peace that we have seen in the last week or so and provide a good basis for Hong Kong to move forward,” she said. Some pro-establishment figures have pointed fingers at Lam for their loss, while the pro-democracy camp has asked her to step down. Some analysts said Lam has lost

all credibility with the election loss and Beijing could replace her before partial elections for legislature members next year. The protests started in June over an extradition bill seen by protesters as an erosion of their freedoms promised when the former British colony returned to Chinese control in 1997. The movement has since expanded into a protest over what they see as Beijing’s growing interference in the city. Some analysts said that China’s ruling Communist Party isn’t likely to soften its stand on Hong Kong, but that it is treading cautiously amid trade talks with the US. It also faces pressure from planned US legislation that could derail Hong Kong’s special trade status and sanction Hong Kong and China officials found to violate human rights. President Donald J. Trump has been ambiguous over whether he will sign or veto the Hong Kong bill amid warnings of countermeasures from Beijing. Trump told reporters Tuesday at the White House that his message to Hong Kong protesters is “We are with them.” At the same time, he also cited his “very good relationship” with Chinese President Xi Jinping and said the US was in the final stages of a trade deal. Regardless, the bill will become law 10 days from the time of its passage last week without Trump’s endorsement. If he vetoes it, Congress can also override it. AP

Kim Jong Un bolsters nuclear threat to US as meetings with Trump stall

t’s been about two years since Kim Jong Un launched a missile capable of hitting the entire United States, declared his nuclear weapons program “complete” and halted all ICBM tests. In that time, the North Korean leader has also become an even bigger threat to America. Kim’s testing freeze ushered in unprecedented diplomacy with US President Donald J. Trump, leading to historic meetings in Singapore, Vietnam, and the demilitarized zone separating the two Koreas. But at the same time, Kim has been busy churning out fissile material for bombs and developing new missile technology that could make the next big launch of an intercontinental ballistic missile even more concerning to Pentagon military planners. A series of shorter-range missile launches in recent months have improved North Korea’s ability to make solid-fuel ballistic missiles that are easier to move, hide and fire than many of its liquid-fuel versions. That makes it more likely he’s on course toward developing an ICBM that uses solid-propellant technology, potentially giving the US less warning of an imminent strike anywhere from California to New York.

‘Sense of urgency’

Trump has brushed off North Korea’s missile tests,

Trump says US will designate Mexican cartels as terror groups

which Japan, and others say violate United Nations Security Council resolutions, signaling to Kim that he can continue developing his weapons program as long as he doesn’t fire off another ICBM. But that position may soon cost the US president: Kim is threatening to up the stakes if Trump doesn’t meet a year-end deadline to ease up on sanctions choking his country’s economy. “Fundamentally, they’ve realized creating a sense of urgency on the US side is a good negotiating tactic,” said Mintaro Oba, a former American diplomat who worked on Korean Peninsula issues. “They think they can get the most out of Washington right now by heightening pressure and suggesting things could get worse in 2020.” Cooperation between the US and South Korea is being tested by a Trump demand for the long-time ally to pay about five times more from next year to host US troops. Meanwhile, North Korea has delivered blunt statements recently that have referenced Trump’s campaign appearances and point to another ICBM test. “We, without being given anything, gave things the US president can brag about but

the US side has not yet taken any corresponding step,” a spokesman for the State Affairs Commission headed by Kim said earlier this month. He added that the US will face a “greater threat” if it does nothing. North Korea froze all missile testing after its November 28, 2017, launch of a Hwasong-15 ICBM, which flew about 4,500 kilometers (2,800 miles) into the atmosphere—roughly the distance from New York to Los Angeles. Then in May it resumed the program with a vengeance, firing off nearly two dozen solid-fuel ballistic missiles since then to make it one of the most active testing years since Kim took power in December 2011. Solid-propellant ballistic missiles— especially the shorter-range versions— can be hidden in warehouses, rolled out on a mobile launcher and fired quickly. Liquid-propelled missiles, on the other hand, can be easier to spot by spy satellites monitoring vehicles that carry fuel and oxidizer needed for a launch. “Given what we’ve already seen in the country, if they rolled out a solid-propellant ICBM in the next six months to a year,

Seconds and minutes

The tests included a new, nuclear-capable, hypersonic KN-23 missile that can strike all of South Korea, including US forces stationed south of Seoul within two minutes of launch and the southern city of Busan in less than four minutes. It also showed off a range of its solid-fuel rockets in October, with a new ballistic Pukguksong-3 missile designed to be fired from a submarine. From land, it could hit almost all of Japan. “If you launch one or many of these at South Korea, you have between seconds and minutes to decide if this is a conventional attack, a nuclear attack or some other WMD payload,” said Melissa Hanham, deputy director of the Open Nuclear Network, a weapons expert specializing in the analysis of satellite imagery. Bloomberg News

Farmers blocking Berlin roads to protest government policies

onald J. Trump said the US government intends to designate Mexican drug cartels as terrorist groups in the near future, and declined to say whether he was considering taking military action like drone strikes against the groups. “I don’t want to say what I’m going to do, but they will be designated,” Trump told former Fox News host Bill O’Reilly in an interview on Tuesday. Trump said that he had already offered Mexican President Andres Manuel Lopez Obrador assistance but that his counterpart had declined the offer. “I’ve actually offered him to let us go in and clean it out,” Trump said. “He so far has rejected the offer, but at some point something has to be done. Trump said he had been working on the efforts to formally designate cartels as a terror group “for the last 90 days.” “We’re well into that process,” he said. Trump was outraged earlier this month when nine members of a Mormon family with dual AmericanMexican citizenship were killed in an attack by cartel gunmen in northern Mexico. Trump said in a tweet after the attack that it was time for Mexico, with the help of the United States, to wage war on the drug cartels. The Mexican president, known as AMLO, told Trump that justice would be done but declined the offer of US assistance, his foreign minister said. Bloomberg News

I wouldn’t be shocked,” said Ankit Panda, an adjunct senior fellow at the Federation of American Scientists who specializes in North Korea’s weapons systems. “If the North Koreans did go ahead and develop a solid-propellant ICBM, that would complicate allied war planning for preemption.”

Farmers have parked their tractors on a road between the university and the Brandenburg Gate in Berlin, Germany, on Tuesday, November 26, 2019. Thousands of farmers are expected in the German capital for a protest rally against the German and European agriculture policy. AP Photo/Michael Sohn

ERLIN—Thousands of farmers descended upon Berlin, from the countryside with their tractors on Tuesday, gathering at the capital’s landmark Brandenburg Gate and blocking traffic in protest over the German government’s agricultural policies. About 10,000 farmers with 5,000 tractors drove into the city, with the first 1,800 heavy vehicles arriving from the surrounding state of Brandenburg before dawn. The farmers claim new environmental limits being planned are overly restrictive

and that the government is making it impossible for domestic agriculture to compete against imports, among other things. “7.5 billion people; 200 million can feed themselves as hunters and gatherers. The rest need farmers,” read one banner, while others simply stated: “No farmers, no food” and “we fill you up.” The tractors gathered in the heart of the capital, blocking wide areas of the city with slow-moving convoys on the way in with a plan to cause more disruptions on their way out at rush hour.

Brandenburg police reported two accidents caused by cars trying to pass the lines of tractors on their way in to the city. Chancellor Angela Merkel’s Cabinet in September, decided on a series of proposals including tighter restrictions on the use of pesticides and herbicides to protect insects, and on fertilizers to protect groundwater. The country’s environment minister, Svenja Schulze, said the government is willing to talk to farmers but insisted that they, too, need to play their part in protecting the environment. “Farmers need to be part of the solution,” she told reporters in Berlin, citing the excessive levels of fertilizer in drinking water and the dramatic decline in insect numbers as issues that farmers should be concerned about. Farmers’ leaders say the government should work with them and conservation groups to find ways to protect the environment while preserving the competitiveness of farms. The environmental group Greenpeace criticized both sides, saying that Agriculture Minister Julia Kloeckner was trying to shift the burden onto consumers by saying they’ll have to get used to paying more for food, while the farmers needed to also help fight climate change and species extinction. AP

A vendor prepares cuts of pork at a market in Hanoi, Vietnam. Yen Duong/Bloomberg

Vietnam to boost pork imports as New Year delicacies at risk

ietnamese people may be at r i sk of m i ssi ng out on their favorite local dishes this Lunar New Year, such as aspic pork jelly and pork braised in coconut water with eggs, after a deadly hog virus slashed herds and caused nationwide shortages. In an effort to keep the market supplied and to cool a surge in pork prices that’s pushing up inflation, the cabinet has ordered ministries to boost imports to satisfy demand over the peak new year period. The market will probably have a shortage of 200,000 tons from this month through late January when New Year is celebrated, according to government estimates. Ministries have pledged to work together to enable companies to import whatever the country needs from eligible suppliers. The shortfall means imports are poised to surge through the end of the year. Overseas purchases were only about 15,000 tons in the first nine months of 2019, according to the Thanh Nien newspaper, citing data from the agriculture ministry’s department of livestock production. Vietnam will be competing for global supplies with China, helping to sustain prices. Still, there’s one potential snag. Imported meat is normally

frozen, and that’s not to the liking of most of the country’s people. “The taste of the Vietnamese is for freshly slaughtered pork,” said Nguyen Hong Minh, chief executive officer of Hong Linh Import Export Co. in Ho Chi Minh City. “Frozen, imported pork accounts for only 2 percent of consumption.” The frozen pork imports may be destined for industrial kitchens, according to analysts at Hanoi-based VNDirect Securities Corp. If so, that would free up what’s available in terms of freshly slaughtered pork for direct consumption. Further ahead, the impact of African swine fever probably won’t last long, said the analysts. Pork imports are forecast to return to a stable level of almost 1 percent of meat demand by late 2020 and to grow about 3 percent to 4 percent a year after that. The current supply of pigs for slaughter mostly comes from major farms and companies as households in affected areas hardly have any pigs, according to the agriculture ministry. Pork prices this month have risen to 80,000 dong per kilo, up almost 30 percent from a year earlier because of the shortage, said Nguyen Tat Thang, general secretary of the Vietnam Animal Husbandry Association. Bloomberg News

B8 Thursday, November 28, 2019

Top Leaders Forum 2019 takes stock of publicprivate initiatives on risk reduction

HE 2019 Top Leaders Forum once again gathered senior government officials, top-level executives from the private sector, and local chief executives to discuss the country's status on disaster risk reduction, preparedness, resiliency, and sustainability. Held at the SMX Convention Center in Pasay City, the annual conference carried the theme, “From Risk to Resilience: Forging Pathways and Milestones.” Now on its 8th year, the Top Leaders Forum, organized by SM Prime Holdings, in partnership with the United Nations Office for Disaster Risk Reduction (UNDRR),

envisions to translate science into actions that deliver a meaningful impact on disaster risk reduction and resilience in the Philippines. The event also aims to spread awareness and engage the youth in developing solutions for key resilience challenges at the local level. A highlight of the event was the private sector engagement with the micro, small and medium enterprises (MSMEs) to ensure the same level of preparedness for disasters. For instance, SM Prime Holdings works to boost the resilience of its business tenants by investing in a Resilience Center, which serves as data storage and back-up

facility for MSMEs and other affiliates; houses and conducts capacity building trainings on Business Continuity Planning; and operates a monitoring system for disasters. “The interconnectedness of the ecosystem to prioritize mainstream resilience and climate change adaptation is crucial for sustainable development,” said NRC co-chair Hans Sy. “ARISE members actively support capacity building in government initiated DRR activities and SM’s Business Continuity Program has been implemented among 1,500 SMEs through free access to an offsite Data Storage Facility. Let us all heed the call of resilience and do our share,” he added. "While companies have much to lose, they also have a tremendous amount to offer. It is vital that we engage the private sector if we are to reduce disaster risk and ensure that our fast-growing cities are resilient," said UNDRR SRSG Mami Mizutori. For more information, visit https:// resiliencecouncil.ph/ or go to Arise Philippines Facebook Page (https://www. facebook.com/UNDRRARISEPH) and their website at bit.ly//ArisePhilippines.

Modified diet, special milk save lives according to Filipina geneticist

EWBORN screening program in the Philippines currently includes the screening of six disorders: congenital hypothyroidism (CH), congenital adrenal hyperplasia (CAH), phenylketonuria (PKU), glucose-6phosphate dehydrogenase (G6PD) deficiency, galactosemia (GAL) and maple syrup urine disease (MSUD). Now there is a call for expanded screening that will include 22 more disorders such as hemoglobinopathies and additional metabolic disorders, namely, organic acid, fatty acid oxidation, and amino acid disorders. The formal recommendation to expand the coverage of the NBS program was prompted by the results of the study Enhancing case detection of selected inherited disorders through expanded newborn screening in the Philippines by Dr. Carmencita Padilla and Dr. Tomas Aguirre of The University of the Philippines Manila. Dr. Padilla, a pioneer in genetics in the Philippines and Asia Pacific region was a key figure at the Asia Pacific Conference on Human Genetics held at Makati Shangrila on November 9. She was responsible for setting up the clinical genetic services at the national university hospital (the Philippine General Hospital) in 1990 and various genetic laboratories now housed at the Institute of Human Genetics – National Institutes of

Health (www.ihg.upm.edu.ph). The Professor of Pediatrics and Chancellor of the University of the Philippines Manila, Padilla is Council Member of the Human Genome Organization, an international organization of scientists from 69 countries (www.hugo-international.org). The screening of more disorders will save more lives and reduce unnecessary negative health outcomes of Filipino newborns, according to Padilla. From 1996 when NBS started in the country to December 2010, the program has saved 45,283 patients. With her intensive work in pediatrics and genetics, Dr. Padilla also supports the intake of a special milk to address the orphanage disease program. It is said that for the past 20 years, Mead Johnson Nutrition (MJN) Philippines has been donating specialized

milk formula from the US to the children with such disorders. “Early identification and timely intervention can lead to a significant reduction of morbidity, mortality, and associated disabilities in affected infants. Most of the times, we only need to change their diet,” Padilla said. In the photo, Dr. Carmencita Padilla (2nd from right) leads the Asia Pacific Conference on Human Genetics held at Makati Shangrila. She is flanked by, from left: Celia Velasco and Ria Rebueno, RB regulatory affairs managers; Dr. Eva Cutiongco-Dela Paz, President Asia Pacific Society of Human Genetics and overall Co-Chair APCHG; Dr. Ben-Rod De Leon, RB head of medical affairs; and Khristine Cabanayan, RB medical science liaison manager.

‘Diversity of thought is key in creating unique experiences’

ORELLE Robles, Culture and Corporate Communications Senior Manager of Sitel- PHANZ, joined a panel of multi-industry professionals on a recent episode of “Outspoken” to discuss the importance of comprehensive LGBTQ+ policies in the workplace. Outspoken is the video podcast of “Team Mag” that highlights various issues the LGBTQ+ community face in the country as well as important steps needed to make the Philippines more inclusive. From implementing safe bathroom policies to making staff sensitive to non-discrimination work programs, the podcast seeks to showcase the significance of making diversity a standard part of corporate culture and institutionalizing SOGIE policies in the office. “For Sitel, Inclusion and Diversity has always been a pillar of how we do business,”

Robles shared. “From racial and ethnic minorities to women in management to PwDs, and especially LGBTQ+, the company strives to equally recognize underrepresented groups in the workforce. We have programs created specifically for our LGBTQ+ associates and aim to provide them with safe workspace where they can be who they are and flourish. It’s not just a corporate buzz word for us, but a real and tangible part of our company’s culture.” Sitel believes in the importance of LGBTQ+ inclusive policies because the company understands the importance of its people. They believe that best solutions are generated through collaboration between associates who think differently and a diverse workforce provides varying skills and viewpoints. “Diversity of thought is key in creating unique experiences and different

ways of doing things,” Robles added. “This insight helps us strengthen our business, but it doesn’t just pertain to companies or businesses, but to nationbuilding as a whole. When we promote inclusive practices, we open the door to collaboration. We give everyone voices and we open ourselves up to diverse thoughts, methods, and skills. I hope that more and more companies in the Philippines adapt this type of culture. If we want to change the world we need to let everyone be heard, we need to listen to everyone’s voice.” In the photo are, from left: Dr. Nassef Adiong, UP Islamic Studies & International Relations; Catherine So, Entrepreneur; Jorelle Robles, Culture and Corporate Communications Senior Manager, Sitel; Ron Astilla, LGBT Chamber of Commerce; Rhadem Camlian Morados, Producer/ Writer, Outspoken.

“Malayang Isip, Malayang Sining” sponsor-a-release program. The recent art exhibit launch featured the works of the prisoners of Tagaytay City Jail and hosted by Coreon Gate Internet Café. Cutting the ribbon, from left: Kristine Castillo, Manager of Coreon Gate Bel-Air Branch; April Castillo-Canonigo, President of Coreon Gate Internet Café; Genesis Durana, Amore Agape 2019; Captain Aris Williamere Villaester, Jail Warden Captain of Tagaytay City Jail; Atty. Raul Corro, Councilor of Muntinlupa City; and Vicente Pacheco Jr., President of Coreon Gate Bel-Air Branch.

Hyundai H-100 KapitanKargo moves your business to greater success

NTRODUCING the newest member of the Hyundai H-100 stable, KapitanKargo. Whether you need a vehicle to help you move house, haul goods, or deliver products, the H-100 KapitanKargo fits your needs and your business operations. Its payload capacity is immediately reassuring. Thinking of loading more than a ton of goods? No sweat with the H-100 KapitanKargo. Its cavernous cargo space allows you the flexibility to load tall or wide items, boxes or sacks of products, and it will still be able to maintain its stability while on the move. Its strong and sturdy chassis, with a wheelbase measuring 2,430 mm, is reliable, as it is stable to keep goods secure. Add to that its Load-sensing Proportioning Valve (LSPV) that evenly provides braking force to all wheels regardless of cargo carried, and you can trust that your hauling or delivery jobs are in good

and stable hands (or wheels for that matter). A dependable road partner, the H-100 KapitanKargo is equipped with a 2.5-liter CRDi diesel engine that provides a maximum power of 130 ps at 3,800 rpm and maximum torque of 26 kg-m at 1,500-3,500 rpm, so you don’t come up short when you need to accelerate or negotiate inclined roads. Hyundai’s CRDi engine is likewise efficient, as it delivers highly pressurized and precise diesel fuel quantity for optimal combustion. Mated to a 6-speed manual transmission, KapitanKargo’s CRDi engine operation becomes even more economical, thanks to smoother shifts in between gears, which ease up engine stress and load. For more details, visit http://bit.ly/ HyKapitanKargo or inquire today at your nearest authorized Hyundai dealership.

Robinsons Bank lists additional P5.0 Bn Corporate Bonds in PDEx

OBINSONS Bank (RBank), the financial services arm of the JG Summit Group of companies, listed an additional P5.0 Bn Corporate Bonds in the Philippine Dealing & Exchange Corp (PDEx), last November 14. Robinsons Bank President Elfren Antonio S. Sarte led the ringing of the bell which marks RBank’s second listing of Corporate Bonds in the PDEx platform. The event was also graced by BDO Capital and Investment Corporation President Eduardo V. Francisco, FMIC Vice President and Sales and Distribution Head Peter Anthony D. Bautista, and PDEx President and COO Antonino A. Nakpil. The P5.0 Bn Corporate Bond is the second tranche of the Bank’s P10.0 Bn Corporate Bond Program for 2019. In relation to its bond issuance, Robinsons Bank was assigned an issuer credit rating of PRS Aa minus by the Philippine Rating Services Corporation (PhilRating) with a Stable Outlook for its proposed P2.5 Bn issuance, with an oversubscription option of P2.5 Bn. “On the second tranche of the Bank’s

bond issuance, we are deeply honored by the trust and confidence of the investing public that made this bond issuance 4.3x oversubscribed.” RBank President Elfren Sarte said in his speech at the listing ceremony. Furthermore, the selling agents for this issuance are BDO Capital & Investment Corporation, the First Metro Investment Corporation (FMIC), and Amalgamated Investment Bancorporation (AIB), alongside Robinsons Bank. The net proceeds from the issuance will be used primarily to support and finance the Bank’s lending activities. The Offer will also allow the Bank to diversify funding sources, optimize the deployment of funds, and sustain proper management of the liquidity ratios. Robinsons Bank has been recognized as the “Best Commercial Bank in the Philippines” by the International Banker 2019 Banking Awards and “Fastest Growing Commercial Bank in the Philippines” by the Global Business Outlook (GBO) Awards 2019.

DOPING REPORT DOCTORED Among the most brazen projects, the report says, was the rewriting of memos to make it look as though the man who exposed the plot was leveraging the Russian doping scheme to line his own pockets. The rewrites were also designed to eliminate any record that one of Russia’s own key defense witnesses in the case had done anything wrong.

Sports

| Thursday, November 28, 2019

mirror_sports@yahoo.com.ph Editor: Jun Lomibao

BusinessMirror

By Eddie Pells

The Associated Press

HE Russians were running out of time. Experts from the World Anti-Doping Agency (Wada) were heading to Moscow to finally receive the trove of data they’d been seeking for two years. Instead of getting ready to hand it over, Russian authorities stayed busy in a round-the-clock endeavor to keep changing, deleting and manipulating the data. Granular details of the plot are sprinkled throughout Wada’s previously confidential 89-page report, obtained by The Associated Press. Among the most brazen projects, the report says, was the rewriting of memos to make it look as though the man who exposed the plot was leveraging the Russian doping scheme to line his own pockets. The rewrites were also designed to eliminate any record that one of Russia’s own key defense witnesses in the case had done anything wrong. “Treat all the files the same, and you can take your Bonus home,” said one of the doctored messages, purported to have been written by whistle-blower Grigory Rodchenkov to another worker, Timofey Sobolevsky, at the now-infamous Moscow anti-doping lab. In fact, the original messages were to Sobolevsky from a key Russian witness and purveyor of the plot, Evgeny Kudryavtsev. Those simply said “OK,” and “Tim, we will soon be giving it.” Kudryavtsev has called Rodchenkov, who lives in hiding in the United States, a liar. Rodchenkov was not part of the original exchange. The doctored message was one of thousands of manipulations that were concocted long after Russia had agreed to hand over the data in its original form. In fact, Russia was doctoring files as late as January 16, 2019, while Wada’s team was already in the building, one day away from leaving Moscow with the now-sullied data in tow. The details of the deception, portrayed by Wada investigators as the “smoking gun” in the Russian manipulation case, are included in the report, which

EMPLOYEES work in Russia’s national drug-testing laboratory at the Russian National Anti-Doping Agency. AP

spells out the ways Russia reworked data that was supposed to be used to prosecute doping cases stemming from its state-run system to win Olympic medals. Sprinkled throughout the 89 pages are a number of explanations the Russians gave for the discrepancies— among them, system malfunctions and routine spaceclearing operations that occurred at the beginning of every year—each of which is incisively batted down by the Wada team of investigators, who went to painstaking lengths to conduct forensic research on 23 million megabytes of data. Regarding the forged messages, the investigators

drew a forceful conclusion: The Russians were so focused on altering the messages that made them look the worst that they scoured through 11,227 of the exchanges to “identify and delete 25 highly inculpatory messages.” “They therefore planted fabricated evidence into the 2019...database that would allow them to blame those discrepancies on Dr. Rodchenkov, Dr. Sobolevsky” and another worker, the report said. “Such bad faith is indeed stunning, and...it provides a lens through which the explanations offered by the Russian authorities for the following subsequent events should be observed.”

On Tuesday, the day after the release of Wada’s conclusions—along with the recommendation to ban the Russian flag and its dignitaries, but not all of its athletes, from the next two Olympics—the reactions out of Russia were varied. Foreign Minister Sergei Lavrov called it the latest attempt among Western efforts “to put Russia in a defensive position accused of pretty much everything in every sphere of international life.” But Yuri Ganus, the head of the Russian AntiDoping Agency, (Rusada) said the sanctions “were to be expected, and they’re justified.”

Rusada was basically the only Russian actor that came off relatively unscathed in the Wada report, in large part because it has been totally revamped in the wake of the scandal. But as the report spells out in alarming detail, the government was busy trying to cover its tracks and tell new stories right up until Wada packed up the data and took it away. Wada’s executive committee is scheduled to review the report on December 9 and decide whether to accept the sanctions recommended by the compliance review committee.

IOC angered by Russian govt in denial over doping scandal

OSCOW—Condemning Russian state authorities on Tuesday, the International Olympic Committee (IOC) says their latest cheating attempt in a years-long doping scandal is an insult to the sports world. “The IOC will support the toughest sanctions against all those responsible for this manipulation,” the Olympic body said in a statement. On Monday, a World Anti-Doping Agency (Wada) expert panel confirmed a database from the discredited Moscow laboratory that Russian officials were required to hand over in January was tainted with fake evidence, including to incriminate whistle-blower Grigory Rodchenkov, the former lab director. Results of positive doping tests were removed. The panel recommended Russian athletes should compete as neutrals at next year’s Tokyo Olympics and other major events for the next four years, including the 2022 Winter Olympics in Beijing. When the Wada executive committee meets on December 9 in Paris, it will also consider the panel’s request for Russia to be banned from hosting sports events such as world championships through 2023, and blocked from bidding for the 2032 Olympics. “The [Wada] report proves that any manipulation of the data is the sole responsibility of the Russian authorities,” the IOC said. “This flagrant manipulation is an attack on the credibility of sport itself and is an insult to the sporting movement worldwide,” the Olympic body said, urging Russia to finally deliver the raw laboratory data. Evidence from the Moscow lab, which was shuttered four years ago and sealed by state authorities, could prove hundreds of cases of doping and cover-ups implicating

Russian athletes in multiple sports. Handing over the data in January was meant to be Russia’s peace offering to help settle years of disputes since November 2015 when Wada investigation reports started detailing a state-backed doping program and systematic cheating to win medals at the 2014 Sochi Winter Games. Russia’s state apparatus pushed back on Tuesday with Foreign Minister Sergei Lavrov casting calls for new anti-doping sanctions as one more Western effort to sideline his country. “There are those who want to put Russia in a defensive position accused of pretty much everything in every sphere of international life—conflicts, economics, energy, gas pipelines, arms sales,” Lavrov told a news conference in Moscow when asked about the Wada panel’s recommendation. Governments worldwide could also be enlisted to support action against Russia. The IOC said it would “strongly urge Wada”—which is equally funded by sports and governments worldwide—to “refer all these files to the Council of Europe and Unesco,” the United Nations’s cultural agency. The Russian anti-doping agency, known as Rusada, has been sharply critical of the state’s approach to the issue and said it expects Russia will likely have to accept the consequences. “They’re to be expected and they’re justified,” Rusada CEO Yuri Ganus told The Associated Press. “One of the conditions for the sports authorities was not met, and unfortunately our athletes become hostages in this situation,” he added. “Now there’s a question about a possible appeal, but as a lawyer I don’t see how it can be appealed.” Ganus has long called for a shake-up in how sports are run in Russia, and suggested years of defensiveness had

driven Russia into a dead end. He said: “We’re in the fifth year of this crisis, and unfortunately those individuals running our sport have not just failed to bring it out of the crisis, they’ve stuck it in deeper.” Even before Wada votes on the recommendations, Russian Sports Minister Pavel Kolobkov is already talking of an appeal. “The position of our experts was not heard and these recommendations were adopted,” Kolobkov said in a video statement. He added he wants the Court of Arbitration for Sport to hear the case anew. That appeal, however, would likely have to be filed by Rusada and it’s far from certain whether the state-funded but independent-minded organization would agree. Deputy CEO Margarita Pakhnotskaya told The Associated Press “it has not been decided yet.” Russian IOC member Yelena Isinbayeva said she expected Wada’s executive committee to approve the sanctions, which would be the strictest punishment yet for any country for doping-related offenses. “Experience shows that if there’s already a recommendation, then they will be taken note of and implemented,” the former pole vaulter wrote on Instagram. “I have no illusions about a positive outcome or a negative scenario. I’m just waiting for the ruling to be announced December 9.” At last year’s Winter Olympics in Pyeongchang, Russia sent 168 athletes under the banner “Olympic Athlete from Russia” after its team was officially barred by the IOC. This time round, new rules passed last year give Wada much greater authority to sanction entire countries across a range of sports. The rules have yet to be tested at the Court of Arbitration for Sport. AP

Spo

Business

Thursday, November 28, 2019

HISTORIC RIZAL PLAY MAJOR ROLE IN SEAG T

HE Philippine Sports Commission (PSC) guaranteed the historic Rizal Memorial Sports Complex’s (RMSC) involvement as a vital mini-hub of the 30th Southeast Asian Games. All in all, PSC facilities other than those in the RMSC would host seven of the 56 sports on the Philippine SEA Games program. The PSC renovated the Rizal Memorial Coliseum to a new-look grandeur for the gymnastics competitions, as well as the Ninoy Aquino Stadium and the Rizal Memorial Tennis Center. Also refurbished was the PhilSports Arena, another major facility of the PSC in Pasig City. “This is a sporting heritage that will always remind us of the hardships, failures and victories of every Filipino athlete,” Team Philippines Chef de Mission and PSC Chairman William “Butch” Ramirez said.

“These restored facilities are not only for SEA Games but for Team Philippines so they can have a morale boosting inspiration that will eventually result to a leveled-up performance. This is not for PSC, this is for Team Philippines and our future generations,” Ramirez said. Ramirez, meanwhile, expressed confidence that the agency’s P1-billion investment on the Filipino athletes will “bear fruit.” Ramirez, who is busy touring the various venues for the 30th SEA Games to make sure everything is up and running, said the PSC is determined to help national athletes reach world-class standards in terms of performance in the international scene. “We spent P1 billion for the training and exposure of our athletes abroad. Never in history of our country has the government been this supportive of the Filipino athlete, financially. Ngayon lang nangyari ito sa pamunuan ng ating

Pangulong Rodrigo Duterte,” Ramirez said. Most of the funding was spent on the athletes’ international training and exposure, equipment, foreign coaches, education and nutrition. “We want them to be physically and mentally equipped when they represent the country in foreign competitions. Our support to them actually is not just geared for these SEA Games, but even beyond because we want to create a foundation in these games where we can build on our gains,” Ramirez said. “I am confident that our P1-billion investment on our athletes will bear fruit,not only in the SEA Games but perhaps in the Tokyo Olympics and even the 2022 Asian Games in Hangzhou, China, as well,” he said. The Philippines is hosting the 30th edition of the biennial meet. And although the

lead agency tasked to organize the games is the Philippine Southeast Asian Games Organizing Committee (Phisgoc), the PSC has supported the Phisgoc, the Philippine Olympic Committee and the various national sports associations. “We want to make sure our investment in our athletes is taken care of with the smooth hosting of the games that is why we are extending our support to the organizing committee. Sila [athletes] naman ang bida rito,” Ramirez said. Grassroots sports is also an area where the PSC has been active as Ramirez reiterated his goal to continue the growth of the Philippine Sports Institute, the Batang Pinoy, the Philippine National Games and the Laro’t Saya sa Parke.

REP. COJUANGCO SLAMS FOOTBALL LEADERSHIP F

ORMER Negros Occidental Football Association (Nofa) President and now Tarlac Rep. Charlie Cojuangco asked members of the Philippine Football Federation (PFF) to think twice about reelecting Mariano “Nonong” Araneta to a third term as association head. The reason? Cojuangco questioned Araneta’s character and leadership at the PFF. In a dinner he hosted for media at his home, Cojuangco, a football patron at his Tarlac district, said he was compelled to speak out after being disturbed by Araneta’s mishandling of the PFF’s hosting job for football teams in the ongoing SEA Games, underhanded politicking, and lack of support for football grassroots project. Cojuangco called out Araneta for making himself scarce as apologies were being made for the multiple embarrassing problems besetting the ongoing football competition in the

Southeast Asian Games. Philippine Southeast Asian Games Organizing Committee (Phisgoc) head and House Speaker Alan Peter Cayetano and PFF General Secretary Atty. Edwin Gastanes, instead, faced the foreign delegations to make amends. “You are the president of Philippine football. You are the host for all the football teams. Why send an underling?” Cojuangco asked. “Are you only there front and center when everything is okay?” Cojuangco added that the PFF as the hosting NSA, should have ensured that all arrangements were in place for the foreign teams and even the Philippine squads, before the start of the Games. “The Phisgoc is handling everything, yes, but the PFF also has carries the responsibility to make sure everything was in order for football,” Cojuangco said. Cojuangco added that he was disturbed by

Araneta’s lack of character with his pattern of personal betrayal and underhanded politics. “I was compelled to speak out after I found out that he did to Ricky Yanson (the current Nofa president), what he also did to me,” he said. Cojuangco revealed that in 2007, Araneta asked Cojuangco to withdraw from his plan to run as PFF president, because Araneta said he himself was planning to run. Cojuangco said agreed to withdraw for Araneta, only to hear rumors a few days later that Araneta had withdrawn in favor of Mari Martinez. Cojuangco said he reached out to the media after reading reports that Araneta had promised the PFF presidency to Yanson—only to renege at the last minute. Regional Football Associations (RFAs) were surprised because the PFF rules only allow the PFF president to serve up to two terms, and were expecting Yanson to succeed Araneta.

“So it’s now an issue of character,” Cojuangco said. “I didn’t say anything before because it’s in the past and I had forgiven him and moved on. But the fact that he did it again makes me question his character.” Cojuangco also stressed that grassroots development in the sport has suffered during Araneta’s nine-year run as football president, and declared that the new age-group tournaments Araneta is now promising should have been initiated much earlier. In the past four years, the PFF only had one age-group tourney. Also, Cojuangco says that Araneta and the PFF this year received an award from the Asian Football Confederation (AFC) for successes achieved by Nofa under Yanson, and is overly dependent on Fil-foreign players and the annual funds given by Fifa, the world governing body for the sport.

PSTA cites Clark as Destination of the Year F

OR the second time, Clark was once again cited as the “Destination of the Year” by the Philippine Sports Tourism Awards (PSTA). Clark Development Corp. President and CEO Noel Manankil received the award during the third edition of the Sports Tourism Awards held Tuesday night at the Grand Wing Lounge of Resorts World Manila. With Manankil were CDC Tourism Manager Noemi Julian and Assistant Manager Elenita Lorenzo. Selrahco and PSTA founder and President Charles Lim, Department of Tourism (DOT) Undersecretary Benito Bengzon Jr. and Primetime Group Managing Director Pauland Dumlao gave the award. Organized by Selrahco Management in partnership with the DOT, Primetime Group and the Philippine Sports Commission (PSC), the PSTA bestowed the award to Clark as the sports tourism destination of the year for hosting more than 200 events that include fun-runs, marathons, triathlon, duathlon, games such as football and baseball, cycling and other sports-related activities. Aside from this, Clark is also a preferred destination for Meetings, Incentives, Conferences and Exhibits (MICE). In his speech during the activity, Manankil thanked the PSTA for recognizing Clark as a premier destination. He also encouraged the various organizations involved in sports-tourism management to visit Clark and explore the newly built sports facilities in New Clark City (NCC). “On behalf of the Clark family, Clark Development Corp., Clark International Airport, and our parent company Bases Conversion and Development Authority [BCDA], we would like to thank you (PSTA) for this award. I would also like to extend a personal invitation to all of you [sports-tourism management organizations] to visit Clark Freeport and New Clark City where you will see new sports facilities that I’m we Filipinos will be very proud of,” he said.

Clark Development Corp. (CDC) President and CEO Noel Manankil (third from right), CDC Tourism Division Manager Noemi Julian (second from left) and CDC Tourism Division Assistant Manager Elenita Lorenzo (second from right) receive the award. Also in photo are Selrahco President Charles Lim, Department of Tourism Undersecretary Benito Bengzon Jr. and Primetime Group Managing Director Pauland Dumlao.

Lim said that the Sport Tourism Awards is an opportune event especially with the staging of the Southeast Asian Games (SEA) in the country. He also highlighted the modern sports facilities in NCC. “I feel that it also very timely that they have upgraded the sports facilities in the country and for those of you who have not

seen the facilities in New Clark City such as the stadium and aquatics center, I urge you to visit these magnificent facilities and I’m sure you’ll be very proud of it,” he said referring to other awardees.

Araneta bares plans hinged on youth development

hilippine Football Federation President Mariano “Nonong” Araneta on Wednesday laid out his plans for the next four years that will see a revitalized Philippines Football League which will also help pave the way for more youth and age-group tournaments. With Qatar Airways announcing a three-year partnership with the country’s professional league starting next year, Araneta is brimming with optimism that the entry of an awardwinning global brand will trigger more support for programs in the country. In fact, Araneta said the country’s biggest bus company, Vallacar Transit Inc. through its Bachelor and Ceres Bus liners, is sponsoring a national Under-13 league for Luzon, Visayas and Mindanao. Araneta added the competition compliments the Under-17 tournament set to start next year, as well as the Under-15 competition which is already in place. “We’ve worked hard to gain the trust and

confidence of companies to support Philippine football,” said Araneta, noting that he has been working on the Qatar Airways sponsorship of the three-year-old PFL since early this year. The women’s department will also see an increase in competitions with Under-16 and Under-18 regional tournaments lined up, said Araneta, a Fifa Executive council member as well as head of the Asian Football Confederation Finance Committee. “There’s a lot in store for Philippine football in the next four years,” Araneta said. Reacting to reports of former football official and Tarlac Rep. Charlie Cojuangco blasting him for his character and the issues surrounding the Southeast Asian Games hosting, Araneta expressed sadness over the congressman’s misleading statements. “Much like the candidate he is supporting in the upcoming PFF elections, he is conveniently

leaving out details to fit their own narrative and paints a picture as if Philippine football is in bad shape,” said Araneta, who also questioned Cojuangco’s statements. Araneta shared his version of Cojuangco’s story in the 2007 PFF elections. “Charlie’s withdrawal from the 2007 PFF presidential race happened two weeks before I decided not to continue with my candidacy,” said Araneta. “Charlie withdrew ahead of me because he knew he was not going to win, but why is he blaming me for his decision. I didn’t make any promises. He always had the option to continue his candidacy.” Araneta said he was hurt that Cojuangco brought up his withdrawal from the PFF presidential race as he had explained to the then-Negros Occidental Football Association president that he had to look after his daughter who had a medical emergency. “It pains me that Charlie brought up my

withdrawal from the PFF elections in 2007 since it was a very difficult time for our family and it saddens me that he opened up old wounds because of politics,” said Araneta. “I am a father, first and foremost, and my family will always be my priority.” Araneta also recounted the time when Cojuangco was mad at him when he asked for his help with the issues surrounding the late PFF President Mari Martinez. “During the time of late PFF President Mari Martinez, I was among the regional football association presidents who were critical on how he managed the federation and its funds,” said Araneta. “Charlie, on the other hand, cursed at me when I asked for his help at that time because he said, I was the one who put Martinez in power. Nonetheless, we had to do what was necessary to save the PFF at that time.”

TOP officials of Esportsplay Gaming (from left) COO John Tse and Chairman and CEO Ivan Cuevas with LGD Gaming’s CEO Pan “Ruru” Jie and General Manager Pan Fei during the contract signing held Tuesday at the Conrad Hotel in Pasay City.

Esportsplay Gaming, LGD sign deal

ILIPINO gamers get to learn from nothing but the best as ESportsplay Gaming formalized its tie-up with one of the world’s most formidable professional Dota 2 teams in LGD. The two groups officially merged Tuesday in a grand event to form LGD International which will scout, train, and coach core players from the Philippines and Southeast Asia to compete in The International (T.I), the biggest Dota 2 tournament ever. ESportsplay Gaming Chairman and CEO Ivan Angelo Cuevas and COO John Tse signed the contract along with LGD General Manager Pan Fei and LGD CEO Pan “Ruru” Jie in formalizing the partnership during the launching dubbed “LGD International Launch Party: A Collab of LGD &ESportsplay Gaming” at the Conrad Hotel. “The country has produced many eSports players. ESports Gaming is planning to solidify the Philippines in the eSports map with this collaboration with one of the best teams in the world,” said Cuevas. “Forming one Dota 2 team is just one vision for LGD International. With their experience

training a team, I have all the confidence in the world to grow the eSports community in the country,” Tse said for his part. Fans, gamers, and ESports enthusiasts present during the event got the chance to face star players, such as Ah Jit, Chuan and Ruru in a friendly match. “We hope we can bring the Philippines eSports to higher level and help Filipino Dota 2 players succeed in international tournaments,” said Ruru. The friendly match was streamed online via ESportsplay Gaming’s Facebook page and YouTube account, that was made more exciting by shout casters and gaming influencers Sh1n Boo and Butters. The National’s Justin Villaseran (Vill) and known caster from China’s The International C.C hosted the launch party. ESports Gaming is eyeing to build LGD International’s training headquarters in Pampanga and soon, a gaming arena in Cebu, which is just the first step toward their mission to drive eSports forward by creating a talent training program and developing an ecosystem.

Clippers ease past Mavs in duel of 5-win streaks THE Los Angeles Clippers’ Paul George draws a foul from the Dallas Mavericks’ Dwight Powell. AP

ALLAS—Paul George scored 17 of his 26 points in the first quarter, Kawhi Leonard finished with 28 and the Los Angeles Clippers took control early in a meeting of teams with matching five-game winning streaks, beating the Dallas Mavericks, 114-99, on Tuesday night. The Clippers used several defenders to end Luka Doncic’s franchiserecord streak of four games with at least 30 points and 10 assists. George had a career-high six steals as Los Angeles held the Mavericks under 100 points for the first time this season. The Clippers limited the 20-year-old phenom to 4-of-13 shooting, including zero for seven from three-point range. The Slovenian star made 14 of 16 free throws and finished with 22 points, eight rebounds and six assists. Patrick Beverley got in foul trouble as one of the defenders assigned to Doncic, but getting his fourth early in the second half just brought back Lou Williams sooner. The high-scoring reserve finished with 21 points, going four of seven on 3-pointers. The Mavericks had taken the Southwest Division lead with a win at Houston for their fifth straight victory, but the expected title contenders from LA offered a dose of reality for a team looking to end a threeseason run without reaching the playoffs. Dallas was trailing by three when Doncic joined the rest of the starters on the bench in the final minute of the first quarter. By the time those five came back together in the second quarter, the Los Angeles lead was 48-32. The LA bench scored 16 of the 20 points during the run, with Leonard getting the other four. The NBA’s highest-scoring bench finished with 44 points. Dallas, fourth on that list, scored 37 bench points, most with the outcome no longer in doubt. AP

orts

sMirror

Thursday, November 28, 2019

PHISGOC BRASS AIRS APPEAL By Ramon Rafael Bonilla

HE Philippine Southeast Asian Games Organizing Committee (Phisgoc) sought the public’s support for the country’s hosting of the games amid criticisms on organizational boobos. Phisgoc COO Ramon Suzara told a press conference at the Sub Press Center at the World Trade Center in Pasay City on Wednesday that they are working tirelessly to patch the holes that have drawn criticism mostly in social media. Suzara said social media made it more complicated as fake news on organizational woes spread like wildfire. “I am appealing to everyone to put a good

Imee: Go must pursue probe on SEAG woes

en. Imee Marcos said Senate Sports Committee Chairman Christopher “Bong” Go must get to the bottom of the numerous foul-ups in hosting the Southeast Asian Games (SEAG) that are embarrassing the Filipino people even before the biennial sports event has begun. Marcos added that she backs Go’s promise to conduct a probe and that he would be the best person to do so, to prove that the government does not cover up anomalies committed by those close to the President. “If Senator Go will really conduct an investigation, and I hope he does, he would prove that the government is not afraid to go up against President Duterte’s allies,” Marcos said. House Speaker Alan Peter Cayetano, who chairs the Philippine Southeast Asian Games Organizing Committee (Phisgoc), and Philippine Sports Commission Chairman “Butch” William Ramirez have come under fire for various logistical blunders exposed in mainstream and social media. Team coaches and athletes from Cambodia, Myanmar, Thailand, Timor-Leste, and even the Philippines’s women’s football team have complained about delayed transport and hotel accommodations, meals served in small portions and that lacked nutrition or that were not halal for Muslim athletes, and sports venues that have not been completely built days before the games begin on Friday. “It’s just so sad that Alan himself as Phisgoc chairman admitted to the blunders that occurred upon the arrival of athletes from various countries participating in the SEA Games,” Marcos said. Complaints of nepotism and favoritism in National Sports Associations have also surfaced among bemedalled Filipino athletes in karate and skateboarding who were excluded from the list of SEAG participants. Marcos stressed that although it was premature to pin blame, the people are sure to demand a reckoning for the billions spent in hosting the SEA Games and that someone should be made accountable.

Philippine Southeast Asian Games Organizing Committee COO Ramon Suzara (from left) expounds on a point. With him are Philippine Olympic Committee President Rep. Abraham “Bambol” Tolentino and chef Bruce Lim. NONIE REYES

By Ryniel Berlanga

yanmar edged the Philippines, 2-1, to hand the hosts their first loss in Group A football action of the 30th Southeast Asian Games on Wednesday at the Rizal Memorial Stadium. Myanmar started hot and with impressive ball circulation had numerous attempts at the goal. Htet Wai finally found the mark and drew first blood for the visitors in the 16th minute mark. Like in their 1-1 draw with Cambodia, the Filipinos showed resiliency. Yrrick Gallentes initiated a game-tying goal on a cross to Dennis Chung, who set up Justin Baas for the equalizer just before the half. Myanmar lost steam entering the second

PHL booters yield to Myanmar for first loss in under-22 Games half which led the Azkals to take over in the offensive end, highlighted by a nutmeg play from Stephan Schrock. But Baas missed to gain the upper hand for the country in the 60th minute. Myanmar came alive after that with Tang setting up Myat Khant for the final tally. “I am angry with my team because we had good chances in the first half. After the second half we had many misses,” Myanmar Coach Velizar Popov said. Azkals Coach Goran Milojevic said he needs

to go back to the drawing board. His wards take on 2017 silver medalists Malaysia on Friday 8 p.m. in the same venue. “We saw the capability of the team in the past two games. We can easily play against Malaysia and it is time to go all out,” Milojevic said.

TYPHOON TISOY Tropical Storm Kammuri threatens from just outside the Philippine Area of Responsibility (PAR). It will be named Typhoon Tisoy when it reaches PAR. Moving west with a speed of 25 km/h, Kammuri would enter PAR on Sunday—the official start of Games across the four clusters in Luzon. “May bagyo nga and hopefully dumaan lang. So, we are anticipating rescheduling of some events that will be affected by the storm,” Philippine Olympic Committee Chairman Abraham Tolentino said.

Sports programs in schools sought

uhay Rep. Lito Atienza is batting for the revival of wide-ranging school-based sports programs, saying these would help fight illegal-drug abuse, foster wholesome physical activities among the youth and sustainably produce superior Filipino athletes in the years ahead. “There’s no question highly dynamic school-based individual and team sports will keep many of our children away from drugs, while allowing us to spot and develop future athletes at an early age,” Atienza said ahead of the Friday opening of the 30th Southeast Asian Games. Atienza urged Congress to quickly restore comprehensive sports programs across all public, as well as private elementary and high schools by bringing back the Bureau of Physical Education and School Sports (BPESS). The BPESS was abolished in 2001, when Congress passed the Governance of Basic Education Act that reorganized the Department of Education, Culture and Sports (DECS) into what is now the Department of Education (DepEd). “Congress clearly blundered when it closed down the BPESS,” Atienza, former three-term mayor of Manila, said. Atienza earlier filed House Bill 1108, which seeks to rebuild the BPESS under a reinstated DECS in lieu of the DepEd. “Vigorous school sports will also help address the utter lack of physical activity among Filipino children,” Atienza pointed out. The Philippines has the second-highest proportion of schoolgoing children aged 11 to 17 lacking physical activity at 93.4 percent, according to a global study by the London-based independent journal The Lancet Child and Adolescent Health. Globally, an average of 81 percent of schoolgoing children in 146 countries were insufficiently physically active, failing to meet current physical activity guidelines of the World Health Organization. South Korea had the highest proportion of schoolgoing children with inadequate physical activity at 94.2 percent. Next to South Korea and the Philippines, Cambodia and Sudan had the highest proportion of schoolgoing children lacking physical activity at 91.6 percent and 90.3 percent, respectively.

note on our hosting. Let us be fair in bringing positive news,” Suzara said. The criticisms bordered on transportation and accommodation troubles to catering woes. “Ginagawa na kasing joke. Make stories that will be positive for our athletes. Tulungan natin sila para ganahan silang manalo,” Suzara said. He also added that President Duterte could be reading the wrong news as the Chief Executive was said to be “displeased” with the current situation surrounding the SEA Games. “If I were the President, reading all these bad news, eh hindi maganda. Pero hindi naman totoo. Handa tayo, these are just little things before the opening,” Suzara said. Meanwhile, expect traffic gridlock in key roads in Metro Manila as the bulk of foreign delegations arrive on Thursday and Friday. But the Phisgoc assured to ease potential congestion as the organizers anticipate worse case scenario. “Our games services are ready, we have coordinated everything with the MMDA [Metropolitan Manila Development Authority] and the PNP [Philippine National Police]. We are prepared for this,” Suzara said. Alhough there are no dedicated lanes for the participants that will traverse major roads such as Edsa, MMDA is implementing a stop-and-go scheme for the convoys of delegates. “We are on track with our traffic preparations. We ask for the motorists’ and commuters’ cooperation in giving way to the convoys of the athletes,” MMDA Chairman Danilo Lim said. Traffic buildup are expected to start from the Ninoy Aquino International Airport to designated billeting hotels of each team. Phisgoc has provided shuttle services for the delegation members. Suzara noted that there will be 3,000 to 4,000 delegates who are arriving on Thursday and Friday. Some of them are scheduled to land at the Clark International Airport.

THE Philippines’s Amani Manuel Aguinaldo (dark jersey) engages Myanmar’s Aung Naing Win in a tight duel for the ball. NONIE REYES

NETBALL action turns fever pitch at the Sta. Rosa Sports Complex in Laguna. ROY DOMINGO

Athletes’ Village in NCC reflects Pinoy hospitality

uaranteeing the unique Filipino hospitality, the nutrition and dietary needs of athletes competing in the 30th Southeast Asian (SEA) Games are being well taken care of in the New Clark City Athletes’ Village. This was underscored by Bruce Lim, the SEA Games executive chef. “In New Clark City, we pretty much made a kitchen and a hotel from the ground up. This is a totally different monster because here, athletes can’t leave the [sports] complex. So we tried to make sure that they can eat 24 hours a day, they have enough food and variety throughout. We wanted to make sure that they’re comfortable with what they have—with the amenities

we have here in the Athletes’ Village and with whatever they have to eat,” Lim said. Lim said that the main dining hall in the Athletes’ Village is 100 percent halal—serving a soup station with bread, fresh fruits, desserts and about seven choices of viands. “We’re fully halal here. We’re taking into consideration [the food requirements of] our Muslim brothers and sisters. So we wanted to make sure that they feel at home; comfortable in our country because siyempre, Pinoy hospitality is the best,” Lim said. The Main Dining Hall at the Athletes Village inside the New Clark City is now ready to serve delegates to the 30th Southeast Asian Games. The spacious hall could seat a thousand athletes PHOTOS BY BCDA

and officials at one time. Lim, who partnered with Kapampangan chef Sau del Rosario in leading a group called Culinarya Pampanga for this year’s SEA Games, said that they’re working with nutritionists from other countries, especially in hitting the athletes’ calorie and protein consumption. Lim also shared that the test games became a great opportunity for the culinarians to identify which type of food to be served for the athletes. “We encountered a few things during the test events. We noticed that some wanted a lot of salt, sugary drinks to give a bit of a boost, so we made that adjustment during the actual games. Every time we run the test, is the best

opportunity to learn. There’s no way we can get that right the first go. Talagang we need to learn it, test it, see what they need, and address the situation,” he pointed out. “Food is important for the athletes, that’s their fuel. They burn out because they’re giving their 110 percent so we need to give our 110 percent [too], to make sure that we feed them correctly. Even our water source; all our water in the kitchen is potable. We thought a lot, and we partnered with the right people just to make sure this event will go without a hitch,” Lim added. About 1,800 athletes and coaches will stay in the New Clark City Athletes’ Village during the SEA Games.

PHL DRAWS INDONESIA

ost Philippines showed incredible grit as it escaped with a shock 6-6 draw with a tough Indonesia side Tuesday to open its campaign in men’s water polo of the 30th Southeast Asian Games at the New Clark City Aquatics Center in Capas, Tarlac. The Filipinos trailed, 4-5 and 5-6, in the fourth and final quarter, but found a way to knot the count and then engaged the Indonesians in a bruising battle after it to force a draw. Vincent Sicat and Paolo Serrano each scored a penalty goal to force the draw. “This was a big result considering it was Indonesia, the 2017 silver medal winner,” said Philippine team Head Coach Rey Galang. The Filipinos will try to ride the crest of this solid effort with a win against the Malaysians, the bronze medalists in Kuala Lumpur, Thursday. After that, the Philippines tackle reigning titlist Singapore Friday, and then caps off the tournament with a game against Thailand, which smashed Malaysia, 19-5, earlier. The victor after the single-round robin tournament takes the gold.

Bold substitution, ball boy helps Mourinho to victory

Tottenham’s Harry Kane scores his side fourth goal during their Champions League Group B match against Olympiakos at the Tottenham Hotspur Stadium in London on Tuesday. AP

Sports BusinessMirror

| Thursday, November 28, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

HOME-FIELD ‘ADVANTAGE’ FOR JAPAN Japan is aiming very high, shooting for 30 gold medals. Three years ago in Rio de Janeiro, it won only 12. Its best was 16—in 2004 in Athens and in 1964, when Tokyo was also the venue.

By Stephen Wade The Associated Press

OKYO—Countries playing host to the Olympics usually get a medal “bounce,” pushed by cheering fans and the advantage of being at home. Mitsugi Ogata also brought up the opposite possibility—the “home-field disadvantage.” Ogata was named Tuesday as the deputy head of the Japanese delegation for the Tokyo Games next year, introduced alongside Tsuyoshi Fukui, who will lead the delegation. “We need to play to the home advantage, but also have to remove any home disadvantages that we have,” Ogata said, speaking through an interpreter. “Because we are at home, there is a lot of pressure and more expectations. We have to overcome this and turn the cheering into our own energy.” Japan is aiming very high, shooting for 30 gold medals. Three years ago in Rio de Janeiro, it won only 12. Its best was 16—in 2004 in Athens and in 1964, when Tokyo was also the venue.

“If we can prepare the environment, I believe the results will come,” said Fukui, the general secretary of the Japanese Olympic Committee and a former professional tennis player. “The power of Japan is about teamwork.” Spain was boosted back in 1992, in Barcelona. Britain got a bounce in the 2012 London Olympics. And China did the same in 2008 in Beijing. Even Brazil got a slight bump three years ago in Rio de Janeiro despite the country being dragged down by a deep recession, a massive corruption scandal, and an organizing committee teetering on the edge of bankruptcy. Japan will probably rely on seven core sports: swimming, judo, badminton, track and field, gymnastics, table tennis and wrestling. And it would do well in all five sports being added for Tokyo: baseball, softball, sports climbing, karate and skateboarding. The United States and China are picked to top the medal table, countries with much larger populations than Japan. After the big two, Japan is likely to be in a tight pack with countries like Britain, Australia, France,

ONDON—A bold substitution and a quick-thinking ball boy helped Jose Mourinho turn around his Champions League debut with Tottenham. It couldn’t have started worse, conceding twice inside 19 minutes to Olympiakos. A decisive intervention was required by Mourinho in his second match in charge, replacing defensive midfielder Eric Dier with the creative force of the unsettled Christian Eriksen in the 29th minute. ‘’The most difficult moment of the game for me was not when Olympiakos scored the first or the second goal,” Mourinho said. “The most difficult moment of the game for me was when I made the change in the first half. Hurt the player but hurt myself. Not easy for the player, but not also easy for myself.” But a call that proved right as a place in the round of 16 was sealed with a 4-2 victory on Tuesday as early goals from Youssef El-Arabi and Borges Semedo were wiped out. Having been run ragged, Tottenham profited by an Olympiakos blunder in first-half stoppage time when Yassine Meriah completely missed the ball on an attempted clearance, allowing Serge Aurier’s cross to reach Dele Alli for a tap-in. Quick action from a ball boy retrieving the ball five minutes into the second half led to Harry Kane leveling the Group B match. Serge Aurier sent a quick throw-in to Lucas Moura, who crossed for Kane to side-foot home. When it came to celebrating, Mourinho embraced the ball boy. “I was between 10 and 16 years old, a very good ball boy and the kid is a very good ball boy,” Mourinho said. “He understands the game, reads the game, he’s not there just to look to the stands, or to the lights, or to the scarves he’s there living the game and playing the game very, very well. “In the end, I wanted to invite him to the dressing room to celebrate with us, but he disappeared.” This was not a game when Alli disappeared, unlike so many in the final weeks under Mauricio Pochettino, who was fired last week. Alli set up the decisive third goal, crossing for Aurier to strike into the net in the 73rd. Kane’s deft header four minutes later completed the fight back, and it came from Eriksen’s free kick—a reminder of the early change from Mourinho. “We didn’t come out with any energy at all really and they got the goal, put us under some pressure, got the second, and it’s an uphill battle from there,” Kane said. “But Dele’s done great to get that goal before half time and change the momentum and second half we came out [on the] front foot and got the goals we needed.” Tottenham is doing its best to make a seamless transition from Pochettino. There was no on-field photo-call to introduce Mourinho last week nor an introduction at his first home game. Only the Argentine flag with Pochettino’s photo attached to a stand provided a reminder of the fired manager who took Tottenham to last season’s Champions League final but lost to Liverpool. Tottenham is ensured of second place in Group B behind Bayern Munich ahead of the final game at the German club, which beat Red Star Belgrade 6-0 on Tuesday. That means Tottenham can largely focus on the Premier League campaign until the knockout phase begins in February. Winning the competition for the first time—after losing the June final to Liverpool—might be the only way back in next season. After four consecutive top-4 Premier League finishes under Pochettino, the slide down the standings cost him the manager’s job last week. The 3-2 victory at West Ham in Mourinho’s first game on Saturday lifted Tottenham to 10th place, nine points from fourthplace Chelsea. AP

Germany, and several others. It’s unclear of Russia will be banned from the Tokyo Olympics or field a partial team, fallout from a massive doping scandal dating from at least the 2014 Winter Olympics. At the 2018 Pyeongchang Winter Olympics, Russia was theoretically banned, but still 168 athletes were vetted and allowed to compete under the title of “Olympic Athlete from Russia.” It was one of the largest delegations. Without being specific, Ogata said Japan had won 17 gold medals at world championships in the last two years, and also took 27 silver medals. “The target of 30 is very, very challenging,” Ogata said. “But some of those silver medals are very close to gold medals. Our target is to change silver into gold.”

Calgary coach in limbo after allegedly using racial slurs B

UFFALO, New York—Bill Peters’s status as the Calgary Flames coach—and whatever future he might have in the sport—have been placed into question while the National Hockey League (NHL) and the team investigate allegations he directed racist slurs at a Nigerianborn player in the minors 10 years ago. Asking for patience, General Manager Brad Treliving said Tuesday that Peters remains with the Flames after the allegations raised by Akim Aliu on social media a day earlier. Peters, who has not commented, stayed at the team hotel and was not with the Flames as they practiced for Wednesday night’s game in Buffalo. Aliu alleged Peters “dropped the N bomb several times toward me in the dressing room in my rookie year because he didn’t like my choice of music.” It happened during the 2009-10 season while the two were with the Chicago Blackhawks minor-league affiliate in Rockford, Illinois. Treliving called the alleged comments “repulsive.” “Allegations of this nature, we take very, very seriously. This is subject matter that has no place in our organization,” Treliving said. “Now it’s my job to find out

exactly what’s taken place.” He said he had spoken with Peters and has had two conversations with Aliu by phone. Treliving offered no timeline and later announced Peters would not be behind the bench against the Sabres. Associate Coach Geoff Ward will handle the coaching duties in Peters’ place. The NHL called the alleged behavior “repugnant and unacceptable,” but held off commenting pending further investigation. Aliu has not returned messaged left by The Associated Press, but he has since expanded on his allegations by telling Canada’s TSN sports cable network that Peters made the remarks in Rockford’s dressing room, calling out his choice of music with a brief tirade marked by profanities and the N-word in front of several teammates. “He then walked out like nothing ever happened,” Aliu said. “You could hear a pin drop in the room, everything went dead silent. I just sat down in my stall, didn’t say a word.” Two of Aliu’s teammates, Simon Pepin and Peter MacArthur, corroborated the story to TSN. Aliu referred to former San Francisco 49ers quarterback Colin Kaepernick as a reason he stayed quiet

for so long. Kaepernick has spent the past two-plus seasons out of football since he began kneeling during the national anthem at NFL games to protest police brutality and racial injustice. “This isn’t to the degree of Kaepernick by any means, but if you play the race card, it’s most likely the end of your career,” Aliu told TSN. “This isn’t me being bitter. I sat on this a really, really long time. It broke my heart. I think it made my career go downhill before it started.” Flames players were blindsided by the allegations against the second-year coach. Defenseman Oliver Kylington, whose mother is Eritrean and father Swedish, said Peters has always treated him fairly, and yet respected Aliu for voicing his complaints. “If he felt like those words have been said, I really respect that he’s speaking out,” Kylington said. “Words like that should never, ever be said.” Flames captain Mark Giordano called it “a really tough situation” for the individuals involved and franchise. “I think we all know there’s no place for any of that sort of stuff in society, but also you have to respect that the allegations are just that right now, and you’ve got to go through the process,” Giordano said, saying the team

attempted to focus on having a good practice as they try to bounce out of a 1-5-2 slump. Peters led the Flames to a Pacific Division-leading 50-25-7 record last year following four seasons coaching the Carolina Hurricanes. The 54-year-old made the jump to Rockford after leading the Western Hockey League Spokane Chiefs to a Memorial Cup championship in 2008. Acknowledging he rebelled against Peters, Aliu said the coach eventually asked Blackhawks executives John McDonough and Stan Bowman to send him to a lower minor league level. The Blackhawks issued a statement saying nothing had previously been brought to their attention regarding Peters and Aliu before Monday. The team added it had no effect on any player personnel decisions involving Aliu. Aliu played under Peters during the 2008-09 and 2009-10 seasons. He was demoted to the Toledo Walleye of the ECHL during the 2009-10 season. Aliu, who was born in Africa but raised in Ukraine and Canada, later played seven NHL games over two seasons with Calgary. The 30-year-old Aliu has had a transient career since being selected by Chicago in the second round of the 2007 draft. AP

Tsuyoshi Fukui (left) poses with Mitsugi Ogata during a press conference in Tokyo, on Tuesday. Fukui will head Japan’s team at next year’s Tokyo Olympics and Ogata is the deputy head of the delegation. AP

GERMAN CONCERN

RANKFURT, Germany— Germany has launched a study of professional soccer players’ health after retirement in an attempt to understand the game’s long-term effects. The German soccer federation, the league, and a major insurance institution have teamed up to invest €450,000 ($495,000) to study 300 former players over three years. Aged between 40 and 69, the players must have competed in Germany’s top 2 men’s divisions, its top women’s league or a foreign league of comparable status. They will undergo the same hours-long examinations— including an ultrasound of the heart and magnetic resonance imaging scans—as used in a longrunning study of over 200,000 more people across Germany. That will allow more insight into how players differ from the general population. AP

God of Salvation

od of salvation, You show us mercy and lead us to eternal life. In hope we pray: Give us Your blessing, Oh God. Unite all nations, different parties in the government, other denominations in Religion to make peace and to care for the Earth and its people. Prosper efforts to educate young people about ethical, emotional, physical and psychological effects of abortion. Shower Your lovingkindness upon caregivers and home-helpers. May God be gracious and bless us, shine the light of truth upon us and fill our hearts with the peace of Christ. Amen. Give Us This Day, Shared by Luisa Lacson, HFL

Word&Life Publications • teacherlouie1965@yahoo.com

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

Life BusinessMirror

mommy no limits: Wanted: An ‘active’ family gift list D3

Thursday, November 28, 2019 D1

Before you travel for the holidays, take steps to ensure a happy homecoming By Katherine Roth

The Associated Press

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eople tend to spend a lot of time planning their holiday travel but not a lot preparing for their return home. But returning to a mess—minor bummers like an empty fridge or stinking garbage can, or major problems like frozen pipes—can make it difficult to savor the good times you had while away. Some simple predeparture tasks are crucial to a happy homecoming. These include: tidying up, putting your mail on hold, stocking up on frozen or nonperishable food (or scheduling a grocery delivery for when you get home), unplugging appliances, turning off the water supply, putting fresh sheets on the beds and giving a spare key to a friend. “It’s awful to come home to a cold and messy home,’’ says Amy Panos, home editor of Better Homes and Gardens. “It’s definitely worth it to clean up before you go. Think about what you want to come home to.... Take out the trash, and if there’s food in the fridge or on the counter that will spoil before you get back, get rid of it.” Jacqui Gifford, editor in chief of Travel and Leisure, says she travels about once a month and has set routines before each trip. Some tips from the experts: 1. TIDY UP Take out the trash and dispose of perishable foods, Panos says. Make sure your home looks neat and welcoming. 2. MAKE IT WELCOMING Make sure you have groceries on hand to make an easy meal when you return, says Gifford, who suggests things like frozen foods or pasta with sauce as easy fixes for the travel-weary and hungry. Panos says it’s also nice to have fresh-made beds waiting for you when you get home. 3. SAFEGUARD YOUR HOME Program your lights to turn on and off at regular intervals. Have your mail and subscriptions placed on hold so things don’t accumulate at your front door, tipping off potential thieves that you’re away. Reinforce sliding glass doors, lock all doors and windows, and leave your car in the driveway, Panos and Gifford say. You might consider waiting until you’re home to post your travel pictures on social media, so you’re not advertising to the world that you’re away and your home is empty, Gifford says. Letting your neighbors know that you’ll be away is also a good idea, says Panos, so they can keep an eye on things while you’re gone. 4. SHUT THINGS DOWN Turn off the main water switch if you’ve got finicky plumbing, says Gifford, and put together a checklist of things that need to be turned off or unplugged. Set your thermostat lower before you go and, if possible, program it to heat up again right before you get back, suggests Panos. “The last thing I do before heading out the door is to unplug all my electric items. It’s good for your pocketbook because it saves energy, and can save your electrical items in case there’s a power surge. It’s also good for the environment,” Gifford says. 5. LEAVE A KEY Give a spare key to a friend or neighbor, in case you realize on your way to the airport that you forgot to turn something off or need something checked on, Gifford says. 6. CONSIDER EXTRA SECURITY MEASURES In addition to the more basic predeparture steps, there are other precautions to consider. “Make sure your itinerary is left with a friend or neighbor not going on the trip, so someone knows where you are in the world and how to reach you. It’s also a good idea to leave a copy of your passport and credit cards with a family member, and also bring a copy with you that you can keep separately from your documents in case they’re stolen,” Gifford says. If you travel frequently with children or someone with health issues, supplemental travel insurance may be a good idea, she says: “One in 30 trips ends in a medical emergency and, particularly if you travel a lot, that extra sense of security is worth it.’’

4 Christmas markets and traditions to get you in the yuletide spirit Belens are on display while parols are shining brightly. The holiday spirit is definitely in the air. Have you ticked off everything on your Christmas shopping list, yet? No reason to fret if you haven’t. Global online travel agency Agoda (agoda.com) shares four Christmas markets to visit in Europe so you can finish up your gift purchases while celebrating the holidays in a different way. Christmas markets originated in Europe, making it one of the best places to experience the romantic fairy lights, charming streets and festive spirit in full swing. Plus, who’s going to say no to snow and some mulled wine?

1. Gendarmenmarkt Christmas Market, Berlin, Germany

Number of Chinese visitors to Hawaii continues to decline HONOLULU—The number of Chinese visitors to Hawaii is decreasing in a trend that has continued for the past four years, officials said. The Hawaii Tourism Authority found Chinese visitors to the state are down 26 percent through the third quarter of 2019 that closed at the end of September, Hawaii Public Radio reported Tuesday. About 150 million Chinese citizens traveled abroad in 2018. That number has more than tripled over a 10-year period, with Chinese travelers generating $250 billion in annual economic activity worldwide, according to China’s Ministry for Culture and Tourism. Chinese arrivals in Hawaii have been declining since 2015, the tourism authority said. AP

Already stunning throughout all seasons of the year, the three historical buildings at the Gendarmenmarkt square stand bright and proud with decorative lights during Christmas season. Visit artisan stores for Christmas goods, like origami craft, belts and glass art, among others. Expect to find fragrant food stores that offer German, Austrian, and Bavarian dishes to gourmet delicacies. Did you know? If you order mulled wine and are charged higher than the price indicated at the market, don’t panic. The extra amount is a deposit for the mug. Feel free to return it or keep the mug as a souvenir as they are usually especially designed for the year-end event. Where to stay: Cosmo Hotel Berlin Mitte and Titanic Gendarmenmarkt Berlin Hotel are within walking distance of the Gendarmenmarkt Christmas Market. Situated in the cultural and shopping area of Berlin, they provide easy access to the city’s attractions. Or stay at one of the other 2,000 Agoda options in Berlin.

2. St. Stephen’s Basilica Christmas Market, Budapest, Hungary If technology is more you than tinsel, St. Stephen’s Basilica Christmas Market might be the spot for you. The market is famous for one of the largest 3D light painting shows in Europe, where visitors can be part of the narratives projected on the façade of St. Stephen Basilica. There’s a skating rink that’s free for children under 14 and culinary booths offering a taste of Hungarian specialties, such as fried sausage and pálinka (fruit brandy). Did you know? Hungarian children can receive gifts twice during this jolly season. On December 6, children leave shoes on their windowsill to get small presents like sweets or chocolates and also wait for the bigger gifts under their Christmas tree on the eve or morning of Christmas. Where to stay: There are 8,000 properties to choose from in Budapest. Stay at the Kempinski Corvinus and Hotel President to enjoy Christmas in Budapest with many Christmas markets nearby, and St. Stephen’s Basilica just a few minutes away.

3. Old Town Square, Prague, Czech Republic Immerse yourself in an authentic Czech Christmas at the Christmas Market in Prague’s Old Town Square, one of the most beautiful and liveliest markets in the country with plenty of dance and choral performances to entertain visitors. Delight in traditional dishes, such as roasted ham, sausages, Czech Christmas cakes and local beers. Keep warm with

Gendarmenmarkt Christmas Market in Berlin

hot beverages, such as honey wine, grog and hot chocolate. Did you know? Instead of turkey, Czechs traditionally serve fried carp for their annual Christmas Eve dinner. Where to stay: After exploring the Christmas market, rest at the cozy Ventana hotel located next to the Old Times Square, a few minutes’ walk from the market. Or stay at the comfortable Iron Gate Hotel & Suites Prague, which offers a variety of room types to fit your need. There are also more than 6,000 properties in Prague that you can stay at depending on your preference.

4. Karlsplatz Art Advent, Vienna, Austria This is an alternative market for art and culture enthusiasts to shop for Christmas-themed products and more. Expect unique and original high-quality crafts from this curation of talented creators. Vendors actually have to pass a panel of judges in order to showcase and sell their crafts at the market. The food and beverage stalls serve organic cuisine and drinks, so you won’t get hungry strolling around Karlsplatz. Did you know? Austrians get twigs from cherry trees and place them in a vase of water on December 4. It is believed that if the twig blossoms by Christmas eve, the family will be blessed with good luck. Where to stay: Check in at Grand Ferdinand—Beyond Stars and Standards for a stylish stay in the heart of Vienna and not far from Karlsplatz Art Advent; or stay luxuriously at the Schlosshotel Romischer Kaiser. There are more than 3,000 Agoda properties in Vienna.

Thursday, November 28, 2019

Entertaining BusinessMirror

Help-yourself breakfast buffet makes it easy on host, holiday guests AT ROOM TEMPERATURE n Muffins, quick breads, coffee cakes and scones. Consider berry-studded muffins topped with a sweet crumbly layer of buttery streusel topping, or cute one- or two-person mini banana breads, which are also great midday snacks. Remember that many of these things can be made ahead and frozen. n Bagels, croissants, breads n Jams, jellies, honey n Butter (butter actually is better sitting out overnight, becoming soft and creamy for spreading) n Assorted cheeses (better left out overnight for optimal texture and flavor) n Sausages and charcuterie (again, better left out overnight for optimal texture and flavor) n Hardier fruits, like apples, pears, oranges, bananas n Granola, muesli, cereals

IN THE FRIDGE n Softer fruits like cubed melon, or pineapple, berries and grapes, or fruit salad n Cream cheese (could also be at room temperature) n Lemon curd n Hard-boiled eggs n Frittatas and quiches, such as a vegetarian quiche filled with goat cheese, mushrooms and leeks suspended in a creamy but fluffy egg-based filling. n Milk, juices and other cold drinks n Smoked salmon or other fish (and maybe sliced onions and tomatoes if you are doing the bagel thing)

By Katie Workman

The Associated Press

et’s say guests are staying with you for some part of the holiday. You’ve planned a beautiful, robust holiday dinner. You’ve even been prescient enough to make a big batch of soup and buy a graze board’s supply of cheeses, charcuterie, olives, etc. for a casual midday meal. You’ve made the beds, laid out fresh towels, remembered to bump up your wine reserves. You are ready for your houseguests. But yikes, you didn’t think about breakfast. And really, the thought of setting an alarm early to start griddling up omelets when there is so much else to do...no, just no. Not only is that perfectly OK, it can work in every-

one’s favor: An early, full-on, sit-down breakfast means your guests and family also feel obligated to get up at a certain time, whether to help or merely to eat. A help-yourself breakfast spread checks a lot of boxes. Your guests can relax and start their day at their own speed. Simply make or buy an assortment of attractive, delicious morning foods. Leave out what can be left out overnight, of course, and in the morning either pull out the refrigerated items yourself or leave a cheery little note for your people, telling them what can be found in the fridge. Store-bought can be your friend, but it’s often nice to pick one thing to make, like a quick bread. Your guests will appreciate being cared for and fed, no matter what you serve. Here’s a selection of breakfast buffet items and how best to store them overnight.

COFFEE STATION n If you have a programmable coffee pot, set it for the early risers. If you have a single-serve pod coffee maker, leave out an assortment of capsules, from coffees to milk chocolate to teas. A bowl of tea bags can also be left out, near a kettle filled with water. Don’t forget sweeteners, spoons, and some sort of milk or creamer in the fridge (putting it into a small pitcher is nice, but not necessary). n Leave out a stack of small plates, bowls, napkins and utensils, along with glasses and mugs. Make sure there are serving utensils for everything, and knives for cutting breads, quiches, cheeses etc. Make a toaster (and a trash can!) self-evident. n And in the morning when you hear activity starting in the kitchen, you can decide whether to rise and shine and join your guests, or press snooze one more time.

Give Christmas a touch of decadence An iconic brand made and directly imported from Hong Kong, Hong Kong MX is widely renowned for its best-selling innovative moon cake selections which were recently introduced to the Philippine market. This yuletide season, foodie lovers can add some irresistible indulgence to any discerning home or family through its delectable pastries. Using top-notch ingredients to create these mouthwatering goods, each one is sure to be the perfect Christmas gift or addition to any holiday gathering.

Perfect holiday companion Spread the joy of the holidays with Villa del Conte Coffee Bean Dragees, a chocolate masterpiece of perfectly roasted coffee beans with an irresistible aroma and crunch, covered in mildly sweet, extra dark chocolate. An invigorating treat for coffee lovers, the Villa del Conte Coffee Bean Dragees is available at Greenbelt 5 and SM Megamall. More information is available at 8893-2575 or www. villadelcontecioccolato.com.

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Among the featured pastries are the coveted Hearty Butter Pastries, Mille-feuilles, butter cookies and egg rolls. Each takes the beloved essence of the classic baked creation along with its familiar flavor profile, then baked to a perfect crisp. While the original variants of these featured pastries are enough of a treat, Hong Kong MX will also be offering them in hazelnut, macadamia, maple syrup, chocolate, and more for the curious palate. The best-selling trio box which carries all three variants will also be available so that foodies can enjoy all the best of Hong Kong MX in one go. Just like its sister products, the game-changing Hong Kong MX Mooncakes, Hong Kong MX Pastries bears an unparalleled standard for excellence that ensures each pastry uses only the finest ingredients and methods, such as the Hearty Butter Pastries’ double-baking technique that results in caramel notes; the Mille-feuille’s perfect union of 192 layers of hand-crafted puff pastry on a bed of almonds; and the delicate almost melt in your mouth egg rolls. As the flagship product, the classic Original Eggrolls uses five ingredients only: French butter, fresh eggs, fine flour and water—absolutely without preservatives, margarine, shortening, flavoring, nor coloring. This year, it won a gold medal once again in the Annual Monde Selection Quality Award. Further adding brilliance to each box of Hong Kong MX Pastries is their elegant and festive packaging that makes it the ideal gift or even centerpiece at any buffet table. These showstoppers will be available for a limited time only from November 23 to January 25, 2020, right before the Chinese New Year. Boxes range from P800 to P1,500, while the snack pack retails for P179.75. Visit the nearest Hong Kong MX pop-up store at SM Mall of Asia and Lucky Chinatown Mall. Hong Kong MX Pastries will also be available on Lazada, Grab and GoEat.

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Ryan Kwanten, 43; Jon Stewart, 57; Ed Harris, 69; Paul Shaffer, 70. Happy Birthday: Simplicity will help you keep things running smoothly. Instinctively know to curb unwarranted habits and not to make offers that are unreasonable or put you in a stressful position. This year is about maneuvering your way to a better place. It’s a year of peace, quiet, comfort and happiness. Make your suggestions and the changes you want to make worthwhile. Your lucky numbers are 5, 16, 23, 29, 37, 39, 44.

ARIES (March 21-April 19): Slow down, think matters through carefully, relax and observe. Don’t get into a senseless dispute with someone who is baiting you. Focus on completion, making a difference and being the best you can be. Actions speak louder than words. ««

TAURUS (April 20-May 20): Embrace change. Good alternatives are heading your way. Engage in talks, and the information you gather will set the stage for new beginnings. A partnership looks incredible, and the energy you put behind your ideas will lead to success. Romance is encouraged. «««««

GEMINI (May 21-June 20): Balance, integrity and not bending to someone’s demands will be necessary. Create your opportunities instead of helping someone else get ahead. Trust in your judgment, and give yourself the time you need to assess a situation before you make a move. «««

CANCER (June 21-July 22): Be more of an adventurer. Explore the possibilities to discover what you are capable of doing. Use your intellect to develop a unique idea that comes to mind. Collaborate with similar people, or spend time with someone you love. «««

LEO (July 23-Aug. 22): Quiet pursuits are favored. Don’t fight the inevitable; learn to go with the flow and follow your heart. Concentrate on what and who moves you the most. Your happiness depends on the decisions you make. Choose peace of mind. «««

VIRGO (Aug. 23-Sept. 22): Don’t get sucked into emotional dilemmas or someone’s drama. Get out and associate with people who are doers, accomplishers and have something to offer. You can achieve plenty if you concentrate on something you care about and want to pursue. ««

LIBRA (Sept. 23-Oct. 22): Set up a business meeting or get together with someone from your past. This will help you realize what’s possible and how best to go about getting what you want. Make a point to control change instead of letting it control you. ««««

SCORPIO (Oct. 23-Nov. 21): Find out more about the people you need in your life to get ahead. Show interest, offer incentives and pay attention to what’s important to others. You will establish working relationships that can benefit everyone involved. Romance is on the rise. «««

SAGITTARIUS (Nov. 22-Dec. 21): Show everyone what you are capable of doing. Use your intelligence, ingenuity and talents to assist others, as well as to help yourself. Collaborating and contributing to something you believe in will lead to worthwhile encounters and future benefits. «««

CAPRICORN (Dec. 22-Jan. 19): Stop thinking about what you want to achieve, and start putting your plans in motion. A change at home or work will turn out better than anticipated. Don’t hesitate when you should be initiating personal, physical or economic changes. «««

AQUARIUS (Jan. 20-Feb. 18): Think big, but remain moderate in all that you do. Keeping your plans doable will be half the battle. Refuse to let anyone intervene or talk you into something that has the potential to fail. Don’t make an impulsive decision. «««

PISCES (Feb. 19-March 20): Keep your life, financial dealings and purchases moderate. Look for a direct route to what you want to achieve. Simplicity will bring you more in return than trying to take on too much at once. «««« Birthday Baby: You are forthright, intense and commanding. You are ambitious and courageous.

‘take the sting out your words’ by stu ockman The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 Like a lawn 7 Too 11 Miracle-___...or 40-Across, after70/71-Across? 14 Abrasive rock 15 Gloomy 16 Semi 17 New Balance rival 18 Red or rose 19 Often-torn knee part: Abbr. 20 Dinner with a cup for Elijah 21 Oblong in Egyptian hieroglyphs 23 Berkeley’s region 25 Portland college 26 Correct a tag, perhaps 29 Educators’ org. 31 Sharif of Funny Girl 32 Actor Alan 35 Support for a cast...or 57-Across, after 70-71-Across? 39 Texter’s “I’ve heard enough!” 40 Marx who said “Humor is reason gone mad” 42 Words-minute link 43 French for “map”...or 21-Across, after 70-71-Across?

5 The “N” of NB 4 46 Food ___ (Thanksgiving woe) 47 “___ making a list...” 49 Helping 51 Bun, for one 54 Surrounded by 57 Showing bad posture 59 Superfan’s opposite 63 Bamboozled 64 Fit as a fiddle 65 Just managed 66 Derby’s country: Abbr. 67 The Good Dinosaur dinosaur 68 Chef Lagasse 69 Sliver of hope 70 With 71-Across, Bengay’s purpose ... or this puzzle’s theme 71 See 70-Across DOWN 1 HS transcript figures 2 Like cutting in line 3 Surrounded by 4 Discussion not involving the jury 5 Large beetle 6 “I accept” 7 Commercial competition

8 France’s longest river 9 Beach acquisition 10 Cookies and cream cookie 11 Prayer before a meal 12 Nouveau ___ 13 Stared creepily 21 Pay a visit 22 Eurasia’s ___ Mountains 24 Tenth of the 2010s 26 College cadet’s org. 27 Poet Lazarus 28 Animal shelter 30 That, in Tijuana 33 Pair 34 Breaking a leg? 36 Music player that once had a click wheel 37 Pixar clown fish 38 Steffi of tennis fame 40 “Golly!” 41 Do a gallery task 44 Pronoun before “art” 46 Stronghold 48 Home to about 90 oases 50 Something disappointing 51 Guide to a seat 52 First course of action

3 Untrustworthy, to a Brit 5 55 ___ Vanilli 56 Result of a leadoff single 58 Bath bud 60 Tootsie star Garr 61 Falco who played Carmela Soprano 62 Massage deeply 65 Large body of eau

Solution to yesterday’s puzzle:

Parentlife BusinessMirror

Thursday, November 28, 2019

Wanted: An ‘active’ family gift list From left: Meagan and I replicate a pasta recipe she found online; Marcus with his favorite Yokai toy and a book I found in a bookstore; Marcus with an Orbea bike; Meagan using her Japanese ceramic knife to cook her favorite mushroom dish.

This a consequence of today’s highly Internet-dependent families. This is not meant to be a judgment of parents who allow their kids more “screen time” than the next parent. It is for me a reality check for the parent to be aware and take control of the situation. My stand has always been to be “phygital” (physical + digital) and push for an active environment for my kids. At this age where everyone is so digitally connected, I find ways to ensure “human connections” do not suffer. I believe each parent knows their child best and how to guide their kids’ digital habits. Our house is not a “screen-free” household. We all love our own apps, YouTube and Netflix shows. We would watch movies and series like Brooklyn Nine-Nine or Kissing Booth. My son is even into Fortnite. However, we are aware that when any one of us gets too much screen time, there are mood changes and so we all remind each other. When my son gets too excited with his game, we would divert his attention by going out or playing sports. My daughter enjoys her episodes of Dance Moms, cooking videos, as well as reading books. I learned that starting the kids young on play could prevent screen time addiction. When my son was into Yokai series at six, I also bought him the book to learn about the characters more. When my daughter was into the cooking YouTube channel Nerdie Nummies by Rosanna Pansino, I would indulge her by going to Santi’s Deli to buy the ingredients she saw so she could replicate the

MOMMY NO LIMITS

MAYE YAO CO SAY mommynolimits@gmail.com

aspersky, a global cyber-security company founded in 1997, released a report in September based on the results of a 2018 and 2019 survey. The report reveals there has been a double-digit growth in children using the Internet for accessing software, audio and video web sites in Southeast Asia. For the Philippines, the growth went up from 25.41 percent to 49.12 percent. The top 3 Internet activities among kids in 2019 are software, audio and video web sites; online messaging; and electronic commerce.

Girl with down syndrome crowned Miss Possibilities 2019 A talented 14-year-old girl with down syndrome is the titleholder of this year’s Miss Possibilities, a Filipino beauty pageant for young women with special needs. Organized by Miss Possibilities Foundation and supported by SM Cares (www.smcares.com.ph), the pageant attracted young women with special needs from different parts of the Philippines and even from a province in Thailand who competed during the coronation night which was held at the SMX Convention Center in Pasay City. Cielo Marie Guico—the youngest of five siblings and dubbed as the pageant’s Miss Perfect—brought home the crown with her heartwarming talent in singing. She also impressed the audience during the Q&A portion when asked who her favorite singer was, to which she replied, “Ariana Grande,” after which she sang a few lines of the pop star’s song. The Miss Possibilities pageant aims to celebrate beauty without limits, and to promote a more inclusive society. The event also gave recognition to private organizations that support the differently abled such as Accenture Philippines, which encourages PWDs to practice their profession and maximize their skills by employing them; and SM Kids, which featured children with special needs as models for one of its campaigns that promote inclusivity. Founded in 2015, the beauty pageant aims to convey the message that everything is possible for girls, even those with special needs. This message of social inclusion is aligned with the thrust of SM Cares, the corporate social responsibility arm of SM Prime Holdings Inc., that promote a disability inclusive environment in its malls. Annual activities, like Happy Walk for Down Syndrome and Angel’s Walk for Autism, are some of the projects that SM Cares supports in its bid to support communities and promote inclusion.

Miss Possibilities 2019 Cielo Marie Guico with Binibining Pilipinas-Universe 2000 Nina Ricci Alagao (left) and Miss Possibilities Foundation Founder Suzanna Yuzon (right)

As a novelty or a favorite, wooden toys can make great gifts By Leanne Italie The Associated Press NEW YORK—Why buy wooden toys for children? Chances are good you know at least one parent who sings their praises for durability, sustainability or magical powers to boost creativity. If you don’t, know that such toys can make great gifts. Some ideas:

WOOD ON WHEELS

Cars, trucks, construction vehicles, emergency vehicles: Wooden toys that move are everywhere. Look no further than Melissa and Doug, the mass producer with a wide variety. The brand is available everywhere. The company makes construction vehicles for ages three to six that a child must stack together themselves before playing. On the handmade emporium Etsy.com, the shop TwentySevenUK sells a small wooden racing car that can be engraved with a child’s name and a special date. The seller offers free shipping to the US. Each car is $43.05 and comes in white, yellow or green. Wooden train sets may not have wheels, but they do move and there’s a nice selection. Check out the world of Brio.

TABLE GAMES

From tic-tac-toe to backgammon, lots of table games come in wood. Aerin makes a fancy Jenga, the classic balancing game, with blocks made of beech, stored in a cream or brown shagreen box with brass detailing. It also sells a French Solitaire Set that includes a circular board crafted in Italy from ashwood, with 33 brass balls. A little too steep price-wise? Head to Amazon for a nice looking tic-tac-toe table set in wood, or a plywood four in a row game.

MISCELLANEOUS

Circle stackers for infants and toddlers are also plentiful, but one Etsy seller, SouthBendWorks, makes a lovely version in multicolored hardwood. Pottery Barn Kids carries a wooden pet set complete with a rabbit and its hutch, a dog and its doghouse, and a cat and its cat bed. There are also food bowls and food, including a carrot for the bunny. How about a throwback? A company called Novanatural.com sells a set of wooden stilts for ages six and up in oak hardwood.

KITCHEN TOYS

Lots of wooden play kitchens and toy appliances are out there, but they’ve got a lot of plastic competition. Best to check with a parent first before taking on the big ticket. If you’re not confident about gifting a full-size kitchen, go for a miniature set. Tender Leaf Toys, which makes a beautiful array of wooden toys, has a kitchen set intended for a dollhouse but perfectly suitable as a stand-alone gift. Tender Leaf makes lots of other cool kitchen toys, too, including a colorful espresso machine complete with coffee pods that drop and a milk jug.

Wooden racing car that can be engraved with a child’s name and a special date from Etsy seller TwentySevenUK

recipe. Today that my kids are 10 and 13, play can still trump screen time when we play card games or sports. I remember some of the gifts that my kids received in the past that promoted active play—a Japanese ceramic knife, an Imarflex mixer, an Orbea bike, Crayola marker maker toys, a violin music stand, gift cards from bookstores and puzzle games—and thank the gift-givers who chose them. As I wrote in my three-part article in September 2018, the negative effects of too much screen time is real. Today, I believe it would take a strong and conscious effort among not just our immediate family, but everyone around us, to jolt us to active play mode. Maybe if we give more active gifts this Christmas, we can influence our nephews, nieces, godchildren and so on to engage in nonscreen time activities. Since most of us are finishing our Christmas gift lists this November, I thought of sharing excerpts of an interesting online article I read by Dr. Screen-Free Mom on choosing “Screen-Free” type of gifts. She suggests to “search for gifts for your child that will encourage his or her natural development” like the Melissa and Doug Cleaning Kit, or making a free library for your child. Below are some of her general guidelines for avoiding bad gifts: n Avoid the cartoon- or movie-branded toys. Research suggests children do not play with these toys in a creative fashion, and rather use them to rehearse scenes and conflicts from the film. n Avoid toys that can be played with in only one fashion, n Avoid toys that have too many bells and whistles (literally). When toys make a great deal of noise, children use them in less creative ways and talk less during their play. Parents are also less

likely to engage with their child when they play with a loud toy (they don’t want to compete). n Avoid toys that promote rigid gender roles. Chose gender neutral coloring when possible (this also ensures your toys can last for multiple children). n Avoid toys that attempt to teach your child. Toys that attempt to teach your child are often overstimulating and dropped rather quickly. Play is the ideal context for learning; the toy doesn’t need to recite the ABC’s to make it happen. n Avoid toys that in any way encourage violence or promote the over-sexualizing of children’s play. Most schools, playgrounds and parks do not allow toy guns for a variety of reasons. Choose toys that can be played with in a pro-social fashion. Your child’s play becomes your child’s behavior. I love how she also positively guides us in choosing good gifts. She uses an easy-to-remember acronym, S.P.O.I.L., which are categories to pick from when we do our gift shopping: n Social—gifts that encourage social interaction n Play—gifts that foster free play n Outdoor—gifts that encourage being outdoors n Iindependent work—gifts that foster work n Literacy—gifts that encourage reading and writing Next week, let me expound on more examples from Dr. Screen-Free Mom, as well as my thoughts on active gifts for the whole family.

D4 Thursday, November 28, 2019

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The monotone of death and violence in ‘Atlantis’ REELING

TITO GENOVA VALIENTE titovaliente@yahoo.com

t is Ukraine in the future—2025. A retired soldier volunteers to help in the search for the bodies of those who died in the war between the country and Russia. He meets a volunteer and together—and with us all—they count the bodies exhumed from the ground. There are mines all over the landscape that is as bleak and unforgiving as the enterprise itself—that of recovering bodies, tabulating the find, and identifying the contusions, broken bones and other violent acts committed upon them. There are skeletons, a better option; there are mutilated human corpus with flesh still clinging upon them. Then there are the volunteers throwing up every now and then at the sight and smell of what are really carcasses. The other volunteers work methodically: their daily exposure to death— and the causes of death—making them expert, objective and unfeeling about the task at hand. The cataloging of the victims (or aggressors) of war is interrupted by road travel, memories and moments of intimacies. Then it is back to the tallying. When this reckoning takes place, time stands still, as if death takes over what is left of life. If death has a scent and a look, then this film Atlantis succeeds to make us sense the absence of life in all its physical aspect. Directed by Valentyn Vasyanovych, the film looks at the outset like an action film. But the monotone of the landscape and the distance from the event bring with it the feel of a documentary. The repetitive accounting of dead bodies is detached. We are left to watch it as the documentation continues. The film tells us the event (in the future) happens a year after the Ukrainians have defeated the Russian forces in that region. Sergiy is a former soldier working in a smelter company. When work stopped in that company, he leaves for Eastern Ukraine to work as a volunteer. He is suffering from PTSD. The job of being there in the area where all the killings take place seems to be his attempt to cope with the inner depression. It is a disturbing job. It is as if one has returned to the scene of the “crime.”

Bill Cosby vows no remorse, expects to serve 10-year maximum COLLEGEVILLE, Pennsylvania—Bill Cosby says he’s prepared to serve his 10-year maximum sentence for sexual assault rather than show remorse for a crime the comedian says he didn’t commit. Cosby is serving three to 10 years in a state prison near Philadelphia after a jury last year convicted him of sexually assaulting a Temple University employee in 2004. The 82-year-old says the Pennsylvania parole board is “not going to hear me say that I have remorse.” He thinks it’s therefore unlikely he’ll be released early. He made the comments in a phone interview on Sunday with BlackPressUSA as he appeals his felony conviction and sex offender status. Legal experts say sex offenders typically must show remorse to be considered for parole. Cosby is best known for his 1980s-era sitcom The Cosby Show. AP

Andriy Rymaruk, a real soldier in the Russo-Ukrainian War, Stars in Director Valentyn Vasyanovych’s multi-awarded Atlantis.

But is war a crime? When the film was screened in competition at the recently completed 32nd Tokyo International Film Festival, I had the opportunity to attend the event. In the post-screening Q&A, the Japanese moderator stressed that the questions should just be about (italics mine) the film. Indeed, the film talks about an event that is ongoing. Depending on which side you are, the conflict between the two countries is summed by the label, “RussoUkrainian War.” It is also described as a military action of Russia in Crimea and in the Donbas region of Eastern Ukraine. By situating the film in the near future, Vasyanovych transforms what could have been a very specific anti-war material into a depoliticized manifesto. The effect is not only an assumption of a detached perspective, common in regular documentaries, but also a freedom to look at how human actors can survive or try to get out of the pit of wars. There is almost a poetic, romantic sensibility in Sergiy alone in the grim landscape. There is also

a predictability in Sergiy finding comfort in Katya, the other volunteer in the odd mission to encode annihilation. All these observations do not diminish the power of the film. Far from it. Original and trenchant, Atlantis becomes a general indictment of war. When our task is to take account of those who die and we do the job with efficiency, then we have become one with the technologies of war. Described as “apocalyptic” and “dystopian,” Atlantis terrifies because the apocalypse is here with us already and the dystopian societies are not far behind. Toward the end of the film, Sergiy and Katya engage in frenzied lovemaking. In a fantastic cinematic scheme, the images of the two are captured in negatives. The effect stops the narrative and allows us to contemplate on what has happened to the two human beings. Then the door of the van where Sergiy and Katya have kept themselves opens to a vast, empty horizon. The sky is gray and dirty white. Black birds fly and the film ends.

During the post-screening press conference in Tokyo, the actor who portrayed Sergiy was introduced to the audience. He was Andriy Rymaruk, a real soldier in the Russo-Ukrainian War. He confessed that he knew what it was to have post-traumatic stress disorder. With his status adding verismo to the cinema, the actor was asked whether the film and its realism subjected him again to the trauma. Atlantis is the first film for Andriy Rymaruk who, according to the director, has been getting offers to act in more films. Atlantis won the Best Film in the Horizons Section (Orizzonti) in the 76th Venice Film Festival. The section is considered by many as the equivalent of the Un Certain Regard of Cannes Film Festival. The award is given to new films that could be seen “in the horizon.” The Orizzonti prize was also won by Pepe Diokno for Engkwentro in 2009 and Lav Diaz for Melancholia in 2008. Atlantis was given the Special Jury Prize in the 32nd Tokyo International Film Festival.

CFO Chair Acosta visits ABS-CBN-TFC North & Latin America DALY CITY, California—ABS-CBN North and Latin America hosted recently the visit to the TFC Office and Studio in Daly City of the Chairman of the Commission on Filipinos Overseas, Secretary and former Associate Justice of the Court of Appeals Francisco P. Acosta. The secretary arrived with CFO Head Executive Assistant to the Secretary and Legal Counsel Atty. Xerxes E. Cortel, Paolo Calingasan, Consul Vanessa Bago-Llona and Cultural Officer Toni van Espen-Boonen of the Philippine Consulate General of San Francisco. Acosta, Undersecretary Astravel Pimentel-Naik (Executive Director) together with a CFO delegation had stops in San Francisco, Los Angeles, San Diego, and Las Vegas from November 17 to 30, to conduct the Ugnayan program as part of CFO’s mission to strengthen the ties of the Filipino diaspora with the Philippines. The CFO is a government agency under the Office of the President tasked to protect the rights and welfare of Filipinos overseas, especially those who have emigrated permanently to other countries and the younger generations of Filipinos abroad. Through fora and consultations, the CFO’s Ugnayan aims to enhance networking among members and leaders of community organizations, and to explore ways by which the Philippine government can render support to programs and services for the Filipino diaspora, and establish an efficient and transparent mechanism to enhance development assistance flows to the Philippines. For 2019, the Ugnayan forum has been held in Guam,

Tokyo, Seoul and Hawaii. The Philippine Consulates General in San Francisco and Los Angeles co-organized this leg of Ugnayan in the West Coast. The visit to TFC was part of the strategic talks to discuss how CFO can grow its partnership with ABS-CBN to assist overseas migrant and transient Filipinos globally via public service.

Secretary Francisco P. Acosta and his team were greeted at the TFC Office in Daly City by officers of ABS-CBN North and Latin America led by Managing Director Jun del Rosario. JEREMIAH YSIP

On DWIZ program ‘Sulong Na, Bayan,’ US Embassy invites Filipinos to study in the US

From left: Sulong Na, Bayan program host Lolly Rivera Acosta, US Cultural Attaché Matt Keener, and cohost for the day Lizzie Radam-Lazo

The US Embassy in Manila closed its celebration of International Education Week last week by calling on Filipinos to take advantage of opportunities available for studies in American universities and institutions of learning. Matt Keener, US Cultural Attaché to the Philippines, guesting last Friday on the DWIZ station program Sulong Na, Bayan, hosted by Lolly Rivera Acosta, said that through EducationUSA, Filipino students and their parents are given free advice and guidance on “how to navigate the US higher education system.” During International Education Week on November 18 to 22, he said, with support from the EducationUSA team, the embassy held “workshops, virtual engagement and strategic dialogue with almost 50 Philippine universities” on strengthening educational cooperation between the Philippines and the US. The Philippines and the US, Keener said, share deep and enduring cultural ties which make them logical educational exchange partners. “The Philippines is a big country, it has a fast-growing

economy, and its very young population, over half of whom are under 24, speak fantastic English.” The US Embassy in the Philippines, Keener said, aims to make the university research application process and departure for prospective students as smooth as possible. As to the financial cost, Keener conceded that “US education can be expensive. But if finance is your problem, at least talk to us, look at available financial assistance options, and let us help you figure out ways.” He mentioned “need-based assistance like paid work” whether in the university as student assistants, or the community outside “to offset some of the cost. We will advise you on how to avail of these.... In many cases, Filipinos of modest means have received some form of financial assistance for their studies in American universities.” A little known recourse for the financially challenged is offered through what is called the community college, Keener said. The equivalent of vocational-technical courses in the Philippine system,

the cost of schooling in these colleges is “but a fraction of what a university education in the US costs.” Better still, for those “not quite ready academically” or those whose grades do not measure up to university standards, there is still a way to get into a university. “Some universities have a special agreement with community colleges where students who maintained good grades over two years are guaranteed admission in the university,” he said. “Grades are not everything. It’s all about the whole person. There are amazing options to take advantage of,” Keener said. Sulong Na, Bayan has been a leading public service program of AM station DWIZ, owned by Aliw Broadcasting Corp. (ABC), for more than three years. Among its thousands of avid listeners are overseas Filipino workers (OFWs) in the Middle East, Europe and North America. Program host Acosta is a seasoned newswoman who is a former director of the National Press Club and former president of the Ninoy Aquino International Airport Press Corps.

Envoys&Expats

www.businessmirror.com.ph | Thursday, November 28, 2019 E1

Educator creates opportunities, promotes cultural relationships

HIS week, Envoys&Expats has British Council’s Pilar AramayoPrudencio.

The country manager describes the institution’s decades-long presence as one of the leading cultural-relations organizations in the Philippines. Here, Aramayo-Prudencio outlines the multifaceted disciplines and opportunities that the British Council offers supportive of the country’s efforts to “internationalize its higher education system; build a more prosperous, inclusive and creative economy; and improve the quality of its governance and statesociety relations.” These span the sectors of education, society, arts, as well as English and related exams. ENVOYS&EXPATS: Please describe the current work of the British Council in the local setting.

ARAMAYO-PRUDENCIO: The British Council has been in the Philippines for more than 40 years and through it all, we work in ever-evolving, very niche areas with partners that go beyond the traditional scope of work of cultural organizations. Global trends and local needs shape the work that we do. We work in and through partnerships with governments and organizations at the international, national and grassroots levels. We believe our reach and footprint in the country is quite large, though we ourselves do not normally hold big events or plan for massive media presence. For the first two quarters of the year, the British Council was able to

connect with 28,914 people under the work of our programs. We had delivered 14,862 exams throughout the country. We have scholars and grantees from the fields of the arts, science and academe. We currently have 21 taking their PhD degrees in the United Kingdom. The first three will be finishing their studies early next year. They would be able to help this country when they graduate. This year alone, we sponsored six researches that will serve as evidence, basis, guide and contribution to the development of arts and higher-education sectors. What is that one aspect of the United Kingdom that the British Council advances most or highlights in countries where it is present? That would be in creating opportunities. Be it for dialogues, exploring connections in the different areas we work in, pursuing a career or studies, or even migrating. We do this

by creating friendly knowledge and understanding of the UK in other countries, as well as building trust and mutual understanding. Mutuality is at the core of how we work. We promote cultural relationships and understanding of different cultures by creating opportunities. What are the recent notable activities by the British Council in the country? The British Council supports the creative economy of the Philippines and provide opportunities for artists and creative-hub leaders. We have 15 creative fellows currently being mentored by experts in the field of arts. They will receive a sharing grant so that they can cascade their knowledge as fellows to their communities. We also supported the research by the Creative Economy Council of the Philippines with the Asian Institute of Management, the findings of which were presented during the International Conference on Southeast Asian Crafts and Folk Arts

held in Baguio City. We also have opportunities for artists to connect to their counterparts in the UK through our mobility grants and connections through culture. Just this October, together with the Commission on Higher Education (CHED), we launched an initial report on emerging priorities on transnational education. The report sets out recommendations on priorities for a national strategy on TNE, which includes institutional capacity building, collaborative research, mobility and student employability, among others. Our Newton-Agham Programme set up in 2014 provides scholarships. The Philippines, primarily through the Department of Science and Technology and the CHED, has provided match funding for all activities. We also have the Joint UK-PH research project that supports PhD scholarships, funding for joint-workshops, and capacity building in innovation. Together with the European

Union (EU), we have been implementing a social-enterprise program in the Bangsamoro Autonomous Region in Muslim Mindanao since 2015 and helped strengthen at least 50 mission-driven businesses in the region. Policy-wise, we also welcome the inclusion of social entrepreneurship in the Bangsamoro Organic Law as lobbied by key advocates. We also have projects working on peacebuilding and resilience in the said region, and we provide technical support to an EU project working to have a better justice system in the country. And of course, there’s our work in English and exams, where we deliver quality tests and English language proficiency-skills building to individuals and organizations in the country, so they can live, study and work abroad. Tell us more about TNE, and the law which governs it. Continued on E2

Envoys& BusinessMirror

E2 Thursday, November 28, 2019

Paintings on PHL displayed in London Art Week

ONDON—Drawings and paintings of various Philippine scenes from the 19th and 20th centuries were exhibited at the Martyn Gregory Gallery for the 2019 London Art Week.

CHARLES W. ANDREWS’ watercolor painting, A View of Manila from the Pasig River, no. 1 LONDON PE

JUSTINIANO ASUNCION’S Portrait of a Mestiza in a Red Shawl; the painter was a prolific and talented portrait artist, well known for his Tipos del Pais—illustrations depicting various inhabitants of the Philippines in their traditional attire. LONDON PE

The exhibit, “The Philippines and Southeast Asia,” covers the period from 1800 to 1950. Of the 69 artworks on display, 26 depicted scenes from the Philippines. According to the gallery, the featured works include those

done by early Western artists who traveled to the East, as well as by Eastern artists who worked in the “Western manner” to cater for the tastes of Westerners in the Orient. A mong t he a r t i st s whose works were featured are of Brit-

ish portrait and miniature painter Charles W. Andrews; French artist Auguste Borget, who was famous for his sketches of various Asian destinations; as well as Filipino artist Justiniano Asuncion, one of the leading Filipino portrait-

ists of the 19th century. “It is an honor for the Philippines to be featured prominently in a major exhibition by one of the world’s most prestigious art galleries,” said Ambassador to the United Kingdom Antonio M. Lagdameo. “The range of artwork on display shows how the country served as a wellspring of inspiration among some of the 19th century’s most talented artists and most intrepid explorers.” Gregory is one of the world’s leading authorities in topographical artwork depicting various sceneries across Asia. In addition, the gallery named after him is also an authority on British painting and watercolors from the 18th and 19th centuries, handling the works of artists who have shaped British art such as Thomas Gainsborough, John Linnel, Richard Parkes Bonington and John Sell Cotman, among others. Some of the gallery’s collections may be viewed in artistic institutions around the globe such as the National Maritime Museum, The Hong Kong Maritime Museum, The Hong Kong Museum of Art, The Guangdong Museum of Art, The Singapore Museum of Art, The Peabody Essex Museum, The Metropolitan Museum of Art, The Museum of Fine Arts Houston and The Yale Center for British Art. DFA

Educator creates opportunities, promotes cultural relationships

PROVIDING the welcome remarks during the send-off of the first cohort of scholars under the UK-PH Now in 2018. Continued from E1

When we first started with our TNE project with the CHED in 2016, there was very little interest both locally and internationally to partner for it. In fact, there was little knowledge on what it is. Three years on and 17 UK-PHL new and niche postgraduate programs later, there is greater interest from the UK to partner with this country. More local students are interested to take TNE degrees. There is now a law on TNE. The Transnational Higher Education Act, or Republic Act 11448, affirms our work in supporting internationalization of the Philippine higher education sector through our partnership with the CHED. In the new law, the commission is mandated to develop a national strategy to support TNE. This ensures that there is continued support to the growth and quality of TNE programs in this country. It will accelerate academic partnerships between the UK and local universities. More Filipino students will have better access to internationally recognized UK degrees. We are looking forward to the potential increase of UK-PHL research collaborations, and academic and student mobility between the two countries. These are significant now, especially with the need for the education system to keep up with global trends and issues: from the Fourth Industrial Revolution, to evolving global conditions affecting our societies.

BRITISH COUNCIL Country Manager Pilar Aramayo-Prudencio: I like to think that the work I have done as a teacher has touched and potentially changed the life of my students.

Education, along with young people and skills building, arts, society, English and exams are all our priority areas. As a teacher, what gives you utmost satisfaction? The possibility of opening up opportunities for others. I was privileged to receive a high-quality education, which has allowed me to develop personally, as well as professionally, and achieve my goals. I like to think that the work I have done as a teacher has touched and potentially changed the life of my students. Out of curiosity, tell us why, as a Mexican, you chose to concentrate on teaching in English rather than Spanish? Do you speak any other languages?

ARAMAYO-PRUDENCIO with the Mindanao State University-Marawi Sining Kambayoka Ensemble.

I grew up in a bilingual family, so English was spoken at home; although for some reason, I refused to speak English until I was eight. From an early age, I knew that education was my calling: I always wanted to be a teacher. I then became a language teacher almost by accident, but I fell in love with my field from the very beginning, especially when I realized that being a language teacher meant being an educator. I also studied French, Italian and Portuguese at different stages of my life, but that is not to say that I can speak those languages now! Pero hindi pa ako marunong mag-Tagalog. Your thoughts on “Philippine” English, or how English is spoken in the Philippines—its

quirks and nuances. At the British Council, we see English as an international language. As such, it is owned by the speakers of the language, whether English is their first, a foreign language or a second one, as is in the Philippines. Different users will naturally put their own “spin” on it. Some examples of Filipino English that I have had to learn include: “Where do you stay?” for “Where do you live?,” “For a while, Ma’am…” for “Please wait.” “Liquidate travel claims,” “oculars,” and some others. But beyond the specific characteristics of Filipino English, I have been fascinated by the levels of multilingualism in this country. Most people can speak Filipino and Eng-

lish, as well as one or more provincial languages. And this is something all Filipinos should be proud of and celebrate. It’s been more than a year since you assumed your current post. What are your observations on the way of life in this country? Have you found anything that piqued your curiosity as a Mexican? This is a fascinating country: young, diverse, vibrant and full of potential. My work allows me to engage with different sectors across the country, which helps me to discover and learn more about the Philippines every day. On a more personal note, as a language teacher, I cannot help but

notice languages and how they are used. I always like to observe how Filipinos code-switch easily and naturally; how they integrate Tagalog words into English. I am always curious to see what language will be used for what purpose, and in what context. I am usually excited when I get to recognize Spanish words in Filipino! As a Latina serving the British Empire, have you, by any chance, reached a decision on where to retire? I was born in Bolivia, brought up in Mexico and am passionately working for the UK in the Philippines. Retirement is still a while away; I hope…so I think I still have time to look for that place that I will forever call home.

&Expats

envoys.expats.bm@gmail.com |Thursday, November 28, 2019 E3

PHL Embassy-Berlin launches ‘living library’ project

ERLIN—To promote storytelling as a means of building bridges and bringing people together, the Philippine Embassy in Berlin launched a “living library” project dubbed “AklaTamBayan” at the embassy’s library on late in August.

“AklaTamBayan” is a play on the Tagalog words for library (aklatan) and hangout (tambayan). It literally means a public library, but was envisioned by the embassy as a means to reimagine the library as a place to

share stories and build the community, not simply a venue to read and borrow books. The inaugural session was entitled Roots & Routes: Perspectives on Migration and Integration which

KAY ABAÑO (left) talks about her experiences as a creative nomad seeking “utopia.” BERLIN PE

WILFRED JOSUE (left) shares his journey in Germany. BERLIN PE

AMBASSADOR to Germany Ma. Theresa B. Dizon-De Vega (right) thanks Janelle Dumalaon for being one of AklaTamBayan’s first storytellers. BERLIN PE

featured Berlin-based Filipino migrants Wilfred Dominic Josue, Janelle Dumalaon and Kathryn “Kay” Abaño. Josue talked about working for many years to save up the €8,000 needed to apply for a student visa to Germany, where he subsequently obtained his Master of Arts degree in Politics and German Postwar History, then became a licensed integration teacher assisting migrants and refugees in learning the German language, society and culture in general. A broadcast journalist who is a familiar face among those who watch Germany’s international news channel Deutsche Welle, Dumalaon shared her earlier struggles studying journalism while also being an au pair, or a guest from a foreign country staying with a local family. Meanwhile, Abaño spoke about her journey as a creative nomad, which began as a production designer

in Manila for such films as Markova: Comfort Gay and Noon at Ngayon, then later Spain, where she trained at the Escuela TAI in Madrid and developed a passion for street photography. She is now based in Berlin, where she continues to shoot photography and film documentaries. In her opening remarks, Ambassador to Germany Ma. Theresa B. Dizon-De Vega acknowledged that each migrant has her or his own narrative. Some stories may be happier than others. The government’s role, she said, is “to provide safety nets when the plotline takes an unfortunate turn.” “AklaTamBayan” is also part of the embassy’s gender and development initiative, with an aim to provide a safe space and platform for more diverse voices, such as those of women and members of the lesbian, gay, bisexual, transgender, queer or questioning community, or LGBTQ, to be heard. DFA

New Euro speculative fiction out PHL Embassy donates

books to Iran natl library

HE European Union National Institutes for Culture (Eunic) Philippines and Anvil Publishing will officially launch Haka: European Speculative Fiction in Filipino today (November 28, 2019), 2 p.m., at Instituto Cervantes in Plaza San Luis Complex, Intramuros, City of Manila. The book, an anthology of 16 speculative fiction pieces from seasoned writers across Europe, was compiled by Julie Nováková and former Ambassador of the Czech Republic to the Philippines Jaroslav Olša Jr. It was translated in Filipino by Susanna Borrero and Louise Lopez. The collection includes stories about getting trapped in a space-time continuum, heroes bringing deviation back into the world and living two extra hours each day but with bitter consequences. The anthology has an introduction by Nováková, and features the works of Peter Schattschneider, Ian Watson, Hanuš Seiner, Richard Ipsen, Johanna Sinisalo, Aliette de Bodard, Michalis Manolios, Péter Lengyel, Francesco Verso and Francesco Mantovani, Tais Teng, Stanislaw Lem, Pedro Cipriano, Zuzana Stožická, Bojan Ekselenski, Sofía Rhei and Bertil Falk. Haka was published with the support of Eunic Manila members: Instituto Cervantes, the British Council, Goethe Institut, Alliance

AMBASSADOR Wilfredo C. Santos (right) hands over the donated books to National Library of Iran’s International Relations Officer Reza Mohajer. TEHRAN PE\

INVITATION to the launch of Haka

Française, the Philippine-Italian Association, the Embassies of Austria, Czech Republic, Denmark, France, Italy, Hungary, the Netherlands, Poland, Slovak Republic, Spain and Sweden, as well as the honorary consulates of Finland, Portugal and Slovenia. It is the third book in the series spearheaded by Eunic Manila, following

Layag: European Classics in Filipino (2017) and Agos: Modern European Writers in Filipino (2018). Overall, the short stories in Haka showcase alternative realities, endless possibilities and a new perspective on European speculative fiction for Filipino readers. Entrance to the conference is

free on a first-come, first-served basis. For further information, visit Instituto Cervantes’s web site: http://manila.cervantes.es and its Facebook page: InstitutoCervantesManila. Haka is available for P250 at select National Book Store branches, and online through anvilpublishing.com and nationalbookstore.com.

EHRAN—The Philippine Embassy in Tehran donated two books to the National Library of Iran (NLI) in August to start off the institution’s Filipiniana books collection. Ambassador to Iran Wilfredo C. Santos conveyed his appreciation to NLI for the privilege of donating books about the Philippines, and hoped that the books will give Iranians, especially its youth, access to information and knowledge to better understand the Filipino people, their rich culture, customs, traditions and heritage. Santos added that the embassy will continue to donate books which celebrate cultural diversity and foster mutual understanding between the Philippines and Iran. NLI International Relations Officer Reza Mohajer received the donated books. He said that

the donation is a great opportunity for the library to expand its growing collection of resources. The embassy donated Pasaporte, a coffee table book on the history of Philippine travel documents, as well as Pearl of the Orient, a book by Ambassador Jose Maria Cariño and Sonia Ner on Philippine shell craft art. It intends to donate more books on Philippine history, culture, as well as seminal works of Philippine literary luminaries, including those of Jose Rizal, among many others. The Philippines and Iran are celebrating 55 years of cordial bilateral ties this year, and relations between the two countries continue to strengthen and expand to include cultural and social engagements, as well as other nontraditional areas of cooperation. DFA

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E4 Thursday, November 28, 2019

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CITIES OF TOMORROW

ALL SYSTEMS GO FOR U.A.E.’S DEFINING MOMENT

Countdown commences for Dubai Expo 2020

By Cesar M. Cruz Jr.

HE Embassy of the United Arab Emirates (UAE) in the Philippines recently announced that a series of worldwide celebrations had already started to usher in Dubai Expo 2020, a grand showcase of the country’s advanced cosmopolitan and “profound culture” slated on October 20 of next year. This was announced by Ambassador Hamed Saeed Al-Zaabi, ahead of the 48th National Day of the UAE on December 2. According to Al-Zaabi, Dubai Expo 2020, billed as the “world’s greatest show,” will welcome an estimated 25 million visitors and spectators from 190 countries. The world fair, he said, will highlight the Arabian country as a “Nation of Tolerance.” The ambassador also cited the continuous support of some 1 million Filipinos residing in the Gulf state, who comprise around 6 percent of the total number of its current population. Most of them contribute to the UAE’s robust economy as overseas workers in the fields of engineering, medicine and the services sector, among many others. In his speech at an exclusive luncheon to launch the event to local journalists, Al-Zaabi described Dubai, UAE’s “global city,” as already an “expo in itself, where East meets West,” and the “world’s best brains” converge. These concepts will be embodied in the expos’ bold theme of “Connecting Minds, Creating the Future.” From the side of the Philippines, the embassy is closely working with government agencies, particularly with the Department of Trade and

Industry. The latter, through Undersecretary Abdulgani M. Macatoman, revealed that it will help facilitate the entry of about P83 million in halal products to the Emirates. The Emirati envoy cited the support of President Duterte for the efforts exerted by the Philippines for the global undertaking. “Let’s work hard together for the best of our two countries; I am sure [Dubai] Expo 2020 would be offering great experiences and opportunities to the Philippines.” He said that the country’s participation in itself will be a reward for its efforts of extending its trade activities and achieving its economic goals in the UAE.

Grand-scale activations

IN downtown UAE, activations of grand scale have kicked-off the countdown as American artist Mariah Carey and Emirati star Hussain Al Jassmi headlined the celebrations at Burj Park on October 21. According to Gulf News, visitors should prepare to be awed by high-tech innovations and endless possibilities: from autonomous cars, to space travel and daily entertainment. It will feature more than 60 live shows per day, “with everything from operas to A-listers, pop-up theaters to flash mobs,

RENDITIONS of scenes within the expo

and sports events to national day celebrations.” It said that the expo in 2020 is expected to gather delegates in a new, purpose-built venue, the Dubai World Trade Centre-Jebel Ali. In a post, CNN Travel wrote that “organizers are anticipating lasting gains from the event, projecting an

economic dividend of more than $33 billion and the creation of more than 900,000 jobs by 2031.” It has observed that spectacular national pavilions are being unveiled with great fanfare. The Khaleej Times has it that Dubai Expo 2020 will wow visitors with 60 daily events across 173 days,

showcasing the best of music, technology, creativity and culture, while 200 F&B outlets will feature famous chefs and cuisine from every corner of the world. In 2013, Dubai won the right to host the world expo in 2020 amid a hotly contested event in Paris. The UAE, CNN says, will invest around

$8 million contained in six years of preparation. Al-Zaabi said Dubai Expo 2020 would be a great opportunity to bring the global community together to show UAE’s commitments, “and our engagements [in sharing resources,] facilities and wealth to connect minds for creating a better future.”

Frenchman imagines ‘future Metro’ with Filipino comics creators

EXTRACTS from Les Cités Obscures

RENCH author and comics writer Benoît Peeters was in Manila on November 25 and 26 to award young Filipino comics artists for creating their vision of Metro Manila in the year 2050. “Manila 2019-2050: City of the Future” was a series of events organized throughout 2019 by the Embassy of France to the Philippines, intended to bring together French with Filipino experiences and expertise in sustainable and livable urban development. The series also focused on a vision of what Metro Manila can potentially become by 2050: a region of sustainability, a center of economic and technological progress and more important, a home

for its inhabitants. As part of this initiative, the “Manila 2019-2050: City of the Future Comics Contest” was launched in collaboration with Peeters and Komiket for professional and amateur artists to submit original comics strips illustrating their vision of Manila some 30 years into the future. A jury led by Peeters, the French Embassy and Komiket selected a grand-prize winner from the professional category. The winner received an all-expenses paid trip to France to attend the Angoulême International Comics Festival, one of the world’s biggest and most prestigious events dedicated to comics. The works of 20 finalists from the profes-

sional and student categories are currently on exhibit at the Gallery of the De La SalleCollege of Saint Benilde’s School of Design and Arts. It is ongoing until January 11, 2020, at the Alliance Française de Manille Gallery in Makati City. As he presented his vision of a future that borders between utopia and dystopia, Peeters inaugurated From Obscure Cities to Futuristic Cities, an exhibit based on the award-winning French comics series he co-created with artist François Schuiten. A portrayal of a post-futuristic era where the fabrics of society and time strata intertwine, the series Les Cités Obscures (Obscure Cities) won the Manga Grand Prize at the 16th Japan Media Arts Festival in 2012.