GOVT OK’S MANDATORY INSPECTION OF FOREIGN RICE WAREHOUSES By Jasper Emmanuel Y. Arcalas @jearcalas
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HE government will now mandatorily inspect all foreign rice warehouses to ensure that staple exported to the country is fit for human consumption, Agriculture Secretary Emmanuel F. Piñol said on Monday. Piñol said the National Food Authority Council (NFAC) has approved the measure, which would authorize a technical team— with representatives from the Department of Agriculture (DA) and the NFA—to inspect warehouses abroad, where rice imports by the
A WORKER carries a sack of rice on his head at a rice store in Makati City in this file photo. The National Food Authority Council has just approved the mandatory inspection of foreign rice warehouses that are the source of rice imported by the Philippines, whether by the government or private sector. Agriculture Secretary Emmanuel F. Piñol said technical teams will fly to the foreign countries before the stock is shipped to the Philippines to avoid incidents such as the recent case of weevil infestation. ALYSA SALEN
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HOWEVER, the supplier would be given the chance to change the supply or stocks to be exported to the Philippines.
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Tuesday, October 2, 2018 Vol. 13 No. 353
PHL manufacturing grew fastest in Asean in Sept
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By Bianca Cuaresma
@BcuaresmaBM
HE Philippine manufacturing sector grew the fastest in the region in September, reports showed, as the country bucked a slowdown in Southeast Asia during the month. International think tank IHS Markit announced on Monday the latest results of the Philippines Purchasing Managers’ Index (PMI) in the region, with the Philippines topping the list of
the seven jurisdictions assessed by the think tank monthly. Manufacturing conditions in the country improved at the end of the third quarter this year, with its PMI rising to 52 in September from the
51.9 recorded a month ago. The PMI is a composite index aimed at gauging the health of the country’s manufacturing sector. It is calculated as a weighted average of five individual subcomponents. Readings above the 50 threshold signal a growth in the manufacturing sector, while readings below 50 show deterioration in the industry. IHS Markit Principal Economist Bernard Aw said the strong September print brought further signs of firm demand and likely signals a steady manufacturing sector in the coming months.
See “Govt,” A2
By Lorenz S. Marasigan @lorenzmarasigan
HE Philippine government is now fully compliant with standards set by the European Maritime Safety Agency (Emsa), a body that screens seafarers from different parts of the world who aspire to work with European flag vessels, Transportation Secretary Arthur P. Tugade declared. In his recent meeting with International Maritime Organization (IMO) Secretary-General Kitack Lim in London, Tugade cited “a lot of positive developments” in the Philippine maritime industry over the past two years. He noted improvements in state processes, industry competitiveness and education of Filipino seafarers. Tugade’s effort is part of the government’s campaign to have the Philippines removed from a white list of countries, where it was included after the European body ticked off last year several issues on the country’s standards of training, certification and watch keeping (STCW).
Manny B. Villar
THE ENTREPRENEUR
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NEW economic order is brewing in the horizon, and this is perpetuated by a more nationalistic stance of the Trump administration in the United States. President Donald Trump’s effort to boost employment and protect the largest economy’s share in global trade has resulted in a generally strong US dollar.
Economists fear that the contagion from the ongoing US-China trade war, along with the recent currency crunches in Turkey and Argentina, could spread to other countries, particularly the emerging markets. Continued on A6
Neda: PHL won’t be caught in ‘middle-income trap’
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PHL not at risk due to resilient economy
By Cai U. Ordinario
CADETS from a maritime school in Dasmariñas, Cavite, listen to a program in their school. The Philippine government is now pressing on with its campaign to persuade the European Maritime Safety Agency to take out the country from a white list, saying the local maritime sector is now fully compliant with standards set by the Emsa. NONIE REYES
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PHL ‘fully compliant’ with Emsa standards
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Supplies declined, not the bid
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government and private traders are coming from. The inspection is a validation of the sanitary and phytosanitary import clearance (SPS-IC) issued to the accredited and licensed rice trader and importer, Piñol explained. Piñol said the inspection would determine if the warehouses are SPS-compliant and are safe for human consumption. Furthermore, the additional SPS measure will prevent unwanted situations with rice shipments arriving in the country, such as the recent case of the weevil-infested imports by the NFA, Piñol added. The mandatory inspection will cover all rice shipments arriving in the country, whether imported by the private sector or the government, Piñol explained. If a shipment is found to be unsafe for human consumption or in violation of SPS standards, then the supply would not be given clearance for shipment to the country, according to Piñol.
@cuo_bm
HE Philippines is not at risk of being caught in the so-called middle-income trap, according to the National E conom ic a nd De ve lopme nt Authority (Neda). In a statement, Neda Undersecretary for Planning and Programming Rosemarie G. Edillon said as long as the country’s high economic growth is sustained, the Philippines is safe from falling into such trap. The “middleincome trap” describes the situation of an economy that has escaped poverty but still unable to graduate into high-income status due to uncompetitive industr ies and underdeveloped human capital, among others. In order to sustain the growth, Edillon said the Philippines and other middle-income countries (MICs) must cope with Industry 4.0 or the fourth industrial revolution, climate change and weak global demand.
“The MICs can avoid the middle-income trap by achieving higher levels of economic productivity through diversification, technological upgrading and innovation, including focusing on high-value-added sectors,” Edillon said in addressing the Third Ministerial Meeting of the LikeMinded Group of Countries Supporters of Middle-Income Countries last week. Edillon said the Philippines is poised to increase its per capita income to $4,000 in 2019 and $5,000 in 2022, achieving its goal of becoming an upper-middle income economy. She stressed that while the fourth industrial revolution presents opportunities to accelerate MICs’ economic growth, it can be disruptive. “We need to ensure broadbased participation in this growth process. We need to improve human capital, especially of the poor, and aggressively address the digital divide. We need to ensure
n JAPAN 0.4757 n UK 70.5706 n HK 6.9126 n CHINA 7.8534 n SINGAPORE 39.5743 n AUSTRALIA 39.0833 n EU 62.8665 n SAUDI ARABIA 14.4268
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Source: BSP (1 October 2018 )
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Another big oil-price hike; govt pushes relief measures 1,317 By Lenie Lectura
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@llectura
UMP prices of petroleum products will increase for the eighth consecutive week on Tuesday, reflecting movements in the international petroleum market.
Oil firms announced on Monday that gasoline prices will go up by P1 per liter, diesel by P1.35 per liter and kerosene by P1.10 per liter. The price hike will be implemented by Phoenix Petroleum, Seaoil Philippines, Caltex Philippines, Eastern Petroleum, Total Philippines, PTT Philippines, Petro Gazz, Pilipinas Shell and Flying V
at 6 a.m. of October 2, they said in separate advisories. Other oil firms are expected to follow suit. Gasoline prices shot up by P4.05 per liter for the past eight weeks, while diesel increased by P4.40 per liter. Kerosene also went up by P3.70 per liter during the same period.
The number of retail stations of 10 oil companies that are now offering petroleum price discounts by as much as P3 to public-utility vehicles
The Department of Energ y (DOE) earlier urged oil firms to provide price discounts as one of the measures to unburden consumers amid rising prices. The agency has reported that over 1,300 retail stations are now offering petroleum price discounts by as much as P3 to public-utility vehicles (PUVs).
“Following consultation meetings, 10 oil companies with a total of 1,317 participating retail stations are now offering discounts from P1 to P3. These are Caltex, Filpride, Jetti, Petron, Phoenix, PTT, Seaoil, Shell, Total and Unioil,” the agency said. The DOE said it has been working closely with oil firms in the aggressive pursuit of mitigating measures that would help consumers cope with rising prices. “Enhancing competition in the downstream oil industry indeed benefits our consumers. At a time like this, it is crucial that the government and industry stakeholders come together to jointly provide solutions that would help fight inflation,” Energy Secretary Alfonso G. Cusi said.
House OKs bill creating disaster resilience agency By Cai U. Ordinario
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that has caused many delays in the delivery of immediate assistance needed by disaster and calamity victims,” Leyte Rep. Yedda Marie Kittilstvedt-Romualdez said in a statement. Romualdez said the DDR is dedicated to concerns on disaster mitigation and quick response which will help ensure fast procurement process and swift delivery of assistance in areas hit by calamities. The DDR aims to promote better coordination among national and local government agencies and will focus on measures that will help communities cope with the ill-effects of various natural disasters. Romualdez also said the DDR will focus on disasters through a science- and ICT-based approach and take charge of disaster-risk reduction; disaster preparedness
@cuo_bm
HE House of Representatives (HOR) has approved on third reading a bill mandating the setting up of the Department of Disaster Resilience (DDR), which is expected to improve the government’s capacity for disasterrisk reduction and management. There were 181 congressmen who voted in favor of House Bill 8165, or the bill, titled “Creating the Department of Disaster Resilience, Defining Its Powers and Functions.” Only five congressmen voted against the bill and two abstained. “I appeal to the Senate leadership to also fast-track the passage of the DDR bill as this would help drastically reduce, if not totally eliminate, the bureaucratic red tape
Govt. . .
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“We would issue the SPS and then inspect at the port of origin. If the shipments would not pass SPS [standards] then we will decline it,” he said in an interview with reporters on the sidelines of the Asean Agriculture Summit 2018 on October 1. “It is only the supply that we will be declining but not the [winning] bid,” he added. Piñol, who is the chairman of the NFAC, said the highest policy-making body of the NFA, has approved the measure and it will be implemented in the next round of importation. Furthermore, Piñol said the government will shoulder the additional costs incurred in sending technical people abroad to conduct the inspection and evaluation. Asked if the government is willing to shoulder the possible additional costs of sending technical teams abroad, Piñol replied, “What is that if we are protecting the interest of
the Filipino consumers?” In the latest terms of reference (TOR) for the private-sector rice importation under the minimum access volume scheme, winning bidders are required to submit an SPS-IC, Certificates of Origin, Fumigation and Inspection Certificate pertaining to the condition of the vessels prior to the arrival of their shipments. However, the TOR did not specify the issuing authority of the Certificates of Origin, Fumigation and Inspection Certificate and how they will be obtained by the importers, unlike in the TOR for the government rice importation. Under the two TORs for the NFA’s rice importation this year, the cost of fumigating the cargo vessel carrying the shipment will be shouldered by the winning supplier. Furthermore, the winning suppliers should tap a “reliable, first-class independent international surveyor” to supervise and ensure that the rice stocks from their warehouses are fit for human consumption and comply with pertinent SPS measures.
Emsa. . .
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Tugade presented to Lim the initiatives of the Maritime Industry Authority (Marina) that addressed the well-being of Filipino seafarers, citing the “hassle-free” issuance of seafarer’s identification and record book, the agency’s online appointment system, the removal of uniform rental fees for applicants, and the upgrading and automating of exams. According to Tugade, Lim emphasized the importance of Filipino seafarers in the global maritime industry. These men and women, he said, are “highly regarded” in the industry, and are often cited
and response; and recovery and rehabilitation. “The DDR will effectively improve the institutional capacity of the government for disaster-risk reduction and management, reduce the vulnerabilities surrounding the affected local population, as well as build the resilience of local communities to calamities,” she said. In June PIDS Senior Research Fellow Sonny N. Domingo said there is a need to create a separate department to handle Disaster Risk Reduction and Management (DRRM) efforts. Dom i ngo s a id c re at i ng a separate department is the “best solution” to the country’s DRRM challenges. These challenges include governance and not only fiscal challenges. The creation of a new department can streamline DRRM funds
Neda. . .
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that the technology is accessible to all,” she said. Edillon added the Philippines has been moving forward in expanding its digital infrastructure on the governance fronts through the implementation of the first-ever national ID system. On mitigating the impacts of climate change, Edillon reiterated that the Philippines has been supporting the principle of common but differentiated responsibilities, which is part of the United Nations Framework Convention on Climate Change. Another pressing challenge, she said, is weak global demand resulting from countries’ protectionist policies of some advanced economies. Edillon said this can be dealt with by stimulating domestic sources of growth and other measures including structural reform, better access to finance and technology, and better infrastructure to increase logistics efficiency, among others.
as examples to other countries “for their diligence and discipline.” The Filipino transportation chief committed to continue to support the initiatives of the IMO, and to continue to push for reforms and policies that will set the bar for a “world-class” local maritime industry. “We will show the world that we are compliant [with] international standards and that we continue to value and produce competent, disciplined and well-trained Filipino seafarers who carry with them the brand of excellence and hard work that Filipinos are known for everywhere,” Tugade said. Marina, headed by administrator Leonardo B. Guerrero, is scheduled to present the developments
and help local government units (LGUs) make appropriate decisions in terms of where and how much to spend on their DRRM needs. He added that the government also needs to properly augment processes and resources. T he LGUs can use the Comprehensive Land Usage Plans and Comprehensive Development Plans for the local landscape. There has been an increase in the acquired funds for disaster management, and while most are for the National Treasury, quick response funds are being directly downloaded to institutions involving disaster-risk management. But despite the upward trend in fund allocation for disaster-risk reduction and management during the past seven years, some municipalities continue to get the short end of the stick.
According to the Asian Development Bank, middle-income economies are classified into two brackets: the lower middle-income and higher middleincome brackets. Lower middle-income countries have a gross domestic product per capita of at least $2,000 but less than $7,250, while higher middle-income countries have a GDP per capita of at least $7,250 but less than $11,750. Nine Apec economies, including the Philippines, are currently classified by the World Bank as middle income and have remained as such since 1987, when for ma l income-based classifications began. Edillon spoke at a high-level ministerial meeting during the 73rd United Nations General Assembly at the UN Headquarters in New York. The first ministerial meeting was held on September 23, 2016. Included in its agenda are the promotion of greater political coordination among members of the like-minded group of countries, supporters of middle-income countries and the establishment of common areas of interest and lines of action.
of the local industry to the Emsa this month. In an interview, Guerrero said Marina will submit the compliance report to the European bloc’s agency, which listed last year several issues on the country’s standards of training, certification and watch keeping (STCW) that may remove the Philippines from the list of whitelisted countries. “We have already submitted our initial report. We intend to submit our compliance status this month, and by the end of October, we expect that somebody from Emsa will be contacting us for us to demonstrate the proof of evidence for compliance,” he said. Included in the measures initiated by Marina is the extensive re-
view and revision of seven existing national provisions and the development of six training course packages, all of which, Guerrero said, “are ready for implementation.” He adde d t h at P res ide nt Duterte’s issuance of Executive Order 63, which further strengthens the authority of Marina in implementing the 1978 International Convention on STCW, is another essential part of the measures being implemented. The said issuance harmonizes the administration of maritime education programs and fosters interagency cooperation framework among various government agencies, such as the Commission on Higher Education, Department of Health and the Philippine Coast Guard.
ETERNAL PLANS RELEASES CASH ASSISTANCE BENEFIT TO PLAN HOLDER’S KIN Eternal Plans Inc. released the cash assistance benefit of the life plan of Ruben Magbago, a deceased barangay tanod of the municipality of Malvar, Batangas. The memorial service was rendered to the deceased, and the cash assistance benefit was released to his daughter and beneficiary, Maria Jesusa M. Magbago. The municipality of Malvar, Batangas, through the solicitous concern of Mayor Alberto C. Lat, has provided its barangay tanod members with a life plan that covers memorial services and cash assistance upon the death of the plan holder. Shown in the photo above is Maria Jesusa receiving the check from Eternal Plans Tanauan Branch Manager Richard T. Torres (second from left), and Area Manager Librada G. Tolentino (left), together with Mayor Lat (right).
Bicam okays 105-day paid maternity leave for govt, private-sector workers
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OTH the House and Senate have approved an increase in women’s maternity leave, according to a women’s party-list group. Gabriela Rep. Emmi A. de Jesus said in a statement that under the bicameral version, women can now get 105 days of paid maternity leave period for public and private-sector workers, covering every instance of pregnancy. Women can also avail themselves of the option to extend their maternity leave for an additional 30 unpaid days, while single parents can also get an additional 15 maternity leave days. “This is a very positive start of our #PinkOctober campaign that seeks to highlight women’s health. This is proof of women’s resounding call for lawmakers to increase the current 60day maternity leave period for normal delivery, which is way below the international minimum standard of 98 days,” de Jesus said.
“At a time when women workers are increasingly crushed by the pressure of making ends meet amid rising prices, a longer paid maternity period is one of the few positive things that the government can enact. Pagkilala ito sa produktibong papel ng kababaihan sa ating ekonomiya [This is a recognition of the productive role women play in our economy],” she added. Gabriela also said that under the bicameral version, violation of the provisions will incur at least P20,000 for the non-conferment of the expanded maternity leave to employees, from the original minimum penalty of P5,000 in the Senate version. At the bicameral meeting, de Jesus said the Social Security System (SSS) should be able to cover the additional maternity benefits for female employees in the private sector without increasing the workers’ contributions by an estimated 0.3 or 0.4 percent. Cai U. Ordinario
DA chief sees 21% decline in palay farm-gate price soon
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HE Department of Agriculture (DA) said the average farm-gate price of palay could fall by at least 21 percent to P18 per kilogram (kg) when the harvest season peaks and the additional rice imports of the government arrives. “I am afraid in the next few weeks actually that the price of paddy rice or palay of the farmers [would go down],” Agriculture Secretary Emmanuel F. Piñol said in his speech at the Asean Agriculture Summit 2018 on October 1. “[The farm-gate price of palay] has gone down from as high as P25 [per kg] to about P17 [per kg],” Piñol added. In a separate interview with reporters after his speech, Piñol clarified that the P17 per kg buying price of palay was reported in
North Cotabato. Piñol said he received the report from Philippine Rice Research Institute Executive Director Sailila Abdula. “There are also other reports, which I have to validate, that the farm-gate price of palay [in other areas] have started to decline,” he said. “[This is caused by] the arrival of rice imports and, No. 2, we are starting to harvest. This is what I fear actually, that when the two things happen together, the price of palay would fall,” he added. Piñol said he expects the average of buying price of palay in the following months to settle between P18 and P20 per kilogram, from the present range of P23 to P25 per kilogram. Jasper Emmanuel Y. Arcalas
It also ensures a stronger Marina representation in the technical panel on maritime education, and provides the agency a more explicit role and authority in the evaluation and inspection of maritime programs. Last, Marina is “doing the final works” for the launching of an integrated information-technology system that will integrate the agency’s services and processes online. It is set to be formally introduced in 2019.
certifications online. It also includes the verification of documents, among others. “We have fully complied as far as Marina is concerned. We have corrected the deficiencies noted —that by the time we will be audited again, they will see that we have instituted measures,” Guerrero said. There are about 100,000 Filipino seafarers deployed in European flag vessels. It is estimated that Filipino seafarers abroad remit roughly $5.8 billion annually. Guerrero noted that the “results of the measures that Marina instituted can’t be observed overnight.” “It will take time for these measures to take root and be observable on the ground,” he said.
‘Mismo’ System
THE Marina Integrated Seafarer Management Online (Mismo) System will allow seafarers to receive t hei r sea m a n’s book and pay for assessments and
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Editor: Vittorio V. Vitug • Tuesday, October 2, 2018 A3
BI blocks entry of suspected ISIS trainer into PHL
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By Recto Mercene
@rectomercene
PAKISTANI national suspected of being a trainer of the terrorist group Islamic State (ISIS) was recently denied entry to the Philippines via Clark International Airport in Pampanga, the Bureau of Immigration (BI) reported on Monday. Clark Immigration Officer Marc Red Mariñas, in a report to BI Commissioner Jaime Morente, identified the suspected terrorist trainer as Naeem Hussain, 36, who was turned away when he arrived aboard an Emirates Airlines flight from Dubai last September 22. “This is the second attempt of Hussain to enter the country, the first [was] at the Ninoy Aquino International Airport [Naia],” Mariñas added. Hussain was immediately excluded and booked on the first available flight to his port of origin, Dubai. “He was turned away because he is on our alert list of suspected international terrorists for being
an alleged trainer of Daesh,” Mariñas said. Daesh is the alternative name of ISIS. Mariñas said ISIS members have been waging a fanatical and brutal war against the US and its coalition partners in Iraq and Syria where it wants to establish an Islamic caliphate. It was learned that Hussain has been on the watch list of the military intelligence community, which sought the BI’s help in monitoring the Pakistani’s possible entry, or departure, from the country. W hen inter v iewed, Hussain claimed that he had been working as a digital designer for the last 16 years, and that he traveled to the Philippines
to visit his Filipina girlfriend who lives in Olongapo City. Records also showed Hussain was previously denied entry to the Philippines last May when he attempted to enter the country, from Dubai, via the Naia. Meanwhile, a soldier and a member of the local affiliate of the IS were killed on Sunday after a joint team of Army personnel and agents of the National Bureau of Investigation clashed with a band of Maute Group terrorist in Lanao del Norte. Capt. Clint A ntipala, acting spokesman of the Army’s 1st Infantry Division, said a composite team of the 4th Mechanized Infantry Battalion, policemen and NBI agents were supposed to apprehend Maute Group members when they clashed with the group. During the 10 minutes of firefight, which occurred at Barangay Malimbato and Upper Dimayon, Lanao del Norte, a soldier whom Antipala did not identify was killed. A member of the Maute Group identified as Hadji Rasol Mambuay alias Mercury was also killed. The team recovered an M-16 rifle, a hand grenade, a short magazine, two handheld radios and several pieces of homemade bombs. With Joel R. San Juan and Rene Acosta
Año bares ‘whole-of-government’ approach to end leftist insurgency By Jonathan L. Mayuga @jonlmayuga
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HE communist-led insurgency in the Philippines is more of a governance than a police or military problem, and the Duterte administration is winning the war in the countryside, Interior Officer in Charge Eduardo M. Año said on Monday. Año issued the statement as he expressed support behind the call to create an interagency task force to deal a final blow to the communist rebellion being waged by the Communist Party of the Philippine and its armed wing, the New People’s Army. The former chief of staff of the Armed Forces (AFP) said “nipping communist recruitment in the bud entails a whole-of-government approach” in order to address the socio-politico-economic problems that threaten the stability of the country. “The government is cognizant that effectively ending insurgency requires not only police and military response but necessitates a triad of development, governance and security efforts,” he said.
Año issued the statement in support to AFP Chief of Staff Gen. Carlito Galvez Jr.’s suggestion that civilian agencies and other stakeholders must be aware of and integrated into the whole-ofgovernment strategy of quashing the communist recruitment. “Insurgency is rooted in poverty, inequality and grievances that could be addressed by respective mandates of various government institutions. We have all the mechanisms to face these issues but all government agencies have to perform our roles in a concerted manner,” Año said. The communist insurgency, he stressed, is not primarily a military or police problem but a “governance problem.” “In fact we are winning the battle in the mountains. There are so many surrenderers now. It’s in the propaganda war and parliamentary battle that we are losing. The National Task Force will ensure that other government agencies help the DND [Department of National Defense] and DILG [Department of the Interior and Local Government] in this effort,” he said. Año said civilian government
agencies must be aware of the real situation and fulfill their mandates so as to prevent a buildup of public grievances that communist terrorist rebels exploit to stir anti-government sentiments, such as corruption, price hikes, and labor sector and indigenous peoples’ concerns. “Communists are using as propaganda the inefficacies of the government to advance their aspiration of toppling democracy. Thus all instrumentalities of the government have to recognize their role in addressing this urgent and long-standing problem,” he said. On to the part of the DILG, Año assured that the department is instilling good governance among local government units (LGUs) who are at the forefront of public service delivery. He added there is no need for a loyalty check the ranks of the Philippine National Police, “whose allegiance is to the Constitution and the people.” “The DILG and the DND, as well as the PNP and AFP, are one in preserving the stability of the state. Our police and soldiers are ruled by law and accountable to the sovereign people only,” he said.
Muslim CA justice makes it again to JBC’s list for vacant SC post By Joel R. San Juan @jrsanjuan1573
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ILL Filipino-Muslims now get a representation in the Supreme Court (SC) under the Duterte administration? This question has cropped up anew after the six-man Judicial and Bar Council (JBC) on Monday released its shortlist of nominees for the SC post vacated by Associate Justice Samuel R. Martires following his appointment as Ombudsman in July. Topping the shortlist are Court of Appeals (CA) Associate Justices Japar Dima ampao and R amon Garcia who both got six votes from the JBC. The JBC is tasked under the Constitution to screen nominees for vacancies in the Judiciary and submit a shortlist of nominees to the President. Dimaampao, who hails from Marawi City, is the only Muslim vy-
ing for the SC post. It has been more than 20 years when Associate Justice Abdulwahid Bidin, the first Muslim who was appointed to the SC, retired from his post. Bidin was appointed to the SC during the administration of the late President Corazon Aquino. The 55-year-old Dimaampao had been nominated several times for previous SC vacancies but failed to get the approval of past presidents. Last year Dimaampao was shortlisted by the JBC for the post vacated by Associate Justice Bienvenido Reyes, who retired at the mandatory age of 70 on July 6, 2017. He, however, he failed to get the nod of President Duterte. In 2009 Dimaampao was nominated for the post vacated by now retired Associate Justice Adolfo Azcuna with the support of former Chief Justice Hilario Davide and various Muslim groups and leaders. The Muslim leaders then reminded
the JBC of the policy under the Tripoli Agreement, the 1996 peace agreement between the government and the Moro National Liberation Front (MNLF) and Republic Act 9054, or An Act to Strengthen and Expand the Organic Act for the Autonomous Region in Muslim Mindanao (ARMM), to accord qualified Muslims an equal opportunity to serve in key government positions, such as one justice in the SC and two CA justices. Aside from Garcia and Dimaampao, also included in the shortlist were CA Associate Justices Manuel Barrios, Apolinario Bruselas Jr. and Rosmari Carandang, who all got five votes; Egardo de los Santos, Ramon Paul Hernando, Amy Lazaro-Javier and Marquez, who all got four votes. Duterte is also set to appoint another justice for the associate justice post left vacant by the appointment of Teresita Leonardo de Castro as the new Chief Justice following the ouster of Maria Lourdes A. Sereno.
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Authorities probing Bertiz’s claim of security breach for ‘VIP’ passengers, but OFW group wants him out
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IRPORTauthoritiesgaveassurances on Monday they continue to investigate the claim of a lawmaker, caught on video “harassing” a security screener at the Ninoy Aquino International Airport on Saturday morning, that he had been angered by the officer’s refusal to explain why a group of “Chinese-looking” men, allegedly with airport escorts, were allowed to breeze through without the same checks they were requiring of him and other passengers, such as removal of their shoes. ACTS OFW Party-list Rep. Aniceto “John” D. Bertiz III was seen in a viral video snatching off an airport personnel’s identification card. The general manager of the Manila International Airport Authority (Miaa), Ed V. Monreal, had said earlier Bertiz called him up after the incident to complain about the security officer. Late Sunday Bertiz issued a statement from abroad, apologizing for his behavior at the airport. “I offer no excuse. I am sincerely sorry for my actions,” Bertiz said. However, Bertiz’s chief of staff, Jun Aguilar, said the lawmaker confronted the security officer after noticing that he allowed some “Chinese-looking passengers,” who were escorted by airport staff breezing through the airport passenger checkpoint. “The congressman questioned the security checker why those who went before him just casually walked through and were not properly searched,” Aguilar explained. Bertiz said the video, seen by 240 thousand viewers was spliced, “and did not show the foreigners who bypassed the security protocol.” He claimed he went through the security checks, with a security ID issued by Monreal. The Department of Transportation (DOTr) and the Office for Transportation Security vowed a “thorough investigation” after collating some of the evidence related to the incident. Bertiz has been bashed on social media as an official with a bloated sense of entitlement, but he complained that this was because the video presented a distorted picture. He demanded to know why it seemed so easy for unknown entities to get a hold of CCTV security footage at the premier airport and leak this on social media, when lawmakers who in the past sought such footage for congressional inquiries—such as into cases of migrant workers losing valuables during security screens— were always told they must first obtain a court order to access the CCTV images.
Expel Bertiz, group urges Congress
A MIGRANT advocate group demanded on Monday the expulsion of Bertiz from Congress. In a statement, the United Filipinos in Hong Kong (Unifil-MigranteHK) Chairman Dolores Balladares-Pelaez said Bertiz’s refusal to comply with airport protocol and harassment of a security personnel should merit a sanction from the leadership of the House of Representatives (HOR). “That is a totally unacceptable behavior for someone who wants to be addressed as an ‘honorable’ congressman,” Pelaez said. The DOTr already launched its investigation on the matter, while the minority bloc of the HOR said it may also ask the ethics committee to do the same. Pelaez said the HOR should act on the case, claiming Bertiz is a “habitual abuser of authority.” She recalled how Bertiz allegedly engaged in a shouting match with Unifil-Migrante Secretary-General Eman Villanueva last year during a consultation conducted by the Department of Labor and Employment (DOLE) in Hong Kong last year. “Bertiz got mad and raised his voice to Unifil-Migrante Secretary- General Eman Villanueva who politely raised his hand wanting to tell Bertiz to not take so much of their time with [Labor] Undersecretary Joel Maglunsod, who was yet to respond to their appeal, “ Pelaez said. “We were all shocked when he shouted at Eman and falsely accused him of being an undocumented migrant after Eman exposed him as a recruitment agency owner,” she added. The video of the incident is now also circulating on social media. Unifil-Migrante stressed Bertiz should not represent their sector because of conflict of interests for owning a recruitment agency. “Bertiz has crossed the line so many times. He should be punished by the House of Representatives for disorderly behavior and be expelled from Congress,” Pelaez said. In a press conference on Monday at the HOR, Bertiz said a certain Feliciano Adorna posted a document online, stating he was disowned by the ACTS OFW partylist since March. Bertiz denied the allegation and said he is still the official representative of the said party-list. Recto L. Mercene and Samuel P. Medenilla
BTr: Rejections to continue amid inflationary pressures By Rea Cu
@ReaCuBM
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HE Bureau of the Treasury (BTr) will continue rejecting bids if investors also continue seeking higher yields amid inflationary pressures. “We see that even when we do the rejections; given the rates that we are not very comfortable with and would rather not accept at this time, given all those not within our own reasonable benchmarks, then the Treasury would continue to reject those bids,” National Treasurer Rosalia V. de Leon said on Monday. De Leon spoke to reporters after the auction committee decided to only award a total of P9.2 billion, from the P15 billion on offer in its Treasury bills (T-bills) auction on the first day of the last quarter. She said the committee saw that
PHL manufacturing grew fastest in Asean in Sept continued from a1
“In general, Filipino manufacturing firms are
optimistic about the business outlook in the year ahead,” Aw said. Survey data showed robust client demand, solid new business growth, adequate operating capacity to handle higher sales, lower backlogs, employment gains and higher input purchases. These were tempered by a decline in export sales, lower foreign orders, lower input inventories and longer delivery times. Aw said that while the local manufacturing sector remains steady, the threat of rising prices of consumer goods continues to cast a pall on the industry. “September survey data suggest that growth in coming months is likely to be resilient, while strong cost inflation remains a key concern,” the economist said in a statement. “On the inflation front, another steep rise in input costs saw firms raising selling prices at the second-fastest rate in the survey history during September,” he added. Latest inflation data from the BSP showed inflation hit 6.4 percent in August this year, with the monetary board adjusting its 2018 inflation forecast upward to 5.2 percent, from the earlier 4.9 percent. The Philippines’s 52 PMI is the fastest in the region, followed by Malaysia’s and Vietnam’s 51.5. Indonesia, meanwhile, comes fourth at 50.7, followed by Thailand with a PMI of 50. In the contracting territory were Singapore with a 48 PMI and Myanmar at 47.5. On average, the PMI of the region fell from 51 in August to 50.5 in September. “ThemanufacturingupturnacrossAseanlostmomentum at the end of the third quarter, with slower growth seen in both new orders and output. Export sales declined further,” Aw said in a statement.
AFP chief to soldiers: Let’s remain undivided By Rene Acosta
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@reneacostaBM
RMED Forces (AFP) Chief of Staff Gen. Carlito Galvez Jr. reminded soldiers on Monday to remain apolitical, amid reports of recruitment in the military by groups that seek to destabilize the Duterte administration. Galvez issued the reminder during the flag raising ceremony at C a mp Aguinaldo in response to reports that some groups were reported ly enticing soldiers to join anti-
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government moves. The destabilization campaign was reportedly tied to the recent revocation of the amnesty of Sen. Antonio F. Trillanes IV by President Duterte. “Let us not be disturbed by the political noise and take sides. We need to uphold our oath and obey the chain of command from the President, SND [secretary of national defense], down to our office chiefs and section/squad leaders,” Galvez said. “Let us remain solid and true to our oath, mandate and always undivided,” he added. During the ceremony, Galvez also awarded 14 soldiers and four civilian personnel of the military in recognition of their selfless service and commitment to the country. “These public servants are stewards of our institution— a crucial aspect that keeps us on our steadfast pursuit of becoming a world-class Armed Forces of the Philippines. For it is through outstanding work that manifests our dedications to better serve our nation,” he said. Awarded with the Gold Cross Medal for their gallantry in action during the war against terrorist groups in Marawi City last year were 1st Lt. Eddie Badol, 1st Lt. Jed Joseph Dandasan, Sgts. Julius Garsuta and Wayne Fillalan, Pfc. Marcelo Hora Jr. and A1C. James Gayotin. The Distinguished Aviation Cross was awarded to 1st Lt. Julius Macasiray for his conduct of aerial operations during the liberation of Marawi. Two Nav y personnel, including Cdr. Gilbert Villareal Jr. received the Distinguished Nav y Cross for distinguished achievement as part of the Naval Task Unit Marawi under Joint Task Force-Trident during the liberation of Marawi.
rates for the security were on the higher end once again, which may have been prompted by high-inflation expectations for the month of September. “There’s already the announcement by the DOF [Department of Finance] and BSP [Bangko Sentral ng Pilipinas] on their prognosis for the September inflation print,” de Leon told reporters waiting for results of the auction. “And even other analysts; the prognosis is an elevated inflation rate for September.” Tenders for the 91-day T-bill were undersubscribed at P3.090 billion, from the P4 billion on offer. If the BTr awarded all bids for the tenor an average annual rate of 4.679 percent would have been set for the security, increasing by 113 basis points, from the previous rate of 3.549 percent. The 182-day tenor was partially awarded P4.140 billion, with the
bids for the security at only the same amount. This is undersubscribed, as opposed to the offering of P5 billion for the government debt paper. The average annual rate for the security settled at 5.347 percent, expanding by 75 basis points compared to the previous auction rate of 4.597 percent. Tenders for the 364-day T-bill amounted to P9.821 billion with the auction committee awarding the full P6 billion on offer. The average annual rate for the security settled at 5.648 percent, increasing by 24.8 basis points, compared to the 5.4-percent rate in the previous auction for the security. The auctions are held as monetary and financial officials grapple with inflationary pressures. Last week the DOF said its inflation forecast for September is at 6.4 percent, driven by price increases in food items. Also last week, the Monetary
Board decided to raise the interest rate on the BSP’s overnight reverse repurchase facility by 50 basis points to 4.5 percent. This is the fourth rate hike for the year, and the second consecutive 50-basis-point hike for 2018. The BSP also said the country’s inflation rate is now expected to average 5.2 percent, from the 4.9 percent projected in its August meeting for 2018. For 2019 inflation is also now expected to breach target and hit 4.3 percent, faster than the previous forecast of 3.7 percent. Amid elevated inflation expectations, de Leon said the BTr is readying another global bonds issuance with seven banks already being tapped as underwriters for the issuance. These financial institutions are Bank of China Ltd., Standard Chartered Bank, J.P. Morgan, Credit Suisse, Citi, UBS and Goldman Sachs Group Inc.
Why your board must approve compliance automation By Henry J. Schumacher
compliance assessment. You can assign responsibility and end dates and use the system to remind responsible staff and close the gaps.
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NE crucial task for any chief compliance officer is to convince senior executives to invest in ethics and compliance. Today let’s look at one specific slice of that job: how to justify the investment in compliance automation. That’s a narrower challenge than “demonstrating the ROI of compliance,” and an easier one, too. The plain truth is that compliance is something an organization must do, regardless of the ROI. Automation is simply a smarter and more effective way to do it—an investment of time and money today that should save the company even more time and money tomorrow. We are looking at Governance, Risk Management and Compliance (GRC), a daily requirement for any organization, if it wishes to protect itself against data breaches, criminal consequences and reputation losses.
So how do you justify an investment in GRC automation effectively?
Allow me to write about a software —a data-protection management system—I am pretty familiar with. The software-as-a-service platform will support the journey to legal and operational compliance of your organization to the Data Privacy Act (DPA) of the Philippines as well as the General Data Protection Regulation (GDPR) of Europe. It is a compliance collaboration and management tool to effectively manage the process of governance, risks and compliance. The software follows the five (5) pillar framework of the National Privacy Commission (NPC).
1. Commit to comply: Governance structure and DPO
THE first step to success is to set up a governance team and involved stakeholders. Set up a governance structure. Put your Data Privacy/ Protection Office in place. Maintain DPO contact records, EU Representative Records for GDPR matters. The software will maintain: a. Contact information for your Data Protection Office; b. Basic information for a controller or joint controller, i.e., the entity that controls the purpose and means of processing; c. Basic information for a processor, i.e., the entity that processes personal data on behalf of another entity; and d. Records of recipients of crossborder transfers of personal data.
Risk evaluation and treatment: The system identifies and documents
risks in respect to potential databreaches and noncompliance to Data Privacy laws and internal data protection policies with systemdocumented risk identification and risk treatment. Policies,guidelinesandmeasures:
2. Know your risk: Inventory, assessment and PIA
IN looking at privacy across the organization, best practices use the Privacy Operations Cycle of Assess, Protect, Sustain and Respond:
Assess—compliance risks, inventory risks, process risks The system is capable of a. Compliance assessment: Determine how far away your organization is from fulfilling data-privacy requirements and best practices. b. DPA compliance report: An automated analysis and report of your Assessment entries in terms of the 32-point checklist by NPC. c. Inventory update: Facilitate collaborative input of the personal data inventory held or managed by each department and gain a rolled-up view of all the personal data in your organization. d. Inventory analysis: The system analyses your personal data inventory and highlights areas that are relevant to the regulations. e. Data mapping update: This module facilitates the mapping of all processes and resources that involve personal data using a method and system platform for input entered by individual business units to be collaboratively effected then automatically aggregated and mapped across the organization. f. Data mapping analysis: The system analyses your data mapping repositories and highlights any issues in the processes and entities/ departments that collect, use, disclose or store personal data in the organization. g. DPIAs/PIAs: Conduct prescreening for all projects and initiatives to determine whether a Data Protection Impact Assessment (DPIA)/Privacy Impact Assessment (PIA) is needed. Conduct DPIAs/PIAs as needed and submit for review and approval. Generate the DPIA report.
The software prepares policies (such as an Internal Data Privacy Policy and an External Privacy Notice) and puts Standard Operating Procedures (SOPs) in place to ensure that risks are addressed by implementing the right measures.
4. Demonstrate complaince: Implement measures Sustain
THE system will monitor training and communications and keep track of all communication and training related to data privacy.
Onsite Audits:
Create new audit programs, enter audit observations and track actions to address the audit observations. Conduct a baseline audit to ensure that lapses and potential lapses are identified, documented, and addressed both one-time and on a regular basis, with “before” and “after” image/ document capture. The software module can be used on an ongoing basis to conduct periodic audits. And—most important, the software will produce Compliance Status Reports: View the compliance status against regulations of entities/departments side by side.
5. Be prepared for breaches Respond—Response management
The automation system will allow to document
• Data subject requests: Manage data subject requests, and
• Breach/incident management:
3. Be accountable: Privacy management program
Manage incidents, document relevant breach/ incident details and set breach notification tasks. If you agree with me that automation is super important in compliance management and you are interested to know more about this software or are interested in a demonstration, let me know.
THE automation system generates action plans for any gaps found in your
tact me at Schumacher@eitsc.com.
Protect
Any comments are welcome—con-
The World BusinessMirror
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S. Korea begins removing mines, expects North Korea to do same
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EOUL, South Korea—South Korean troops entered the heavily fortified border with North Korea on Monday to remove mines under tension-reducing agreements reached last month. Seoul says North Korea is expected to begin its own demining, as well. The development comes amid renewed international diplomacy on North Korea’s nuclear weapons program after weeks of stalemated negotiations. US Secretary of State Mike Pompeo is to visit Pyongyang this month to try to set up a second summit between President Donald J. Trump and North Korean leader Kim Jong Un. On Monday units of South Korean army engineers with demining equipment were deployed to the border village of Panmunjom and another frontline area called “Arrow Head Hill,” where the Koreas plan their first joint searches for soldiers killed during the 19501953 Korean War. The troops will try to remove mines on the southern parts of the two sites while North Korea is required to do the same on their northern sides. In the “Arrow Head Hill,” where some of the fiercest battles during the Korean War happened, Seoul officials believe there are remains of about 300 South Korean and UN forces along with an unspecified number of Chinese and North Korean remains. The Korean War left millions dead or missing, and South Korea wants to expand joint excavations with North Korea. The Koreas remain split along the 248-kilometer (155-mile)-long Demilitarized Zone that was originally created as a buffer zone at the end of the Korean War. About 2 million mines are believed to be peppered inside and near the DMZ, which is also guarded by hundreds of thousands of combat troops, barbed wire fences and tank traps on both sides. South Korean Defense Ministry officials said they couldn’t immediately confirm whether North Korea also began any deminingrelated works on Monday. But they said they expected the North to abide by the tension-easing deals their defense chiefs struck on the sidelines of their leaders’ summit last month in Pyongyang. Aiming to reduce conventional military threats, the Koreas’ defense chiefs also agreed to withdraw 11 frontline guard posts by December and set up buffer zones along their land and sea boundaries and a no-fly zone above the borderline to prevent accidental armed clashes. Later Monday South Korea’s President Moon Jae-in defended the military deals that he said would “end all hostile acts at the land, sea and sky between South and North Korea.” In a midday speech marking South Korea’s 70th Armed Forces Day, Moon also called for a stronger national defense, saying “peace can continue only when we have power and are confident of protecting ourselves.” Moon, a liberal who aspires to achieve greater ties with Pyongyang, is a main driving force behind US-North Korean nuclear diplomacy. But critics of his engagement policy have lambasted his recent inter-Korean military deals, saying a mutual reduction of conventional military strength would eventually weaken South Korea’s war readiness because the North’s nuclear program largely remains intact. Many experts say the fate of inter-Korean deals can be affected by how nuclear negotiations would go between the United States and North Korea. Past rapprochement efforts were often stalled after an international standoff over the North’s nuclear ambitions intensified. AP
Editor: Angel R. Calso • Tuesday, October 2, 2018 A5
Canada, US reach deal to stay in new trade pact with Mexico
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ORONTO—Canada was back in a revamped North American free-trade deal with the United States and Mexico late Sunday after weeks of bitter, highpressure negotiations that brushed up against a midnight deadline.
In a joint statement, US Trade Representative Robert Lighthizer and Canadian Foreign Affairs Minister Chrystia Freeland said the agreement “will strengthen the middle class, and create good, well-paying jobs and new opportunities for the nearly half billion people who call North America home.” The new deal, reached just before a midnight deadline imposed by the US, will be called the United States-Mexico-Canada Agreement, or USMCA. It replaces the 24-year-old North American Free
Trade Agreement (Nafta), which President Donald J. Trump had called a job-killing disaster. The agreement reached on Sunday gives US farmers greater access to the Canadian dairy market. But it keeps a Nafta dispute-resolution process that the US wanted to jettison and offers Canada protection if Trump goes ahead with plans to impose tariffs on cars, trucks and auto parts imported into the United States. “It’s a good day for Canada,” Prime Minister Justin Trudeau said as he left his office. Trudeau
sa id he wou ld have more to say on Monday. “We celebrate a trilateral deal. The door closes on trade fragmentation in the region,” Jesus Seade, trade negotiator for Mexico’s incoming president, said via Twitter. Representatives for the government of Mexican President-elect Andrés Manuel Lopez Obrador have called a press conference to discuss details of the trade deal on Monday. Canada, the United States’s No. 2 trading partner, was left out when the US and Mexico reached an agreement last month to revamp the North American Free Trade Agreement. The Trump administration officially notified Congress of the US-Mexico trade agreement on August 31. That started a 90-day clock that would let outgoing Mexican President Enrique Pena Nieto sign the new pact before he leaves office on December 1. Trump threatened to go ahead with a revamped Nafta—with
or without Canada. It was unclear, however, whether Trump had authority from Congress to pursue a revamped Nafta with only Mexico. Some lawmakers immediately expressed relief that Canada had been reinstated in the regional trading bloc. “I am pleased that the Trump administration was able to strike a deal to modernize Nafta with both Mexico and Canada,” said Senate Finance Chairman Orrin Hatch, R-Utah. “Nafta is a proven success.” Nafta tore down most trade bar r iers bet ween t he United States, Canada and Mexico, leading to a surge in trade between the three countries. But Trump and other critics said it encouraged manufacturers to move south of the border to take advantage of low-wage Mexican wages, costing American jobs. Trump campaigned on a promise to rewrite Nafta—or get rid of it. Talks on a rewrite began more than a year ago. To placate Trump, Mexico agreed in August
Iran Guard launches missiles into Syria over parade attack
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EHRAN, Iran—Iran’s paramilitary Revolutionary Guard said on Monday it launched ballistic missiles into eastern Syria, targeting militants whom the force has blamed for a recent attack on a military parade in Iran. The launch was the Islamic Republic’s second such missile attack on Syria in over a year. A prominent Syrian war monitor said the missiles struck a town held by the Islamic State group, one of the few remaining pockets of land in Syria still in IS hands. Iranian state television and the state-run IRNA news agency said the missiles “killed and wounded” militants in Syria, without elaborating. Syrian state media did not immediately acknowledge the strike. The TV aired footage of one of its reporters standing by as one of the missiles was launched, identifying the area as being in Iran’s western province of Kermanshah. A state TV-aired graphic suggested the missiles flew over central Iraq near the city of Tikrit before landing near the city of Boukamal in the far southeast of Syria. Boukamal is held by forces loyal to Syria’s embattled President Bashar Assad. However, the city has been targeted even now by IS militants, who have lost almost all the territory they once held in both Syria and Iraq. Rami Abdurrahman, who heads the Britain-based Syrian Observatory for Human Rights, told The Associated Press that the Iranian missiles hit the IS-held town of Hajin, just north of Boukamal. Strong explosions shook the area
In this photo released on Monday by the Iranian Revolutionary Guard, a missile is fired from city of Kermanshah in western Iran targeting the Islamic State group in Syria. Iran’s paramilitary Revolutionary Guard said on Monday it launched ballistic missiles into eastern Syria, targeting militants it blamed for a recent attack on a military parade. Sepahnews via AP
in the early hours of Monday, reverberating east of the Euphrates River, he said. The area of Hajin and IS militants there have been under attack for weeks by US-backed Kurdish-led fighters. One missile shown on Iranian state television bore the slogans “Death to America, Death to Israel, Death to Al Saud,” referring to Saudi Arabia’s ruling family. The missile also bore in Arabic the phrase “kill the friends of Satan,” referring to a verse in the Koran on fighting infidels. “This is the roaring of missiles belonging to the Revolutionary Guard of the Islamic Revolution,” the state TV’s reporter said as the missiles launched behind him. “In a few minutes, the
world of arrogance—especially America, the Zionist regime and the Al Saud—will hear the sound of Iran’s repeated blows.” The semi-official Fars news agency, believed to be close to the Guard, identified the six missiles used as Zolfaghar and Qiam variants, which have ranges of 750 kilometers (465 miles) and 800 kilometers (500 miles), respectively. Iran also launched drone attacks on the site afterward, state TV reported. Analyst Hadi Seyed Afghahi, who is close to Iran’s establishment and the Guard, said he believes the missiles were launched in coordination with the Syrian government. AP
to provisions that would require 40 percent to 45 percent of a car be built in countries where auto workers earn at least $16 an hour to qualify for Nafta’s duty-free benefits. It was sur pr ising that the United States found it easier to cut a deal with Mexico than with Canada, a longtime ally with a high-wage economy similar to America’s. “When this got started, Canada was the teacher’s pet and Mexico was the problem child,” said Michael Camunez, president of Monarch Global Strategies and former US Commerce Department official. But relations bet ween Ottawa and Washington soured. In the aftermath of a disastrous G-7 summit in Quebec in June, Trump called Trudeau “weak” and “dishonest.” The two countries need each other economically. Canada is by far the No. 1 destination for US exports, and the US market accounts for 75 percent of what Canada sells abroad. AP
Oil extends longest quarterly rally in a decade on supply uncertainty
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il in London extended gains after the longest quarterly rally in a decade as a slowdown in American drilling added to supply risks while the US and Saudi Arabia discussed market stability. Brent crude rose as much as 0.7 percent, after front-month futures climbed for a fifth straight quarter. As concerns over a global crunch due to the loss of Iranian oil mount, President Donald J. Trump and King Salman bin Abdulaziz of Saudi Arabia discussed efforts to maintain supplies. Meanwhile, the number of working oil rigs in the US dropped for a second week, signaling that American output may also be slowing. Oil has rallied to levels last seen in 2014 as supply disruptions from Iran to Venezuela continued to fracture the global market. Top traders forecast crude above $100, while speculation that backup supplies are scarce is keeping investors nervous before American sanctions on the Persian Gulf state due next month. Still, BP Plc. has cautioned that a rally may not be sustainable as escalating trade tensions between the US and China could hurt demand.
“In the short term, it’s very clear that the risks to oil are to the upside,” said Wayne Gordon, Singapore-based executive director for commodities and foreign exchange at UBS Group AG’s wealth management unit. “We’re in a supply-constrained market now, for at least the next quarter into 2019. Any geopolitical tension that we don’t foresee coming, with such low spare capacity, is the thing that would push oil to $100 a barrel,” he said in a Bloomberg TV interview. Brent for December settlement increased as much as 54 cents to $83.27 a barrel on the ICE Futures Europe exchange and was at $83.17 at 12:22 p.m. in Singapore. The November contract, which expired on Friday, settled 1.2 percent higher. Front-month futures rose 4.1 percent last quarter. The global benchmark crude traded at a $9.82 premium to West Texas Intermediate (WTI). WTI for November delivery traded at $73.55 a barrel on the New York Mercantile Exchange, up 30 cents. The contract climbed $1.13, or 1.6 percent, on Friday. Total volume traded was about 52 percent below the 100-day average. Bloomberg News
A6 Tuesday, October 2, 2018 • Editor: Angel R. Calso
Opinion BusinessMirror
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editorial
Let’s hope for the best, but prepare for the worst
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HEN the trade war between the US and China started heating up in July, the International Monetary Fund warned it could potentially send the global economy into recession. The IMF said the tit-for-tat with tariffs could end up damaging the entire global economy. In August, trade negotiators from the two countries tried to patch up differences, only to leave the negotiating table empty handed, making it likely that the trade war will continue escalating. White House Deputy Press Secretary Lindsay Walters said in a statement after the working-level talks in Washington that there’s a need to address “structural issues in China such as those identified in the Section 301 report.” The report she mentioned, released in March, accused the Chinese of violating intellectual property rights through such means as forced technology transfers from American companies and hacking. That the White House revisited the basis for imposing tariffs signaled the frustration the US side is feeling. Beijing, however, asserted that the technology transfers are voluntary transactions between companies and not the government’s concern. It also rejected Washington’s demand to scrap the “Made in China 2025” high-tech manufacturing initiative. With no agreement in sight, US President Donald Trump went ahead with his hardline approach and imposed additional 25 percent tariffs on another $200 billion of Chinese imports. Beijing came out with a list of $60 billion in American imports to target with retaliatory duties. Many analysts have suggested that the impact of the US-China trade skirmish will be relatively muted on the Chinese economy, noting that exports to the US do not hold a commanding presence in China’s economic portfolio. But that line of thinking does not take into account how tariffs will affect business sentiment, investment and growth in China, according to a J.P. Morgan analyst. On the other side, the tariffs so far have not undercut a robust US economy, but they are keeping it from growing even more robustly. Here’s the disturbing part: A recent survey by the National Association for Business Economics (NABE) said that two-thirds of business economists in the US expect a recession to begin by the end of 2020, while a plurality of respondents say trade policy is the greatest risk to the expansion. Forty-one percent of the respondents said the biggest downside risk was trade policy, followed by 18 percent of respondents citing higher interest rates and the same share saying it would be a substantial stock-market decline or volatility. “Trade issues are clearly influencing panelists’ views,” David Altig, Federal Reserve Bank of Atlanta research director and NABE’s survey chair, said in a statement. Before Bloomberg published NABE’s survey, Bank of America Merrill Lynch US economist Michelle Meyer warned in a CNN article that a “major global trade confrontation would likely push the US and the rest of the world to the brink of a recession.” Here’s how the dominoes could fall: First, businesses would be hit with higher costs triggered by tariffs. Then, companies won’t be able to figure out how to get the materials they need. Eventually, confidence among executives and households would drop. Businesses would respond by drastically scaling back spending. Meyer said that a wave of tariffs would hurt consumer sentiment and hurt business supply chains by causing “bottlenecks” and disruptions. “A decline in confidence and supply chain disruptions could amplify the trade shock, leading to an outright recession.” Since 2005
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PHL not at risk due to resilient economy Manny B. Villar
THE ENTREPRENEUR Continued from A1
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HE good news is that the Philippines is one of the least affected markets by this emerging trade realignment, given its less reliance on merchandise exports and its large currency buffers in the form of gross international reserves (GIR). While the peso depreciated 8 percent so far this year, the weaker currency actually benefited the families of millions of overseas Filipino workers and provided a lift to the business-process outsourcing sector, which partially depends on the exchange rate for its competitiveness. Nomura, a Japanese financial institution, identified the Philippines as one of the emerging markets with almost zero risk to currency war. The bank, in a recent global study, cited the need for emerging markets to adjust to the new alignment of economic order. The study used the Damocles index to assess the risk of exchange-rate crises over the next 12 months across 30 emerging markets. It identified seven emergingmarket economies that are most vulnerable to contagion from currency crunches, and the list included Sri Lanka, South Africa, Argentina, Pakistan, Egypt, Turkey and Ukraine.
Nomura described the index as an early-warning system, as it is based on macroeconomic and financial variables. Sri Lanka was listed as having the most risk, with a score of 175, on a scale of zero to 200. A score above 100 represents vulnerability to exchange-rate crisis in the next 12 months, while an index above 150 indicates a crisis is about to erupt any time. The Japanese bank said Sri Lanka had the worst score because of its weak fiscal finances and a very fragile external position. In terms of GIR, Sri Lanka had reserves of less than five months of import cover and high short-term external debt. South Africa had a score of 143; Argentina, 140; Pakistan, 136; Egypt, 111; Turkey, 104; and Ukraine, 100. The Philippines, along with seven major emerging markets, had a score of zero, which means we face little risk of a currency crisis. The Philippines was grouped with Brazil, Bulgaria, Indonesia, Kazakhstan, Peru,
How to kill a great idea John Mangun
OUTSIDE THE BOX
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HERE are certain advantages to an absolute hereditary monarchy that ought to be considered as a viable form of government. The “hereditary” part would certainly help to mitigate the fact that succeeding Philippine leaders tend to cancel in-progress programs of the previous administration “just because.” Another thing to think about is that since the King—or Queen as the case may be—owns the kingdom, there is a vested interest to the royal family that the kingdom be successful for generations. It is not a good idea that all the peasants starve to death, as there would be no one to do the kingdom’s work.
The Royal household and its functionaries must always work together for the betterment of the kingdom. Failure and putting personal interests above the nation is easily dealt with by the King shouting, “Off with his head!” A good King would cut off a lot of bad heads. Of course, a bad King
Russia and Thailand in the list “with very low risk of full-blown crises.” It is true that the peso hit a 13year low of around 54.30 against the US dollar this year, but this was mainly due to the general strength of the greenback against most currencies, after the US Federal Reserve began tightening its monetary policy. Economists also traced the weakness to the rapidly increasing imports, as the Philippines buys more capital equipment to support its economic expansion in the future. Nomura said despite the higher imports, the Philippines’s currentaccount deficit at 0.8 percent of the gross domestic product in 2017 remained small. It noted that the imports were “largely driven by a surge in infrastructure-related spending that will help unlock the economy’s full growth potential.” Data from the Bangko Sentral ng Pilipinas showed the Philippines this year incurred a current-account deficit of $3.1 billion in the first half, or 1.9 percent of GDP. The figure was just a fraction of the GIR, which reached $77.8 billion as of August 2018. Such reserves were enough to cover 7.5 months worth of imports of goods and services. The reserves remain within a comfortable level as they are higher than the international norm of three or four months of imports cover. Nomura also noted the Philippines’s low external debt to GDP ratio. The country’s external debt, according to the BSP, declined to $72.2 billion as of end-June 2018,
from $72.5 billion a year ago. Most of these foreign obligations are longterm loans, which means principal and interest payment are spread across many years. Nomura noted that the government’s budget deficit has been kept low, thanks to tax reforms that boosted revenue collection. Data showed the budget deficit reached P282 billion in the first eight months of 2018, on the back of a 29-percent surge in spending as the government undertakes massive infrastructure projects. Nomura said while inflation rate rose this year, the Bangko Sentral ng Pilipinas has the flexibility to increase the interest rates, given the strong growth prospects and positive output gap. The Central Bank has powerful arsenals to counter the rising inflation and further depreciation of the peso. It started by increasing the overnight borrowing rate by 150 basis points to 4.5 percent this year. Nomura, in general, expects the Philippines to sustain its growth this year with a 6.5-percent expansion. This is consistent with the 6.5-percent prediction by the International Monetary Fund and the 6.4-percent estimate by the Asian Development Bank. The fact that these reputable institutions see the Philippines growing over 6 percent this year in a new economic order where many countries are expected to suffer from currency crunches speaks of the great resilience of the Filipinos.
The Philippines could be part of the $2-trillion global REIT business. What needs to be done is that the Securities and Exchange Commission and BIR update the implementing rules and other regulations. We have been waiting for that the past nine years. There is never a King around when you need one.
written by staff that was more competent in “copy and paste” than the actual subject matter. If the US Securities Act of 1933 and the Securities Exchange Act of 1934 stated that the earth rested on the back of a giant turtle, that would probably be the official position of the Philippine government. Senator Angara authored the Real Estate Investment Trust (REIT) Act of 2009. Since the creation of the concept in the US in 1960, more than 30 countries have a similar law. These include Japan, Thailand, Germany, Australia, Malaysia, India, Canada, Mexico and South Africa. A REIT is a company that owns, and usually operates, incomeproducing real estate including commercial, residential, hospitals, shopping centers, hotels and even farms. The advantage is that these must be publically traded on a stock See “Mangun,” A7
would cut off an equal number of good heads. But at least there would be a stronger incentive than now for the bureaucracy and department “heads” to actually be public servants, working together. The late Sen. Edgardo Angara—along with Sen. Ernesto Maceda—understood the investment and financial markets unlike virtually all legislative peers. Too many Philippine laws relating to securities and investments were
For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.
Opinion BusinessMirror
www.businessmirror.com.ph
Tuesday, October 2, 2018 A7
Japan’s legendary trading Martial law, human rights and other stark issues houses tell new story By Anjani Trivedi
transportation that, in their cumulative effects, surpassed all that was ever done by the Philippine-American government since 1900,” Tupaz pointed out. Precise about his areas of concentration, he also sparked the massive production of rice and corn, with the former developing into near-miracle strains and production levels that had enthusiastic observers heralding the breaking of the “Green Revolution” in Philippine soil preparatory to its sweep of the entire Asian region. A visionary, Marcos tackled the plight of schoolchildren who annually experienced severe shortages in physical space. Hundreds of thousands of schoolhouses, prefabricated, were built in every barrio of the archipelago. To these priority areas of infrastructure, rice and schoolhouses, he added power and electricity. In one of the most imaginative and gigantic tasks of engineering, the government mobilized a corps of Filipino engineers and technologists to build the massive Pantabangan Dam in Northern Luzon to control the food problems and provide irrigation to hundreds of thousands of square miles of rice fields and fishponds, thus reflecting the nationwide campaign to install electrification facilities in each and every barrio and brought the benefits of science and industrialization to every citizen of the islands. While successfully carrying out his infrastructure development with efficiency, President Marcos was also engaged in a battle to improve the quality of life of the people with the First Lady, Mrs. Imelda R. Marcos, leading the way by launching a cultural development program that saw some of the world’s best artists performing before Filipino audiences at subsidized prices. Indigenous musical and theatrical
groups were also formed and artists’ associations organized to encourage the formation of the native arts. “Together with this,” recalled Tupaz, “Mrs. Marcos drew up a nationwide family-planning program and implemented it to bring down the population growth to tolerable levels so as not to waste away gains made in the economy due to increasing demands of the exploding population.” “But the old society, immersed in the feudal dislocations spawned by an oligarchic few and the impoverished millions, blocked every effort of Mrs. Marcos,” Tupaz said. “Actually,” he said, “at the center of the problem is the political system itself that did not offer solutions to the elimination of the colonial structure. The electorate, long brainwashed into the adulation of populist and charismatic gestures, turned to elected officials for jobs, money, canned goods, schooling, medical bills and for concessions and favors. Politicians, responding to this selfish demand from voters, constituted themselves as patrons and dispensers of favors, totally neglecting their duty to become lawmakers and thereby fashion meaningful changes in our political, economic and social institutions. “This was made worst by the entire educational system, which strongly adhered to the elitist European-style of education where the premium was on glamour courses such as law, medicine, liberal arts and philosophy. This led to the detriment of science, engineering, technology and other vocational courses whose actual contributions to the national developmental pattern would have been tremendous.”
APAN’S storied trading houses are emerging from the shadow of billions of dollars of impairments they took after the financial crisis and the end of the commodity super-cycle. Stocks of the so-called sogo shosha, the groups that drove Japan’s postwar export success—the likes of Itochu Corp., Marubeni Corp. and Mitsubishi Corp.—have rallied as much as 36 percent over the last year, outpacing the race to a three-decade high by the broad Topix Index. The trading companies’ free cash-flow levels are above those reached in their heyday, and their leverage much lower. Ask investors why the shares are rallying and they’ll probably cite commodity prices, as they always have. The trading houses used to get almost 50 percent of their income from metals and energy assets, and started aggressively increasing their investments just as the cycle was peaking. Then that cycle turned. The sogo shosha took a severe beating and prospects for a recovery seemed dim. As recently as March 2016, the top 5 (including Mitsui & Co. and Sumitomo Corp.) posted commodity-related impairments of almost ¥950 billion ($8.4 billion) over two quarters, much more than analysts had expected at the time. As they dealt with soaring debt-to-Ebitda multiples, investors dumped the shares. That led to a new chapter. The companies started recalibrating away from commodities and now own smaller chunks of mining and energy assets. The companies typically have taken a proprietary approach rather than a brokerage role. At times they’ve been regarded almost as banks or privateequity firms, or as commodities traders
that also have big stakes in resources. Through hundreds of subsidiaries, the sogo shosha got into every stage of the supply chain, procuring commodities, selling them and investing in businesses like food and textiles in Japan and worldwide. Investors still see the trading houses as mainly a commodities play, however. Goldman Sachs, re-initiating coverage of the sector after a year, said in a report last week that the shares are highly correlated with resource prices, and cited the Bloomberg Commodity Index. That index measures a host of tradable assets, with an almost 11 percent weighting for gold and 4.35 percent in live cattle futures—but it doesn’t include coking coal and iron ore, mainstays of the trading firms, and obviously can’t represent their retail businesses. As Jefferies analyst Thanh Ha Pham points out, the trading houses’ spread of interests makes it hard to pin down a single growth driver. So the big five and their brethren have been valued based variously on their books, or as holding companies, or as asset managers with a discount to asset values, or just on earnings. But there’s a disconnect: Investors have acknowledged that the sogo shosha cleaned up their accounts, so they’re trading between 8 percent and 50 percent above their five-year average price to tangible book value per share. On a price-earnings basis, however, the shares stand at a discount of 4 percent to 35 percent of their longterm averages, despite record profits. They’re also trading almost 40 percent below the rest of the Topix 500, while their returns on equity are 30 percent above peers. As the Japanese market bounces back, it’s time to take a look at the new stories being told by the nation’s most famous names.
Mangun. . .
Lines before dawn, violence and ‘no trust’: China’s health-care crisis
Bloomberg Opinion
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exchange, allowing ordinary investors to have a direct financial interest in large-scale, diversified portfolios of income-producing real estate in the same way they invest in the fast-food industry through buying shares of Jollibee. So why not simply buy shares of Ayala Land, or 8990 Holdings Inc. (HOUSE), or DoubleDragon Properties Corp.? Tourism has the potential of being a huge business in the Philippines over the next decades. But there is not a single company that is devoted exclusively to this sector. A REIT company could be created to buy existing resorts in all the tourism hot spots from Tagaytay to Palawan to Lakawon Island in Negros Occidental. Further, by Philippine REIT law and unlike other listed companies, “A REIT must distribute annually at least 90 percent of its distributable income as dividends to its shareholders.” So what is the problem and why don’t we have REITs? The Bureau of Internal Revenue (BIR) is imposing a 12-percent additional cost for corporatizing the income-generating assets into REIT. That is exactly the additional “friction costs”—the costs associated with a financial transaction—that REITs address. Further, the minimum public ownership is 1,000 shareholders, which is restrictive. The Philippines could be part of the $2-trillion global REIT business. What needs to be done is that the Securities and Exchange Commission and BIR update the implementing rules and other regulations. We have been waiting for that the past nine years. There is never a King around when you need one. 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.
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Cecilio T. Arillo
DATABASE Part Three
Evolution of Marcos Doctrine
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HE late Constitutional Convention Delegate Antonio R. Tupaz said: “History and our long process of subjugation have developed in Philippine society a colonial structure: a semifeudal system, which resembles an inverted pyramid.” “At the very bottom,” he said, “supporting the entire shaky pyramid is an extremely small oligarchy consisting of perhaps over a hundred key rich families. This then broadens wider to the top of the inverted pyramid where the impoverished masses—by the millions—lay dormant but slowly agitating for social reforms. Once galvanized into motion and violence, this sector will shake the entire pyramid and topple it over, splitting it asunder.” Himself a noted constitutionalist and historian, Tupaz said Philippine society has undergone stress and strain since 1946. President Manuel Roxas, besieged with herculean efforts at national rehabilitation following World War II, suffered and died from a fatal heart attack while in office. President Elpidio Quirino, resuming the rehabilitation efforts, was confronted with a communist conspiracy whose propagators were effectively located at all fronts—in the fields, in the mountains, in the halls of Congress, in government service, in the universities, factories, offices and in mass media. He was swept out of office by an overwhelming victory given to Ramon Magsaysay by the electorate. With American help, Magsaysay
By Sui-Lee Wee | New York Times News Service
EIJING—Well before dawn, nearly 100 people stood in line outside one of the capital’s top hospitals. They were hoping to get an appointment with a specialist, a chance for access to the best health care in the country. Scalpers hawked medical visits for a fee, ignoring repeated crackdowns by the government. A Beijing resident in line was trying to get his father in to see a neurologist. A senior lawmaker from Liaoning, a northeastern province, needed a second opinion on her daughter’s blood disorder. Mao Ning, who was helping her friend get an appointment with a dermatologist, arrived at 4 a.m. She was in the middle of the line. “There’s no choice—everyone comes to Beijing,” Mao, 40, said. “I think this is an unscientific approach and is not in keeping with our national conditions. We shouldn’t have people do this, right? There should be a reasonable system.” The long lines, a standard feature of hospital visits in China, are a symptom of a health-care system in crisis. An economic boom over the past three decades has transformed China from a poor farming nation to the world’s second-largest economy. The cradle-to-grave system of socialized medicine has improved life expectancy and lowered maternal mortality rates. But the system cannot adequately support China’s population of more than 1 billion people. The major gaps and inequalities threaten to undermine China’s progress, social stability and financial health—creating a serious challenge for President Xi Jinping and the Communist Party. The country does not have a functioning primary-care system, the first line of defense for illness and injury. China has one general practitioner for every 6,666 people, compared with the international standard of one for every 1,500 to 2,000 people, according to the World Health Organization (WHO). Instead of going to a doctor’s office
or a community clinic, people rush to the hospitals to see specialists, even for fevers and headaches. Hospitals are understaffed and overwhelmed. Specialists are overworked, seeing as many as 200 patients a day. And people are frustrated, with some resorting to violence. In China, attacks on doctors are so common that they have a name: yi nao, or “medical disturbance.” Mao Qun’an, the spokesman for the National Health and Family Planning Commission, acknowledged that the hospitals could no longer meet the public’s needs. “If you don’t get the grassroots right, then the medical problems in China cannot be solved,” Mao said. “So what we’re doing now is trying to return to the normal state.”
A lack of respect
ON some mornings, Dr. Huang Dazhi, a general practitioner in Shanghai, rides his motorbike to a nursing home, where he treats about 40 patients a week. During lunchtime, he sprints back to his clinic to stock up on their medication and then heads back to the nursing home. Afterward, he makes house calls to three or four people. On other days, he goes to his clinic, where he sees about 70 patients. At night, he doles out advice about high-bloodpressure medications and colds to his patients, who call him on his mobile phone. For all this, Huang is paid about $1,340 a month—roughly the same he was making starting out as a specialist in internal medicine 12 years ago. “The social status of a general
successfully contained the insurgents with his “carrot and stick” strategy and brought back the people’s faith and confidence in government, but fate intervened and cut short his dynamic life while on his way back to Manila from Cebu in 1957, when his plane crashed into a mountainside. Hurriedly summoned from Australia while on an official mission, Vice President Carlos Garcia assumed the presidency and embarked on a nationalist program of economic development in an environment of American neocolonialism that rapidly pervaded over the country. With American support, President Diosdado Macapagal replaced Garcia and attempted to build a welfare state. “There was much promise but time and the people’s patience ran out on him and in 1965, President Ferdinand E. Marcos was elected Chief Executive in one of the most hard-fought presidential elections in our history,” Tupaz said. “Marked for significant events from the very start of his term, Marcos programmed and implemented an infrastructure network of roads, highways, bridges, dams, communication facilities, and sea and air
practitioner is not high enough,” Huang said. “It feels like there’s still a large gap when you compare us to specialists.” In a country where pay is equated with respect, the public views family doctors as having a lower status and weaker credentials than specialists. “There is no trust in the primarycare system among the population because the good doctors don’t go there,” said Bernhard Schwartländer, a senior aide at the WHO and its former representative to China. “They cannot make money.” China once had a broad, if somewhat basic, primary health-care system. “Barefoot doctors” roamed the countryside treating minor ailments. In the cities, people got their health care at clinics run by state-owned companies. China’s “barefoot doctor” system was one of the Communist revolution’s most notable successes. In 1965 Chairman Mao Zedong, troubled by the lack of health care in the countryside, envisioned an army of people who spent half their time farming (many worked in the fields without shoes) and half their time treating patients. They weren’t doctors, but rather a sort of health-care SWAT team. The authorities gave them a short training period—several months to a year—and a bag of limited medicine and equipment. Average life expectancy in China increased to 63 years in 1970 from 44 in 1960, according to Theodore H. Tulchinsky and Elena A. Varavikova, authors of The New Public Health, a book about global medical care. The maternal mortality rate in rural China fell to 41.3 per 100,000 people from 150 per 100,000 before 1949, according to a 2008 article published by the WHO. In the same period, the infant mortality rate fell to 18.6 per 1,000 from 200. But the public was fed up that it could not get medical treatment whenever or wherever it wanted. People needed a referral to see a specialist in a hospital. In the mid-1980s the government
lifted the barriers, allowing people to be treated in hospitals. At the same time, China began an economic overhaul that led to the dismantling of the entire system. Government subsidies were cut drastically, and hospitals had to come up with ways to generate profits. As hospitals started investing in high-tech machines and expanded to meet their new financial needs, medical students were drawn to them. Many believed that being a specialist would guarantee them an “iron rice bowl,” a job that was secure with an extensive safety net that included housing and a pension. Huang initially followed the more lucrative path. After graduating from medical school in 2006, he started working as an internist in a hospital in Shanghai. But he kept seeing patients with simple aftercare needs like removing stitches, changing catheters and switching medication. “These things really should not be done by us specialists,” he said. As a boy, he had followed his aunt as she went to people’s homes to deliver babies and give injections. “After becoming a doctor, I’ve realized that the people’s needs for ‘barefoot doctors’ is still very much in demand,” he said.
Corruption and backlash
IN March a doctor was killed by his patient’s husband. In November 2016, a man attacked a doctor after an argument over his daughter’s treatment. The month before, a father stabbed a pediatrician 15 times after his daughter died shortly after her birth. The doctor did not survive. Dr. Zhao Lizhong, an emergency room doctor in Beijing, was sitting at a computer when Lu Fu’ke plunged a knife into his neck in April 2012. Hours earlier, Lu had stabbed Dr. Xing Zhimin, who had treated him for rhinitis, in the Peking University People’s Hospital and fled. Police arrested him later that month. Lu was sentenced to 13 years in jail. The root of the violence is all
To be continued To reach the writer, e-mail cecilio.arillo@ gmail.com.
the same: a mistrust of the medical system. It goes back to the market reforms under Deng Xiaoping in the 1980s. After the government cut back subsidies to hospitals, doctors were forced to find ways to make money. Many accepted kickbacks from drug companies and gifts from patients. The corruption is endemic. GlaxoSmithKline paid a $500-million fine in 2014, the highest ever in China at the time, for giving kickbacks to doctors and hospitals that prescribed its medicines. Eli Lilly, Pfizer and other global drug giants have settled with regulators over similar behavior.
On the front line
TO help change the culture, China is pushing each household to sign a contract with a family doctor by 2020 and subsidizing patients’ visits. General practitioners will also have the authority to make appointments directly with top specialists, rather than leaving patients to make their own at hospitals. After the government’s directive, Dr. Yang Lan has signed up more than 200 patients, and monitors their health for about $1,220 a month. Yang, 31, said her practice was largely free of grumpy patients and, as a result, yi nao. She sees 50 to 60 patients in a workday of about seven-and-a-half hours. In the United States a family doctor has 83 “patient encounters” in a 45hour workweek, according to a 2017 survey by the American Academy of Family Physicians. That’s about 16 patients in a nine-hour workday. The patients get something, too—a doctor who has time for them. Every three months, Yang has a face-to-face meeting with her patients, either during a house call or at her clinic. She’s available to dispense round-the-clock advice to her patients on WeChat, a popular messaging app in China. A patient is generally kept in the waiting room for a brief period and, if necessary, gets to talk with her for at least 15 minutes.
Editor: Efleda P. Campos
Companies BusinessMirror
Tuesday, October 2, 2018
Senate working on 4 bills to lower electricity rates By Lenie Lectura
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@llectura
ONSUMERS are assured of P1.1741 per kilowatt-hour (kWh) of potential savings if and when four bills meant to lower electricity rates are passed into law. During last week’s forum on “Energy Outlook: Supplying Rising Demand at Lower Cost,” Sen. Sherwin T. Gatchalian, chairman of the Senate Committee on Energy, called for the swift implementation of energy-sector reforms. He proposed several measures to achieve this. The first measure, the Energy Virtual One Stop Shop (Evoss) Act of 2017 (Senate Bill 1439) seeks to cut pervasive red tape in the permitting process of new powergeneration projects. It proposed to implement a single electronic network-based platform where all companies can apply and submit all documents
for new energy projects and receive action on these applications. Evoss remains pending in the House of Representatives after the Senate approved it on third reading last year. The approximate potential savings is P0.35 per kWh. It mandates a specific timeline for each government agency to act on all applications, which would be deemed approved if they fail to act within mandated timeline. Cu r rent ly, t he per m it t i ng process for a hydropower project would take 1,340 days. Senate Bill 1653, or the Competitive Selection Process (CSP) Act, seeks to foster transparency
and competition in power-supply contracting by requiring all generation contracts to undergo open bidding. Through this, Gatchalian said it would be possible to “discover the real cost of electricity in order to get the lowest price for the benefit of the consumers.” The measure, which could cut down rates by P0.13 per kWh, is currently in the period of amendments. The bill will require distribution utilities to submit a powersupply procurement plan which will be the basis for the schedule and demand procured through CSP. There will be a third-party auctioneer who will conduct the CSP. The Murang Kuryente Act, a measure based on a bill authored by Senate President Pro Tempore Ralph G. Recto, proposes to use the P207-billion Malampaya Fund to pay the stranded contract costs and stranded debt of the National Power Corp. (NPC). Once obligations are fully paid, the fund will be used again for exploration, development and utilization of energy resources.
DMCI to redeem remaining preferred shares By VG Cabuag @villygc
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NGINEERING conglomerate DMCI Holdings Inc. on Monday said it is redeeming its remaining preferred shares. The offer period will commence later this month through the end of November. In its disclosure, the company said it is buying the remaining outstanding 3,780 preferred shares at a purchase price of P2,500 apiece. The company will spend P9.45 million from the measure. “The redemption offer is intended to provide the preferred shareholders a final chance to divest themselves of their preferred shares in view of their previous inability to avail themselves of the exchange offer in 2002,” the
company said. In 2002 the company offered to buy its preferred shares, the type of share with no voting rights in the company but gives out more dividends to the holders. “The corporation has no plans of launching any other offer to purchase the preferred shares which are not acquired during the offer period,” it said. The offer period will start on October 8 through November 29. DMCI earlier said it recorded a 21-percent increase in earnings during the first half of the year to P9.2 billion, from last year’s P7.6 billion, helped by the asset disposal of its property-development arm and the increased activity in its mining units. Revenues rose 19 percent to P44.2 billion, from P37.1 billion last year.
Dutch firm offers to clear Naia of crashed China plane
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NFORMED of the difficulties encountered by Philippine aviation authorities in removing a Xiamen Airways B37-800 that crashed at the country’s premier airport in August, a Dutch firm is offering their unique solution to address the problem of “damaged aircraft recovery.” “The recent runway excursion [technical term for airplanes going out of the runway area] incident with Xiamen Air at the Ninoy Aquino International Airport [Naia] the country’s main airport, and the Philippines Airlines flight’s blown-out tire episode in Sibulan Airport in Dumaguete City—which both took place in August—underscored the need for the government to review its protocols and update its aircraft recovery system to ensure speedy recovery of aircraft and mitigate costs as a result of the flight delays,” the Netherlands-based Resqtec said. The firm said it is seeking to establish its footprint in the Philippines by offering a wide array of solutions to lift and move “a new generation of bigger and heavier aircraft.” On August 16 the combined efforts of the Department of Transportation (DOTr), Manila International Airport Authority, Civil Aviation Authority of the Philippines and Royal Cargo proved insufficient to speedily remove the damaged B737. It took the authorities 36 hours to finally take the empty B737 shell of an airplane out of the runway before flights could resume. By then, major carriers Philippine Airlines, Cebu Pacific and others have tallied scores of delayed flights and hundreds of angry passengers, who complained of lack of food and water. As it turned out, Royal Cargo, a heavy-equipment operator, whose expertise is lifting 100-ton water pipes for big dam projects, had to deploy two kinds of telescopic cranes, a 500-ton and a 200-ton behemoths that took several hours simply to arrive at the crash site. It took several hours more to assemble the crane’s associated equipment. Continued on B2
For the second quarter alone, DMCI’s profits reached P5 billion, up 38 percent from P3.6 billion last year. Consolidated revenues for the second quarter was 31 percent higher to P23.9 billion from P18.3 billion. “All of our businesses fared well except for our power subsidiaries. The unplanned and prolonged outages of Sem-Calaca Power Corp. and Southwest Luzon Power Generation Corp. cut into the profitability of Semirara Mining and Power Corp.,” company chairman and president Isidro A. Consunji said. “DMCI Power continues to implement a lower provisional tariff for its Aborlan power plant because its motion for recomputation is still under review with the Energy Regulatory Commission,” he said.
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If approved, sav ings could amount to P0.5745 per kWh. Senate Bill 1623, meanwhile, seeks to reduce the cap on electricity-system losses charged by distribution utilities to consumers. Now on third and final reading, this measure will result in P0.1196 per kWh in savings. Systems loss refers to the difference between the electric energy delivered to the distribution system and the energy delivered to the end-users and other entities connected to the system. From 8.5 percent, utilities will only be allowed to pass on 5 percent of system losses. The cap for electric cooperatives will be lowered to 10 percent from 13 percent. Gatchalian noted that electricity rates in the country are among the highest in the region mainly due to bureaucratic inefficiencies that drive away potential investors; the lack of competition and transparency in powersupply contracting; and the rising stranded contract costs and stranded debt left behind by NPC.
ABOITIZ CONSTRUCTION MARKS 43 YEARS WITH BRAND REFRESH, MILESTONE INTERNATIONAL PROJECTS
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BOITIZ Construction Inc. (ACI), the building and construction arm of Aboitiz and Co., has launched its brand refresh with “Build better together” and is transforming itself into a fully fledged engineering, procurement and design company. Along with this, the company also established its international arm, Aboitiz Construction International Inc. (ACII) to leverage on the Aboitiz brand and to position the business as a full-service engineering, procurement and construction company. With this move, ACI will pursue new markets and revenue sources while strengthening its industry foothold and enhancing its value proposition that provides customers with the company’s signature RISQ approach, which stands for Reliability, Integrity, Safety and Quality. ACI has built a solid reputation of completing safe, on-time and on-budget projects in power, oil and gas, petrochemical, mining, transportation and cement sectors. Albert A. Ignacio, president and chief operating officer, said the benefit of being part of the Aboitiz Group is the tremendous opportunity to expand their business at a global scale while “we synergize with the local strategic business units of Aboitiz like Pilmico, Aboitiz InfraCapital, Republic Cement and AboitizLand,” which have already paved the way for new and recurring projects. “In doing this, we are also happy to share that we provide local jobs while we pursue our growth potential in the engineering and construction industry, allowing us to truly manifest the Aboitiz brand promise of ‘Advancing Business and Communities,’” he said. On its 43rd year in business, ACI bagged nu-
merous projects, including the facility expansion of a shipbuilding company in Cebu and modular fabrication work for a plant in Canada. It has a lineup of projects for a power plant in Sarangani, a petrochemical plant in Bataan, The Outlets at Lipa in Batangas, and fabrication works for a Korean and a Japanese company, among others. To date, ACI has provided services to clients in 18 countries, offering modular fabrication works for heaters, heat exchangers and similar specialty services. A company statement said 25 percent of open orders are from Japanese clients, with current negotiations with Chinese firms ACI has also processed more inquiries and requests for quotations from Japanese and Chinese firms, and from both new and repeat clients. Twenty-five percent of its open orders come from Japanese clients. ACI is currently in negotiations with Chinese engineering, procurement and construction entities either as a joint-venture partner, or a major subcontractor for their projects here in the country. Ignacio added, “In these exciting times, we are geared up to innovate as we enter new and exciting markets. Throughout our existence and through many projects, Aboitiz Construction is known for our people, the kaubans, who work together to achieve more. Kauban is the local term for teammate. It signifies people working together to achieve more. Each of our kauban is armed with the proverbial bugsay [rowing oar] philosophy of the late Bobby Aboitiz, founder and the leader who molded what the company has become today. Aboitiz Construction will carry out the brand of excellence that will fuel us in our efforts to advance business and communities.”
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Companies BusinessMirror
Tuesday, October 2, 2018
PSE STOCK QUOTATIONS
October 1, 2018
Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALS
ASIA UNITED 57.9 59 59 59 58 59 39000 2287500 1341139 BDO UNIBANK 120 120.1 118.9 120.3 117.5 120 1226060 146680076 22632826 BANK PH ISLANDS 83.45 83.5 83.75 84.3 81.9 83.5 2529350 210925928.5 -137343561.5 CHINABANK 29 29.4 29.7 29.7 28.9 29 34200 995375 -270590 CITYSTATE BANK 6.89 7.8 6.9 6.9 6.9 6.9 1500 10350 EAST WEST BANK 12.56 12.58 12.64 12.66 12.56 12.56 238400 3004814 -1533852 METROBANK 67.4 67.5 66.75 67.5 66.1 67.4 1628340 109564606.5 -4610372.5 PHIL NATL BANK 42.95 43.4 43 43.85 42.95 43.4 68200 2944750 -1744575 PSBANK 83.3 86.4 86.9 86.9 86.9 86.9 10 869 PHILTRUST 105.1 119 125 125 120 120 90 10850 RCBC 25.5 25.65 25.7 25.7 25.4 25.4 23400 598110 -313200 SECURITY BANK 149.9 150 156.2 156.2 150 150 846200 127746025 -76245630 UNION BANK 66.6 66.95 67 67 66.6 66.6 35260 2351901 -219964.5 BRIGHT KINDLE 1.47 1.58 1.58 1.58 1.58 1.58 7000 11060 BDO LEASING 2.5 2.56 2.56 2.56 2.56 2.56 5000 12800 COL FINANCIAL 16.16 16.2 16.18 16.18 16.16 16.16 10000 161614 FIRST ABACUS 0.6 0.64 0.64 0.64 0.64 0.64 1000 640 FERRONOUX HLDG 4.19 4.2 4.29 4.3 4.05 4.2 340000 1406370 FILIPINO FUND 8.59 8.97 8.6 8.6 8.59 8.59 2000 17185 -17185 IREMIT 1.7 1.74 1.63 1.75 1.63 1.74 48000 82910 MEDCO HLDG 0.52 0.53 0.54 0.54 0.52 0.53 232000 122960 NTL REINSURANCE 0.92 0.93 0.93 0.93 0.92 0.93 116000 106990 -8370 PHIL STOCK EXCH 188.3 190 190 190 188.3 188.3 910 171474 INDUSTRIAL ALSONS CONS 1.27 1.29 1.3 1.3 1.27 1.27 89000 114120 ABOITIZ POWER 33.55 33.6 33.45 33.95 33.45 33.6 2708300 90858505 -46816640 BASIC ENERGY 0.217 0.224 0.225 0.225 0.217 0.224 690000 150210 ENERGY DEVT 7.06 7.07 7.08 7.08 7.06 7.06 4793600 33869148 -23848125 FIRST GEN 16 16.04 16.76 16.76 16 16 2264900 36439140 -31763514 FIRST PHIL HLDG 63.6 63.75 63.6 64.05 63.6 63.6 41660 2652343.5 -774340.5 PHIL H2O 4.9 4.96 5 5 4.9 4.9 60000 294760 MERALCO 330.6 331.8 337.6 338.6 329.4 331.8 273720 90899252 -45890790 MANILA WATER 24.5 25.2 24.45 25.2 23.75 25.2 1169100 28877910 1875505 PETRON 8.4 8.54 8.7 8.7 8.4 8.4 3383000 28,867,749( 24,989,521.0001) PETROENERGY 4.1 4.12 4.12 4.12 4.07 4.12 66000 270700 PHINMA ENERGY 1 1.01 1.01 1.01 1 1 310000 310040 PHX PETROLEUM 10.7 10.98 10.6 10.98 10.28 10.98 57800 607098 PILIPINAS SHELL 53 53.15 54 54 52.9 53.15 690050 36763618 -18878316.5 SPC POWER 5.65 5.69 5.73 5.73 5.69 5.69 6200 35295 AGRINURTURE 18.1 18.18 18.2 18.2 17.9 18.18 1239900 22440996 8686696 CNTRL AZUCARERA 17.6 17.96 18 18 18 18 100 1800 CENTURY FOOD 12.9 13.48 14.1 14.2 12.9 12.9 1020700 13428758 -9534430 DEL MONTE 7.2 7.44 7.46 7.46 7.45 7.45 1000 7457 DNL INDUS 9.79 9.8 9.84 9.89 9.75 9.79 1154000 11300573 -3232936 EMPERADOR 7.03 7.04 7 7.05 7 7.04 126500 889137 9196 SMC FOODANDBEV 98.9 99 97.05 100.5 97.05 99 759950 75482431 6528509.5 ALLIANCE SELECT 1.02 1.03 1.03 1.05 1.02 1.03 3169000 3260220 71820 GINEBRA 28.65 29 29.5 29.5 28.7 29 3300 95900 JOLLIBEE 251.8 252 257.2 261 252 252 394210 100350836 -26434486 MAXS GROUP 11.64 11.66 11.66 11.8 11.56 11.66 114700 1336912 -1116994 PEPSI COLA 1.81 1.84 1.82 1.84 1.78 1.81 33000 60260 -14380 SHAKEYS PIZZA 12 12.1 12 12.2 11.9 12 90900 1091012 166788 ROXAS AND CO 2.46 2.47 2.65 2.65 2.38 2.47 2665000 6554490 -73700 RFM CORP 4.9 5 5 5.4 5 5 105000 527430 -330000 SWIFT FOODS 0.124 0.128 0.124 0.124 0.124 0.124 10000 1240 UNIV ROBINA 139.5 140.8 144.5 145.2 139.5 139.5 1533140 214560443 -26642927 VITARICH 2.05 2.06 2.05 2.07 2.04 2.05 807000 1650520 CONCRETE A 66.8 69.95 67.4 67.4 67 67 220 14760 CEMEX HLDG 2.5 2.7 2.42 2.7 2.4 2.7 9132000 22877910 3205490 EAGLE CEMENT 15.38 15.4 15.48 15.48 15.38 15.38 252600 3891094 -1766796 EEI CORP 8.45 8.5 8.55 8.55 8.45 8.5 33800 287059 -170000 HOLCIM 6.84 6.9 6.92 6.92 6.84 6.84 1100 7539 MEGAWIDE 15.9 15.94 15.5 16 15.24 15.94 6422500 101876194 -53082872 PHINMA 8.9 9.2 9.49 9.49 8.9 9 48300 442858 TKC METALS 0.97 0.99 0.99 1 0.97 0.97 169000 168240 VULCAN INDL 2.15 2.16 2.03 2.18 2.03 2.15 13846000 29420600 2402440.0001 CHEMPHIL 193.2 229.8 194 194 194 194 60 11640 CROWN ASIA 1.7 1.74 1.71 1.71 1.7 1.7 24000 40840 -25500 CONCEPCION 37.7 38 38.5 38.5 38 38 3628000 138840950 -243250 INTEGRATED MICR 12.46 12.52 12.3 12.54 12.3 12.5 1239400 15489666 12671468 IONICS 1.84 1.85 1.87 1.87 1.83 1.84 278000 513290 -36800 PANASONIC 5.5 6.36 5.93 5.93 5.23 5.51 9400 52083 SFA SEMICON 1.55 1.58 1.54 1.58 1.54 1.55 21000 32810 CIRTEK HLDG 33.3 33.9 33.45 33.9 32.5 33.9 492000 16649355 -2862970 HOLDING & FRIMS ABACORE CAPITAL 0.43 0.435 0.425 0.435 0.415 0.43 18770000 7997950 ASIABEST GROUP 26.6 26.75 27.2 27.3 26 26.75 82400 2189700 284275 AYALA CORP 910 915 929 931 906 910 180820 165151680 -30399500 ABOITIZ EQUITY 48 48.25 48.1 49 46.7 48.25 2171700 103634265 -13037195 ALLIANCE GLOBAL 12.28 12.46 12.4 12.48 12.22 12.46 1692400 20895754 -4849970 ANSCOR 6 6.13 6.11 6.13 6.11 6.13 25900 158489 158489 ANGLO PHIL HLDG 0.89 0.93 0.94 0.94 0.89 0.94 17000 15320 ATN HLDG A 1.29 1.3 1.32 1.33 1.28 1.29 12133000 15806140 ATN HLDG B 1.31 1.32 1.31 1.33 1.31 1.31 5755000 7554650 4426600 COSCO CAPITAL 5.82 5.83 5.78 5.87 5.76 5.83 1939600 11296626 -92579 DMCI HLDG 11.44 11.8 11.3 11.8 11.22 11.8 3144000 36422336 -8916354 FILINVEST DEV 7.01 7.21 7.21 7.21 7.21 7.21 200 1442 GT CAPITAL 798 802 820 830 798 798 47720 38864005 5380695 JG SUMMIT 53.65 53.7 53.7 53.7 52.05 53.65 833070 44149095 2523985.5 JOLLIVILLE HLDG 5.06 5.52 5.06 5.06 5.06 5.06 9000 45540 LODESTAR 0.53 0.57 0.58 0.58 0.55 0.57 504000 277290 LOPEZ HLDG 4.36 4.39 4.43 4.55 4.35 4.39 695000 3050540 -1720640 LT GROUP 14.98 15 14.4 15.14 14.4 15 2705800 40342434 6964702 MABUHAY HLDG 0.58 0.6 0.58 0.6 0.58 0.58 722000 421020 METRO PAC INV 4.67 4.73 4.75 4.76 4.65 4.73 15196000 71381940 -15371290 PACIFICA 0.038 0.039 0.039 0.039 0.038 0.038 2700000 104300 3900 PRIME ORION 2.45 2.46 2.44 2.46 2.44 2.46 204000 500390 PRIME MEDIA 1.17 1.22 1.19 1.19 1.17 1.17 208000 246010 SOLID GROUP 1.38 1.43 1.38 1.42 1.38 1.42 148000 209310 SYNERGY GRID 320 346 346 346 340 340 50 17180 SM INVESTMENTS 880 881.5 900 903 880 880 292940 258096645 4120380 SAN MIGUEL CORP 170.9 171 168.9 172.5 168.9 171 599080 102545205 483859 SOC RESOURCES 0.79 0.81 0.81 0.81 0.81 0.81 100000 81000 TOP FRONTIER 279 280 280 280 280 280 2180 610400 WELLEX INDUS 0.265 0.27 0.27 0.28 0.26 0.27 2120000 563000 -8100 ZEUS HLDG 0.2 0.218 0.218 0.218 0.218 0.218 30000 6540 PROPERTY ARTHALAND CORP 0.64 0.65 0.64 0.66 0.64 0.64 622000 398990 ANCHOR LAND 11.32 11.98 11.98 11.98 11.98 11.98 3400 40732 AYALA LAND 40.2 40.6 39.95 40.6 39.4 40.6 3343900 134078870 -20562485 ARANETA PROP 2.07 2.09 2.07 2.08 2.07 2.08 58000 120360 BELLE CORP 2.41 2.43 2.52 2.52 2.41 2.41 962000 2334840 -694990 A BROWN 0.86 0.87 0.88 0.88 0.86 0.87 589000 511630 1740 CITYLAND DEVT 0.92 0.93 0.93 0.93 0.93 0.93 12000 11160 CROWN EQUITIES 0.224 0.233 0.235 0.239 0.221 0.233 2710000 626660 CEB LANDMASTERS 4.32 4.42 4.4 4.42 4.32 4.42 117000 515470 CENTURY PROP 0.44 0.445 0.44 0.445 0.44 0.445 2050000 902150 -8800 DOUBLEDRAGON 19.16 19.4 19.38 19.96 19 19.16 270300 5171228 -2978280 DM WENCESLAO 8.3 8.5 8.34 8.34 8.25 8.3 68500 566526 -9960 EMPIRE EAST 0.55 0.56 0.55 0.55 0.55 0.55 41000 22550 EVER GOTESCO 0.11 0.117 0.117 0.117 0.117 0.117 20000 2340 FILINVEST LAND 1.45 1.46 1.43 1.45 1.42 1.45 3596000 5150280 420210 GLOBAL ESTATE 1.11 1.12 1.12 1.15 1.11 1.11 920000 1025100 8990 HLDG 7.24 7.29 7.3 7.3 7.1 7.29 518600 3758759 32235 IRC PROP 2.43 2.44 2.3 2.47 2.25 2.43 21581000 51163570 -1668290 CITY AND LAND 0.94 0.98 0.96 0.98 0.96 0.98 111000 107890 -9700 MEGAWORLD 4.32 4.38 4.4 4.4 4.25 4.38 5272000 22867540 -8947130 MRC ALLIED 0.62 0.63 0.62 0.63 0.61 0.62 19636000 12186010 -7370 PHIL ESTATES 0.445 0.455 0.45 0.455 0.435 0.455 4230000 1872300 PRIMEX CORP 3.89 3.9 3.99 4.04 3.86 3.9 502000 1972020 -71820 ROBINSONS LAND 20 20.25 20 20.3 19.6 20.25 1551600 31124170 -14459051 PHIL REALTY 0.42 0.435 0.415 0.435 0.415 0.42 120000 50650 ROCKWELL 1.94 1.95 1.92 1.95 1.91 1.95 84000 162010 40500 SHANG PROP 3.16 3.2 3.19 3.2 3.15 3.2 35000 111020 18960 STA LUCIA LAND 1.13 1.17 1.18 1.18 1.13 1.17 2595000 3036050 SM PRIME HLDG 35.6 35.65 36 36.1 35.5 35.65 8529600 303639215 -178595495 STARMALLS 6.6 6.62 6.6 6.6 6.45 6.6 139400 909504 SUNTRUST HOME 0.75 0.78 0.75 0.75 0.75 0.75 122000 91500 VISTA LAND 6.01 6.05 6.07 6.18 6.01 6.05 2753300 16637867 -11005435 SERVICES ABS CBN 21.5 21.8 21.3 22 21.3 21.5 18300 399020 GMA NETWORK 5.36 5.37 5.37 5.37 5.33 5.37 98900 529199 MLA BRDCASTING 16.36 17.3 16.38 16.38 16.36 16.36 1500 24550 GLOBE TELECOM 2208 2210 2200 2208 2106 2208 56690 124786050 61498160 PLDT 1381 1412 1344 1412 1336 1412 85870 118419845 11390885 APOLLO GLOBAL 0.041 0.042 0.042 0.044 0.04 0.042 6200000 259700 DFNN INC 8.62 8.9 8.99 8.99 8.7 8.7 1400 12209 ISLAND INFO 0.116 0.117 0.117 0.117 0.115 0.115 700000 80900 34500 ISM COMM 2.47 2.49 2.78 2.78 2.42 2.47 16560000 42936140 -267290 JACKSTONES 3.31 3.4 3.35 3.5 3.3 3.43 48000 160420 NOW CORP 7.23 7.24 7.34 7.49 7.2 7.24 892100 6485162 28930 TRANSPACIFIC BR 0.56 0.57 0.56 0.58 0.56 0.56 13950000 7922230 -293259.9999 PHILWEB 4.27 4.31 4.32 4.32 4.25 4.28 107000 459080 2GO GROUP 11 11.2 11.2 11.2 11 11.2 11100 123140 ASIAN TERMINALS 13.06 13.5 13.5 13.5 13.5 13.5 136900 1848150 -21600 CEBU AIR 66.1 66.5 71 71.75 66.1 66.1 325140 22186586.5 -21004762 CHELSEA 5.5 5.51 5.5 5.53 5.47 5.5 299600 1647765 315940 INTL CONTAINER 92 94 92.8 94.15 91.3 92 803210 75131246 -2148544 LORENZO SHIPPNG 0.92 0.95 0.92 0.95 0.91 0.95 15000 13790 MACROASIA 16.08 16.1 16 16.16 15.9 16.08 486900 7800128 1056856 METROALLIANCE A 1.45 1.53 1.5 1.55 1.43 1.53 75000 112980 METROALLIANCE B 1.55 1.69 1.4 1.73 1.4 1.7 14000 21350 PAL HLDG 8.26 8.68 8.26 8.26 8.26 8.26 100 826 HARBOR STAR 2.74 2.75 2.72 2.82 2.69 2.75 1071000 2955810 -11070 ACESITE HOTEL 1.4 1.43 1.43 1.43 1.43 1.43 10000 14300 BOULEVARD HLDG 0.062 0.063 0.062 0.063 0.061 0.063 11730000 734560 GRAND PLAZA 11.32 12.38 11.32 11.32 11.32 11.32 100 1132 WATERFRONT 0.67 0.68 0.67 0.69 0.67 0.68 665000 450550 -87700 CENTRO ESCOLAR 8.1 8.29 8.1 8.1 8.1 8.1 500 4050 STI HLDG 0.88 0.89 0.88 0.91 0.86 0.89 4058000 3569060 14080 BERJAYA 1.94 1.96 1.99 2.06 1.94 1.95 6361000 12639700 160140 BLOOMBERRY 8.35 8.41 8.7 8.7 8.31 8.35 5663500 47676882 -14387089 PACIFIC ONLINE 10.98 11 10.8 11 10.8 11 17000 186700 LEISURE AND RES 3.64 3.65 3.61 3.67 3.61 3.65 453000 1649670 -130920 MANILA JOCKEY 5.84 5.85 5.78 5.84 5.6 5.84 140100 815343 MELCO RESORTS 7.01 7.03 7.01 7.03 7.01 7.01 1617700 11346686 -3449219 PREMIUM LEISURE 0.85 0.86 0.86 0.87 0.85 0.85 4050000 3471570 -224140 TRAVELLERS 5.18 5.19 5.2 5.2 5.11 5.19 904800 4658979 230712 METRO RETAIL 2.36 2.41 2.45 2.45 2.34 2.36 1445000 3507670 2197910 PUREGOLD 44.5 45 45.7 45.7 44.5 44.5 315400 14137510 -1469225 ROBINSONS RTL 79.8 80 80.95 80.95 79.65 80 993230 79456680.5 800209.5 PHIL SEVEN CORP 99 101 101.5 101.5 99 99 5670 567243 -60022 SSI GROUP 2.21 2.22 2.22 2.29 2.21 2.21 5846000 13112030 566160 WILCON DEPOT 11 11.3 10.4 11.3 10.3 11.3 2284600 24651950 18825716 APC GROUP 0.47 0.475 0.475 0.475 0.47 0.475 1830000 862200 EASYCALL 22.5 22.9 23 23.5 21.5 22.5 31200 707830 GOLDEN BRIA 307 312 313.8 313.8 289 312 5280 1600080 -890502 IPM HLDG 7.75 7.8 7.75 7.75 7.75 7.75 3000 23250 PAXYS 3.1 3.36 3.44 3.44 3.05 3.36 7000 22470 PRMIERE HORIZON 0.375 0.38 0.385 0.39 0.375 0.375 400000 151500 SBS PHIL CORP 7.71 7.99 7.73 8 7.71 7.71 19800 154106 -32422 MINING & OIL APEX MINING 1.46 1.47 1.48 1.48 1.46 1.47 503000 738660 ABRA MINING 0.0023 0.0025 0.0024 0.0025 0.0024 0.0024 235000000 569900 ATLAS MINING 3 3.01 3.01 3.01 3.01 3.01 65000 195650 -9030 BENGUET A 1.01 1.08 1.15 1.15 1.08 1.08 7000 7730 COAL ASIA HLDG 0.295 0.3 0.295 0.295 0.295 0.295 160000 47200 CENTURY PEAK 1.92 1.93 1.92 1.93 1.92 1.93 184000 353580 -32710 DIZON MINES 7.16 7.21 7.16 7.21 7.16 7.16 2500 17905 FERRONICKEL 1.85 1.86 1.83 1.86 1.83 1.85 366000 676220 -273220 GEOGRACE 0.205 0.206 0.208 0.208 0.206 0.206 90000 18680 LEPANTO A 0.108 0.109 0.111 0.111 0.108 0.108 900000 98660 LEPANTO B 0.111 0.12 0.12 0.12 0.111 0.111 310000 34500 MANILA MINING A 0.0069 0.0078 0.007 0.007 0.0068 0.0068 32000000 218800 MARCVENTURES 1.23 1.28 1.3 1.3 1.3 1.3 1000 1300 NIHAO 1.09 1.15 1.16 1.16 1.15 1.15 2000 2310 NICKEL ASIA 4.32 4.35 4.38 4.42 4.31 4.32 630000 2723780 -1794240 OMICO CORP 0.68 0.69 0.65 0.68 0.64 0.68 1614000 1078570 -67180 ORNTL PENINSULA 1.12 1.13 1.17 1.17 1.12 1.12 291000 331010 PX MINING 3.31 3.32 3.31 3.34 3.31 3.31 365000 1211130 -72820 SEMIRARA MINING 25.95 26 26.7 27.4 26 26 692400 18136360 -7276240 UNITED PARAGON 0.0067 0.0072 0.0068 0.0068 0.0065 0.0067 10000000 66700 ORNTL PETROL A 0.012 0.013 0.013 0.014 0.012 0.013 95000000 1235100 PHILODRILL 0.011 0.012 0.011 0.012 0.011 0.011 2300000 25400 PHINMA PETRO 3.5 3.59 3.5 3.5 3.4 3.5 41000 141540 -7000 PXP ENERGY 15.74 15.8 15.76 15.9 15.5 15.8 739400 11628634 1674548
PREFFERED HOUSE PREF A AC PREF B1 DD PREF SMC FB PREF 2 LR PREF PNX PREF 3A PCOR PREF 2B SMC PREF 2B SMC PREF 2C SMC PREF 2F SMC PREF 2H SMC PREF 2I
95.4 485 99 981 1.02 99.7 1010 75.05 78 74.65 74 74
PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR
18.8 5.15
98 495 99.5 999.5 1.04 103 1044 76.45 78.1 75 75 75
95.2 485.4 99.5 981 1.04 103.2 1047 76.45 78.05 75 74.05 75
96.9 485.4 99.5 999.5 1.04 103.2 1047 76.45 78.05 75 75 75
95.2 485 99.5 981 1.04 103.2 1045 76.45 78 75 74 75
95.4 485 99.5 999.5 1.04 103.2 1045 76.45 78 75 75 75
9030 550 1550 2050 1000 90 25 100 2690 1130 1500 6700
863942 266754 154225 2044200 1040 9288 26135 7645 209868.5 84750 112009 502500
103680 -
19 5.16
19.8 5.16
20 5.16
18.8 5.15
18.8 5.16
16700 74000
324460 381835
-324460 -368940
WARRANTS LR WARRANT
2.36
SMALL & MEDIUM ENTERPRISES ITALPINAS 5.28 XURPAS 2.22
2.37
2.47
2.47
2.37
2.37
85000
202690
-59550
5.29 2.23
5.24 2.18
5.29 2.24
5 2.18
5.28 2.22
1062200 221000
5459985 488400
-71040
EXHANGE TRADE FUNDS FIRST METRO ETF
108
108.2
110
110
108
108
11820
1281196
8666
www.businessmirror.com.ph
With 67M Pinoys on Facebook, PHL privacy body sounds alarm over latest data breach By Lorenz S. Marasigan
W
@lorenzmarasigan
HILE the impact of the Facebook breach on Filipino users has yet to be determined, the chief of the National Privacy Commission (NPC) said on Monday his group is sending a demand to the global social networking platform to increase its security features to protect the data of users in the Philippines, a nation deemed one of the fastest-growing markets for the platform. Privacy Commissioner Raymund E. Liboro said it is high time that the Philippines—a small jurisdiction with one of the highest growth rates in terms of average daily users—demand of Facebook tighter security for its users’ data, given the ubiquity of the platform in the country. “It’s really time to look at Facebook differently, knowing the fact that we are one of their fastest-growing markets in terms of average daily users,” he told the BusinessMirror. “It’s just right to demand how they are securing our data.”
There are roughly 67 million Filipinos on Facebook, based on data from London-based consultancy We Are Social, and considering this number, Liboro said the breach, which happened on Saturday, is a cause for concern. “We are concerned. This is a clear failure of security on the part of Facebook. It’s concerning because of the systemic nature of the existence of Facebook all over the country,” he said. He noted that his agency has “protocols and procedures in place” when there are breach notifications. His group is now in talks with
URC buys out partner in Hunt’s joint venture for ₧3.18 million By VG Cabuag
@villygc
G
OKONGWEI-LED Universal Robina Corp. (URC) on Monday said it is buying out its partner in its joint venture with the maker of Hunt’s brand, popular for its pork and beans and tomato-sauce products. In its disclosure to the Philippine Stock Exchange, the food unit of the Gokongwei Group said it is buying the 50-percent stake of ConAgra Grocery Products Co. Llc. in Hunt-Universal Robina Corp. (HURC). “The acquisition of the HURC shares of ConAgra will result in URC’s having full control of HURC and will allow URC to integrate and simplify its business operations as part of its Philippine business portfolio. URC will continue to manufacture and sell Swiss Miss products under a trademark license agreement with ConAgra,” the company said.
The purchase price is based on the agreed book value as of endMarch. The company said it is buying the 1.4 million shares being held by ConAgra at P2.27 per share or about P3.18 million. Hunt-URC was established in 1983 when the Gokongwei family and Hunt-Wesson International, which later became ConAgra Foods, created a partnership to bring in canned beans and tomato-based sauces in the Philippine market. The partnership started out as a one-brand, one-product company. It started operations in 1984 when it launched Hunt’s Pork and Beans in the market. The brand has grown since then, expanding its product line up through the development of new flavors and introduction of new product formats. This helps the brand maintain its dominant leadership in the ready-to-eat canned beans category, the company said in its web site.
Dutch firm offers to clear Naia of crashed China plane Continued from B1
The Senate conducted two investigations to go to the root of the problem and in the process, exposed some of the inadequacies of the country’s airport response system to such disasters. The International Civil Aviation Organization’s (Icao) damaged-aircraft recovery manual suggested to airport operators or air carriers, to train a special group called “damaged aircraft recovery team” that can be called upon to do the job soonest. The DART team is mandated by Icao to conduct regular training abroad, supervised by experts either in Australia, Malaysia, Singapore or India. Otherwise, the Icao advised the airport operator, who cannot invest on such expensive equipment, to make prior arrangement with those who have cranes, to train on aircraft recovery and to be available when needed. Claiming to be an industry leader, Resqtec is offering the DOTr to invest in modern and state-
of-the-art aircraft recovery kits “that can work on every type of aircraft quickly and easily.” “The August 17 Xiamen Air incident alone prompted airport authorities to cancel hundreds of domestic and international flights and divert flights to other provinces,” said the company, adding an estimated 150,000 air travelers had been affected by the Naia runway closure. Initial tally of losses and damages was placed at P33 million. Resqtec claimed the latest generation of aircraft is heavier and bigger and could seriously pose a big challenge to recovery efforts. “You cannot use the old and conventional aircraft recovery equipment if you’re dealing with larger aircraft with new wing design.” The firms said they are offering “not just equipment, but a comprehensive solution backed by technical experts to ensure quick aircraft recovery and manage risks.” As a market leader in aircraft recovery, the company is boasting 45 years of experience in the rescue industry. Recto Mercene
Facebook to see how big the impact of the said breach was. Several foreign news agencies have reported that Facebook may be fined as much as $1.63 billion if the breach is found to have violated the European Union’s privacy law. Facebook users on Saturday reported that they were logged out of their accounts. In a Facebook post, a company executive explained that it detected a security breach that gave attackers access to 50 million accounts, compromising the personal information, which may include digital wallets, of affected users. Liboro expects to see a global response to the breach that happened Saturday. “We hope to gather international recognition in this issue because it has an impact on us,” he said.
MUTUAL FUNDS
Department of Information and Communications Technology (DICT) Secretary Eliseo M. Rio said one of the repercussions of the breach is identity theft. “More or less, an attacker can use the account to make it appear that the owner is the one using the account. He could use the account to make transactions,” he said in a phone interview. He noted that the Philippines may also run after Facebook, should investigations show that it had violated privacy laws in the Philippines. As for users, Liboro advised users to manually log in to refresh their profiles. He also advised Filipinos—even those who weren’t affected by the breach—to change their passwords.
October 1, 2018
NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC * 247.3 -12.31% 0.09% 1.43% -15.65% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.3806 -14.46% 4.68% 2.01% -13.54% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 3.8515 -12.41% 1.51% 0.44% -16.14% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.8807 -12.31% N.A. N.A. -13.4% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. * ********* 0.8129 N.A. N.A. N.A. N.A. FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 5.1461 -9.64% -0.83% 0.8% -14.42% MBG EQUITY INVESTMENT FUND, INC. * ****** 116.31 N.A. N.A. N.A. N.A. ONE WEALTHY NATION FUND, INC.* 0.8227 -15.24% N.A. N.A. -17.13% PAMI EQUITY INDEX FUND, INC.* 48.1632 -10.89% 1.18% N.A. -14.59% PHILAM STRATEGIC GROWTH FUND, INC.* 500.44 -12.15% -0.27% 0.15% -14.96% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.2314 -8.77% 1.54% N.A. -12.31% PHILEQUITY FUND, INC.* 35.9097 -8.35% 2.1% 3.3% -12.62% PHILEQUITY PSE INDEX FUND INC.* 4.8426 -10.66% 1.8% 3.41% -14.65% PHILIPPINE STOCK INDEX FUND CORP.* 808.2 -10.59% 1.56% 3.14% -14.54% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.8341 -10.85% -0.9% N.A. -13.75% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 3.98 -9.43% 1.32% 1.82% -13.1% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 0.9324 -10.85% 1.63% N.A. -14.72% UNITED FUND, INC.* 3.4279 -7.21% 2.84% 1.6% -11.97% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* *** 108.0543 -10.11% 2.79% N.A. -14.21% ATRAM ASIAPLUS EQUITY FUND, INC.** $1.0226 -1.72% 6.44% 1.22% -7.73% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.3086 9.87% N.A. N.A. 3.43% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.6341 -9.92% -2.57% -1.56% -12.31% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.1879 -8.67% 0.54% 0.56% -10.95% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.4994 -7.08% -2.65% -2.14% -9.77% GREPALIFE BALANCED FUND CORPORATION* **** 1.298 -9.13% N.A. N.A. -10.78% NCM MUTUAL FUND OF THE PHILS., INC* 1.817 -5.98% 0.53% 0.56% -8.81% PAMI HORIZON FUND, INC.* 3.4648 -9.91% -1.09% -0.52% -11.57% PHILAM FUND, INC.* 15.5353 -10.08% -1.1% -0.54% -11.52% SOLIDARITAS FUND, INC.* ******** 2.035 -7.37% 0.41% 2.02% -9.24% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.6064 -7.2% -0.06% 0.64% -9.76% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.9179 -7.37% -0.42% N.A. -10.04% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.03507 -2.64% 0% 2.26% -2.85% PAMI ASIA BALANCED FUND, INC.* $0.9845 -2.74% 4.77% -0.53% -5.97% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.6947 5.85% 7.31% 3.75% 1.16% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.0972 0.96% N.A. N.A. -1.35% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 341.58 1.55% 1.79% 1.7% 1.33% ATRAM CORPORATE BOND FUND, INC.* ******* 1.8586 -2.27% -1.07% -0.28% -1.78% COCOLIFE FIXED INCOME FUND, INC.* 2.935 5.48% 5.33% 5.34% 4% EKKLESIA MUTUAL FUND INC.* 2.1208 0.03% 1.09% 1.1% 0.88% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2144 -0.14% 0.02% 0.36% -0.08% GREPALIFE FIXED INCOME FUND CORP.* P 1.5757 -2.22% -1.5% -1.33% -2.1% PHILAM BOND FUND, INC.* 3.8551 -5.98% -1.62% -0.76% -4.81% PHILEQUITY PESO BOND FUND, INC.* 3.4682 -0.54% -0.45% 0.11% -1.04% SOLDIVO BOND FUND, INC. * 0.8844 -5.22% -2.04% N.A. -4.2% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.7599 -0.25% 0.19% 0.4% -0.62% SUN LIFE PROSPERITY GS FUND, INC.* 1.5321 -1.15% -0.31% -0.23% -1.14% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $445.47 0.32% 2.35% 3.16% -0.11% ALFM EURO BOND FUND, INC. * Є213.23 0.59% 1.42% 1.67% -0.23% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.1207 -1.02% 1.05% 1.83% -1.18% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0248 -0.8% 0.82% N.A. -0.8% GREPALIFE DOLLAR BOND FUND CORP.* $1.7003 -4.13% -0.02% 1.51% -4.02% MAA PRIVILEGE DOLLAR FIXED INCOME FUND, INC. N.S. N.S. N.S. N.S. N.S. MAA PRIVILEGE EURO FIXED INCOME FUND, INC. ЄN.S. N.S. N.S. N.S. N.S. PAMI GLOBAL BOND FUND, INC* $1.0299 -4.6% -1.24% -2.59% -4.06% PHILAM DOLLAR BOND FUND, INC.* $2.1712 -2.91% 1.19% 2.83% -3.55% PHILEQUITY DOLLAR INCOME FUND INC.* $0.0568812 -0.89% 0.99% 2.05% -0.56% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.8939 -3.88% 0.94% 2% -3.95% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 119.77 2.22% 1.64% 1.43% 1.84% PHILAM MANAGED INCOME FUND, INC.* 1.1718 1.57% 0.31% 0.34% 1.24% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.2083 2.39% 2.13% 1.37% 1.92% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* ***** $1.0107 N.A. N.A. N.A. 1.2% * - NAVPS AS OF THE PREVIOUS BANKING DAY ** - NAVPS AS OF TWO BANKING DAYS AGO *** - LISTED IN THE PSE. **** - RE-CLASSIFIED INTO A BALANCED FUND STARTING JANUARY 1, 2017 (FORMERLY GREPALIFE BOND FUND CORP.). ***** - LAUNCH DATE IS NOVEMBER 6, 2017 ****** - LAUNCH DATE IS JANUARY 08, 2018 ******** - RENAMING OF THE FUND WAS APPROVED BY THE SEC LAST APRIL 13, 2018. ********* - BECAME A MEMBER SINCE APRIL 20, 2018. ******* - ADJUSTED DUE TO CASH DIVIDEND ISSUANCE LAST JANUARY 29, 2018
Banking&Finance BusinessMirror
www.businessmirror.com.ph
Tuesday, October 2, 2018
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DOF eyes $1-B India loan facility for ‘BBB’
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By Rea Cu @ReaCuBM
HE Philippines can tap a $1-billion loan facility offered by India to help fund its “Build, Build, Build” (BBB) program and digital connectivity projects, the Department of Finance (DOF) has reported.
particularly in the infrastructure and pharmaceuticals sectors. The finance chief pointed out that Indian companies are welcome to participate in the Philippines’s economic emergence, especially in the areas of infrastructure and tourism, as he urged India to set up its world-renown hotel brands in the country. The Philippines is now in the process of improving its corporate tax system to make it simpler, fairer and more efficient, and thus attract more foreign direct investments (FDI), especially in the “industries of the future” to which tax incentives would be granted to encourage them to set up shop here, according to the DOF. He also reported that financial technology (fintech) is one other area that the Philippine government wants to tap and develop to take advantage of digital innovations that would help expand the access of Filipinos to banking
and insurance services and make electronic payment systems available to small and medium enterprises—in step with the Duterte administration’s goal of greater financial inclusion.
Digital bank
DOMINGUEZ cited the country’s first-ever Overseas Filipino Bank (OFB), which will be transformed into a digital bank. “It doesn’t make sense to establish branches in all main countries
It doesn’t make sense to establish branches in all main countries where Filipinos are; we want to do it digitally and we will welcome a proposal from the Indian group for that.”—Dominguez
In a recent meeting with Finance Secretary Carlos G. Dominguez III, Indian Ambassador to the Philippines Jaideep Mazumdar said his country “will be happy to offer” to the Philippines a credit line to this $1-billion loan facility. The loan facility is being offered
to economies within the Association of Southeast Asian Nations (Asean), as well. Mazumdar said Indian companies remain bullish on the Philippines’s growth prospects and would want to expand their investments in the Philippines,
Makati opens satellite tax payment centers for Q4
Fitch Solutions sees peso to drop 56:$1 T
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HIRTY-ONE satellite realty tax payment centers will be opened in various barangay halls in Makati starting October 2 for real property owners with taxes due this fourth and last quarter of 2018. Makati City Mayor Abby Binay said the payment centers will be open from 9 a.m. to 4 p.m. on scheduled dates in various barangays for the convenience of real property owners. “The taxpayers should take advantage of this opportunity to pay their taxes without going to City Hall, and save on transportation costs and time,” she said. The mayor said, through the Realty Tax Division under the Finance Department, that the city government ensures the efficiency of services at the satellite payment centers, where each transaction usually takes a maximum of five minutes. Taxpayers only need to present their previous receipt and pay the taxes due to receive an electronic receipt from the authorized tellers. “We are bringing our services practically in your neighborhood as our way of showing our appreciation for your important contribution to the city’s continuing progress,” the mayor said. On October 2 the payment centers will be opened in Barangays Bel-Air and Urdaneta, followed by Magallanes and San Lorenzo on October 3. The schedule for the rest of the week is as follows: October 4, Barangays Dasmariñas and Forbes Park; and on October 5, Barangays Bangkal, Pio del Pilar, San Isidro, Palanan and San Antonio. The following week, the payment centers will be open to serve taxpayers, as follows: October 9, Barangays La Paz, Santa Cruz, Singkamas, Tejeros and Carmona; October 10, Kasilawan, Olympia, Valenzuela, Poblacion and Guadalupe Viejo; October 11, Guadalupe Nuevo, Pinagkaisahan, Pitogo, Cembo and South Cembo; and on October 12, West Rembo, East Rembo, Comembo, Pembo and Rizal. Based on the city’s Revenue Code, Makati offers a 5-percent discount for quarterly payments made during the first 20 days of the quarter (October 20 for the fourth quarter). On the other hand, late quarterly payments will incur a penalty of 2 percent per month. Meanwhile, the Realty Tax Division at the 2nd floor of Makati City Hall Building I will also be open to serve taxpayers on Saturdays from 8 a.m. to 4 p.m. on October 6, 13, 20 and 27. It will also serve clients during regular business hours from 8 a.m. to 5 p.m. from Monday to Friday.
HE local currency’s weakness is seen to extend further up until next year, an international think tank says, with the peso being projected to hit the 56 to a dollar territory by the end of next year. Fitch Solutions Inc. on Monday revised downward its forecast of the peso against the dollar to reflect further depreciation down the line. In particular, Fitch Solutions now puts their end-2018 forecast at 54.8 against the greenback. The company sees the Philippine tender falling to 56.33 to a dollar by end of 2019. Earlier, Fitch Solution’s forecast of the peso was to close both year at 54 to a dollar. For 2018 the think tank believes the key driver in the coming months would be external developments, particularly as global investors fret over emerging market conditions and opt for safehaven currencies such as the dollar. “Fundamentally, the peso remains vulnerable due to negative real interest rates differentials vis-à-vis the US, but it does not warrant such a sharp selloff in our view given the strong economic fundamentals and a hawkish BSP [Bangko Sentral ng Pilipinas],” Fitch Solutions said in a statement. “Furthermore, notwithstanding
the slowing growth trajectory, the Philippines recorded real GDP [gross domestic product] expansion of 6 percent in [the second quarter of the year], placing the country as one of the fastest-growing economies globally. The fact that foreign direct investment [FDI] inflows into the Philippines surged by 42.4 percent year-on-year in the first half of 2018 to $ 5.8 billion, is indicative that fundamental investor sentiment remains positive, and that the sudden portfolio reversal is merely knee-jerk adjustment by bond investors,” it added. Data from the Bankers Association of the Philippines (BAP) showed the peso traded at 54.11 to a dollar on Monday, weaker than the 54.02 to a dollar in the previous day’s trade. For next year, however, Fitch Solutions sees a larger depreciation as internal woes, such as inflation and the wider current account deficit come to play. Risks to their outlook are also tilted toward the downside, the research firm added. “The Philippines is increasing economic linkages and exposure to China [and moving away from the west], at a time when the US
where Filipinos are; we want to do it digitally and we will welcome a proposal from the Indian group for that. We have at least 10 to 11 million Filipinos living abroad,” Dominguez said. During the meeting, Dominguez also brought up the possibility of sending DOF personnel to India to train as scholars at that country’s tax institute. Mazumdar said India can offer short courses in areas such as Asean development and empower-
and China are experiencing rising trade tensions. With the Chinese yuan on a weakening trajectory, Beijing could tighten capital controls, leading to a drying up of external financing from China,” Fitch Solutions said. “Furthermore, the outbreak of a full-blown trade war between the world’s largest and second-largest economy would lead to further riskoff sentiment,” it added. Bianca Cuaresma
ing micro, small and medium scale enterprises (MSMEs) or business programs at the India School of Business. The DOF said that FDI from India amounted to $8.61 million in 2017 coming from $3.26 million in 2016, with key Indian investments in the Philippines being into textile and garments, information technology, steel, chemicals, automobiles and pharmaceuticals. Several Letters of Intent (LOIs) to invest in the Philippines were signed by Indian or Indian-affiliated companies during President Duterte’s visit to India last January, the DOF said. These companies include Adani Green Energy Limited, Interglobe Air Transport, Interglobe Technologies, KG Information Systems, The Farm at San Benito (Narra Wellness Resorts Inc.—medical wellness company, partly owned by Indian Naresh Khattar), and Hinduja Global Solutions.
B4 Tuesday, October 2, 2018
PAG-IBIG FUND OFFERS PENALTY CONDONATION TO DELINQUENT EMPLOYERS
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CARLOS P. ROMULO COLLECTION FINDS NEW HOME IN DLSU
HE Home Development Mutual Fund (Pag-IBIG Fund) is offering a onetime oppor tunit y for delinquent and unreg istered employers who were previously disqualified from availing the f und ’s pena lt y condon at ion prog ra m s to set t le their obligations. “A m o n g P r e s i d e n t D u t e r t e ’s directives is pr ior itizing workers’ benef it s. It is i mpor t a nt t h at Filipino workers enjoy government benefits like those from Pag-IBIG Fund,” said Pag-IBIG Fund Board of Tr ustees and Housing and Urban Development Coordinating Council Chair man Eduardo D. del Rosar io. Pag-IBIG Fund Chief Executive Of f icer (CEO) Ac m ad R i z a ldy P. Moti added, “ The ongoing penalty condonation program, or PenCon, is specific to employers who deducted their employees’ monthly members’ savings (MS) but did not remit these to Pag-IBIG Fund. We encourage these employers to take advantage of the PenCon and comply with the program, and enable their employees to avail [themselves] of Pag-IBIG Fund benefits and ser vices.” T he Pe nCon g ive s e mplo ye r s the oppor tunit y to comply w ithin the mandate of Republic Act (R A)
9679, or the Pag-IBIG Fund Law of 2009, to reg ister their employees w ith Pag-IBIG Fund and remit their employees’ MS. A lso covered under this prog ram are employers who have pending applications for plan of pay ment. Employers who opted for plan of pay ment w il l be g ranted discount on t he tot a l a ssesse d p e n a lt ies (TA P). A 70 -percent discount on the TA P w il l be g iven to employers who w i l l f u l ly sett le t heir tota l u n re m it te d mont h ly m a nd ator y sav ings, depr ived d iv idends a nd the remaining 30 percent of the TAP. Other employers who signified their intent to pay in f u l l but later on opted for a plan of pay ment w il l be g ranted discount based on the sett lement ter m. Employers are required to accompl ish t he appl icat ion for PenCon for m (For employers who deduct MS but fail to remit, HQPPF - 318), M S re m it t a nce for m (MSR F, HQP-PFF- 053), pay rol l for the applicable per iod, or SSS R-3, and other required suppor ting documents. T hese documents are submitted to t he Pag-IBIG Fund branch that covers the employer. Only applications w ith complete documents w i l l be accepted a nd
processed. Once approved, the employer w il l receive a notice of approva l from the branch. Pag-IBIG Fund Deput y CEO for Member Ser vices Cluster A lexander H i l a r io G. A g u i l a r e mph a s i z e d , “ T he PenCon star ted [on] June 26 and will last until June 26, 2019. We have a lready infor med employers about this program through letters, e -ma i l, compa ny representat ives and phone calls. Eligible employers m a y a v a i l [t h e m s e l v e s] o f t h i s prog ram w it hin one year. T hose who failed to avail [themselves] of the PenCon w il l continue to incur pena lt ies on t heir unremitted savings, and will be held criminally liable and prosecuted in accordance w ith the pena l prov isions of R A 9679. Employers who want to avail [themselves] of the PenCon must v isit the Pag-IBIG Fund branch in their area.” A nother PenCon for employers was a lso offered starting mid-2017 to help them sett le their ar rears in the remittance of their employees’ MS. This earlier program was offered to unreg istered or reg istered but de l i nquent employers who h ave coverable employees f rom whom t hey d id not col lect mont h ly membership sav ings from.
DRUG REHAB CENTER IN LA UNION Key government officials
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HE Carlos P. Romulo collection was turned over by the Romulo family to De La Salle University. To formalize this, a deed of donation was signed on September 6 at the Romulo, Mabanta, Buenaventura and de los Angeles Law Firm in Makati City. A formal launch for the collection will be held in the 75th commemoration of the Leyte Landing in October 2019. The Carlos P. Romulo collection, which will be housed in the university’s learning commons, showcases valuable books and memorabilia depicting one of the country’s most highly regarded statesmen’s life as a teacher, soldier and diplomat. “We are grateful to have found a home within De La Salle University, a place where students can go to feel connected to their past and to learn from those, like Carlos P. Romulo, who so tirelessly pursued independence, the promotion and protection of human rights, and fought for a democratic way of life,” shared the late statesman’s son and Romulo Law Firm chairman Atty. Ricardo J. Romulo. DLSU President Br. Raymundo Suplido, FSC, offered a few words of gratitude. “I would like to express to the Romulo Family, on behalf of the university, our deep appreciation for your
formally open Balay Silangan, the first local government unit-operated outpatient drug-rehabilitation center and Philippine Drug Enforcement Agency (PDEA) satellite office in Agoo, La Union, on September 12, in support to the antidrug campaign of President Duterte. In photo are (from left) Presidential Anti-Organized Crime Commission Undersecretary Jimmy Manabat, Rep. Sandra Eriguel of the Second District of La Union, Governor Pacoy Ortega, Agoo Mayor Stefanie Eriguel and PDEA Deputy Director General for Administration Ismael G. Fajardo Jr. significant donation. Just a short time ago, we were talking about the many significant accomplishments your father achieved over the course of his lifetime. By this donation what you are really entrusting to De La Salle University is a treasure and legacy: his writings, his speeches, his thoughts his dreams and his experiences.” Carlos P. Romulo had a long and illustrious career in Philippine politics. Starting out as a newspaper editor at the age of 20, he grew to become one of the most influential Filipinos of his time. He cofounded the Boy Scouts of the Philippines, became the first nonAmerican to win the Pulitzer Prize, and the first Asian president of the United Nations General Assembly. In photo are (standing, from left) DLSU annual campaign officer Ma. Cristina A. Aurelio, DLSU Advancement and Alumni Relations Office Executive Director Edwin C. Reyes, DLSU board of trustees member Atty. Perry L. Pe, DLSU Associate Vice Chancellor for Academic Services Kai Shan L. Fernandez, Liana Romulo, DLSU Libraries director Christine M. Abrigo, (seated, from left) Ambassador Roberto R. Romulo, Suplido and Romulo.
NEW SITEL CHIEF HR OFFICER FOR ASIA PACIFIC COMES WITH 15 YEARS OF EXPERTISE
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HE Sitel Group appoints Drew Fernandez, a seasoned global human resources (HR) executive, as its new chief HR officer for Asia Pacific. Fernandez brings 15 years of global, regional and local HR experience from the fast-moving consumer-goods industry. After spending a decade working abroad in the UK, Thailand, Myanmar, Cambodia and Laos, he has come home to the Philippines to join Sitel. With his vast experience in various aspects of human resources, shared services, HR innovation and organizational development and transformation, Fernandez is well-positioned to lead Sitel in scaling up its HR organization to achieve the company’s ambitious growth and business goals in the Philippines and across the region. He brings a forward-thinking business approach to Sitel, as he is attuned to the rapid and disruptive changes of our digital world and its millennial dynamics. He is keen to continue leveraging technology and future-proofing the business by optimizing the potential of Sitel’s diverse employees.
Fernandez is also committed to bring to life Sitel’s purpose of giving employment and development opportunities for all and continuously grooming the future Filipino talent.
PCSO CHARITY FUND SECURED WITH MORE STL REVENUE
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HILIPPINE Charity Sweepstakes Office (PCSO) General Manager Alexander Balutan last Thursday said that revenues from the smalltown lottery (STL) have registered the highest in August in monthly collections, so far, totaling P2.5 billion. Balutan said that at present PCSO has 85 operational authorized STL agents (ASA) nationwide. “Of the P2.5 billion STL sales, P 5 8 , 6 47,4 6 6 c a m e f r o m A S A s at t he Nat ion a l C apit a l R eg ion; P909,906,154.95 from the Northern and Central Luzon; P540,144,261.75 from Southern Tagalog and Bicol Region; P547,376,618.22 from [the] Visayas; and P484,198,299.48 from Mindanao,” Said Manager Remeliza Gabuyo, branch operations sector assistant general. STL is a regular game by PCSO authorized by the national government through Section 1 of Republic Act 1169. Ba luta n sa id t he A SA s a re corporations or cooperatives duly registered with the Securities and
Exchange Commission or with the Cooperative Development Authority, respectively, that applied, been duly qualified and expressly authorized by the PCSO to conduct STL in a particular area. For the first semester of 2018, PCSO has approved 13 more STL agents. The list of newly awarded authorized agent corporations include the Mountain View Games of Chance Corp. both for provinces of Kalinga and Apayao; Red Carpet Gaming Corp. of the province of Siquijor; and Zamboanga Amusement and Recreational Inc. of Province of Zamboanga Sibugay. “If there are new STL agents, of cou rse, t here a re ter m inated agents for violating provisions in the implementing rules and regulations of STL. This only goes to show that we do not tolerate delinquent agents who are under remitting or who are not really paying their PMRRs,” Balutan added. As of September 14 six were already ter minated, namely, Evenc hance Gaming Cor p. in Camarines Sur;
Level-Up Gaming Corp. in Cavite City; Eagle-Crest Gaming and Holding Corp. in Iloilo Province, excluding Ilo-ilo City; Marikudo STL Corp. in Antique Province; PF3 Games and Entertainment Corps. in Bohol; and Golden Go Rapid Gaming Corps. in Pangasinan. “STL has provided ‘ legal ’ jobs for people who were used to ‘illegal numbers game’. They are the ones who cannot even pass the nitty-gritties of job fairs due to age, lack of education and physical disability. We have saved them from vices—example drugs—and from being exploited by criminals. STL is giving them and their families a decent life,” Balutan said. “Instead of tolerating jueteng, it’s better to support and strengthen STL,” Balutan added. The established and existing STL corporations provide regular medical mission and educational assistance to their towns and municipalities, apart from providing economic activity to the province.
IN SUPPORT OF REAL-ESTATE BUSINESS 27 Bachelor of Science in Real Estate Management (BS-REM) scholars, now enrolled at the University of Batangas (UB) Lipa Campus, gave national leaders of the Chamber of Real Estate and Builders’Associations Inc. (Creba) an appreciation program before the opening of classes in August. Providing BS-REM college scholarships is part of the chamber’s long-term education advocacy in supporting the growth of the country’s real-estate sector and profession, in the advent of Republic Act 9646, or the Real Estate Service Act Law. Together with the scholars are Creba officers led by national chairman Charlie AV Gorayeb and national President Noel Toti M.Cariño, UB President Dr. Hernando B. Perez Jr., Mayor Bert Lat of the municipality of Malvar and Manny Barradas of the Batangas forum.
Sports BusinessMirror
MEMBERS of Team Europe pose with their wives and partners after they won the Ryder Cup. AP
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| Tuesday, October 2, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao
EUROPEAN CELEBRATION!
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By Doug Ferguson The Associated Press
AINT-QUENTIN-EN-YVELINES, France—Europe waited two long years for that one moment when the Ryder Cup was back in its hands. Exactly when it happened on Sunday was unclear, making it all the better. At roughly the same time, in two singles matches on two greens at Le Golf National separated by 150 yards of water, Francesco Molinari and Sergio Garcia each made par to secure at least a half-point, either one giving Europe the 14 1/2 points it needed to regain the Ryder Cup from the Americans. As the celebration was just getting started, Molinari capped off the first 5-0 week at the Ryder Cup for a European. Three of those points came at the expense of Tiger Woods, who left France without contributing a point. Molinari won his singles match against Phil Mickelson, officially putting the winning point on the board for Europe and putting Mickelson in the record book for the most losses in Ryder Cup history. Then, Garcia won his match to set the record for the most career points in Ryder Cup history. It was like that all week. Europe produced stars old and new with a team that was as strong as ever. “We got it right this week,” European captain Thomas Bjorn said. “We never, ever looked toward their team about what they were about. We were about us as a team and what we do.... Everything that this Ryder Cup was is what I
think the Ryder Cup should be about for a European team.” Mostly, it’s about winning. The final shot came from Alex Noren, who after conceding a short birdie putt to Bryson DeChambeau on the 18th hole, made a 40-foot birdie putt to win the match. That made it 17 1/2-10 1/2, the biggest Ryder Cup rout in 12 years. Two years after the Americans thought they had their Ryder Cup problems figured out, Europe reminded them on Sunday which team practically has owned that shiny gold trophy for the last quarter-century. Europe now has won nine of the last 12. The Americans remain winless away from home since 1993. And there wasn’t much US captain Jim Furyk could do about it. “They played some great golf this week, and I take my cap off,” Furyk said. “Thomas was a better captain and their team outplayed us. And there’s nothing else more you can say. They deserved to win.” Molinari was just as good on his own as he was with Tommy Fleetwood, and the best year of his golfing life somehow got better. Just over two months ago, he was posing with that silver claret jug at the British Open as Italy’s first major champion. This felt just as sweet because it was a trophy he shared with a team. “This team has been incredible from the start,” Molinari said. “We were determined to do the job. Nothing was going to stop us. And you saw it on the course.” It was the most lopsided victory since consecutive 18 1/29 1/2 victories by Europe more
than a decade ago when the Americans looked utterly lost. They formed a Ryder Cup Task Force after the 2014 loss. The idea was to build continuity and momentum, and it seemed to work when the Americans won at Hazeltine in 2016. Now, maybe it’s back to the drawing board. “Let’s be honest—the European side played some exquisite golf,” Mickelson said. The same couldn’t be said for Mickelson or Woods, two giants of their generation, both with losing records in the Ryder Cup. Mickelson didn’t even play on Saturday and lost his matches on Friday and Sunday. He started the week by setting a record with his 12th appearance in the Ryder Cup, and it ended with 22 losses, a record by either side. At
48, he might not get another chance. “I did not play well this year,” Mickelson said. “This could very well, realistically, be my last one.” Woods was 0-4, the first time in eight Ryder Cups that he failed to contribute a single point. This was one week after he capped a personal comeback following four back surgeries by winning the Tour Championship, the 80th of his Professional Golfers’ Association Tour career and first in more than five years. But he looked like he lacked energy on the course and certainly in his speech over the last two days. “It’s disappointing because I went 0-4, and that’s four points to the European team,” he said. “And I’m one of the contributing factors to why we lost the cup, and it’s not a lot of fun. It’s frustrating because I thought we were all playing pretty well, and I just didn’t perform at the level that I had been playing, and just got behind early in the matches and never got back.” But this was more about the Europeans as a team, and
Time for Tiger and Lefty to exit Ryder Cup stage
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AINT-QUENTIN-EN-YVELINES, France—Phil Mickelson watched the ball splash into the pond in front of the 16th green and knew he was done. No need to hit any more errant shots on a day filled with them. Lefty removed his cap and stuck out his right hand to Francesco Molinari, carrying out golf’s version of the white flag. A few minutes earlier, Tiger Woods went through the same concession ritual at No. 17. He offered up a sad, solemn handshake to Jon Rahm after the young Spaniard banged in a short birdie putt, setting off a fiery, fist-pumping celebration by a player not much more than half Woods’s age. For Woods and Mickelson, it was a lost week in France. Like so many other weeks in their Ryder Cup careers. Maybe the time has come for both of them to exit this particular stage—for the good of their country, for the good of all those young American players eager to take on a leadership role, for the good of their own legacies. Just a few days removed from a stirring triumph at the Tour Championship, his first win in more than five years, the 42-year-old Woods shuffled through four matches at Le Golf National with all the passion of an accountant who gets called to work on a weekend. He lost two matches when paired with Patrick Reed, another when teaming with Bryson DeChambeau. Finally, he went down to Rahm when going it alone on Sunday. The only flash of that old Tiger fire was when he missed a tiny little putt at the 14th, preventing him from closing the gap on Rahm. He blurted out an expletive, heard by
everyone around the green and watching on television. “We didn’t execute like we had planned and wanted to,” Wood said, his voice barely above a whisper, his eyes largely focused on the mic in front of him at a gloomy US news conference. “For me personally, I went 0-4. Obviously very disappointing.” Mickelson arrived at Le Golf National fully aware that his game was a mess, especially off the tee. Given the narrow fairways and punishing rough, it was clear the 48-year-old wouldn’t be much help to the Americans. Lefty played one foursomes match on Friday—a crushing 5-and-4 loss paired with DeChambeau—and didn’t get on the course again until Sunday, when captain Jim Furyk had to send him out for singles against Molinari. There
FOR Tiger Woods (left) and Phil Mickelson, it was a lost week in France. AP
they were tougher than ever on a course they know well. Trailing 10-6 going into the final day of singles, the Americans needed to put red points on the board early to build momentum. It never happened. Justin Thomas won the leadoff match over Rory McIlroy but not until the 18th hole. Webb Simpson and Tony Finau, the lone bright spot among the wild-card picks for Furyk, won easily. Behind them, Woods was hanging tough against Jon Rahm and Dustin Johnson started to pull ahead of Ian Poulter. “There’s always a moment where it looks like a spark of light,” Furyk said. “When it was there for us, Europe played really well.” It wasn’t there long. Rahm won two straight holes with pars to seize control. Johnson hit into the water on the 13th during a four-hole slide that took him from one up to two down, a match Poulter wound up winning. Thorbjorn Olesen, who had played only one match the previous two days, went five up at the turn over Jordan Spieth and won in 14 holes. Spieth is now 0-6 in singles matches in the Ryder Cup and Presidents Cup. Garcia was in tears. He played so poorly this year that he failed to qualify for the PGA Tour’s postseason. Bjorn picked him anyway, saying he was the heart and soul of the European team, and Garcia responded by going 3-1. His victory over Rickie Fowler gave him 25 1/2 points in a Ryder Cup career that began in 1999. “I think that a lot of people thought that the Ryder Cup was over before it was played,” Garcia said. “And I guess, unfortunately, they picked the wrong team.” was never much doubt about the outcome. “I was not playing my best,” Mickelson said. “I spent more time hitting balls throughout the week than I have all year trying to find something that would click, and it’s just been a struggle.” Though their best years are behind them, Woods and Mickelson still have plenty to offer to golf, to the Professional Golfers Association (PGA) Tour, to the major championships. Woods is a transcending figure, of course, which was never more apparent than when thousands of fans stormed onto the 18th fairway at East Lake as he was finishing off his comeback victory last weekend. Battling back from serious injuries and personal demons carried even more gravitas given all he’s accomplished in the game. It’s not unreasonable to think he might win one or two more major titles to add to the 14 he already has. Mickelson, too, is an enormously popular player who still shows flashes of his old brilliance, as he did in March while winning the World Golf Championship in Mexico. He’s probably closer to the end than Woods but certainly not washed up by any stretch. Then there’s the Ryder Cup, which, for whatever reason, has dealt out far more disappointment than achievement. “They should have been dominant in the Ryder Cup,” NBC analyst Johnny Miller said. As Europe romped to a seven-point victory, Woods’s career record dipped to 13-21-3. He’s played on eight of these teams but only one has captured the Cup—at Brookline, nearly two decades ago. Even then, approaching the peak of his career, he managed only a 2-3 record and is a largely forgotten figure in the historic US comeback on the final day. Woods would be the losingest player in US history if not for Mickelson, who slipped to 18-22-7 with his two defeats this weekend. The Americans have won the Cup three times with Lefty on the roster, but they’ve lost nine times. AP
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FILIPINAS TOPPLE FANCIED SPAIN T
HE Philippine women’s team brought down 15th-seed Spain, 3-1, to zoom to a share of 13th place after six rounds of the 43rd World Chess Olympiad in Batumi, Georgia, on Sunday night. The Filipinas used their opening preparation to catch the fancied Spaniards off balance as Woman Fide Master (WFM) Shania Mae Mendoza and Woman International Master (WIM) Bernadette Galas pulled off shock wins over FM Marta Garcia Martin and Woman Grand Master (WGM) Monica Calzetta Ruiz on boards two and four, respectively. WGM Janelle Mae Frayna and WIM
Antoinette San Diego eked out fighting draws with International Master (IM) Sabrina Vega Gutierrez and IM Ana Matnadze on the first and third boards, respectively, much earlier before Mendoza and Galas put on the finishing touches with a pair of masterful wins. That sent the Philippine team, backed by the Philippine Sports Commission, from a share of 23rd to a seven-country tie at 13th spot with nine match points each. They tackled 14th seed Georgia 2, which fell to Georgia 1, 1.5-2.5, in the seventh round on Monday. The Filipinas are also eyeing to surpass the country’s best finish in the biennial meet at
MANGANTI’S SOARING HIGH FOR ADAMSON
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22nd place in 1988 in Thessaloniki, Greece. “We’ll play the same lineup we used in round six and hopefully get similar result,” women’s team coach GM Jayson Gonzales said. The Philippine men’s squad, meanwhile, bounced back from three straight defeats by whitewashing Jersey, 4-0, on wins by GMs Julio Catalino Sadorra and John Paul Gomez and IMs Jan Emmanuel Garcia and Haridas Pascua to move from a forgettable tie at 101st spot to a share of 77th with six points. The men hopes to climb further out of ignominy as it tangles with Albania in the seventh round also on Monday.
LETRAN’S GALVELO COMES OUT FIGHTING
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T took 13 games until Koy Galvelo got his breakthrough in the National Collegiate Athletic Association (NCAA) Season 94, but the moment he hit his stride, there was no stopping the rookie marksman. Scoreless in the first 12 games after being kept on the bench, the sweetshooting combo guard is now beginning to settle down and that has been resulting to success for Letran. Galvelo’s range and scoring has given the Knights an added dimension, leading to wins for the school, as well as an individual plum for himself. For leading the Knights to twin victories this week, Galvelo was selected as the NCAA Press Corps Player of the Week. “I’ve waited long for this one,” said Galvelo, who has turned his season around after spending the first nine games on the bench for playing in a forbidden league. “As a rookie, I need to step up. And when Jerrick [Balanza] was injured, we all needed to step up,” he added.
Galvelo led the Knights in scoring in their victories over Emilio Aguinaldo College (EAC) and Jose Rizal University, putting up averages of 15.5 points while making a total of seven three-pointers in that stretch to open up the floor for Bong Quinto to operate. Once considered a head case, Galvelo has turned into an asset and Coach Jeff Napa credits his team’s success to Galvelo’s turnaround.
“I told you that he’s a very important player. He is not a bench player. He only needs confidence,” Napa said. Galvelo became the third player for the Knights (10-4) to receive the weekly citation after Quinto and JP Calvo. He jumped over big names such as San Beda’s Robert Bolick and Javee Mocon, Lyceum’s JC Marcelino and EAC’s JP Magullano for the award.
Pirates seek solo lead vs Cards; Arellano Chiefs meet Generals
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YCEUM of the Philippines University shoots for the solo leadership when it takes on Mapùa in the National Collegiate Athletic Association Season 94 men’s basketball tournament on Tuesday at the Filoil Flying V Centre in San Juan City.
The Pirates (13-1) got back on the winning track and assured themselves of a Final Four slot by routing the Arellano University Chiefs,
UNIVERSITY of the East’s Jason Varilla tries a one-handed shot against Far Eastern University in Sunday’s game that saw the Red Warriors scoring their first win in five games, 90-65. ALYSA SALEN
113-79, last week to zero in on a potential twiceto-beat advantage in the semifinals. The Pirates tackle the already eliminated Cardinals at 4 p.m. “We always put 100-percent energy on how we will be better from our last game. It doesn’t matter which team we will be playing. We will always honor the game,” Lyceum Head Coach Topex Robinson said. “The goal remains the same—to win a championship. But we know it will take a step-by-step approach for us starting with this [Mapùa] game,” he added. In their demolition of the Chiefs, six Pirates
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N undermanned yet seasoned Saint Dominic Savio College of Caloocan City defeated Muntinlupa Volleyball Club to claim the Second Philippine Volleyball Federation-Tanduay Athletics Under 18 Girls Championship over the weekend at the Tanduay Athletics Center (formerly Cantada Sports Center) in Taguig City. A total of 12 teams participated in the under-18 event. They include Infanta National High School of Infanta, Harell Integrated School and Saint Thomas More Academy of Bacoor, GMA, Sapang Palay Volleyball Club, Parañaque Volleyball Club, Balanga Volleyball Club, Stalwarts Volleyball Club and Hope Integrated School. It was a fun day filled with exciting action generously supported by young tycoon Lucio “Bong” Tan Jr. The participants and officials enjoyed complimentary meals and drinks in the events organized by the Cantada family, led by PVF President Edgardo “Tito Boy” Cantada and supported by Tanduay Athletics. There were no entry fees.
finished in double figures, led by Jaycee Marcelino’s 21 points. MJ Ayaay and Spencer Pretter also delivered and combined for nine of the team’s 14 three-pointers. Reigning Most Valuable Player CJ Perez almost listed with a tripledouble with his 10 points, 10 rebounds and nine assists. Mapùa (4-10), on the other hand, bid goodbye to its Final Four hopes following a 71-88 loss to University of Perpetual Help last Friday. Arellano University (4-9), meanwhile, tries to revive its hopes for the semifinals when it collides with already booted out Emilio Aguinaldo College (3-11) at 2 p.m. Ramon Rafael Bonilla
HE Adamson University Soaring Falcons continue to fly high in the University Athletic Association of the Philippines (UAAP) Season 81 with an immaculate 5-0 won-lost record. That wouldn’t have been possible if not for Sean Manganti, who emerged as the hero in the Soaring Falcons’ thrilling 69-68 win over the University of the Philippines Fighting Maroons last Wednesday. Adamson University was on the verge of suffering its first loss, but the third-year forward crushed the hearts of the Diliman faithful by knocking down a tough floater off a broken play with 0.7 second left. “It was just a scramble at that point. I was taught to never quit until you hear the buzzer, so I just kept going until we heard the buzzer,” Manganti said about the game-winner, which was the cherry on top of his team-high 18 points. Just three days later, Manganti showed up again for Adamson University in their 63-58 triumph over the National University Bulldogs, spearheading the charge with 14 points, three rebounds, four assists and two steals. For being instrumental in the Soaring Falcons’ twin victories this week that preserved their unblemished slate, the FilipinoAmerican high-flyer has earned the UAAP Press Corps Player of the Week honors. Before his back-to-back impressive performances, Manganti had a fluctuating start to the season. He struggled with only four points against the Ateneo Blue Eagles, delivered a career-high 27 points against the University of the East (UE) Red Warriors, then went scoreless against the University of Santo Tomas Growling Tigers. The Adamson University skipper admitted that he needs to be more consistent going forward. “It’s up and down, up and down. It’s been very hard. It’s disappointing,” he said. “I just want to be consistent, help carry the team, and do everything to carry the team.” Manganti bested UE’s Alvin Pasaol, UP’s Bright Akhuetie and Ateneo’s Angelo Kouame for the weekly award.
St. Dominic Savio volleybelles triumph
THE Saint Dominic Savio College of Caloocan City players do a championship pose.
ANGELS DIG DEEP AGAINST LADY ORAGONS
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ETROGAZZ overcame fatigue and a gritty Iriga-Navy side, scoring a 25-19, 25-20, 23-25, 28-26 decision late Sunday to bolster its campaign in the Premier Volleyball League Season 2 Open Conference at the Filoil Flying V Centre. Playing their fifth straight game in a nine-day stretch, the Angels seemed to have lost steam in their third-set setback but bounced back in an extended fourth-set duel to turn back the Lady Oragons and improve their card to 3-2. The victory came after overcoming the
fancied Creamline Cool Smashers in a grueling five-setter late Saturday. “The girls are really tired. One also has to consider our training, so kahit sinong bunutin, there’s really the fatigue factor,” said PetroGazz Coach Jerry Yee, who used all but reserve libero Rica Enclona in the match. With his mainstays showing fatigue in the third set, Yee started Ranya Musa in the fourth and sent Rachel Austero off the bench. The duo delivered with Austero scoring all her four points in the frame, including an offspeed hit
and an ace that sealed Petrogazz’s victory. “Again, we tell them, ‘yung mga coaching staff, na ikot tayo, gamit tayo ng time-out. Kumbaga gamitin natin ang depth natin kung anong meron,” said Yee, whose wards get the much-needed break tomorrow before facing another tough opponent in Ateneo-Motolite on Saturday. Earlier, Tacloban foiled the Adamson-Akari attackers at the net to score a 25-21, 25-12, 25-22 rout as the Fighting Warays notched back-to-back wins after an opening game loss.
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Tuesday, October 2, 2018
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HUNGRY FOR CROWN P
RINCESS SUPERAL hopes to make the most of the Ladies Philippine Golf Tour’s (LPGT) first venture abroad, armed with a kind of game and confidence needed in top-level tournaments like the Party Golfer Ladies Open, which unfolds on Wednesday at the National Golf Country Club in Miaoli County in Taiwan. The current LPGT Order of Merit frontrunner heads a lean but mean five-player PHL crew set to slug it out with the best of the Taiwan Ladies Professional Golf Association (TLPGA) Tour, including the circuit’s top six players and a host of Thai aces who have won a number of events on this year’s LPGT calendar. “It’s been a while since I last won, so that makes me hungry [for a title],” said the former
US Girls Junior champion, who scored back-toback title romps in LPGT Highlands and Riviera last March before slowing down in the next five LPGT tournaments. She actually placed second in the TLPGA-sanctioned but rain-shortened Champion Tour at Southwoods and finished joint sixth in the other Champion Tour event at Midlands last July. Mia Piccio, meanwhile, takes a break from her Symetra Tour stint to join Superal and former LPGA Tour campaigner and three-time LPGT OOM winner Cyna Rodriguez along with Daniella Uy and Marvi Monsalve in the 54-hole tournament that marks the first time that the LPGT is collaborating with the TLPGA in Taiwan as part of Pilipinas Golf
Tournaments Inc.’s effort to advance the growth of local ladies pro golf. Meanwhile, PGTI General Manager Colo Ventosa said the LPGT and TLPGA will also share the prize money when they co-stage the International Container Terminal Services Inc. Ladies Philippine Masters in February. But the Filipinas face tall odds in the $100,000 event, which features the likes of current TLPGA OOM leader Yu-Ju Chen, No. 2, Hsin Lee, third ranked Szu-Han Chen, No. 4 Min-Jou Chen, fifth ranked Yi-Chen Lio and No. 6 China Huang. Thais Renuka Suksukont, Saranporn Langkulgasettrin, Wannasiri Sirisampant, Saruttaya Ngam-usawan, Ploychompoo Wilairungrueng, Onkanok Soisuwan and
Yupaporn Kawinpakorn—all winners on the LPGT—bolster the already-formidable roster that also incluces Malaysian Dianne Luke, Korean Jin-hee Park, Japan’s Ai Asano and Ayaka Nakayama and Sock-ee Koh of Singapore. Still, Superal and company are upbeat of their chances, although they stressed the need to come up with a strong start on a windy course that punishes wayward shots. Missing the milestone LPGT event abroad is Pauline del Rosario, the reigning LPGT OOM champion and the first Filipina to win on the TLPGA Tour in the TLPGA and Royal Open crown last year, who is set to play in the US as part of her preparations for the Qualifying School for the Cactus Tour.
Posadas leads World Cup qualifiers
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ATIONAL bowler Lara Posadas collected 1946 pinfalls in 10 games to lead 33 other lady pintopplers into the second round of the 2018 Bowling World Cup national finals last Monday at Coronado Lanes (Starlanes). The 28-year-old Posadas rolled five 200 games—245, 233, 214, 213 an 205—to finish 32 pins ahead of multititled Liza del Rosario, who carded 1914. Posadas represented the Philippines in the BWC international finals in Shanghai
PRINCESS SUPERAL sets goal high in the top-level Party Golfer Ladies Open in Taiwan.
Ravena expounds on Spikers Turf in forum
T THE participants—James Philip Domens, Charles Cedrick Lajom, Nazer Merendad, Tadashi Rysuei Omiya, Angelane Joy Ortega, Elijah Raj Pabalete, Caitlin Clare Panilan, Roy Panunciar Jr., Michaella Ann Tolones, Winceyette Louise Aleichem Tumala, Zhaira Gail Velasco and Joeny Yap— pose for posterity.
12 teeners hone football skills in Kuala Lumpur camp
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WELVE Filipino teeners from different regions in the country earned a chance to further hone their football skills at the Astro Kem Bola Advanced Training camp in Malaysia through Globe Telecom’s TM Football Para sa Bayan Program. The program was held in Kuala Lumpur recently. Regarded as the second phase of the Astro Kem Bola program, the Advanced Training camp is an intensive experience that formally immersed the young athletes in the rigors of football. Together with other participants from Singapore and Malaysia, the kids, aged 10 to 12 years old, received in-depth training revolving around pitch and classroom sessions from Barca Academy coaches who were flown down to Malaysia specifically for the camp. The participants were James Philip Domens, 11 years old, Pasig City; Charles Cedrick Lajom, 12, Mandaluyong City; Nazer Merendad, 11, Mandaluyong City; Tadashi Rysuei Omiya, 11, Montalban, Rizal; Angelane Joy Ortega, 12, San Carlos City; Elijah Raj Pabalete, 11, San Carlos City; Caitlin Clare Panilan, 10, Quezon City; Roy Panunciar Jr., 11, San Carlos City; Michaella Ann Tolones, 12, Zamboanga City; Winceyette Louise Aleichem
Tumala, 12, San Carlos City; Zhaira Gail Velasco, 12, San Carlos City; and Joeny Yap, 11, Batangas City. “Football is not just a game but an overwhelmingly positive force that can change the lives of these young athletes. That is what we want to do with our sports program,” Miguel Bermundo, director for Globe Citizenship and Advocacy Marketing, said. We want to inspire these financially challenged children to be the best they can be and be instrumental in giving them a brighter future by opening opportunities to them in the sport that they love,” Bermundo added. To scout for these talented players, Globe held football clinics in different parts of the country where the kids were taught how to play football the proper way. Through the clinics that Globe holds every year, TM FPSB is also able to help ingrain in the kids the timeless values of sportsmanship such as teamwork and discipline.
WUSHU BET DIES IN FREAK ACCIDENT
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HE Philippine Sports Commission (PSC) and Wushu Federation of the Philippines (WFP) assured their full assistance to the family of wushu junior pool athlete, 11-year-old Rastafari Daraliay, who died after a freak accident at the Rizal Memorial Sports Complex wushu dormitory last Saturday. The PSC also stressed it will conduct a full inquiry on the tragic incident, a first in recent memory in the almost century-old sports “Lesson learned. It was very sad, but it’s an accident,” PSC Chairman William Ramirez told a press conference at the PSC offices on Monday. “We are really preparing to rehabilitate these facilities because the children are really complaining about their situation.” WFP Secretary-General Julian Camacho bared that Daraliay has stayed at the dormitory for three years upon the request of his parents, Vincent and Hazel Daraliay. He said the Daraliays preferred that their son stay in the quarters rather than commute every day from their residence in Quezon City. “We are shocked on the untimely death of one of our athletes. We will assist them,” Camacho said.
Bonifacio (1678), Mae Malvar (1661), Liza Pabico (1640), Sherry Anne Cruz (1639), Gina Varilla (1624), Cielet de Leon (1624), Arlena Bucao (1594), Rowena Cabas (1589), Erlinda Afos (1579), Abby Lanuza (1539), Nancy Frianeza (1524), Yolly Floralde (1521), Winnie Kilito (1492), Alice Cabazor (1491), Jane Bonifacio (1451), Cita Yumul (1450), Jill Odulio (1443), Soledad Lorna Magabo (1415), Joanna Santos (1386), Vanessa Pabalan (1383), Myls Creencia (1381), Cindy Edquilane (1365), Esterlita Santiago (1360) and Luzen Escoto (1340). With their games carried over, the remaining 34 male contenders will play 12 games on Tuesday, while the 34 ladies will
roll another 10 games tomorrow—both at Superbowl—to determine the top eight who will compete on Friday at Paeng’s Eastwood Bowl for the national title and the right to play in Las Vegas. Nicco Olaivar paces the 34-man field, followed by RJ Bautista and Merwin Tan. Last year’s BWC women’s international champion, Krizziah Tabora of the Philippines, failed to compete this time because she’s on medical leave. Four other Filipinos—Paeng Nepomuceno, Lita dela Rosa, Bong Coo and CJ Suarez— have won the international BWC plums. Nepomuceno holds the distinction of being the only four-time men’s champion so far.
Veteran boxing ref McTavish gets PHL citizenship
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EASON 3 of the Spikers Turf holds court in Tuesday’s session of the Philippine Sportswriters Association (PSA) Forum at Tapa King Restaurant at Farmers Plaza in Cubao. Tournament director and former national team player Mozzy Ravena will be on hand to discuss the upcoming edition of the country’s premier men’s volleyball league. Ravena will be accompanied by Miguel Vea, head channel management and programming of Cignal TV, in the session presented by San Miguel Corp., Tapa King and the Philippine Amusement and Gaming Corp. The public sports program starts at 11 a.m.
in 2016, while del Rosario is gunning for a seventh international appearance. The national men’s and women’s champions will earn the right to carry the Philippine colors in the 54th BWC international event set from November 4 to 11, this year at Sam’s Town Center in Las Vegas, Nevada. Another national bowler, Alexis Sy, also remained in the race for the Las Vegas trip by checking in third with 1858. The other ladies who qualified for the second round are as follow: Abbie Gan (1848), Pure Anselmo (1844), Dyan Coronacion (1839), Farah Onasa (1826), Mades Arles (1749), Rochelle Munsayac (1736), Alyssa dela Rosa (1706), Jo Anne
Ramirez assured the athlete’s family of the agency’s full support and that a proper investigation will be conducted. “With this unfortunate accident, it becomes a compelling position for the PSC to really fast-track the rehabilitation of our sports facilities and bring more security personnel and attendants on our dormitories,” Ramirez said. Daraliay reportedly fell off the top bunk of a doubledecked bed at Room 8 of the dormitory at around 3 a.m. He reportedly went back to sleep after telling his teammates he was okay. Daraliay’s teammates noticed he remained asleep at 8:30 a.m. prompting them to call the PSC nurse. He was rushed to the Adventist Medical Center on Donada Street but was pronounced dead on arrival. Rastafari’s remains lie at the Sanctuario de San Vicente along Tandang Sora, Quezon City. He will be cremated on Thursday. He was a product of the PSC Batang Pinoy program and a bemedalled junior taolu artist.
Ramon Rafael Bonilla
HE Senate unanimously approved on third and final reading on Monday a measure granting Filipino citizenship to veteran international boxing referee Bruce Donald McTavish. House Bill 7388, sponsored by Sen. Richard Gordon as chairman of the Senate Committee on Justice and Human Rights, granted Philippine citizenship to McTavish in recognition of his “exemplary contributions as a sportsman, entrepreneur, civic leader, devout Catholic and philanthropist.” The measure grants citizenship to McTavish, “with all the rights and corresponding obligations appurtenant thereto as a natural-born Filipino citizen.” McTavish, now 77 years old, has applied for Filipino citizenship as early as 2010. Then Rep. Carmelo Lazatin of the First District of Pampanga filed a bill at the House of Representatives in 2010 endorsing McTavish’s application for citizenship by naturalization. The committee on justice approved the measure with some amendments but the House failed to act on it in the plenary until
Congress adjourned in 2013. Rep. Joseller “Yeng” Guiao, in 2014 then filed House Bill 2343, which reendorsed McTavish’s re-application for Filipino citizenship. The measure again failed to reach the plenary. From Auckland, New Zealand, McTavish settled in Clark, Pampanga, on February 12, 1967, and became field office manager in an American automobile manufacturer before pursuing a career as a boxing referee. He is married to Carmen Tayag with whom he had two daughters. McTavish started his career in refereeing in the 1970s. He has officiated some previous matches of Sen. Manny Pacquiao. The last world title fight he officiated was between undefeated Thai Chayaphon Moonsri, who successfully defended his World Boxing Council world minimumweight title against Australian resident Omari Kimweri of Tanzania on June 3, 2016, in Rayong, Thailand. Outside the Philippines and New Zealand, McTavish worked matches in Australia, China,
England, Japan, North Korea, Mexico, Russia, Thailand and the United Arab Emirates. In October last year, he was named Referee of the Year in the 55th WBC Convention held in Baku, Azerbaijan. The WBC also honored McTavish with the same recognition in 2013 and 2015. Gordon also cited McTavish as among the pioneer investors in the Clark Freeport Zone and became the president of the Hotel and Restaurant Association in Pampanga. He is also a well-known philanthropist. He was a member of the Rotary Club in the Philippines. From 1983 to 1984, McTavish served as president of the Rotary Club of Mabalacat in Pampanga. During his term, he introduced the Polio Plus Project, the pilot program that became the basis of Rotary International efforts to eradicate polio worldwide. McTavish is currently involved with the Bahay Bata Foundation, a project of Rotary Club of Clark Centennial. Bahay Bata is a residence center for street children in Angeles, Pampanga.
Sports BusinessMirror
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| Tuesday, October 2, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao
VALVERDE GRABS RAINBOW JERSEY I
NNSBRUCK, Austria—For the seventh time in his career, Alejandro Valverde stepped onto the podium after the men’s road race at the world championships on Sunday. But for the first time he received the gold medal. The Spanish rider sprinted to his first world title after a grueling, mountainous race of six hours and 46 minutes through the Austrian Alps, including a final climb with a maximum gradient of 28 percent. Valverde led a group of four in the final kilometer, and he just remained ahead in the sprint, with Romain Bardet of France taking the silver. Michael Woods, the first Canadian in the top 3 since Steve Bauer in 1984, won the bronze, while Tom Dumoulin of the Netherlands placed fourth. The victory came 15 years after Valverde won silver in Hamilton, Canada, a feat he repeated in 2005 in Madrid. He also came third four times, in 2006 and three years in a row from 2012 to 2014. “This is the greatest day of my career. It means
everything to me to take this victory,” the 38-year-old Valverde said. “It’s my biggest pro victory. One that I’ve fought hard to achieve for all these years. Something I’ve been chasing for during my entire career.” He became the first Spanish world champion since Oscar Freire won the title in 2004. Valverde, who served a doping suspension earlier in his career, has won stages in all Grand Tours and was the overall winner of the Vuelta in 2009. Sunday’s title came a year after he suffered a fractured kneecap in a fall in the Tour de France, forcing him to end his 2017 season prematurely. “I’m so proud of wearing this jersey for the next 12 months,” he said. “I’ve been at other world championships where a teammate won and I enjoyed it, but taking it yourself is just special.” Valverde positioned himself for the win when he went ahead of the pack together with Bardet and Woods for the final 5 kilometers. While the trio built a lead of a halfminute, Dumoulin managed to catch up for the last 1,500 meters. However, the Dutchman lacked the power to attack again, and Valverde held off challenges by Bardet and Woods to cross the line first. Peter Sagan had his three-year winning streak
snapped when he quit the race with 90 kilometers left. The Slovakian sprint specialist struggled on the 258-kilometer course, which included 4,681 meters of climbing and was regarded as one of the toughest world championship courses in decades. Many of the prerace favorites had problems, while Warren Barguil of France and Primoz Roglic of Slovenia were among the contenders slowed by crashes. A group of 11 riders broke away in the opening kilometers, and as there were no title favorites among them, the peloton wasn’t bothered about chasing them for most of the race. The group was allowed to build a lead of up to 19 minutes, but was gradually reduced as more and more riders couldn’t keep up with its pace. It left Kasper Asgreen of Denmark and Vegard Stake Laengen of Norway as the two leaders, but they were finally overtaken by the peloton with 20 kilometers left to go. Several riders tried to attack, and Asgreen’s Danish teammate Michael Valgren looked successful for a while as he went 30 seconds ahead. The French team, however, closed the gap in an attempt to set up Bardet, but they also helped Valverde and Woods to the front. It ultimately enabled Valverde to claim his first world title, two years before his announced retirement after the 2020 Tokyo Olympics. “There’s some time left for me before retiring,” he said. “But with such a victory, I can already leave this sport happy.” AP
THE victory came 15 years after Alejandro Valverde won silver in Hamilton, Canada, a feat he repeated in 2005 in Madrid. He also came third four times, in 2006 and three years in a row from 2012 to 2014. AP
LeBron James captivates crowd in Lakers debut
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AN DIEGO—LeBron James rubbed his hands in chalk powder at the scorer’s table, yelled “Yes!” to ecstatic fans in the first few rows and the Los Angeles Lakers’ new era was under way. Playing in the same arena where Magic Johnson made his regular-season debut for Los Angeles 39 years ago, James captivated the crowd from the start of the Lakers’ exhibition opener on Sunday night, a 124-107 loss to the Denver Nuggets. The opening tip came James’s way and he tapped it to fellow newcomer Rajon Rondo, who threw an alley-oop pass to JaVale McGee for the game’s first score. James missed his first shot, a turnaround fadeaway, but then made a no-look bounce pass from about 27 feet out to Brandon Ingram for a dunk. A minute later, James hit a long three-pointer. He finished with nine points, three rebounds and four assists in just more than 15 minutes. “It was great to get back on the floor and then just start a new journey for myself and hear the Lakers fans that we have here in San Diego,” said James, who was married here in 2013. “It was great feeling to go out there and hear the roar from the fans here. I very much appreciate it.” The three-time National Basketball Association (NBA) champion, four-time NBA Most Valuable Player and 14time All-Star said he played a little more than expected, “and I felt pretty good.” Seeing James in a Lakers uniform for the first time “was awesome,” said Coach Luke Walton, who grew up in San Diego. “When you’re coaching the Lakers and you look out and see LeBron wearing your team’s colors, it’ a pretty good feeling.” While the Lakers have a lot to work on, fans hope James’s arrival will turn things around after the worst half-decade in the franchise’s lengthy history. He left the Cleveland Cavaliers for a four-year, $153.3-million free-agent deal with the Lakers. “It always feels different for me anytime you change uniforms,” he said. “It felt different when I changed from wearing a Saint Vincent-Saint Mary jersey to wearing a Cavs jersey from a Cavs jersey to a Heat jersey, back to a Cavs jersey and now being a Laker. It definitely feels different and takes a little bit of time getting used to.” He, Rondo and fellow veterans McGee, Lance Stephenson and Michael Beasley signed to team with
the Lakers’ talented young core. James was the focus on and off the court on Sunday night. He was cheered from the minute he ran onto the court with his new teammates for warmups. He played the first eight minutes before being subbed out. When he came back in midway through the second quarter, he was greeted by a roar. As he stood near the scorer’s table during a video review, a fan yelled: “LeBron, we love you!” and the superstar responded with a hang-loose sign. Walton said James and Rondo “were great. Their commitment to pushing it, defensively. I thought the first group as a whole played really well, to start. Both groups were fouling way too much. They hit 30-some free throws. It’s going to be tough to win a game like that. But there’s some new rules we have to get adjusted to from this summer. The first group I thought played really well, obviously being led by the two of them out there.” Asked before the game what stands out about James, Walton said, “His intelligence. He sees everything. He knows even before drills. He knows where he’s going. His work ethic. He’s out there prepractice with the guys, post-practice with the guys. Taking care of his body in the weight room. “He’s the ultimate professional.” The Lakers’ regular-season opener is on October 18 at Portland. Their home opener is two nights later against Houston. This was another big night for an LA basketball team at San Diego’s sports arena. In 1975 John Wooden coached his final game here, leading UCLA to its 10th NCAA title in 12 seasons. In 1979 Johnson made his NBA debut when Los Angeles beat the then-San Diego Clippers in the season opener. After Kareem Abdul-Jabbar made a buzzer-beating sky hook, Johnson hugged the center like they’d just won the championship. Seven months later, they did win the NBA title. Johnson is now the Lakers’ president of basketball operations and James was the prized acquisition of an offseason roster revamp. As a kid, Walton used to watch his father, Bill, play for the Clippers, although the Hall of Famer’s years in his hometown were largely marred by injuries. AP
THE victory gives the US 10 World Cup gold medals and is the 22nd win in a row overall for the Americans dating back to the bronze-medal game in 2006. AP
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LEBRON JAMES misses his first shot, a turnaround fadeaway, but then makes a no-look bounce pass from about 27 feet out to Brandon Ingram for a dunk. A minute later, James hits a long threepointer. AP
GOLDEN GIRLS!
AN CRISTOBAL DE LA LAGUNA, Spain—Sue Bird and Diana Taurasi shared a hug as the final seconds ran down on a third straight World Cup championship. The longtime USA Basketball teammates had accomplished another piece of history together. The pair has been a key part of all three titles and hasn’t lost a World Cup game in nearly 12 years, including Sunday night’s 73-56 win over Australia in the gold medal game. “It means a lot. I was saying yesterday in the press conference that there’s this misconception out there that this is easy for us,” Bird said. “I get it, because the scores can say that at times. But this isn’t easy. We’re thrown together and need to figure it out on the fly. We need to peak at the right time. It’s extremely satisfying when we get it done.” Bird now is the most decorated athlete in World Cup history, winning four gold medals and one bronze. “I don’t know if I can put it in perspective because I’m still in it,” Bird said. The victory gave the US 10 World Cup gold medals and was the 22nd win in a row overall for the Americans dating back to the bronze medal game in 2006. That was the same year that Australia won its only World Cup title. The Americans lost to Russia in the semifinals and haven’t lost since in the World Cup or Olympics. The win also made Dawn Staley the first person ever to win a World Cup title as a player, assistant and head coach. The US didn’t have its entire
team together until a few days before the tournament started as Bird, Breanna Stewart and Jewell Loyd were winning the Women’s National Basketball Association championship with the Seattle Storm. Stewart, who was the WNBA regular season and postseason MVP, added the Most Valuable Player of the World Cup to her resume after scoring 10 points in the championship game. “It’s been an incredible few months, that’s for sure,” Stewart said. “The biggest thing about it all is it’s all focused on the team and having the team win.” Brittney Griner scored 15 points to lead the US and anchored a stellar defensive effort against Liz Cambage. Australia’s star center came into the game averaging 27.2 points in the tournament, but was held to just seven. She remained the No. 1 enemy of the Spanish fans, who jeered and whistled every time she touched the ball. Cambage keyed Australia’s win over the host nation in the semifinals. Spain won the bronze medal, beating Belgium, 67-60, earlier on Sunday. Taurasi, who scored 13 points, helped the US get off to a strong start with a 10-0 lead. Australia could only get within three the rest of the way. It was the first time in the tournament that the US didn’t trail in a game. “It was huge,” Stewart said about the fast start. “Dee [Taurasi] was talking about being the aggressors as Australia’s used to punching first. Today we were going to punch them first. That’s what we did. We rode on that momentum the rest of the game. That’s something they hadn’t seen this whole tournament.” The US led 35-27 at the half and didn’t give Australia any chance to come back, scoring the first nine points of the third quarter. This was Australia’s best finish at the World Cup since 2006. “To beat the USA we had to play really good defense and rebound,” Australia Coach Sandy Brondello said. “We contested a lot of shots, but they found too many shooters.” AP
Gospel of Matthew
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EAR God, we praise You, for the Word You have given us in the Gospel of Matthew. Strengthen our faith as we pray: God, fulfill Your law in us. Help Your Church grow in contemplative listening and dialogue. Unite people of faith in care for the earth and all Your children. Give us conviction to live the Gospel and courage to proclaim Your saving word. May God renew the power of the Gospel within us for our good and the good of all the Church. 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
ON THE TRAIL OF A LOVER BOY IN THE AGE OF ENLIGHTENMENT D4
Tuesday, October 2, 2018
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PARK CASCADES GROUNDBREAKING
❶ ❶ CUBIST FINCH ON STAND Perch
this elegant finch art piece on your mantel, on a shelf or on a tabletop.
❷ THE SHELTON
SOFA Relaxed glamour, with classic diamond tufting and perfect curves. A stunning silhouette that can float beautifully in a room.
❸ THE
ANDERSON SHELTER ARM SOFA A sleek,
sophisticated tuxedo sofa.
❹ THE EVANSVIEW BAR CABINET
Sweep open the Evansview’s gleaming doors to reveal a roomy and sophisticated wood bar cabinet that’s the perfect showcase for your spirits and bartending supplies.
❺ THE
Evansview Dining Table has amazing legs with a bold, yet sophisticated, champagne brass finish.
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Home design that has staying power
ALVEO Land commemorates another milestone with the groundbreaking ceremony of Park Cascades, its latest residential development in Arca South. Held in July, the event formally marked the structural commencement of this master-planned development, signifying the promise of leisurely parkside living in the newest lifestyle and business district in Taguig. In photo are (from left) Engr. Felipe Agustin, president of Ecosolutions; Engr. Wil Abarquez, construction management lead for north operations of Alveo Land; Engr. Rommel Salvador, structural design head of Pimentel & Associates Consultants; Anjo Soriano, project development manager of Alveo Land; Arch. Jay Caniza, innovation and design group head of Alveo Land; Rufino Gutierrez, COO of Alveo Land; Aries Cajucom, sales and marketing group head of Alveo Land; Arch. Daniel Terence Yu, president of VisionArch; Ron Galura, regional sales head for north operations of Alveo Land; and Engr. Sylvio Dalogdog, CD 4 Opcen head for Arca South-MDC Construction Operations Group.
Ethan Allen reimagines traditional pieces with a modern perspective By Pauline Joy M. GuTieRReZ
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HERE are many considerations to look at when designing a home. The biggest one would be: “Would I like to see the same items I will buy now 10 years later?” With this in mind, people tend to look for pieces that are comfortable, quietly stylish and look like more than a thousand bucks. Often, these fall under the category of traditional furniture. American furniture brand Ethan Allen has long been known for its array of traditional pieces for the home. On the other hand, it also has a solid reputation of shaping classic home items for modern sensibilities and needs. This year, the brand has unveiled the Uptown Collection, a home line that “exudes a quiet elegance but delivers drama with chic fabrics and sophisticated finishes.” True to its branding, the collection boasts of timeless looks reimagined for the 21st century. Pieces from the Ethan Allen showroom in the Philippines, which are distributed by Focus Global Inc., reveal as much: tables in a dark-finished wood, hand-tailored upholstery and artisan-crafted decorative accents. The brand highlights a number of its products to
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their homes but don’t have the time or expertise, nor the extra budget for a designer. This way, they get good quality furniture along with advice from experts.” She added that design-wise, she also recognizes the customization that Ethan Allen offers its customers. “What sets the brand apart, aside from the superior craftsmanship, is the plethora of options available to buyers. Imagine 144 finishes, from weathered oak to walnut, to different kinds and shades of fabric, to different kinds of details such as studs that can be in nickel or chrome. I like the fact that they can give clients what they want and what they value, and this makes everything bespoke and artisanal.” Ethan Allen has taken this customization detail up a notch during the launch of its augmented-reality app, Ethan Allen inHome, which allows homemakers to design their spaces using their smartphones. This tool lets them put the pieces they want together and customize its configuration to fit their spaces. “That is the value of having these options at Ethan Allen—you can go by preference,” said Almario. The designer described the collection as “livable luxury,” where people can invest in good-quality furniture that are created to be not temporary home embellishments. n
define this Uptown aesthetic: the Skyla, a sunray-like polished brass-finished chandelier; the Kronos, a demilune chest crafted from walnut quarter veneers and primavera quarter veneers; and the Anderson Sofa, a diamond-tufted sofa which has an engineered hardwood frame. The Yves Host and Side chairs bear the signature nail heads which Ethan Allen is most famous for. There’s also the Evansview Dining Table, crafted from Indonesian mahogany with ribbon stripe sapele veneers and stainless steel. Featuring the same wood, the Andover Bed is a four-poster bed with metal cuffs and canopy with elegant champagne brass accents. Meanwhile, rugs from India and porcelain from China add depth, layering and dimensionality to complete the look of a modern space. The Uptown collection was made in collaboration with interior designer Cynthia Almario. The design expert said that she has long admired the brand’s collections for home interiors. The UST graduate trained in the US for 15 years, and that was where she had her first encounter with the brand. “I was really amazed at the variety of selections and the complimentary interior design service they offer. It’s an added value for homeowners who want to decorate
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GREENING TRANSPORTATION WITH greater tensile strength than steel, bamboo is becoming a material of choice for many innovative and eco-friendly products. Its sustainability and versatility make bamboo an increasingly popular material for designers. Proof of the versatility of bamboo is the Green Falcon, an electric motorcycle produced by Banatti. The marine-lacquered bamboo bodywork and the sleek, falcon beak-shaped front are a perfect showcase of bamboo’s natural characteristics and Filipino craftsmanship. The Green Falcon made its debut in Bamboo Extreme, an exhibit organized by the Design Center of the Philippines, which shone the spotlight on many boundary-pushing products using bamboo. The exhibit was in line with the Design Center’s mandate to improve the range, quality and competitiveness of Philippine products. The Green Falcon was also featured in trend forecasting agency WGSN’s report, “Reengineering Nature.” It has gained traction in local and international media for the innovative use of bamboo. The Green Falcon is the brainchild of Chris Lacson, chief executive officer and design director of Banatti. The company name was derived from the word banat, a favorite expression of Filipino drivers which means “speed up.” Also part of the design and production team are body sculptor Eduardo Cañete, prototype engineer Jess Alimbo, and Milo Naval and his team of bamboo craftsmen. Lacson said the team had the environment and the country’s transport needs in mind in developing the first-of-its-kind electric motorcycle. The two-wheel vehicle, powered by electricity, is suited for the clogged streets of Metro Manila. Its top speed of 60 kilometers per hour is the speed limit in the metropolis. Lacson and his team hope to take advantage of the Department of Environment and Natural Resources’s plan to plant bamboo on 15,000 hectares of land under the agency’s National Greening Program. After the Green Falcon, they want to create more products using bamboo, including a bamboo jeepney. They hope the bike will be the first in many innovative Filipino products that will have an impact on everyday life.
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Today’s Horoscope By Eugenia Last
CELEBRITIES BORN ON THIS DAY: Kelly Ripa, 48; Sting, 67; Annie Leibovitz, 69; Donna Karan, 70. HAPPY BIRTHDAY: Work through your emotions this year. If you let things fester, they will deter you from reaching your potential. Don't sweat the little things; deal with them and keep moving forward. It will show strength of character and the willingness to become the spokesperson when your beliefs are challenged. Stand up and be counted. Actions speak louder than words. Your lucky numbers are 3, 10, 18, 21, 26, 32, 45.
a
ARIES (March 21-April 19): An emotional situation will hinder your ability to be productive if you don't face the challenges you encounter head-on. Heated discussions may not be fun, but they will get matters out into the open and help you find out where you stand. HH
b STANDING from left are Dr. Noel Volante (director, Ateneo de Naga Center for Arts and Culture), Prof. Tito Genova Valiente (director, Institute of Bikol History and Culture), Frank Peñones Jr. (Southern Luzon Representative National Committee for Literary Arts, National Commission for Culture and the Arts); Kristian Sendon Cordero (deputy director, Ateneo de Naga University Press); (seating, from left) Fr. Robert Rivera, SJ (president, Ateneo de Naga University) Neni Sta. Romana-Cruz (chairman, National Book Development Board), Victorio Valledor (president and CEO, Lockton Philippines) and Fr. Wilmer Tria (director, Ateneo de Naga University Press).
TAURUS (April 20-May 20): A last-minute change of plans will be beneficial, so don't make a fuss over nothing. Look on the bright side, and turn a negative into a positive. Your ability to adapt and move on will lead to an unexpected opportunity. HHHH
c
GEMINI (May 21-June 20): Be helpful. Offer unique suggestions, but don't take on the physical stress of doing all the work. There is a fine line between taking over and being taken advantage of. HHH
First-ever award for the country’s best Bikolano novel trains the spotlight d on best of Bikolano literature e
CANCER (June 21-July 22): Emotions will surface and must be directed properly if you want to avoid upset. Offer love, affection, understanding and patience instead of criticism and complaints and you'll get far more accomplished. Personal improvements can and should be made. HHH
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HE Philippines boasts of over 170 languages, but most of the country’s critically acclaimed local novels are written in English or Filipino only. Recognizing the beauty and boundless potential of Bikolano literature, the Ateneo de Naga (ADN) University, together with the National Book Development Board (NBDB), officially launched the first-ever Premyo Victorio C. Valledor Para Sa Nobelang Bikol on August 14. This competition, the first of its kind, will give an annual award to the best novel written in any Bikol language. The Bikol language has a truly rich literary heritage that dates back to the Spanish colonial period. It is also widely spoken in all six provinces in the region, such as Albay, Camarines Norte, Camarines Sur, Sorsogon, Masbate and Catanduanes, as per the Komisyon Sa Wikang Filipino Language Map. The award is named after Lockton Philippines CEO
and proud Catanduanes native Victorio C. Valledor, who is an avid patron of literature and the arts and a longtime supporter of the NBDB and the National Book Awards. “Such is the diversity of our Bikol dialect that this endeavor is not only meaningful, but necessary. Nurturing the richness of our words is nurturing the uniqueness of our culture,” said Valledor in his speech during the launch. The ADN University Press and the NBDB will be the primary agencies responsible in calling for entries and judging the best among these. The winner, who will receive a cash prize of P50,000, will be awarded on April 2019 in celebration of the National Literature Month. “We were pleased to have witnessed the launch of Premyo Valledor since we’ve waited a long time to see this kind of competition that highlights the best of our local literature. It is such a dream come true
for us and a big milestone for Bikolano literature,” said Deputy Director of the ADN University Press, Kristian Cordero. Bikolano writers who would like to join the competition must accomplish the NBDB registration form for Premyo Valledor, which may be downloaded through the Ateneo de de Naga web site. The deadline of submission of entries and other documents for next year’s first-ever Premyo Victorio C. Valledor is on November 30. Submitted entries via e-mail will not be accepted. For more information, interested participants may visit the ADN web site. “We are optimistic that this award will encourage more Bikol writers to write—or finish—their novels and pursue publication. Moreover, we hope that the competition will inspire writers and publishers from all other regions in the country to write novels in the mother tongue,” said NBDB Chairman Neni Sta. Romana-Cruz. n
f
VIRGO (Aug. 23-Sept. 22): You can improve your relationship with others if you are open about the way you feel, what you want and what your intentions are. Once you establish ground rules, you will be able to move forward rapidly. Romance is encouraged. HHHH
g
LIBRA (Sept. 23-Oct. 22): Don't wait until someone is upset with you. Take care of your responsibilities sooner rather than later. Making changes at home that will improve your comfort or lower your overhead will also help change the dynamics of an important relationship. HH
h
SCORPIO (Oct. 23-Nov. 21): Bend a little and you will get the cooperation you need to get things done. Anger isn't the way to win favors or friendships. Use your ingenuity and you'll come up with innovative ideas that others will respond to favorably. HHHHH
i
‘BusinessMirror’ columnist and critic releases his first fiction THE Ateneo de Naga University Press recently released the book of Tito Genova Valiente, a BusinessMirror columnist (“Reeling” and “Annotations”). The book is titled Tales from Ticao: The Last Sacristan Mayor and the Most Expensive Mass for the Dead. The author shared how the book is a compendium of stories told to him and his siblings by their nanny when they were growing up in the town of San Fernando in the island of Ticao in Masbate. When he was attempting to write about these “memories,” he always ended up not recalling certain characters and resolutions. The tales remained incomplete for many years. Valiente said this book is an attempt to complete those narratives and end them. For lack of a better classification, the book is labeled as “fiction.” Valiente, however, does not want to call his book a “fiction” or “folktales.” The book closes with a field notebook, which seems to point to the tales as data collected from the field. The book had a soft launch on August 30 in the
LEO (July 23-Aug. 22): Start a dialogue with someone you feel can help you improve your position or lifestyle. Keep it simple, honest and listen to the suggestions made. The information you receive will be a game changer when it comes to making your next move. HHH
Alingal Hall of the Ateneo de Manila University. The launch was covered by NHK Japan, whose crew headed by its Manila Bureau Chief Masashi Yamaguchi was there to cover another event. Valiente was to do a final rehearsal as the first-ever Filipino benshi, a narrator and commentator for the Japanese silent film, Tokkan Kozo, which was shown at the 12th International Silent Film Festival in Manila earlier last month. Valiente is a public anthropologist, film educator and critic. He is a member of the Manunuri ng Pelikulang Pilipino. He is a recipient of the Gawad Sining ni Balagtas for Achievement in English Essay from the Unyon ng mga Manunulat sa Pilipinas. According to the Ateneo de Naga University Press, there will be a book launch in Manila this October 2018. Ryan Cuatrona did the book design, which included the cover. The Ateneo de Naga University Press is headed by its director, Fr. Wilmer S. Tria, and its deputy, Kristian Sendon Cordero.
SAGITTARIUS (Nov. 22-Dec. 21): Focus on what you can accomplish, not on what you cannot. Strive to reach your deadlines and to be more innovative in the way you handle professional challenges. Don't fall for a financial scheme that is risky or has emotional implications attached. HHH
j
CAPRICORN (Dec. 22-Jan. 19): You'll come up against opposition if you are too open about your plans. Perfect what you have in mind, and do not present until you are sure you have covered every angle that may be questioned. HHH
k
AQUARIUS (Jan. 20-Feb. 18): Make changes that will help you manage your money more efficiently. Overspending or indulging in pastimes that are expensive and unhealthy should be banned. HHH
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PISCES (Feb. 19-March 20): Creative accounting will help you get back on track. A change in the way you handle your money, the past and those who have cost you or not been honest will set the stage for a brighter and more prosperous future. HHHHH BIRTHDAY BABY: You are energetic, quick-witted and classy. You are unbiased and popular.
‘multitaskers’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker
ACROSS 1 Bunch of hair or feathers 5 Track units 9 Mouth hinge 13 Turn over ___ leaf 14 Sound ricochet 15 Sunset Beach locale 16 The baker on the farm made... 19 Needed bandaging 20 Poem of devotion 21 Unit of volume 22 Browning’s night 23 ___ Lanka 24 Dressed fussily 26 Chinese restaurant owners make sugar... 29 Brownish-yellow 30 “Are you coming?” request 31 Robotic banker 34 Rocks you pick over 35 What a fat ump cleans? 37 Healing salve 38 Tie the knot 39 “Dear lady”
0 Some laboratory gels 4 41 The returning nomad came... 44 Pen sprung one 47 All you can ___ 48 Bartender with Duff Beer 49 Pay-to-graze fee 50 Cobbler’s punch 51 Japanese bands 52 The bowling seamstress worked with ... 56 Threat ending (with “or”) 57 Army insects 58 Editor’s notation 59 Marsh growth 60 Angler’s tempter 61 Fifths of Beethoven? DOWN 1 Dining set pieces 2 Like former subscriptions 3 Put 44-Down in a copier, e.g. 4 Defunct airline 5 Intro or prelude 6 Oil crisis to face? 7 Impressive deg.
8 Weep 9 Notepad scribbler 10 Made of a certain grain 11 Which place? 12 Enticed fish? 17 Explorer on TV 18 Consume entirely 19 Present, as a gift 23 Mucky mess 24 “You there” 25 Emulate nomads 27 Ems split 28 10 o’clock TV genre 31 Awakening alert 32 Galapagos heavyweights 33 Fits together nicely 35 Walk nervously 36 Serene waterway 37 It can appear after “a while” 39 Mediterranean tourist spot 40 Back, on the water 41 Told what to do 42 Most recently released 43 Low land between hills
4 Writer’s need 4 45 What gymnasts have to be 46 De-soap 50 Prefix with “anxiety” 51 Ersatz butter 53 Seize 54 Genetic evidence 55 Drilling expert (Abbr.)
Solution to yesterday’s puzzle:
Show BusinessMirror
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Tuesday, October 2, 2018
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THIS image released by Universal Pictures shows Kevin Hart (from left) Tiffany Haddish and Taran Killam in a scene from the film, Night School. AP
ADAM CAMPBELL
MARIEL ILUSORIO
MULTI-AWARDED SAXOPHONIST TO PERFORM AT AYALA MUSEUM
DISTINGUISHED saxophonist Adam Campbell and the country’s own pianist Mariel Ilusorio will perform in The Art of the Saxophone on October 13, 7 pm, at Ayala Museum on Makati Avenue, Makati City. Originating from Grahamstown, South Africa, Campbell started his saxophone studies at Kingswood College under Shaun Acker before continuing with Junny Brandt and, finally, Paul Richard before leaving South Africa to pursue his studies in Besançon, France, under Cécile Dubois. Upon graduating with distinction from Besançon Conservatoire with his diplome d’études musicales in classical saxophone, Campbell studied in the internationally recognized saxophone class of Philippe Geiss in Strasbourg. He has won several international competitions, including the International Chamber Music Competition in contemporary music in Paris (2017), the International Chamber Music Competition of Illzach (2017), the National Chamber Music Competition in Remirement, European ClariSax competition in Valenciennes (2015), the International Saxophone Competition in Lempdes (2015), the Grahamstown National Music Competition (2012) and the South African Music Teachers Competition (2011). Ilusorio studied at the Juilliard School of Music in New York and later at the Oberlin Conservatory. She lived in Germany for 10 years and studied with the eminent piano pedagogue Prof. Arie Vardi at the State Academy of Music Hannover. She won several prizes in Europe, including the 14th Rina Sala Gallo International Piano Competition in Italy, the Maria Canals Piano Competition in Barcelona, the East Friesland Piano Prize in Germany and the Carlo Soliva International Piano Competition in Italy, which enabled her to perform in critically acclaimed piano recitals in various European cities. She was the featured soloist with the Juilliard Pre-College Symphony Orchestra, the Oberlin Symphony Orchestra, the Cantu Orchestra, the Manila Chamber Orchestra, the Rhodes Orchestra and the East Cape Philharmonic Orchestra, to name but a few. The October 13 concert features the music of Piazolla, Bach, Milhaud, Maurice and Ituralde. This concert is made possible through the support of Lyric Piano and DZFE. FM 98.7 The Master’s Touch. Tickets are available from Ticketworld at 891-9999, or the Cultural Arts Events Organizer at 0918-3473027 or 782-7164.
FROM left: Mariwasa Siam Vice President for Sales and Marketing Jakkrit Suwansilp, President Phaskorn Buranawit and GMA Kapuso Foundation Institutional Marketing and Communications Supervisor Tracy Cruz
GMA Kapuso Foundation ties up with Mariwasa Siam for ‘Rebuild Marawi Project’ GMA Kapuso Foundation (GMAKF), GMA Network’s socio-civic arm, inked a partnership with Mariwasa Siam Ceramics Inc., a premier ceramic tile producer in the Philippines and Asia, in support to the foundation’s “Rebuild Marawi Project.” Under the partnership, Mariwasa Siam is providing ceramic tiles for the schools that GMAKF is rebuilding and rehabilitating in the war-torn Marawi City. Present during the signing of a memorandum of agreement were Mariwasa Siam President Phaskorn Buranawit and Vice President for Sales and Marketing Jakkrit Suwansilp, and GMAKF Institutional Marketing and Communications Supervisor Tracy Cruz, on behalf of GMAKF EVP and COO Rikki Escudero-Catibog. Buranawit expressed his appreciation to GMAKF for continuously bringing help where it’s needed the most. “We are glad that GMA Kapuso Foundation allowed us to also become a part of this meaningful project to help Filipinos in need, especially the children in Marawi. We do hope that we can work again together in the future,” he added. Under the Rebuild Marawi Project, a total of 10 classrooms are currently being rebuilt and rehabilitated at Pendolonan Elementary School and Camp Bagong Amai Pakpak Elementary School in Marawi City.
Haddish and Hart lead ‘Night School’ to No. 1 with $28M
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By Jake Coyle The Associated Press
EW YORK—For the first time in more than two years, a straight-up comedy is No. 1 at the box office. Kevin Hart and Tiffany Haddish’s Night School debuted with $28 million in ticket sales, according to estimates on Sunday. The race for the weekend top spot was, in the end, a laugher. Warner Bros.’s animated release Smallfoot, which cost about $80 million to make, trailed in second with $23 million. Not since Melissa McCarthy’s The Boss topped the box office in April 2016 has a comedy that didn’t mix other genre elements been No. 1. The romantic comedy Crazy Rich Asians was a huge success, leading the box office for four straight weeks, and Tyler Perry’s two horror-comedies—Boo! A Madea Halloween and its sequel—both opened at the top. But big-screen comedy has been in a tailspin for years. It took two of comedy’s biggest names teaming up to push Universal’s Night School to the year’s best comedy opening. “We’ve been very consistent in this genre,” said Jim Orr, distribution chief for Universal. “When you get in business with people like Kevin Hart and Tiffany Haddish who are just on fire, and then really
extraordinary filmmakers like [producer] Will Packer, that’s how you get good results.” More than most studios, Universal has stuck by comedy. This year, it also released the prom-night farce Blockers ($60.1 million worldwide on a $21million budget) and the comic musical Mamma Mia! Here We Go Again ($390.1 million worldwide on a $75-million budget). It’s the second straight No. 1 for Universal, which last week led ticket sales with the Amblin Entertainment-produced fantasy The House With a Clock in Its Walls. It earned $12.5 million in its second weekend. “We have a very diverse approach to our slate,” Orr said. “We’re not just superhero movies or anything else like that. When you see these kinds of results, you know that that’s the right thing to do, that it pays off.” Frights not laughs have become the hotter attraction at the movies, but for one weekend at least, horror and comedy switched roles. Lionsgate’s Halloween-themed Hell Fest debuted meekly with $5.1 million. “Over the last few years, comedy has just taken a real roller-coaster ride with audiences either not locking into the premise or not vibing with the stars,” said Paul Dergarabedian, senior media analyst for comScore. “The quality, or at least the perceived quality of many of the movies, especially the R-rated comedies, has been so bad that time after time people got disenchanted by the genre.” Night School, in which Hart plays a man who returns to his high school to get his GED certificate (Haddish plays his teacher), fared poorly with critics, earning a 30 percent “fresh” rating on Rotten Tomatoes. But the draw of Hart and Haddish was enough to supersede bad reviews. This is Hart’s 11th No. 1 film. It also helped that Night School reteamed Haddish with director Malcolm D. Lee. Their Girls’ Trip was 2017’s biggest comedy hit, making $140.4 million globally. Night School drew a diverse audience: 37 percent white, 30 percent African-American and 24 percent Hispanic. David Lowery’s The Old Man & the Gun, which
Robert Redford has said will be his final film as an actor (though he’s wavered on that), opened in five theaters, scoring a strong per-screen average of $30,000. Redford plays an aged bank robber in the heist film costarring Sissy Spacek and Casey Affleck. And Free Solo, National Geographic’s documentary about rock climber Alex Honnold’s ropeless ascent of Yosemite’s El Capitan, grossed $300,804 in four theaters. The per-screen average of $75,201, the company said, is the best screen-average opening ever for a documentary. National Geographic debuted E. Chai Vasarhelyi and Jimmy Chin’s film not just in the usual limitedrelease cities of New York and Los Angeles, but in climbing capitals Denver and Boulder, Colorado. The Night School-led weekend—up 15.5 percent compared with last year—helped Hollywood score the second-best September at the box office. It follows September 2017, when It set records. Warner Bros.’s horror spinoff The Nun ($330 million worldwide) was this month’s top film. Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore. Where available, the latest international numbers for Friday through Sunday also are included. Final domestic figures will be released on Monday. 1. Night School, $28 million ($5.5 million international) 2. Smallfoot, $23 million ($14 million international) 3. The House With a Clock in Its Walls, $12.5 million ($9.4 million international) 4. A Simple Favor, $6.6 million ($7.1 million international) 5. The Nun, $5.4 million ($16.2 million international) 6. Hell Fest, $5.1 million 7. Crazy Rich Asians, $4.2 million ($3.2 million international) 8. The Predator, $3.7 million ($7 million international). 9. White Boy Rick, $2.4 million. 10. Peppermint, $1.8 million ($1.3 million international). n
Barbra Streisand to Trump in new song: Don’t lie to me! By Mesfin Fekadu The Associated Press NEW YORK—When Barbra Streisand started writing lyrics for her new political song, “Don’t Lie to Me,” she initially aimed for “very subtle” references to President Donald J. Trump. But she couldn’t help herself. “I just went ballistic,” she said. “Don’t Lie to Me,” released on Thursday, finds a passionate Streisand questioning the nation’s leader and pleading for change. Lyrics include, “How do you sleep when the world keeps turning?/All that we built has come undone/How do you sleep when the world is burning?/Everyone answers to someone.” “I just can’t stand what’s going on,” the Oscar, Grammy and Emmy winner said in a phone interview with The Associated Press on Wednesday night. “His assault on our democracy, our institutions, our founders—I think we’re in a fight.... We’re in a war for the soul of America.” “Don’t Lie to Me” appears on her new album, Walls, her first project of mainly original tracks since 2005. It will be released on November 2. Streisand, a proud and outspoken Democrat who has campaigned for politicians over the years, said she felt moved to write original music because of what’s
happening in the world. Of “The Rain Will Fall”— another new song she co-wrote—she says, “You can spell rain several ways.” “But it’s my prophecy,” she said, laughing. “I hope it comes true.” “Don’t Lie to Me” came to life during a road trip. Streisand said listening to the news in the car “was making me sick, listening to lies, listening to things that are such craziness.” So she turned on music and felt motivated to write a new song. “I wanted to talk about the things that were making me feel so sad, heartbroken,” she said. “I’m a kind of fierce American. I don’t know who we are anymore as a country. Are we embracing people who flee oppression? Or are we separating children from parents, putting them in cages? I don’t know if people care about the planet, the survival of the planet. Do they care about clean air? Clean water? Clean food? If they do, how could they vote for somebody like Trump, who believes it’s a hoax?” Streisand adds, “I’m frightened for this country. And yet, I have hope.” On her 11-track Walls album, she also reworked classics like “Imagine,” ‘’What a Wonderful World” and “What the World Needs Now.” Streisand, 76, said she “kind of dedicates this album to the young people who are speaking out.”
“It’s important that people vote. It’s important that people believe in the power of their own voice and how much that changes things. It’s like the kids speaking out, the Parkland kids,” she said. “It’s easy to feel powerless now but we’re not if each of us speak up and get out and vote,” she added.
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Tuesday, October 2, 2018
Art
BusinessMirror
www.businessmirror.com.ph
On the trail of a lover boy in the age of Enlightenment B
By Jason faRaGo New York Times News Service
OSTON—His parents were actors, his grandfather made shoes; he did not seem born for great things. Giacomo Casanova, though, had assets that outshone the lack of money and title: boldness, wit, a gift for languages and charm enough to slide into a seat at a cardinal’s dinner table or a countess’s bed. In his native Venice, in glittering Paris, and then across the continent, he reinvented himself as he went, playing the roles of author, courtier, entrepreneur, spy. The actors’ son trod the boards of a different stage, one that stretched from London to Constantinople. The voracious Venetian hovers like a governing spirit over the art of the 18th century in Casanova’s Europe, a vivacious and often ingenious exhibition at the Museum of Fine Arts (www.mfa.org) here. Now his name is a bare synonym for sexual prowess, or worse—Casanova went to bed with his own daughter, and several of his romances fell well short of the contemporary bar of affirmative consent. But he was also, as this show asserts, a kind of working-class hero, whose rakish tastes and picaresque exploits only became possible as an old social order began to give way. The mid-18th century was an era of cultivation and refinement, but also prime time for hustlers, gold diggers and chancers of all sorts. Casanova, the most erudite of scammers, was the archetype of the age. The Boston museum is the third and final stop for this exhibition, and its yearlong run has coincided with an essential shift in how cultural institutions frame inequalities of gender, those of today and yesterday. (The show has been renamed for this last stop on its tour; at the Kimbell Art Museum in Fort Worth and the Legion of Honor in San Francisco, it went by the somewhat sexier Casanova: The Seduction of Europe.) Yet libertinage, or the celebration of the pleasures of the flesh, is just one of this show’s interests, and the lover boy himself is not really its subject. Casanova’s autobiography, The Story of My Life, provides granular insight into the 18th century’s social manners over its 3,700 handwritten pages: how high-living Europeans feasted and gambled, how they chose their clothes or styled their hair, how they maintained a veneer of piety while seducing one another. Those insights are the invisible frame around the more than 250 paintings, furnishings, costumes and books here, which the curators have mashed together to evoke a Pan-European social scene in which life took on the aspects of theater. Images of lusty shepherds and goddesses set the sexual tone of Casanova’s Europe, but decorative arts matter even more: velvet suits and beaver-trimmed hats, keyboards and poker tables, porcelain statues, gilded candelabras and silver soup tureens. We enter Casanova’s Venice through an initial
EXHIBITION tableau, 18thcentury Paris, A Morning Toilette, at the Museum of Fine Arts in Boston. Giacomo Casanova, the most erudite of scammers and the archetype of his time, hovers like a governing spirit over the art of the 18th century in a sumptuous new show. TONY LUONG
FOR THE NEW YORK TIMES
gallery of half a dozen vedute, or cityscape paintings, by Canaletto: black-veiled women gossip beneath the arches of the Palazzo Ducale, and boatmen ply the lagoon between San Marco and San Giorgio Maggiore. Casanova was born there in 1725, and for centuries, a small number of families had enjoyed all the political power and all the good wine. By the mid-18th century, though, these Venetian aristocrats and merchants were living public lives, inviting attention in salons and cafés, putting on a show at the opera and in church. Now a young man from the wrong class might just about mingle with this crowd—if he looked and talked the part. First you needed clothing, and this show contains sumptuous ensembles for both sexes; a man on the make might have favored the silk and velvet three-piece suit on one mannequin here, its jacket gussied up with threads of silver and twinkling paillettes. Once inside the palazzo, you’d have to make conversation about the beautiful objects your host collected, his etched glasses, his gold sconces, or bawdy statuettes of lovers acquired from the porcelain factory in Meissen. You would play music with the lady of the house, on a harpsichord whose lid was painted with scenes of mythological romance. You would gossip about love and money, and deflect when asked about your past. Casanova got his entry into this shining world after saving the life of a grateful senator, and he took to it like a gondola to water. He also had another skill—a dirtier one, but one no less welcome in high society. The pursuit of pleasure had taken on philosophical and political importance in the mid-18th century, and
Europeans were falling into bed every which way, the more operatic the better. German painter Johann Zoffany appears here in a lusty self-portrait that functioned as the 18thcentury equivalent of a cruising app profile, with two condoms, decorated with pretty pink string, prominently tacked to the wall behind him. A dozen pornographic drawings by French artist Claude-Louis Desrais depict bewigged aristocrats in acrobatic ménages à trois (or more than trois), and three of them feature scenes of sadomasochism, the 18th-century sex practice par excellence. Two women in long dresses and bonnets thrash a third lover in a canopied bed. In another scene, a lady takes a bullwhip to a delighted man suspended from a pulley. Libertinage was, needless to add, a man’s privilege. Yet women knew the rules of the game, and for both men and women, sex became another kind of theater, in which what you said never really expressed what you meant. That’s the European 18th century for you: age of Enlightenment, age of adultery. The two were especially mixed in Paris, where the regency of the promiscuous, hard-drinking Duke of Orleans had ushered in a new social tolerance for sex, and where Casanova arrived in 1750. Etchings here of masked balls, theatrical performances and nights of gambling evoke the pleasures of the Parisian night, and another tableau, of a married woman at her toilette arranging a tryst with a younger lover, gives a provocative spin to silver pieces, snuffboxes and other decorative objects that museumgoers often overlook.
Norberto Roldan’s solo show MARK ARCAMO’S Motion Adaptation, acrylic on canvas, 48x48 inches, 2018
MARK ARCAMO AND SHALIMAR GONZAGA AT KAIDA CONTEMPORARY
KAIDA Contemporary presents Peripheral Distractions by Mark Arcamo, and Good Morning by Shalimar Gonzaga, on view until October 10. In Arcamo’s latest solo exhibit, he seeks to explore both the dynamics of visual and spacial aspects of visual imagery, and the difference between awareness and distraction. He combines fragments of scanned and photocopied images from books and magazines, allowing him to infuse concepts on color and composition into creating works that’s less formally designed and more expressive. In Good Morning, Gonzaga’s sublime vision of everyday routine is translated through a series of paintings that gently pull habituation out of its obscurity of obsolescence to place it in the forefront of consciousness. Her works invite the audience to embrace the mundane and find themselves in it, resulting in a purposeful transcendence that elevates oneself. Kaida Contemporary is at 45 Scout Madriñan Street, South Triangle, Quezon City. For details, call: 463-5859 or 0927-9297129.
HOW do we make sense of the autumnal period of an artist’s practice? What do we find in the “sabbatical” years that follow a career of deliberate reflections on situations and materiality that occupy their immediate domain? Norberto Roldan occupies a formidable space in regional and international circuits when it comes to representing material culture and contemporary art from the Philippines. This passage of critical recognition spans three decades of his lifework as an artist, curator and community worker. When he is addressed as an artist, the reading of his works frequently relies on making meaning out of his images. Such a lens compacts his assemblages and paintings like an almanac of living through a post-colony, post-national set of circumstances. The permutations of his iconography have also been a preoccupation of other critics, writers and curators who register the artist’s order of things as conduit to the urgencies that an evolving practice must be confronting. The exhibition, with the title How can you jump over your shadow when you don’t have one anymore? gives a ring to cultivated lifework that marks its genesis 30-plus years prior. The title is borrowed from Jean’s Baudrillard’s dedication in Fragments: Cool Memories III, 19911995 (published in 1997) that collects crystallized expositions of the notions of objects. This reference locates Roldan the reader, whose process in making art is largely prompted by the oblique directions that reading engenders. Rather than considering
the transactional functions of such an activity to be appropriative at worst and heuristic at best, here we return to the nature of reading—circumlocutory and ambiguous, a fuel that essentially jogs the already discursive mind. Coincidentally, Roldan presents this exhibition at a similar period when Baudrillard wrote the texts that are gathered in the book Fragments. What we encounter in Roldan’s solo exhibition are the composites of objects that come together through his practiced impulse as an artist known to write and rewrite the semantics of images. They reclaim meaning and substance in the way that he conflates the notions of lived and living pasts. While the texts in Baudrillard’s books are in an intermediate point between notes and manuscript, the works in How can you jump over your shadow when you don’t have one anymore? offer a deconstructive tactic. What we find in the exhibition is also our quotidian arranging of objects, images and memories. However, an artistic practice such as Roldan’s proposes that this tradition can be read beyond the materials that are put together and are initially demanded to exist as symbols of one’s subjectivities. The assemblages are not only documents. They offer us to think about artist as archive. The exhibit is on view until October 13—alongside Depth of Surface, a collaboration with FOST Gallery (Singapore) featuring Heman Chong, Phi Phi Oanh and Donna Ong—at Silverlens on 2263 Don Chino Roces Avenue Extension, Makati City.
Casanova returned to Paris in 1757 after escaping a Venetian jail, where he was locked up for heresy, and which this show’s curators evoke through Piranesi’s nearly contemporary prints of shadowy imagined prisons. Casanova’s notoriety won him a place in the richest apartments in Versailles; soon he was running the Paris lottery, and spying for the French government. There were more schemes, money won and lost, time on the road and on the run. At last he aged out of love and went off to Bohemia, living quietly as a librarian and writing the story of his life, in French. How honest he was, and what the many women he bedded might have said if they could have, will always be unknown—and the Museum of Fine Art’s anxious decision to retitle this show encapsulates a real uncertainty, at museums today, of how best to address sexual inequalities of the past. Sex itself is not the problem. The problem, then and now, is power—and a fairer vision of power was also born in the salons and boudoirs of Enlightenment Europe. In the last gallery here we come across a portrait from 1766, by Scottish painter Allan Ramsay, of a glowering man with intense brown eyes. Who is this stern-faced man in this house of pleasures? He is Jean-Jacques Rousseau, whose Confessions, with its disclosures of his own amorous misadventures, inspired Casanova’s biography—and whose other writings helped foment revolutions in America, France and Haiti. Rousseau took a dim view of luxury and spat on the high society in which Casanova reveled. But human freedom, more than any carnal lust, was the 18th century’s most immoderate desire. n