BusinessMirror October 08, 2018

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Monday, October 8, 2018 Vol. 13 No. 359

BSP: Reserves ample amid drop to 7-year low

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By Bianca Cuaresma

@BcuaresmaBM

HE country’s dollar reserves against potential external balances went down to its lowest level in seven years in September this year, latest data from the Bangko Sentral ng Pilipinas (BSP) showed.

$5.8B

It depends #2: Unsolicited proposals Alberto C. Agra

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See “BSP,” A2

Continued on A11

Duterte may suspend fuel tax hike–Drilon

By Butch Fernandez

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@BNicolasBM

See “Inflation,” A2

P25.00 nationwide | 6 sections 32 pages | 7 DAYS A WEEK

The Philippines’s gross international reserves (GIR) was gauged at $75.16 billion as of end-September this year, registering about a $2.8-billion decline from the

By Bernadette D. Nicolas

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BUSINESS NEWS SOURCE OF THE YEAR

HE phrase “it depends” is becoming more and more a popular response to questions on publicprivate partnerships. For those who recognize the host of PPP laws, regulations and guidelines, “it depends” is the appropriate initial reply.

The decline in dollar reserves between September 2017 and September 2018

Experts see inflation to still peak in October ONTR ARY to economic managers’ expectations that inflation will finally taper off in the fourth quarter, economists believe inflation may still peak in October.

This, as inflation in September soared to a new nine-year high at 6.7 percent, bringing year-to-date inflation at 5 percent.

This is already above the government’s inflation target at 2 to 4 percent for the year.

Economist Calixto V. Chikiamco, president of the Foundation for Economic Freedom (FEF), said inflation will still go up in October on the back of rising oil prices.

2016 EJAP JOURNALISM AWARDS

A DEALER in Manila counts Philippine pesos to change to US dollar bills. The Bangko Sentral ng Pilipinas has reported that the country’s gross international reserves fell to a seven-year low as of end-September. NONIE REYES

PESO EXCHANGE RATES n US 54.3450

“This [passage of the resolution] can be done right away and it will bring down prices of prime commodities...[Mr. Duterte has] enough political clout in both houses of Congress to pass a joint resolution.”—Drilon

@butchfBM

RESIDENT Duterte, with a joint resolution from Congress, can suspend the imposition of higher excise tax on petroleum products under the Tax Reform for Acceleration and Inclusion (TRAIN) law to curb skyrocketing costs of basic commodities, Senate Minority Leader Franklin M. Drilon said over the weekend.

Drilon projected that prices of basic goods will keep rising and will not stop because of continued oil-price hikes in the world market, adding, “As a result, our excise tax under TRAIN 1 will keep rising because it is dependent on the price of oil.” So, said Drilon, “Our first suggestion is to suspend the excise tax on petroleum products,” adding, “that is in the law.”

He acknowledged that the TR AIN law states suspension

can only be done if the per-barrel price of oil stays at $80 for three months. “But I don’t think we need to wait for that because the President has the power to suspend the excise tax hike as a result of the price of oil,” asserted Drilon.

The Minority Leader, in a radio interview, suggested that Malacañang need not wait for the threemonth period before suspending higher excise tax on fuel products. “It could be suspended. The

n JAPAN 0.4771 n UK 70.7681 n HK 6.9362 n CHINA 7.8887 n SINGAPORE 39.3605 n AUSTRALIA 38.4328 n EU 62.5891 n SAUDI ARABIA 14.4920

See “Duterte,” A2

Source: BSP (5 October 2018 )

News

BusinessMirror

A2 Monday, October 8, 2018

WB: Both inflation, trade war have dire impact on economy

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By Cai U. Ordinario

@cuo_bm

ISING commodity prices and the trade war between the United States and China will both have a negative impact on the Philippine economy, according to the World Bank.

In an e-mail to the BusinessMirror, World Bank East Asia and Pacific Chief Economist Sudhir Shetty said inflation will worsen poverty if it persists while the trade war could dampen the country’s export earnings.

On Friday the government announced that inflation reached 6.7 percent in September, bringing year-to-date inflation at 5 percent. Export earnings, meanwhile, have been weak with a growth of 0.3 percent in July and a contraction of 2.8 percent in the January-to-July period.

“Each [inflation and the USChina trade war] is a threat in its own way,” Shetty responded to an e-mail question recently sent by the BusinessMirror on which would have a greater negative effect on the economy.

Shetty explained that trade tensions between the US and China could slow global trade growth. Since the Philippines is

Duterte. . .

Continued from A1

President can request for a resolution to be passed by both houses of Congress and that will be granted immediately.

This [passage of the resolution] can be done right away and it will bring down prices of prime commodities,” said Drilon, noting that Duterte has “enough political clout in both houses of Congress to pass a joint resolution.”

He acknowledged, though, that the economic managers appear to be resistant to such suggestions, and are instead pointing to simply carrying out the law’s provisions for safety nets for the sectors most direly impacted.

“Maybe they [managers] do not feel the hardship of the people, that’s why their attitude is like that; but to me, that is wrong because the excise tax on oil should be suspended,” said the senator in a mix of English and Filipino.

Flood of rice MEANWHILE, he also proposed flooding the market with rice“because many of our ordinary people spend a lot on rice, [so] let us flood the market with rice.”

He pushed for the removal of the licensing power of the National Food Authority “so everyone can import rice.”

“We at the Senate are working to remove the quantitative restrictions on rice imports and will shift to a tariff system so that more rice can come into the country,” he said, noting these are among the suggestions being considered to bring down inflation.

Drilon added: “I have said long ago that instead of concentrating on Senator [Antonio] Trillanes, the Duterte administration should concentrate on this inflation. Rather than run after Trillanes, they should run after inflation because this affects our countrymen.”

Mitigation measures THE chairman of the Senate Committee on Economic Affairs, meanwhile, prodded the administration to fast-track delivery of the government’s mitigating measures lined up to ease the impact of inflation triggered by the latest round of oil-price hike.

“They should quickly deliver assistance under the Pantawid Pasada Program [PPP], because one of the reasons for inflation is the oil-price hike, which jumped to $80 per barrel in the world market,” suggested Sen. Sherwin T. Gatchalian, committee chairman.

Gatchalian said the latest oil-price in-

part of the US-China value chain, this could dampen the country’s trade prospects.

He also said high inflation will dampen consumption growth and the country’s investment prospects. Consumption growth is a major growth driver for the Philippines while the government sees investment growth as a key to boosting job generation in the country. “[Inflation will] hurt mediumterm growth if it persists, as well as its disproportionate adverse effect on the poor,” Shetty explained.

On Friday the National Economic and Development Authority (Neda), Department of Finance (DOF) and Department of Budget and Management (DBM) said they remained committed to ensuring price stability despite the recent increase in inflation.

The economic team noted that the inflation rate of 6.7 percent in September was 0.3 percentage point higher than the 6.4 percent in crease, is expected to hit daily commuters with higher transport fares. “Because of the oil-price hike, the fares of ordinary people and transportation costs are most impacted. Right now, we have 180,000 vehicles covered by the PPP and have already been given the P5,000.”

Gatchalian batted for an increase in PPP subsidy “from P5,000 to P6,000” following the latest round of oil-price hike, adding that the program should even be expanded to include tricycles in the wake of the recent oil-price hike.

When the price of crude increases, he added, the government should also expand PPP coverage to include tricycles, which run on diesel, “because the tricycle fares charged to commuters will also go up. Tricycles should be included along with the public-utility vehicles [PUVs] that are getting subsidy through the PPP.”

Inflation easing?

THIS, even as Gatchalian noted the trend of inflation is showing signs of slowing down. “Hopefully, it will slow down further in the next few months.”

The senator, however, conceded that “we do not control the price of oil, which we import from outside...but we expect that oil supply will grow and, hopefully, when there is abundant supply the price will go down below $80 per barrel.”

“When it goes down from $80, then you can see some relief in lower prices of basic goods,” he added.

Asked about actions he anticipates to be taken by the Bangko Sentral ng Pilipinas, Gatchalian replied: “I expect maybe another 50 basis points until the end of the year but we are looking at it now [and] it’s a very volatile situation.... The situation now is quite fluid, so we need to closely monitor the situation in the Middle East with respect to oil, as that is truly one of the biggest factors for why we are getting hit by the spike in prices,” he said in a mix of English and Filipino.

At the same time, the chairman of the Senate Economc Affairs panel allayed concerns that continuing rise of inflation could trigger civil unrest.

“In the Philippines, that is impossible.

I don’t think there will be any civil unrest,” said Gatchalian. “Our unemployment numbers are going down. Our economy remains to be one of the strongest in the region; but of course, [there are these] aberrations, [these things we cannot] control like the global situation...but fundamentally we remain stable. We have our international reserves, they are still good for six to eight months, fundamentally we’re still very strong.”

August. This is slightly lower than the median market expectation of 6.8 percent and within the 6.3 to 7.1 percent forecast of the Bangko Sentral ng Pilipinas.

The Neda, DOF and DBM also said the increase in prices could ease with the passage of the bill amending Republic Act 8178, or the Agricultural Tariffication Act. This will convert the country’s quantitative restriction on rice into a tariff which will allow the entry of more rice imports.

As the country’s food staple, the share of rice to the total expenditure of households nationwide is at 8.92 percent, or nearly a tenth of the share of food and nonalcoholic beverages to the Consumer Price Index.

Multidimensional index

MEANWHILE, in order to better monitor poverty, the Neda said it will soon be adopting the multidimensional poverty index (MPI) in measuring and reporting on poverty.

MPI captures the multiple deprivations that each person is experiencing, with respect to educa-

tion, health and living standards.

It complements the income-based poverty indicators.

Neda Undersecretary for Policy and Planning Rosemarie G. Edillon said the MPI concept and methodology are ready to be presented to the board of the Philippine Statistics Authority (PSA) by the fourth quarter of this year.

“My own take in all these protestations is that perhaps we are reporting the wrong metric,” Edillon said, noting that the MPI serves as an alternative measure of poverty.

“Hopefully, the PSA can report periodically on this measure beginning next year.”

In 2015 the PSA reported that the country’s poverty incidence slowed to 21.6 percent. The government intends to bring this down to around 14 percent by 2022.

The PSA is currently in the process of conducting and collating the data for the Family Income and Expenditure Survey for 2018, which will be released next year. The FIES is the basis for the country’s poverty and hunger incidence monitoring efforts.

Each [inflation and the US-China trade war] is a threat in its own way....

[Inflation will] hurt medium-term growth if it persists, as well as its disproportionate adverse effect on the poor.”—Shetty

Inflation. . .

Continued from A1

“Inflation may yet peak in October because of higher oil prices but should moderate in November and December because of massive rice importation,” Chikiamco told the BusinessMirror in a message. “In fact, we saw inflation in NCR [National Capital Region] moderating already.”

Inflation in NCR slowed down to 6.3 percent in September, from 7 percent in August.

Asked if he thinks inflation in October will more likely breach 7 percent, Chikiamco said: “At this time, no. But again depending on [the] situation in Middle East.”

Moreover, he noted that it is more likely that inflation will not slow down, considering Iran sanctions will bite in November and jeepney operators are asking for higher fares.

If the wave of US sanctions targeting Iran’s oil and gas industry cuts Iranian oil supply completely, oil prices are seen to reach above $100 per barrel, according to an industry expert.

Iran is the third-largest oil producer among the members of the Organization of the Petroleum Exporting Countries.

De La Salle University Economics Prof.

Maria Ella C. Oplas also thinks that inflation in the fourth quarter, or from October to December, will likely be faster than the 6.7 percent posted in September.

“I don’t think inflation will go down on the fourth quarter. Historically, inflation for the fourth quarter really goes up because of spending related to the Christmas season.

Therefore, I wouldn’t be surprised if it continues to increase,” Oplas said. However, she also agreed with Chikiamco that it will likely not breach 7 percent because people will hold on to their money instead of spending.

“When people stop spending...inflation slows down,” she said in a message to the BusinessMirror. Last week analysts also said the executive issuances released by Malacañang on removing nontariff barriers and streamlining administrative procedures on importation can help moderate inflation, but they also believe the government must exert more effort in improving agriculture in order to fully address the problem, especially for the medium to long term.

Growth dampeners

CHIKIAMCO also argued that inflation, anemic agricultural growth and higher interest rates will again spoil the country’s growth for the third quarter. “[I] agree with [Budget Secretary] Ben [Diokno’s] assessment of GDP growth. Our agriculture remains our weak spot,” he said.

Earlier, Diokno said the country’s GDP

will likely grow by only at least 6 percent, as agriculture remains to be the weakest link of the economy.

For Jose Enrique A. Africa, IBON Foundation executive director, it is already “virtually impossible” for the government to achieve the 7.7-percent GDP growth in the second semester in order to meet its 7 to 8 percent growth target for the year.

“Inflation is accelerating, the peso is falling, oil is getting more expensive, interest rates are rising, remittances are slowing, and net exports are faltering,” Africa said. “Political instability is also growing with paranoid anti-government conspiracies and concerns about the real state of the President’s health. It is difficult to see even the acclaimed infrastructure offensive overcoming these.”

With these headwinds, Africa said it would be a “surprise if inflation moderates much in the fourth quarter.”

Nonetheless, IBON reiterated its call for the government to suspend the Tax Reform for Acceleration and Inclusion (TRAIN) law, which is blamed for the rising consumer prices.

IBON also suggested that the government implement price ceilings on basic necessities and prime commodities.

“Doing these would have sent a strong signal of the administration’s sincerity in addressing rising prices and would bring immediate relief for tens of millions of Filipinos,” the group said in a statement.

Meanwhile, resigned chief of the National Anti-Poverty Commission (NAPC) Liza Maza also agreed with Africa on the repeal of the “regressive” TRAIN law, as this landed more Filipino families in greater poverty due to the rise in food prices.

Maza said that a recent simulation by NAPC revealed that a 5-percentage-point rise in food inflation rate would already give rise to at least 330,000 new poor households.

Data from the Philippine Statistics Authority showed that food inflation in September was posted at 9.7 percent, a 6.1-percentage-point increase from the same month of last year at 3.6 percent.

“The spike in food prices and the implementation of the TRAIN law are by no means coincidental,” she said, adding that she found it “disturbing that the government’s economic managers continue to downplay, if not entirely dismiss, the impact of TRAIN on ballooning inflation....”

She then urged the government to come up with a truly progressive tax system that is based on the individual’s capacity to pay.

“We can no longer deny the ongoing crisis—and the government must take immediate and concrete steps to address this,” she added. “The TRAIN law will continue to hurt the poor even more in the coming days, unless we finally make it stop.”

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As is, ‘Trabaho’ bill could cause 30,000 workers in Subic Bay to lose jobs

By Elijah Felice E. Rosales

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@alyasjah

ANUFACTURERS in the Subic Bay Freeport Zone may be forced to lay off at least 30,000 workers to survive the rationalization of tax incentives under the current version of the Trabaho bill.

House Bill 8083, or the Tax Reform for Attracting Better and High-Quality Opportunities (Trabaho bill), could be brutal for the Subic work force. The measure that seeks to slash corporate income tax (CIT) on one hand and overhaul incentives on the other will compel locators in the free-port area to reduce its manpower.

Danny J. Piano, president of the Subic Bay Freeport Chamber of Commerce (SBFCC), told the BusinessMirror this could be the consequence if the government insists on passing the current version of the Trabaho bill. Estimates by the SBFCC put job losses at 30,000 to as many as 40,000.

The estimated job losses account for 22.5 percent to 30 percent of the nearly 133,000 workers, the majority of which are locals, employed in the economic zone.

Wilma T. Eisma, chairman and administrator of the Subic Bay Metropolitan Authority (SBMA), said the free port area employs 132,916 workers as of May. Eisma argued there will really be massive layoffs in Subic if the Trabaho bill, as passed by the House of Representatives, will be enacted into law. Piano couldn’t agree more.

“This [layoffs] won’t be happening all at the same time since companies have different transition periods depending on how long they are already getting their current incentives, and only if the House-approved bill will be the final one,” Piano said.

He explained locators are considering moving out of the country if the 5-percent gross income earned (GIE) granted to them is removed, as proposed under the Trabaho bill.

Locators pay this in lieu of local and national taxes.

“Nobody has intimated yet that they will definitely move out. What they are saying is that they will consider moving out depending on the final bill,” Piano said.

“However, the currently approved House Bill 8083, which will raise their [locators 10 years or more here] taxes from 5-percent GIE to 28-percent CIT by 2021, is unacceptable. What seemed to be an acceptable compromise is to extend the incentives by 10 years so that during the transition, they

BSP. . .

Continued from A1

previous month. Compared to the same month of the previous year, however, the decline was more sizable at $5.8 billion.

This is the country’s lowest GIR in more than seven years. The last time GIR was lower was in July 2011, when it hit $71.88 billion.

The BSP put the blame on the outflows arising from its foreignexchange operations, as well as the payments made by the national government for its maturing foreign-exchange obligations, and revaluation adjustments on the BSP’s gold holdings.

Reserves from foreign-exchange operations went down by about a billion dollars in a month alone, from August’s $6.68 billion to $5.85 billion in a month’s time.

The BSP earlier vowed to keep its presence in the foreign-exchange market to smoothen out any volatility that may be detrimental to the economy.

The peso averaged 53.942 to a dollar in September—weaker than

will already fall into the 20-percent CIT bracket,” he added.

Under the Trabaho bill, CIT will be reduced gradually down to 20 percent in 2029 from 30 percent.

On the other hand, it will remove a number of incentives, including the 5-percent GIE, which locators deem crucial in their decision to stay here.

The SBMA, as the manager and administrator of the Subic free-port area, is trying to come up with a compromise that will satisfy the interests both of the government and the locators, Eisma said in an interview with the BusinessMirror.

“The sad reality is if Trabaho bill gets passed as worded right now, there will really be looming loss of jobs. We just recently conducted a survey on some of our locators and they said that is what is going to happen,” Eisma explained in a mix of English and Filipino.

From this survey, the SBMA estimated 22,000 workers are at risk of losing their employment. However, she admitted the numbers could be higher, as firms that will be most affected are manufacturers that directly and indirectly employs thousands.

“I believe there can be a middle ground where the target of the Department of Finance can be met, and, at the same time, our targets could also be met. I’m trying to work on that,” Eisma explained.

“My agenda is to be able to maintain the sustainability and the competitiveness of Subic not just vis-à-vis the other zones, but more like the country, because we are competing with Cambodia, with Thailand. That competitiveness to me is very important to retain,” she added.

On the other hand, Piano said the Trabaho bill could attract more investors due to lower CIT, but it could also work against the government’s objective of creating jobs outside of Metro Manila, as investments in regional economic zones are seen to decrease with the removal of incentives.

“Companies locating outside of economic zones and free port [areas] will probably increase because of the lower CIT. Companies already inside will decrease because of the higher tax compared to what they are paying right now,” the SBFCC chief said.

Lawmakers from the House passed the Trabaho bill on third and final reading in September.

The measure, which is the second package of the Duterte administration’s tax-reform program, is now being scrutinized by senators. the 53.274 to a dollar in the previous month and the 51 to a dollar average in September 2018.

Its gold holdings also declined during the month from $7.62 billion in August to $7.58 billion in September. The BSP said this was due to the decline of the price of gold in the international market.

BSP not alarmed

THE BSP, however, expressed no concern about the drop in the country’s level of reserves.

In a statement, the BSP said at this level, the GIR “nonetheless continues to serve as an ample external liquidity buffer.”

The $75.16-billion GIR in September, according to the BSP, is still equivalent to 6.8 months’ worth of imports of goods and payments of services and primary income.

It is also equivalent to 5.9 times the country’s short-term external debt based on original maturity and 4.2 times based on residual maturity.

The BSP also said the decline could have been larger, if not tempered by the national government’s foreign currency deposits.

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NBI to conduct parallel probe on death of PDEA agents

By Joel R. San Juan

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@jrsanjuan1573

HE National Bureau of Investigation is set to conduct a parallel investigation into the killing of five agents of the Philippine Drug Enforcement Agency (PDEA) in Kapai, Lanao del Sur, last Friday.

Justice Secretary Menardo I. Guevarra said he has issued a directive to NBI Director Dante A. Gierran to look into the circumstances surrounding the ambush-slay of Kenneth Tabulo, Kristine May Torlao, Joy Amar, Binzo Dipolla and Diobel Pacinio. All five were PDEA-Autonomous Region in Muslim Mindanao agents.

“I have instructed Gierran to identify the people responsible for this act of cowardice against our anti-narcotics agents,” Guevarra told reporters in a text message.

The justice secretary said the NBI has been ordered to give priority to the incident and immediately submit its findings to his office.

Earlier, Lanao del Sur Gov. Bedjoria Soraya Alonto Adiong has appealed to the Philippine National Police to probe the killing of the PDEA agents.

“We assure the families of our fallen agents that we will urgently conduct a full investigation to identify the shameless criminals who committed this crime.... Their death will not go in vain,” PDEA Director General Aaron N. Aquino earlier said. “We will fight even more with fierce commitment and determination.”

Editor: Vittorio V. Vitug • Monday, October 8, 2018 A3

Comelec exceeds target voter registration figures

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By Samuel P. Medenilla

@sam_medenilla

HE Commission on Elections (Comelec) registered an additional 2.5 million people who would like to participate in the 2019 polls.

Comelec Spokesman James B. Jimenez said this was the outcome of their recently concluded voter registration from July 2 to September 29.

The figure exceeded the targeted 1.5 million

to 2 million new voters for the three-month registration period.

Jimenez attributed the positive outcome of their voter registration to the growing trust of the public in the country’s democratic process.

He said the Election Registration Boards (ERB) have already started screening the new applications they received before they could finally announce the final list of voters for the May 2019 midterm elections.

“Technically speaking, they are really not yet registered voters officially,” Jimenez said.

“Once they are approved by the ERBs, that is the only time one can say that an applicant is already a registered voter.”

Jimenez earlier said they will be able to determine the total number of ballots they print for the 2019 polls after getting the updated list of qualified voters.

Galvez in historic visit to MILF seat of power

By Rene Acosta

G

@reneacostaBM

EN. Carlito G. Galvez Jr. visited on Saturday Camp Darapanan and met with the top leaders of the Moro Islamic Liberation Front (MILF), making him the first chief of staff of the Armed Forces of the Philippines (AFP) to visit the Moro group’s seat of power in Maguindanao.

“Today, I came back to one of the most revered places, a place I can call home because here lives those gallant men I considered my brethren, those whom I had been working with for a peaceful Mindanao,” said Galvez, who met with MILF Chairman Al Haj Murad Ebrahim.

Galvez was joined by other top officials of the military, including those from the Western Mindanao Command, during the visit.

The chief of staff was heavily criticized in 2015

when, as the government representative to the Coordinating Committee on the Cessation of Hostilities (CCCH) with the MILF, he failed to prevent the massacre of 44 members of the police’s Special Action Force.

The police commandos were conducting antiterrorism operations against Malaysian bomb maker Zulkifli bin Hir, alias Marwan, and his Filipino cohort Basit Usman when they were ambushed by a combination of MILF fighters, terrorists and members of lawless groups in Mamasapano, Maguindanao.

During his meeting with Murad, Galvez conveyed the military’s all-out support to the peace process between the government and the MILF. “The President is always very supportive and serious in his guidance to the AFP in sealing the peace process here in Muslim Mindanao,” he said, adding that the conflict between the two forces is over.

“Today I can now declare that the war between the Armed Forces and the MILF is finally over,” Galvez added. “To my commanders, let us embrace our brothers and sisters, and give them respect and lasting peace that the Moro people deserve.”

The MILF leadership warmly welcomed the chief of staff, whom it considered its greatest friend in the military.

“General Galvez is well-known among our commanders, the friendship between the MILF and him is already strongly established due to the numerous incidents and challenges in the past that we have jointly faced and solved,” Murad said.

The MILF showed force during the meeting, with about 6,000 of its members lining up both sides of the 5-kilometer road from Cotabato City to Barangay Simuay in Maguindanao.

B.I. RESHUFFLES N.A.I.A. OFFICERS

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HE Bureau of Immigration (BI) on October 7 reshuffled around 500 officers assigned at the Ninoy Aquino International Airport (Naia).

Deputy Port Operations Division Chief Marc Red Mariñas said the move is “part of a continuing program by the agency to prevent fraternization and improve its services.”

Reporting to Immigration Commissioner Jaime Morente, Mariñas said the BI agents were notified of their new posting last Thursday.

The affected officers, who were on frontline duties, admitted they were surprised by the move, “as we do not expect the otation to happen before the year-end.”

Mariñas said the rotation only complied with Morente’s directive to regularly rotate BI officers at various passenger terminals. “No one [is] exempted from the rotation,” he said, adding that the scheme, which was first implemented in July, would be initiated again early next year.

“Aside from rotating terminal assignments, some officers were likewise transferred to other shifts, based on the results of the assessment of their work performance,” Mariñas noted.

He added that fraternization among the employees was oftentimes pinpointed as a major source of corruption in the government. ”The rotation is more of a preventive measure to thwart corruption,” Mariñas quoted Morente as saying.

The BI will continue to hire additional personnel in 2019.

Earlier, close to 100 immigration officers completed an immigration course at the Philippine Immigration Academy. Recto Mercene

A4 Monday, October 8, 2018 • Editor: Vittorio V. Vitug

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Bakers back calls to suspend fuel excise tax

By Jasper Emmanuel Y. Arcalas

T

@jearcalas

HE Philippine Federation of Bakers’ Association Inc. (PFBAI) may join the call for the government to suspend the increase in the excise tax on fuel next year to prevent further hikes in the price of bread products.

PFBAI Vice President Lucito Chavez said stakeholders in the bakery industry are set to hold a dialogue with the Department of Trade (DTI) and Industry this week to discuss the looming increase in bread prices.

“If that will be the biggest solution, one that would benefit a lot of Filipino people, then we are fine with that,” Chavez told the BusinessMirror when asked if his group would support the proposed

suspension of the second tranche of excise tax on fuel under the Tax Reform for Acceleration and Inclusion (TRAIN) law.

For 2018 to 2020, the TRAIN law indicated that the schedule increase in the excise tax on fuel may be suspended when the average Dubai crude oil price based on Mean of Platts Singapore for three months prior to the scheduled increase of the month reaches, or

FILE PHOTO

exceeds, $80 per barrel.

The Department of Finance is also tasked to perform an annual review of the implementation of

the excise tax on fuel.

More expensive diesel and LPG prices, the PFBAI official said, have prompted bakeries to con-

‘Mandatory insurance rule of POEA to hurt OFWs’

By Samuel P. Medenilla @sam_medenilla

A

MIGR A N T r ights g roup warned that the new policy of the Philippine Overseas Employment Administration (POEA) on mandatory insurance will lead to the displacement of overseas Filipino workers (OFWs).

United Filipinos in Hong Kong

(Unifil-Migrante-HK) Chairman Dolores Balladares-Pelaez said the POEA Governing Board (GB) Resolution 4 may discourage foreign employers from hiring OFWs since it will require them to pay additional fees.

For Hong Kong, she said the insurance will cost $144, which is equivalent to HK$1,200.

“The new mandatory insurance order will just add to the list of expenses

that employers are made to pay for and will merely increase friction between the employer and worker,” Pelaez said.

“This new fee might even lead to domestic workers losing their jobs.”

Hong Kong is one of the top destinations for Filipino household service workers (HSWs).

Pelaez said Unifil-Migrante-HK will reject the implementation of the new policy, which she described as

“another money-making scheme” of the government.

“We will make sure that this exaction will not push through. We will continue to fight until the mandatory insurance is scrapped,” she said.

GB 4, which was issued by the POEA just last month to amend its 2016 rules, requires principals to pay for the insurance coverage of both new OFWs and rehires from their selected insurance providers.

The certificate of insurance will be among the requirements an OFW must submit before they could be documented by the POEA. It stipulates that principals, who will pass the insurance premium to their OFWs, will face sanctions from the POEA. Prior to revision, recruitment agencies were required to pay for the insurance coverage of OFWs. Pelaez, however, expressed her concern over the ability of the POEA to enforce the new rule.

“There is no mechanism to ensure that the employer will pay for it,” Pelaez said.

In a text message, POEA Administrator Bernard B. Olalia told the BusinessMirror they are still working on the implementing rules and regulations (IRR) of GB 4 before fully enforcing it.

“We would have to consult stakeholders, so it may take some time [before we could enforce it],” Olalia said.

Regardless of the content of the IRR, Olalia said the OFWs will be able to file a complaint in the POEA if their principal will make them pay for their insurance premium.

“All of these will be addressed by POEA’s existing rules like for the filing of appropriate cases [against the erring employer],” Olalia said.

sider hiking the retail prices of Pinoy Tasty and Pinoy Pandesal.

Chavez noted that the price of raw materials used in producing

bread products, such as sugar, yeast, margarine, butter and flour, have also gone up over the past year.

“Definitely [we will increase our prices]. In a time when everything is going up, it is abnormal if there will be no price movement, as well,” he said.

“The price of yeast increased by almost 10 to 14 percent, while the prices of sugar rose by 40 percent over the previous year. Our prices have remained the same for the past two years,” Chavez added.

However, the PFBAI official did not provide an estimate as to the rate of increase in the retail prices of Pinoy Tasty and Pinoy Pandesal. He said the final figure would materialize after the meeting between industry stakeholders with DTI officials this week.

Local bakers have agreed to the appeal of the government to hold off the increase in the prices of Pinoy Tasty and Pinoy Pandesal until the end of the month.

TRAIN, inflation may put ‘sari-sari’ stores out of business

By Elijah Felice E. Rosales @alyasjah

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NCREASING prices of commodities could compel owners to close down their sari-sari stores. They said the introduction of new taxes early this year and now higher inflation make it doubly hard for them to survive, as they saw their sales decline by as much as 50 percent.

Rizalina of Taguig City said she used to earn around P5,000 daily from her sari-sari store. However, as prices of goods surged unprecedented levels the past months, her everyday sales went down to an average of P2,500.

Inflation, or the general increase in commodity prices, rose 6.7 percent in September, the Philippine Statistics Authority reported last Friday.

Government economists struggling to temper price hikes attributed the highest inflation in almost 10 years to supply disruptions caused by the onslaught of Typhoon Ompong.

The September inflation rate was 0.3 percentage points higher than the 6.4 percent recorded in August, and was 3.7 percentage points higher than the 3 percent posted during the same month last year. This put average inflation at 5 percent, way beyond the Bangko Sentral ng Pilipinas’s initial target range of 2 to 4 percent for 2018.

“Before, my total daily sales are about P5,000 at the average, [but] now my sales are much slower [that] I only earn about P2,500 per day.

Almost half of my sales are already lost,” Rizalina lamented.

In a statement, the Philippine Association of Stores and Carinde-

ria Owners (Pasco) claimed some of its members are now on the brink of shutting down their businesses.

“In the past few weeks, we have seen price increases of commodities, including the items we sell at our small stores because of the impact of the TRAIN law. Now, this continuing inflation-rate hike is racking up the prices of goods even higher [that] this might cause our micro-retail businesses to shut down,” said Victoria Aguinaldo, president of Pasco.

The TRAIN, or the Tax Reform for Acceleration and Inclusion, is the first package of the Duterte administration’s tax-reform program. It exempted workers with a gross annual income of P250,000 and below from paying personal income tax, but imposed additional taxes on oil, sugary drinks and automobiles, among others.

According to Pasco, price increases impact consumption, which, in turn, affect consumer frequency of purchase. Cathy of Pasay City, for one, noticed how the recent price spikes reduced the volume of goods her customers buy. “Often, our customers are shocked by the sudden price increases of commodities that we sell. Before, they can buy two items [with their budget], now they can only afford one,” Cathy said.

As much as she wants to keep her selling prices lower than competitors, she said she cannot afford to do so, as she will certainly incur losses.

Unless the accelerating inflation is mitigated soon, Pasco argued it will be difficult for sari-sari store owners to keep up. “Consequently, this trend will be detrimental to the growth or even just the survival of our microretailers,” the group said.

Small toilets to benefit poor in megacities–expert

By Cai U. Ordinario

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@cuo_bm

MALL sanitation schemes will benefit the urban poor, especially those living in megacities in Southeast Asia, including Metro Manila, according to an Asian Development Bank (ADB) expert.

In an Asian Development Blog, ADB Independent Evaluation Department Principal Evaluation Specialist Tomoo Ueda said governments should prioritize small sanitation facilities rather than big off-site sanitation facilities.

Ueda said this will allow these sanitation facilities to reach the urban poor better. Currently, in developing Asian countries, only 45 percent of the urban population is currently connected to a sewer system.

“Some big cities in Southeast Asia, like Bangkok and Manila, rely on decentralized, on-site sanitation.

Outside the region, a similar situa-

tion can be found in cities in Ghana, Kenya and Peru,” Ueda said.

“For these systems to function, they need to be regularly maintained. Small-scale providers do this through septic-tank emptying, waste recycling and building latrines. This vital but largely unregulated sector receives little support,” he added.

Ueda said development banks, including the ADB, should extend support to these small sanitation schemes either through concessionary loans and/or equity investments.

He said supporting these kinds of schemes augurs well for not only meeting the Sustainable Development Goal (SDG) of providing sanitation for all but also addressing rapid urbanization.

The ADB Principal Evaluation Specialist said 46 percent of Asia’s population is projected to be urban by 2020.

This means sanitation solutions must already include the poor living in cities.

“A big push by development banks to support these actors through access to finance—for example, through concessionary loans and equity investments—and by using policy dialogue to regulate these services to raise their quality could be a game changer,” Ueda said.

Earlier, 3M Philippines Government Affairs and Markets Leader Christopher A. Ilagan said the National Economic and Development Authority had a framework to improve water supply and sanitation nationwide. But more needs to be done to turn this framework into actual projects on the ground.

The policy brief even stated that meeting water-related SDGs by 2030 will require the country to invest P31 billion to P32 billion annually.

Around P17 billion of this, Ilagan said, is only for meeting the minimum requirements for water-related indicators, which is universal access.

Editor: Angel R. Calso

The World BusinessMirror

Monday, October 8, 2018

A5

orders banks to lend more Increased dollar dependence sets China to entrepreneurs amid trade spat world up for ‘liquidity crunch’ B

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HE current run-up in US Treasury yields and the dollar pose a major stress test for a global financial system that has become even more dependent on the American currency since the last credit conflagration.

Mehul Daya and Neels Heyneke, strategists at South Africa’s Nedbank Group Ltd. who have analyzed the role of the greenback’s liquidity in past crises, argued that “a stronger US dollar and the global

cost of capital rising is the perfect cocktail, in our opinion, for a liquidity crunch” in a note on Thursday.

A key feature of the global financial crisis a decade ago was a chronic shortage of dollars

that eventually spurred the Federal Reserve to set up swap lines with more than a dozen central banks to ease funding pressures.

Yet the world has doubled down since then: dollar credit to borrowers outside the US—excluding banks—climbed to 14 percent of global gross domestic product by March, from 9.5 percent at the end of 2007, according to estimates cited in a Bank for International Settlements paper.

Growth of credit in dollars has outpaced that of other foreign currencies in all major emergingmarket regions, BIS economists Inaki Aldasoro and Torsten Ehlers

wrote in a paper last month. That’s a danger given that “international bond investors tend to retreat quickly when US rates rise,” they wrote. An appreciating dollar also “increases tail risks” for fund managers holding emerging-market assets, they said.

For their part, Daya and Heyneke concluded in a separate note last month that “as the global economy and financial system have become more systemically leveraged, their sensitivity to changes in the cost of global capital has increased; hence, we believe the next downturn may be more serious than previous ones.” Bloomberg News

Pompeo seeks allied unity in dealing with North Korea

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OKYO—America’s top diplomat left Tokyo for Pyongyang on Sunday after pledging that the US will coordinate with allies Japan and South Korea on efforts to persuade North Korea to give up its nuclear weapons.

On the eve of his fourth visit to North Korea, US Secretary of State Mike Pompeo met on Saturday with Japanese Prime Minister Shinzo Abe to try to unify the countries’ positions as he looks to arrange a second summit between President Donald J. Trump and North Korean leader Kim Jong Un and chart a path toward denuclearization.

Japan has been wary of Trump’s initiative, fearing it could affect its long-standing security relationship with the US. Pompeo said it was important to hear from the Japanese leader “so we have a fully coordinated and unified view.” Pompeo also pledged that during his meeting with Kim on Sunday, he would raise the cases of Japanese citizens abducted by North Korea.

Pompeo later planned stops in South Korea and China to review the negotiations.

“It is important for us to hear from you as I travel to Pyongyang to make sure that we are fully in sync with respect to missile programs, [chemical and biological weapons] programs,” Pompeo told Abe. “We will bring up the issue of the abductees as well and then we will share with you how we hope to proceed when we are in Pyongyang tomorrow.”

Trump is pressing to meet with Kim for a second time after their June summit in Singapore produced a vague agreement on denuclearization with few, if any, specifics. Despite the historic meeting, the two sides are deadlocked over how to achieve that goal. Trump canceled Pompeo’s initial planned return to North Korea last month.

In contrast with South Korea, where President Moon Jae-in has been at the forefront of encouraging Trump’s rapprochement with

EIJING — Chinese banks were told by the government on Sunday to lend more to entrepreneurs to help shore up flagging economic growth amid an escalating trade dispute with Washington.

The central bank said it had released 750 billion yuan ($109 billion) for additional lending by reducing bank reserve requirements by 1 percent. It said the money was for small enterprises—the official term for private companies that generate China’s new jobs and wealth.

The dispute with the US is adding to downward pressure on an economy that already was forecast to cool after Beijing tightened lending controls to rein in a debt boom.

The Asian Development Bank says China’s economy is expected to expand at a 6.6-percent annual pace this year but slow to 6.3 percent in 2019.

US President Donald J. Trump last month imposed a tariff increase on $200 billion of Chinese goods over what he has labeled unfair trading practices and intellectual-property demands. Beijing responded by im-

posing penalties on $60 billion of American products. That was on top of an earlier duty increase by both sides on $50 billion of each other’s goods.

However, Beijing has refused to yield to US complaints that the Chinese government steals or pressures foreign companies into handing over technology.

The United States, Europe and other trading partners say initiatives such as “Made in China 2025,” which calls for state-led creation of champions in robotics and other fields, violate Beijing’s obligations to open up its market to foreign companies.

American officials worry they might erode US industrial leadership.

In its Sunday statement, the Chinese central bank said some of the liquidity released by the reserve rate cut will be used to pay back 450 billion yuan ($65.5 billion) of a medium-term lending facility that will mature on October 15.

The cut will “fill in the liquidity gap of banks” without easing monetary policy and putting downward pressure on China’s currency, the yuan, the bank said. AP

EC president: Brexit deal getting closer

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US Secretary of State Mike Pompeo (left), and Japanese Prime Minister Shinzo Abe (right), speak during a meeting at Abe’s office in Tokyo on Saturday.

Pompeo has arrived in Tokyo for talks with Japanese officials ahead of his trip to North Korea. AP PHOTO/EUGENE HOSHIKO

the North, Japan has been decidedly cautious, insisting its interests and concerns be addressed.

Abe did not speak of differences but highlighted the importance of demonstrating to the world that the US-Japan alliance is “more robust than ever” and stressing the importance of “thorough coordination” with Washington on all aspects of North Korea policy.

Pompeo has repeatedly refused to discuss details of negotiations, including a US position on North Korea’s demand for a declared end to the Korean War and a proposal from Seoul for such a declaration to be accompanied by a shutdown of the North’s main known nuclear facility.

The US and Japan have pushed for the North to compile and turn over a detailed list of its nuclear sites to be dismantled as a next step in the process; the North has rejected that.

Japan’s foreign minister, Taro Kono, said the accounting continues

to be a priority for his country.

“Disclosing all nuclear inventories is the first step toward denuclearization,” he told reporters after Pompeo wrapped up his meeting in Tokyo.

Kono also said he and Pompeo didn’t go into details of a possible war-end declaration because it’s premature while there is virtually no progress in denuclearization. “We are not even talking about whether to do it or not,” he said. “It’s not an issue that we are even considering.”

Many believe such a declaration could reinforce North Korea’s demands for the US to withdraw its forces from South Korea and Japan.

While traveling to Asia, Pompeo said his mission was to “make sure that we understand what each side is truly trying to achieve... and how we can deliver against the commitments that were made” in Singapore.

He said they would develop options, if not finalize, the location and timing of a second Trump-Kim summit.

He has also distanced himself from an earlier stated goal of achieving North Korea’s nuclear weapons abandonment by the end of Trump’s term in January 2021.

Since the effort got under way with a secret visit to the North by then-CIA chief Pompeo in April, there has been only limited progress.

North Korea so far has suspended nuclear and missile tests, freed three American prisoners and dismantled parts of a missile engine facility and tunnel entrances at a nuclear test site. It has not taken any steps to halt nuclear weapons or missile development.

The North also has accused Washington of making “unilateral and gangster-like” demands on denuclearization and insisted that sanctions should be lifted before any progress in nuclear talks. US officials have thus far said sanctions will remain in place until the North’s denuclearization is fully verified. AP

ONDON—The chances of Britain and the European Union striking a Brexit deal on their divorce are rising, one of the bloc’s leaders said, amid reports the two sides are moving closer on the fraught issue of the Irish border.

European Commission President Jean-Claude Juncker told three Austrian newspapers in comments published on Saturday that “the rapprochement potential between both sides has increased in recent days.”

Negotiations faltered after the EU said last month that British Prime Minister Theresa May’s proposal for post-Brexit economic relations was unacceptable.

The two sides spent days trading bad-tempered barbs, with EU leaders demanding an apology after British Foreign Secretary Jeremy Hunt compared the bloc to the Soviet Union.

But officials have been meeting behind the scenes before a key summit in Brussels on October 17 and 18. EU leaders say there needs to be major progress at the meeting for there to be a deal before Britain leaves the bloc on March 29.

A tentative meeting has also been penciled in for November if there is still work to be done. A deal needs to

be sealed within weeks if the European and British parliaments are to have time to approve it before March.

Donald Tusk, president of the European Council of EU leaders, said on Saturday that “in October, we will try to either finish or at least bring our positions close.”

He told an audience in Krakow, Poland, that “that there is a chance ... agreement can be reached before the end of this year.”

The main obstacle is ensuring there are no customs posts or border checks along the frontier between the UK’s Northern Ireland and EU member Ireland. Both sides say the border must be kept open, but haven’t agreed on how that can be accomplished.

The Irish border impasse has heightened fears that the UK could find itself crashing out of the bloc without a deal. The UK government has acknowledged that could leave planes grounded and trucks backed up at British ports.

Juncker said a “no-deal” Brexit would be bad for both Britain and the EU. “Our will is unbroken to reach agreement with the British government,” he said. AP

Indonesia disaster death toll climbs to 1,763

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ALU, Indonesia—Indonesia’s disaster agency says the death toll from the earthquake and tsunami that struck Sulawesi island has risen to 1,763, with more than 5,000 feared missing.

Agency Spokesman Sutopo Purwo Nugroho says officials are trying to confirm the number still missing in several villages obliterated when

the quake caused loose soil to liquefy, sucking houses into deep mud and burying occupants.

He provided the updated figure on Sunday at a news conference in Jakarta.

The twin disasters struck Palu and surrounding districts in Central Sulawesi province on September 28. AP

The Regions

A4 Monday, October 8, 2018 • Editor: Dennis D. Estopace A6

BusinessMirror

SSS sets aside ₧1.61 billion for Ompong-hit victims

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By Rea Cu

@ReaCuBM

HE Social Security System (SSS) has allocated P1.61 billion under its calamity assistance program (CAP) for more than 1 million of its active members and pensioners who were affected by Typhoon Ompong last month.

SSS President and CEO Emmanuel F. Dooc said the private pension fund manager started offering calamity loan on October 5. Aside from the latter, the SSS also offers members to secure in advance an amount equivalent to three-month pension and direct house repair and improvement loan under the CAP. Typhoon Ompong (international code name Mangkhut) struck Luzon on September 15. “[The] SSS recognizes that a large number of members residing in Luzon are currently struggling

to recover from the devastation of Ompong,” Dooc said. “That’s why we are always here to give them financial assistance, in this way, to help pay for their basic necessities and rebuild their houses.”

Qualified members for CAP are those with home address in calamitystricken areas declared by the National Disaster Risk Reduction and Management Council (NDRRMC).

These are Abra, Apayao, Benguet, Ifugao, Kalinga, Mountain Province, Ilocos Norte, Ilocos Sur, La Union,

Pangasinan, Batanes, Cagayan, Isabela, Nueva Vizcaya, Quirino, Aurora, Bataan, Bulacan, Nueva Ecija, Pampanga, Tarlac and Zambales.

Under the CAP, affected members can apply for calamity loans of up to P16,000 if they are paying contributions based on the maximum monthly salary credit (MSC). They should have at least 36 monthly contributions, six of which must be paid within the 12-month period preceding the date of application.

The state-run pension fund said the calamity loan assistance is separate from the regular salary loan.

According to Dooc, the calamity loans are more affordable and have flexible payment terms payable in two years in equal monthly installments with an annual interest rate of 10 percent and 1-percent monthly penalty for late payments.

“We have also waived the 1-percent service fee to help reduce the applicant’s expenses,” he added.

SSS data revealed more than 800,000 paying members were affected by Ompong. Of this number, the pension fund identified over 80,000 potential borrowers with an average

SNAP, LGUs ink deal for Alimit Hydropower

By Lenie Lectura

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@llectura

N Aboitiz Power (SNAP) and the municipal governments of Aguinaldo, Lagawe and Mayoyao signed a framework agreement on the proposed Alimit Hydropower Complex to be located in Ifugao province.

The agreement outlines the cooperation, collaboration and obligations between and among SNAP as project proponent and the municipalities as hosts during the development and operation phase of the project, which is undergoing permitting and further feasibility studies.

It was signed on October 4.

The project is composed of the 20-megawatt Ollilicon and the 120MW Alimit hydroelectric power plants.

The technical studies for the third component, the 250-MW Alimit Pumped Storage, have been temporarily suspended due to market constraints.

SNAP was issued the renewable energy service contract for the project in 2014.

The signed agreement brings the renewable energy company and Ifugao a step toward building the first hydropower facility in the province.

“It took us four years to achieve this milestone. What we are trying to build here are a partnership and a relationship with our stakeholders. We can achieve these,” SNAP President and CEO Joseph Yu said. “If we are all willing to commit, we have a better chance of succeeding.”

Ifugao Gov. Pedro G. Mayam-o emphasized the need to develop Ifugao’s rich natural resources with a responsible partner, citing the province’s lack of industries to power its economy.

“Water is a resource we are rich with. We have a very good and sincere company to help us develop this so we can benefit from it,” Mayam-o said. He added that the project “will increase power supply, improve irrigation system, add taxes and raise employment opportunities.”

Guided by the principles of “voluntariness, collectivity, generosity, preservation of relationships and unity, and empowerment,” the parties have developed the agreement to operationalize the Alimit Complex’s completion and to realize the socioeconomic programs that come with it, aimed mainly

monthly salary credit of P10,000.

Dooc said overseas Filipino workers who are SSS members and reside within the declared calamity area are also qualified to avail themselves of the calamity loan.

“They just have to issue an authorization letter to their representatives who will file the CAP applications on their behalf.”

Meanwhile, pensioners affected by Typhoon Ompong have the privilege to get their three-month pension in advance. They need only to present a barangay certification as proof that they reside in an NDRRMC-declared calamity area.

The filing of documents for the SSS CAP is until January 4, 2019, while loan application for direct house repair and improvement is until October 4, 2019.

Dooc said members who are still paying their loan balance under the SSS loan restructuring program and previous calamity loans, as well as those with final benefit claims such as for total permanent disability and retirement, are not qualified under the program for Ompong-affected members.

to fast-track development and progress in host communities.

SNAP, developer and operator of 100-percent renewable energy facilities, is a joint venture of SN Power of Norway and AboitizPower. It owns and operates the 380-MW Magat hydro on the border of Isabela and Ifugao; the 8.5-MW Maris hydro in Isabela; the 105-MW Ambuklao hydro in Benguet; and the 140-MW Binga hydro also in Benguet.

Representing Ifugao in the signing were Mayam-o, Peter Pinalgan from the Office of the Vice Governor, Aguinaldo Mayor Gaspar Chilagan Jr., Lagawe Mayor Martin Habawel Jr., Mayoyao Mayor Ronie Lumayna, members of the municipal council, councils of directly affected barangays and officers and members of indigenous peoples’ groups.

SNAP was represented by its President and CEO Joseph Yu, Chief Business Development Officer Kjell Valdal, Chief Corporate Services Officer Michael Hosillos and members of the business development and community relations teams.

www.businessmirror.com.ph

Francis asking Pinoys to pray for Church–Apostolic Nuncio

By Samuel P. Medenilla @sam_medenilla

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OPE Francis called on Filipinos on Saturday to pray for the Church as it is faced with difficult issues, including its ongoing “purification of its ranks.”

The appeal was made

by Apostolic Nuncio to the Philippines Gabriele Giordano Caccia during his 20-minute homily on Saturday in Batangas.

“He has fond memories of his visit in the Philippines and he always keeps you Filipinos close to his heart,” Caccia said.

“Please remember to pray for him, especially in his difficult time,” he added.

Pope Francis visited the country in 2015 to meet with the victims of Supertyphoon Yolanda (international code name Haiyan).

In a news conference, Caccia said the Church is now trying to address pressing social and economic concerns.

These include problems faced by families; environment; injustice in society between the rich and

the poor; migrant, immigrants and refugees and wars.

“There are many many issues to which we need to have the helping hand of God, the Holy Spirit,” Caccia said.

Also included in the said list are the ongoing internal reforms being implemented by the Church. “ The pope also spoke about purification and scandals inside the Church,” Caccia said.

The Church was hit earlier this year with several allegations of sexual abuses committed by its clergy.

One of the prominent cases was in Chile, where 34 bishops offered to resign for their inaction on the abuses of their priests and even one of their own.

A comprehensive report on the incident later prompted Pope Francis to accept the resignation of three of the said bishops and apologize to the victims of the said abuses.

The incident led to increasing public pressure on the Catholic Church to make its clergy more accountable for their actions.

Port of Legazpi exceeds collection target–BOC

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HE Bureau of Customs (BOC) said the revenue collections of the Port of Legazpi already exceeded its annual collection target for this year amounting to P294.108 million, three months ahead before the year ends.

According to Port of Legazpi District Collector Michael Vargas, the port collection from January to September this year has reached P294.108 million, breaching the set annual target for the port of P287 million.

“The port’s improved collection performance is attributed to the importers of Legazpi that have consistently helped the customs achieve and surpass its revenue collection target,” Vargas said.

Based on data from the BOC, a total of P126.651 million worth of duties and taxes were collected from a cement company in Legazpi, the sole regular importer of the port, while P83.901 million in duties and taxes were paid by one of the rice importers under the minimum access volume (MAV) program in Legazpi.

The bureau added that other top import commodities that contributed to the port’s improved

revenue collection performance include palm oil and Portland cement.

“With the continuing cooperation and commitment of all employees to find ways and means to enhance the port’s revenue collection, the revenue surplus is expected to increase in the days ahead,” he added.

Last week the BOC reported total collections of P435.964 billion from January to September, higher by 34.6 percent than the P323.824-billion collection in the same period for 2017.

The Januar y-to-September collection also breached the target for the period of P429.564 billion.

The BOC still needs P162.136 billion in collected revenues in order to hit its full-year target for 2018 of P598 billion.

The BOC’s Financial Service Division attributed the growth in revenues to the increased volume and value of goods and the higher exchange rate, also made possible through the improved and correct valuation and tariff classification being implemented in all ports. Rea Cu

PPI organizes federalism seminars for journalists

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HE Philippine Press Institute (PPI), also known as the national association of newspapers, in partnership with the Pimentel Institute for Leadership and Governance and with support from the Hanns Seidel Foundation, a nonprofit association funded mainly by the Federal Government of Germany, will conduct two seminarworkshops for journalists on Understanding Federalism in the Philippine Context from October 8 to 10 in Cagayan de Oro City for Mindanao media and October 11 to 13 in Manila for Luzon and NCR media.

The workshops aims to discuss the salient points of the draft Charter on federalism, significant aspects and characteristics of a federal form of government, and various issues surrounding the proposed federalism, such as the allocation of authority and power between national and state governments, taxation and management and distribution of natural resources, to name a few. The Peace Process and Bangsamoro Organic Law will also be presented.

Thirty journalists for each leg are expected to participate in the two-day seminar whose program includes a group activity, a panel discussion and a mini-press conference.

PPI Executive Director and Trustee Ariel C. Sebellino said the activity is the first-ever media-initiated seminar-workshop

for journalists that will focus on the draft Charter.

“We want to contribute to the discourse and, in a way, educate the public and, engage stakeholders for insightful discussion,” he said. Sebellino added there’s more to the federalism issue than just the pros and cons.

“We are not promoting it or campaigning against it.”

Former Sen. Aquilino Q. Pimentel Jr., regarded as the father of the Local Government Code, in support to the Proposed Recommendations of the Consultative Committee (Con-com) for the Adoption of the Federal System of Government for the Republic of the Philippines, believes that both Christians and Muslims, including the indigenous peoples, will benefit from the federated regions.

“I am confident that law and order, leading to peace and development, will follow as a matter of course,” Pimentel said.

He lauded the Consultative Committee for its recommendations that “now place the right of our people to modernize our country and develop themselves at the doorsteps of the citizens of our Republic who are residing in the proposed Federated Regions.”

Among the more outstanding provisions recommended for inclusion in the new Constitution are the articles that assure our people actual and speedy delivery of justice, he added.

“For delay in the delivery of

justice is one of the most pressing problems of our land,” Pimentel said. “And without justice, our living lives worthy of human beings would be impossible.”

Pimentel will be the pro-federalism panelist in the Manila leg.

Joining him in the panel are Maria Lourdes N. Tiquia of Publicus Asia and Romel R. Bagares of the Center for International Law. Goetz Heinicke, resident representative of the Hanns Seidel Foundation in the Philippines, said that Filipinos have to decide whether or not federalism makes sense for the Philippines.

“As a foreigner and visitor to this country, I cannot and I do not have to answer this question,” Heinicke said. “But I am quite proud to come from Germany, a federal country, in which Bavaria, ‘my federal state,’ has developed from the poorest state after WW II to the best, richest and most attractive one today, thanks to the federal system that we introduced in our new Constitution in Germany after the war.”

He also believes the shift to a federal system cannot be done by somebody alone and means hard work and engagement for everyone, especially for the civil society.

President Duterte has declared his intention to change our current form of government to a federal form. A Con-com was formed to study this option and elicit public support.

Agriculture/Commodities

www.businessmirror.com.ph

Group chides DAR for seeking expansion of oil palm plantation

HIGH-QUALITY yield oil palm fruits. GOH SENG CHONG/BLOOMBERG

By Jonathan L. Mayuga @jonlmayuga

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ARMERS belonging to the militant group Kilusang Magbubukid ng Pilipinas (KMP) on Sunday criticized the Department of Agrarian Reform (DAR) for pursuing the expansion of oil palm plantations in Palawan, Central Visayas and Mindanao.

The group said the DAR has a lot of explaining to do for “agressively promoting” oil palm over rice and other agricultural food in the face of diminishing land devoted to food production.

“Farmers have no farm to cultivate. We need to enhance palay [rice] production to meet the increasing demand. Why cultivate palm oil and expand areas devoted to it,” KMP Chairman Danilo Ramos said in a statement.

The DAR is soliciting proposals from its regional offices for the oil palm expansion program that was directed by President Duterte in July.

The KMP noted that the expansion is part of the National Roadmap on Oil Palm that targets to expand oil palm plantations in the country to 1 million hectares by 2023.

The initial 80,000-hectare expansion is targeted in Palawan, Central Visayas, Northern Mindanao, Caraga, Southern Mindanao, Socckssargen and the Autonomous Region in Muslim Mindanao.

Based on the road map, the government intends to utilize 353,000

hectares of land in the countryside for oil palm.

“We need our lands for rice and food production. There are millions of landless farmers. Why would the DAR devote vast tract of lands for the expansion of oil palm plantations that would mainly benefit foreign companies?” Ramos said.

Malaysian firm Alif Oil Trading Inc. is reportedly eyeing to invest $1 billion for oil palm plantation in the Philippines. It requires 128,000 hectares of land for palm oil in Agusan del Sur. The President wanted to integrate the palm-oil cultivation under the administration’s efforts to close deals with the communist rebels in Mindanao, noting that vast areas of lands they occupied are suitable for palm plantations.

At present, more than 24,000 hectares are devoted to oil palm plantation, mainly in the Caraga region, considered as among the poorest regions in the country.

The country has eight palm oil mills owned by six firms, namely: Univanich Carmen Palm Oil Mill, Filipinas Palm Oil Plantation Inc., Kenram Industrial and Development Inc., A. Brown Energy Resources Devt., PALM Inc. and Agumil Phil Inc. On October 11 KMP, together with the Philippine Network for Food Security Programmes and other land-reform advocates, will sponsor a national conference on anti-landgrabbing.

NBI joins probe on missing smuggled rice in Zamboanga

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HE Department of Justice (DOJ) has ordered the National Bureau of Investigation (NBI) to join the ongoing probe on the sacks of smuggled rice in Zamboanga City, which went missing on September 30.

“I have directed the NBI to assist the Bureau of Customs [BOC] and the National Food Authority [NFA] in the investigation of the missing 23,015 sacks of confiscated smuggled rice in Zamboanga City,” Justice Secretary Menardo I. Guevarra said in a statement on Sunday.

“I will leave it to NBI Director [Dante] Gierran to determine if his agents down south could do a credible investigation or the Anti-Smuggling Task Force at the head office should do it,” Guevarra said.

The NBI is one of the attached agencies of the DOJ. The BOC has already started looking into the facts and incidents that led to the disappearance of the 23,015 sacks of alleged smuggled rice.

It was reported that President Duterte was upset upon learning of the missing 23,015 sacks of rice that were intercepted from three vessels by the Philippine Coast Guard (PCG), Philippine Drug Enforcement Agency and the Intelligence Service of the Armed Forces of the Philippines and turned over to the BOC—for inventory and

issuance of a warrant of seizure and detention.

On October 4 two Customs officials in Zamboanga City have been placed under “administrative relief” pending investigation of the missing sacks of smuggled rice.

Presidential Spokesman Harry L. Roque Jr. said BOC Chief Isidro S. Lapeña has ordered the preventive suspension of Port of Zamboanga District Collector Lyceo Martinez and Customs Police District Commander Filomeno Salazar.

Roque said the two officials were suspended so that they could not “tamper with evidence and cannot influence the investigation.”

“I got a text from the Executive Secretary [Salvador Medialdea] asking me to inform the nation that President [Rodrigo Duterte] was visibly upset with the missing 23,015 sacks of apprehended smuggled rice in Zamboanga City,” Roque said in a Palace briefing.

Roque said the incident showed that there is smuggling, that smuggled rice is being sold in the market, and that there are warehouses that are hoarding rice.

At present, he said officials of the BOC could be held liable for the missing sacks of smuggled rice.

To date, 16,000 sacks have been recovered from various privately owned warehouses. PNA

BusinessMirror

Editor: Jennifer A. Ng • Monday, October 8, 2018 A7

Sugar output seen rising by 7%

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By Jasper Emmanuel Y. Arcalas

@jearcalas

HILIPPINE sugar production in marketing year (MY) 2018-2019 could grow by at least 7 percent to 2.225 million metric tons, from the previous year’s output of 2.1 MMT, according to a Global Agricultural Information Network (GAIN) report.

The GAIN report, which was prepared by the US Department of Agriculture-Foreign Agricultural Service in Manila, based its projection on the expected recovery of sugarcane output in the country.

The report noted that total sugarcane milled in MY 2017-2018, which runs from December 2017 to November 2018, would increase slightly to 24 MMT from 23.86 MMT recorded in the previous MY. “Industry sources, however, believe that raw sugar output may be even lower than what is officially projected by the Sugar Regulatory Administration [SRA], due to continued farm labor shortages and possible unfavorable weather

conditions contributing to the low sugar content of cane produced,” the report read.

The GAIN report projected that the country’s sugar demand in MY 2017-2018 would remain flat at 2.25 MMT “as demand for sugar by industrial users remains strong due to import restrictions and increased taxes on sugar substitutes.”

Furthermore, the GAIN report expected that the country’s sugar imports in the same period would climb to 300,000 metric tons, from 200,000 MT to augment local supply.

Earlier, the SRA said it expects sugar output in crop year (CY) 20182019, which kicked off on September

1, to recover and grow by nearly 6 percent to 2.225 MMT. In Sugar Order 1 it issued in August, the SRA estimated that total sugar output in the current crop year would be higher than the 2.1 MMT produced in CY 2017-2018.

The decline in the country’s sugar output in CY 2017-2018 has been attributed to “unfavorable weather conditions,” particularly the increase in rainfall over some sugar-producing provinces. Rains affect the yield of sugarcane, as wet canes have lower sugar content.

Under SO 1, the SRA allocated 95 percent of the total estimated sugar output in CY 2018-2019, or some 2.114 MMT, for the domestic market.

The remaining 5 percent, or around 111,250 MT, would be shipped to the United States.

The SRA expects total area planted with sugarcane in CY 2018-2019 to reach 423,447.61 hectares, which would produce about 24.702 MMT of sugarcanes.

Direct selling

THE Confederation of Sugar Producers (Confed) in Negros said some of their member-planters have started to sell sugar directly to consumers should be lower than

the prevailing retail prices.

Confed-Negros member-planters under the La Carlota Mill District Multi-Purpose Cooperative and the Associacion de Agricultores de La Carlota Y Pontevedra sold washed, or premium raw sugar, at P45 per kilogram, compared to the prevailing retail price of P48 per kg to P56 per kg.

The group made the initiative following a dialogue with SR A Administrator Hermenegildo Serafica wherein they discussed how the sugar planters could help in addressing the country’s high inflation rate. The meeting was held in Talisay City, Negros Occidental.

Confed-Negros President Nicolas Ledesma said he will propose that the initiative be replicated across all sugar districts nationwide. “[We are doing this] as part of our share in helping this government that has also helped us in the past two years, when the sugar industry was beset with problems, particularly on the entry of high fructose corn syrup,” Ledesma said in a statement over the weekend.

Confed is the biggest group of sugar producers, accounting for over 65 percent of the total sugar farmers in the Philippines.

Californians weigh making egg-laying hens cage-free by 2022

BLOOMBERG

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AN FRANCISCO—California voters are right to think they already weighed in on how big cages should be for egg-laying hens.

In 2008 voters ushered in Proposition 2, which sought to free egg-laying hens from tiny cages. It didn’t outlaw cages but barred California farmers from keeping hens—as well as calves raised for veal and breeding pigs—in pens so small they virtually couldn’t move.

Since then, supermarket shelves have filled with cagefree egg varieties. Corporations like McDonald’s, Costco and Taco Bell have committed to using cage-free products.

But a decade later, voters are being asked to revisit the issue with Proposition 12, the Farm Animal Confinement Initiative.

The Humane Society of the United States, the issue’s primary proponent, says the measure is needed to update California standards and to apply those standards to outof-state farmers selling their products in California.

The earlier initiative simply stated the three types of animals must be able to turn around freely, stand up and fully extend their limbs—but set no specifics.

A “yes” vote for Proposition 12 would create new minimum size requirements for confinement pens for all three animals and require that all egg-laying hens be cage-free by 2022.

It would also ban the sales from other states not meeting California’s standards. The Humane Society calls the measure a “commonsense reform” that strengthens a decadeold animal cruelty law and gives farmers a phase-in time to shift to more humane practices.

“Most of the eggs sold in California come from birds confined in cages where it’s hard for them to even move.

They have to eat, sleep, defecate and lay eggs in the same small space every day for their entire life,” said Josh Balk, vice president at the Humane Society of the United States.

“Proposition 12 ensures that the pork sold in California, the veal sold in California and the eggs sold in the state come from [animals] not confined in cages.”

Specifically, the measure would require, starting in 2020, a calf confined for production to have at least 43 square feet (4 square meters) of floor space to roam in, while each pig would have to be given 24 square feet (2.2 square meters) of floor space starting in 2022.

Egg-laying hens, starting in 2020, must be given 1 square foot (0.1 square meter) of floor space each, and have to be cage-free by 2022, according to Proposition 12.

According to findings of the state’s nonpartisan Legislative Analyst’s Office, the measure would likely result in an increase in prices for eggs, pork and veal partly because farmers would have to remodel or build new housing for animals.

“Changes in housing systems, which come with significant costs that increase food prices, should be driven by consumer purchasing decisions, not the agenda of any activist group,” Jim Monroe, National Pork Producers Council spokesman, told the Los Angeles Times. AP

Green Monday BusinessMirror

A8 Monday, October 8, 2018

Govt taps Maynilad for Marawi water rehab

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By Jonathan L. Mayuga @jonlmayuga

he government has brought in Maynilad Water Services Inc. to boost the Marawi rehabilitation effort.

In a statement, Maynilad said it sent its engineers to Lanao del Sur to assist in the full recovery of the war-stricken Islamic city through the provision of technical expertise in rehabilitating its water system.

Maynilad is the largest private water concessionaire in the Philippines in terms of customer base.

Maynilad was commissioned by the International Committee of the Red Cross, in coordination with the Marawi City Water District and Task Force Bangon Marawi, to conduct a study on Marawi City’s current pipeline condition, distribution network and water quality.

The engineers were also tapped to conduct a general assessment of damages sustained by the water infrastructure during last year’s armed conflict.

The findings and recommendations from the study will allow the creation of a hydraulic model to be used for the repair and construction of the water

supply system in Marawi City, which will benefit almost 38,000 residents of 96 barangays.

The Maynilad engineers conducted GPS mapping, basemap satellite imaging and digitizing nonrevenue water assessments, data log installations, and water quality testing and monitoring of the city.

“Our desire to be part of the sustained effort for Marawi ’s recover y has been rea lized through this project. We are happy to contribute in any way we can, and we hope to be of further help to the government

Maynilad experts doing assessment of Marawi water system. Maynilad photo

by being part of actual rehabilitation works on Marawi City’s water supply system,” Maynilad President and CEO R amoncito S. Fernandez said.

Last year, Maynilad sent a mobile water-treatment plant to Marawi to provide potable water for troops of the Armed

We are happy to contribute in any way we can, and we hope to be of further help to the government by being part of actual rehabilitation works on Marawi City’s water supply system.”

—Fernandez

Forces of the Philippines and for displaced families in the evacuation areas.

It also gave 1,500 pieces of bottled water and 150 portable water microfilters.

Maynilad is the agent and contractor of the Metropolitan Waterworks and Sewerage System for the West Zone of the Greater Manila Area, which is composed of the cities of Manila (certain portions), Quezon City (certain portions), Makati (west of South Super Highway), Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon, all in Metro Manila; the cities of Cavite, Bacoor and Imus, and the towns of Kawit, Noveleta and Rosario, all in Cavite province.

Climate change undermining global efforts to eradicate hunger

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NIT E D NATION S —T h e U n i t e d Nations warned last month that the accelerating impacts of climate change—”already clearly visible today”— have triggered an unpredictable wave of natural disasters—including extreme heatwaves, wild fires, storms and floods during the course of this year.

“If we do not change course by 2020,” cautions UN Secretary-General Antonio Guterres, “we risk missing the point where we can avoid runaway climate change, with disastrous consequences for people and all the natural systems that sustain us.”

Coincidentally, his warning was followed by the annual 2018 report by the Food and Agriculture Organisation (FAO), which singled out climate change as one of the primary factors responsible for the rise in global hunger—and for the third consecutive year in 2017.

Along with military conflicts and global economic meltdowns, climate change is a driving force in the rise in global hunger, while extreme weather, land degradation, desertification, water scarcity and rising sea levels are collectively undermining global efforts to eradicate hunger.

As the UN continues to express concern over rising natural disasters worldwide, the world body is taking an active role in New York City’s “Climate Change Week,” which concluded on September 30—and took place in the margins of the 73rd sessions of the UN General Assembly that was attended by more than 125 world political leaders.

A primary focus of Climate Change Week was the number of climate-related disasters, which have doubled since the early 1990s, with an average of 213 of these events occurring every year during the period of 1990-2016, according to the FAO. Asked about the severity of climate change on food security, Cindy Holleman, senior economist at the FAO, told Inter Press Service (IPS) the number of extreme climate-related disaster events has doubled since the early 1990s (extreme heat, droughts, floods and storms)—”which means we now experience on average 213 medium and large climaterelated catastrophic events every year.”

She pointed out that climate-related disasters account for more than 80 percent of all major internationally reported disasters.

Climate variability and extremes are already negatively undermining the production of major crops in tropical regions.

A couple wades through floodwaters to buy drinking water on September 17 following flooding brought about by Typhoon Ompong (international code name Mangkhut), which barreled into northeastern Philippines and inundated low-lying areas in its 900-kilometerwide cloud band in Calumpit town in Bulacan province, north of Manila. AP/Bullit Marquez

“So climate variability and extremes, are not only events that will happen in the future; they are occurring now and are contributing to a rise in global hunger,” she warned.

Holleman said droughts feature among the most challenging climate extremes in many parts of the world. Drought causes more than 80 percent of the total damage and losses in agriculture, especially for the livestock and crop production subsectors.

For almost 36 percent of the countries that experienced a rise in undernourishment since the mid-2000s, this coincided with the occurrence of a severe agricultural drought, she noted. Most striking is that nearly twothirds of these cases (19 out of 28) occurred in relation to the severe drought conditions driven by El Niño in 2015-2016.

During the El Niño–Southern Oscillation event of 2015-2016, this change across so many countries contributed to a reversal of the prevalence of undernourishment (POU) trend at the global level, she noted.

In its latest 2018 report on “The State of Food Security and Nutrition in the World,” the FAO said the absolute number of undernourished people, i.e., those facing chronic food deprivation, has increased to nearly 821 million in 2017, from around 804 million in 2016. These are levels from almost a decade ago.

The share of undernourished people in the world population, the POU, may have reached 10.9 percent in 2017, according to the report. Persistent instability in conflict-ridden regions, adverse climate events in many regions of the world and economic slowdowns that have affected more peaceful regions and worsened the

food security, all help to explain this deteriorating situation.

The situation is worsening in South America and most regions of Africa, the FAO said. Africa remains the continent with the highest POU, affecting almost 21 percent of the population (more than 256 million people).

The situation is also deteriorating in South America, where the POU has increased from 4.7 percent in 2014 to a projected 5.0 percent in 2017. Asia’s decreasing trend in undernourishment seems to be slowing down significantly The projected POU for Asia in 2017 is 11.4 percent, which represents more than 515 million people. Without increased efforts, the world will fall far short of achieving the Sustainable Development Goals (SDGs) target of eradicating hunger by 2030.

The most recent Typhoon Ompong (international code name Mangkhut), on September 15, caused considerable devastation in the Philippines.

The UN Office for the Coordination of Humanitarian Affairs said the typhoon affected 893,000 people, including over 280,000 farmers. Some 236,000 people were displaced—70 percent of whom are still in evacuation centers.

The typhoon damaged nearly 1,500 houses. It is also estimated that 1.22 million hectares of rice and corn have been damaged, with losses estimated at $267 million.

The United Nations said it is working closely with its partners and the government of the Philippines to coordinate rapid assessment and response. Major needs include food, health care, water, sanitation and hygiene, as well as shelter. The United

Nations said it stands ready to support the government’s relief efforts as needed.

Still, there are some who are skeptical about climate change itself.

As Gail Collins, a columnist for the New York Times, pointed out last week the unpredictable US President Donald Trump does not believe in climate change.

“Who among us can forget the time he claimed the whole idea [of climate change] was a Chinese plot to ruin American manufacturing?” she asked.

Guterres, meanwhile, is convening a Climate Summit in September 2019 to bring climate action to the top of the international agenda. The high-level gathering of world political leaders is scheduled to take place one year before countries are set to enhance their national climate pledges under the Paris Agreement.

“I am calling on all world leaders to come to next year’s Climate Summit prepared to report not only on what they are doing, but what more they intend to do when they convene in 2020 for the UN climate conference,” he said.

Kristen Hite, Oxfam international climate policy Lead, told IPS climate change is a factor leaders must take into account as we all collectively try to reach the milestones set by the UN’s SDGs. She said climate change is already compromising food security and food production, including hitting adaptive limits, with more people migrating because they cannot grow food anymore. And this is only the beginning. With every tick up on the thermometer, millions more are forced into poverty.

Hite said climate impacts on the poor happen through increased food prices, food insecurity and hunger, lost resource base for livelihoods and income, and displacement from flooding and heat waves.

“There is a big difference between 1.5 degrees Celsius and 2°C, especially for crop production in Sub-Saharan Africa, West Africa, Southeast Asia, and Central and South America. The poor are hit the hardest, and rain-fed agriculture is especially vulnerable.”

As climate emissions barrel on, she said, there is more pressure to displace food farming with carbon farming. “It doesn’t have to be this way—if wealthy polluters can get their emissions in check and we all embrace the renewable energy revolution, there is still time to curb this crisis.”

www.businessmirror.com.ph • Editor: Lyn Resurreccion

Kalibo town enhances anti-plastic ordinance

By Jun N. Aguirre Correspondent

K

A L I B O, A k l a n —T h e Sa ng g u n i a ng Bay a n of Kalibo is currently drafting a legislation that enhances its plastic ordinance.

Kalibo Councilor Cynthia de la Cruz, chairman of the committee on env ironment, said the proposed ordinance for the regulated use of plastic and Styrofoam in Kalibo aims to help reduce plastic waste. “ I t h a n k e d t he g ro cer ies, malls and market vendors, including the Department of Education, for their support to our proposed [enhanced] ordinance

on the regulated use of plastics and Styrofoams,” said de la Cruz.

Under the proposed new ordinance, food chains will be required to use paper box and the like as an alternative to Styrofoam. Consumers are encouraged to bring their own container when buying food for takeout.

Use of Styrofoam for dinein orders will also be prohibited. Business establishments, restaurants, fast-food chains and other related enter prises could instead use alternatives, such as dining plates, utensils and glass.

Consumers at the Kalibo Public Market will also soon be required to bring their own bags.

Manila Water ramps up programs on used-water management

The Marikina North Sewage Treatment Plant, with 100-millionliter-a-day treatment capacity, built on a 2.3-hectare land. The STP is designed to benefit up to 523,000 population in Marikina City and San Mateo, Rizal. Manila Water photo

M

anila Water consistently intensifies its campaign toward proper wastewater management in Metro Manila’s East Zone through its Used Water Master Plan.

The company is targeting full sewer and sanitation coverage of its entire concession area by 2037.

As of July 31, Manila Water has installed an aggregate of 135,251 sewer connections within the East Zone since the start of its concession period, serving a total of 186,480 households.

For the whole of 2017, 1,783 new sewer connections were installed, benefiting 3,382 households, while 630 kilometers of sewer pipes were cleaned within the same period.

The company commissioned in 2017 its largest sewage treatment plants to date: Taguig North and Marikina North Sewage Treatment Plants (STP).

The Taguig North STP has a capacity to treat up to 75 million liters per day (MLD) of used water from communities in Taguig and the Makati Central Business District. It was constructed underneath the Liwasan ng Kagitingan at Kalikasan, a public nature park that showcases milestones in Philippine history with seven mural installations created by artist Jose Giroy.

The Marikina North STP, on the other hand, has the capacity of cleaning up to 100 MLD of used water and was constructed to specifically withstand flooding as it sits right at the banks of Marikina River. Both STPs employ Sequence Batch Reactor biological treatment process, an innovation which enables facilities built on limited land areas to more effectively treat larger volumes of used water.

Manila Water cur rent ly operates and maintains 38 STP a n d t w o s e p t a g e t r e at m e nt pl a nt s, to en su re t h at u sed water col lected from its customers is treated and cleaned before being discharged back into Metro Manila’s waterways.

The discharge from these treatment plants has consistently passed the Department of Environment and Natural Resources’s effluent quality standards, averaging 99.8-percent compliance over

that past five years as against the required 95-percent compliance set by the department.

More treatment plants are being constructed and more sewer networks are being laid to further increase sewer coverage within its concession.

Currently being constructed is the Ilugin Sewage Treatment Plant in Barangay Pinagbuhatan, Pasig City, which is the centerpiece of the North and South Pasig Sewer System Project. All three STPs have a combined capacity of treating up to 275 MLD of used water, which is targeted to benefit a total of 1.6 million population.

The company also continuously promotes its desludging services to its customers, offering scheduled cleaning of septic tanks with no additional charges.

From January to December 2017, Manila Water was able to empty 104,170 septic tanks, benefiting 176,010 households in the entire East Zone. From January to July 2018, a total of 60,858 septic tanks have been cleaned and emptied, benefiting 114,432 households.

With the ultimate goal of helping rehabilitate Metro Manila’s major three-river system (Marikina, San Juan and Pasig rivers), Manila Water acknowledges that it has a gargantuan task ahead with its Used Water Master Plan, necessitating the help and cooperation of all concerned sectors.

Thus, it launched the countr y’s first advocacy designed to promote proper used-water management. “ Toka Toka,”launched in 2012, encourages individuals to accomplish four simple tasks, or toka, to help revive the city’s water ways, which includes proper solid waste management and segregation; active desludging of household septic tank ever y five years; connecting to existing sewer lines; and educating the communit y on proper wastewater management and the environment.

Currently, every city in Metro Manila’s East Zone, plus several municipalities in Rizal, has partnered with Manila Water through Toka Toka, with various programs being enforced down to the barangay level.

Biodiversity Monday BusinessMirror

Asean Champions of Biodiversity Media Category 2014

Monday, October 8, 2018

Editor: Lyn Resurreccion • www.businessmirror.com.ph

A9

Saving endangered species through social marketing

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By Jonathan L. Mayuga @jonlmayuga

eet “Barry,” “Pawi” and “Debbie.” They are the three mascots representing the flagship species of the protected areas in Cagayan Valley.

Barry, short for barangan, is actually a rabbitfish Siganidae, the flagship species of the Palaui Island Protected Landscapes and Seascapes (PIPLS) in Santa Ana, Cagayan.

International Coastal Cleanup

Barry’s recent launching highlighted this year’s International Coastal Cleanup Day, a yearly activity spearheaded by the Department of Environment and Natural Resources (DENR).

A global effort, the International Coastal Cleanup aims to protect coastal and marine areas against pollution caused by irresponsible garbage disposal and inspire behavioral change toward reducing single-use plastic materials.

In Cagayan Valley, the DENR solicited the support of various stakeholders to join the global effort to remove debris from the ocean— particularly plastic. Proclamation 470 Series 2003 declared every third Saturday of September as the International Coastal Cleanup Day. Cagayan Valley has a total coastline of 1,247.49 kilometers, where the annual International Coastal Cleanup was held.

Mascot flagship species

In June and August, the DENR Cagayan Valley Office launched its flagship species “Pawi” of the Northern Sierra Madre Natural Park (NSMNP) in Isabela, and “Debbie” of the Batanes Protected Landscapes and Seascapes.

“Pawi,” short for pawikan, a hawksbill sea turtle, and “Debbie,” from the Ivatan word dibang, a flying fish, were selected by the different environmental stakeholders through a survey and focus group discussions.

Mascot Debbie was launched

by DENR Cagayan Valley Director Atty. Gil A. Aromin and Provincial Environment and Natural Resources Officer in Charge Marcelo G. Bumidang on June 25, in celebration of the Philippine Environment Month.

Assistant Regional Director for Technical Services Felix C. Tabu led the launch of mascot Pawi in the coastal town of Dinapigue, Isabela, on August 15 with Mayor Reynaldo P. Derije and Palanan DENR Officer Federico P. Cauilan Jr.

Social marketing tool

The species mascots are social marketing tools under the flagship communication campaign of the Coastal and Marine Ecosystems Management Program (CMEMP) and represents the protected area’s (PA) campaign slogan “You and me for the sea.”

A national program that aims to comprehensively manage, address and effectively reduce the drivers and threats of degradation of the coastal and marine ecosystems, CMEMP seeks to achieve and promote sustainability of ecosystem services, food security and climate-change resiliency.

The mascots will be the symbol to stimulate awareness of the people for them to consequently take action in the conservation and protection of coastal and marine resources, Aromin said.

Interviewed by the BusinessMirror, Aromin said the DENR has been soliciting community support to sustain the rich biodiversity in the region, especially those that are found within the three protected areas, and to promote responsible ecotourism.

Popularizing species

U nk now n to commu nit ies, many Philippine species had gone extinct even before they were recorded to exist, apparently, because of lack of if not poor appreciation of their importance.

The DENR has been conducting information, education and communication (IEC) campaigns to increase public awareness on biodiversity, with the hope of saving threatened species from extinction. One way is to “popularize” some of these threatened species, giving them life-size, cute and cuddly representations

“Barry,” the rabbitfish mascot. Photos by DENR Cagayan Valley

through lovable mascots.

In the sports field, mascots are used either as a person, animal or object adopted by a group or a team as a symbolic figure, especially to bring them luck.

The use of mascots is also a marketing strategy to promote a particular company, brand or product, which consumers can easily identify them with.

Josefina de Leon, head of the Wildlife Resources Division of the DENR’s Biodiversity Management Bureau (BMB), told the BusinessMirror the use of mascots is effective in enhancing the DENR’s information campaign for threatened species’s protection and conservation.

Interviewed recently through Facebook’s Messenger, de Leon believes that the use of mascots helps increase awareness better and bring people, especially children, closer to threatened species.

“It [mascot] leaves a mark i n t he m i nd s of t he p e ople [through] the appearance or how they look. Mascots are also effective for photo opportunities with children, and the photos can always remind the children about the [specific] threatened species,” de Leon pointed out.

“Our mascots are like [those of the popular fast-foods]. Children

love them. As part of our [IEC] campaign to enhance awareness about our environment and natural resources, the DENR visits a school to educate our young students and our mascots really help encourage them to learn more,” Aromin told the BusinessMirror in a telephone interview last month.

Aromin said the mascot flagship species gives life to their ongoing campaigns to educate not only the children but also the community, especially during public gatherings and events.

One species, one PA

Mascots Barry, Pawi and Debbie each represents the flagship species associated with a particular PAs in Cagayan Valley.

Barry is known to exist in the PIPLS. Declared as a National Marine Reserve on August 28, 1994, the PIPLS is an area of 7,145 hectares. The waters around the island boast of 21 commercial species of fishes with about 50 hectares of corals, according to the DENR-BMB. Palaui Island is home to 105 species of rattan and similarly commercially valuable timberproducing wood species, plus 25 imported shrubs and is the sanctuary for 90 migratory birds.

Incidentally, the PIPLS is the

It [mascot] leaves a mark in the minds of the people [through] the appearance or how they look. Mascots are also effective for photo opportunities with children, and the photos can always remind the children about the [specific] threatened species.”—de Leon

Seed sources for ‘tamayuan’ tree to be put up to boost greening

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he Department of Environment and Natural Resources (DENR) will put up seed sources for the tamayuan tree to boost the implementation of the Expanded National Greening Program (E-NGP).

The wood of the tamayuan tree, an indigenous tree species, has important commercial value and is widely used as a construction material.

The plan is to boost the local supply of wood from this commercially viable tree that has suffered severely from the rampant practice of slashand-burn farming.

The Ecosystems Research and Development Bureau (ERDB) has labeled tamayuan as an “individual plus tree,” as it is a natural forest stand.

According to ERDB, plus trees are eyed to be massively propagated in tree breeding, as they have superior phenotype (outward appearance) and are expected to have superior genotype (collection of genes that determine traits).

The traits though have to be tested for actual performance—exceptional growth rate, high wood density, resistance to disease and insect attack and other environmental factors.

The E-NGP finds value in massively propagating tamayuan as it is suitable

for planting nationwide, according to ERDB Director Dr. Sofio B. Quintana.

“Management of seed sources strengthens implementation of the DENR’s [Department of Environment and Natural Resoures] National Greening Program,” Quintana said in a statement released through Growth Publishing.

Tamayuan is found in the provinces of Cagayan, Ilocos Norte, Isabela, Bulacan, Bataan, Laguna, Tayabas, Camarines, Sorsogon, Catanduanes, Masbate, Mindoro and Palawan.

It also grows in Leyte, Samar, Bohol, Negros Island, Panay Island and in Mindanao provinces.

“It is imperative to conserve the remaining stands of this tree species for genetic diversity, as well as for biodiversity,” Growth Publishing quoted ERDB Foresters Carlito R. Buante and William P. Israel.

Sustainability of this endemic tree species has been threatened by the conversion of forests into agricultural lands through the slashand-burn system.

Nevertheless, an ERDB inventory showed that 277 tamayuan trees still stand out among 1,000 individual plus trees.

“It grows well on slopes with fairly

deep soil and is shade-tolerant. It is the only commercial tree species in the Philippines under the family Olacaceae,” Buante and Israel said.

Despite massive urbanization as townsfolk crowd the metropolis, a significant 12 million to 15 million Filipinos still depend on forests for their survival and culture.

Tamayuan is noted for standing with dipterocarps (mainly tropical lowland forest trees, a hardwood plywood source) within Mahagnao Volcano National Park in La Paz and Bureauen, Leyte.

These dipterocarp trees include tangile (205 stands), white lauan (120), mayapis (51), bagtikan (22) and other non-dipterocarp trees hindang, ulayan, malatambis, narra and bitanghol.

“For foresters, it is a treasure trove of biodiversity and a hope for restoring a fragile yet important tropical forest cover,” the foresters said.

Tamayuan grows 30 meters in height with a stem of 30 centimeter to 70 centimeter. Scientifically called Strombosia philippinensis, its wood is “moderately heavy to heavy, hard, very fine and straight grained and durable.”

Its commercial uses are for house posts, joists and rafters, furniture, ax handles, mining props and railway ties.

“Pawi,” the marine turtle mascot with children.

The foresters had recommended a program for sustainable forest management for tamayuan and other trees in Mahagnao Volcano National Park. Indigenous tree species such as tamayuan should be used in tree planting, which will give equal livelihood opportunities for indigenous people.

The foresters also advised preserving the germplasm of tamayuan. This and other rare endemic trees should be planted in new sites with similar characteristics, such as slopes and weather.

“Seed sources—seed production areas and individual plus trees—of endemic tree species are potential sources of planting materials for reforestation and forest rehabilitation. These will improve forest stand quality and structure, and increase in biomass, as well as wood yield,” they said.

People’s organizations must be formed to sustainably manage forests not only as livelihood source but as part of a conservation and germplasm storage program.

“We need to have sustained information and education support to improve forest ecosystems,” the foresters added. Jonathan L. Mayuga

“Debbie,” the flying fish mascot, with a young girl.

DENR Cagayan Va l ley’s newest pr ide and honor after it was awarded the third Outstanding Nationa l Integ rated Protec ted A rea s Sy stem-Ma r i ne Protected A reas (Nipas-MPA) in the countr y in 2017.

The award was given by the MPA Support Network Philippines during the “Para el Mar [For the Sea]” MPA Awards and Recognition in Iloilo City.

Pawi, meanwhile, represents the NSMNP in Isabela, the largest PA in the Philippines that covers the northern range of the Sierra Madre mountains. With a total of 359,486 hectares, the park is considered the richest in terms of genetic, species and habitat diversity in the Philippines.

It is one of the country’s 10 priority protected areas managed by its own PAs Management Board, headed by the regional executive director of the DENR for the Cagayan Valley Region as mandated

by Republic Act 9125, also known as the NSMNP Act of 2001.

In 2006 the PA was added to the Philippines’s tentative list of poten-

tial United Nations, Educational, Scientific, and Cultural Organization (Unesco) World Heritage Site.

On the other hand, Debbie represents the Batanes Protected Landscapes and Seascapes (BPLS) in the island-province of Batanes, which covers the entire province of Batanes, another potential Unesco World Heritage Site in the Philippines.

The entire province covers a total land area of 213,578 hectares.

Owing to its unique features and diverse flora and fauna, the Batanes group of islands was proclaimed as the BPLS pursuant to Presidential Proclamation 335 by former President Fidel V. Ramos in 1994, subsequently under Republic Act 8991 on January 2001.

The entire province is rich in flora and fauna. According to the DENR-BMB, there are at least 96 species of ferns and fern allies belonging to 49 genera and 25 families recorded in Mount Iraya vicinities.

Another biological richness is the f lowering plants found in Batanes. Of the 42 flowering plants found only in the Philippines, seven are found only in Batanes. These are kanarem (Diospyros sabtanensis), riwas (Drypetes falcata), vua (Areca catechu var. sabtanensis), voyavoy (Phoenix hanceana var. Philippinensis), gagadang (Hydrangea subiregral), tangaw and vuhuan.

Debbie, a flying fish, is now the star of all fish species because people in Batanes have found ways to process, bottle or package it in cans.

W hether for food, income or livelihood, the use of the mascot f lagship species makes biodiversity conser vation and protection more exciting through social marketing.

Project to conserve endangered forest tree species under way

L

UCBAN, Quezon—Ensuring the supply of the country’s forest tree resources is a must in order to meet the high demand for quality planting materials of the wood-based industry.

To achieve this, the Philippine Council for Agriculture, Aquatic and Natural Resources Research and Development of the Department of Science and Technology (DOST-PCAARRD) funded a project in support of the National Greening Program.

Titled, “S&T Interventions on the Production of Quality Planting Materials of Two Important Forest Tree Species [Makaasim and Batikuling] Indigenous on Mount Banahaw de Lucban,” the project aims to showcase a scientific way of producing high-quality planting stocks of indigenous trees for tree plantation.

The Southern Luzon State University (SLSU), through For. Kathreena Gutierrez as project leader, is implementing the project.

“We chose makaasim and

batikuling, since these tree species are already considered endangered,” Gutierrez said.

“With SLSU’s existing clonal nursery, we would be able to assist LGUs [local government units], nursery managers and tree farmers to produce any volume of cloned seedlings at any time of the year. By cloning, it can prevent the spread of disease is prevented by producing disease-free and pestresistant clones,” she added.

As monitoring and funding agency, DOST-PCAARD will work with SLSU in evaluating project deliverables.

The project is expected to develop rooting protocols for cloned batikuling and makaasim and to produce high-quality planting stocks of indigenous forest tree species in July 2019.

A detailed production cost for nursery production of planting stocks and more data on root and shoot growth of target species are expected by the end of the project. S&T Media Services

A10 Monday, October 8, 2018 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Short-term pain, long-term gain

P

SYCHOLOGIST Walter Mischel, then a professor at Stanford University, created an experiment on delayed gratification in 1960. Children between the ages of four and six were placed in a simple, quiet environment with a plate with one treat of their choice—a cookie, marshmallow or pretzel stick.

The children were told that they could eat the treat or wait a few minutes and the treat would be doubled. “In over 600 children who took part in the experiment, a minority ate the marshmallow immediately.

Of those who attempted to delay, one-third deferred gratification long enough to get the second marshmallow.”

The follow-up studies yielded some unexpected results. The first follow-up study, in 1988, showed that “preschool children who delayed gratification longer were described more than 10 years later by their parents as adolescents who were significantly more competent.” A second follow-up study, in 1990, showed that the ability to delay gratification also correlated with higher college entrance exam scores.

We all make choices between short-term gratification and long-term benefits both as individuals and as a nation. And it is not always easy.

One man from “along da riles” in his early 30s has worked as a caretaker in a small gated village for the past 10 years. He makes enough income to support his wife and four children—with another baby on the way—and can count on the homeowners for some assistance in emergencies. But he has resigned himself to a future not much better than he currently lives. He is making sure his children will graduate from high school but little more.

Another man with a similar background has been a tricycle driver for 13 years. He and his wife made a conscious decision to have only one child. They believed that it was best to put all their effort into improving the future. He took free classes anywhere he could in his spare time. The child’s educational success was the first priority. The son is nearly ready to graduate from high school and last year the father took employment with a major firm as a trainee in the business. They have moved from da riles.

Subsequent “Marshmallow Experiment” studies changed the rules.

In one, the length of the waiting time was significantly increased. Predictably, the number of children willing to wait decreased. In another that may be even more revealing, the children were “preconditioned” that a researcher would be more or less likely to follow through with their promise.

“We the people” are not much different than the child with a cookie on the plate. We are willing to wait, to even sacrifice in the short-term if we can see the light at the end of the time tunnel for long-term gain.

Like the child, though, we want to be able to see the “cookie” and know that it is not all smoke-and-mirror government promises. We want to understand the benefits of waiting.

When interacting with a reliable experimenter, one who had followed through with their previous promises, the children waited four times longer. The researchers also discovered that those children from a stable household with parents that they considered reliable also waited longer and more often for the second marshmallow.

Policy-makers and political leaders need to learn these lessons. If you are going to make a promise, it needs to be concrete and the benefits obvious. If past promises have been broken, the public will follow this motto: “Fool me once, your fault; fool me twice, my fault.”

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ENJAMIN P. HARDY’S article on goal setting and the mindless consumption of information is interesting and timely at this period when there is too much information around us, trying to penetrate our consciousness on a daily basis.

It’s on TV, the Internet, on the radio, our phones, the streets and highways, our workplace, schools, entertainment centers, everywhere. Yet, Hardy and several other great thinkers are asking the hard questions: How do we choose which materials to read? Why are we collecting that particular information? What is the purpose to our learning?

Just a few weeks ago, I noticed online an open invitation to join an international book exchange. If you’re “in,” you will have to send one book to someone, and get a number of books in return, mailed to you from people down the line. It seemed like an interesting prospect, but it doesn’t give you much choice about what titles to receive, read and spend hours of your life on. Come to think of it, are

we even conscious and purposeful about the kind of information that we allow into our lives?

Hardy argues that “people now learn because they think it will automatically make them successful, but reading lots of books will [only] help one become successful if one already has a compelling reason to gain that learning...without that reason and without a tar-

‘Pardon and amnesty’

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get, learning will be distractive and directionless.” People are caught in the web of “ever learning” or information-addiction, he says, but are never able to come to the knowledge of the truth.

This idea is also best applied in the field of education, in the kind of information we feed our students and our children. Does it constitute true learning? That is knowledge that is not just information per se, but wisdom that will allow us to handle the realities of life, to change our behavior so that we can change our situation for the better, to help in solving the problems in the communities we live in. He says that one could learn more about oneself in five minutes embracing one’s fears than one could by reading 100 books. Practice is

I

It is likewise clear that there is difference between pardon and amnesty.

The President may grant amnesty with the concurrence of the majority of all the members of Congress.

This distinguishes amnesty from pardon because the latter does not need congressional approval. The other distinctions between amnesty and pardon are: (1) Amnesty covers political offenses, while pardon refers to any infraction of peace and order in the State; (2) Amnesty is generally addressed to a group or a community,

that reason it does not work the restoration of the rights to hold public office, or the right of suffrage unless such rights be expressly restored by the terms of the pardon, and in no case exempts the culprit from the payment of the civil indemnity imposed upon him by the sentence (Article 36, Revised Penal Code).

(6) On the other hand, amnesty looks backward and abolishes and puts into oblivion the offense itself so much so that the person released by amnesty stands before the law precisely as though he had committed no offense (Barrioquinto v. Fernandez, 82 Phil. 642).

(7) In no case does pardon exempt the culprit from the payment of civil indemnity imposed upon him by the sentence (Article 36, Revised Penal

Atty. Lorna Patajo-Kapunan

LEGALLY SPEAKING

Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Efleda P. Campos Dennis D. Estopace

We say the world is changing and that we must keep up to survive.

This is one of the basics—help people think well so they can create solutions. To do that, we need to be conscious about the things we pursue. We need to be clear about what really matters.

Proclamation 572 may have unwittingly reopened a closed chapter in history and resurrected a dead horse. “Amnesty” is derived from the Greek word amnestiva meaning “forgetfulness, passing over.” It has evolved into the English word “amnesia,” which is what I think the authors of Proclamation 572 are suffering from!

Lourdes M. Fernandez

Ruben M. Cruz Jr. Angel R. Calso

MEMBER OF

We must become conscious learners

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Online Editor Social Media Editor

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

BUSINESSMIRROR 10082018

T is clear in Article VII, Section 19 of the 1987 Constitution that the President of the Philippines, “except in cases of impeachment or as otherwise provided in the Constitution, may grant reprieves, commutations, pardons, remit fines and forfeitures, after conviction by final judgment. He shall also has the power to grant amnesty with the concurrence of a majority of all the Members of the Congress.” while pardon is granted to an individual or a limited number of individuals; (3) Amnesty is a public act of which the court may take judicial notice, while pardon is a private act which must be pleaded and proved by the person pardoned because the courts take no notice thereof; (4) Amnesty is granted either before or after conviction while pardon is given only after conviction; (5) Pardon looks forward and relieves the offender from the consequences of an offense of which he has been convicted. It abolishes or forgives the punishment, and for

essential, not only theory. That’s doing and thinking, not just reading and consuming.

It is important, for example, to start teaching our children and students the ways to gain more wisdom so they can think better and face the challenges of this world with a better chance of winning. We say the world is changing and that we must keep up to survive. This is one of the basics —help people think well so they can create solutions. To do that, we need to be conscious about the things we pursue. We need to be clear about what really matters. nnn

I WOULD like to invite you all to Chance Encounters, a group art exhibit featuring the works of Fitz Herrera, Louie Ignacio, Sio Montera, Cid Reyes, Fred Tan, Oliver Ortega and yours truly. Opening reception is happening on October 7 at 4 p.m. at Galerie Francesca Alabang. The complete address is Unit 3319, 2nd Level Festival Mall Expansion Wing, Civic Drive, Filinvest Corporate City Alabang, Muntinlupa City. Curated

by Ricky Francisco, the show will run until October 21. I hope that you can come visit the art exhibit.

Code). Amnesty, likewise, does not extinguish the civil liability (Article 113, Revised Penal Code).

The power to extend executive clemency in favor of persons convicted of public crimes is unlimited.

The exercise of that power lies in the absolute and uncontrolled discretion of the Chief Executive. The grounds upon which it is exercised are not open to judicial inquiry or review (United States v. Guarin, 30 Phil. 85).

Six weeks after former President Joseph Estrada (President Estrada) was convicted by the Sandiganbayan, then-President Gloria Macapagal-Arroyo (President Arroyo) pardoned him, setting aside his conviction and life sentence on charges of plunder. “He is hereby restored to his civil and political rights,” President Arroyo said. President Estrada, then 70, had been under house arrest since he was ousted as President in 2001 and President Arroyo, his then-Vice President, took his place. “Estrada’s age, the fact that he had been in custody for over six years and his commitment not to seek public office weighed in favor of the pardon. However, all illegally amassed wealth seized from him would be retained.” Then Chief See “Kapunan,” A11

Opinion BusinessMirror

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‘Coin-plexities’ on taxes and virtual currency

It depends #2: Unsolicited proposals

By Alberto Agra

PPP LEAD

Joshua Tangca

DEBIT CREDIT

I

N 2017, the Philippines posted a 6.7-percent year-on-year GDP growth. This was the third-highest growth recorded among Asian countries, trailing only behind China and Vietnam. Remittances from overseas Filipino workers are seen as a resilient force driving the sustained or even increasing growth of the Philippine economy over the years. Still in 2017, about $31.3 billion in personal remittances were sent by Filipino migrant workers, which accounted for almost a hefty 10 percent of the Philippines’s GDP. Wireless transfers of money have become relevant now more than ever, not just because of the overseas remittances, but also because of business transactions going digital. Different schemes have risen to accommodate the need for a faster, economical and convenient delivery of financial services, especially with parties across the seas and borders. The use of virtual currencies became more prevalent and provides a glimpse on the potential revolutionized delivery of financial services. A virtual currency (VC) is a type of digital currency stored in electronic wallets (e-wallets), and is generally transacted over the Internet. It is a medium of exchange within the community of users. It may be transferred to buy virtual items or real goods from online shops willing to receive the VC as payment.

VCs encompass cryptocurrencies such as Bitcoin. A cryptocurrency uses cryptography as a means of storing and transferring data. It renders data into an unintelligible form so that the intended receivers are the only ones to decrypt and process it. Cryptocurrency transactions are done via blockchain, which allows for carrying out transactions in a decentralized manner.

VCs may also be exchanged to actual cash (fiat money), and viceversa, through people or companies that are part of its community of users. While VCs were created and are generally accepted by an online community of users, it is not backed by the government or any resources, and is not acceptable as legal tender.

Government regulatory bodies are aware of the benefits but are growing mindful of the risks. VCs have remarkably high volatility in prices, integrity and identity issues, information-technology risks, potential for unlawful use in money laundering and terrorist financing, and consumer protection and financial stability concerns.

This year, various government agencies are expected to release regulatory papers on virtual currencies.

The Bangko Sentral ng Pilipinas issued several advisories and circulars, outlining the benefits and risks of investing in VCs. With BSP Circular 944 issued in 2017, the BSP established a formal regulatory framework for VC Exchanges. VC Exchanges are entities engaged in changing VCs into fiat currency and vice-versa.

These entities are required to be

‘Kapunan’. . .

continued from A10

Presidential Spokesperson Ignacio Bunye said on television (uk.mobile. reuters.com) that state prosecutors who had helped convict President Estrada were scathing in their criticism of the presidential pardon and the fact that, notwithstanding Estrada’s commitment, he again ran for public office. Yet, the pardon and the violation of the commitment not to run were not elevated to the Supreme Court for judicial review. Pardon is construed most strictly against the State (Tolentino v. Catoy, 82 Phil. 301). The pivotal question now is whether amnesty may be subject to judicial review.

Our Official Gazette (OG) lists down a number of proclamations granting amnesty, none of which were

registered with the BSP and set up adequate safeguards attendant to the risks in VCs. The Securities and Exchange Commission has not issued any regulatory measure as of yet. However, the SEC Enforcement and Investor Protection Department recently published its position that virtual currencies fall within the definition of security and investment contract in the Securities Regulation Code, and so are under the regulatory jurisdiction of the SEC. This entails VCs and the parties transferring such to be subject to strict registration and regulatory requirements as other securities and investment contracts are. As of press time, the SEC Markets and Securities Regulation Department has issued draft rules on initial coin offerings to solicit comments from the investing public.

The Bureau of Internal Revenue so far has only issued a Revenue Memorandum Circular pertaining to tax implications of eCommerce and digital transactions. One must be mindful, however, that income is generally taxable. Alertness on future clarifications from the BIR regarding taxability of income generated from virtual currency transactions should be anticipated.

Jurisdictions like Japan, South Korea, Canada, Germany and the United States, among others, are regulating and taxing income from VCs. In the US, VCs are classified and taxed as property subject to capital gains tax in certain instances. Much opportunity is seen in the cryptocurrency tax return preparation demand and supply gap. While many entities have embraced the use of cryptocurrency, and consequently are required to pay taxes on their transactions, only a few tax preparers understand cryptocurrency taxation.

VCs are game-changing developments that may be an opportunity or a new challenge, but adaptation to virtual currencies, as any other disruptions in the past, will definitely harbor positive results amid some clouds of uncertainty.

Monday, October 8, 2018 A11

Continued from A1

T

HE definite answer, however, largely depends on the PPP modality and applicable law. These are: (a) nine variants listed in the build-operate-transfer (BOT) law; (b) joint ventures under the 2013 Guidelines for Government-Owned and -Controlled Corporations, etc., issued by the National Economic and Development Authority (Neda); (c) 24+ modalities per the Department of the Interior and Local Government Memorandum Circular 1202016, issued to guide local government units; (d) Special JV Guidelines by the Philippine Reclamation Authority (PRA) and Bases Con-version Development Authority (BCDA); and (e) Special PPP Guidelines of the Metropolitan Manila Development Authority (lease, lease-to-own, real property swap, design-finance-build), and Philippine National Oil Co. (lease and concession).

Here are some of those questions pertaining to unsolicited proposals (UPs) where this trite reply calls for

a detailed discussion.

(1) What type of study is required to be submitted as

‘I object!’

Siegfred Bueno Mison, Esq.

THE PATRIOT

I

N our culture, most Filipinos are afraid to speak up and stand up for their convictions. In an environment where conformists are often rewarded more than reformists, objectors or those who challenge the status quo seem to be going the way of endangered species. However, conformists do not necessarily change their core beliefs; they simply exhibit behavior to align with the contradictory yet majority belief of people in the community where they live or in the organization where they work.

part of a UP? It depends. Under (a), the study must be in the form a feasibility study. Under (b), (c), (d-BCDA) and (e), the supporting document may be a feasibility study, pre-feasibility study or business case. For (d-PRA), it must either be a feasibility or pre-feasibility study.

(2) When does the private sector proponent (PSP) become the original proponent (OP)?

It depends. Under (a), (c) and (e), the PSP becomes the OP, whereby no other proposal for the same project can be entertained, upon acceptance of the UP. For JVs in accordance with (b) and (d), OP status is conferred after successful negotiations under Stage 2.

(3) What if there is more than one UP? It depends. For (a), (b) and (d-BCDA), the first-in-time approach is applied whereby subsequent proposals are only considered if the first/earlier complete UP is rejected. Under (c), (d-PRA) and (e), the UP that offers the best terms is the one accepted.

(4) What is the right of the

OP at Stage 3/Challenge Stage?

It depends. For (a), (c) and (e), the OP has the right to match the best offer from a challenger, if any.

Under (b), the OP has the opportunity to submit, in a sealed bid, a better financial offer. For PRA and BCDA in (d), the OP must outbid the superior offer from a challenger.

(5) What is the role of the Neda? It depends. Under (a), for national projects regardless of the project cost and for local projects exceeding P200 million, the Neda Board and Neda-Investment Coordinating Committee, respectively, must approve the project prior to award. For JVs under (b) where the government contribution is P150 million or more, the Neda-ICC must pass upon the project. For (d), (e), non-BOT law projects under (c) and lower-than-P150 million JVs under (b), the Neda has no role in the award process.

So, know your PPP law and defend “it depends.” To the Batch 1 candidates for Certified PPP Advocate, study well.

A servant leader, knowing the needs of his people, refuses to just go about business as usual.

He will create environments that foster all kinds of criticism and radical ideas.

people within and behind the organization, in eight years, Popeyes’s system-wide revenues reached $3.1 billion generated by over 2,539 restaurants operated by 360 franchisees and more than 60,000 restaurant employees. Aside from this revenue boost, her drastic change in leadership mind-set led to a 50 percent increase in market share! When she took over, she simply stuck to her core belief and did not accept the “what is” in Popeyes.

Similarly, but in a spiritual setting, the journeys of faith of Abraham exhibit some form of cognitive dissonance. For instance, while God promised Abraham to be a father of many nations, Abraham still decided to accede to the request of his wife Sarah to procreate a child together with Sarah’s servant, Hagar. While he was fully convinced that he will be blessed, Abraham wavered in faith and exhibited human frailties in the process. His actions were not aligned with his belief. We have to be mindful of the fact that our core beliefs will always be challenged by external factors. In the case of Abraham, his wife Sarah influenced him to go against his faith in God. Whenever our actions, whether personal or professional, are about to go against our core beliefs, let’s try to be a Desmond Doss and conscientiously stick to what we believe in. And, in the alternative, let’s adopt Bachelder’s suggestion of changing the belief itself with the hope of realigning our actions to it. Raising objections is an indication of courageous or transformational leadership. In either case, we should never be afraid to say “I object” and to challenge business as usual. While it takes unusual courage to dare and do things differently, it is worth trying it.

This column accepts contributions from accountants, especially articles that are of interest to the accountancy profession, in particular, and to the business community, in general. These can be e-mailed to boa.secretariat.@gmail.com.

Joshua Tito Tangca is a BS in Accountancy graduate of the Technological Institute of the Philippines Quezon City.

In psychology, cognitive dissonance is the mental discomfort experienced by a person who acts one way but believes another. Conformists suffer from some kind of cognitive dissonance whenever their words or deeds oppose their own beliefs. As belief is not reflective of the action, they tend to go with the flow just to be part of the group, out of fear of reprisal or alienation.

In the Army, soldiers follow orders, even those that go against their personal convictions, save for a few conscientious objectors who manage to stay true to their principles. Military discipline dictates obedience to the fullest. Depicted in the movie Hacksaw Ridge, US Army Private Desmond Doss managed to participate in World War II despite his sincere belief in the commandment of “thou shall not kill.” Raised as a Christian and compounded by his childhood experience of almost killing a family member, Doss refused to carry a rifle during training. He almost never made it out of basic training and was close to being dismissed from the service for insubordination. Eventually, he served as a combat medic in an Army unit that saw action in several

battles in the Pacific. But it was in the Battle of Okinawa where Doss, staying true to his core belief, earned the highest military recognition, the Medal of Honor. In the case of Doss, he suffered no form of cognitive dissonance but, in the process of standing out, he encountered physical hardships as he chose not to conform to the expectations of being a soldier.

In the corporate world, cognitive dissonance can be prevalent in workers who tow the company line despite being against it. Even within management, some will understandably have different perspectives than the rest. Unfortunately, most will choose to conform and simply not object.

Those who object will nonetheless act in conformity with the company direction despite their objection.

The resulting mental discomfort can, however, be reduced by either rationalizing one’s action to somehow be in harmony with one’s belief or changing the belief altogether.

With built-in biases and preferences brought about by educational and professional experiences, a good leader should not easily dismiss these objectors’ opinions, should these objectors choose to speak up.

A servant leader, knowing the needs of his people, refuses to just go about business as usual. He will create environments that foster all kinds of criticism and radical ideas.

Leadership author Andy Stanley said good leaders will always have the courage to challenge the what is with “what could be,” despite the resistance coming from the usual environment that discourages contrary positions. Stanley further said that expressions of courage, as in challenging the what is, can be taken as arrogance at times. When people stand up to object just for the sake of being different and being in the limelight it does not make them leaders. Objectors must genuinely find the intersecting point between courage and humility before daring to speak out against the status quo. These objectors will then be able to influence all stakeholders to act on and believe in their “daring destination,” using the words of former Popeye’s Chicken CEO and revolutionary leader Cheryl Bachelder. Implicitly, Bachelder’s option to reduce if not eliminate cognitive dissonance in the corporate world is not to rationalize one’s action to conform to the current belief or idea. In her best-selling book, Dare to Serve, Bachelder’s solution was to change the belief itself and have all actions align with that different and daring belief.

At Popeyes, Bachelder created a culture based on the “Popeyes Purpose: to inspire servant leaders to achieve superior results.” As a result of this change in the mind-set of the

subjected to judicial inquiry: (1) Proclamation 8 dated September 7, 1946, granting amnesty to those who committed acts penalized by the Revised Penal Code in furtherance of the Resistance Movement against the Japanese (Barrioquinto v. Fernandez, 82 Phil. 642).

(2) Proclamation 76 dated June 21, 1948 (44 OG 1795), granting amnesty to leaders and members of the Hukbalahaps and National Peasant’s Association who committed rebellion, sedition, illegal association, assault upon, resistance and disobedience to persons in authority, and illegal possession of firearms.

(3) Proclamation 51 dated January 28, 1948 (44 OG 408), granting full and complete amnesty to all persons accused of any offense against the National Security for acts allegedly committed of giving aid and

comfort to the Japanese during the last war.

(4) Proclamation 164 dated January 4, 1950 (46 OG 6), granting amnesty to the leaders and members of the Batangas uprising, which commenced on November 19, 1949.

(5) On July 4, the US President issued an Amnesty Proclamation for those who committed offenses during the Filipino American War, such as political crimes (Act 292) and those originating from internal political feuds and dissensions (PD 571, OG 9844).

(6) Presidential Decree 124 dated February 2, 1973, “Declaration Of An Amnesty In Favor Of All Persons Who Violated Certain Provisions Of The Anti-Subversion Act.” (7) Presidential Decree 1082 dated February 2, 1977, “Proclaiming Amnesty In Certain Areas Of The Philippines” in favor of all the

leaders, members, supporters and sympathizers of the Moro National Liberation Front and the Bangsamoro Army, and other anti-government groups until similar motivations and aims in furtherance of their resistance to the duly constituted authorities of the Republic of the Philippines.

(8) Presidential Decree 1429 dated June 10, 1978, “Revising Presidential Decree 124 as Amended by Presidential Decree 1182” granting amnesty for violation of RA 1700 as amended by Presidential Decree No. 885 for crimes against public order.

(9) Proclamation 75 “Granting Amnesty To Active And Former Personnel Of The Armed Forces Of The Philippines, Philippine National Police And Their Supporters Who May Have Committed Crimes Punishable Under The Revised

Penal Code, The Articles Of War And Other Laws In Connection With The Oakwood Mutiny, The Marines Stand-Off And The Manila Peninsula Incident.”

A common theme of all the above Amnesty Proclamations and Decrees is the desire to “achieve national unity and reconciliation,” “hasten the restoration of tranquility and stability of the nation,” “accelerate the restoration of peace and order throughout the country,” “provide the opportunity to return to the folds of the law and become loyal, law-abiding and useful citizens of the Republic,” “avoid further bloodshed, loss of live,” “waste of time, effort and other valuable resources in the prosecution of offenders,” and “promote an atmosphere conducive to the attainment of a just, comprehensive and enduring peace in line with the government’s peace and

For questions and comments, please e-mail me at sbmison@gmail.com.

reconciliation initiatives.”

Given the foregoing, the objectives appear to have been forgotten by the “creators” of Proclamation 572 dated August 31, 2018: “Revocation Of The Department Of National Defense Committee Resolution 2 [#1] dated January 31, 2011, Insofar As It Granted Amnesty To LTSG Antonio Trillanes IV.” Far from bringing the country closer to achieving national unity, reconciliation, stability and peace, Proclamation 572 may have unwittingly reopened a closed chapter in history and resurrected a dead horse.

Paradoxically, “amnesty” is derived from the Greek word “amnestiva” meaning “forgetfulness, passing over.” It has evolved into the English word “amnesia.” Which is what I think the authors of Proclamation 572 are suffering from!

Editor: Efleda P. Campos

Companies BusinessMirror

Monday, October 8, 2018

B1

DOTr: Japan, PHL need to sign ODA package to rehab MRT 3

By Lorenz S. Marasigan

M

@lorenzmarasigan

ANILA and Tokyo should sign the official development assistance (ODA) package for the rehabilitation of the Metro Rail Transit (MRT) Line 3 as early as this month, a Cabinet official said, a twomonth delay from the original target.

The delay, Transportation Secretary Arthur P. Tugade said, stems from some kinks that the Japan International Cooperation Agency (Jica) raised, particularly issues pertaining to the trains supplied by manufacturer Dalian CRRC Dalian Co. of China.

“I wanted to sign it in August or September, but it did not push though. It’s not that the parties didn’t want to sign. There’s just an angle to it, which is Dalian,” he said in a chance interview.

The Aquino administration jumpstarted the acquisition of 48 new train cars for the Edsa line. It faced several years of delay due to a legal tussle with the owner of the train facility, MRT Corp.’s parent company, MRT Holdings Inc. Despite having received the first set of trains in early-2016, the deployment of the new coaches was deferred because all 48 light-rail vehicles had to be “optimized and tested.” Onboard signaling was amiss from the train, and was only procured midway through the construction of the 48 train units.

The onboard signaling system was only installed in the trains in November 2016. The initial batch

of trains should have been deployed in March of the same year, based on original targets.

After these issue were settled, the transportation department wanted to deploy the 48 trains in March 2017. However, it failed to do so after groups raised issues on the train’s weight.

The whole expansion project, amounting to P3.8 billion, will increase the capacity of the line to 880,000 daily passengers from a rate capacity of 350,000 commuters per day.

Independent auditor TUV Rheinland evaluated the whole MRT 3 system earlier this year, and noted “technical issues” in the Dalian-made trains. The transportation department’s chief earlier said these issues should be fixed and paid for by the manufacturer, and not the Philippine government.

For now, Tugade noted his group and their Japanese counterparts are now discussing the issue on the Dalian trains.

“The target is to sign by next month or sometime this month. I give short-period targets to pressure our people,” Tugade said.

Japan is extending a hand to

help fix the train system through an overhaul and the procurement of a maintenance provider, particularly Sumitomo Corp.—the builder of the railway line and the decadelong maintenance provider of the system.

The P16.98-billion loan facility will be used to cover the railway line’s trains, power supply system, overhead catenary system, radio system, closed-circuit television system, public address system, signaling system, rail tracks, road rail vehicles, depot equipment, elevators and escalators and other station-building equipment. Tentatively, the whole deal will take about three and a half years or 31 months for the simultaneous rehabilitation and maintenance works to the restore train system to its original design, condition and capacity, and a year for the defect liability period.

“We are discussing this and we are close to signing it,” Tugade said.

Aside from this, the government is also considering the P30-billion unsolicited proposal for the modernization and expansion of the train system submitted by Metro Pacific Investments Corp.

Submitted in 2017, the unsolicited proposal involves the expansion of the capacity of the railway system by adding more coaches to each train, allowing it to carry more cars at faster intervals. It will double the capacity of the line to 700,000 passengers a day from the current 350,000 passengers daily.

The multimillion-dollar expansion is deemed as an all-encompassing deal, including the improvement of the reliability of rolling stock, the upgrading of power supply, the upgrading of stations and the replacement of rails, which will allow the company to operate the new trains

PSALM sets Dec. 14 as bidding date for Malaya Thermal Power Plant

By Lenie Lectura

@llectura

T

HE Power Sector Assets and Liabilities Management Corp. (PSALM) has set on December 14 the bidding for the privatization of the 650-megawatt Malaya Thermal Power Plant (MTPP).

In a bid invite issued over the weekend, the state firm said it would accept letters of interest (LOIs) from interested parties starting October 5 until November 19.

Only interested parties who submitted LOIs would be allowed to participate in the privatization of the MTPP, including its underlying land located at Barangay Malaya, Pililla, Rizal.

PSALM will hold a prebid conference on October 17 to solicit any

UNIQLO FLAGSHIP STORE

comments and concerns that interested bidders may have on the asset sale provisions.

As a prerequisite to the receipt of the bidding package, interested parties must execute a confidentiality agreement and an undertaking and pay a nonrefundable fee in the amount of P150,000 as participation fee on or before November 20.

The plant, which consists of a 300-MW unit with a once-through type boiler and a 350-MW unit fitted with a conventional boiler, is a “must-run unit” (MRU) that provides backup power in instances when supply is deficient or unavailable in the Luzon grid.

PSALM President Irene Joy Garcia said the Department of Energy (DOE) recently allowed the privatiza-

tion without the MRU requirement.

“We were looking at the general condition of the plant and the value, and the supply and demand. We are looking at all these factors and we figured that it might not be very attractive to bidders if you impose that requirement they have to run for three years,” Garcia said.

PSALM will tap a third-party evaluator to assess the power plant.

“We are still in talks with several groups. We have not yet finalized that. We might procure the services of GFIs [government financial institutions] like the Development Bank of the Philippines. We are considering them. Alternatively, we have a budget for third-party valuation. We can bid it out, as well,” Garcia said.

Japanese global apparel retailer opened Uniqlo Manila, the brand’s biggest flagship store in Southeast Asia.

Located in Glorietta 5 in Makati City, the store features the best apparel line the store has to offer. Leading the store’s launch are (from left): Ayala Corp. President and COO Fernando Zobel de Ayala, SM Investments Corp. Co-Vice Chairman Teresita Sy Coson, Fast Retailing Founder, President and COO Tadashi Yanai, Japanese Ambassador to the Philippines Koji Haneda, Uniqlo Philippines Co-COO Geraldine Sia, Uniqlo Southeast Asia and Oceania CEO Satoshi Hatase and Uniqlo Philippines COO Masayoshi Nakamura. ALYSA SALEN

purchased by the government from Chinese train manufacturer Dalian.

Unsolicited proposals are required, under the law, to be subjected to a Swiss challenge, where other groups can offer a similar proposal, and the original proponent can present a counteroffer.

The government awarded the original-proponent status to Metro Pacific last year.

Metro Pacific has nominated Light Rail Manila Corp. as its corporate vehicle for the MRT 3 deal. The company, a partnership between Metro Pacific and Ayala Corp., operates the Light Rail Transit (LRT) Line 1.

Its proposal for the MRT mimicked the same provisions under its concession agreement for the LRT 1 operations and modernization deal, which it bagged in 2014 via the Public-Private Partnership Program.

It means that, instead of having a different operator and maintenance provider, the group will be the one to do both.

Currently, the MRT 3 operates with 16 working trains daily, serving roughly 350,000 passengers per day.

The government wants to increase this to 600,000 passengers daily.

Transco compliant with ERC order on computation of FiT revenues

T

HE National Transmission Corp. (Transco) said over the weekend it has complied with an order of the Energy Regulatory Commission (ERC) to use the committed capacity of renewable-energy (RE) developers as reflected in the Department of Energy’s (DOE) certificate of endorsement (COE) as basis in the computation of feed-in-tariff (FiT) revenues.

Transco President Melvin Matibag said the state firm earlier followed the capacities reflected in the ERC’s certificate of compliance for payment of FiT revenues as this document is the one that grants final eligibility for FiT to the RE plants. “I am pleased this issue has been clarified between the DOE and ERC. But it is also important to note that Transco pays only for energy that is actually generated by the RE plants, not projected nor committed,”Matibag said.

In February 2018 the ERC wrote to Energy Secretary Alfonso G. Cusi requesting clarification and guidance specifically on the application of the plant capacity that should be the basis in the computation of the FiT revenue.

Cusi said the capacity provided in the DOE’s COE is the committed capacity by the RE developer and hence, should serve as the basis of the computation of the FiT revenue. A coordination meeting was then held on April 2 among the DOE, ERC and Transco to discuss the basis of each other’s consideration of FiT capacity.

Following the April 11 ERC order to use the committed capacity in DOE’s COE, Transco started offsetting the overpayments in August after coordination and validation with concerned RE developers. The updated amount at the time of implementation was P47 million. Lenie Lectura

B2

Companies BusinessMirror

Monday, October 8, 2018

PSE STOCK QUOTATIONS

October 5, 2018

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

ASIA UNITED 58.25 58.45 58 58.95 58 58.45 13640 799217.5 637726 BDO UNIBANK 115.1 115.2 117 117 115 115.2 1054410 121689325 -86235598 BANK PH ISLANDS 81 81.1 81.2 81.35 80.6 81 1875840 151925791 -65583434.5 CHINABANK 28.85 29 29.5 29.5 28.8 28.85 28000 810910 -23150 EAST WEST BANK 12.38 12.42 12.4 12.46 12.34 12.38 59000 730972 -500344 METROBANK 66.2 66.3 66.05 66.9 66 66.2 1754050 116134627.5 -49092668 PB BANK 11.12 11.5 11.5 11.5 11.5 11.5 3000 34500 PHIL NATL BANK 42.85 42.95 42.8 43 42.8 42.95 45900 1972135 -1070260 PSBANK 73.5 73.9 73 73.7 73 73.5 710 52150 RCBC 25.5 25.7 25.7 25.7 25.5 25.5 6000 153210 SECURITY BANK 144.7 144.8 146 146.8 144.7 144.8 536490 77,842,693( 38,951,086.0002) UNION BANK 65.95 66 66 66 65.6 65.95 12530 826907 -147120.9998 BRIGHT KINDLE 1.36 1.49 1.58 1.58 1.32 1.36 15000 20720 BDO LEASING 2.3 2.55 2.4 2.4 2.4 2.4 10000 24000 COL FINANCIAL 15.1 16 15 15.1 15 15.1 200 3010 FERRONOUX HLDG 4.1 4.27 4.29 4.29 4.21 4.27 84000 357240 IREMIT 1.6 1.73 1.73 1.73 1.73 1.73 2000 3460 MEDCO HLDG 0.51 0.52 0.54 0.54 0.51 0.52 129000 67090 MANULIFE 820 830 826 826 825 825 350 288850 82500 NTL REINSURANCE 0.9 0.91 0.92 0.92 0.9 0.91 293000 266500 -182000 PHIL STOCK EXCH 184.1 189 184.1 184.1 184 184.1 550 101250 VANTAGE 1.17 1.2 1.17 1.18 1.17 1.17 169000 198150

INDUSTRIAL ALSONS CONS 1.23 1.27 1.27 1.28 1.23 1.27 1002000 1246910 ABOITIZ POWER 33.6 33.9 34.2 34.3 33.5 33.6 1163300 39344295 -6030170 BASIC ENERGY 0.216 0.22 0.222 0.222 0.216 0.22 480000 105640 ENERGY DEVT 7.07 7.08 7.07 7.07 7.07 7.07 511600 3617012 -789719 FIRST GEN 16.18 16.28 16.04 16.36 16.02 16.28 388800 6306418 -888498 FIRST PHIL HLDG 64 64.5 64.5 64.9 63.8 64 32660 2090569 1436269 PHIL H2O 4.76 4.8 4.75 4.8 4.75 4.76 58000 275850 MERALCO 355.8 356 354 359 350 356 238180 84460770 15825506 MANILA WATER 25.25 25.45 24.75 25.5 24.4 25.25 1355800 33763290 7956770 PETRON 8.58 8.64 8.59 8.65 8.5 8.64 864300 7441213 1183183 PETROENERGY 4.06 4.14 4.15 4.15 4.06 4.06 60000 244800 PHINMA ENERGY 0.94 0.96 0.97 0.97 0.94 0.94 1053000 995400 PHX PETROLEUM 10.22 10.78 10.48 10.8 10.3 10.66 53300 564858 -50658 PILIPINAS SHELL 53.55 53.65 53.75 53.9 53.55 53.65 136100 7304933.5 1728468.5 SPC POWER 5.21 5.24 5.3 5.3 5.2 5.2 148200 777711 AGRINURTURE 18.18 18.3 18.24 18.3 18.16 18.3 985300 17983614 5624414.0002 BOGO MEDELLIN 90.05 110 110 110 110 110 10 1100 CNTRL AZUCARERA 17.06 17.84 17.08 17.9 17.06 17.9 600 10324 CENTURY FOOD 13.5 13.56 13.52 13.56 13.5 13.5 472700 6384388 334350 DEL MONTE 7.39 7.4 6.75 7.39 6.75 7.39 700 5045 DNL INDUS 10 10.02 9.91 10.02 9.88 10 1399300 13930875 3117030 EMPERADOR 7 7.04 7.01 7.01 6.92 7.01 174100 1214250 -203944 SMC FOODANDBEV 93.05 93.95 98 100 93 93.05 1025030 98401112 15552559 ALLIANCE SELECT 0.95 0.96 1.01 1.02 0.92 0.95 19194000 18623540 -49890 GINEBRA 25.4 25.55 25.55 25.55 25.5 25.55 15200 388110 -5100 JOLLIBEE 246.8 247 251 251.4 246.6 247 897790 222232564 -139557612 MAXS GROUP 11.1 11.2 11.24 11.24 11.06 11.16 28100 314060 -83830 MG HLDG 0.177 0.184 0.187 0.19 0.182 0.184 350000 65080 9380 PEPSI COLA 1.78 1.8 1.8 1.8 1.78 1.78 5469000 9843860 -2217300 SHAKEYS PIZZA 12 12.06 11.8 12.06 11.8 12 99400 1192512 685110 ROXAS AND CO 2.4 2.45 2.46 2.46 2.4 2.45 1226000 2966180 RFM CORP 4.85 4.9 4.85 4.85 4.85 4.85 79000 383150 242500 SWIFT FOODS 0.124 0.125 0.124 0.124 0.124 0.124 40000 4960 UNIV ROBINA 133.5 134.8 134 137.2 133.5 133.5 331530 44342720 -1276481 VITARICH 1.89 1.9 1.92 1.92 1.88 1.9 955000 1811610 -9450 CONCRETE A 60.75 65 65 65 65 65 120 7800 CEMEX HLDG 2.18 2.19 2.25 2.32 2.14 2.18 8300000 18073350 -9070260 EAGLE CEMENT 15.14 15.36 15.2 15.4 15.14 15.36 113000 1730956 1007278 EEI CORP 8.34 8.36 8.32 8.36 8.32 8.34 17700 147665 -2508 HOLCIM 6.6 6.68 6.73 6.73 6.68 6.68 147700 989778 -404872 MEGAWIDE 14 14.02 14.38 14.38 14.02 14.02 5313500 75154170 -45220570 PHINMA 8.98 9 9.02 9.02 8.98 8.98 18400 165576 TKC METALS 0.95 0.96 0.96 0.96 0.96 0.96 41000 39360 VULCAN INDL 2.07 2.08 2.06 2.1 2.03 2.07 2290000 4707320 -138130 CROWN ASIA 1.7 1.74 1.71 1.71 1.71 1.71 71000 121410 68400 LMG CHEMICALS 4.8 4.9 4.8 4.8 4.8 4.8 30000 144000 MABUHAY VINYL 3.04 3.34 3.39 3.39 3.24 3.24 3000 9870 CONCEPCION 37.2 38 38.6 38.6 38 38 16300 627130 -3850 INTEGRATED MICR 12.2 12.36 12.7 12.7 12.2 12.2 2525700 31192164 14074598 IONICS 1.84 1.88 1.9 1.9 1.83 1.84 323000 596220 -46320 PANASONIC 5.87 6.48 6.49 6.49 6.4 6.4 3500 22678 SFA SEMICON 1.6 1.61 1.63 1.65 1.6 1.61 298000 481250 -24150 CIRTEK HLDG 34 34.7 35.6 36 34 34 523500 18206500

HOLDING & FRIMS ABACORE CAPITAL 0.42 0.425 0.42 0.425 0.415 0.42 11590000 4826050 -415000 ASIABEST GROUP 26.55 26.95 28.15 28.3 26 26.75 90700 2441750 102245 AYALA CORP 918 935 930 935 911.5 935 196600 181532790 -63784480 ABOITIZ EQUITY 47.1 47.25 47.8 48 46.25 47.1 531400 25060205 -16183465 ALLIANCE GLOBAL 11.78 11.9 11.9 11.98 11.78 11.78 1875800 22247874 -17918346 ANSCOR 6 6.14 6.14 6.14 6.14 6.14 2000 12280 ANGLO PHIL HLDG 0.88 0.93 0.88 0.93 0.88 0.93 4000 3620 ATN HLDG A 1.24 1.25 1.25 1.29 1.21 1.25 5404000 6682460 ATN HLDG B 1.24 1.25 1.28 1.28 1.22 1.24 1665000 2060800 300210 COSCO CAPITAL 5.9 5.96 5.84 5.95 5.83 5.9 1453800 8572879 869387 DMCI HLDG 11.66 11.72 11.7 11.98 11.58 11.72 2697400 31697476 -20378280 FJ PRINCE A 4.52 5.64 4.52 5.64 4.51 5.64 2700 12932 GT CAPITAL 764 771.5 783.5 797.5 764 764 80280 61995380 -38487605 HOUSE OF INV 6.1 6.14 6.1 6.1 6.1 6.1 20000 122000 JG SUMMIT 49 49.05 51.05 51.4 49.05 49.05 1819680 90153284.5 -6841007 KEPPEL HLDG A 4.51 5.78 6.6 6.6 5.79 5.79 6000 37090 LODESTAR 0.53 0.56 0.57 0.57 0.55 0.57 8000 4500 LOPEZ HLDG 4.45 4.66 4.65 4.7 4.38 4.66 427000 1949340 -489360 LT GROUP 14.28 14.34 14.4 14.48 14.12 14.34 5802100 82667366 -5236416 MABUHAY HLDG 0.55 0.56 0.55 0.58 0.55 0.55 828000 464650 METRO PAC INV 4.76 4.8 4.85 4.91 4.76 4.76 7094000 34169570 -5519980 PACIFICA 0.037 0.038 0.038 0.038 0.037 0.037 11800000 442300 PRIME ORION 2.36 2.38 2.43 2.43 2.36 2.36 379000 902920 -0 PRIME MEDIA 1.18 1.22 1.22 1.23 1.18 1.18 14000 17040 SOLID GROUP 1.37 1.4 1.4 1.4 1.4 1.4 1000 1400 SM INVESTMENTS 869.5 870 869.5 875 866.5 870 259030 225811735 -144407865 SAN MIGUEL CORP 171.4 172.9 170.2 173.4 170 172.9 519500 89515739 5314465 SOC RESOURCES 0.78 0.84 0.78 0.83 0.78 0.83 203000 166630 TOP FRONTIER 278 281 280 281 279 281 3220 904190 WELLEX INDUS 0.25 0.255 0.26 0.26 0.25 0.255 1230000 311150 ZEUS HLDG 0.135 0.216 0.216 0.216 0.216 0.216 10000 2160

PROPERTY ARTHALAND CORP 0.63 0.64 0.63 0.63 0.63 0.63 187000 117810 ANCHOR LAND 10.92 11.9 11.96 11.96 11.96 11.96 700 8372 AYALA LAND 39 39.3 38.9 39.3 38.75 39 8894300 347107485 -80661970 ARANETA PROP 2 2.03 2.03 2.03 2.03 2.03 20000 40600 BELLE CORP 2.38 2.39 2.44 2.44 2.39 2.39 1372000 3289260 -3006660 A BROWN 0.81 0.82 0.84 0.84 0.82 0.82 365000 299460 CITYLAND DEVT 0.91 0.93 0.93 0.93 0.9 0.93 17000 15560 CROWN EQUITIES 0.22 0.23 0.22 0.23 0.218 0.23 540000 118610 CEBU HLDG 5.1 5.35 5.2 5.2 5.2 5.2 50000 260000 CEB LANDMASTERS 4.32 4.35 4.43 4.43 4.35 4.35 39000 170700 CENTURY PROP 0.44 0.445 0.43 0.44 0.43 0.44 3130000 1365500 44000 CYBER BAY 0.365 0.395 0.39 0.4 0.365 0.4 810000 309100 121500 DOUBLEDRAGON 19.48 19.54 19.52 19.8 19.48 19.48 301500 5886766 -2957938 DM WENCESLAO 8.28 8.29 8.28 8.29 8.27 8.29 38300 316824 1654 EMPIRE EAST 0.54 0.56 0.56 0.56 0.56 0.56 9000 5040 EVER GOTESCO 0.104 0.118 0.11 0.11 0.11 0.11 220000 24200 FILINVEST LAND 1.44 1.45 1.46 1.46 1.44 1.44 3224000 4662000 43750 GLOBAL ESTATE 1.11 1.13 1.11 1.14 1.11 1.11 689000 764820 8990 HLDG 7.2 7.23 7.13 7.23 7.12 7.23 259700 1871378 10695 IRC PROP 2.49 2.5 2.36 2.49 2.33 2.49 14476000 34874010 -1553600 MEGAWORLD 4.15 4.19 4.12 4.21 4.1 4.15 9629000 39848030 -6600150 MRC ALLIED 0.6 0.61 0.63 0.63 0.6 0.6 57134000 34765620 235690 PHIL ESTATES 0.44 0.445 0.45 0.45 0.44 0.445 1240000 545800 -308000 PRIMEX CORP 3.87 3.88 3.87 3.93 3.87 3.88 218000 847800 -107700 ROBINSONS LAND 19.8 20 19.7 20 19.62 19.8 411200 8144092 -3695636 PHIL REALTY 0.415 0.43 0.415 0.43 0.415 0.43 300000 124950 ROCKWELL 1.96 2 1.95 1.96 1.9 1.96 42000 80780 9670 SHANG PROP 3.15 3.17 3.15 3.16 3.15 3.15 24000 75620 6320 STA LUCIA LAND 1.12 1.14 1.15 1.15 1.12 1.14 77000 86530 SM PRIME HLDG 34.25 34.3 34 34.6 33.95 34.3 7079100 242796120 -125136550 STARMALLS 6.3 6.32 6.35 6.35 6.24 6.3 67300 421620 -633 PTFC REDEV CORP 31.05 40.85 31.4 31.4 31.4 31.4 37300 1171220 VISTA LAND 5.89 5.9 6 6 5.89 5.9 3370700 19925335 -12421600

SERVICES ABS CBN 21.4 21.5 21.5 21.5 21 21.5 7800 167550 GMA NETWORK 5.25 5.29 5.35 5.35 5.25 5.25 444500 2337494 MLA BRDCASTING 16 17.12 16 16 16 16 100 1600 GLOBE TELECOM 2264 2270 2172 2290 2172 2270 90245 204011590 102563850 PLDT 1390 1394 1380 1401 1376 1390 113100 157364045 37410495 APOLLO GLOBAL 0.038 0.041 0.04 0.042 0.038 0.041 12600000 496300 DFNN INC 8.42 9 8.45 9 8.42 9 63400 554041 ISLAND INFO 0.114 0.115 0.114 0.116 0.114 0.115 410000 47150 ISM COMM 2.45 2.46 2.37 2.49 2.37 2.46 2061000 5015620 11970 JACKSTONES 3.12 3.2 3.1 3.2 3.09 3.2 41000 128560 NOW CORP 7.29 7.3 7.36 7.4 7.23 7.3 966000 7065256 -14600 TRANSPACIFIC BR 0.52 0.53 0.55 0.55 0.52 0.52 15578000 8243380 -212100 PHILWEB 4.16 4.22 4.23 4.23 4.1 4.23 284000 1173360 -50160 2GO GROUP 10.34 10.6 10.4 10.68 10.3 10.64 9100 94234 CEBU AIR 67.2 67.35 67.5 69 67.2 67.2 35360 2381699 -1365033.5 CHELSEA 4.8 4.88 5.27 5.29 4.78 4.8 4574100 22571137 175515 INTL CONTAINER 94.6 95.45 94.15 95.45 93 95.45 417390 39475292.5 -1507344 LBC EXPRESS 14.26 14.9 14.26 14.26 14.26 14.26 100 1426 LORENZO SHIPPNG 0.9 0.93 0.91 0.97 0.89 0.96 992000 919300 MACROASIA 17.06 17.1 17.16 17.28 17.02 17.1 340300 5829254 -224010 METROALLIANCE A 1.45 1.51 1.39 1.51 1.38 1.51 15000 21240 PAL HLDG 8.5 8.6 8.85 8.85 8.85 8.85 10500 92925 88500 HARBOR STAR 2.6 2.62 2.62 2.62 2.58 2.62 678000 1760390 -125740 BOULEVARD HLDG 0.06 0.061 0.06 0.061 0.059 0.061 8320000 495910 WATERFRONT 0.65 0.66 0.67 0.68 0.65 0.66 1213000 797490 -22940 CENTRO ESCOLAR 8 8.15 8 8 8 8 102600 820800 FAR EASTERN U 890 895 890 890 890 890 300 267000 IPEOPLE 11.6 11.9 11.54 11.98 11.54 11.6 2300 26786 STI HLDG 0.8 0.81 0.81 0.82 0.78 0.81 2682000 2142310 427920 BERJAYA 1.85 1.86 1.88 1.92 1.85 1.85 3034000 5655990 BLOOMBERRY 8.12 8.25 8.12 8.3 8.11 8.12 7269400 59144489 -4569694 PACIFIC ONLINE 10.58 10.98 10.98 10.98 10.98 10.98 2000 21960 LEISURE AND RES 3.45 3.48 3.58 3.6 3.22 3.45 1379000 4826430 -183590 MANILA JOCKEY 5.59 5.82 5.84 5.84 5.6 5.82 5400 30332 MELCO RESORTS 7.06 7.09 7.08 7.09 7.06 7.06 900900 6369435 1135516 PREMIUM LEISURE 0.85 0.86 0.85 0.87 0.85 0.85 1340000 1146480 -303100 TRAVELLERS 5.19 5.2 5.17 5.2 5.17 5.19 466400 2421324 -13520 METRO RETAIL 2.3 2.4 2.36 2.37 2.3 2.3 251000 589010 -383600 PUREGOLD 43.55 44 45 45 43.2 44 190600 8383010 118880 ROBINSONS RTL 78 79.8 80 80 77.8 78 1301740 102234413.5 -15995105 PHIL SEVEN CORP 99 100 100 100 100 100 740 74000 SSI GROUP 2.45 2.46 2.31 2.46 2.29 2.45 24558000 59200690 -1990010 WILCON DEPOT 10.7 10.84 10.5 10.88 10.5 10.84 1667000 17960268 10082974 APC GROUP 0.46 0.465 0.465 0.47 0.46 0.46 2020000 936200 EASYCALL 20.1 20.85 22.2 22.75 20 20.1 146900 3012280 GOLDEN BRIA 305 312 305 312.4 305 312.4 200 61074 PRMIERE HORIZON 0.37 0.375 0.38 0.38 0.37 0.375 550000 204650 SBS PHIL CORP 7.45 7.6 7.46 7.46 7.45 7.45 3000 22360 -22360

MINING & OIL ATOK 17 17.48 17.48 17.48 17.48 17.48 1500 26220 APEX MINING 1.45 1.49 1.51 1.53 1.45 1.45 4550000 6657570 293000 ABRA MINING 0.0024 0.0026 0.0026 0.0027 0.0024 0.0026 684000000 1750600 ATLAS MINING 2.9 2.94 2.91 2.91 2.9 2.9 64000 185710 -11610 CENTURY PEAK 1.91 1.92 1.91 1.92 1.91 1.92 416000 795720 DIZON MINES 7 7.08 7.04 7.08 7.03 7.08 4000 28133 FERRONICKEL 1.82 1.83 1.84 1.84 1.82 1.83 405000 741600 112030 GEOGRACE 0.2 0.201 0.205 0.205 0.201 0.201 440000 88520 LEPANTO A 0.109 0.11 0.11 0.111 0.109 0.11 800000 88490 LEPANTO B 0.11 0.113 0.111 0.111 0.11 0.11 2000000 221000 MARCVENTURES 1.24 1.27 1.29 1.29 1.27 1.27 6000 7640 NIHAO 1.1 1.11 1.1 1.15 1.06 1.12 9000 9920 NICKEL ASIA 4.23 4.29 4.26 4.3 4.2 4.23 355000 1502350 -545770 OMICO CORP 0.68 0.7 0.68 0.71 0.67 0.68 1116000 767970 ORNTL PENINSULA 1.1 1.12 1.14 1.15 1.1 1.1 1124000 1254650 46130 PX MINING 3.26 3.3 3.3 3.32 3.26 3.27 765000 2525950 39520 SEMIRARA MINING 25.1 25.2 25 25.4 24.95 25.1 3279800 82246175 -38792970 UNITED PARAGON 0.0065 0.0074 0.0077 0.0077 0.0074 0.0074 2000000 15100 ORNTL PETROL A 0.013 0.014 0.014 0.014 0.013 0.014 34000000 445700 ORNTL PETROL B 0.013 0.014 0.013 0.013 0.013 0.013 1900000 24700 PHILODRILL 0.012 0.013 0.012 0.012 0.012 0.012 29100000 349200 PHINMA PETRO 3.5 3.62 3.77 3.77 3.42 3.5 178000 619230 PXP ENERGY 15.72 15.82 15.84 16.18 15.74 15.74 2341800 37154520 1770910.0001

PREFFERED HOUSE PREF A AC PREF B2 ALCO PREF B DD PREF SMC FB PREF 2 FGEN PREF G GLO PREF P GTCAP PREF A LR PREF PNX PREF 3A PNX PREF 3B SMC PREF 2C SMC PREF 2D SMC PREF 2E SMC PREF 2F SMC PREF 2H SMC PREF 2I

95.2 485 100.1 100.2 983 102 489 911 1.01 100 103 76.2 72.4 73.5 74.5 74.5 73

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

18.8 5.03

98 502 104.2 100.4 999 103 490 964.5 1.02 102.9 108.9 76.3 75 75 75 75 75

98 489 100.1 100.2 983 100.8 492 911.5 1.02 103 109 76.3 75 74.8 75 74.5 74.5

98 495 100.5 100.4 999 102 492 911.5 1.04 103 109 76.3 75 75 75 75 75

98 489 100.1 100.2 983 100.5 490 911 1.02 103 101.2 76 75 74.8 74.5 74.5 74.5

98 495 100.5 100.4 999 102 490 911 1.02 103 101.2 76 75 75 74.5 75 75

90 770 29500 1030 3300 20900 1520 200 70000 300 340 13850 1000 4300 53010 17700 11540

8820 376590 2960950 103212 3295100 2116350 744840 182215 71420 30900 36823 1055955 75000 321702 3957875 1325300 861230

-723380

19 5.06

19.2 5.09

19.2 5.09

18.8 5.04

19 5.06

101000 506700

1927380 2564854

-218380 -1695506

WARRANTS LR WARRANT

2.3

SMALL & MEDIUM ENTERPRISES ITALPINAS 5.15 XURPAS 2.16

2.31

2.4

2.4

2.31

2.31

116000

269470

-

5.16 2.17

5.28 2.23

5.3 2.28

5.15 2.16

5.16 2.16

653800 628000

3392668 1368940

56391 -210690

EXHANGE TRADE FUNDS FIRST METRO ETF

106.8

107.3

107.3

107.3

106.8

106.8

16550

1768932

2136

www.businessmirror.com.ph

Chelsea to buy 6 more ships for $100M

T

By Lorenz S. Marasigan

@lorenzmarasigan

HE logistics and shipping arm of Udenna Corp., the holding company of magnate Dennis A. Uy’s businesses, is once again flexing its financial muscle—this time to the tune of $100 million—to expand its fleet of vessels by six more ships through 2020.

Chelsea Logistics Holdings Corp.

President Chryss Alfonsus V. Damuy said his group is modernizing its fleet with the acquisition of the six new vessels of varying tonnages, as a response to the government’s policy of removing old ships in the industry.

“We still have six vessels lined up to be delivered,” he said, noting the vessels—pegged at around $100 million in total—are either the “same size” or “far bigger” than the rollon, roll-off (Roro) passenger vessels the group recently acquired from a

Japanese manufacturer.

Friday saw the company unveiling the two new ships it acquired— the MT Chelsea Providence and MV Salve Regina—at the Manila North Harbor Port.

“We have long dreamed of having our presence felt in the international waters and to commence our foray into the regional liquid carrier market. Today, we are grateful to welcome our biggest, as well as the Philippines’s biggest, registered vessel—MT Chelsea Providence,” Uy said.

MT Chelsea Providence is a 183.3-meter-long, medium-range oil tanker that can carry up to 54 million liters of petroleum at any given time.

“In our efforts to provide better customer experience, safe and reliable journey, and convenient travel, the Chelsea Group has been invest-

ing in younger vessels and brandnew ones, including the one we are onboard right now—the MV Salve Regina,” Uy noted.

The Roro vessel can accommodate over 500 passengers and 41 vehicles.

It now serves the Batangas-Caticlan route. With the new ships, the company now has a fleet of 88 ships, spread throughout different subsidiaries such as Chelsea Shipping, Starlite Ferries,Trans-Asia Shipping Lines, Fortis and the 2GO Group.

Damuy noted the company is looking at opening new routes for passenger services, as it continues to receive more vessels throughout the next two years.

“From Batangas, we could go to Iloilo, Bacolod, and launch interisland services between the Visayas and Mindanao. There are a number of routes that are underserved,” he said.

PAL warns public vs scams on low-fare deals

F

OUR-STAR Philippine Airlines (PAL) warns the public against buying “cheap” airline tickets sold by scam artists on social-media sites such as Facebook.

This warning was issued after some syndicates were found to have bought tickets in bulk, then sold them at low rates via socialmedia sites.

“Individuals who are enticed to purchase these tickets are eventually informed the tickets are in the name of fictitious people; the buyers are then offered fake IDs for presentation at airport check-in,” PAL Express

Head of Security Rear Adm. Jorge Amba said.

As of October 5, 2018, there were 68 arrests in different provincial airports across the country, with a particular concentration in Zamboanga, Cagayan de Oro, Cotabato, Bacolod and Clark.

“Since the tickets were bought online in bulk under different bogus names, passengers who bought cheap round-trip tickets were also supplied with fake IDs by the sellers,” Amba added.

“Our airport frontliners are trained to distinguish counterfeit IDs. So if you presented a fake ID, you will surely miss your flight and will have tons of problems.” Recto Mercene

STOCK-MARKET OUTLOOK LAST WEEK

SHARE prices fell for the fifth straight week as key economic figures—such as the high inflation rate for September—affected trading, pushing investors to stay on the sidelines, and those who made their trade dumped their holdings.

The benchmark Philippine Stock Exchange index shed 198.62 points, or 2.7 percent, to close at 7,078.2 points.

The main index was down almost all week except on Wednesday, when it gained 78.51 points, but all of it was erased the following day.

“We had another week with an extremely low turnover value at P23.77 billion.

This week also marked 30 straight trading days of foreign outflows,” said Christopher Mangun, research head at Eagle Equities Inc. “The bottom line is that a majority of investors are still sitting on the sidelines as foreign money continues to withdraw from our market. With the Bangko Sentral ng Pilipinas raising interest rate and inflation numbers coming in slightly below the BSP estimate, investors are still not confident to get back into this market,” he said.

Average daily trading for the week was at P4.1 billion, while foreign investors were again net sellers at P2.66 billion.

Among the subindices, only the Services index managed to post gains of 8.86 points to 1,503.83, while all others were down. The All Shares index fell 101.56 to 4,363.36; the Financials index declined 45.6 to 1,574.96; the Industrial index shed 242.38 to 10,405.15; the Holding Firms index dropped 208.47 to 6,951.46; the Property index plunged 132.87; and the Mining and Oil index was down 319.33 to 8,652.67.

For the week, losers edged gainers 162 to 66, and 19 shares were unchanged.

Top gainers were Keppel Philippines Holdings Inc. A, Oriental Petroleum and Minerals Corp. A, Abra Mining and Industrial Corp., Manila Bulletin Publishing Corp., Metro Alliance Holdings and Equities Corp. B and SSI Group Inc. Top losers were Philippine Trust Co., Liberty Flour Mills Inc., Bright Kindle Resources and Investments Inc., ISM Corp. and Philippine Savings Bank.

THIS WEEK

SHARE prices may again try to consolidate this week as prices are now cheaper and some investors are positioning themselves ahead of the third-quarter results of companies. Some analysts said, however, the market may further drop this week.

Broker 2TradeAsia said many are now looking forward to the earnings report of corporate for the third quarter of the year, but they are looking for quarter-onquarter improvements, “Until the selling pressure ebbs, most might opt for defensive bets, especially for stocks worth holding for the long term with sustainable dividend yields,” the broker said.

It added support for the main index is seen at 7,000 points and resistance at 7,200. Mangun, meanwhile, said the main index may still fall this week.

“The index failed to close above the 7,200 support level, which means the bottom that we saw back in July may not be the bottom that we had hoped for. Next key-support level is at 7,000, and if that doesn’t hold there is no telling how low this market can go,” he said.

“The alternative is that the index holds at 7,000 and we get a ‘double bottom.’ but looking at the market sentiment, we are leaning toward the first scenario,” he said, adding nothing is giving investors the peace of mind to get back into the market.

STOCK PICKS

BROKER 2TradeAsia recommended a long-term buy on the stock of First Gen Corp. as the stock benefits from the voluntary delisting of Energy Development Corp.

“The stock’s business model will be enhanced, in light of current operations plus angles on geothermal and renewable assets. Extra pluses might come from its prospective venture into liquefied natural gas,” the broker said.

The broker gave a target price on the stock at P23.99.

FGen shares closed Friday at P16.28 apiece.

Meanwhile, broker Regina Capital and Development Corp. gave a buy recommendation on the stock of Metro Pacific Investments Corp. (MPIC) as its stock price continued to show momentum.

“If MPIC would be successful to break the psychological limit, then it is prudent to enter on breakout,” it said, giving a weekly target price of P4.93 per share.

MPIC closed last week at P4.76 per share. VG Cabuag

MUTUAL FUNDS

October 5, 2018

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC * 241.46 -16.19% -0.62% 0.54% -17.65% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.3617 -16.17% 4.23% 1.6% -14.72% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 3.7508 -16.38% 0.81% -0.49% -18.33% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.8667 -14.11% N.A. N.A. -14.78% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. * ********* 0.7937 N.A. N.A. N.A. N.A. FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 5.0001 -13.87% -1.81% -0.12% -16.85% MBG EQUITY INVESTMENT FUND, INC. * ****** 115.41 N.A. N.A. N.A. N.A. ONE WEALTHY NATION FUND, INC.* 0.8001 -18.09% N.A. N.A. -19.4% PAMI EQUITY INDEX FUND, INC.* 46.9639 -14.91% 0.49% N.A. -16.72% PHILAM STRATEGIC GROWTH FUND, INC.* 488.41 -15.83% -0.97% -0.71% -17% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.2069 -12.39% 0.91% N.A. -14.06% PHILEQUITY FUND, INC.* 35.1478 -12.11% 1.48% 2.44% -14.47% PHILEQUITY PSE INDEX FUND INC.* 4.7203 -14.82% 1.14% 2.29% -16.81% PHILIPPINE STOCK INDEX FUND CORP.* 787.82 -14.78% 0.93% 1.98% -16.7% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.8138 -14.65% -1.54% N.A. -15.85% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 3.8898 -13.2% 0.73% 0.91% -15.07% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 0.9087 -15% 0.96% N.A. -16.88% UNITED FUND, INC.* 3.339 -11.3% 2.02% 0.66% -14.26% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* *** 105.3783 -14.27% 2.15% N.A. -16.34% ATRAM ASIAPLUS EQUITY FUND, INC.** $0.9935 -6.81% 4.81% 0.76% -10.36% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.2992 7.76% N.A. N.A. 2.69% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.61 -12.31% -2.9% -2.01% -13.6% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.1511 -11.3% 0.09% 0.06% -12.45% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.4556 -9.85% -3.12% -2.73% -11.35% GREPALIFE BALANCED FUND CORPORATION* **** 1.2796 -11.51% N.A. N.A. -12.05% NCM MUTUAL FUND OF THE PHILS., INC* 1.7952 -8.39% 0.26% -0.01% -9.9% PAMI HORIZON FUND, INC.* 3.4078 -12.28% -1.54% -1.1% -13.02% PHILAM FUND, INC.* 15.3027 -12.37% -1.5% -1.15% -12.84% SOLIDARITAS FUND, INC.* ******** 2.0086 -9.72% 0.06% 1.55% -10.41% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.5524 -9.74% -0.44% 0.03% -11.11% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.9043 -9.91% -0.81% N.A. -11.37% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.03477 -3.44% -0.26% 1.99% -3.68% PAMI ASIA BALANCED FUND, INC.* $0.9723 -4.86% 3.8% -0.65% -7.13% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.6755 4.36% 6.71% 3.62% 0.63% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.0934 0.08% N.A. N.A. -1.69% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 341.55 1.53% 1.81% 1.75% 1.32% ATRAM CORPORATE BOND FUND, INC.* ******* 1.8567 -2.05% -1.09% -0.16% -1.88% COCOLIFE FIXED INCOME FUND, INC.* 2.937 5.47% 5.35% 5.34% 4.08% EKKLESIA MUTUAL FUND INC.* 2.1196 -0.01% 1.06% 1.12% 0.83% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2133 -0.16% -0.05% 0.38% -0.13% GREPALIFE FIXED INCOME FUND CORP.* P 1.5761 -2.11% -1.47% -1.29% -2.08% PHILAM BOND FUND, INC.* 3.832 -6.25% -1.79% -0.82% -5.38% PHILEQUITY PESO BOND FUND, INC.* 3.4652 -0.99% -0.52% 0.19% -1.13% SOLDIVO BOND FUND, INC. * 0.8805 -5.41% -2.06% N.A. -4.63% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.7589 -0.45% 0.11% 0.47% -0.65% SUN LIFE PROSPERITY GS FUND, INC.* 1.5322 -1.07% -0.43% -0.03% -1.13% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $445.58 0.22% 2.3% 3.13% -0.08% ALFM EURO BOND FUND, INC. * Є213.17 0.27% 1.37% 1.69% -0.26% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.1214 -0.96% 1.07% 1.83% -1.12% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0248 -0.8% 0.82% N.A. -0.8% GREPALIFE DOLLAR BOND FUND CORP. * $1.6929 -4.73% -0.24% 1.37% -4.44% MAA PRIVILEGE DOLLAR FIXED INCOME FUND, INC. N.S. N.S. N.S. N.S. N.S. MAA PRIVILEGE EURO FIXED INCOME FUND, INC. ЄN.S. N.S. N.S. N.S. N.S. PAMI GLOBAL BOND FUND, INC* $1.0272 -4.78% -1.43% -2.73% -4.31% PHILAM DOLLAR BOND FUND, INC.* $2.1458 -4.27% 0.68% 2.55% -4.67% PHILEQUITY DOLLAR INCOME FUND INC.* $0.056843 -1% 0.92% 2% -0.62% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.8812 -4.48% 0.73% 1.83% -4.37% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 119.85 2.33% 1.66% 1.44% 1.9% PHILAM MANAGED INCOME FUND, INC.* 1.1714 1.5% 0.29% 0.33% 1.21% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.2089 2.4% 2.14% 1.38% 1.97% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* ***** $1.011 N.A. N.A. N.A. 1.23%

* - NAVPS AS OF THE PREVIOUS BANKING DAY ** - NAVPS AS OF TWO BANKING DAYS AGO *** - LISTED IN THE PSE.

**** - RE-CLASSIFIED INTO A BALANCED FUND STARTING JANUARY 1, 2017 (FORMERLY GREPALIFE BOND FUND CORP.).

***** - LAUNCH DATE IS NOVEMBER 6, 2017 ****** - LAUNCH DATE IS JANUARY 08, 2018 ******** - RENAMING OF THE FUND WAS APPROVED BY THE SEC LAST APRIL 13, 2018. ********* - BECAME A MEMBER SINCE APRIL 20, 2018. ******* - ADJUSTED DUE TO CASH DIVIDEND ISSUANCE LAST JANUARY 29, 2018

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Banking&Finance BusinessMirror

Perspectives

The people challenges are becoming acute

S

ECURING sufficient skilled people is seen as a challenge for nearly 9 in 10 insurers. This is nearly double the proportion that say securing budget is a significant issue. Also, a growing number of insurance companies are expecting to make significant use of external resources, in particular to steer their program as its complexity becomes apparent or to try and make up lost time.

Organizations across sectors often say that people are their greatest asset. This sentiment seems especially true for insurers and their implementation of the new standards, where securing sufficient skilled people has become an urgent and pressing need.

We are likely to see a fullblown war for talent as insurers grapple with the demands of the technical and systems requirements. Appreciation of the extent of the people requirement appears to grow the further into their projects insurers get, while earlier on the focus is more on budget.

An illustration of this is that securing an adequate budget is expected to be a greater resource challenge for insurers in the early phases of IFRS 17 implementation compared to those in the impact assessment, design and implementation phases.

The emphasis switches to resourcing for insurers at the design and implementation phases, reflecting the complexity of the tasks being encountered as well as their scale.

The challenge is finding the right people with the right skills, including detailed knowledge of current systems and processes, not simply finding enough people.

As highlighted in Navigating Change, this creates a double jeopardy for late starters who both have more ground to make up and run the risk that the leading players will have scooped the talent pool before them.

Significant numbers of fulltime equivalents (FTEs) are being allocated to the projects. Nearly half (45 percent) of the largest insurers have teams of 50 or more.

Half of midsize companies have up to 25 people assigned. But the size of the project team doesn’t solely correlate with the size of the insurer—outliers among the smaller respondents also report teams greater than 26, where the resource stretch must be significant.

Resourcing models

IN recognition of the resourcing challenges, the anticipated use of external assistance appears to be increasing. Almost every respondent expects to use outside support to some extent. Nearly 1 in 5 insurers (18 percent) expects to make “extensive” use of external support.

The most widely anticipated need is for content subject matter experts—although the fastest growth is in those expecting to look for external guidance on steering the project.

However, nearly 4 in 10 insurers also say that they plan to use external support to backfill existing roles, i.e. they are freeing up people internally to work on the project and using external resources to cover their old roles.

Whatever approach insurers take, it will clearly be important that they maximize the use of their existing resources in order to leverage knowledge of their business and its current systems and processes so as to contain costs and drive efficiency.

The excerpt was taken from the publication entitled In it to win it: Feedback from insurers on the journey to IFRS 17 and IFRS 9 implementation one year in. © 2018 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG network of independent member-firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved. Printed in the Philippines For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.

NG subsidies for August shrink 17.2% to ₧5.037 billion–Treasury

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By Rea Cu

@ReaCuBM

HE subsidies made by the national government for the month of August have reached P5.037 billion, with the National Irrigation Administration (NIA) receiving the bulk of the subsidy for the month, data from the Bureau of the Treasury showed.

The subsidies for August represent a 17.2- percent contraction from the P6.085 billion made in the same month for 2017.

The NIA received the bulk of the subsidy with P2.392 billion, falling by 15.1 percent compared to the P2.818 billion received in 2017.

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7th

The rank of accounting and finance among most in-demand skills globally, per a recent survey

by ManpowerGroup of 39,195 employers across six industry sectors in 43 countries and territories being up against BPOs that offer higher pay, fewer tasks, and where everything is pretty much automated,” Dee admitted.

According to Dee, the talent shortage is happening across industries and on a global scale. She cited a recent study by ManpowerGroup, which surveyed 39,195 employers across six industry sectors in 43 countries and territories. The survey showed that the global talent shortage has reached a 12-year high; it ranked accounting and finance as the seventh among skills most in demand in the world.

This is why even the likes of P&A Grant Thornton, one of the top 5 auditing and professional services firms in the country, is upping the ante. The firm has around 900 employees and 21 partners across its nationwide network providing audit, tax, outsourcing, and high-level advisory services. “When the skill itself has become hard to find, especially

₧2.392B

The subsidy from the national government received by the National Irrigation Authority

The second-biggest recipient of subsidy for the month is the Philippine Health Insurance Corp. (PhilHealth) with P2 billion, with no subsidy received during the same month last year.

Other government-owned and -controlled corporations (GOCCs)

that received subsidies for the month include: the Philippine Coconut Authority with P233 million; the Philippine Heart Center with P72 million; the Philippine Children’s Medical Center with P65 million; and the Philippine Rice Research Institute with P51 million.

Also included in the list are: the National Kidney Transplant Institute with P49 million; the Lung Center of the Philippines with P41 million; the Philippine Sugar Corp. with P32 million; the Philippine National Railway with P29 million; the Cultural Center of the Philippines with P26 million; the Philippine

Institute for Development Studies with P11 million; and the Philippine Institute of Traditional and Alternative Health Care with P10 million.

The People’s Television Network also received a subsidy for the month amounting to P6 million; the Light Rail Transit Administration with P6 million, as well; the Zamboanga City Special Economic Zone Authority with P4 million; the Southern Philippines Development Authority with P4 million; the Aurora Pacific Economic Zone with P4 million; and the Subic Bay Metropolitan Authority, P2 million. The government’s subsidy has amounted to a total of P105.251 billion from January to August this year, expanding by 29.6 percent from the P81.171 billion disbursed in the same period last year.

A subsidy from government to GOCCs aims to help agencies reduce costs and support the growth of different sectors, among others.

SC affirms Amla constitutionality in Jinggoy case

By Joel R. San Juan @jrsanjuan1573

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HE Supreme Court (SC) has maintained the constitutionality of the provision of Republic Act (RA) 9160 or the Anti-Money Laundering Act (Amla), which allows ex parte applications by the Anti-Money Laundering Council (AMLC) for a bank inquiry on those facing plunder charges.

The Court made the reiteration as it ruled to dismiss the petition filed by former Sen. Jose “Jinggoy” Ejercito Estrada seeking to reverse the Sandiganbayan decision denying his motion to exclude in the plunder case against him the AMLC inquiry report on the bank transactions related to his alleged involvement in the multi billion-peso pork barrel fund scam.

The SC said that, in its 2006 ruling in the “Subido case,” it upheld the constitutionality of Section 11 of RA 9160, as amended.

In that case, the Court said the AMLC’s ex parte application for

the bank inquiry “did not violate substantive due process because the physical seizure of the targeted corporeal property was not contemplated by the law.”

Estrada had argued that the filing of an ex parte application for an order to inquire into bank deposits and investments violates his constitutionally guaranteed right to due process and right to privacy.

The Court said AMLC’s inquiry and examination into bank accounts are being done based on its mandate to investigate suspicious accounts, while the Court of Appeals is required to ascertain the existence of probable cause before any bank inquiry order is issued.

The SC branded as “unfounded and bereft of substance” Estrada’s claim that RA 10167, which amended Section 11 of RA 9160, is considered a legislation because it applies retroactively to bank transactions made prior to the effectivity of the amendment and imposes new legal burdens on already completed transactions.

‘War for talent’ on the rise in accounting profession HE growing clamor for transparency and disclosure, combined with increasing volumes of business data, has boosted demand for quality financial reporting. This, in turn, has led to a fierce battle over finance and accounting talent here and abroad, according to P&A Grant Thornton, one of the top 5 auditing and professional services firms in the country.

Of the 9,830 accounting graduates who took the Certified Public Accountant (CPA) licensure examination in May 2018, the Professional Regulation Commission said less than one-third, or 2,843 takers passed. Not all passers, however, automatically join the auditing industry.

On the contrary, accounting firms are left fighting over a sliver, said Rhia Girmendonk Dee, human resources director at P&A Grant Thornton.

She said CPAs who seek to work abroad or join huge multinational companies and homegrown corporates account for a big chunk of the talent pie. Some use their accounting degree as a jumping board to study in another field, such as law, or start their own business. And then there’s the stiff competition from the IT and business-process outsourcing (BPO) industry. Shared services centers in the Philippines offer accounting jobs to satisfy financial reporting regulations abroad and handle a wide variety of financial processes like payroll processing and bank reconciliation for overseas clients. “It’s tough

Monday, October 8, 2018 B3

when combined with specific soft skills that we need to support our firm’s vision and values, so recruitment and retention have become a more challenging job,” said Dee. The increasing focus on accounting quality and integrity also places greater importance on the values, not just talent and skills. “We need to attract people who have the same values as we have and would flourish in the kind of culture and environment,” added P&A Grant Thornton Chairman and Chief Executive Officer Maria Victoria C. Españo.

Clear strategy

THUS, P&A Grant Thornton has been employing a “targeted” strategy of recruiting, which includes building an early relationship with potential recruits even before they graduate and find jobs. The firm collaborates with student organizations, schools, accounting professors and review centers, use job platforms such as LinkedIn, and rolls out faculty development programs to help guide teachers in certain schools nationwide. This strategy allows the firm, not only to scout for the “right fit,” but also to offer students and other stakeholders an opportunity to get to know P&A Grant Thornton, particularly its culture and values that differentiate it from other audit firms.

Once t he CPA is onboa rd , P&A Grant Thornton offers several opportunities for career growth. It immerses its people to a culture of training and development, includ-

ing a deliberate succession plan and sensing tools such as an employee net promoter score (NPS). The firm also grooms its future leaders through scholarship program that sends them to graduate degree courses and a “secondment” to Grant Thornton’s various offices abroad.

Another is offering greater personal autonomy such as Work Offbase, a “mobile workstation” program that paves the way for telecommuting.

This appeals to modern professionals who prefer workspace flexibility, said Dee. Recognizing that millennials— which comprise 80 percent of its work force—look for a sense of purpose in their work, P&A Grant Thornton also provides a venue where employees can cultivate their passion for social through “P&A for A Cause”(PAuse), an independent unit under the P&A Foundation with employee-driven initiatives.

Dee, a seasoned HR professional who has seen many significant industry movements in the last 18 years, believes that a critical ingredient of keeping people is giving them a diverse, inclusive environment where Baby Boomers, Gen-Xers and millennials learn from each other and bring what they can to the table—may it be tribal knowledge, process-orientedness or sage digital know-how.

“We start with competencies and skills, not with age group. Don’t set the tone for segregating people— whatever package they come in, accept them if they fit the bill,” she advised.

The SC explained that the removal of the requirement of notice, by itself, does not mean the taking away of any lawful protection to the account holder, since the AMLC is only performing its mandate to investigate at said stage.

Nonetheless, the Court said Estrada’s petition is already moot and academic, since Estrada was granted bail by the Sandiganbayan on September 15, 2017.

In its bail ruling, the Sandiganbayan denied Estrada’s motion to dismiss the case for lack of merit but allowed him to post bail of P1 million in the plunder case against him.

“Considering that the resolutions assailed trace their roots to the bail hearing of Estrada, the aforementioned conclusions of the Sandiganbayan relevant to his bail application, and the eventual grant of bail to him have rendered his petition for certiorari, prohibition and mandamus moot and academic,” the SC ruled.

In their petition before the SC,

Sen. Estrada and his wife Ma. Presentacion Vitug Ejercito sought the reversal of the February 2, 2015, resolution of the Sandiganbayan denying their urgent motion to suppress/exclude the AMLC’s inquiry report on the bank transactions related to Estrada’s involvement in the pork barrel scam.

In the process of inquiring into Estrada’s accounts, the AMLC d iscovered t hat Estrad a had transferred substantial sums of money to the account of his wife, on the dates relevant to the pork barrel scam.

Considering that the transfers lacked apparent legal or economic justifications, the AMLC concluded that the accounts were linked to a predicate crime of plunder.

Hence, the AMLC filed in the CA a supplemental ex parte application for the bank inquiry to be conducted on Ejercito’s accounts, among others.

The AMLC submitted its investigation report on the matter before the Sandiganbayan.

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EASTWOOD CITY HELD MOST GLAMOROUS, HOLLYWOOD-INSPIRED PET BLESSING THIS OCTOBER COACHING COMPANY CLEARS NAME, DENIES FORMER EMPLOYEES’ PLEA

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EARN to Trade (LTT) Philippines denies allegations made by its two former employees that it is trading securities and is not a registered corporation in the country.

“The corporation is duly registered before the SEC [Securities and Exchange Commission]. It has wholly complied with all the requirements prescribed by laws and will faithfully adhere to all regulatory standards,” says lawyer Herschel Magracia, legal counsel of LTT. Magracia adds that owing to its valid recognition, LTT remains and continues to provide service to all its valued clientele.

He explains that LTT is engaged in

teaching and coaching its clients on how to trade in currency exchanges and is not involved in trading securities.

“The company is duly authorized to provide coaching services on currency exchanges in accordance with its articles of incorporation as approved by [the] SEC and legitimately operates within that authorized framework.”

One of the clients, Kimberly Go said that she enrolled in LTT to learn more about foreign exchange (forex) trading. “LTT has taught me the basics of forex market and gives me access to their webinars, and onsite lecturesandhands-onexperiencetradingthe forex market,” Go says.

A senior coach of LTT, who refuses to be identified, says that the allegations made by the two former employees are “false, purely speculative and baseless,” and that these two complainants who were from the different department of LTT “are ignorant and do not understsandtheaccusationsthattheymade.”

“LTT is not a broker or a trading company but is committed to educating its delegates and clients in understanding financial markets,” said the senior LTT coach.

The said senior coach explains that, as coaches, they are limited to coaching and consultation only and in no way solicit money from clients to directly engage in trading securities for their clients.

LOWER AGE BRACKET FOR CASH INCENTIVE—GROUP

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S t he cou nt r y m a r k s t he annual national elderly Filipino week, health-advocacy group Anakalusugan has appealed to President Duterte to rally support for a pending measure in Congress seeking to lower the age bracket for beneficiaries of the P100,000 incentive under the Centenarians Act of 2016.

“Growing old is never a hindrance to leading productive lives. Lowering the age bracket will ensure that our beloved senior citizens receive the benefits as

provided in the law while they still are strong and able to enjoy the cash incentive,” Anakalusugan says in a statement. “We appeal to President Duterte to consider certifying the amendment as a priority measure of his administration. This will be a meaningful gift to our senior citizens who c a n st i l l m a ke a d i f ference in society and contribute much to nation-building.”

House Bill 7821 seeks to amend the Centenarians Act of 2018. Under the

proposed measure, nanogenarians, or senior citizens who reach the age of 90, may already receive a cash gift of P90,000. The remaining P10,000 will be released when they reach 100 years old.

Last year lawmakers said that, out of the 3,900 centenarians in the country, only 2,000 were able to receive the cash incentive due them as some were already bed-ridden.

Filipino centenarians living overseas may also avail themselves of the incentives upon verification with the Commission on Filipino Overseas.

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ASTWOOD City, home of the country’s first and longest running pet-blessing event, rolled out the red carpet as it held the most glamorous staging of its annual petblessing celebration dedicated to honor the feast day of Saint Francis of Assisi, the patron saint of animals.

The country’s first ever pet-friendly community glammed up this year’s edition of the biggest pet event of the year with the theme “Hollywoof Paw Stars”. Pet owners, along with their furry companions, were invited to take part in the Hollywood gala-inspired affair on October 7 at the Eastwood Mall Open Park.

Pet owners looking to have their pets blessed came as early as 3 p.m. and took part in fun pet-centered activities, which preceded the Holy Mass and pet-blessing at 5 p.m., including a dog yoga demonstration and petparenting talks by Bark Central, and K9 training by the

Gerald Anderson Foundation.

Highlighting this year’s most anticipated pet event is the Pet Parade, wherein pet owners and their furry companions are encouraged to come out in their Hollywood-inspired costumes and vie for the special awards for a chance to take home exciting prizes, which were given away at the end of the program.

Participants and guests had access to various petthemed booths, including the Hiss Maze, a labyrinth specially designed for dogs; Smooch a Pooch, a kissing booth designed for pets and their owners; and the Paw of Fame, where pet owners and their furry companions had their paws and palms molded together and brought it home as a souvenir. Pets, meanwhile, were given free vaccines at the booth of De La Salle Araneta University, while future pet owners got their new babies at the pet-adoption booth.

‘SCARRED BUT NOT SCARED’

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UPUS is a lifelong illness, wherein the body’s immune system on itself and attacks the body’s organs. This systemic disease can affect any part of the body leading to scarring, destruction, joint pains, deterioration of vital functions, among other known symptoms. Over 5 million people in the world have lupus, and, because its symptoms mimics other ailments, there is an extreme lack of awareness and understanding about this condition. Such lack of awareness unfortunately leads to countless misdiagnoses and unnecessary deaths, which could have been prevented had more people been armed with the right information.

The Hope for Lupus Foundation Inc. was born out of this necessity in 2016. It is a nonprofit organization that aims to promote the early detection and proper treatment of lupus by increasing awareness about this mysterious condition. It also provides much-needed social support to

patients and their families who are affected by the disease.

In partnership with four multi-awarded and acclaimed photographers—Jose Antonio T. Aliling, Bien S. Bautista, Josefino Mario de Guzman and Maria Victoria ManotokArroyo—The Hope for Lupus Foundation brings you “Scarred but not Scared”, a photography exhibit that attempts to capture a glimpse of the lives of some of those who day-in and day-out continue to courageously endure their battles against lupus and claim their respective victories against its symptoms in whatever form they came. The exhibit also serves as a tribute to all our friends, relatives and patients who have fought bravely and has since passed on.

For those who seek to understand better, may this be the start of your journey for more enlightenment. And for those who carry the same cross, we hope for this to serve as a beacon of hope that, amid all the uncertainty and pain, there is always a smile that shines from within.

PANASONIC SCHOLARSHIP CONTINUES TO PURSUE ITS VISION Panasonic Corp. (PC) Groupwide Brand Communications Division leader for CSR and Citizenship Department Haruhisa Okuda (second row, third from left) and Panasonic Manufacturing Philippines Corp. (PMPC) President Shinichi Hayashi (second row, fourth from right) led the 2018 Panasonic Scholarship Asia awarding ceremony for undergraduate category held on September 19 at the University of Rizal System (URS) Morong, along with its commitment to carry out its vision of pursuing a better life for everyone and realizing a better world through its contribution to various activities. Witnessing the event were (second row, from left) PMPC assistant director Robert Pacheco, Panasonic Precision Devices Philippines Corp. assistant director Mary Ann Diaz, URS Vice President for Academic Affairs Flordeliza Peñaranda, University of the Philippines Diliman (UPD) associate dean for Students Affairs of the College of Engineering Rhandley Cajote, Pamantasan ng Cabuyao (PnC) President Isabel Inlayo, PMPC executive director Masaru Toyota, URS Morong campus director Allan Conde and URS Vice President for Research, Development, Extension and Production Namerod Mateo. The five new Panasonic scholars are (front row, from left) Kirsten Rae Hipolito (electronics engineering student at UPD), Joe Diether Cabelin (electronics engineering student at UPD), Maricar Mojar (accountancy student at PnC), Rizza Lei Mansilungan (mechanical engineering student at URS Morong Campus), and Allen Unida (mechanical engineering student at URS Morong).

SEE THE DIFFERENCE Gene Yu (in photo), chief executive office of Blackpanda, shares best practices in special risks assessments at the Global Security Philippines 2018 Expo and Conference held at SMX Convention Center. He discusses the difference between human and procedural vulnerability versus information-technology vulnerability. He describes how the five pillars of Blackpanda, namely, physical security, intelligence, community relations, cyber security and insurance, contribute to a localized solution at par with international standards for businesses in a high-risk environment.

NOSTALGIC Sports IN SEATTLE BusinessMirror

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| Monday, October 8, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

KEVIN DURANT wears the jersey of Seattle SuperSonics great Shawn Kemp as he greets teammates during player introductions before Golden State’s game against Sacramento over the weekend. AP

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By Tim Booth

The Associated Press

EATTLE—Kevin Durant got off the bus inside the loading dock of KeyArena about two hours before tipoff and made a quick glance toward the court, visible through the tunnel.

He was back where his National Basketball Association (NBA) career began more than a decade ago.

“When I woke up from my pregame nap, I was nervous,” Durant said. “I never felt that way coming into a game, especially a preseason game, but knowing this whole thing was set up for that moment, I guess it was a crazy feeling to come out and feel that much love.”

Durant was back in Seattle on Friday night along with his Golden State Warriors for a preseason game against the Sacramento Kings for the first NBA game in the city since the SuperSonics left for Oklahoma City following the 2007-2008 season. It was an opportunity for the Seattle basketball community to gather once more before KeyArena becomes a construction site later this fall as part of a $700-million renovation that is expected to land the city an expansion National Hockey League team, and has raised hopes of the NBA and the Sonics returning in the future.

The Warriors beat the Kings, 122-96. Klay Thompson

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scored 30 points. Durant had 26. None of that truly mattered.

“It was a very special atmosphere. Very different from anything I’ve ever experienced,” Warriors Coach Steve Kerr said.

For three hours, Seattle said hello to the NBA once more while saying good-bye to a building in which the Sonics hung their only championship banner, the Seattle Storm won three Women’s National Basketball Association titles and served as the epicenter for hoops in a basketball-crazed city.

On this night, it was again home to the NBA with the same energy, excitement and noise that bounced off its walls in the heyday of the Sonics, when they were among the NBA’s elite franchises. The game sold out in a matter of hours, and the lower bowl was crammed with fans more than an hour before tipoff.

All the focus was on Durant, who along with Jeff Green are the only players remaining in the league who played for the Sonics in Seattle. When he was introduced as the last member of the starting lineup for Golden State, Durant pulled off his warmup revealing a Shawn Kemp SuperSonics jersey from the 1996 season, the last time Seattle made the NBA Finals. The crowd erupted, as if Durant needed to be any more beloved in the Emerald City.

“I’m not really big into the surprises and all that stuff, but I thought it would be cool to honor one of the past legends,” Durant said.

YRIE IRVING and Gordon Hayward’s preseasons ended early.

And they weren’t alone around the National Basketball Assoociation (NBA) on Saturday, either.

The Boston Celtics left the biggest two stars on their roster—both of whom are coming off serious injuries, and now apparently dealing with far more minor ones—out of the lineup for their preseason finale at Cleveland.

The official reasons where lower-back pain for Hayward and a rib contusion for Irving.

Hayward’s last game at Cleveland was opening night of the regular season a year ago, when he suffered a gruesome ankle and leg injury that ended his season. Irving was sidelined for the final month of the regular season and the entirety of Boston’s run to the Eastern Conference finals with a knee problem.

Meanwhile, the Cavaliers kept Kevin Love, Tristan Thompson, George Hill and Kyle Korver out of the matchup.

At the Indiana-Memphis game, the Pacers rested their entire projected starting five—Victor Oladipo, Darren Collison, Thad Young, Myles Turner and Bojan Bogdanovic. And the Grizzlies sat some regulars as well, including Mike Conley and Marc Gasol, with neither move there coming as a surprise given that Memphis was playing a preseason back-to-back, and both of those veterans played on Friday against Atlanta.

And when the Lakers and Clippers met in the last of three preseason contests on Saturday, LeBron James was sitting out to rest. The Lakers were also without Lonzo Ball again, though he may play before the preseason ends.

All those rest moves on Saturday came one day after San Antonio lost rookie guard Lonnie Walker IV for several weeks with a torn meniscus. Walker got hurt in the Spurs’ preseason game on Friday, and will have surgery on Monday.

Ante Zizic scored 20 points on 7-of-8 shooting, and Collin Sexton had 13 points for Cleveland as the Cavaliers beat the Boston Celtics, 113-102.

Sexton made 4 of 6 from the field, including 2 of 2 from three-point range and Jordan Clarkson added 12 points, six rebounds and three assists in 14 minutes. Larry Nance Jr. had 10 points for Cleveland (2-0).

Marcus Morris and Terry Rozier scored 17 points apiece for Boston, and Al Horford finished with 10 points and seven assists in 21 minutes.

Boston’s Marcus Smart was ejected following a dustup that started when his teammate Aron Baynes was pushed by Cleveland’s J.R. Smith.

“He wants to be so tough in that situation,” Smith said of Smart. “He leads the league in flops, easily. You can’t flop as much as you do and then be tough.

How does that even work?”

Isaiah Taylor, who signed with the Cavs last month, had eight points, three assists, three steals and a block in 17 minutes.

Lou Williams hit 3 of 4 from three-point range and finished with 19 points, and Tobias Harris had 18 points and eight rebounds as the Clippers downed the LA Lakers, 103-87. AP

Durant also took the microphone before tipoff to relay a message to the fans that turned out.

“First off, I want to get a shout out to the Seattle Storm for holding it down and winning a championship,” Durant said while pointing toward Sue Bird and Breanna Stewart sitting courtside. “On behalf of myself, the NBA, our organization, my teammates, we want to thank you guys for coming out and supporting us. I know it’s been a rough 10 years. NBA is back in Seattle for tonight. Hopefully it’s back forever soon.”

Every Durant basket was met with the loudest cheers, and the couple of times he dunked, the crowd erupted as if it was the 90s all over again.

In the closing minutes, the chants of “Super-Sonics!” grew louder. A decade ago, when Durant played in the last game of the Seattle franchise, those chants were “Save Our Sonics.” Now, the chants served as hope for the future of someday seeing the green and gold in the NBA again.

“I think every NBA player at this point knows Seattle needs a basketball team, and it’s obviously over the top of our heads, but to continue to show support for the city of Seattle, I think that’s what everybody wants to do,” Durant said.

Every major Seattle basketball luminary in attendance was honored from Bird and Stewart, to Gary Payton, Slick Watts and Jamal Crawford. Jack Sikma, Lenny Wilkens and Fred Brown carried out the 1979 NBA championship

As preseason winds down, NBA stars get some rest

trophy during one timeout. And Bill Russell sat at midcourt watching over it all.

The stands were a mix of the green and gold of the SuperSonics and the blue and yellow of the Warriors, with the old Sonics colors winning out. And while there were jerseys of Kemp and Gary Payton in Sonics green, and Stephen Curry in Warriors white, the No. 35 with “Durant” across the back seemed to be the overwhelming jersey of choice.

“Kevin, he kind of represents the last season of the Sonics and hopefully a return, however that happens,” Kerr said during pregame while wearing a vintage SuperSonics shirt.

Curry did not make the trip for personal reasons while Draymond Green sat out due to a sore knee. Durant was the star, but getting his share of adulation was Thompson, who played collegiately at Washington State and was the recipient of a few “Go Cougs,” chants from the crowd.

“It didn’t feel like a preseason game,”Thompson said. “It was almost like you could feel the energy with your hands.”

Durant broke out custom green shoes with gold accents to wear during the game. Even more personal were the white Nike’s he wore coming into the building with “KD” and the old Sonics logo featuring the Seattle skyline on the back.

“I thought it was very fitting I came here representing the whole city,” Durant said.

BOSTON’S Marcus Smart is held back by teammates during a scuffle in the first half of the Celtics’ preseason game against the Cleveland Cavaliers on Cleveland. Smart is ejected from the game. AP

RICK WELTS (right) is greeted by former Seattle SuperSonics Coach Lenny Wilkins. AP

Ex-SuperSonics ballboy returns to Seattle roots

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EATTLE—Slick Watts would wring out one of his sweaty headbands, whichever of the three or four in his rotation he’d worn that night, and hand it off to locker room attendant Rick Welts for a proper washing.

Not just anybody got to touch Watts’s signature, treasured bands, either.

In Welts the Seattle SuperSonics trusted. To take care of their shoes. Stinky socks. To launder jerseys and keep track of the gear. The keys to the Seattle Center Coliseum, even, back when Welts started his Hall of Fame National Basketball Association (NBA) career as a teenage ballboy.

So imagine the nostalgia as the Golden State Warriors COO returned to his Pacific Northwest roots for his new team’s exhibition game against Sacramento in the NBA’s hurrah at KeyArena and the last scheduled event in the venue. He flew in on Thursday on a picture-perfect Seattle day right over his old Queen Anne High School, then fittingly the rain came on Friday—when former SuperSonics star Kevin Durant’s homecoming was the biggest headline as Welts enjoyed his special reunion comfortably behind the scenes.

“This has been incredible,” Welts said before Lenny Wilkens came by for a handshake and hug.

“It’s just been a whirlwind since we got here.

Sonics everything. I was up on the Space Needle today.... Then all you see around here they’re giving out these ‘We Got Next’ shirts with the Sonics logo.”

And so many former Sonics greats in the building who kept Welts beaming all night from his courtside seat: Gary Payton, Detlef Schrempf, James Donaldson, Bill Russell, Spencer Haywood, Watts.

Welts, 65 and the first openly gay NBA executive, is now entrusted by the Warriors owners to oversee the building of new Chase Center in San Francisco where the two-time defending champion Warriors will move next year.

What a journey from his Seattle beginnings.

Wilkens looks back on Welts’s influence with fondness.

“His whole career was based on the NBA and as you see today he is [COO] of the Warriors, and they’re a very good team,” Wilkens said. “Rick has done a lot to help that team. He certainly was deserving of being at the Hall of Fame. I felt very honored to be one of the guys to walk him out on the stage. We go back a lot of years because I was still playing, and then made the mistake of being a player-coach.”

Watts would give Welts his old sneakers to take home when they were past their playing prime. AP

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RONDINA, BARBON IN HISTORIC VICTORY U

NIVERSITY of Santo Tomas’s (UST) Sisi Rondina and Babylove Barbon made history in University Athletic Association of the Philippines Season 81 beach volleyball action by winning a third consecutive title on Sunday at Sands SM By The Bay. The Tigresses pulled off a dominant 21-7, 21-16 win over De La Salle Lady Archers Michelle Morente and Tin Tiamzon to complete another perfect season.

Tipped to win the championship before the start of the tournament, UST has actually won 19 consecutive matches—a league record—dating back from the Season 79 Finals.

The mighty Tigresses overcame a tough second set to beat the Lady Spikers in Game One, 21-12, 21-19, earlier in the day.

Setting the tone for a double championship, UST regained the men’s throne after Krung Arbasto and Jaron Requinton withstood a gallant stand by Far Eastern University’s (FEU) Jude Garcia and Richard Solis in Game Two to carve out a 2113, 22-24, 15-10 win.

The Growling Tigers halted the Tamaraws’ perfect run with a 21-14, 21-16 victory in the Finals opener.

For Rondina, height doesn’t matter as the Compostela (Cebu) helped her school become the first women’s beach volleyball team to complete a “three-peat.”

“For you to prove yourself that you can do it, why not?,” said Rondina, who won her fourth season Most Valuable Player award.

“When I was on my first year, I thought I couldn’t achieve much because I am this small. But it turned out I can do it.”

At 5-foot-6, Rondina is considered school in volleyball—indoor or beach.

Arbasto dedicated the title conquest to

UNIVERSITY of the Philippines’ Jersson Prado appears to have lost the ball against the double team of National University’s Shaun Ildefonso (0) and Dave Wilson Yu (15). NONOY LACZA

his former partner, KR Guzman, who failed to win on his final year after the Tigers lost to the Bulldogs in last season’s championship.

“I wanted to get the title back for KR. And I am so happy that I will be graduating at UST bringing the trophy back to the school,” Arbasto said.

The Tigers were at championship point in the second set but Requinton’s rookie jitters came into play.

“I told Jaron to hang tough. I told him that I’m with him and I’ll fill up whatever void comes up,” said Arbasto, who was named season MVP. With Requinton already calmed down, UST displayed a dominant third set performance.

The Tigers’ fresh legs were in full force all season-long with Barbon and Requinton winning the Rookie of the Year awards in their respective divisions.

UST tied National University for the most number of titles with four.

Maroons win on Bulldog’s mental lapse

By Ramon Rafael Bonilla

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NIVERSITY of the Philippines (UP) escaped with an 89-88 squeaker over National University (NU), thanks to a lategame miscue by Bulldog John Vincent Gallego in Season 81 University Athletic Association of the Philippines men’s basketball action on Sunday at the Smart Araneta Coliseum.

The Bulldogs clawed back from 83-89 down in the final one minute and three seconds to only a point behind a triple by Dave Ildefonso and a transition basket by his elder brother Shaun.

And the Fighting Maroons could have easily pocketed the win when the Bulldogs sent Javi Gomez de Llano and Jun Manzo to the line out of desperation. But the two muffed their charities to give a window of hope for NU with

still seven seconds remaining in the game.

But Gallego squandered the opportunity of taking the last shot and instead heaved a wild pass to the patron seats at the buzzer.

Gallego’s blunder overshadowed his gallant effort in the third quarter when he scored nine straight points to pull his team to within 62-70 after being down by 18.

No one was more disappointed than UP Head Coach Bo Perasol even though his team improved to three wins in six games.

“The positive way of saying this is that we won by learning. I’m hoping that we all learn how to finish a game,” said Perasol, who also lamented his wards’ poor free throw shooting.

UP made just 11 of 30 free throws in the game that could have gone the other way as brothers Juan and Javi, and starter Paul Desiderio only hit three of 14 charities.

Nigerian big man Bright Akhuetie scored 21 points and had 20 rebounds to lead the Fighting Maroons.

De Llano had an all-around effort of 20 points, seven rebounds and six assists, while his brother Javi added 19 points, eight rebounds and four assists.

UP was on the driver’s seat with a 65-47 lead in the three-minute mark of the third period until Gallego caught fire and sank nine consecutive points.

Senegalese center Issa Seny Gaye then scored eight of his 11 points in the fourth quarter to put the Bulldogs within striking distance.

But his effort, along with Gallego’s, fell short as the Bulldogs absorbed their fifth straight loss for a 1-5 won-lost record.

Dave Ildefonso made 20 points, six rebounds and six assists for NU, while Gallego and Joshua Sinclair added 13 points apiece.

Online firearm registration processing ready

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HE perennial problem of gun owners over long queues at the Philippine National Police (PNP) Firearms and Explosives Office (FEO) may soon be over.

The Association of Firearms and Ammunition Dealers of the Philippines Inc. (Afad) urged gun owners to avail themselves of the new online system by the PNP-FEO in applying for a License to Own and Possess Firearms (LTOPF) and/or renewing their gun documents.

A longtime partner of the PNP in promoting responsible gun ownership, Afad is helping the FEO in disseminating information that would help firearms owners secure their gun documents in the quickest and most convenient way.

World shooting champ and Afad president Jethro T. Dionisio invited gun owners and prospective firearms buyers to visit the Facebook page of the Defense & Sporting Arms Show (DSAS) to check a video of this user-friendly system to learn the step-by-step process in creating an online FEO account.

Dionisio cited three advantages of having an online FEO account—no more lining up just to have your documents checked (these are now evaluated online), no need to go back to Camp Crame in Quezon City just to claim your neuropsychiatric and drug test results (these are uploaded automatically to your account) and updates on your application are viewable online and e-mailed to the applicant.

Either applying for a new LTOPF/gun registration/ Permit to Carry Firearms Outside of Residence (PTCFOR) or for renewal of these documents, applicants are required to create an online account at www.feosystem.com before proceeding with any transaction.

Afad officials, meanwhile, again stage the PNP Firearms Caravan at the 26th DSAS Part 2 slated from November 15 to 19 at the SM Megamall in Mandaluyong City.

This traditional undertaking aims to provide assistance individuals in securing LTOPF and gun registration by making available the support units from the PNP and the National Bureau of Investigation for the processing of the requirements right at the events venue.

Bulky Muyang named week’s best

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HE Letran Knights threw everything, even the kitchen sink, at the Lyceum of the Philippines University Pirates last Friday.

It even took a controversial review of Jaycee Marcelino’s triple at the final 40-second mark for Letran to escape past Lyceum by a point, 80-79.

Lead Knights Bong Quinto and JP Calvo were completely gassed at the final buzzer, but burly big man Larry Muyang made it look like a walk in the park.

In the face of the Pirates’ imposing anchor Mike Nzeusseu, Muyang bullied his way to a

monster double-double of 23 points and 16 rebounds on a near-perfect 11-of-12 shooting to go along with four blocks.

It didn’t matter what defensive looks Lyceum was throwing at him. He was just in another zone the moment he made a move in the paint.

For being a juggernaut on both ends of the floor, Muyang was the runaway pick as the Collegiate Press Corps National Collegiate Athletic Association Player of the Week, making it back-to-back for the Knights to win the weekly accolade after breakout guard Koy Galvelo.

LETRAN’S Larry Muyang is picked as the Player of the Week.

Still, Muyang deflected credit to the surprise arrival of good friend and teammate Jerrick Balanza, who cheered for his teammates for the first time since his successful brain surgery.

Polo could potentially give PHL 1st gold in 30th SEAG

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ARRING any glitches in schedule, polo could give the Philippines its first gold in next year’s 30th Southeast Asian Games, which the country will be hosting for the first time since 2005.

That’s because the first of three events calendared for the biennial meet—the 0 Goals Mix—will be held from November 10 to 17 and will hold its final on November 29, a day before the biggest sporting extravaganza in the region officially opens.

“Hopefully we can produce the first gold and set things in motion for Team Philippines,” said United Polo Players Association (UPPA) Chairman and Rep. Mikee Romero (1-Pacman party-list) after a meeting with Philippine Olympic Officials, led by Chairman and Tagaytay City Rep. Abraham Tolentino and SecretaryGeneral Pato Garcia.

The 0 Goals Mix will be played by two male and two female players.

The two other events are the 5-8 Goals set from November 20 to 26 with final on December 9 and the 2-4 Goals from December 2 to 9 with final match scheduled on December 9.

UPPA officials—headed by Coco

Garcia, son of former Philippine Sports Commission Chairman Richie Garcia, with Hollywood film producer Jun Juban as secretary-general, Tonio Veloso as executive general and Jun Eusebio as vice chairman—said that they are preparing at least six venues for the event.

They are the Miguel Romero Memorial Polo Field, Zobel Polo Field in Calatagan, Alabang Country

Club, BF Homes in Parañaque City, Manila Polo Cup and Pulilan in Bulacan.

Aside from the royalties of Brunei Darussalam, also expected to field formidable squads are Indonesia and Thailand.

Prabowo Subianto Djojohadikusumo, a businessman and politician from Indonesia, vowed to form a high-powered team for the event.

PHILIPPINE Olympic Committee Chairman Rep. Abraham Tolentino and Secretary-General Patrick Gregorio (fourth from left and right, respectively) join United Polo Players Association Chairman Rep. Mikee Romero (from left), Secretary-General Jun Juban, President Coco Garcia and representatives from Brunei Darussalam and Thailand federations for a photo opportunity.

orts

sMirror

MEMBERS of Team Philippines pose for posterity after the flag-raising and welcome ceremony at the Athletes’ Village of the 2018 Youth Olympic Games in Buenos Aires, Argentina.

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ANN MARI NAYRE opened the Philippine campaign in the 2018 Youth Olympic Games (YOG) late Sunday at the Table Tennis Arena of the Technopolis in Buenos Aires, Argentina.

The 18-year-old takes on Nicolas Ignacio Burgos of Chile in Group B of the men’s singles preliminary stage before facing Maciej Kolodziejczyk of Austria six hours later.

Nayre, the first Filipino table tennis player to secure a spot in these Games featuring the best 18-under athletes in the world, will wrap up the elimination round against Khanak Jha of the United States the following day, hoping he could advance to the round of 16 on Tuesday.

“I’m here to give my best, regardless of whom I’m facing,’’ said Nayre.

He made the trip to this Argentinian capital after winning the Rarotonga qualifiers in the Cook Islands in June, after failing to medal in the recent Asian Games in Indonesia and the 2017 Southeast Asian Games in Kuala Lumpur, Malaysia.

Argentina President Mauricio Macri declared the beginning of the YOG during the opening ceremony at the Obelisco de Buenos Aires, where over 4,000 athletes from 206 countries are set to compete in 32 sports for the next 13 days.

International Olympic Committee President Thomas Bach graced the welcoming rites that featured an impressive display of lights and fireworks.

“You gave your best and this is why you are here,’’ Bach told the athletes.

“Every athlete is different. We all come from different parts of the world but we are united through sports,’’ added the 1976 Montreal Olympics gold medalist in fencing.

Golfer Yuka Saso, the country’s Asian Games double-gold medalist, carried the flag during the parade of nations as the third edition of the YOG unfolded in full view of the Argentinian public, the first time in Olympic history that the opening ceremony was held on the streets.

Filipino-Norwegian Christian Tio is set to kick off his medal bid in kiteboarding, a new discipline under sailing in the youth Olympics on Tuesday, while fencer Lawrence Everett Tan will begin his campaign in the men’s foil event the following day.

Saso and fellow golfer Carl Jano Corpus are due to see action on Wednesday at the Hurlingham Club in the women and men’s individual stroke play events that will run for three days.

On the same day, Nicole Oliva will swim in the heats of the women’s 100-meter freestyle, one of four events that the Santa Clara, California-based swimmer will compete in. The 18-year-old said she decided to pull out from the backstroke and butterfly races.

Capping the Filipinos’ campaign is archer Nicole Tagle, who will shoot for medals in the women’s recurve individual event and mixed international play, the event where Gab Moreno captured the country’s first gold medal when he paired with China’s Li Jiaman during the 2014 edition in Nanjing, China.

Back-to-back podium stints for Miranda in season debut

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URASIA Motorsport driver Daniel Miranda marked his debut season in the Asian Formula Renault in impressive fashioin, posting back-to-back podium finishes at the Sepang International Circuit recently.

“It wasn’t an easy journey for me moving from the Vios Cup into single seaters. But every race and every time I was on track, I got quicker and quicker. I’m really happy I ended 2018 with a double podium which made my team and family really happy, as DANIEL MIRANDA: It wasn’t an easy journey for well. I would like to thank God for keeping me safe this whole me moving from the Vios Cup into single seaters. season,” said Miranda, who also But every race and every time I was on track, I got quicker and quicker. credited his family, sponsor Cebuana Lhuillier, his team and mechanics at Eurasia for his feat.

“I would like to congratulate Daniel for giving glory to the country. As a rookie, it was a very impressive accomplishment and I expect him to do even better in his next races and Cebuana Lhuillier and I will be here to support him,” said longtime Philippine sports patron and Cebuana Lhillier President and CEO Jean Henri Lhuillier.

Miranda qualified at fourth and had a great start to shoot up to second on the run to the first corner. But he failed to sustain his pace and spent the next 15 laps to defend his spot at third for a podium finish.

Miranda carried this momentum into Race 2 and wound up third again.

“I’m very proud of his accomplishments this year. We started the year thinking that a top 8 finish would be fine, but Daniel surprised us with podiums in Shanghai and Sepang, which are some of the most difficult tracks in the calendar. With a season under his belt, I expect him to contend in every race next year,” said driver coach and manager Roland Hermoso.

Aquathlon series unfurls in Imus

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ORE than 400 multisport enthusiasts from kids to triathlon veterans will test their swimming and running skills in the Sun Life Aquathlon Series Championships on Sunday.

Now on its second year, the Sun Life Aquathlon organized by Bike King will be held in the scenic suburban community of Vermosa in Imus, Cavite.

The event is also supported by Arena, Saucony, Robinsons Supermarket, Vermosa Sports Hub, official timekeeper Timex and hydration partner Gatorade.

“Sun Life is happy to nurture Filipinos’ interest in becoming fitter and healthier through sports,” Sun Life Chief Marketing Officer Mylene Lopa said.

The Sun Life Aquathlon is a fun race for multisport newbies, active families and seasoned triathletes. Participants aged seven to 67 can test their swimming and running skills in age-appropriate distances as individual participants or in relay teams.

Categories range from a 100-meter swim and a 600-meter run for seven to eight years old to a 500-meter swim and 5-km run for 15 years old and above.

The race is also the final event of the four swim-run competitions for the year.

The top 20 finishers are awarded points from races held earlier (Vermosa Aquathlon, Animo Aquathlon, Island Cove Aquathlon and Aquaman) and the Sun Life Aquathlon.

The top age-group bets along with the winners of the Sun Life Aquathlon will be awarded specially designed trophies and gift packs.

Monday, October 8, 2018

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TABLE TENNIS BET OPENS BID

Sports BusinessMirror

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| Monday, October 8, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

RONALDO

ASKS FOR SPACE CRISTIANO RONALDO leaps into the air with an emphatic double fist pump, as he’s often marked his goals, and then lets his teammates congratulate him. AP

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RICK OLIVARES bleachersbrew@gmail.com

BLEACHERS’ BREW

Can Bolts use experience for title run?

WHEN I look at the Meralco Bolts the past three seasons, they have had their chances to bag some Philippine Basketball Association (PBA) silverware but have, unfortunately, come up short. They have picked up some stellar imports, such as Arinze Onuaku and Allen Durham, but they do not have the local crew to compete. This isn’t to say that they don’t. They do. Just not deep enough.

And speaking of that depth, minus four of their best players, they went into the Fiba Asia Champions Cup in Thailand, and by some good fortune, made it to the semifinals where they lost to Petrochimi of Iran that was stocked with national players. Then in the battle for the bronze, the Ghosts of Korea once more came to haunt a Philippine team. The Bolts finished in fourth spot.

Not bad. But still disappointing.

The short-handed Meralco Bolts opened the 2018 Fiba Asia Champions Cup with a 100-92 loss to Mono Vampire of Thailand. They lost to Alvark Tokyo, 84-73, after which they shocked Al Riyadi with a 96-63 pounding in their last assignment of the group stage.

Because of the quotient system, Meralco was given a chance to compete in the semifinals against Petrochimi of Iran.

Petrochimi is stacked with Iranian national players in Sajjad Mashayeki, Benham Yakchali, Ashgar Kardoust, Mohammad Jamshidi who himself once played briefly for Meralco two years ago, Arslan Kazemi, and Rouzbeh Arghavan. Surprisingly, Jamshidi was not fielded by their coach, Mehran Hatami.

The Bolts struggled to get consistent local support for imports Allen Durham and Diamond Stone. Garvo Lanete and Mike Tolomia provided it, but it wasn’t enough as KG Canaleta and Baser Amer struggled.

Consistency was the key word in local support (not only in Fiba Asia action, but in the PBA, as well). Reynel Hugnatan and Amer helped out the imports against Mono Vampire, however, no local scored in double digits against Alvark Tokyo.

Against Al Riyadi of Lebanon, the local support finally showed up with Lanete, Canaleta and Anjo Caram all scoring in double figures. Amer himself was two points away from double figures.

With a chance to salvage a bronze medal, Amer and Canaleta were able to help out Durham and Stone. But again, it wasn’t enough.

By Andrew Dampf The Associated Press

DINE, Italy—Cristiano Ronaldo asked his Juventus teammates to leave him alone.

For all that he’s embroiled in—accused of rape nine years ago—the soccer superstar wanted some space so he could celebrate his goal on Saturday all by himself in front of a TV camera.

He leaped into the air with an emphatic double fist pump, as he’s often marked his goals, and then let his teammates congratulate him.

Ronaldo’s powerful, angled goal, the second of the match and his fourth of the season, was met by applause and boos in the Italian league game at the home of Udinese. Ronaldo and Juventus finished 2-0 winners.

“Ronaldo had a good game,” Juventus Coach Massimiliano Allegri said. “He’s been training serenely and tonight he scored an extraordinary goal.”

Just over a week ago, Kathryn Mayorga filed a civil lawsuit in the US saying she was raped by Ronaldo in Las Vegas in 2009. Police have reopened an investigation.

Ronaldo has denied the accusation.

Ronaldo was not available for questions after the match, and Allegri wouldn’t speculate what has been going through Ronaldo’s mind away from the soccer field.

“Off the pitch, I don’t know, because I don’t live with him at home,” Allegri said. “I see him on the pitch and he’s serene. He trains, he plays and he scores goals—that’s the

most important thing.”

Ronaldo played last for Juventus last weekend in Serie A, but midweek he missed a Champions League game because of an automatic suspension from a red card and was left out of Portugal’s squad for upcoming international matches.

Available again for Juventus on Saturday, Ronaldo’s mother, Maria Dolores Aveiro, sent her son a message on Instagram: “Good luck son and for your team because together we are stronger.”

Portuguese Prime Minister Antonio Costa, while in Spain, spoke in defense of Ronaldo, appealing to the presumption of innocence, as well as Ronaldo’s successful career.

“People need to understand...[the] presumption of innocence,” Costa said. “It is not enough for someone to be accused of something to be guilty of it.

“If there’s something we have proof of is that he is an extraordinary professional, an extraordinary sportsman, an extraordinary footballer, and someone who has honored and given prestige to Portugal, and certainly what we all wish for is that nothing can ever stain that record of Ronaldo.”

Some Juventus fans at the match also expressed support for Ronaldo.

On Thursday Juventus sent a statement of support and called him a “great champion.” But his sponsors Nike and video game maker EA Sports have expressed concern about the allegation.

Since the allegation surfaced, Juventus’s share price has fallen by nearly 20 percent.

Neither Ronaldo nor Juventus have addressed the allegation by Mayorga that she received a payoff of $375,000 in 2010 after being put under pressure by the player’s “fixers” to keep quiet about an incident in a penthouse hotel suite.

Other than the game against Young Boys, Ronaldo has played every minute of Juventus’s other nine matches in all competitions this season.

Ronaldo’s image is vanishing from the web site of a key sponsor. The stock price for his Juventus team dropped 10 percent on Friday.

A week after a Nevada woman filed a civil lawsuit accusing Ronaldo of rape in 2009, attempts by the five-time world player of the year and his Italian club to sway public opinion in his favor have not succeeded.

Sponsors are continuing to express concern about the case despite a denial from Ronaldo, who has not addressed why Kathryn Mayorga’s legal team says a $375,000 settlement was reached in 2010 over the alleged assault by the soccer star in Las Vegas.

A week ago, the new edition of the Fifa video game franchise was released with Ronaldo as a cover star. While EA Sports has not suspended the sponsorship, it has been distancing itself from the face of its game in recent days.

The company home page still uses athletes to represent NFL, NBA, NHL, UFC and golf games. But a block of teal has replaced the spot on a banner occupied by Ronaldo until Tuesday, according to an Associated Press analysis through archived versions of the web site.

ROMARIO BRINGS STAR POWER TO ELECTION

EVOKING his soccer past on the campaign trail is only natural for Romario Faria de Souza, one of the best players in a country where the sport is king. AP

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IO DE JANEIRO—Twenty-four years after parading through Brazilian streets while lifting the World Cup trophy, Romario is again dancing in the back of pickup trucks. This time, he’s campaigning to become Rio de Janeiro’s next governor.

Evoking his soccer past on the campaign trail is only natural for one of the best players in a country where the sport is king.

Romario Faria de Souza has ridden his wave of stardom into a career as a lawmaker, winning one term as congressman and another as senator. Now he eyes a much bigger challenge: running a state mired in crisis—politics, financing, security— since the end of the 2016 Summer Olympics.

To look more like a fresh politician, the 52-year-old Romario joined a new centrist party called “We can” (Podemos in Portuguese).

Polls indicate that on Sunday the former Brazil national team

and Barcelona striker will finish second to former Rio Mayor Eduardo Paes, who ran Brazil’s most famous city during the Olympics, and force a runoff vote on October 28. A runoff election will take place if none of the 11 candidates gets at least 50 percent of the vote.

On Thursday, in one of his final campaign events, the charismatic “Shortie,” as he is nicknamed by Brazilians, showed off his star power in two of Rio’s most violent favelas.

Any politician wishing to visit Mare and Complexo de Alemao needs approval from the drug lords who run the slums.

“How could anyone say no to this man?” said Rodrigo Alves, a 34-year-old vendor and staunch supporter of Romario, who grew up in the Northern Rio favela Vila da Penha.

“Just look around Mare and you will see: There are no ads, posters or banners of his adversaries in the governorship race.

Only Romario’s. Why do you think that is?” he said.

As Romario paraded through the favelas with Bebeto—a

Rio state congressman and a former teammate—youngsters and adults ran next to his truck as if he were back in his soccer days. Women blew kisses from improvised balconies on their shacks, and men armed with assault weapons waved.

At a low period for politicians in Brazil, his supporters sing his campaign jingles and display his banners. Romario focuses more on anticorruption slogans than on policy. But few voters seem interested in his politics.

“The people of Rio need someone that truly cares,” one of Romario’s jingle says. “He is a man people know. He has the courage to change Rio. He is ready for this challenge.”

At Complexo do Alemao, Romario spoke with journalists as fans screamed for autographs.

“We will put more police on the streets. I am sure that we will reduce the figures of robberies and cargo theft,” he said, his tone not much different from that of other local politicians.

The problem for his opponents? None scored goals in a World Cup. Romario has made adjustments along the way. He has cut back on the quips that have caused controversy, such as saying the great Pelé was a poet when he doesn’t speak, or insulting once friend and teammate Edmundo by calling him a jester.

Fans still get glimpses of his irreverent style on the campaign trail.

In a recent TV debate, left-leaning candidate Marcia Tiburi said she resented being the only woman in a race with no minorities on the electoral tickets.

“I need to make a correction here,” Romario said. “I am the black man in this debate.” That moment made other candidates take the legendary player more seriously.

But that doesn’t mean he gets a pass because of his fame.

“You couldn’t even manage the nightclub you had,” Wilson Witzel said during a debate.

“No one knows where your money comes from and where it goes to,” Indio da Costa said.

Paes has avoided taking swipes at Romario, so far.

Analysts were impressed that Romario was ahead in the polls of former governor Anthony Garotinho and other established Rio politicians on the left and right.

“He is building a consistent political career almost exclusively based on his football career. Romario isn’t quite a politician yet,” said Rafael Salies, a Rio-based political analyst.

“That helped him in this moment of massive mistrust against traditional politicians.” AP

Ronaldinho endorses presidential candidate

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ÃO PAULO—Two-time Fifa player of the year Ronaldinho endorsed on Saturday a far-right candidate in Brazil’s presidential elections.

The former Brazil and Barcelona star posted a picture in his socialmedia channels wearing a shirt in support of Jair Bolsonaro, a retired Army captain that leads polls.

“I wish peace, security and someone that gives us joy again,” the 2002 World Cup winner wrote in support of Bolsonaro. “I chose to live in Brazil, I want a better Brazil for all.”

Earlier this year Ronaldinho was reportedly considering a run for a Senate seat in Bolsonaro’s party, but the move did not materialize.

Polls published last Saturday show the far-right candidate will win Sunday’s first round, and then face a dead heat race against left-leaning Fernando Haddad on October 28.

Other famous Brazilian footballers endorsed Bolsonaro, including Tottenham’s Lucas Moura and former AC Milan defender Cafu.

Retired racing driver Emerson Fittipaldi also endorsed the far-right candidate.

Bolsonaro’s political platform mixes public security concerns, insults to minorities, pro-business ideas and conservative religion.

The far-right candidate barely campaigned since September 6, when he was stabbed by a man who said he was upset about racial slurs made by Bolsonaro.

Last week women’s groups around Latin America’s largest country organized protests against Bolsonaro, but that didn’t stop his political momentum.

The national team’s biggest star, Neymar, has steered clear of making any public statements about the election. Four years ago he endorsed right-leaning Aecio Neves, who narrowly lost to the reelected president, Dilma Rousseff. AP

Dear Father in Heaven

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EAR Father in heaven, I want to share all of the blessings You ‘ve given to me with others. Loosen my grip when I grasp them too tightly. I will experience great joy when I share with others the gifts You gave me, including time, talents, treasures and good soul. Amen.

GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life BusinessMirror

ALL ACCESS: DREAM COME TRUE FOR FRANCO AND AYEN LAUREL D3

Monday, October 8, 2018

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MODEL Bella Hadid leads other models as part of the Cavalli women’s 2019 Spring-Summer collection, unveiled during the Fashion Week in Milan in September. AP

Milan fashion defends supply chain as designers unveil wares MILAN—The talk off the Milan runway this season has been a perceived assault on Made-in-Italy’s integrity. The Italian Fashion Chamber issued a statement during the recent-concluded Milan Fashion Week defending the system following a report by The New York Times on exploited workers in the luxury supply chain in the southern region of Puglia.

The chamber said in a statement the report “embitters and perplexes us for many reasons,” and noted that it has been working to make “the Italian supply chain resilient, fair and protective on all fronts.”

The chamber acknowledged it had been more than 40 years since the last comprehensive study of irregular labor in Italy’s fashion sector, but said the most recent estimate put the number at 2,000 to 4,000 workers in an industry that employs 620,000 people in 67,000 companies. AP

RAJO LAUREL is flanked by Red Charity Gala Chairmen Kaye Tinga, Tessa PrietoValdes and three models wearing Laurel’s “Mapa” dresses.

Rajo Laurel and the year’s big�est gala TOTA PULCHRA MISS CHARLIZE

@misscharlize

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T’S nice because I started it 10 years ago.

It’s sort of like nakakataba ng puso; at the same time it’s very gratifying and fulfilling.

I’m just filled with gratitude that I’m able to celebrate 25 years of my career with the 10 years of the Red Charity Gala,” Rajo Laurel, one of the most recognizable names in Philippine fashion, says of being the featured designer of the annual fundraising fete.

“Talagang naka-plano. I waited for [the anniversaries to coincide]. First of all, the Red Charity Gala is one of the most important fashion events [in the country]. At the same time, it’s also a really good way to sort of look back and look forward. Nakakatuwa at nakakataba ng puso,” the prolific designer underscores.

The gala is the effort of socialite-philanthropists Tessa Prieto-Valdes and Kaye Tinga in behalf of the Philippine Red Cross and their Assumption Batch 1981’s charitable projects. Laurel’s turn will happen on October 27, with the Manila Marriott Hotel chosen as a bigger venue because of the intense interest in his chic, cosmopolitan aesthetic.

His collection is called “Archipelago,” with 75 percent of the collection handmade, using natural, modern indigenous materials. “The collection is quite large and we’re still whittling it down at the moment.

I’d already made 115 pieces of clothes; we’re going to whittle that down to 88 or 90. So right now, it’s in a healthy place but we sort of like need it to be concise and edited,” he says.

“It’s hard because I’ve grown attached to the pieces. But I’m lucky I’m working with [stylist] Pam Quiñones, [director] Robby Carmona and my friend [designer] Patrice Ramos-Diaz, who are helping me sort of like whittle the collection down and really tell the story in a way na hindi nakaka-umay, nakakasawa at hindi sobra,” Laurel explains.

On working on the clothes for the show, Laurel was struck by an existential quandary, and his approach in coming out with an answer was by using fashion as an anchor.

“I’m just being free because the collection really is an essay on trying to capture ‘What is Philippine style?’ I mean, the evolution of who we are as a people is a question that I would really like to answer in this day and age. I’m really glad that we are here at the Champagne Room of The Manila Hotel [as we wrestle with this question]: sino nga ba tayong mga Pilipino sa ating pananamit, sa ating pananalita, sa ating kultura?

Those are the things that I’m sort of like putting my finger on and my personal adaptation on that. Those are the things tat I’m really interested in.”

Laurel has been working on his collection since October last year. “Literally, a full year. What I did is I created a team to just do the show. Tessa and Kaye essentially didn’t give me any parameters. Even

myself, I didn’t give myself any parameters. Kaya for the last year. I was hashtag tahi lang ng tahi hanggang maka-buo ako ng something. And without any sort of like structure. My only structure is I want to be inspired by the Philippines. I want to be inspired by what we have.”

He offers an idea on what more to expect. “You will see clothes inspired by trips to Siargao or to Mayon Volcano. Dumaguete, my mother’s hometown, you will see a dress inspired by suman or budbud kabud. The Laurels’ province, there’s a dress inspired by Taal. Not just embroidery per se but the seismic movements of the Taal Lake and the Taal Volcano,” he says.

It’s the 10th and the biggest Red Charity Gala so far.

Do you feel the pressure? “I’m trying not to. I’m trying to enjoy the process. Of course, I’m pressured. I mean I would be lying to you if I say I’m not anxious. More than that, I’m trying to change my perspective to all this being fun, it’s enjoyable, it’s exciting. And I just want to sort of instill the fact that I’m doing my best.

We’re doing this for a really good cause, the Red Cross, all the endeavors of Tessa and Kaye’s Assumption Class, all the good that will be coming from this. It just so happens that this is the avenue for how we choose to give back,” Laurel says.

“So, I’m not going to say I’m not pressured. I’m just going to enjoy every minute of it. Kasi when is this going to happen again? Mahirap mag-show pero at the same time, masaya. It’s not common anymore to have a gala show na ganito kalaki. It’s too expensive [to do galas nowadays]. It’s hard. I want to relish and cherish the small details like the invitations, the décor, the food, and the music, and the stage—250 meters long in the biggest ballroom in the country.” ■

BEAUTY BRAND DIANA STALDER MARKS 22ND ANNIVERSARY

IT began with the core philosophy of providing a trusted and affordable skin-care brand to Filipinos. Twenty-two years later, Diana Stalder Face, Body, Skincare and Cafe remains committed to delivering on that promise.

It offers a variety of skin-care treatments that address the needs of even the most delicate skin type, complemented by highly skilled therapists, to ensure delivery of desired treatment results. The company sources the distinct premium formulations from Stalder Laboratories, a Food and Drug Administration-approved quality manufacturing facility that is GMP-certified (Good Manufacturing Practice) and compliant to the Asean Harmonization for Cosmetic Regulations standards.

Moreover, the brand’s team of aesthetic specialists adopt comprehensive and personalized approaches for each client’s needs, and provide extra guidance on lifestyle and physical enhancement options.

Because of their holistic approach to beauty, Diana Stalder has also expanded their skin-care center to include a café—a health and beauty hub offering healthier alternative meals, snacks and beverages suited for weight and waist watchers.

Diana Stalder is celebrating its 22nd anniversary this month, offering clients the best products and services at 22-percent off until October 31, along with other deals and giveaways from October 18 to 21 on all branches.

More information can be found at www.dianastalder.com.

D2

Monday, October 8, 2018

Style

BusinessMirror

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z

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Ksenia Solo, 31; Bruno Mars, 33; Sigourney Weaver, 69; Chevy Chase, 75.

HAPPY BIRTHDAY: Examine the past and what brought you your position in life. The lessons you’ve endured will encourage you to do things differently in the future. Less time spent trying to get others to do things for you and more time spent doing for yourself will end up being rewarding, as well as result in greater opportunity moving forward. Your lucky numbers are 6, 10, 17, 23, 31, 34, 42.

a

ARIES (March 21-April 19): Reconnect with people you have worked alongside in the past.

You’ll be offered information that will change your mind about someone or something you need to deal with. A physical challenge should be handled with care to avoid insult or injury. ★★★

b

TAURUS (April 20-May 20): It’s up to you to get things done. If you wait for someone else to take over, you will lose control.

Use your skills, strength and physical attributes to accomplish your goals instead of wasting time arguing over something you cannot change. ★★★

c

GEMINI (May 21-June 20): An aggressive approach to getting what you want will leave a lasting impression. Discuss your ideas and make suggestions that will encourage others to take a closer look at the possibilities. A smart maneuver will lead to a positive change. ★★★★★

d

CANCER (June 21-July 22): Don’t waste time on something you have no control over.

Look at what you can accomplish, and align yourself with people who have something unique to contribute. An unlikely partnership will turn out to be a good thing. ★★

Everyday luxury A

S a nod to the heritage Banana Republic, which is exclusively distributed in the Philippines by Casual Clothing Retailers Inc., a member of SSI Group Inc., the No Boundaries collection is a celebration of classic, archive hero pieces that she and he know and love— and are made modern for now. Since its inception in 1978, the brand continues to evolve and remain true to the brand’s legacy of superior quality, premium fabrics and timeless style.

The range features utility-inspired styles, iconic trenches, covetable sweaters and luxe fabrications. As the cooler weather starts to set in, Banana Republic’s range of everyday luxury sweaters and outerwear is a great addition to any Fall wardrobe.

Denim is a firm Fall favorite for women, and Banana Republic’s range is all about good quality, good fit and versatility.

TECHNOMARINE’S Sea Manta Diver Multifunctional Gunmetal Dial men’s watch

By working with some of the world’s finest mills to source the most innovative fabrics that stretch, sculpt and retain color, there’s something for everyone in this season’s collection. Discover the Zero Gravity Denim, which uses 360° stretch for maximum comfort and a super-smooth fit and comes in a dark indigo wash.

The elevated casual range sees classic looks reinvented with a sporty edge. Key looks include the new “Pull On” Track Stripe Pant, which features an elongating side stripe and split hem, and is in a black satin crepe; the black jumpsuit which is a customer favorite, a covetable silhouette that has been updated with a crew neckline and sporty stripe detailing. Look out for timeless favorites like the Suede Utility Skirt, which is a limited-edition real suede skirt and uniquely designed with stretch; and the Sloan Pant, which is the perfect

e

LEO (July 23-Aug. 22): Weigh the pros and cons before making a change at home or to the way you handle or earn your cash.

Err on the side of caution, and protect against loss due to a premature decision or two. ★★★★

f

combination of comfort and chic with stretch that shapes and holds all day to ensure an ultra-smooth and slimming fit.

For men, the best-selling traveler style is available in even more fits and fabrics this Fall. The Traveler Pant features Stay Black fade-resistant technology, and has the perfect amount of stretch to stay comfortable no matter the slim fit. The Traveler Denim is the classic denim he knows and loves made in a 120-year-old Japanese mill, available in Slim fit.

This Fall, Banana Republic is also introducing the Tech Stretch Cotton Shirt, which comes in a Slim Flex Fit—a hybrid between Slim and Standard, and in a wide assortment of color and traditional and novelty prints and patterns. The shirt is cut shorter so it can be worn tucked in or tucked out and features stretch, moisture wicking, quick-dry and breathable performance properties. ■

g

LIBRA (Sept. 23-Oct. 22): Getting along with the people you deal with daily will be important if you want to get things done without interference. You’ll receive help if you are accommodating and offer incentives. ★★★

h

SCORPIO (Oct. 23-Nov. 21): Put the effort in, and you’ll get more in return. Upset and anger will not solve problems or help you get ahead. Making a positive change will show others you are willing to do your part. ★★★

i

SAGITTARIUS (Nov. 22-Dec. 21): Consider what you enjoy doing most and look for a way to turn it into a moneymaking opportunity.

Use your intelligence, past connections and skills to convince others that you can be of service in a unique and helpful manner. ★★★★

j

Edgy in black EDGY, flexible, authoritative yet subtle, TechnoMarine incorporates these exceptional qualities of the color black in its new Sea Manta Diver Multifunctional Gunmetal Dial men’s watch from the Manta Sea Collection.

All black from the dial to the strap, the new Sea Manta timepiece is perfect for any occasion and for men who are always on-the-go.

Date, month, and day are displayed on the dial, as well as a

VIRGO (Aug. 23-Sept. 22): You’ll pick up valuable information if you take part in events that deal with new technology or changes happening in your field of work. Keeping up with the times will lead to a better position and longterm security. ★★★

moon phase indicator. The clock is analog with luminous hands for easier reading.

The Sea Manta Gunmetal Dial Black watch comes in a 48 mm stainless steel case with durable mineral crystals and screw down stainless steel case that exudes gentlemanly elegance.

The strap is made of 35 mm black integrated silicone and rubber, and is 8.5 inches long for better fit. Water resistant for up to 200 meters, the Sea Manta

watch is suitable for various underwater escapades, including recreational scuba diving.

Founded in 1997, the brand successfully merges horological innovation with a spirited design. Each timepiece in the Manta collection seamlessly articulates exceptional motion in design while maintaining a remarkable technical prowess.

The sleek lines of the collection offer an effortless fluidity in each model to suit sophisticated and modern individuals.

CAPRICORN (Dec. 22-Jan. 19): Don’t expect others to help you out. You’ll be faced with opposition and challenges if you are too vocal about what you are trying to pursue. Get everything in order before you share information or try to make a change. ★★

k

AQUARIUS (Jan. 20-Feb. 18): Look over your plans, check for flaws and get ready to pursue your goals. Take a simple, affordable route to ensure you build a strong foundation capable of supporting whatever the future has to offer. ★★★★★

l

PISCES (Feb. 19-March 20): An opportunity may not be all it’s supposed to be. Do some background checks before you make any changes that might disrupt your personal life or a partnership with someone who has been good to you in the past. ★★★ BIRTHDAY BABY: You are engaging, clever and adaptable.

You are sincere and passionate.

‘border states’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 Say 16-Across before few 6 More guileful 11 Tree liquid 14 Honeydew, for one 15 Have a cow 16 Uniting words 17 Thrown off course 19 A couple in Bolivia 20 Huge luggage pieces 21 Chris of tennis 23 Words after “or so” 26 Condescends 27 Stands for speakers?

28 Type of fear 30 Finishes 31 Kicking partner?

32 Play segment 35 Start a gray mustache?

36 Harley attachment 38 “Classic” or “natal” stick-on 39 Type of gear 40 Heep in a book 41 Surgery reminder

42 Blocks of gold 44 Maximally adorable 46 Malignant? No 48 They’ll be delivered soon 49 Deep-bowl dipper 50 In a row (var.)

52 Stuffed a pie hole 53 Detour options 58 “Mister” 59 Pledged fidelity 60 Free from ropes 61 Tyranny’s two 62 With lots of backtalk 63 Fresh? Don’t make me laugh DOWN 1 Mommy has three 2 Hawaiian gift 3 Long-established 4 Dickinson, famously 5 Course for a gourmand 6 Reads over quickly 7 Need but not have 8 Types or kinds 9 Famous garden lady

10 11 12 13 18 22 23 24 25 26 28 29 31 33 34 36 37 41 43 44 45 46 47 48

Coupon presenter Eyes-in-corners looks?

Bedeck Blog entries Captain Morgan and Bacardi Travel word Model of perfection Romantic dance Some desert reptiles Female opera star Guilty and not guilty Be this to jet-set Mine opening Terminate Legal wrongdoings Implies Links choice Any coed Soccer shutout score Smallest ante Womb “Yeah, yeah” feeling Avoid restaurants Suspicious at sea?

50 51 54 55 56 57

Disturbances, old-style Permits Savings for the golden yrs.

Travel guess “’___ now it hasn’t happened” Match, as a raise

Solution to Friday’s puzzle:

Show BusinessMirror

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Monday, October 8, 2018

Dream come true for Franco and Ayen Laurel

TINA TURNER

ALL ACCESS RICKY GALLARDO

Tina Turner reveals husband gave her kidney for transplant

rickygallardoTFI@gmail.com

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ELL-LOVED couple Franco and Ayen Laurel will headline a special concert, billed as Kitang Dalawa (You & I), at the Cultural Center of the Philippines (CCP) this Thursday, October 11.

“I am very excited to be performing with Ayen in our first concert together,” enthused Franco, adding that the show is part of the concept-themed Triple Threat concert series of the CCP. Now in his mid 40s, Franco shifts between his many roles and duties as a husband, father, blogger, social-media influencer, brand ambassador and singer-actor. He recently joined the cast of the popular long-running weeknight series, Ang Probinsyano after what seemed to be a long hiatus from acting for the small screen. “I’m glad exciting things are slowly unfolding and the artistic adventures continue. It’s important to be passionate about anything that one sets his heart and mind into, because that passion will serve as the fuel to allow you to go the distance and scale newer heights, “ he shared.

On the other hand, Ayen will also be back on TV very soon, having said yes to a project of Dreamscape Entertainment for ABS-CBN. The show is tentatively titled Mea Culpa, and Ayen will play a strong woman with a lot of authority, clout and voice.

“I had to take a break after getting pregnant and giving birth to my fifth child, Lucia Illena, but I’m really glad to be back,” she said But what gets Franco and Ayen to be on their toes at the moment is the special concert this week. “For one night, we will be performing a carefully chosen repertoire in a very special concert that we both have wished for since we became a couple. You can say that it’s a dream come true,” remarked Ayen.

She added, “I’m excited because all the songs that will be part of this one-night-only concert are very dear to us, both on a personal and a professional level. I look forward to performing these songs at this particular time and giving them new meaning because we have both matured as individuals and as a couple, too.”

“Like what Ayen said, the songs we have chosen are very personal to us. Most of these songs have been part of our careers since we started in the industry,” shared Franco, adding, “Our repertoire is composed of songs from musicals we have done in the past and

LONDON—Tina Turner has revealed that she underwent a kidney transplant with an organ donated by her husband.

The 78-year-old singer says in an upcoming autobiography that she has suffered from kidney disease, and by 2016 her kidneys were at “20 percent and plunging rapidly.” She says her husband, Erwin Bach, “shocked me by saying that he wanted to give me one of his kidneys.” Turner says she was “overwhelmed by the enormity of his offer.”

Turner writes that afterward she felt “happy, overwhelmed and relieved that we’d come through this alive.”

Turner, whose hits include “Proud Mary” and “What’s Love Got to do With It?,” married German music executive Bach in 2013 after a long relationship.

Extracts from Tina Turner: My Love Story were published on Saturday in the Daily Mail newspaper and released by its UK publisher Penguin Random House. The book is published in Britain and North America later this month.

In the book, Turner encourages people to sign up to donate organs in order to save lives. AP some are from roles we dream of playing someday.

We will also have original Pilipino music [OPM], pop, gospel and a few jazz numbers. All in all, the songs are those we both love and those that have affected us through the years. This show is also a testament of God’s unfailing love and favor in our lives.”

The Laurel couple first crossed paths in 1998, when Ayen produced the much-talked about musical Rama at Sita at the University of the Philippines Theater, and Franco was cast as one of the actors, playing Bharata, the youngest brother of the lead character Rama.

Frequent rehearsals and regular performances paved the way for the two to strengthen the foundations of friendship which later blossomed into physical attraction and, eventually, romantic love.

Three years after, the two got married. Ayen already had two kids at that time from previous relationships, so Franco sort of became an instant daddy. He legally adopted Mariella, Ayen’s firstborn, in the same year that he married Ayen. Mariella is now a promising actress, acting for theater and television. The couple have three other daughters, Angia, Sofia and Lucia.

We’re very sure the friends, family and all those who adore this lovely couple will reserve their Thursday night this week to watch the show and cheer for them. ■

‘Pamilya Roces’ is GMA’s new prime-time offering WITH a successful string of wellreceived family dramas, GMA brings a new take on the genre in its newest prime-time offering, Pamilya Roces, which premieres tonight after the toprating Onanay.

On the outside, the Roces family is perfectly happy and whole: they have wealth, power and they own the biggest jewelry empires in the country.

But perfection is just an illusion, because the truth is that the patriarch has not just one, not two, but three families. When he

unfortunately suffers a heart attack, each of his families rush to his side. With this revelation, things get complicated. Suddenly, three women and five sisters find their lives outrageously and, well, hilariously, intertwined.

The series showcases different perspectives of a family that viewers will find amusing. More important, they will find relatable scenes that will tug at their heartstrings and endear them to its characters all throughout.

The patriarch of the Roces clan is Rodolfo, played by Roi Vinzon. He is rich, easily tempted and the founder of Roces Group of Cos. Needless to say, he is the root cause of the entire family drama.

Making the series more interesting is The Legal Family, which is comprised of the characters played

by Gloria Diaz, Snooky Serna, Carla Abellana

and Gabbi Garcia. The Second Family is composed of Elizabeth Oropesa’s former kontesera and her child by Rodolfo, Sophie Albert’s Amber Balocboc.

Playing equally vital roles in the messy entanglements are the members of The Third Family: Ana Roces as Rodolfo’s true love, Shaira Diaz as the so-called love child, and versatile actress Jasmine CurtisSmith in her very first GMA role as Pearl Renacia. Technically, she’s not a Roces, but she’s creative, clever and not afraid to stand up for what is right, especially for her half-sister, Amethyst.

Also in the cast are Christian Bautista, Rocco Nacino, Andre Paras, Mika de la Cruz and Manolo Pedrosa.

Pamilya Roces is the prime time GMA comeback of multiawarded director Joel Lamangan.

The show’s creative team is composed of creative director Roy Iglesias; creative consultant Agnes Uligan; headwriter and concept creator Denoy Navarro Punio; writers Renei Dimla, John Kenneth de Leon; and brainstormers Marlon Miguel, Evie Macapugay, Dantes Usman.

Get the latest updates about Pamilya Roces at www.facebook.com/ GMADrama.

GMA viewers from across the globe can catch their favorite shows via the network’s international channels GMA Pinoy TV, GMA Life TV and GMA News TV International.

GABBI GARCIA, Carla Abellana and Jasmine Curtis-Smith

D3

D4 Monday, October 8, 2018

Style

www.businessmirror.com.ph

❶

❷

❸

❶ DIOR Vernis ❷ ROUGE Dior

Ultra Rouge 999

❸

ROUGE Dior Ink Lip Liner 851

‘An original lipstick for a new generation’ AND THEN SOME DINNA CHAN VASQUEZ @dinnachanvasquez luckydinna@gmail.com

W

HEN you think of lipstick, the first color that comes to mind is a red. It is always exciting when brands come up with new ways to present this color as almost every brand has an iconic red.

I discovered Dior Rouge two years ago via Ambitious Matte (964), a matte red that wears for hours and is quite comfortable considering its formula. I also purchased Diorific Mat Splendor (950), another red, from Dior Rouge’s holiday collection that year. Since then, I’ve had two or three tubes of Lip Glow, Rouge Dior’s iconic color-adjusting lip balm; and the Lip Tattoo, their lip tint.

I’m not sure why women buy bags that cost more than a child’s tuition for a year but I suspect that it’s the same reason I purchase lipsticks from luxury brands, like Rouge Dior— it’s all about that fuzzy feeling you get after you open the box and hold the beautiful tube in your hands. I’ve been very excited about Rouge Dior Ultra Rouge and the new line Backstage Beauty (more about this later), so I was happy to be invited to the launch of the new lipsticks at SM Makati last week.

“Rouge Dior Ultra Rouge is the first ultrawear, ultra color and comfortable lipstick.

The wearability is up to 12 hours, the colors are vivid, the texture is very comfortable, and the packaging is chic couture,” said Lenard Tiongson, brand general manager for Dior in the Philippines.

Rouge Dior Ultra Rouge has been an Internet sensation for months now (search #RougeDiorUltraRouge on Instagram). I’ve seen Japanese model Kiko Mazuhara wear Rouge Dior’s iconic 999 shade in this new formula.

“Long lasting, great texture, fierce colors: a lipstick fantasy that becomes reality. Dress your lips like a painter would glorify a canvas.

Easy to apply, easy to wear,” said Peter Philips, creative and image director for Dior Makeup, in a press release. Tiongson explained that in the Philippines, Dior’s market includes women ages 18 to 55. Rouge Dior Ultra Rouge is admittedly for the younger segment of that market. It is, so to speak, an entry level to red lipsticks for the new generation, who will otherwise wear mostly pinks, browns and nudes.

Dior has called Rouge Dior Ultra Rouge “an original lipstick for a new generation.”

“What do women want from a lipstick?” asked Philips. “Everything. Today, they are used to high-pigment lipsticks with staying power, even if that means less comfort. Meanwhile, at the other end of the spectrum, they want lightas-air, weightless color. This lightness is possible with inks, although it often comes at the expense

of color impact and comfort. Ultra Rouge squares the circle and provides a different experience for every woman who loves the magic of makeup, comfort and sophistication.”

Ultra Rouge is “the first lipstick that wears like an ink while being ultra-comfortable.” This claim is backed up by a test that Dior carried out on 20 women using the 17 shades of the range except shade 000 [the white one that can be used for toning down vivid colors].”

“We wanted to go even further with the idea of combining the two eternal opposites of staying power and comfort. Thanks to years of research and in-depth scientific studies, we managed, in fact, to identify a polymer which, when combined with a plant oil, offers both comfort and deep hydration, along with 12-hour wear. All without any tightening or drying sensation,” explained Brigitte Noé, director of the Formulation Laboratories.

Rouge Dior Ultra Rouge, which comes in an elegant couture case crafted from an ultramodern lacquered red metal, is an ode to red.

There are 15 shades in the collection plus a white and a black. The collection includes nail polishes and liquid lip liners.

“Ultra Rouge adds new magic both to the experience and the expression of lipstick and the expression of red,” said Philips.

The collection includes reds like Ultra Dior (999), which is the first red Rouge Dior lipstick any woman must get in any formula. Ultra Love (770) is a strong raspberry. Ultra Shock (851) is a burgundy, while Ultra Star (777) is a warm coral.

Ultra Light (000) is a white to neutralize your natural lip color or soften another shade, while Ultra Night 111 is a black.

Dior Rouge Ink Lip Liner is the first liquid lipstick in a couture pen available in six shades.

It’s high precision with the felt tip providing perfect definition. When tilted on its side, it fills in the lips. The ink formula with intense, deep shades in a matte finish lasts up to 12 hours.

There are four Dior Vernis that share the same red obsession, from the most iconic shade, Rouge 999, to Rouge en Diable 851 via two newcomers, Love 770 and Star 777.

Natalie Portman is the face of the Ultra Rouge campaign orchestrated by Peter Philips and shot

by David Sims.

“She is constantly acting, and yet these images reflect her self-confidence, her sensuality and her joie de vivre,” said Philips.

Another exciting development at Dior is Backstage Beauty, which aims to make luxury beauty accessible to the Instagram generation.

The line became very popular after Meghan Markle wore several of the products, including the Face and Body Foundation, on her wedding day. The foundation has 40 shades organized by undertone. The rest of the collection consists of palettes and brushes. The Glow Face Palette consists of four shimmery and silky highlighters in rosy pink, bronze, golden tan and white champagne.

According to Tiongson, Backstage Beauty will be launched in the country in December.

The first counter will be in Cebu City while other counters will open in the first quarter of 2019, as the line requires dedicated counters separate from other Dior products. ■

BusinessMirror

www.businessmirror.com.ph

Monday, October 8, 2018 E1

The best-performing emerging economies emphasize competition

People who graduate during recessions earn less money— but they’re happier

By Jonathan Woetzel, Anu Madgavkar & James Manyika

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EVELOPMENT economists over the ages have puzzled over why some emerging economies perform much better than others over the long term. We have been looking at the same issue in our latest research, and find one element that others haven’t tended to focus on: the often intense competitive dynamics that can be found in the best-performing emerging economies. That finding may seem counterintuitive: Don’t many emerging economies nurture and shield their national champions from competition? The short answer we find from our research is: No. We looked at 71 emerging economies and identified 18 that achieved rapid and consistent GDP growth over the past 50 and 20 years. When we examined their track record more closely, we found that these 18 “outperformer” countries had twice as many large firms with revenues exceeding $500 million as their peers, relative to the size of their economies. More large companies means the gains are distributed more broadly than would be the case with just a few—but that domestic competition can be ferocious.

Indeed, it is much harder for this plethora of emerging-market firms in the outperforming countries to get to the top and then stay there.

The top-performing emerging-market firms innovate more aggressively than their advanced economy rivals: 56 percent of their revenue comes from new products and services, compared with 48 percent for firms in advanced economies.

There are some clear lessons here for all economies, not just emerging ones. Allowing and indeed encouraging domestic competition brings results not just for the firms that survive it, but also for the economy as a whole.

In outperforming emerging economies, policy-makers work with the private sector to define the development agenda, and they also rationalize regulations and barriers to growth.

Yes, some governments do give financial and other support to young companies, with the goal of helping them grow. However, where they have done so most successfully, the support is time-bound and targeted.

For most outperformers, we found that long-term growth was overwhelmingly driven by productivity growth within individual sectors rather than from the mix across sectors.

In other words, success depends less on finding the right mix of sectors than on identifying sources of competitive advantage, and continuously driving productivity improvements within those sectors. The finding is yet another sign that competitive dynamics are essential — and that countries that get them right prosper.

Jonathan Woetzel is a director at the McKinsey Global Institute. Anu Madgavkar is a partner with the McKinsey Global Institute. James Manyika is the San Francisco-based director of the McKinsey Global Institute.

By Emily C. Bianchi

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4 ways busy people sabotage themselves

Y

By Alice Boyes

OU’VE left an important task undone for weeks. It’s hanging over you, causing daily anxiety.

And yet instead of actually doing it, you do a hundred other tasks instead.

If you’re chronically tapped out of the immense amount of mental energy required for planning, decision-making and coping, it’s easy to get lured into this kind of trap. Let’s unpack the problems in more detail and discuss solutions.

keep plowing away without 1You stepping back.

When we’re busy and stressed, we often default to working on whatever has the most

imminent deadline, even if it’s not particularly important. The solution is to step back and work on tasks that are important but not urgent. Use the “pay yourself first” principle to do items that are on your own priority list first, before you jump to responding to other people’s needs. You might not be able to follow this principle every day, but aim to follow it for several days of the week.

2You overlook easy solutions.

When we’re stressed, we don’t think of easy solutions that are staring us in the face. To get out of this trap, take a step back and question your assumptions. If you tend to think in extremes, is there an option between the two extremes you could consider?

kick the can down the road 3tems.You instead of creating better sysRemedies for recurring problems are often simple if you can step back enough to get perspective.

Always forgetting to charge your phone? Keep an extra power cord at the office. Always correcting the same mistakes of others? Ask your team to come up with a checklist so they can catch their own errors.

Travel for work a lot? Create a “master packing list.” Carve out time to create and tweak these kinds of systems. By gradually accumulating

winning strategies over time, you can significantly erode your problem, bit by bit.

use avoid-or-escape meth4You ods for coping with anxiety.

People who are overloaded will have a strong impulse to avoid or escape anxiety. If you want to deal constructively with situations that trigger anxiety for you, you’ll need to engineer some flexibility and space into your life so that you can work through your emotions and thoughts when your anxiety is set off.

Be compassionate with yourself and aim to chip away at your patterns rather than expecting to give your habits a complete makeover or eradicate all self-sabotaging behaviors from your life.

Alice Boyes is a former clinical psychologist turned writer.

Research: Women and men are equally bad at multitasking

By Julien Laloyaux, Frank Laroi & Marco Hirnstein

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HILE women’s supposed superiority at multitasking has garnered headlines, the scientific findings regarding sex differences in multitasking abilities are rather inconsistent: Some studies found no sex differences while others reported either a male or female advantage.

One reason for these inconsistent findings may be that, to date, the vast majority of studies have examined gender differences using artificial laboratory tasks that do not match up with the complex and challenging multitasking activities of everyday life. Another possible culprit is that different researchers define multitasking differently.

To address these concerns, we developed a computerized task that was designed to

© 2018 Harvard Business School Publishing Corp. (Distributed by The New York Times Syndicate)

resemble everyday life activities and, at the same time, that was grounded in the most comprehensive theoretical model of multitasking activities.

Participants found themselves in a threedimensional space, consisting of three rooms.

They were required to prepare a room for a meeting; that is, they have to place objects, such as the chairs, pencils and drinks in the right location, while at the same time deal-

ing with distractions such as a missing chair and a phone call, and to remember actions to be carried out in the future. Such tasks also allow for measuring many variables at the same time. Finally, the task was designed to place participants in an unfamiliar situation: that is, in a situation where most people do not have any previous experience that would help them in carrying out the task.

We found no differences between men

and women in terms of serial multitasking abilities. If they do exist, such differences are likely to be very small.

Julien Laloyaux is a postdoctoral researcher at the University of Bergen, Norway. Frank Laroi is Professor of Psychology at the University of Bergen and University of Liège, Belgium. Marco Hirnstein is a researcher at the University of Bergen.

HEN the graduating classes of 2009, 2010 and 2011 hit the job market, their employment prospects were depressingly bleak.

Unemployment rates were at historic highs and job openings were scarce. Many of those who did find work held jobs that were temporary, lacked benefits or did not require a college degree. These early career experiences appear to have lasting negative consequences for later career success.

But while there is little doubt that recessions have lasting negative effects on salaries and occupational prestige, they appear to have some surprisingly positive implications for other aspects of people’s working lives.

For one, people who enter the work force in a recession tend to be happier with their jobs, compared with people who graduate in better economic times. For instance, in one paper I examined the job attitudes of 1,638 people over a 15-year period. Even though they earned less money than people who started their careers in better economic times, recession graduates were significantly happier with their jobs both early in their careers and years later. People who began their careers in prosperous times, on the other hand, were more likely to be plagued by regret, second-guessing and what-ifs.

One reason that recession graduates might be less likely to develop a grandiose sense of self is that narcissism seems to be tempered by adversity and setbacks. Many are forced to move back home, work in jobs that do not require a college degree, or cobble together parttime gigs. While these challenges can make it difficult to establish independence and build a career, they also appear to hamper the development of an overinflated ego.

Not only were recession graduates less likely to regard themselves as supremely important and deserving of outsize attention and praise, but they were also less likely to engage in behavior that enriched themselves at the expense of their organizations.

Many people who started their careers during the Great Recession still bear the scars of entering the work force during that tumultuous and uncertain time. They may have gaps in their résumés and fewer zeros in their salaries. But these tough experiences may have helped shape them into happier, less-self-absorbed and more-ethical employees.

Emily C. Bianchi is an assistant professor at Emory University’s Goizueta Business School.

E2 Monday, October 8, 2018 • Editor: Efleda P. Campos

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Edukasyon.ph, DLSU launch online scholarship program

By Rizal Raoul S. Reyes @brownindio

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Contributor

DUCATION tech start-up Edukasyon.ph and De La Salle University (DLSU) Science Foundation recently launched Project Layag, a nationwide online scholarship program that aims to provide greater access to affordable educational opportunities for the youth.

will be more aware of their options and what they can do to make their future a reality.

Motte-Muñoz said over 26 higher education institutions, foundations and scholarship providers have already pledged their support for Project Layag, such as Insular Life Foundation and The Phimna Foundation.

By making the search and application process of scholarships more convenient, Project Layag aims to empower students by giving them options, in the hopes of helping them reach their goals.

A s of 2018, Motte-Muñoz said Edukasyon.ph has been visited by over a million students who search and apply for senior high schools, colleges and scholarship opportunities. Through Project Layag, the partner initiative aims to reach over 500,000 scholars who actively utilize the scholarship platform to search and apply for scholarship opportunities.

Through Project Layag’s assistance, he said, more students will be able to access better educational

opportunities at their fingertips, along with ways on how they can be more informed about their chosen career paths and what they can do to reach those dreams.

“There’s a lot of deserving scholars and there’s a lot of funding,” said Motte-Muñoz. “We think this is the right time to try to bridge this supply and demand and…match the donors with the students.”

Aside from supporting marginalized students, Project Layag will also help deserving students from remote areas who are either unable to further their studies due to financial constraints or are misinformed about the lack of preexisting educational opportunities that await them.

This, along with a need for widereaching access to university programs, was also one of the reasons the DepEd pushed through with the K to 12 program.

“Students in the Philippines just need information [at] their fingertips,” Luistro said, “so that they will be able to access what can be a game changer for them.”

Henr y Motte-Muñoz, Edukasyon.ph CEO and founder, and Br. Armin Luistro, FSC, De La Salle Philippines president and former Department of Education (DepEd) secretary, led the launch by signing a memorandum of agreement solidifying their intent to bring Project Layag into fruition.

“To make this a reality,” MotteMuñoz said, “We should help stu-

dents find the right education. But there is no point telling someone what’s the perfect course or school for them if they simply cannot afford it,” he said during the launch held in Makati City.

Project Layag aims to combine all existing scholarship opportunities on a free and easily accessible online platform so that deserving students, even from far-flung areas,

Makati allocates P12 million for math skills enhancement program for students

Caltex donates ₧3-M learning tools to Laoag schools

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AKATI Mayor Abby Binay said the city government has allocated a total of P12.536 million for the implementation of Project MILES (Mathematics Intensive Learning Enhancement for Students) launched last month.

Project MILES consists of programs designed to improve the math competency of students in Makati public elementary and junior high schools.

The mayor said the project aims to develop and improve the mathematical proficiency of public schoolchildren in the city, especially those who are having difficulty with the subject.

“The city, in partnership with DepEd-Makati, continually strives to help the students develop and improve their mathematical proficiency. Project MILES will help them in this area at no cost to their parents or guardians,” Abby said.

The local chief executive said the city will provide for the worksheets and online subscription of students.

Honoraria will also be granted to teachers who opt to take part in the project.

“We want to help struggling students gain competence in mathematics. But as the city advocates inclusivity, the project is open to all students in Grades 1 to 10. Even if a student already excels in Math but would still like to advance his or her proficiency in the subject, he or she is welcome to join Project MILES,” the mayor said.

The DepEd-Makati said the P12million budget for the project will be used for the production of worksheets, installation of pure fiber Internet connection for the first 11 pilot elementary schools and individual subscriptions to KooBits. It also covers honoraria for teachers who will handle the sessions and teacher-writers of worksheets, and the project management and monitoring team.

DepEd-Makati Schools Division Supt. Rita Riddle said that the project has two programs suited to the specific academic needs of students, the 180 MILES and 360 MILES programs. Each program consists of 10 sessions (four hours per session), to be held on scheduled time and days as announced by schools, and to be finished within the school year.

By Mau Victa Correspondent

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AOAG CITY—With the academe, government, private sector and community all involved, almost 52,000 public highschool students and 1,781 of their teachers will be able to use 21st-century learning tools as they study Science, Technology, Engineering and Math (STEM).

The days of learning calculus and physics with Manila paper and chalk for these students are over. During an awarding ceremony held in Plaza Aurora here, Caltex Fuel Your School (FYS) turned over P3 million worth of 21st-century learning tools to the 30 highest-need public high schools in the Ilocos and Cordillera regions.

The students and teachers worked the hardest in promoting Caltex FYS to people online and to their communities; they liked, shared and promoted the program. During this period, each fuel up was matched by Caltex and branded marketer, Northern Star, with a P1 donation. Twenty-six Caltex stations in Ilocos and the Cordilleras participated. The community promotions included flash mobs, motorcades and flyering. By the end of July, the target of P3 million in total donations was reached, enough to provide P100,000 worth of modern teaching and learning equipment to each of the 30 public high schools selected by the Department of Education (DepEd).

The students generated most of the buzz and this unique participative approach to social investment, where the recipients have high buy-in, enabled Caltex to run FYS in different locations in the country for the past four years, namely, the National Capital Region, Davao, Bicol and, now, provinces in Northwestern Luzon.

A total of P14 million in STEM learning equipment was donated by Caltex. The donation is currently helping 4,781 public high-school

teachers and 1.477 million students better teach and learn STEM, respectively.

STEM education is important in a country’s competitiveness. The Philippines needs more mathematicians, engineers and scientists for its long-term growth prospects. With the new equipment provided by Caltex FYS, more students will find STEM interesting and pursue careers in STEM. Northern Star Chief Operating Officer Juan Miguel Delgado said, “We are a company that values learning and quality education. As part of the downstream energy sector, we rely on a broad range of STEM professionals, from engineers to accountants, to help grow our business.

It was a good learning experience to help raise the quality of education of our nation’s future problem-solvers, innovators and inventors that also contributes to the United Nations Sustainable Development Goals target to build and upgrade education facilities.

“Northern Star proudly provides solutions. Moreover, our network of Caltex retailers readily provided assistance to the project to support the participating high schools in the areas where we operate,” he said. Northern Star and Caltex executives turned over laptops, multimedia projectors, calculators, digital microscopes, laboratory equipment and even robotics set during the awarding event. In early May Caltex and Northern Star invited public high-school teachers to submit STEM projects. These teachers are from the 30 highest-need public high schools in the region selected by the DepEd. “It was inspiring to see the high interest in STEM among the teachers through the innovative projects that they submitted. This shows that our teachers do not lack the necessary skills or knowledge to bring the wonders of STEM to their students; however, due to the high cost of such specialized equipment, much effective

demonstrations and characterizations are unmet. Caltex and Northern Star seek to fill this gap in resources for STEM education and bring greater STEM awareness among the public,” Delgado said.

One of the most active high schools that campaigned for Caltex FYS was Ilocos Norte Agricultural College (INAC) in Pasuquin, Ilocos Norte.

The online campaign, flash mobs and flyering they did bore fruit when the school received their much-needed learning tools in August.

Teacher Hazel Bareng, INAC math adviser, said, “Caltex Fuel Your School is a big help not just to students but also to us teachers. By acquiring modern learning equipment, we can now provide every student a hands-on learning experience.”

Teacher Hazel’s students now have enough scientific calculators and a multimedia system to unlock the wonders of math. They can use the new 65-inch LED TV, laptop and projector when tackling complex subject matters such as graphing and GeoGebra. Previously, the students had to huddle around and take turns using a single scientific calculator.

Northern Star leveraged its 26 Caltex stations in Ilocos and Cordillera regions and donated P1.5 million directly to Caltex FYS. All the selected 30 public high schools have already received their educational equipment.

Some schools received their new equipment as early as August and are being put to good use by the students.

Keithlyn Manayan, a Grade 12 student of INAC, said,” With the new equipment, we are excited to go to classes and study STEM. We don’t have to waste time taking turns and the lessons have come to life with the videos explaining topics like GeoGebra. We are learning better and faster than we previously did with chalk and Manila paper.

Training on Writing Minutes of Meetings

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MEETING loses its value and wastes time if it is not documented in the correct manner. With the current climate of greater accountability of board directors and management in decisions made during meetings, every organization needs trained experts with the right skills to take minutes effectively.

Due to insistent public demand, the Center for Global Best Practices will have a third run of the program entitled “Masterclass on Writing Minutes of Meetings” to be held on October 23 at the Manila Marriott Hotel, Pasay City.

This program is designed to make your meetings efficient and its outcomes effective through a step-by-step guide from preparing the documentation and its physical requirements of a meeting, to agenda-setting, to using standard terminology in taking down notes and many more. The learning methodology for this session includes an interactive approach on instructions, discussions and exercises. It

is the only program that will teach you the best practices in minutes taking and provide you vital information on the legal guidelines and regulations on meetings mandated by the Securities and Exchange Commission.

The seminar will feature lawyer Mia G. Gentugaya, who was a senior partner and is presently of counsel of the largest law firm in the Philippines—SyCip Salazar Hernandez & Gatmaitan law offices. She headed its Banking, Finance and Securities Department. Her specializations include banking, finance and securities, foreign investments and corporations. Gentugaya has been cited as one of the leading lawyers in the AsiaLaw Profiles, the International Financial Law Review’s Guide to the World’s International Business Law Firms, the International Who’s Who of Business Lawyers, and Chambers and Partners Asia-Pacific Leading Lawyers for Business.

This program is open to the general public. Public pfficials and government

employees attending training programs like this are exempted from the P2,000 limit set by the Commission on Audit based on the DBM Circular 563 dated April 22, 2016.

Interested participants are encouraged to avail themselves of the early-payment savings and group discounts for three or more registrants. Seats are limited and preregistration is required.

Check www.cgbp.ph for details a complete list of best practices programs, including PPP Certification Course, Corporate Governance Board Effectiveness Best Practices, Write Right for Positive Results, Best Practices in Implementing Effective Business Controls, Project Feasibility Study and Analysis, Best Practices in Managing Financial Performance and many more. You may also call landlines in Manila (+63 2) 842-7148/ 59 and (+63 2) 556-8968/ 69, in Baguio (+63 74) 423-2914, in Cebu (+63 32) 512-3106 or 07, or Legazpi City (+63 52) 736-0148.

THE president and dean of the Asian Institute of Management, Dr. Jikyeong Kang, shares the good news about AIM’s latest program offering on disaster risk and crisis management.

AIM launches program on Executive Masters in Disaster Risk and Crisis Management

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SIA’S rapid and unprecedented economic and social growth brings with it unexpected risks—foremost of which are devastating disasters, both natural and man-made. It is now an imperative, and no longer an option, to have on board capable leaders expertly trained in disaster risk and crisis management—leaders who can adapt to dynamic conditions, lead diverse teams in complex situations, and efficiently and effectively address pressing issues.

True to its mission to develop professional, entrepreneurial and socially responsible managers and leaders, the Asian Institute of Management (AIM) launches the 18-month extensive, immersive and practitioner-oriented Executive Master in Disaster Risk and Crisis Management (EMDRCM).

EMDRCM is a five-term, parttime graduate degree program designed for students from various backgrounds and different professions. It will provide students with an opportunity to learn from experts experienced in disasters and crises in the Asian region, including the Philippines. It adopts a holistic multidisciplinary approach that will allow students to tackle a broad range of cases in the disaster continuum.

Supported by a collaborative pool of practitioners, students will have access to the latest trends, developments and practices in the field.

The program aims to equip stu-

dents with the skills they need to build resilient Asian organizations and communities using management and leadership principles, as well as good business practices.

Since business controls many basic goods and services, it ultimately needs to develop the capacity to contribute to reducing disaster risks and minimizing their adverse impact on society through organizational resilience and business continuity planning.

Through the EMDRCM course offering, AIM becomes one of the few educational institutions that tackle disaster risk and crisis management from a business and management perspective. This is in contrast to most programs that are based on earth sciences, social sciences or engineering/technology studies.

The graduates of the EMDRCM course are expected to be able to centrally embed themselves in different networks in order to operate in different levels and sectors. Students will learn how to assess and analyze the disaster risk and crisis environment and its operational context, and how to develop coordinated and integrated approaches to address different types of disasters and crises. They will also learn how to implement holistic and inclusive plans and programs, evidence-based strategies and innovative solutions.

Finally, they will acquire skills to lead and mobilize diverse stakeholders and functions to achieve results.

Dusit Hospitality Management College kicks off its first semester

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HE first of its kind in the region, Dusit Hospitality Management College (DHMC) officially held its first class for the semester, aiming to “close the gap between operations and education” with a goal of gaining 1,500 students in the next five years.

“We are pleased to start our school year with excellent students on their way to becoming culinary experts. We are gearing them up for their journey through our professional intensive programs in international hospitality management and culinary arts. Our curriculum adheres to the standards set by the Commission on Higher Education [CHED] and brings in specialization courses in strategic and total quality management and operations management to properly equip them for actual day-to-day operations when they enter the work force,” said Lars Eltvik, managing director of DHMC and dusitD2 the Fort, Manila.

The Philippines, being the one of the top destinations in the region, contributes to the continuous boom of the hospitality industry.

Competition in this market is higher with the presence of other educational institutions that also boast of international partnerships. “Industry leaders have shared that there seems to be a gap between the knowledge students acquire in school and the skills that they need to apply in a professional setting,” Eltvik continued. As the industry continuously elevates the standards of hospitality management, DHMC addresses the corresponding demand for related education and skills.

The “education-meets-operations” method is at the heart of the DHMC education. It is incorporated into the curriculum and is manifested in the school’s facilities and amenities.

Student facilities and learning centers are integrated into dusitD2 the Fort, Manila hotel areas, allowing students to have relevant work experience while finishing their studies.

“DHMC in the Philippines hopes to ad-

dress the job-skill mismatch in the industry.

Everything at DHMC is purposive and aligned with the ‘education-meets-operations’ method—from our partnerships with international names in the industry and roster of faculty to infrastructures inside the school,” Eltvik said.

“We set our learning centers in comfortable venues like coffee shops where homegrown coffee and drinks are made and served, to deliver a sense of true home at Dusit for all students. These areas are also near actual hotel vicinities, transforming an educational community into a fully functional environment for immersion in real-world industry experiences and operations.”

DHMC boasts of its strong faculty. The school’s Director of Culinary Arts is an internationally acclaimed master chef, Chef Cyrille Soenen. He has been at the forefront of the Philippine hospitality and culinary industry for decades as the first and only chef practicing in the country to be accorded with the prestigious Maîtres Cuisiniers de France (Master Chefs of France) honor.

“Filipinos are naturally hospitable and likely also why the hospitality industry is generally thriving in this market,” said Soenen. “The art of food is no stranger to them, and this evident passion for the craft makes our job less complicated. I am excited because it is a great time for culinary arts here in the Philippines. It is seen as more than a profession; it is a driver to deepen appreciation for food, which is an inextricable part of everyday life and culture here in the country.”

Like many other campus facilities, culinary centers such as kitchens and food preparation tables are strategically set near actual amenities of the Dusit Thani hotel, which serves as a temporary space for the first batch of DHMC students. In addition, these facilities are designed in various scales and intended to address the different learning needs of its enrollees.

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Editor: Efleda P. Campos • Monday, October 8, 2018 E3

How can I handle my company’s disaster response?

Part One

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By Millie F. Dizon

Sincerely, Sheila S. Dear Sheila, Thank you so much for your letter which echoes a growing concern for PR practitioners. Natural disasters are everywhere—Typhoon Ompong in the Philippines, Hurricane Florence in the US and the recent earthquake in Indonesia.

Ironically, these major disasters took place in September, which has been named National Preparedness Month in the United States. It is when the federal government offers resources for people to prepare in the event of an imminent natural disaster.

In the public relations front and in the spirit of this awareness initiative, PRSA’s New York Chapter hosted a panel discussion “Disaster Communications: Preparing Yourself, Your Team, and Your Company for the Unexpected” at FleishmanHillard’s New York Office.

This was documented by Justine Joffe in an article “How to Handle Your Brand’s Disaster Response in Phases” in an article in PR News.

TBWA\HAKUHODO’S ‘PRIDE JERSEY’ FOR AIG JAPAN WINS GRAND PRIX AT THE CLIO AWARDS 2018

TBWA\HAKUHODO won a Grand Clio for AIG Japan’s “Pride Jersey” at the Clio Awards 2018 in New York, which celebrates the world’s best creative advertising. The highest honor came in the “Partnerships and Collaborations” category, and the campaign also picked up three silver and two bronze Clios in various design and PR categories.

The campaign was a colorful call to arms to build a society in which diversity is fully accepted, and in which everyone can be an equal active member. The Pride Jersey is a powerful, evocative symbol against discrimination and was conceived and designed by TBWA\HAKUHODO as part of AIG Japan’s “Diversity Is Strength” campaign. The limited-edition t-shirts were made from a special fabric that, when stretched, reveal the full spectrum of the rainbow— the global symbol for diversity and inclusion.

The campaign film featured the All Blacks and Black Ferns—the world champion men’s and women’s New Zealand national rugby teams— wearing the jerseys while delivering the powerful message that “Diversity Is Strength,” and sparked attention to the issue of prejudice, not just in Japan, but all across the world. Just five months after launch, the campaign has already been recognized at numerous international awards for innovation, PR and product design, including Cannes Lions, Spikes Asia, and ADSTARS where it also won a Grand Prix.

“It’s a great honor to win the prestigious Grand Clio, and credit goes to the team at AIG Japan for providing us with this meaningful project, and to the people that helped develop the Pride Jersey,” said Kazoo Sato, chief creative officer and executive creative director. “It’s been great to see supporters of diversity and the sporting community from all over

the globe participate, which has led people from various walks of life to take interest in the importance of diversity through the campaign—this in itself is truly rewarding. The Pride Jersey is a continuation of the last year’s #TackleTheRisk project, and we’re very much looking forward to the next opportunity to collaborate with AIG Japan on more exciting campaigns.”

BURGER KING, OGILVY CHICAGO, BBDO WORLDWIDE WIN ‘OF THE YEAR’ AWARDS AT THE 2018 CLIO AWARDS

NEW YORK—The Clio Awards, the renowned international advertising, design and communications competition, revealed 2018 Grand Clio, “Of The Year” and Grand Clio Music award winners at its 59th annual awards ceremony, held last evening at The Ziegfeld Ballroom in New York City, with comedian, author and activist Chelsea Handler assuming hosting duties. The full list of winners, including previously announced Gold, Silver, Bronze and Shortlist winners, can be viewed online at Clios. com.

Seamus Higgins, executive creative director at Host/Havas, and Dan Smith, managing director at Host/Havas, celebrated two wins on stage for their work with the Palau Legacy Project. Higgins and Smith accepted awards in both the Direct and Innovation categories for the “Palau Pledge” campaign. Daymond John, businessman, inventor and television personality, introduced both honors.

Debbie Remengesau, First Lady of the Republic of Palau, was also in attendance to support the campaign.

The previously announced 2018 Lifetime Achievement Award recipient, Susan Hoffman, chairman, Wieden+Kennedy, accepted her honor, following a presentation by Wieden+Kennedy’s managing director, Neal Arthur. Hoffman stressed the importance of diversity in the advertising industry in order to reflect the diversity of consumers.

World-renowned architect Frank Gehry accepted his previously announced 2018 Honorary Award via video message. Lee Clow, chairman and global director of TBWA\Worldwide, introduced Gehry’s award after

WWW.FREEPIK.COM | DESIGNED BY SNOWING

PR Matters

EAR PR Matters, I recently joined the communications groups of a mediumsized company, and early on, I had to deal with how a natural disaster affected our area. This caused much inconvenience for the community, and we had to attend to their concerns and their complaints.

The next time this happens, we want to be better prepared. Kindly share with us some best practices on how PR can handle disaster response. This will be very helpful to me and my team.

There is a lot we can learn from these discussions.

To begin with, this was moderated by David Rosen, vice president of Programming at PRSA New York, and the panel included MSNBC Senior Vice President of Communications Errol Cockfield, American Red Cross Communications Officer Allison Pennisi, NYU Langone PR Director Neal Gorman, and FleishmanHillard’s Crisis lead for the Americas Senior Vice President Chris Nelson.

Here are some takeaways from the discussion as documented by Joffe: n The difference between a “Crisis” and a “Disaster”—Nelson early on pointed out the difference between the two: “crisis,” he said, is a tribute video for TBWA’s 50th anniversary was shared with the room.

"I’m honored and excited by this unexpected accolade from the Clio Awards. The years of my life that I spent with the Chiat Day team gave me the insights into the power and integrity that the advertising industry can bring to the world. I appreciate being part of it,” said Gehry.

The 2018 Grand Clio Winners are: n Direct: Host/Havas for Palau Legacy Project with “Palau Pledge”; n Digital/Mobile: DDB Chicago for Skittles with “Exclusive the Rainbow”; n Print: Åkestam Holst NoA for IKEA with “IKEA Pee Ad”; n Film: TBWA\Media Arts Lab for Apple with “Welcome Home”; n Branded Entertainment: Serial Pictures for Montefiore with “Corazon”; n Out of Home[CP1] Jung von Matt AG for EDEKA with “The Most German Supermarket”; n Innovation: Host/Havas for Palau Legacy Project with “Palau Pledge”; n Integrated Campaign: adam&eveDDB for Marmite with “Gene Test”; n Partnerships & Collaborations: TBWA\HAKUHODO for AIG with “Pride Jersey”; and n Audio: Rothco | Accenture Interactive for The Times/News UK and Ireland with “JFKunsilenced”.

“Of the Year” honors were presented to those that collected the most statue points across all mediums for 2018. The honorees are: n Advertiser of the Year: Burger King; n Agency of the Year: Ogilvy Chicago; and n Network of the Year: BBDO Worldwide.

Additionally, Snapchat, special sponsor of this year’s ceremony, presented the Snapchat AR Specialty Award to R/GA for Jordan Brand’s “A/R Jordan” campaign. Entries in this medium include the creative application of augmented reality in an advertising campaign to immerse users in the Snapchat platform.

Ben Williams [CP2] [j3] , R/GA’s VP, executive creative director, and Dan Harbison, global senior director for Jordan, accepted the award.

more often a corporate crisis that may arise out of a disaster; while “disaster” is the disaster itself. n A brand’s response to a crisis or disaster should not only be wellpracticed, but executed with three priorities in mind.

The first priority should be people, “whether your people or people should need help, save them first,” Nelson said.

The second priority should be

business recovery “as quickly as is reasonable, as quickly as possible. That will serve you in the long term.” If you are a mall, for example, you should be able to make whatever repairs are needed quickly and then open to serve customers.

The third priority is community recovery. “To the extent that you can use your corporate resources to respond to the community’s needs.

It becomes very, very helpful.” n Don’t make it all about the photo op.

Nelson added that clients who either go into the disaster to get help and get coverage for it and do it badly “end up as a punchline in social media.” Likewise, “clients who make big mistakes while doing disaster recovery in the region, then become the story instead of being another company that was involved in the story.” n Nelson said figuring out how your business should respond to a disaster ultimately comes down to thinking ahead about what part it should play. “What is your role in the story?” he asked. “Are you part of the affected? Are you the villain?

Understanding your role in the story is important.”

We will get tips from the other panelists in next week’s column.

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world.

Millie Dizon, the senior vice president for Marketing and Communications of SM, is the former local chairman.

We are devoting a special column each month to answer the reader’s questions about public relations.

Please send your comments and questions to askipraphil@gmail.com.

Perspective BusinessMirror

E4 Monday, October 8, 2018

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Pence’s China speech seen as portent of ‘new Cold War’

PRESIDENT Donald Trump and President Xi Jinping of China are trailed by their wives, first lady Melania Trump (center) and Peng Liyuan (obscured at right), as they arrive for a state dinner in Beijing, November 9, 2017. DOUG MILLS/THE NEW YORK TIMES

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By Jane Perlez | New York Times News Service

EIJING—Vice President Mike Pence’s accusations in a stinging speech last Thursday warning of a tougher approach toward Beijing may have been familiar to China’s leaders. But until now such remarks were delivered in private, in fairly decorous terms, and rarely threatened direct action.

The surprise this time for Beijing was the magnitude of alleged offenses piled up in one public indictment, ranging from suspected interference in US politics to China’s stomping on the freedoms of its own people. Nor had the United States ever before told China: “We will not stand down.”

Publicly, China responded with a certain weariness, calling the speech “very ridiculous,” creating “something out of thin air,” but also warning that “no one can stop” the Chinese people from advancing.

Behind closed doors, however, Pence’s remarks probably left few doubts among China’s leaders that Washington was embarking on a Cold War that would force the country to dig in for a prolonged multifront battle with the United States, analysts said.

The leaders were no doubt angry and embarrassed that the Trump administration went all-

out publicly with confrontational language that is considered unacceptable in Chinese culture, which prefers sweet phrases to disguise stern measures.

Some of Pence’s declarations, like saying Washington’s trade policy most likely caused a 25-percent fall in China’s largest stock exchange in the first nine months of this year, could be dismissed as inaccurate, since trade tensions were one of several factors. Similarly, the claim that the United States “rebuilt China” over the last 25 years could be shrugged off as dubious and unfair.

But it was unmistakably clear that the era of Washington holding out a hand to Beijing to become a “responsible stakeholder” in world affairs alongside the United States—a phrase used in 2005 by Robert B. Zoellick, then the deputy secretary of state—was over.

“This will look like the declara-

tion of a new Cold War, and what China may do is more important than what it will say about Pence’s speech,” said Zhang Baohui, professor of international relations at Lingnan University in Hong Kong.

China could respond by funneling more money toward its armed forces, which Pence said spend as much as all other militaries in Asia combined. (The International Institute for Strategic Studies said last year that Asian countries combined spent about 25 percent more than China on their militaries, and that the United States spent four times what China did on its armed forces.)

The vice president also singled out a near collision last Sunday in the South China Sea, where a Chinese warship cut off a US destroyer, missing it by less than 45 yards.

China has kept its military budget at 1.5 percent of its economic output over the last few years. “It has a long way to go to reach the US level of 3.5 to 4 percent,” Zhang said.

China could also reverse course on its support of the US-led effort in the United Nations that has imposed heavy sanctions on North Korea over its nuclear and missile programs.

China’s leader, Xi Jinping, signaled last month that he would not buckle to Washington’s trade demands when he visited vast graingrowing areas of northeast China, stressing the need for China to be self-reliant, a policy harking back to the Cold War era of Mao Zedong

50 years ago.

Chinese policymakers, following Xi’s strictures, are unlikely to give ground, said Yun Sun, a policy expert at the Stimson Center in Washington who is currently visiting China.

“My comments to the Chinese are that maybe China should tone down its assertiveness to avoid further tension,” Sun said of her discussions with Chinese officials. “And the reaction I get is that ‘We don’t think we are being assertive.’”

President Donald Trump said last week that the friendship with Xi that he once was so proud of may now be over. The feeling was most likely reciprocated in the aftermath of the speech, Sun said. “I don’t think Xi still sees Trump as his friend.”

China’s social-media platforms, which the government rigorously censors, eliminating provocative content, bristled in shock at the severity of Pence’s speech.

“Pence’s speech is really earthshattering,” said one commenter.

“This is the official speech of the US. I suggest every Chinese person read the whole thing. Is this another edition of the ‘Iron Curtain’ speech?”

Pence’s speech was clearly directed at a domestic audience. He gave it at the Hudson Institute, a conservative research group, and its timing—11 p.m. in China— meant it probably had limited viewership in China, mostly among international affairs specialists.

And it was given in the midst of a weeklong holiday in China, when

the government’s most strident megaphone for foreign policy, the state-run newspaper Global Times is not publishing.

Still, the unfavorable comparison with accusations of Russian interference in US politics probably alarmed Chinese officials, said Ryan Hass, a senior fellow at the Brookings Institution and a former member of the National Security Council in the Obama administration.

“The vice president attempted to shift public scrutiny from Russia to China,” Hass said. “He asserted that Russian efforts to interfere in America’s electoral process ‘pales in comparison to what China is doing.’”

But the address could reassure two nations that fear China—Japan, an important US ally, and India, a country that Washington is trying to bring closer—regional analysts said. And the tougher approach reflects a growing wariness of China among US businesses.

“This has been building for a long time across different sectors in the US—the military and business in particular,” said Bilahari Kausikan, a former foreign secretary for Singapore. “American business is particularly significant as it had been the stabilizing fact. But their mood has been souring for a decade or more. How the Chinese missed this, I do not know.”

In Australia, another important US ally, the government has been saying many of the same things as Pence, though in more muted tones.

In some ways, Australia has

been viewed in Washington as a test case of what China could get away with in a country with a strong economy and Western values. The US and Australian intelligence agencies have consulted on what they see as the China threat.

Allegations of Chinese meddling in Australian universities and donations to political campaigns by ethnic Chinese businessmen connected to the government in Beijing have prompted recent legislation aimed at curbing foreign interference in Australia’s domestic affairs.

But the Australians have couched their new legislation in general terms, never singling out China.

Pence’s harder line is likely to ignite a debate in Australia about whether it too should take a harder line against China.

“Let’s take the heat, light, noise and excitement out of the relationship by establishing a clear, declared policy that governs our approach to the economic and strategic relationship with the Chinese state,” said Michael Shoebridge, director of defense at the Australian Strategic Policy Institute. Australia should follow in Pence’s footsteps, he said.

But there were concerns about pushing too far.

“I think Australia is broadly comfortable with the Pence approach,” said Rory Medcalf, head of the National Security College at the Australian National University.

“There is just a worry about it getting out of control.”

Project Manager: Czarina Blancaflor

A BusinessMirror Special Feature

www.businessmirror.com.ph | Monday, October 8, 2018

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Virtus Awards Celebrates the Best and Brightest in Hotel Sales T

By Leony R. Garcia

HE quest for excellence, creativity and innovation among the Hospitality Sales and Marketing professionals continues.

The values that enabled them to rise above hindrances to success best illustrates the spirit of the award– Virtus in Arduis–Virtue in Difficulty Rose H. Libongco, chair of Virtus awards program and founder of Hotel Sales and Marketing Association (HSMA), pointed out that selling a hotel is more challenging than marketing a consumer product, which could get a significant boost just from media advertising campaigns.

“People have different demands for hotels,” she said, so there could be no one-size-fits-all sales

campaigns. Promotional efforts should be target- and purpose-specific, among other things, Libongco

HSMA Board of Directors: (seated, from left) Joy de Mesa, Cristina Carreon, Rose Libongco, Christine Ann Ibarreta, Margarita Munsayac, Benjamin Martinez and Celeste Romualdo; and (standing, from left) Jonalyn Agrazada, Rene Lapid and Carmela Bocanegra

told the media representatives during a briefing. First launched in 2015, the HSMA is consistently on the lookout for excellence and on how nominees faced the challenges of their jobs.

HSMA aims to raise the flag for marketing and intensify the campaign to raise standards as the association’s legacy, according to Libongco. Virtus recognizes outstanding sales and marketing practitioners who are role models and inspirations to current and aspiring players in the travel and

tourism industry in the Philippines, thus fulfilling HSMA’s vision to contribute to the robust growth of Philippine tourism.

Nominees for individual categories are regular employees who have served in an HSMA memberproperty for at least one (1) year, including the covered period of April 1, 2017 to March 30, 2018, who have no past and/or pending administrative or criminal case.

Nominators, on the other hand, come from an HSMA member-property to ensure familiarity

with the performance being cited.

HSMA was founded in 1979 by sales and marketing people of top hotels and resorts in Metro Manila which main mandate is to provide education and professionalize their ranks. HSMA members, now counting to 120 establishments all over the country, get to network with fellow hoteliers, get updated on the latest tourism trends and statistics.

The group has also welcomed into their fold the three-star, even the two-star properties accredited by the Department of Tourism.

HSMA launched the Virtus Awards in collaboration with industry stakeholders offering a unique platform among hotel sales and marketing professionals in the country to tell their stories of excellence and success that resonate well beyond the hotel and resort industry. Likewise, the group acknowledges customer and business-focused strategies as well as innovative and creative programs that bring about measurable results and return on investments to their properties.

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Monday, October 8, 2018 | www.businessmirror.com.ph

A BusinessMirr

HSMA 4TH VIRTUS AWARDS LIST OF NOMINEES OUTSTANDING SALES AND MARKETING ASSOCIATE 1

Hotel Luna - AHMGI

Kimberly Caye Cassion

Sales Account Manager

2

Conrad Manila

Dorothy Jean Baylon

Events Manager

3

Luxent Hotel

Marielle Cabaltera

Sales Manager

4

Makati Diamond Residences

Patricia Alexcis Pacio

Graphic Artist

5

Quest Hotel – Cebu

Earvin Kern Armenion

Sales and Marketing Associate

6

Quest Hotel and Conference Center Clark

7

Seda Nuvali

8

The Ascott Limited

9

The Ascott Limited

10

The Bayleaf Cavite

11

Reyna Tiamzon Christine Aira De Ramos Keziah Llare Gallardo

Banquet Sales Coordinator Sales Coordinator Sales Manager

Eugene Miguel Medrano Account Executive Borg Hud Nocon

Reservations Associate

The Bayleaf Intramuros

Leah Angelica Haduca

Sales Account Manager

12

The Bellevue Hotels and Resorts

Timothy Adrian Santos

Creative Supervisor

13

The Manor at Camp John Hay

Sianneli Besa

14

The Manor at Camp John Hay

Mary Ann Murillo

Sales Manager

15

The Forest Lodge at Camp John Hay

Mark Jefferson Cinense

Sales Manager

16

Crimson Resort and Spa

Raizah Angela Ferrer

Senior Sales Manager

Banquet Sales Coordinator

OUTSTANDING SALES AND MARKETING MANAGER 1

Hotel Luna - AHMGI

Jonas King Zamora

Sales Manager

2

Chateau Royale

Marcos Mark Angelo

Sales Manager

3

Conrad Manila

Christina Dumaraos

Director of Events Management

4

Hyatt City of Dreams

Marie Faustine Arce

Associate Director of Sales

5

Makati Diamond Residences

6

Marriott Hotel Manila

7

Midas Hotel

8

Novotel Manila Araneta

Kim Claire Escaler

Room Reservations Manager

9

Quest Hotel and Conference Center Clark

Judy Sarmiento

Director of Sales

11

Bellevue Hotel

12

AG New World Manila Bay Hotel

13

Discovery Primea

15

Crimson Resort and Spa

Mae Fatima Lolita Mationg Senior Sales Manager Richelle Barbosa

Sales Manager - Proactive

Dinna Adalia

Associate Director of Sales

Carol Angela Ablas Mariah Alyssa Pagkalinawan

Senior Sales Manager - Travel Trade

Assistant Director of Sales

OUTSTANDING SALES AND MARKETING LEADER 1

Hyatt City of Dreams

Francis David

Director of Sales & Marketing

2

Le Soleil de Boracay

Mia Mancio

Director of Sales

3

Quest Hotel – Cebu

Gerralyn Longakit

4

Seda - Nuvali

Erin Mae R. Songalia

Director of Sales & Marketing Director of Sales

OUTSTANDING MARKETING CAMPAIGN 1

Conrad Manila

Michael Albaña

Director of Business Development

2

Las Casas Filipinas De Acuzar

Erwin Dona III

Director for Brand Marketing

3

Marco Polo Davao

Pearl Maclang

Director for Sales & Marketing

4

Marriott Manila

Michelle Garcia

5

Savoy Hotel Boracay

Cluster Director of Marketing Communications Marketing Communications Manager

Marie Jehan Balbanero

HRISTINE Ann Ibarreta, president of the Hotel Sales and Marketing Association (HSMA) Philippines, wanted 10 categories right away for the Virtus Awards when she first came up with it four years ago. “In fact, I was even looking to [give out awards to] 10 outstanding hoteliers,” says Ibarreta.

“But Virtus wasn’t even a year old, so it was difficult to do that.”

Through the years, Virtus has become the most awaited event of the year for the sales and marketing professionals in the hospitality industry—as its singular focus is the sales force’s hard work and achievements. Slowly but surely, the Virtus Awards has positioned itself to become one of the most coveted honors in the hotel and resorts industry.

“[Virtus Awards] is different because before, there was really none that focused on sales and marketing in the hotel industry, and we all know sales is the bread and butter of any property,” says Cielo Ortega-Reboredo, director of sales-events and marketing of Okada Manila, herself a Virtus Awardee in 2015.

Ibarreta says she was inspired to establish Virtus after hearing of HSMA International’s Adrian Awards in the United States. From her big dream of 10 categories, she and other HSMA Philippines officers trimmed down the list to four: Outstanding Sales and Marketing Associate; Outstanding Sales and Marketing Manager; Outstanding Sales and Marketing Leader (the award received by Reboredo for her work then with Midas Hotel and Casino); and Outstanding Marketing Campaign.

“We were thinking of hosting the usual activities, such as trade shows, but we wanted to veer away from that,” says Margarita Munsayac, HSMA Philippines chair. “We said, let’s do something that will rec-

ognize their excellence.”

Adds Ibarreta: “Sales and marketing people are the ones looking for sources of revenue. We bring that to the table. We are the ones who go out of the office wearing three-inch heels and come back with only two inches left!”

Such recognition, adds Munsayac, not only elevates the hotel sales and marketing profession, but also motivates management to take care of their staff under this division, which in turn inspires sales and marketing professionals to become more passionate about their job.

“By igniting their passion, we hope to excite the market, deliver rigorous business, make our hearts beat a little faster, and, yes, shake our world,” adds Rose Libongco, former HSMA president and current Virtus chairperson. “That we are able to launch and consistently deliver year on year is a feat we are immensely proud of and hope to accomplish till Virtus becomes a byword and the winners become synonymous with the mark of excellence.”

Since Virtus began in 2015, Ibarreta says the number of nominations they receive have doubled.

She also noted that nominees this year have become significantly more competitive.

The awards night on October 8 doubles as a networking event for sales and marketing professionals in the hotel and tourism industry.

CHRISTINE Ann Ibarreta, HSMA President

HSMA, aside from giving out the award, is in the forefront of providing hotel sales and marketing professionals with tools, insights, and expertise to remain current in the ever-evolving hotels and resorts industry. Today, the organization counts over 120 hotels and resorts in the country as member-partners.

Its first president was Melvin Cruz of the Hyatt Hotel, and Rose HilarioLibongco of Hotel Intercontinental Manila, Aurora Patricio-Paredes of Manila Hilton, Michael Cuisia of The Manila Hotel, and Peter Litgeib of The Manila Mandarin as first set of charter officers.

Hotel luminaries who have held the reins of the HSMA presidency include Maggie Garcia, Leny Fabul, Ofri Canlas, the late Chiqui Recio-Ang, Lyn Tamparong, Gami Holazo, Roberto Laygo, and Marita Marcos. Rose Libongco takes the title of longest-serving president, as she was elected for multiple terms from 1982 till 2010.

Follow them on Facebook @ HSMA (Hotel Sales and Marketing Association International).

Sales Manager

Maria Adeline Capinding Director of Sales Jewel Almendras

Top sales and ma hospitality indust C

VIRTUS AW BEST AND Continued from F1

Over the years, the awards has become essential to the Filipino sales and marketing professional's continued journey towards excellence as they continue to harness creativity and innovation in creating new markets, to elevate exemplary performance of individuals and best practices that impact hotels and resorts business and services, to deliver enhanced benefits to customers and to promote the company’s good image thereby optimize revenue generation.

PAST AWARDEES SHARE THEIR EXPERIENCES

HONORING the heroes and heroines of the hospitality industry, Virtus awards aims to be the gold standard. The rigorous selection process, with measurable standards and criteria is intended to make the awards a credible arbiter of sales and marketing excellence. There are three individual awards and one corporate award given out every year. The Outstanding Sales and Marketing Associate, Outstanding Sales and Marketing Man-

www.businessmirror.com.ph | Monday, October 8, 2018

ror Special Feature

arketing professionals in the try share success stories at Virtus

MARGIE Munsayac, HSMA Chair

ROSE Libongco, Virtus Awards Chair

THE winners of HSMA Virtus Awards 2017 do their winning poses with their trophies(LEFT to RIGHT): Jac David Pimentel–Sofitel Philippines, winner of Outstanding Sales and Marketing Leader, Christine Ann Urbanozo–Ibarreta, HSMA President and Director of Sales and Marketing of Golden Phoenix Hotel Manila, Maria Teresa Josefa Cruz -Dusit Thani Hotel, winner of Outstanding Sales and Marketing Manager, The Marketing Team of Acqua Verde Beach Resort: Tess Samaniego, team leader and members: Anne Orbe, Marielle Prieto, Cristina Mendoza, Elaine Amora, and Cristine Alarcon, A Pet Friendly Gem in Laiya, Winner of Marketing Campaign of the Year, Amie Villena–The Belleveue Resort, winner of Outstanding Sales and Marketing Leader award, Rose Libongco, VIRTUS Chair, Margarita Munsayac, HSMA Chairperson and VP for Sales and Marketing Bluewater Resorts, Marvin Nisperos-Estigoy, VP for Advertising Sales–Business Mirror, Carmela Bocanegra, HSMA Director for Public Relations and. Jaymart Lorenzo–Quest Hotel and Conference Center Clark, winner of Outstanding Sales and Marketing Associate.

WARDS CELEBRATES THE BRIGHTEST IN HOTEL SALES ager, and Outstanding Sales and Marketing Leader—cover positions in room sales, event management, digital commerce, reservation, public relations and communications, and revenue management. The lone corporate citation—Outstanding Marketing Campaign of the Year – recognizes the most outstanding marketing campaign that is built around a single, unified theme using at least two different types on media.

Past winners attest that Virtus Awards, considered the Oscars by the country’s sales and marketing professionals, inspire and motivate them to continue to strive higher in their respective careers.

For Cielo Ortega-Roberado, Okada Manila’s director of sales, winning the Virtus was unlike anything she had experienced.

She won as Outstanding Sales and Marketing Leader in 2015 when she was still director of sales and marketing for Midas Hotel and Casino. “Midas, a small boutique hotel, competed with the giants, yet we generated so much reve-

nue. I think that’s what the judges saw at that time,” she narrated.

Winning the Virtus eventually gave her that extra push to take on pre-opening responsibilities when she joined Okada Manila.

“This was my first pre-opening assignment, which entailed creating all the procedures, hiring the whole team. It’s not easy, but it was very fulfilling,” she said.

For JR Intertas, travel sales account executive for Manila Diamond Hotel, his Virtus as Outstanding Sales and Marketing Associate in 2015, was totally unexpected. “Back then, I was still in public relations as assistant. Our Director of Sales and Marketing, Sunshine Robles, informed me that she is nominating me to represent the hotel. I was hesitant at first but I braved the nerve-wracking interviews and I made it!,” he reminisced. With Virtus, doors of opportunity have just been constantly opening up for Intertas: his company enrolled him in a 29-week digital marketing certification program in 2016 which has helped his team

build and launch the new hotel website and strengthen its presence on social media and other digital marketing platforms.

He has also since won other awards and was recently elected as PRO of the Philippine Tourism and Hospitality Officers and Marketers Association 2018-19 Board. “I am totally grateful for my award,” said Intertas who may still clinch another Virtus should he aim for another category.

The 2018 winners will be announced on October 8 at the Virtus Awards 2018 Night at the Manila Marriott Hotel. Guest of honor and keynote speaker is Department of Tourism Secretary Bernadette Romulo-Puyat.

“Through this annual competition, we hope to ignite the passion and drive of hotels and resorts through their all-important sales and marketing team to excite the market, deliver vigorous business, make hearts beat a little faster as we really don’t know who the winners are until their names are announced on the awards night,” said Christine Ann Ibarreta, current HSMA president.

ASCOTT AD 1/4

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A BusinessMirror Special Feature

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SAVOY HOTEL BORACAY NEWCOAST

EXPERIENCE A COLORFUL GETAWAY

N

OTHING beats a perfect getaway in this beautiful island of Boracay. Filipinos and foreign travelers are captivated with Boracay’s pristine clear blue waters and amazing sunset.

For that stylish comfort, unparelled fun and pure relaxation, Savoy Hotel Boracay is the perfect place for you. Nestled in the heart of Boracay Newcoast, it features four-star facilities with its 559 well-appointed rooms and access to a 295-metre white sand beach.

If you’re longing for a private beach time, a good 10-minute walk to Cove 2 of Newcoast Beach would indeed fill your perfect getaway.

After a day of exploration on the island, Savoy Hotel’s chic rooms offers you a chance to relax with its view of the outdoors through your own balcony, a perfect spot to cool down after a day in the sun.

Whether it’s chilling or having a great time, Savoy Hotel Boracay got you covered! Spend your mornings with sumptuous buffet breakfast at Savoy Café or indulge in local and international cuisine at Vienne Lobby Lounge for a more satisfying treat with its trendy ambiance that makes dining much more gratifying. On days that you do not feel like doing outdoor activities, the Chambery Pool Bar offers you a quick recharge with its refreshing fruit shakes and cocktails while having a dip in the pool and relaxing in the poolside cabanas and loungers.

More than just a place for relax-

ing and eating, Savoy Hotel Boracay offers facilities for kids to enjoy too with its daily poolside activities and its mini indoor game room for kids and adults alike that will surely tickle your interest. Why lounge around in bed when the hotel has also planned of eco-friendly activities? A whole lot of exciting activities awaits the entire family with its poolside movie nights, yoga, biking, sunset watching, non-motorized aqua sports activities such as snorkeling and kayaking and a lot more!

For those active bodies, the fitness

center is equipped with up-to-date gym equipment to keep your body in shape while the Lila Spa provides a welcome respite to soothe, refresh and rejuvenate your senses.

Our tagline, Color Your Experience, is our inspiration as it captures a total package of how we emotionally connect to our guests in the most unique, personalized and experiential way. Our goal is to excite our guests’ five senses to create a long and lasting emotional bond that will last them a lifetime and even more.

Find your waves soon and be among the first ones to step on the pristine beaches of this worldrenowned destination! Take advantage of our re-opening promo and

enjoy an overnight stay in a deluxe room with buffet breakfast for two, a head and shoulder massage, and a 10% discount in F&B outlets from October 27, 2018 to January 25, 2019 for as low as Php 5,000 per night and let Savoy Hotel Boracay color your experience!

Savoy Hotel Boracay Newcoast is located at Newcoast Drive, Boracay Newcoast, Brgy. Yapak, Boracay Island, 5608, Malay, Aklan. To find out more about our promos and offerings, visit our website at www. savoyhotelboracay.com.ph or call us at +63 2 720-1860 for inquiries. Like us on facebook at www.fb.com/SavoyHotelBoracay and follow us in Instagram at savoyboracay.