Businessmirror october 08, 2016

“We’ve lost everything we own. But it would have been our fault if we stayed here and died.”—Cenita Leconte, 75, who initially ignored official calls to evacuate her shack before Hurricane Matthew hit Haiti, but eventually complied with the order. AP

media partner of the year

“They say Donald Trump loves Putin. I don’t love, I don’t hate. We’ll see how it works.”—Donald Trump, who indicated his relationship with Russia’s leader would be determined by how Moscow responds to a Trump administration. AP

“This is a dangerous storm. The storm has already killed people.

We should expect the same impact in Florida.”—Florida Gov. Rick Scott, in issuing evacuation orders as Hurricane Matthew bore down on the southeastern United States. AP

BusinessMirror

United nations

2015 environmental Media Award leadership award 2008

A broader look at today’s business

www.businessmirror.com.ph

n

Saturday, October 8, 2016 Vol. 11 No. 364

GOVT SEEKS TO FULLY INTEGRATE MSMEs IN SUPPLY CHAIN OF BIG COMPANIES

Tax perks await firms using IB models–BOI

L

INSIDE

OurTime BusinessMirror

Editor: Efleda P. Campos • Saturday, October 8, 2016 B1-3

Edita Burgos to millennials: Seek the truth about martial law

By Aira Leigh Bagtas | Special to the BusinessMirror

T

torridly began publishing Ang Pahayagang Malaya to inform the Filipino people of the truth about martial law. His staff came mostly from the rank and file of The Times Journal, then published by Benjamin “Kokoy” Romualdez, Imelda Marcos’s younger brother. Romualdez was incensed by the employees’ forming The Times Journal Employees Union that he retrenched wholesale all union officials and members, at least 300 of them.

Mrs. Burgos described martial law as a time of the negative: No one could freely say what they wanted, no one could say anything bad about the government and no one could go out of their homes freely.

“How can you deny martial law when there were thousands of victims of extrajudicial killings? How can you explain the thousands who claimed they were victims? And they have the scars to prove that,” Mrs. Burgos asked. “To say or write that martial law never happened means a denial of history.”

Because Marcos apologists and historical revisionists spread false tales about martial law, Mrs. Burgos encouraged young people to discover the truth for themselves.

“Young people should know there are lies that should be uncovered,” she said. “If they could only use their skills in social media, look for what happened during martial law, they will see that so much power was concentrated in one man and this was used to

HE Ateneo de Manila University and Rizal Library gave Edita Burgos, widow of press-freedom hero Jose “Joe” Burgos, digitized copies of their newspaper, WE Forum, to thank her for donating the original copies to the Rizal Library.

Joe Burgos was the founder of Ang Pahayagang Malaya (now Malaya Business Insight) and WE Forum, two political newspapers used in the fight against the dictatorship of Ferdinand E. Marcos. Burgos was named one of the World’s Press Freedom Heroes of the 20th Century by the International Press Institute in 2000.

University President Fr. Jose Ramon T. Villarin, SJ, and Rizal Library Director Dr. Vernon Totanes gave the copies to Mrs. Burgos on September 9 at the Xavier Hall Board Room.

Mrs. Burgos was accompanied

by Prof. Johann Frederick Cabbab, former dean of the University of the Philippines School of Library and Information Studies. Also present was Joey Lagumen of the Rizal Library, who converted the original newspapers into the microfilmed and digitized formats.

The copies of WE Forum are currently being modified for public use and access.

The first copy of WE Forum was pubhlished on May 1, 1977. It began as a campus newspaper and evolved into a political newspaper during martial law. Since the Burgoses didn’t want to go underground, they had to first come out as a school paper. Its original writers and staff members were students from different schools around the University Belt.

“Mr. Burgos really had the heart for students,” Mrs. Burgos said. “He gathered and trained them to be brave, uncompromising journalists.”

Without any capital, the Burgos family pursued the publication of the paper. Mrs. Burgos said they had to borrow a table and a typewriter for the journalists and even printed their papers using the printing

PRESENT during the formal turnover of digitized copies of WE Forum on September 9 were (from left) Rizal Library Director Dr. Vernon Totanes; former Dean of the University of the Philippines School of Library and Information Studies Prof. Johann Frederick Cabbab; Edita Burgos; Ateneo de Manila University President Fr. Jose Ramon Villarin, SJ; and Joey Lagumen of the Rizal Library.

press of Joe’s father, Jose Burgos Sr., a pioneer publisher of community newspapers.

“I was the managing editor. I cleaned up the office, collected sales and used whatever we got from that for the next issue. That’s how WE Forum started. It was very crude,” she said.

The paper received documents and records—proof of President Marcos’s wrongdoings—from the Burgoses’ friends in high government positions. With these, WE Forum researched on Marcos’s fake medals and nonexistent war exploits and wrote an article about it.

Not long after, an angry Marcos gave a speech while holding their paper, saying, “Ipapakain ko ito

sa publisher, sa printer, sa editor ninyo,” Mrs. Burgos said.

That article put them in the line of fire so that on December 7, 1982, WE Forum was raided.

Though they were tipped off by their friends, the raid itself was a dark experience.

“They took everything,” Mrs. Burgos said. “The printing press, the office, the vehicles—even the rice that was supposed to be for the employees. They broke all the furniture inside the office,” Mrs. Burgos added.

That night, everyone listed in the staff box was arrested. WE Forum was sequestered.

The assassination of Benigno Aquino on August 21, 1983, triggered the inevitable: Joe Burgos

RODOLFO: “We’d definitely want to incentivize greater sourcing from MSMEs.” Tourism stakeholders and government representatives discuss issues challenging the growth of the Philippine tourism industry at the recent EU-Philippine Business Summit. From left are Anthony Abad (moderator); Rajah Travel Corp. President and BusinessMirror columnist Aileen Clemente; DOT Undersecretary for Tourism Regulation, Coordination and Resource Generation Alma Rita Jimenez; Tourism Infrastructure and Enterprise Zone Authority Chief Operating Officer Atty. Guiller Asido; and KLM Country Manager Raymond Reedijk. Rommel Natanauan

Many

FOR her, allowing the burial is just like saying that the Marcoses had clean hands, that the dictator was a hero. “Not only did he not help his country, but was the cause of his country’s being impoverished,” she said.

But, more than the languishing poverty that has haunted millions of Filipinos for years, it was the massive violation of human rights hurled against students, farmers, the urban poor and anyone who spoke against the dictatorship that is the legacy of the Marcos regime.

“My effort is very small; isang tao lang ako,” she said. “But if millions of people rise against injustice in any form, just like what happened after Aquino was assassinated, the Philippines will remain a free and independent country.”

By Ma. Stella F. Arnaldo

5 older people from Baguio recommended to receive cash gifts from Malacañang

Ombudsman urged to probe senior citizen-fund anomaly

B

AGUIO CIT Y—The City Social Welfare and Development Office (CSWDO) on September 30 confirmed the inclusion of five senior citizens (SC) in the recognition rites and awarding ceremony of centenarians in Malacañang in observation of the “Elderly Filipino” in October.

CSWDO head Betty Fangasan identified the five SCs as Maria Amingay Insigne, Fruto Palpalay Dalmas, Ceferino Montero Cabasa, Rosalina Pagaddut Ognayon and Dap-dapol Kuyap-pi.

Based on the reports of the agency’s social workers, the centenarians lived disciplined lives and had fruits and vegetables in their daily diet.

All are mobile and can communicate well, except for Ognayon, who is currently bedridden due to a stroke she suffered in 2014.

Fangasan said the centenarians will first be recognized by the local government unit (LGU) of Baguio City and each will receive P10,000. They will also be included in a list of elderly to be recommended for recognition and cash incentive of P100,000 each from Malacaňang through the Department of Social Welfare and Development (DSWD).

The recognition and awarding in Baguio City took place on October 4 at the Baguio Convention Center (BCC) in the opening program of the Elderly Filipino Month, themed “Pagmamahal at Respeto ng Nakababata, Nakapagpapaligaya sa

T

UBIGON, Bohol—Senior citizens in this port town urges the Ombudsman for the Visayas to immediately investigate what they believed as mismanagement of their fund for quite sometime already.

“We wish to bring before your kind office the rampant anomaly regarding the handling of the senior citizens fund in our municipality of Tubigon, Bohol, starting from the year 2009, 2010, 2011 and up to year 2013.”

This was contained in the letter dated November 25, 2014, to the Ombudsman Visayas, (but only recently made public) signed by mayor-reappointed monitoring officer Baltazar P. Ora, Barangay Guiwanon President Rolando L. Tabuelog and former federal President Enrique M. Laron of the senior citizens here.

They said they found the “improper handling of senior citizens fund by the local Department of Social Welfare and Development officer and her co-conspirators.” They alleged that they were not given proper accounting of the said fund by the said officer, hence, they did not know where the money went.

The complainant also asked the Ombudsman to also “order” the Commission on Audit to conduct an audit of said fund “so that proper charges will be filed against those persons responsible for the misuse” of the fund.

They also bared that Edito Ricafort, president and, at the same time, Office of Senior Citizen Affairs head; Raide Cagampang, vice president; Arturo Yu, secretary; Lucresia Cosare, treasurer, who all acted as incumbent officers, “were not elected” based on the Senior Citizens Act or Republic Act 9994.

“There was no assembly called for the purpose, hence, they are now occupying their positions illegally and against the law,” they said.

Meanwhile, another letter is being prepared asking the Department of the Interior and Local Government (DILG) for support for their quest for fund assistance due them.

“It’s now a long time we feel doubt and our hope began to lose in vain cause until now we members of almost 5,000 senior citizens in the municipality of Tubigon have not yet given the exact national constitutional budget allocation for the elders’ benefits,” they said.

They said they are worried and wondering why this is happening to them. Sometimes, they said, they were being ignored “by our senior citizens PSCAP officials and especially the DSWD officials who conducted the matter.” PNA

enrich his family.”

Mrs. Burgos added that she doesn’t blame millennials if they knew very little about martial law.

She admitted part of the blame is on the older generation for not writing and passing on what happened during that era.

"I firmly believe Marcos should not be buried in the Libingan ng mga Bayani. He does not deserve to be buried alongside heroes,” she said. “If he is buried there, it will be a symbolic action of not only forgiving, but forgetting what the Marcoses did more than 30 years ago.”

FISHING EX-GOVERNOR Like other politicians who finished their terms, former Quirino Gov. Pedro Bacani has detoured to farming. In his case, he shifted to inland fish farming as hobby. LEONARDO PERANTE II

Cebu City allots P67.3M for seniors’ cash aid on Oct. 2

C

EBU CITY—The Cebu City government has allocated P67.3 million or P1,000 each for the financial assistance of the city’s 67,300 senior citizens that was released on October 2.

This is the seventh tranche of the senior citizens’ P12,000 financial assistance the city promised to each senior citizen this year.

Cebu City Office of the Senior Citizens Affairs (Osca) chief Dominggo Chavez said they had sent out the master list of the el-

derly to all the villages in the city.

The disbursing officers from different departments of Cebu City Hall also worked with some private individuals who were designated to oversee the f low of the activity.

“We’ve furnished and handed out the master list of the seniors to their barangays so that they will not be misguided and confused. The process is still more or less the same as the last one,” Chavez said. PNA

Nakatatanda.”

The centenarians are: Maria A. Insigne, a widow, celebrated her 100th birthday on April 16. She said her secret to long life is eating nutritious food. She maintains an organic vegetable garden in her backyard.

Insigne also attributes her longevity to her faith in God and her optimistic attitude.

Fruto P. Dalmas celebrated his 100th birthday on January 17. He communicates well and can attend to his needs.

Dalmas was a farmer before he became a miner until his retirement in 1988.

Ceferino M. Cabasa reached his 100th birthday on August 25 and is retired from the Department of Public Works and Highways (DPWH).

Rosalina P. Ognayon celebrated her 101st birthday on June 10, and is confined on a wheelchair after suffering from a stroke in 2014. Ognayon’s ability to speak was affected by her stroke. She can only nod when asked or when she needs something.

Ognayon was a farmer whose husband, who passed away in 2001, was a wood carver.

Dap-dapol Kuyap-pi celebrated his 101st birthday on April 7 and is currently residing at Km 5 Asin Road, Baguio City.

Fangasan called on residents who may know a centenarian to complete the necessary documents including the birth and marriage certificates and photographs and submit the same to the CSWDO for verification. PNA

Antique to recognize seniors to mark Elderly Filipino Week celebration

S

Our time

AN JOSE DE BUENAVISTA, Antique—Gov. Rhodora J. Cadiao will be recognizing her province’s elderly, particularly those 85 years old and older, as the provincial government of Antique joins the Elderly Filipino Week celebration in adherence to Proclamation 470 that kicked off on October 1.

Antique Provincial Social Welfare and Development Officer Lazaro G. Petinglay said the governor’s pet project, which gives recognition and financial assistance to the elderly, will be on its second year this month.

He said the governor has lowered to 85 years from last year’s 90 years, the cover-

age of the yearly financial assistance to both indigents and nonindigents elderly.

Petinglay said since Antique will have a whole-month celebration, they will be holding the Senior Citizens Congress at the Robinsons Mall on October 25, where the governor is giving those 85- to 89-yearold elderly, who now number 1,164 in the province, P2,000 each; 90- to 94-year-old elderly, 202 in all, P3,000; 95 to 99 numbering 109, P5,000; and 100 years old and up, numbering 20, P10,000 each.

Citation will also be given to these elderly as a manifestation of the provincial government’s gratitude for maximizing their contribution to the society. PNA

The World BusinessMirror

www.businessmirror.com.ph

Britain’s Brexit confusion abounds as IMF huddles in Washington EW onlookers at the International Monetary Fund (IMF) meetings in Washington, D.C., this week have any idea where the United Kingdom’s post-Brexit economy is heading. Even with the tone set to reassurance by UK Chancellor Philip Hammond’s comments in an interview on Thursday that “the government is a probusiness government,” international policymakers, investors and economists expressed confusion in the US capital about what Britain’s strategy is.

That’s because Hammond ’s words come after days of blunt talk by Prime Minister Theresa May, who is now strongly suggesting that her government will prioritize strict curbs on immigration, even at the cost of doing damage to the economy and barring the UK from direct access to the European single market— a so-called hard Brexit. The risk observers now see is that Britain drifts rudderless toward its vital negotiations with the European Union (EU) that will determine not only their future relationship, but economic outcomes for decades. “ T he Br it i s h go ve r n me nt doesn’t really know what its negotiation priorities are,” rupert Harrison, chief macro strategist of multi-asset strategies at Blackrock Inc., said at an event in Washington. “You are heading for quite a hard Brexit combined with a very detailed bilateral negotiation.”

More than three months after the British public voted to leave the EU in a referendum, May’s

government is only now beginning to sketch the characteristics of post-Brexit Britain. And even now the lines are hardly clear.

While May put the global elite on notice this week that they’ll not be able to do business in the UK quite the same way as before, Hammond struck a more conciliatory tone, using his US trip to argue that Britain remains open for commerce even as it grapples with its approach to globalization.

The problem

THE government is “strongly supportive of open markets, free markets, open economies, free trade,” Hammond said. “But we have a problem—and it’s not just a British problem, it’s a developedworld problem—in keeping our populations engaged and supportive of our market capitalism, our economic model.”

That’s left others still asking for signs as to Britain’s true course.

The UK “needs to clarify its ambition for the future,” European Commission Vice President Valdis Dombrovskis said at an event at the Peterson Institute for International Economics in Washington on Thursday. “only this can put an end to the uncertainty that the referendum result has created.” Economists are now trying to digest the likely consequences of May’s recent shift to a harder anti-immigration line on the UK economy. Initial economic data since the vote have displayed resilience, helped in part by a weaker pound. Bloomberg News

T

b3

Editor: Lyn Resurreccion | Saturday, October 8, 2016 B2-1

Thailand seen luring foreign investors as notes rules eased

B

rokerages are preparing to sell structured notes in Thailand after the relaxation of issuance rules, as the nation’s securities regulator tries to expand a market that targets wealthy individuals in asia. kgI securities (Thailand) Pcl. is readying back-office systems to sell new Us dollar products and is putting together documentation to get approval from Bank of Thailand to offer foreign currency notes.

The rule changes that took effect in June include allowing equity-linked products tied to indiv idual foreign companies and notes issued in overseas currencies, such as US dollars, according to the Thai Securities and Exchange Commission (SEC).

The relaxation of regulations is a part of efforts by authorities in Thailand, Southeast Asia’s second-largest economy, to make Bangkok the financial center of a Greater Mekong Sub-region,

whic h inc ludes Viet nam and Cambodia. Policy-makers also want to attract more funds from the growing ranks of rich individuals in Asia-Pacific—private wealth in the region surged 10 percent to $17.4 trillion last year, surpassing North America for the first time, according to a June report by Capgemini SA. “This is a big change that’s positive for the long term,” said Jenvit Chinkulkitniwat, a managing director in the equity derivatives

business at KGI Securities, a Bangkok-based brokerage. “We hope it will bring in foreign investors to buy more structured notes. We expect to launch new products at the start of next year.”

T he ne w reg u l at ions a l so abolish the previous minimum investment amount for structured products of 10 million Thai baht ($287,000) for institutions.

$287K The number of people who are besieged in Syria, including 275,000 in Aleppo

Currency risk

INVESTorS will now be able to buy Thai equity-linked notes in US dollars, helping remove concern that they will be hurt by currency moves, such as the weakening of the baht, according to Chinkulkitniwat.

The Thai currency has declined about 4 percent against the dollar this year. It is trading at 34.85 per dollar, as of 10 a.m. in Hong Kong.

“Structured note volume is still small compared to plain vanilla

See “DOT,” A2

bonds,” but banks now intend to offer more of these products, said Pariya Techamuanvivit, the director of corporate affairs at the Thai securities regulator. relaxation of the rules will allow notes issuers to better match their asset and liability management needs, while giving investors more alternatives, he said.

Last year 26.2 billion baht of Thai structured notes were sold, compared with 9.04 trillion baht of domestic bonds, data from the Thai SEC and Thai Bond Market Association show.

New markets

B2-1

young teacher gives time for ‘arnis,’ volunteer work The Millennials BusinessMirror

Saturday, October 8, 2016

A

Photo & story by Oliver Samson | Correspondent

A fresh graduate of BSE General Science from the Philippine Normal University (PNU) and a board member of the Philippine Astronomical Society (PAS), she currently lectures astronomy to fifth and sixth graders at Ateneo de Manila University (AdMU).

The PAS conducts free lectures on climate change and other environmental sciences topics at the University of the Philippines (UP), AdMU, De La Salle University, PNU, Polytechnic University of the Philippines and other schools in Metro Manila, Gavino said. Most of the lecturers come from UP.

Blood

TEACHING runs in Gavino’s blood.

She inherited and preserves the passion of her maternal grandmother who was a grade-school teacher for over 40 years. Her cousins are also teachers.

During college she volunteered to teach English, math, as well as catechism, to fifth graders in Tondo one summer.

“I enjoy teaching,” she said. “I had wanted to be a teacher when I was still in preparatory school.”

She also tutors kids and earns outside school.

Off campus, she meets and engages with fellow volunteers, young

This undated photo shows Elora Marie Arthel Gavino, a young teacher who spares time for arnis, a Philippines martial art.

and old alike, under the city government of the Quezon City volunteer program, to discuss plans and upcoming projects. Humanitarian works are part of her life.

She was part of an outreach to

homeless families in Manila to whom they gave foods during her college days.

“Arnis”

WHEN not volunteering, she does

ASiAN-AMericAN voTerS SPurNiNg TruMP ANd The goP, Poll FiNdS

A

SIAN-AMErICAN voters are siding strongly with Hillary Clinton in the presidential contest, as younger voters, in particular, abandon Donald Trump and the republican Party, a new poll of those voters has found.

Clinton has a firm hold on 55 percent of Asian-American voters.

When those leaning toward the candidates are counted, she leads Trump by 49 points, 70 percent-21 percent.

That puts her in striking distance of President Barack Obama’s standing in the 2012 election, when he won 73 percent of Asian-American voters, according to exit polls.

The results released on Wednesday as part of the National Asian American Survey suggest that Trump’s rhetoric—especially on the topic of immigration—has caused an irreparable breach with those voters.

“All of the anti-immigrant rhetoric and harsh tone and language is a turnoff to voters,” said Karthick ramakrishnan, a University of California, riverside political-science professor and associate dean of the School of Public Policy, who directed the survey.

In a twist, the gender and education demarcations seen in the national electorate this year were absent among Asian-Americans. A majority of both men and women sided with the Democratic nominee, as did almost six in 10 of both college-educated voters and those without college degrees.

Post-racial society

AMONG white voters, Trump has regularly claimed the allegiance of men and those without a college degree; Clinton has won among women

and the college-educated.

The findings among AsianAmerican voters are similar to results in surveys this year among Latino voters, who have sided with Clinton regardless of gender or educational experience. “race seems to trump the impact of other categories, like gender and class,” ramakrishnan said. “This is fairly clear evidence that we do not live in a post-racial society....

Other differences, like education, don’t matter as much for communities of color.”

As negative as Asian-American voters overall were toward the republican nominee and his party, the views worsened among younger voters, suggesting a difficult path ahead regardless of the results of November’s election.

Fifty-two percent of voters overall had a “very unfavorable” view of Trump; among millennial voters that figure rose to 69 percent.

Adding in voters with a “somewhat unfavorable” position resulted in 67 percent with a negative view of him. Among voters under age 35, that rose to 81 percent.

Clinton, by contrast, was seen in a “very unfavorable” light by only 18 percent of voters; 36 percent were either somewhat or very negative toward her. Almost six in 10 voters thought well of Clinton, compared to only 23 percent for Trump.

More negatively disposed

BUT it was voters’ views of republicans that spelled the greatest longterm danger to a party whose base of older white voters is rapidly losing strength in the electorate. (AsianAmerican voters will make up 3 percent to 4 percent of November voters

nationally, but their heft will be felt more acutely in contested states, like Nevada and Virginia.)

Almost six in 10 Asian-American voters had a negative view of the republican Party; fewer than three in 10 had a positive view. Those numbers were reversed when it came to the Democratic Party.

And, as with Trump, younger voters were more negatively disposed.

Seven in 10 of voters under age 35 had an unfavorable view of the party, to 31 percent who had a negative view of the Democratic Party.

That alliance with Democrats— and against the republicans—is telling because Asian-American voters have historically been more independent than other groups.

About four in 10 said in the new survey that they were independent, and another four in 10 said they were Democrats. Only 16 percent said they were republicans.

But when those independents who lean to a particular party were considered, almost six in 10 were with the Democrats. Among younger voters, that figure rose to seven in 10.

Most important issue

THE liberal alliance appeared to be driven by issues.

The survey found strong support among Asian-American voters for Obama’s health care plan, for government help with college costs and for measures that would limit emissions in order to lessen climate change.

Trump’s proposal to ban Muslims from entering the country was opposed by almost two-thirds of Asian-American voters. But they were more equivocal about accept-

ing Syrian refugees, with 44 percent approving and 35 percent opposed.

The exception when it came to embracing liberal views was the legalization of marijuana: 56 percent were opposed and only 36 percent were in support.

The survey illuminated a quirk found in almost all polling of Latino or Asian voters: Immigration is a powerful character test for candidates, but it doesn’t rank high on the list of issues that those voters think are most pressing.

In the Asian-American survey, the economy was seen as the most important issue, followed distantly by terrorism and racism. Immigration was cited as the most important issue by only 4 percent of voters— less than one-sixth the percentage who cited the economy.

Block or ease

BUT it clearly is a threshold issue, ramakrishnan said, one that can either block a candidate from consideration or ease the path to acceptance, depending on their position and tone. In Trump’s case, his handling of the issue has blunted his candidacy.

“The way that a candidate talks about immigration is a sign of respect or disrespect,” he said. “It’s not that immigration is a big policy issue— it’s that they can’t bring themselves to vote for someone who seems to disrespect their community.”

The poll questioned 2,238 AsianAmerican adults, including 1,694 registered voters, between August 10 and on Thursday. It has a margin of error of 3.5 percentage points in either direction among registered voters, and larger for other subgroups. TNS

BlAck, lATiNo YouNg PeoPle leSS likelY To geT MoNeY FroM FolkS

By Jesse J. Holland & Emily Swanson The Associated Press

W

ASHINGTON—More young blacks and Latinos feel that they can’t depend on family to help them with financial needs, from big-ticket items, like college tuition, to smaller expenses, than do whites or Asians, according to a new GenForward poll.

And more than half of millennials overall say an unexpected bill of $1,000 would cause them financial difficulty, a sign that young Americans are still struggling years after the end of the recession, according to the poll released this week.

This information comes from a new GenForward survey of young adults conducted by the Black Youth Project at the University of Chicago with The Associated Press-NORC Center for Public Affairs Research. The first-

of-its-kind poll pays special attention to the voices of young adults of color, highlighting how race and ethnicity shape the opinions of the country’s most diverse generation.

An assist from parents or family gives some young Americans a secure financial foundation, allowing them to leave college with little or no debt, to purchase a home, to begin investing or planning for retirement and to establish good credit. The ability to take advantage of generational wealth may be a reason minorities think whites have a better chance of getting ahead financially. Most young adults think whites have at least some advantage in getting ahead economically, including 77 percent of blacks, 76 percent of Asians, 70 percent of Latinos and 58 percent of whites.

No question

MICHAEL Summers, 30, of Indianapolis, Indiana,

who is black, said it would be out of the question for his parents to give him a small loan, much less a larger one.

“My mom is retired and on a fixed income, and while she would try, there’s probably no way for her to come up any extra money,” said Summers, who has been unemployed for a while but is about to start work in janitorial services.

“I wouldn’t even try to ask for something like a down payment for a house or something like that.”

If they had to pay an unexpected bill of $1,000 or more, half of young whites, or 50 percent, say they would have a lot of difficulty coming up with the cash, while majorities of young African-Americans, 59 percent; and Latinos, 64 percent, also said they would have problems coming up with the money. Asian-Americans were the least likely to say they would have a lot of trouble, at 39 percent.

But nearly two-thirds of whites and AsianAmericans said it was at least somewhat likely that their families could help them pay. Almost half of Hispanics—46 percent—thought they might be able to get that much money from their families, while only 42 percent of AfricanAmericans said they would be able to ask their families for $1,000.

Truly desperate

AT Howard University, a historically black university in the District of Columbia, several students said they think they would be able to get money from their parents if they were truly desperate, but would feel bad for even asking.

“I don’t want to ask,” said Aliyah Hale, 19, of Los Angeles, who is attending Howard on scholarship. “I have kind of reservations about asking my parents for too much money, but if I desperately needed it, it would be available.” AP

further trainings on arnis, which is her sport. She is eyeing to climb a notch to get the blue belt and wishes to put on the black one day.

Gavino holds the conviction that a woman can protect herself and her loved ones “from bad guys.” So in 2013 she began to train under a police officer coach at Camp Crame.

The trainings were free.

With the skills she accumulated in the past three years, she is now qualified to join arnis competitions.

“Arnis develops not only tight physical grip but also sharpness and firmness of mind,” Gavino said. “As a martial art, it can be used to defend yourself and your love ones when threat arises.”

The arnis sticks (yantok) are powerful and effective tools for subduing an attacker during a robbery or burglary if you have the skill to use them as defensive weapons, Gavino said.

Stars

GAVINO teaches AdMU grade school students about the moon, the stars and the solar system.

“We have to be aware also of the

mallgoers can access Accelerator to enjoy videos on their smartphones at no extra charge. Accelerator works through free Wi-fi at Ayala Malls, where users—like these students—can enjoy the popular videos on YouTube with less buffering. NONIE REYES

H

things that happen in outer space,” she said. “Some studies suggest that aliens exist.”

She added that will make a thesis on astronomy when she takes a masteral degree in general education.

Gavino said her thesis may reveal her thinking that the sun will explode when it reaches the point where it can no longer bear its own mass that, according to her, continuously expands.

“Its enormous blast will trigger an action that will recycle the solar system—a new beginning, a new life.”

If given resources and support, Gavino said she will teach kids, who have no access to educational materials, in Payatas, Tondo, and other communities where people eke out a living from garbage.

The eldest among three women, Gavino was a scholar of the Caritas Filipinas Foundation Inc. She shares what she makes today with the foundation’s scholars.

“Volunteer works will always be part of my journey as an educator,” she told the BusinessMirror.

Thespian wields theater to bare martial law evil

L

This undated photo shows Vince Tañada at the staging of Katips: Ang Mga Bagong Katipunero, a theater presentation Tañada hopes can educate millennials on the evils of the military rule under the late President Ferdinand Marcos. VINO ORIARTE

historical revisionists’ posts has an objective of poisoning the minds of the people, mostly the youth, for the Marcoses to regain power,” he said. “I resolved that I should do something to stop that.”

Nevertheless, Tañada wants to remain low-key in his advocacy.

“I just want us to become a ‘shaker’ or a ‘wake-up call’ that theater, more than a business, has a deeper objective to inspire and to stand for what is right and just.”

He stressed that teaching the impact and effect of martial law has not been effectively implemented by the government. “Five former presidents have passed, two of them are so-called aggrieved parties, but failed to include martial law in the curriculum,” Tañada said. “I am not a public servant; hence, I do not have the capacity to do that. But I am an artist who can utilize the arts and entertainments to mold the minds of the viewers and, in a larger scale, transform society. I have achieved that in my former theater plays.”

For the past 15 years, Tañada has utilized culture and the arts as a medium for education. All plays presented by PSF have historical basis or life stories of Philippine heroes.

“There is no necessity for us to adapt or import plays from Broadway or West End. We can create our own based on the vastness of our own culture, folklore, traditions and history,” he said. “That is my advocacy more than anything.”

Nevertheless, Tañada refuses to label PSF as a “beacon” because “I prefer to remain humble and silent despite our success.” Ka Tanny must be smiling up there. Rizal Raoul Reyes

The millennials

C1

ow to deal with the attacks on globalization, which have featured in the United States presidential campaign of Donald Trump and in the June vote in Britain to leave the European Union (EU), is a top agenda item at the fall meetings of the 189-nation International Monetary Fund (IMF) and its sister lending institution, the World Bank.

IMF Managing Director Christine Lagarde told reporters at a news conference on Thursday that IMF officials “see growth as too low for too long and benefiting too few.” She said finance

PESO exchange rates n US 48.2370

leaders need to pursue policies to boost anemic growth rates and make sure that economic benefits are more widely shared.

Lagarde refused to specifically address the attacks of Trump, who contends that Washington policy-makers have failed to reach good trade deals and are letting China, Mexico and other countries pursue unfair trade practices that have cost millions of American jobs and resulted in stagnant wage growth.

Trump has also vowed to crack down on illegal immigration.

In Britain the June 23 vote to leave

@jearcalas

M

the EU was also seen as a backlash against globalization and rising levels of immigration in Europe.

Lagarde said now was not the time to abandon efforts to increase trade flows, which, she said, have helped lift millions of people out of poverty, but she said policy changes were needed.

“It cannot be that push for trade as we have seen it historically,” Lagarde told reporters. Rather, she said, there needed to be an emphasis on “inclusiveness, the determination to make it work for all, to pay attention to those at risk of being left out.”

anila is banking on its warming relations with Beijing in renewing a midterm development program that would boost the country’s ailing agriculture sector, Agriculture Secretary Emmanuel F. Piñol said.

Piñol added that President Duterte and Chinese President Xi Jinping are going to renew the “Philippines-China Five-Year Development Program for Trade and Economic Cooperation,” an economic program aimed to boost bilateral trade and development between the two countries, during Duterte’s state visit slated from October 19 to 21.

“Yes, yes. It looks like they [Duterte and Xi] are going to re-sign it,” Piñol told the BusinessMirror in an interview on Wednesday, adding that agriculture would be a key part in the new development program between the Philippines and China.

Piñol , who is part of Mr. Duterte’s delegation for his state visit to China, also said the government will pitch proposals to Beijing that would improve the country’s agriculture sector, such as expansion of Philippine fruit exports’ share in the Chinese market and investments in rural and agribusiness

See “Finance,” A2

Continued on A2

Finance leaders address antitrade backlash

C1

PhiliPPiNe STAgerS FouNdATioN

OrENZO TAñADA, his fellow Lasallian Jose Diokno and the illustrious Claro recto were the best presidents the country never had. During their waking years, these selfless leaders always consistently championed the rights and welfare of Filipinos in the most challenging times.

As far as the Tañada clan is concerned, lawyer Vince Tañada continues to carry the torch in enlightening Filipinos, especially the millennials, on the values of freedom, democracy and nationalism.

Blessed with very good communication skills and equally excellent acting and singing talent, Tañada champions this advocacy through his Philippine Stagers Foundation (PSF) Inc. In PSF’s latest play Katips: Ang Mga Bagong Katipunero,” Tañada and his team executed a perfect act by skillfully showing the similarities between Spanish colonial era and the current period in Philippine society. Katips showed to the audience, composed mostly of college students, that the social conditions during that time and the present era marked by inequity are still prevalent.

Aware that millennials have a very short attention span, Tañada employed fast-paced rock disco music and love angle to keep the audience glued to their seats. The formula worked as the audience in Adamson University was responsive throughout the play. Although Katips focused on the martial-law era, Tañada knew that laughter is a must element in a stage play. Katips had “shallow” moments, especially during the interaction of stage-play couples.

In an e-mail interview with the BusinessMirror, Tañada said he decided to stage Katips because he was concerned about the admiration and adulation on martial law, especially by some millennials.

“The 2016 elections heightened my interest on the subject matter and revived old wounds so to speak,” Tañada said. “The memes, YouTube videos and other social-media posts, plus the troll’s comments glorifying martial law and the Marcos regime as the so-called Golden Days of Philippine History prompted me to extensively research about the era.”

As a socially concerned and enlightened Filipino, Tañada said it was his obligation to do his share in contradicting the claims and myths surrounding martial law.

“I know that the proliferation of

By Jasper Emmanuel Y. Arcalas

YOUTUBE LOUNGE Google Philippines and Ayala Malls on Friday teamed up to launch at Greenbelt 5 in Makati City the world’s first-ever YouTube Lounge, where

Young teacher gives time for ‘arnis,’ volunteer work RNIS, astronomy and volunteer work take most of the time of Elora Marie Arthel Gavino, who currently explores opportunities as she sets out to her chosen journey—teaching.

Duterte, Xi to ink extension of 5-yr development plan

IN Asia structured products are typically sold to rich investors wishing to enhance returns. Singapore and Hong Kong have long been the region’s two main private banking hubs with countries, including Indonesia, recently offering more products to tap the region’s growing wealth.

“Structured notes are increasing in popularity in other markets in the region,” said Nopadon Nimmanpipak, the managing director in equity and derivatives trading at Phatra Securities PCL in Bangkok. “The new more flexible regulation will open up competition and products leading to more activity, which is better for the industry.” Bloomberg News

THE WORLD

news.businessmirror@gmail.com

@Pulitika2010 Special to the BusinessMirror

HE Philippines still needs the European Union (EU), after all.

Unlike their tough-talking boss who has raged against the EU, officials of the Department of Tourism (DOT) are hoping more of the region’s citizens come to the Philippines for their holidays.

DOT Undersecretary for Tourism Regulation, Coordination and Resource Generation Alma Rita Jimenez made the overtures to the EU during the EU-Phillpine Business Summit held recently at the Makati Shangri-La Hotel, said a news statement from the DOT. She stressed the need for tourism products and services

THAILAND SEEN LURING FOREIGN INVESTORS F

D.O.T.WOOS E.U. CITIZENS TO TOUR PHL DESTINATIONS

@c_pillas29

arge companies that will adopt inclusive business (IB) models will get income-tax holidays (ITH) and possible additional income-tax deductions under the 2017-2019 Investments Priorities Plan (IPP), the Board of Investments (BOI) said on Friday. Continued on A2

EDITA BURGOS TO MILLENNIALS: SEEK TRUTH ABOUT MARTIAL LAW news@businessmirror.com.ph

By Catherine N. Pillas

P25.00 nationwide | 4 sections 20 pages | 7 days a week

n japan 0.4641 n UK 60.8654 n HK 6.2188 n CHINA 7.2325 n singapore 35.1531 n australia 36.5733 n EU 53.7987 n SAUDI arabia 12.8622

Source: BSP (7 October 2016 )

News BusinessMirror

A2 Saturday, October 8, 2016

www.businessmirror.com.ph

Tax perks await firms using IB models–BOI Continued from A1

Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo said they have already identified agriprocessing and tourism as sectors that will be considered for inclusive-business incentives.

The investment-promotion agency is aiming to extend the coveted ITH of four to six years to these sectors, Rodolfo said during the launch of the “Business+ Philippines Survey.”

IB is already included in the 2014-2016 IPP ,but only as a general strategy, and was not eligible for fiscal perks. The IB model refers to core business models of companies that provide solutions to the problems of poor and low-income communities.

A salient point of the IB model is

that the low-income communities act not just as a source of component to the big firms, but also as a consumer base, making them fully integrated in the value chain of the company.

This was a key topic during the country’s hosting of Asia-Pacific Economic Cooperation Summit last year.

Large companies are enjoined to adopt IB models to integrate smaller companies in their supply chain.

Aside from the ITH, additional income tax deductions could be given to large companies if they do local sourcing from micro, small and medium enterprises (MSMEs).

The BOI is looking at crafting a framework on how firms can avail of this perk, based on the amount of input they get from

micro and small businesses.

“We’d definitely want to incentivize greater sourcing from MSMEs. There could be some threshold levels to increase the sourcing on the input from MSMEs from a certain percentage to this percentage,” Rodolfo suggested.

To identify the MSMEs that can be matched with their large counterparts, the DTI official said they will come up with an accreditation system.

The DTI’s projects for MSMes, such as the Shared Services Facilities (SSFs) and Negosyo Centers, can also be tapped to identify the potential suppliers.

According to Rodolfo, pushing for IB model adoption is key to achieving inclusive growth, which has proven to be

unattainable thus far due to slow agricultural growth, uneven regional economic development, and the disparity in labor productivity between large and small companies. These have been identified by the DTI as the three “structural imbalances” that the agency wants to address through industrial policies.

“From any indicator, the Philippines has been growing, but the problem is not of growth, but with respect to inclusivity of growth, because, even if we’ve experienced a spectacular performance of the economy, the fact is, 25 percent of Filipinos are still living under the poverty line,” Rodolfo added.

In this regard, the DTI and the United Nations Development Program (UNDP)

Duterte, Xi to ink extension of 5-yr development plan Continued from A1

development. “There are a lot of issues to raise with them, such as the suspension of banana exports.

There’s also the possible assistance of China to our agriculture sector,” Piñol said. “Also there would be agribusiness investments, that’s part of the things we are going to talk about.”

Piñol said China is interested in investing in the Philippines due to Duterte’s “level-headedness” in dealing both political and economic issues with them.

“They [China] see that inspite of the dispute over the West Philippine Sea, the President has remained level-headed. Perhaps, it’s one thing that we should give credit to the President—his astute handling of a very sensitive issue,” Piñol said.

In end-August 2011, then -President Benigno S. Aquino III and then-Chinese President Hu Jintao inked the “Philippines-China Five-Year Development Program for Trade and Economic Cooperation”, a comprehensive blueprint where the two countries would boost trade in identified sectors for mutual development.

The five-year development program focused on various sectors, including agriculture and fishery, mining, energy and forestry. The five-year plan was expected to generate at least $60 billion in income.

For Pablito M. Villegas, president and CEO of agricultural think tank

Meganomics Specialists Inc., the bilateral talks between the Philippines and China is a “welcoming” opportunity to improve and develop the country’s agribusiness sector.

“Maybe they [China] can invest in our agribusiness sector, particularly in the manufacturing sector, that is directly linked to our agriculture sector, those who are utilizing raw products and produce,” Villegas said, adding that the Philippines can get high-grade machinery equipment from China that would bost farmer’s productivity.

“The agribusiness development should be export-oriented, given that our farmers and producers already have an assured market, which is China,” Villegas added.

Villegas, who is also the spokesman of the Philippine Chamber of Agriculture and Fisheries Inc., said investments in the agribusiness sector would help the Philippines secure a steady flow of supply to meet the consistent and even growing demand from China.

Villegas suggested that the Philippines consider adopting an “agro-industrial processingbased” approach in developing the agriculture sector and improving the value chain.

In an agro-indsutrial processing-based approach, the country is clustered according to production areas and strategic points, such as airports and ports, Villegas explained. More so, in such approach, raw produce is geared toward a specific processed prod-

uct, making it more competitive compared to just being a fresh produce, Villegas added.

“We really have to change our strategy. Big companies must be encouraged to go to agribusiness.

It’s not anymore about having fresh produce, it should be agro-based industrial approach to develop our agriculture,” Villegas said.

“We just have to identify our comparative advantages, for example, where can we grow this crop near a port so that we can ship it right after harvest,” he added.

The Philippines has already pitched to Chinese businessmen investment proposals in the country’s agriculture sector, particularly in the rural areas, such as the development of projects geared toward agribusiness and agri-tourism during the annual China-Asean Expo held in Nanning, China, in September.

In the same event, Chinese businessmen expressed their interests in investing in the Philippines, citing the warming relations between Manila and Beijing, which they wish to continue and further improve.

“We can see that there really is a good future for us. Economically and politically, we can all improve together. If we improve [political relations], we believe there are more mutual benefits for our entrepreneurs,” said Xu Ningning, executive president of the ChinaAsean Business Council, in front of the Philippine delegation to

China, headed by Sen. Cynthia A. Villar during the Philippines’s investment promotion forum.

China has imported 268,134.42 metric tons (MT) of Philippine agricultural products valued at $222.953 million in the first half of 2016, according to data from the Philippine Statistics Authority (PSA).

PSA data also showed that total agricutural exports to China in 2015 reached $460 million. China accounted for 9 percent of the total Philippine agricultural exports last year.

Vegetables and fruits have consistently remained as China’s top imported Philippine agricultural export commodity group.

In 2015 alone, vegetables and fruits exports to China accounted for 85 percent of the country’s total agricultural imports from the Philippines. Vegetables and fruits exports receipts amounted to $267 million that year.

The top agricultural product to China is banana, reaching $157.499 million in 2015. China is the second top buyer of Philippine bananas accounting for at least a quarter of the total Philippine banana exports annually.

China also imports the following agricultural commodity groups from the Philippines: fish & fish preparations; animal & vegetable oils & fats; cereals & cereals preparations; crude rubber; sugar; tobacco and live animals among others.

signed a memorandum of understanding with business groups on Friday to conduct a baseline survey on the level of “inclusivity” of companies.

The baseline survey on IB was developed

by UNDP Istanbul International Center for Private Sector in Development in an aim to quantitatively analyze the “inclusiveness” of private sector’s business operations and to understand the level of companies’ awareness in IB models.

The partner business groups are the Philippine Business for Social Progress Inc., the Makati Business Club, the Management Association of the Philippines, the Philippine Chamber of Commerce and Industries, and the International Chamber of Commerce Philippines.

DOT. . .

Continued from A1

to provide unique experiences for foreign visitors in the Philippines. “That is our challenge and our response is three-pronged—structural reforms, innovative product and destination development, and creative marketing and promotion,” she said.

Jimenez also requested the EU representatives to “help spread the good news [about the Philippines] to get the EU numbers up.”

To date, EU tourists account for just a little over 3 percent of the total visitor arrivals in the country, if the visitors from the United Kingdom are excluded. Last year the Philippines welcomed 5.4 million foreign visitors. It is targeting to reach 6-million visitor arrivals for 2016.

“This means less of your nationals are able to experience the wonderful sights the Philippines has to offer, the health and wellness services that made it to the sixth place in Asia,and 19th place in the 2016 Global Medical Tourism Index, and the relaxing and laid back atmosphere of our retirement places,” she added.

The EU-Philippines Business Summit with its theme this year, “EUPhilippine Economic Ties: A New Chapter Unfolds”, drew close to 350 participants from the government and private companies in the EU and the Philippines. The annual event is aimed at learning more about trade regulations and new directions of government, identifying action points for legislation and showcasing business opportunities for EU businesses in the high growth sectors of the country.

Members of the EU are Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom. The latter, however, has already voted to leave the EU and is working out the timetable of its exit.

President Duterte has been railing against the United States, the United Nations and the EU for their concerns on human-rights violations in his war

Finance. . .

Continued from A1

World Bank President Jim Yong Kim said there are now more developing nations in recession than at any time since 2009 at the depths of the Great Recession. He blamed the rising weakness on falling commodity prices and a slowdown in trade flows. Kim said finance officials need to expand efforts to attack inequality.

“We have to make growth more equitable and more sustainable,” Kim told reporters at his opening news conference on Thursday.

In an updated economic outlook prepared for these meetings, the IMF said global trade in goods and services will grow just 2.3 percent this year, the worst showing since a 10.5-percent fall in trade during the depths of the Great Recession in 2009.

The IMF’s updated economic outlook downgraded its estimate for US economic growth in 2016 to 1.6 percent, from the 2.2 percent it had predicted in July, reflecting the extremely weak start to the year. The US economy grew 2.6 percent in 2015.

against drug users and pushers. Over 3,000 individuals have been killed in the government’s crackdown on drug proliferation, many of these carried out through extrajudicial means.

Meanwhile, the DOT will strengthen its offerings and expand its markets, by “revitalizing existing programs like medical and retirement tourism, and the MICE [meetings, incentives, conventions and exhibits] segments, while developing further products for the four Fs— fun, farm, family and faith tourism,” Jimenez further said at the summit.

“Being resilient would involve putting in place crisis management plans to withstand shocks coming from security issues, climate conditions and manage market vulnerabilities. This requires a country tourism program approach through development of clusters and tourism circuits and the strengthening of regional cooperation,” she added.

The DOT official underscored the need for the tourism business to benefit Filipinos who are directly and indirectly in it. She said this can be achieved by leveling the playing field for micro, small and medium enterprises, and being involved in community-based projects, “the benefits of tourism can spread to the countryside.”

Jimenez also urged everyone to give the new management of DOT a chance to have a fresh take on the tourism marketing campaign.

“The tourism campaign that has been undertaken obviously improved the awareness of what the Philippines can offer by way of tourism destinations.

It is time to take it to the next level by providing flesh and substance that will deliver the promise. It means putting in place structural reforms that will ensure stronger fundamentals to make our tourism program stable, resilient, sustainable, transformative and inclusive. These are the strategic tourism imperatives that the secretary of Tourism articulates, as she defines the aspirations and policy directions for the industry.”

Tourism Secretary Wanda Corazon T. Teo has said the agency will be launching a new marketing campaign and tourism slogan by January 2017, timing it with the arrival of the Miss Universe candidates. (See, “New tourism slogan to be launched during Manila hosting of Miss U,” in the BusinessMirror, October 5 issue)

The IMF is projecting overall global growth this year at a lackluster 3.1 percent.

Finance officials of the world’s 20 richest industrial countries were meeting on Thursday in advance of sessions with the policy-setting bodies of both the IMF and the World Bank. The meetings were wrapping up on Saturday. Treasury Secretary Jacob Lew and Federal Reserve Chair Janet Yellen were representing United States at the talks.

Lew said on Thursday that the United States would continue to argue that countries cannot simply rely on low interest rates engineered by their central banks to get out of the current global slowdown. He said governments should also be pursuing structural reforms and increased spending in such areas as infrastructure.

“We need to use all the policies that we have,” Lew said during an appearance at the Peterson Institute for International Economics.

“We can’t just rely on monetary policy.”

Lew said he believed support was building around the world for greater use of government spending to help the recovery effort. “I don’t want to over-dramatize it, but it is [moving] in the right direction,” Lew said. AP

Economy BusinessMirror

news@businessmirror.com.ph

briefs Govt reports power, fuel savings from GEMP DAVAO CITY—The government sector has saved P2.41 billion in electricity usage and P310 million in transport fuel in 10 years, under the energy-efficiency program called the Government Energy Management Program (GEMP).

This was reported by Energy Undersecretary Benito L. Ranque during the GEMP seminar with government agencies in Davao region on Wednesday. The GEMP seminar is a series of advocacy forums on energy efficiency and conservation held with various sectors.

Ranque said the Department of Energy (DOE) also conducted spot checks to 814 government agencies nationwide to see how the GEMP positively impact on government operations in terms of reducing government expenditures on both fuel and electricity. He said certificates of energy/monetary savings were issued to 252 government agencies, with a total monetary savings of P489.68 million.

Ranque said GEMP requires all government offices to reduce their electricity and fuel consumption by 10 percent. He said there were already several presidential issuances aimed to address the increasing oil prices by adhering to the government’s conservation program.

Ranque said energy efficiency needs to be sustained given the volatile power situation, such as the recurring power outages.

“We cannot do all these tasks on our own. Our efforts will only be realized with your support and cooperation,” he told government employees. PNA

B.O.C.-Cebu collected P13.7B from January to September CEBU CITY—The Bureau of Customs (BOC)-Cebu port has collected a total of P13.713.7 billion from January to September of this year.

A collection report released by BOC-Cebu District Collector Rico Rey Francis S. Holganza said the BOC-Cebu has a target collection of P12.949.7 billion to this period.

Conrado Abarintos, BOC-Cebu Cash Division chief, said this means they have a surplus of P763.90 million.

Abarintos said the BOC-Cebu was assigned a target collection of P17.5 billion this year. The target collection for 2016 was supposed to be P19.4 billion, but was reduced in July due to the downtrend in fuel prices.

Abarintos said the taxes and duties paid by oil companies in Dumaguete and the importation of heavy machineries by some power plants and construction materials in Cebu helped them surpass their target collection up to September.

The Customs District Collection-7 is comprised of the Port of Cebu, which is the main port, and the subports of Mactan and Dumaguete.

BOC-Cebu has exceeded its 2015 target collection by over P923.3 million as it collected a total of P16.53 billion against a target of P15.60 billion. PNA

Raps filed vs Paoay treasure hunters PAOAY, Ilocos Norte—Six treasure hunters allegedly involved in an illegal treasure-hunting operation near a famous tourist destination here were charged before the Provincial Prosecutor’s Office here.

Juan de los Reyes of the Provincial Environment and Natural Resources reported on Thursday said that the respondents, including the financiers and those who are directly involved in digging holes and tunnels at the Culili point, are facing both criminal and administrative charges for illegal occupancy, destruction of forestland and falsification of documents.

With an estimated cost of damages pegged at P190,000, de los Reyes said the Department of Environment and Natural Resources (DENR) took about a week to prepare the complaint against the perpetruators in view of some lacking documents. “It’s not the amount but it is how they destroyed the environment—the forestland,” de los Reyes said, adding that the assessed value of the confiscated equipment which are currently impounded at the DENR-Ilocos Norte office could be more P1 million. PNA

Editors: Vittorio V. Vitug and Max V. de Leon • Saturday, October 8, 2016 A3

DAR’s Mariano seeks to slash PARC Execom membership from 26 to 12

T

By Jonathan L. Mayuga

@jonlmayuga

he Department of Agrarian Reform (DAR) is seeking to reduce the number of Presidential Agrarian Reform Council-Executive Committee (PARC-Execom) members to fast-track the resolution of agrarianreform cases.

Agrarian Reform Secretary Rafael V. Mariano said from the 26 PARC Execom members, he wants the membership be reduced to a dozen. “That way, we can work faster,” he said.

Mariano said a draft executive order has been submitted for approval by President Duterte, adding that reducing the number of PARC-Execom members will allow

the body to easily muster a quorum.

Mariano said reducing it at least by half is ideal for the body to meet as often as possible and without the problem of mustering a quorum, as previously encountered in the past. He added that an active PARC-Execom will allow speedy resolution of cases involving socalled corporate schemes, which farmers want revoked.

The DAR chief was referring to the stock distribution options (SDO) and agricultural venture agreements (AVA) entered into by the old DAR with various agricultural companies.

According to Mariano, a total of 433 contracts covering a total of 57,000 hectares are now under review by the DAR’s policy review and formulation committee, a body which he created “to correct past mistakes”.

DAR Undersecretary for Legal Affairs Luis Meinrado C. Pangulayan said they are currently streamlining the process of resolving petitions to cancel several SDO and AVA schemes, which, according to the farmers who filed the petitions, are not helping improve the lives of agrarian-reform beneficiaries.

“By the end of the year, the processes that would lead to faster resolution of these cases [will be] in place,” the official said.

In Negros the DAR is currently looking into the complaints of some 1,800 farmer-beneficiaries in 11 haciendas owned by business tycoon Eduardo M. Cojuangco Jr. in the cities of La Carlota, Bago and Himamaylan, as well as in the towns of Pontavedra, Hinigaran, La Castellana and Isabela.

The DAR chief said schemes under the Comprehensive Agrarian Reform Law (CARL) that allows landowners to skip the actual distribution of lands in exchange for a corporate scheme that gives away shares of stocks to farmers is currently being reviewed by the DAR’s legal and policy teams. The scheme, he said, has been adopted on the 4,300-hectare farms owned by the Cojuangcos in Negros Occidental and are covered by the Comprehensive Agrarian Reform Program.

According to Mariano, he received reports that the property was no longer being utilized to grow highvalue crops and is being managed by a third party.

“If violations to the CARL are found, we will act on the matter,” the DAR chief said.

Labor leaders to Duterte: Make good on promise to terminate ‘endo’ PHL’s economic

prospects remain bright–AmCham

By David Cagahastian @davecaga

S

ome 1,000 labor union leaders rallied at Liwasang Bonifacio and marched toward the central office of the Department of Labor and Employment in Manila on Friday to demand that President Duterte make good on his promise to end contractualization.

The labor union leaders said “no real change” has been felt by workers during the first 100 days of the Duterte administration.

Labor federation IndustriALL Philippines said Filipino workers are still suffering the “serious social consequences” of employment arrangements, which are skewed against them, such as the illegal practice of labor-only contracting.

IndustriALL Philippines released a research conducted in August 2015, wherein the respondents said the practice of resorting to contractualization to deny workers their constitutional right to security of tenure has resulted in serious social consequences to the lives of Filipino workers and their families.

These consequences include below humane family life conditions; a conscious sacrifice on very basic needs, like food, so that the children can be sent to school; willingness to grab any opportunity to earn a little additional income, regardless of work conditions or arrangements; and ignoring illness and health problems to avoid being absent at work and the consequent loss of income.

“These situations are worrisome and needs urgent attention from the government, specifically from President Duterte,” IndustriALL Philippines National Coordinator Ramon Certeza said.

“We call on President Duterte: Deliver the change, now. Stop precarious work, provide regular jobs for all Filipinos, here in the country,” Certeza added.

Labor leaders said Mr. Duterte’s promises to cut contractualization in half by the end of this year and to totally eradicate contractualization by 2017 gave them very high hopes.

“Unfortunately, after 100 days in power no real change to uplift the lives of Filipinos, compelled to work on contractual basis, has been fulfilled by the Duterte administration,” Certeza said.

By Ashley Manabat

@ashleymanabat

C

Agrilink trade show

Sen. Cynthia A. Villar (right), vice chairman of the Committee on Agriculture and Food and Agriculture Undersecretary Evelyn Laviña (left) pose at the Korean Pavilion during the Agrilink international trade exhibit on agriculture, aquaculture and food on Thursday at the World Trade Center in Pasay City. PNA photos by Jess M. Escaros Jr.

LARK FREEPORT—Despite the persistent anti-American pronouncements of President Duterte, the executive director of the American Chamber of Commerce of the Philippines (AmCham) remains bullish on the economic prospects of the country, especially in this free port.

During the recent Quest Hotel and Conference Center Friendship Golf Tournament at the Mimosa golf course here, AmCham Philippines Director Ebb Hinchlife said he is still confident of forthcoming US investments in the country, especially in this free port, saying “it’s business as usual.”

Hinchlife said he is not worried of Mr. Duterte’s pronouncements and the AmCham remains strong and confident in doing business here.

This developed as the Central Luzon Networking Night of the AmCham was held on September 29 at the Quest Hotel inside the Mimosa Leisure Estate here, sponsored by Yats International Group of Companies.

“The main focus of this event is to gather AmCham members, friends and guest, and to expand business ties among them,” said Leah Torio, Yats marketing director.

The event started with socialization of all members and guests over a cheerful ambiance and a glass of wine sponsored by Yats Restaurant and Wine Bar, Torio said.

The night was concluded with a raffle, and throughout the evening all the guest enjoyed Yats’s selection of quality fine wine, she added.

Torio said Yats International Group of Companies is truly delighted to be AmCham’s Networking Night sponsor because the event provided a means for established members, business owners and nonmember guests to build a relationship among them and make the event a success.

Among the investments of the US in this free port are Texas Instruments and Sutherland Global Services, which both employs tens of thousands of workers.

Economic team maps out framework of PHL growth plan in US meetings

By Recto Mercene

S

@rectomercene

ocioeconomic Planning Secretary and National Economic and Development Authority Director General Ernesto M. Pernia has underscored the need for innovative statistics that will accurately track how economic growth is distributed across geographic regions and income classes.

“Poverty and inequality-reducing economic growth requires a rebalancing of the economy,” Pernia said, in reference to programs aimed at expanding development from the National Capital Region (NCR) to rural areas in other parts of the country.

Two Cabinet members discussed

the Duterte administration’s plan of action to reduce poverty and inequality during engagements with the business and Filipino-American communities in a special edition of the Talakayan sa Pasuguan last Wednesday.

“Our policies and our plans are certainly aimed at reducing the differentials between the growths in the regions,” Finance Secretary Carlos G. Dominguez III said.

Dominguez noted how the concentration of investments and infrastructure in Metro Manila has resulted in two-thirds of GDP being produced in this area.

He cited the huge gap in the gross national income per capita between Metro Manila (P100,000 a year) and the Autonomous Region in Muslim

Mindanao (P26,000 a year).

“This is what we are addressing.

This is what the electorate is asking us. This is why they elected the three top officials of our country from Mindanao,” the finance secretary said, referring to President Duterte, Senate President Aquilino L. Pimentel III and House Speaker Pantaleon D. Alvarez.

Critical to the administration’s socioeconomic agenda is improving infrastructure, to which more resources will be committed, according to Budget Secretary Benjamin E. Diokno.

“From 2017 to 2022, we’re spending around P8.2 trillion for public infrastructure,” Diokno said.

This is to be achieved, he added, by “changing the way we budget,”

where projects that “shovel-ready” will be included in the budget; doing projects in Metro Manila, Cebu and Davao on a nonstop basis; and using technology, such as drones and Google Maps, to boost monitoring capability.

“There will be no ghost projects under the Duterte administration,” Diokno said.

He explained that a large part of the budget will be invested in education, health and nutrition, and social services, in order to develop the Filipino youth into a competent, healthy and agile work force.

In a separate briefing for the business community, Diokno and Pernia discussed how reforms in government procurement and cutting bureaucratic red tape can

enhance the competitiveness of the Philippine economy and boost its attractiveness to foreign investments, as well as will result in more affordable services for individual citizens and businesses.

The economic managers gave the assurance that previous initiatives that have yielded positive results for the economy will be carried on by the present administration. They cited the strong macroeconomic fundamentals and drivers for growth that continue to attract foreign investments into the Philippines.

Dominguez, Pernia and Diokno are in the US capital to attend the 2016 World Bank Group and International Monetary Fund annual meetings from October 5 to 8.

A4

Saturday, October 8, 2016

BusinessMirror

www.businessmirror.com.ph

The Nation BusinessMirror

news@businessmirror.com.ph

Editor: Dionisio L. Pelayo • Saturday, October 8, 2016 A5

Cops kill 7 in Islamic Center drugs raid

By Joel R. San Juan @jrsanjuan1573

S

EVEN suspected drug pushers were killed during an anti-illegaldrugs operation at the Islamic Center in Quiapo, Manila, on Friday morning.

It was the first major anti-illegaldrugs raid conducted in the area in 30 years.

T he ra id resu lted in t he arrest of more t ha n 20 0 a l leged drug users and pushers, includi n g a n a l le ge d com m a nde r of the Bangsamoro Islamic Freedom Fighters (BIFF).

Manila Mayor Joseph E. Estrada led the early morning operation conducted by policemen from the Manila Police District’s Stations 3 and 8, Special Weapons and Tactics (SWAT) and the Metro Manila police command.

“This shows that we are serious in our fight against illegal drugs,”

ESTRADA

Estrada said, as he called on the Muslim leaders at the Islamic Center to support the government’s war against drugs.

“This is just the second time t h at t he Isl a m ic Center h a s been raided; the first was during the Marcos administration.

Sana ay magtulungan tayo para malini s, mat iwa s a y at d r u g f re e ang inyong k omunidad,” the mayor said.

One of the seven suspects killed in the operation was a h ig h-v a lue t a rget , a cer t a i n named Faiz Macabato, reportedly the chairman of Barangay 648, who has P1-million bounty on his head.

Senior Supt. Joel Coronel, Manila police chief, said Macabato fought back when policemen stormed the barangay hall.

A total of 263 drug suspects or “persons of interest” were also arrested, while dozens of highpowered firearms and explosives and at least 60 sachets of methamphetamine hydrochloride, or shabu, were confiscated during the operation.

Senator warns of dire consequences DOJ to issue if Matobato were killed in custody lookout order

By Butch Fernandez @butchfBM

P

RESIDENT Duterte, who openly supports killing crime suspects if they fight back, could be blamed if Edgar Matobato, a confessed hit man who testified before a Senate inquiry on the alleged involvement of Davao policemen in extrajudicial killings, is harmed, a senator said.

“I guess that goes without saying,” Sen. Antonio Trillanes told Senate reporters when asked if the President can be held liable if anything untoward happens to Matobato.

Trillanes also assured during the interview he was ready to provide protective custody for Matobato “as long as necessary.”

But Trillanes on Friday voluntarily turned over the Senate witness to Director General Ronald dela Rosa, National Police chief, after a court issued a warrant of arrest against Matobato over an illegal possession of firearm case filed in Davao in 2014.

This developed as Sen. Richard J. Gordon clarified the ongoing Senate Committee on Justice and Human Rights inquiry into the wave of “recent and rampant killings” in the country under the Duterte administration has not been terminated but was merely

suspended.

Gordon said developments in Monday’s Senate hearing which, he said, further exposed Matobato’s lack of credibility as a witness, prompted the committee merely to suspend the ongoing proceedings, not to terminate it.

“After what happened last Monday, we had to suspend the hearing,” he said, adding: “There were some proposals to terminate it but it was decided to pursue the investigation on the recent and rampant killings. I won’t let go of it... killing is killing. As I have been saying: do not kill the people, kill drugs. We want to help solve these cases.”

Gordon confirmed that the committee inquiry is set to resume the extrajudicial-killing hearings on October 13 to get testimonies from witnesses and resource persons, including National Police district and provincial directors, as well as officials of the Commission on Human Rights.

He, however, said the investigation will continue without Matobato, whom he had described as “damaged goods.”

“Matobato is not the be-all and end-all in the hearing. Our target is to come up with legislation or amendments to existing laws to ensure the safety and protection of citizens,” Gordon said.

“This is why the committee invited

the district directors and the provincial directors, especially in areas or provinces where there are high incidents of killings because its a long-pestering issue.”

Gordon added: “Come on people, we all know too many people have been killed by riding in tandem assassins, we know that don’t we?”

Gordon indicated he wants to get a “scorecard” from provincial directors on how many were killed in their jurisdictions and determine if the officers were doing their job.

“My aim is for the Senate to be regularly furnished with a list for a Congressional crime-monitoring group so we can take action.”

Earlier, Gordon suspended the Senate inquiry after Monday’s 13-hour hearing, following discovery that Matobato left the Senate shortly before the key witness was summoned to the Session Hall to confront the Davao police officers that Matobato previously tagged in his testimony in earlier hearings.

The police officers who testified at the hearing all denied Matobato’s allegations made in a previous hearing.

Gordon said he expects Matobato to appear at next week’s resumption of hearings “in case he would be needed to make some clarifications on his testimonies.”

vs Dayan

T

HE Department of Justice (DOJ) is set to issue a a lookout bulletin order (LBO) against Ronnie Dayan, the driver and alleged paramour of Sen. Leila M. de Lima, owing to his failure to show up before the House Committee on Justice and shed light on his alleged role in the illegal-drugs trade inside the New Bilibid Prison (NBP) in Muntinlupa.

An LBO is necessary in order to monitor the itineraries of the flights, travel or whereabouts of the subject person.

Those on the LBO list should notify the DOJ prior to leaving the country.

“Yes, ilalagay siya sa lookout bulletin kasi hindi sya nagpakita sa House, so baka kung saan siya pumunta para umiwas sa process ng batas,” Justice Secretary Vitaliano N. Aguirre told reporters.

Dayan’s testimony before the House is being sought by lawmakers following accusation from high-profile inmates at the NBP that he was collecting drug money from them.

The House Committee on Justice has issued a subpoena directing Dayan to appear before the committee hearing on Thursday but the latter failed to show up.

Aguirre said the committee has given him 24 hours to explain why he failed to attend last Thursday’s hearing.

Dayan, Aguirre said, will be declared in contempt if he failed to comply with the directive. Joel R. San Juan

Help government, be part of solution–Orbos

By Claudeth Mocon-Ciriaco Correspondent

S

TRESSING that the myriad problems in Metro Manila need everyone’s support and cooperation, Chairman and General Manager Tim Orbos of the Metropolitan Manila Development Authority (MMDA) appealed to various civil clubs and the public to do their part anchored on the “shared burden, shared responsibility principle.”

Addressing the officers of the Regional Ambassadors Club at the Makati Sports Club on Thursday night, Orbos urged the public to embrace a culture of “attitudinal and mind-set change” in dealing with traffic, garbage, flooding, illegal parking and vending, even as he assured that tactical and strategic plans and solutions are being done to address these problems.

He said this was actually what Transportation Secretary Arthur P. Tugade “meant all along, that we need to change our mind-set in dealing with the traffic problem.”

“We cannot do it alone in the government and for the metropolis, which has 12.5 million residents and a high of 15 million people during daytime, with about 2.3 million vehicles traversing the streets, especially Epifanio de los Santos Avenue, and 30,000 new added every month, we simply needs everyone’s support

We cannot do it alone in the government and for the metropolis, which has 12.5 million residents and a high of 15 million people during daytime, with about 2.3 million vehicles traversing the streets, especially Epifanio de los Santos Avenue, and 30,000 new added every month, we simply needs everyone’s support and understanding.”—Orbos

and understanding,” Orbos said.

He said since traffic is everybody’s problem that affects everyone, he encouraged all sectors to be part of the solution and every little input and contribution, such as observing traffic and parking rules, will go a long way in easing the burden of majority.

Among the suggestions of Orbos when it comes to “attitudinal change” include planning travel trips ahead by hitting the road two hours ahead, carpooling, less use of hazard lights while parking that normally cause traffic, reporting choke points and proper and disciplined driving.

On traffic enforcement, Orbos said on any given day, there are about 2,300 MMDA traffic enforcers augmented by at least 800 Highway Patrol Group personnel and 40 Land

Transportation Franchising and Regulatory Board (LTFRB) agents to monitor 12,000 buses, many of which are unfranchised or colorum, driven by undisciplined drivers.

Litterbugs, jaywalkers

AT least 440 have been arrested for littering and jaywalking since the MMDA launched an intensified drive on Monday.

Of the number, 306 were arrested for littering and 134 for jaywalking.

Orbos said the agency has upped the ante on operations on these discipline-driven programs as it deployed more than 100 personnel.

“We want to continue to instill discipline among pedestrians and commuters alike. Following rules on the roads should be second nature to us all,” Orbos said.

He said he wants the stringent implementation of the antilittering and antijaywalking measures to ensure that pedestrians and commuters alike in Metro Manila follow the law.

More than the P500 fine, the MMDA reminded the public of the stiff consequence of these violations, such as the names of violators being forwarded to the National Bureau of Investigation (NBI) for inclusion on its alarm list or red flag unless they pay the penalty for their infractions.

Last year a Filipino migrant worker bound for Singapore was stopped by immigration officers at the Ninoy Aquino International Airport because of an arrest warrant issued by the Metropolitan Trial Court in Makati City for his failure to settle his littering violation.

Orbos noted the alarming number of pedestrians who have been ran over and died while crossing busy thoroughfares, such as Commonwea lt h Avenue, t hat has earned the monicker “killer highway.”

Each antilittering team consists of four spotters and an enforcer, while the antijaywalking unit is composed of five enforcers, two of whom are armed with citation tickets. The composite teams are augmented by members of the MMDA’s Sidewalk Clearing Operations Group.

A6 Saturday, October 8, 2016 • Editor: Angel R. Calso

Opinion BusinessMirror

editorial

Colombia’s long war and its squandered pact for peace

T

he hard part was supposed to be over. After a half century of war, and after four years of grinding negotiations, the Colombian government and leaders of the country’s insurgency reached an accord in August to end a conflict in which more than 220,000 people were killed and 6 million displaced. The world watched September 26 as President Juan Manuel Santos and Rodrigo Londono, leader of the Revolutionary Armed Forces of Colombia (FARC), signed the agreement, hailed as a blueprint for resolving war through dialogue and compromise.

On Sunday Colombia tackled one final task—voter approval through a referendum.

Polls had the “yes” vote comfortably ahead by a 2-to-1 ratio. Instead, the referendum narrowly failed. The conflict continues, a fault line in the country has emerged, and Santos faces a problem without a Plan B. Early in negotiations, Santos gambled. Deciding that the peace deal’s legitimacy would be strengthened if it won backing through the ballot box, he had legislation passed that required a pact with FARC to be approved through a national referendum.

He learned the hard way the lesson David Cameron learned on June 23, when the then-British prime minister’s big gamble to put Brexit to a referendum backfired and British voters stunned the world by deciding to leave the European Union. Cameron didn’t have to put the Brexit question on the ballot, and neither did Santos. In both cases, too much was at stake to risk rejection by voters.

At the accord’s core was the recognition that peace in guerrilla wars is possible through reintegration of rebel forces. Rebels would have turned over their weapons to United Nations teams over the next six months.

In return, the FARC would become a political party, and would get 10 seats in Congress. Rank-and-file fighters would be given amnesty. FARC leaders would face tribunals, and if they confessed their crimes and paid reparations to victims, they could avoid prison time. That proved to be too big of a giveaway for many Colombians who had been victimized in some way by FARC violence—and believed rebels should be imprisoned for their deeds.

Renegotiation now appears to be Santos’s only option, but his chances for success are bleak. Rebels aren’t likely to accept any provision that involves prison time. Spearheading the “no” vote in Colombia was former President and current Sen. Alvaro Uribe, whose father was killed by FARC rebels. Uribe led the country when Colombian forces, with a helping hand from the US, drove rebels out of urban areas and back toward the jungles’ outskirts. Santos was Uribe’s defense minister back then, but now the two are political archrivals. Uribe insists on prison time for FARC commanders, and opposes the group’s inclusion into politics.

Nevertheless, it’s up to Santos to work with Uribe and craft a revamped accord palatable to the FARC and Uribe’s legions who demand more concessions from the rebels. It’s not just Santos’s political future that’s at stake. Colombia has emerged from the conflict as one of South America’s brightest lights. It has thrived as a stable democracy amid neighbors governed by leftist leaders. Tourism is on the rise, and it’s one of Latin America’s foreign investment leaders. The last thing that Colombia needs is the yoke of a war it was so close to ending. TNS Editorial Since 2005

BusinessMirror A broader look at today’s business

Peso–50 to the dollar John Mangun

OUTSIDE THE BOX

P

erhaps the most accurate weather forecast in history was made by American comedian George Carlin: “Weather forecast for tonight: dark”. The most famous weather forecasting organization is the United Kingdom’s Meteorological Office (the Met), which was formed in 1854 as a service to mariners.

By their own studies, the Met said they have about 80-percent success rate in forecasting rain three days ahead. Extending the time period of the forecast lowers the accuracy rate to little more than a guess when you go out three to six months in the future. There are just too many factors to consider.

The same is true for nonmanipulated financial markets.

In September 2015, when the peso-dollar rate was below 46, I was

Why are American airports so awful?

✝ Ambassador Antonio L. Cabangon Chua

Adam Minter

Founder

Publisher Editor in Chief Managing Editor Associate Editor News Editor City & Assignments Editor Senior Editors

Max V. de Leon Jennifer A. Ng Dionisio L. Pelayo Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Efleda P. Campos

Online Editor Social Media Editor

Ruben M. Cruz Jr. Angel R. Calso

Creative Director Chief Photographer

Eduardo A. Davad Nonilon G. Reyes

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

Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Adebelo D. Gasmin Marvin Nisperos Estigoy Aldwin Maralit Tolosa Dante S. Castro

BusinessMirror is published daily by the Philippine Business Daily Mirror

HOM

Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines.

Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025.

(Advertising Sales) 893-2019; 817-1351, 817-2807.

(Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

www.businessmirror.com.ph

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

BLOOMBERG VIEW

T. Anthony C. Cabangon Jun B. Vallecera

asked by a local bank my forecast for 2016. I told them with supreme confidence that the peso would go to 48 to the dollar. I was absolutely accurate. On January 25 and 26, 2016, the peso traded at 48. And that was the last time the peso hit 48 until near the end of last month.

The bank never called me back.

Currently, every expert is being asked about the Philippine peso and what the exchange rate will be in the near to medium future. Unfor-

tunately, you do not get paid the big bucks by saying, “Honestly, there is no way for me to give an accurate prediction—too many variables”.

Meteorologists have an 80-percent accuracy calling for rain three days ahead. No financial expert in his or her right mind would be willing to bet big money on what the peso-dollar rate will be next Monday but can say with confidence three months down the road.

Prior to the second-quarter Philippine economic results, local economists were asked what they thought the number would be. These are well-trained people with years of experience. Yet, the spread between the highest and lowest forecast was over 20 percent.

That is like being told that price of something is somewhere between P6,300 and P7,800.

That is not the analysts’ fault.

There are just too many variables that can significantly move the numbers.

The current excuse for the Philippine peso being above 48 is

I

t’s the one opinion that Donald Trump and his opponents seem to share: America’s airports are so bad, it’s like “they’re from a Third World country,” as Trump said in the first debate. Vice President Joe Biden used the same phrase to describe New York’s LaGuardia two years ago. Much of the flying public seems to roughly agree.

The sentiment is understandable if you’ve recently transited through a gleaming airport in Singapore, Dubai or Kuala Lumpur. Where LaGuardia has low-end souvenir shops, grim food courts and cramped concourses, these airports have butterfly gardens, jungle trails and soundproofed, Wi-fi-enabled snooze cubes.

It’s enough to drive a frequent flier to distraction. And it makes you wonder why the world’s biggest economy can’t keep pace.

One obvious reason is that American infrastructure is chronically underfunded. McKinsey recently estimated that the US needs to spend about $125 billion more a year simply to maintain its infrastructure at current levels, let alone make improvements. Airports have been no exception to this trend: Even as air travel has surged, capital spending on

aviation infrastructure has actually declined, from $21 billion in 2004 to $13 billion in 2014.

Yet, money isn’t the only problem.

Even with significantly more investment, US airports would probably never match the world’s best, for a simple reason: They cater primarily to domestic travelers. The best-loved airports—such as Singapore Changi, Seoul Incheon and Tokyo Narita— are international hubs or national gateways. They compete for the business of wealthy long-haul passengers who are willing to spend more time and money at the airport. Those passengers attract better retail and restaurants, which, in turn, yields more revenue for the airports to spend on amenities.

Thanks to geography, US airports can’t compete for the lucrative international layovers that drive

this virtuous cycle. That means they don’t have much incentive to spruce things up to meet the demands of wealthier global travelers, such as free-spending Chinese duty-free shoppers. Passengers have noticed: To find a US city in the SkyTrax annual airport ranking, you’d need to scroll all the way down to No. 28, where Denver International is slotted.

A better comparison for US airports isn’t a national gateway, like Dubai International or Incheon, but rather the dozens of airports that China has built in recent years to connect its own cities. Although they can be great architecturally, often they’re little more than shined-up shells housing horrific restaurants, downat-the-heels retail and sketchy soapfree restrooms—a fact reflected by their absence in the SkyTrax rankings, and by volumes of brutal online reviews that make LaGuardia sound like a glittering oasis.

Even if American airports aren’t as bad as the rhetoric suggests, that doesn’t mean there’s no room for improvement. Last year one trade group estimated that the US needs to invest $75.7 billion to accommodate passenger and cargo growth at its airports through 2019. The improvements needed—such as replacing aging terminals, adding runways and streamlining security—may not have the visceral appeal of, say, Seoul Incheon’s in-terminal iceskating rink. But collectively, they’d

because the US dollar is strong.

But that is not accurate. The US Dollar Index (USDX), which prices the dollar against a basket of currencies, is trading below 97. But the USDX was at 100 on January 21, 2016, and the Philippine peso was at 47.70. On May 2 the USDX traded at 92; the peso at 47.40.

The dollar has depreciated by 8 percent; the peso has appreciated by 0.6 percent.

The peso may well move to 50.

And it may also do what it has done every year—except 2013—since 2009, and appreciate in the first quarter of the New Year. No one really knows and that is the fun part of the financial markets. They do what they are going to do and it does not matter. You must be prepared for all scenarios—up, down and sideways.

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.

reduce delays and, generally, make traveling a less miserable experience.

Money for such projects is scarce, of course. But one way to bridge the gap is to attract private investors and operators who can make improvements in exchange for longterm leases or even ownership.

About 450 airports worldwide have been privatized to some degree, including some of the world’s best.

Yet, privatization has lagged in the US. The process is inhibited by the financial benefits that still accrue to public airports, such as the ability to issue tax-exempt bonds. Making things worse, since 2000, Congress has capped the Passenger Facility Charge that airports can use to pay for upgrades.

The good news is that companies are finding ways to invest in some of America’s worst airports anyway. A long-sought $4-billion revamp of LaGuardia is being partly funded by a group of companies working with the Port Authority of New York and New Jersey, which operates the airport. Congress could encourage similar projects elsewhere by offering tax preferences for bonds issued by airport investors. It could also increase the Passenger Facility Charge, or at least index it to inflation.

These reforms won’t necessarily make America’s airports great again.

But they would ensure that they’re good enough to get passengers where they need to go, in safety and relative comfort.

Opinion BusinessMirror

opinion@businessmirror.com.ph

Saturday, October 8, 2016 A7

Dashboard camera to deter Caritas Margins’ Buy and Give Expo 4 opens at Glorietta abuse and corruption Rev. Fr. Antonio Cecilio T. Pascual Jemain Tinio Diaz de Rivera

Forward Moving

T

his week many were thinking of arming their vehicles with dashboard cameras (dash cams).

In Russia dash cams are popularly used to discourage insurance fraud and police corruption. They find it useful during accidents, traffic violations, bribery and encounters with rude or inconsiderate individuals.

They have been early adopters of the technology for self-protection, fending off charges from corrupt law enforcers and insurance scammers who often stage accidents.

In the United States dash cams are used together with other personal recording devices to capture and later scrutinize supposed police brutality as in the case of a state cop who used excessive force while arresting a teenager at a pool party in Texas.

In Chicago police pulled over and brutally beat a driver for minor traffic violations. Police claimed that the driver was pulled over for driving under the influence, a charge for which he was later acquitted.

So, should Filipinos protect and equip themselves with dash cams?

Early this week a Philippine National Police (PNP) Highway Patrol Group officer, Senior Inspector Rufino Noog, was caught on camera slapping a motorist along Edsa Megamall Northbound lane. The lady driver filed charges against the police officer who denied the allegations.

She and Noog went to Camp Crame to settle their dispute. Since nothing much happened in the PNP headquarters, the driver had to go and file a complaint at the National Bureau of Investigation Anti-Organized and Transnational Crime Division. Noog was charged with physical injury, slander, oral defamation and an administrative case.

Many want the Land Transportation Office (LTO) to make the installation of dash cams mandatory.

The installation of dash cam is the “simplest, most cost-effective way” for motorists to protect themselves in the case of disputed car accidents or traffic violations.

Philippine legislators recognized the need for citizens to defend themselves against law enforcers by using dash cams.

They want to make dash cam a requirement in police patrol cars.

Party-list Reps. Mark Sambar and Jericho Jonas B. Nograles of PBA

filed House Bill (HB) 2949, known as the Dashboard Cameras for Securities Act of 2016, or Dashcam Law. Sambar and Nograles said the country’s police forces should keep up with advances in law enforcement. The installation of dash cams in patrol cars will permit law enforcers to investigate and deter crimes.

Dash cams provide citizens some amount of assurance that their rights are respected at all times when they are accosted by the police, Nograles said. There is a bill mandating installation of dash cam in public utility vehicles (PUVs) to ensure safety and protection of drivers and passengers. Parañaque Rep. Eric Olivarez proposed the bill, HB 6050, citing that in California and in Australia, car accidents were reduced following the legalization of dash cams.

The “Dashcam Act of 2015 require owners and operators of taxi franchises, bus lines and other vehicles for public utility to procure dash cams and install these for all their units.”

The bill also states that bus, taxi or other public utility vehicles will not be allowed registration and renewal of registration by the LTO without the GPS, after the one-year grace period expiration.

Dash cams have a lot of advantages and provide us with a certain amount of security, but it will not replace decency and common courtesy.

It is tragic if Filipinos need to protect themselves from law enforcers with a camera or through social media. It might be foolhardy not to have faith that members of the the PNP will love and serve God, country and people. They will uphold the constitution and obey legal orders of the duly constituted authority. They will maintain a high standard of morality and professionalism. They will respect the honorable customs and traditions of the police service.

They will live a decent and virtuous life to serve as an example to others.

I choose to have faith in our law enforcers.

Canada sets the trend on climate

C

anada is an unlikely model for climate-change policy.

As things stand, it’s a long way from keeping the promise it made as part of the Paris agreement to sharply cut carbon emissions. But its government is now proposing to make this right—and with an approach that deserves to be widely copied.

This week Prime Minister Justin Trudeau announced a national carbon tax, starting at C$10 ($8) a ton in 2018 and rising to C$50 by 2022.

The plan isn’t perfect, but the basic idea is right.

In moving to strengthen national climate-change policy, Trudeau had to contend with the fact that some provinces have already set carbon prices of their own. The government needed a scheme that would encompass those systems, while pushing other provinces to catch up. So Trudeau offered a choice: Stick with your own approach, so long as it cuts emissions as deeply as the new national tax, or let Ottawa collect the levy and send you the proceeds.

This accomplishes several things.

It tells the world that Canada wants

to make good on its commitments.

It announces that even an economy dependent on energy extraction can tax carbon. Best of all, it shows that a carbon tax needn’t be a grab for additional fiscal resources: The policy can be revenue-neutral.

Where the plan falls short is the rate of tax. It’s unclear how the government arrived at C$50 by 2022, but that’s probably too low to curb emissions as promised. By one estimate, Canada would need a carbon tax of $200 a ton by 2030 to achieve its Paris target.

Bringing the tax up to the right level shouldn’t be rushed, because the economy will need time to adjust—but promising to pause at C$50 for review introduces uncertainty. A carbon tax works best if it provides a long-term price signal to guide investments spanning years or decades. Not knowing whether the price will increase after 2022 undermines that benefit.

Still, the first and most difficult step for any government that’s serious about climate change is to put a price on carbon. Canada is about to do that, and other countries should do the same. Bloomberg View

SERVANT LEADER

C

aritas Margins, the social enterprise and marketing arm of Caritas Manila, is giving shoppers the last chance to shop and help in the Buy and Give Expo 4 until tomorrow, October 9, at the Glorietta 2 Activity Center, Palm Drive, Makati City.

The three-day Buy and Give Expo, which opened yesterday, October 7, features a variety of local products ranging from food, home and ladies’ accessories, personalcare products, artwork from resident inmates of penal communities cared by Caritas Restorative Justice Ministry, and other gift items and decors presented on different hubs.

These products are from different marginalized community partners of Caritas Margins.

The blessing of the Expo was led by Vicar General of the Arch-

diocese of Manila Msgr. Jose Clemente F. Ignacio. Also, Former Miss World 2012 Semi-Finalist Queenie Rehman, PLDT-SMART Foundation President Esther O. Santos, Metro Pacific Investments Inc., PR and Communications Vice President Melody del Rosario, Makati Vice Mayor Monique Lagdameo and Caritas Margins Benefactors Nena Prieto and Ms. Emily Cruz graced the momentous event.

Aside from its various products from different community partners, the Expo also features musical per-

formances by artists, such as Voice Out, Bea Silvestre, Kulas Balisonia and Zea Santiago.

Also, during this event, the ecommerce web site, www.margins. com.ph where shoppers can buy Caritas Margins products online was launched. The e-commerce site also offers other natural products.

The healing mass today at 5 p.m. will be presided by Missionaries of the Beatitudes, Founder-Steward Rev. Fr. Ferdinand Hernando, and by Order of the Friars Minor Provincial Secretary Rev. Fr. Dexter Toledo on the last day (October 9). Let us make this Christmas season a season of giving by supporting the last run of Caritas Margins’ Buy and Give Expo 4, where buying is giving.

The first run of the Buy and Give Expo 4 this year was recently held at the Alabang Town Center, from September 16 to 18, and at the Trinoma Activity Center on September 27 to 29. Proceeds are used to support Caritas Manila’s flagship program, Youth Servant Leadership and Education Program, which supports more than 5,000 youth

Central banks sow confusion

By Mihir Sharma BloombergView

I

f there’s a golden rule for central bankers in the 21st century, this is it: Seek clarity and avoid uncertainty. A central bank’s target should be clear. The data it uses should be known. The analysis it conducts on that data should be comprehensible. And, certainly, politics should have nothing to do with its decisions.

Yet, across the world, central bankers are struggling to live up to these requirements. Instead, they’re undercutting their own positions by introducing quite unnecessary confusion into policy-making.

Most obviously, the US Federal Reserve (the Fed) continues to keep markets across the world on tenterhooks for little good reason. Several hawkish members of the Federal Open Market Committee (FOMC) have said recently that the ingredients are in place for a long-expected increase in interest rates. Yet, the bond market reflects general disbelief that the Fed could possibly raise rates less than a week before a presidential election. (The FOMC meets next on November 1 and 2.)

That’s unfortunate, since the data that the Fed is supposedly monitoring—jobs growth, personal consumption expenditure, inflation and so on—suggest that

the US central bank should already have raised rates. If, instead, it waits till December to do so, it will have kept financial markets unstable and expectant for months with no clear explanation as to why.

Other central banks have had their own issues. In September the Bank of Japan (BOJ) switched its policy target to long-term interest rates from the rate of increase of the monetary base, continuing its role as junior partner in Prime Minister Shinzo Abe’s attempt to jolt Japan’s sluggish economy out of decades-long stagnation. Governor Haruhiko Kuroda insisted that this did not represent a “tapering” of stimulus; investors strained to believe him. The BOJ has left murky how it will respond when economic indicators evolve: Sure, the bank has a zero target for the yield on Japan’s 10-year bond, but how will that be achieved? Kuroda’s vagueness has left markets hanging.

Earlier this week, the Reserve Bank of India (RBI) caused similar confusion. Under Raghuram Rajan, the RBI’s previous governor, investors had become accustomed to the idea that the bank was targeting four percent inflation by March 2018. Rajan’s deputy, Urjit Patel, fully backed that target. But after taking over the RBI, Patel startled markets by refusing to restate it in his first post-Rajan policy decision

on Tuesday, an effective U-turn on policy without any real explanation.

The RBI also suggested that the “real” return for savers it considered desirable—the inflation-adjusted rate—should be 1.25 percent. Rajan had earlier said that a rate of 1.5 percent to 2 percent would be reasonable. Again, the bank provided no real explanation of the change or what it means.

As a result, the RBI’s decision to cut interest rates by 25 basis points surprised many investors.

The bank argued that India’s consumer price inflation had shrunk permanently, ending the long postcrisis period in which controlling runaway prices had become the RBI’s obsession. True, a good monsoon may keep food prices moderate. But lower crude oil prices may have had as big an influence on Indian consumer price inflation as the rains, if not bigger: Inflation has fallen below 6 percent, into the RBI’s comfort zone, largely thanks to the sustained decline in global crude prices since June 2014.

No one knows where that price will go if Organization of the Petroleum Exporting Countries (Opec) gets its act together. Yet, the RBI seems to have discounted the upward shock to Indian inflation if Opec hammers out an agreement that brings the demand and supply of crude oil into balance.

Where the economics Nobel came from

By Justin Fox | BloombergView

I

n 1951 US central bankers reestablished their autonomy after almost two decades of taking orders from the Treasury Department with the Treasury-Federal Reserve Accord. From 1955 to 1956, the German Bundesbank, which had its autonomy guaranteed in the country’s new constitution, successfully withstood a political assault from Chancellor Konrad Adenauer.

In Stockholm the governor of the Riksbank, Per Åsbrink, looked on longingly. The Swedish central bank was directly controlled by the elected government. Åsbrink had been appointed by the Social Democratic Prime Minister Tage Erlander in 1955, and was expected to do Erlander’s bidding.

In July 1957 Åsbrink tried to unilaterally declare independence, with a 1-percent increase in the discount rate. Erlander was furious. He didn’t try to fire Åsbrink, because it would have created too much of a stink, but he dictated an accord that made clear that the elected government was in charge of interest rates and that the central bank governor “must assert himself through the strength of his arguments or by threatening to resign

just as any other head of a department in a government.”

So Åsbrink backed off, bided his time and identified another potential source of independence for the Riksbank— the income it received on its government bond holdings. The Swedish parliament pushed the bank to hand all the money over to the treasury, but Åsbrink objected that it was needed for trading and lending—and also to set up a scientific research foundation and celebrate the bank’s 300th anniversary in 1968. Parliament still took most of the money, but left some for the bank.

Then, as the anniversary approached, the central bank governor had an even better idea: Åsbrink was a man of wayward brilliance and impulsive coups.

He disliked handing back so much money. Would it be possible to use it for a Nobel Prize in economics?

That quote, and all of the history above, is from The Nobel Factor: The Prize in Economics, Social Democracy, and the Market Turn, a fascinating if uneven new book by economic historians Avner Offer of the University of Oxford and Gabriel Söderberg of Uppsala University. With the economics Nobel to be awarded on Monday, it is of course timely reading.

Åsbrink asked the Nobel question of a young economic adviser, Assar Lindbeck, and Lindbeck’s response was that yes, a Nobel economics prize could work. Then Lindbeck set out to make it happen.

He got in touch with the economist members of the Royal Swedish Academy of Sciences, which selected the Nobel winners in chemistry and physics, and they liked the idea— although it took them a while to persuade the academy’s physicists.

He then went to work on the Nobel Foundation, the board of which was full of businessmen, and they liked the idea too—especially when the Riksbank offered to hand over not only the prize money (which is 8 million Swedish kroner, or $930,000, this year) but also an annual fee amounting to 65 percent of that.

The final hurdle was the oldestsurviving descendant of dynamitemaker-turned-benefactor Alfred Nobel, who grudgingly assented but insisted that the prize be called “The Prize in Economic Science in Memory of Alfred Nobel.” As Offer and Söderberg write: “This showed a remarkable presence of mind, since the awkward title has continued to tarnish the award ever since.”

Offer and Söderberg aren’t exactly out to tarnish it further. They

scholars nationwide.

Caritas Margins Buy and Give Expo 4 is copresented by Metro Pacific Investment Corporation, PLDT Home, Smart Communications Inc., Cardinal Santos Medical Center and Cardinal Medical Charities Foundation, St. Scholastica’s College, Lyceum of the Philippines, Alabang Town Center, Radio Veritas and TV Maria.

Caritas Margins is the social enterprise and marketing arm of Caritas Manila that markets products of marginalized communities and micro enterprises in the country.

It also provides skills and training to the urban poor communities and marginalized sectors, as well as honing them to become social entrepreneurs.

To know more about Caritas Manila, visit www. caritasmanila.org.ph. For your donations, please call our DonorCare lines 563-9311, 564-0205, 0999-7943455, 0905-4285001 and 0929-8343857.

Make it a habit to listen to Radio Veritas 846 in the AM band, or through live streaming at www.veritas846.ph. For comments, e-mail veritas846pr@ gmail.com.

It’s hard not to worry that India’s new monetary policy committee, like its peers elsewhere, is focused on assisting the government’s political objective of reviving private investment, even at the cost of clear communication of the RBI’s own objectives. That fear is supported by Patel’s suggestion that the central bank—which also regulates India’s banking sector—would henceforth be more “pragmatic” in dealing with the asset quality crisis in India’s banks than it had been under Rajan, whose take-no-prisoners approach to the problem had upset some in the ruling party.

Since the global financial crisis, central bankers have become accustomed to acting as partners to government. Exceptional times may have required unusual measures. Yet, the time has now come for them to explain clearly how and when they will exit measures that have proved ineffective, or which are no longer necessary, and return to “normality.”

Until they do—and as long as investors are unclear about what “normality” means for central banks and how they intend to get there— markets will stay unsettled. When the exit comes, that means the adjustments will be far from smooth.

Surely central bankers should be preparing markets for that, not sending mixed messages?

don’t think economics is much of a science, but they do think that it’s important—and that the economics Nobel committee, with the abovementioned Lindbeck playing a central role for the first 25 years, has done a creditable job of picking winners who have strongly influenced the field yet don’t all fall in one political or methodological camp. In doing so, though, they argue that it has also lent a scientific stamp of approval to market- and central-bank-friendly theories that weren’t really backed up by evidence—and were at odds with the political consensus of the 1950s and 1960s. It was Åsbrink’s revenge, in other words.

The Riksbank finally did get its independence in 1999, and around the world policy-makers’ focus shifted from fighting unemployment to fighting inflation, with central bankers playing an ever-more-prominent role. It is possible to explain all this without the intervention of the Nobel prize—the raging inflation of the 1970s seems to have played a pretty big role in changing people’s priorities. But it is interesting to contemplate the role that a frustrated central banker’s brainstorm may have played in shaping the economic world we live in today.

Sports SW-MASTERS TRIUMPH! BusinessMirror

A8 | S

aturday, October 8, 2016 mirror_sports@yahoo.com.ph sports@businessmirror.com.ph Editor: Jun Lomibao Asst. Editor: Joel Orellana

M

ANILA Southwoods (SW)Masters captured its sixth straight title on Friday after the final round of the 11th Philippine Airlines Ladies Interclub golf team championships were called off at the Camp John Hay golf course in Baguio City.

Nonstop rains rendered the course unplayable, forcing organizers to reduce the tournament into 54 holes.

SW-Masters, which led Cebu Country Club (CCC) by 35 points after three rounds, was declared champion.

“We don’t get tired of winning,” SW-Masters captain Marie Claire Ong said.

“Of course, we wanted to play, but we’re nevertheless happy to win.”

Except for Pauline del Rosario, the team is expected to return next year, according to Ong. The other members of the team, aside from Ong and del Rosario, are Sophia Chabon, Mikhaela Fortuna, Bernice Olivarez, Serafina Kim and Lora Roberto.

CCC consoled itself by taking the individual title through Crystal Faith Neri, who scored a tournament-best 57 points to edge del Rosario.

CCC skipper Mary Kim Hong said they will try again to end Southwoods’s domination, but is unsure of the players’ availability.

“We still don’t know if we’re going to be available, but the team is committed to play next year,” Hong said.

The other category winners were Alabang Country Club in the Founders, Eagle Ridge in the Sportswriters and Alabang Ladies Golf Chapter in the Friendship.

Major sponsors of the 72-hole championship include Solar Entertainment Corp., Airbus, the

BusinessMirror, Mareco Broadcasting Network, People Asia and Manila Broadcasting Corp. Other backers are Philippine Daily Inquirer, Fonterra, Mega Fiber, MasterCard, Tanduay Distillers and Zalora.

The final results: Championship: Manila Southwoods Masters 460 (153, 152, 155), Cebu Country Club 425 (149, 130, 146) Founders: Alabang Country Club 412 (145, 131, 136), Valley Golf South 396 (140, 125, 131), Tagaytay Highlands Ladies Chapter 357 (127, 118, 112), Rancho Palos Verdes 357 (125, 120, 112), Del Monte 346 (111, 103, 132), Manila Southwoods Legend 341 (110, 113, 118), Negros Occidental Golf and Country Club 332 (120, 101, 101), The Orchard Team 1 329 (131, 95, 103) Sportswriters: Eagle Ridge 369 (121, 125, 123) Camp Aguinaldo Team A 354 (119, 119, 116), Lady Eagles Australia/New Zealand Golfers 333 (98, 97, 138), Camp John Hay Golf Club 330 (106, 116, 108), Manila Golf & Country Club Inc. 329 (108, 103, 118), Davao City Golf Club 326 (109, 111, 106), Apo Golf 326 (115, 112, 99), Bacolod Golf & Country Club 314 (94, 97, 123), Anvaya Cove Golf & Sports Club 313 (105, 104, 104), Iloilo Golf 295 (90, 106, 99) Valley North 295 (102, 104, 89), Pueblo de Oro Golf Team 287 (101, 96, 90) Friendship: Alabang Ladies Golf Chapter 295 (95, 105, 95), Wack Wack Golf 274 (99, 88, 87), Victorias Team 260 (97, 80, 83), Camp Aguinaldo Golf Club Team B 258 (89, 82, 87), Baguio Country Club 257 (92, 80, 85), The Orchard Team 2 241 (80, 86, 75), Port Moresby 217 (76, 74, 67)

»

MEMBERS of the Manila-Southwoods team— (from left) Pauline del Rosario, Sofia Chabon, Bernice Olivarez, Serafina Kim, Claire Ong, Lora Roberto and Mikhaela Fortuna—strike a victory pose.

TIGRESSES SWEEP

Foton faces F2 Logistics

U

A

N early clash of favorites kicks off action in the 2016 Asics Philippine Superliga (PSL) Grand Prix presented by PLDT Home Ultera on Saturday at the Filoil Flying V Center in San Juan.

Reigning champion Foton and F2 Logistics, protagonists in the All-Filipino Conference finals, lock horns anew at 3 p.m., following the 2:30 p.m. opening ceremony of the club tourney bankrolled by Mikasa, Mueller, Grand Sport and Senoh with TV5 as official broadcast partner.

Generika will test Petron’s mettle in the 12:30 p.m. appetizer for the event that also has Focus Athletics, KLab Cyscorpions, Foton, Petron and F2 Logistics as sponsors.

Tickets will be given free at the venue and 20 complimentary passes to the International Volleyball Federation Women’s Club World Championship set from October 18 to 23 at the Mall of Asia Arena will be raffled off.

After representing the country in the Asian Volleyball Confederation Asian Women’s Club Championship last month, the Tornadoes are picked as the team to beat with their solid core and a foreign coach Moro Branislav, who has made the rounds in Yugoslavia, Greece, Romania, Tunisia, Saudi Arabia, Kuwait, Belarus and North Korea.

They will be powered by last year’s Most Valuable Player (MVP) Lindsay Stalzer and Ariel Usher and will welcome the return of prized middle blocker Dindin Manabat, who will be reunited with sister Jaja Santiago, as well as Rhea Dimaculangan, Maika Ortiz, EJ Laure, Sisi Rondina and Patty Orendain.

WORLD No. 1 Jason Day has been advised to rest his injured back.

RORY VS JASON CANCELED

NIVERSITY of Santo Tomas (UST) swept Far Eastern University (FEU) on Friday to move two wins away from regaining the women’s crown and clinch an outright passage to the men’s finals in University Athletic Association of the Philippines Season 79 beach volleyball action at the Sands SM By The Bay. Cherry Rondina and Jem Gutierrez completed a seven-game sweep of the eliminations with a masterful 21-14, 21-15 conquest of Lady Tamaraws Bernadeth Pons and Kyla Atienza.

KR Guzman and Anthony Arbasto also kept UST perfect in men’s play by hammering out a 21-12, 21-19 victory over FEU’s Richard Solis and Jude Garcia.

The Tigers and Tigresses will play in the opener of best-ofthree championship series against the survivors of the stepladder semifinals set on Friday. The remaining Finals matches are scheduled on Sunday. “In our minds, the tournament is not yet over,” Rondina said. “We were just carried away in the match earlier because FEU was a very tough opponent. It was a battle of

J

ASON DAY is skipping the Australian Open and World Cup of Golf in his home country because of the back injury that forced him to withdraw during the final two Professional Golfers’ Association Tour events of the season.

Ranked No. 1 in the world, Day said on Thursday that he has been advised to rest his back and that the November trip to Australia would have conflicted with his rehabilitation and rest periods. He tore a ligament in the back.

The Australian Open is set from November 17 to 20 at Royal Sydney, and the World Cup is the following week at Kingston Heath in Melbourne.

Day also withdraw from a charity match against Rory McIlroy in the Philippines on November 29.

“I regret that I will be unable to come home to Australian this year,” Day said in a statement. “I was looking forward to playing the Australian Open and teaming with Adan Scott on one of my favorite courses, Kingston Heath, the following week at the World Cup.” AP

UST GALS EYE 3RD STRAIGHT WIN U

NIVERSITY of Santo Tomas (UST) eyes its third straight victory against debuting BaliPure in the Shakey’s V-League Season 13 Reinforced Conference on Saturday at the PhilSports Arena in Pasig City.

The Tigresses, priming up for the University Athletic Association of the Philippines in January, won their first two matches with an all-local crew, surprising the Open Conference runner-up Air Force Jet Spikers in last week’s inaugurals of the season-ending conference of the league, sponsored by Shakey’s, and sweeping the Coast Guard Lady Dolphins.

stamina and we’re lucky that we didn’t lost steam.”

“We didn’t focus on the sweep so much. Our goals was to fight.

We just played our game, followed the instructions of our coach and remained composed even when we were slightly intimidated,” she added.

Reigning women’s champion DeLa Salle reached the semifinals, thanks to Kim Fajardo and Tin Tiamzon’s 21-6, 21-16 triumph over Ateneo’s Michelle Morente and Kim Gequillana. The Lady Spikers tied the Lady Eagles at 4-3 won-loss. Ateneo’s defeat gave FEU (5-2) a twice-to-beat advantage in the step-ladder semifinals.

National University’s Aiko Urdas and Roma Doromal downed University of the Philippines’ Isa Molde and Diana Carlos, 21-19, 21-15, to finish with similar 3-4 records. But they crashed out of the semifinals and were relegated to fifth and sixth place, respectively—after De La Salle defeated Ateneo.

UP finished second in men’s play for a twice-to-beat advantage in the Final Four following its 21-16, 21-19 dismantling of NU. Lance Agcaoili

But the EJ Laure-led team, the most successful team in the league with six championships, will have its hands full against BaliPure, which remains solid despite the departure of aces Alyssa Valdez and Gretchel Soltones.

The Ateneo-backed Water Defenders tapped Suzanne Roces to anchor their campaign with the former league Most Valuable Player expecting to draw solid backing from the likes of Amy Ahomiro, Bea Tan, Mae Tajima, Dzi Gervacio, Ella de Jesus, Jem Ferrer, Dennis Lazaro and Charo Soriano.

That should make the 6 p.m. duel worth watching, with Laure also boasting of a reliable

crew composed of the power-hitting Carla Sandoval, Marivic Meneses, Chloida Cortez, Shannen Palec and the comebacking Pam Lastimosa.

The match will be aired live over ABS-CBN Sports + Action Channel 23 with the Coast GuardUniversity of the Philippines (UP) clash at 4 p.m. to be shown on a delayed basis. Both matches can also be viewed live via streaming on www.v-league.ph, according to the organizing Sports Vision.

In the Spikers’Turf Season 2 Reinforced Conference, Champion Supra clashes with Instituto Estetico Manila at 12:30 p.m. Lance Agcaoili

SENDOFF

Members of the all-star Philippine team of the Jr. NBA/Jr. WNBA presented by Alaska are all set to fly to Shanghai, China, for the Jr. NBA Experience.

Coaches and members of the Alaska marketing group give the team members a fitting sendoff. They are Florence Jil Talas, Ma. Cecilia Quilendrino, Rozie Amatong, Aloha Marie Betanio, Carly Kaye Monreal, Julian Alfonso Jugo, Fritz Felix Valencia, Harold Alarcon, Isaiah Miguel Blanco, Ric Ozner Gates, Andrei Philip Lechoncito, Tracy Carl Dadang, Jericho Nunez, Miguel Roy Luis Tan and Kai Zachary Sotto. They are joined by Coaches of the Year Eligino Chollo and Arayi Ewon.

Red Warriors seek ‘W’ No. 2 in UAAP

U

NIVERSITY of the East (UE) begins its stiff climb to a possible Final Four berth when it battles host University of Santo Tomas (UST) at the start of the second round of eliminations of the Season 79 University Athletic Association of the Philippines (UAAP) men’s basketball tournament on Saturday at the Mall of Asia Arena.

The Red Warriors and Growling Tigers face off at 2 p.m., with UE hoping to notch its second straight win after losing its first six games in the first round.

In the main game, Ateneo de Manila and University of the Philippines (UP) clash at 4 p.m. with the Blue Eagles trying to break from a three-way logjam at 4-3 (won-lost) with Adamson University and National University (NU).

Tagged as the tournament darkhorse, UE had a number of fourth-quarter meltdowns in the first round, but against the Soaring Falcons, the Red Warriors had the finishing kick to win for the first time this season, 64-57.

“We have to treat it one game at a time.

We’re not thinking of the whole second round.

We have to work on our next game,” UE Head Coach Derrick Pumaren said. “We haven’t played our full potential. I just remind the players to keep fighting and keep on playing.”

Four of UE’s losses in the first round were by six points or less, including an 87-88 heartbreaker to UST. The Red Warriors also lost to De La Salle (78-84), UP (71-75) and NU (66-72).

Renz Subido exploded with a personal-best 26 points to help power the Tigers to their firstround thriller of a win over the Red Warriors.

But after that big win against UE, the Tigers went downhill and are at solo sixth with a 2-5 record. UST is coming off an ugly 52-79 loss to Adamson University. Joel Orellana

UFC Fight Night Manila called off

T

HE Universal Fighting Championship (UFC) has canceled the UFC Fight Night set for October 15 at the Mall of Asia Manila due to the loss of the main event.

Former UFC champion BJ Penn was forced to withdraw from the main event bout with Ricardo Lamas due to injury.

“I suffered a rib injury in training and I apologize to the fans in Manila who were expecting to watch me compete,” Penn said. “I hope to be back in the Octagon soon.” Athletes scheduled to compete in the card will be

rebooked for upcoming UFC events in the near future. They will receive compensation because of the cancellation. With its 2016 calendar finalized, UFC officials will discuss future dates for the event.

“SMLEI and UFC will continue to work together in the future to deliver exciting live events for fans,” Edgar Tejerero, President of SM Lifestyle Entertainment Inc. said.

Fans who have purchased tickets to the event should seek refund at the point of purchase.