BusinessMirror October 08, 2019

DOLLAR RESERVES AT RECORD HIGH IN SEPT

A MONEY changer in Quiapo, Manila, counts Philippine peso to change US dollars in this BusinessMirror file photo. NONIE REYES

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HE country’s dollar reserves posted a new record high in September and again breached the $86-billion mark, according to preliminary data released by the Bangko Sentral ng Pilipinas (BSP) on Monday.

BSP data showed that the country’s gross international reserves (GIR) rose to $86.16 billion in September, $130 million higher than the $86.03 billion recorded in end-August.

“The increase in the GIR level month-on-month reflects the national government’s [NG] foreign-currency deposits and BSP’s income from its investments abroad,” BSP said.

“However, the increase in reserves was partially tempered by payments made by the NG for servicing its foreign-exchange obligations,” it added. The country’s GIR has been on an upward trend since November 2018, according to BSP data. The Philippines

also started 2019 with a GIR level of $82.48 billion.

Preliminary data released by the BSP in July indicated that the country’s GIR was higher in June at $85.38 billion. The latest figures from the BSP showed that dollar reserves fell to $84.93 billion in June.

Rizal Commercial Banking Corp. economist Michael Ricafort said in July that he expects the country’s dollar defenses to increase further toward the end of the year and even post new record highs due to the following factors: the Philippines’s S&P upgrade to “BBB+,” possible continuation of net foreign portfolio investment inflows amid easing in inflation and local interest rates, continued growth in the country’s structural US dollar/ foreign-currency inflows and proceeds from the government’s foreign bond issuances.

The September data showed the country’s GIR can still cover 7.5 months worth of imports. This is the highest level for the year and since March 2018 when the GIR could cover 7.6 months of the country’s imports.

BSP said this indicates the country has ample external liquidity buffer to cover imports of goods and payments of services and primary income.

It is also equivalent to 5.4 times the country’s short-term external debt based on original maturity and 3.9 times based on residual maturity. Net international reserves (NIR), which refers to the difference between the BSP’s GIR and total short-term liabilities, also increased by $130 million to $86.15 billion as of end-September 2019 from the end-August 2019 level of $86.02 billion. Cai U. Ordinario

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Tuesday, October 8, 2019 Vol. 14 No. 363

Trade war tones down exports growth outlook

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By Elijah Felice E. Rosales

@alyasjah

HE government and exporters are in agreement export figures this year will end in the black, but the growth rate could settle between 2 percent and 3 percent due to the global slowdown in demand for Philippine-made items.

“The most at risk in this trade war is our semiconductor [products] because orders and imports from major markets where we get our supplies and where we supply weaken.”

—Ortiz-Luis

Exporters are historically upbeat that orders will pick up starting October, as clients begin to buy in larger volumes to beef up their stocks in time for the Christmas season.

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CAN MVUC HIKE BE USED FOR UHC? SOLONS SPLIT

By Jovee Marie N. dela Cruz @joveemarie

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AWMAKERS want the adjustments in the Motor Vehicle User’s Charge (MVUC) to be purely allotted to the Department of Public Works and Highways (DPWH) or the Department of Transportation (DOTr), and used for extra funds for road and other infrastructure projects.

Deputy Speaker for Finance Luis Raymund Villafuerte called on fellow lawmakers to approve the measure to guarantee enough funds for road repair and other infrastructure projects, following the Department of Finance’s (DOF) formal support for his version—House Bill or HB 3006—of

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@caiordinario

HE Bangko Sentra l ng Pilipinas (BSP) said it will produce 116 million blank cards for the Philippine Identification System (PhilSys), or the National ID, in the next three years.

The BSP said this is included in the memorandum of agreement (MOA) it forged with the Philippine Statistics Authority (PSA) on Monday.

The BSP said the “Phil IDs” are nontransferable cards to be issued to all Philippine citizens or resident aliens registered under the PhilSys. “The BSP is honored to sign the memorandum of agreement with PSA that starts the implementation of the Philippine Identification

PESO EXCHANGE RATES n

System Act. As you know, this is 30 years in the making,” BSP Governor Benjamin E. Diokno said in his speech.

“The law is universally beneficial for Filipinos as it provides a means of simplifying public and private transactions through a reliable and nationally accepted proof of identity. Having this proof of identity has far-reaching benefits, especially in promoting financial inclusion,” Diokno added.

He said the BSP will also provide needed equipment and space for the embedding of personal information onto the blank cards.

Under the MOA, the PSA will manage the PhilSys database and ensure the “availability, confidentiality, integrity, accuracy, and See “National ID,” A2

See “MVUC,” A2

See “Exports,” A2

BSP supplying 116-M national ID cards to PSA

By Cai U. Ordinario

this proposed tax reform.

Villafuerte, in a statement, said the MVUC should be used for what it was intended—as a form of regulation to take into account the damage inflicted by vehicles on roads.

“I feel that the funds earmarked or income for the MVUC should purely go either to the DPWH or the DOTr,” said Villafuerte, one of the authors of the bills seeking the MVUC rate increase.

Villafuerte, citing DOF, said the proposed increase in the MVUC will yield an annual incremental revenue of P11.6 billion during the first year of implementation, P24.9 billion on the second year, and about P39.9 billion on the succeeding years.

RSA will focus on Bulacan airport

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SANTA CLAUS IN TOWN Different sizes and designs of Santa Claus are on display in a market in Dapitan, Manila. With only 78 days left before Christmas, people are now starting to buy Christmas ornaments and scouting for bargains for their gift-giving. NONIE REYES

O MORE new airports for Ramon S. Ang. The business tycoon and president of food and beverage giant San Miguel Corp. told the BusinessMirror in Filipino, “No. I won’t pursue any more airport projects. I just want to concentrate on the Bulacan airport so we can finish it quickly.”

San Miguel’s $15-billion international airport in Bulacan was recently given the go-ahead by the government, and is projected to be completed by 2025 once it starts construction this year. Previous published reports quoted Ang as saying he was also interested in constructing, upgrading, or operating/maintaining provincial airports, such as those in Bacolod, Davao, Iloilo, Laguindingan, and Bohol.

See “Bulacan airport,” A2

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News

BusinessMirror

A2 Tuesday, October 8, 2019

www.businessmirror.com.ph

‘Relief measures for rice planters can’t wait’

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By Cai U. Ordinario

@caiordinario

RESIDENT Duterte must appeal to both chambers of Congress to postpone their monthlong recess and immediately convene for special session to act on resolutions that seek to put in place relief measures for rice planters.

Local think tank Action for Economic Reforms (AER) on Monday made this appeal as farmers have started harvesting rice. The farmgate price of unhusked rice usually declines during harvest.

AER said Congress must act on Senate Joint Resolut ions (SJR) 2 and 8 which seek to provide direct transfers to farmers from the Rice Competitiveness Enhancement Fund (RCEF). The

Bulacan airport. . .

This is not San Miguel’s first airport project. The conglomerate started renovating the Godofredo P. Ramos Airport in Caticlan, the gateway to Boracay Island in 2010, by expanding the runway, upgrading airport facilities and air-traffic control equipment, installing night navigational equipment, and expanding the terminal and modernized its existing terminal.

“Yes, I will further improve [the Caticlan airport]. But it’s necessary to have that bridge [between Caticlan and Boracay Island].

Without the bridge, the airport will be useless.

Boracay will be destroyed; no one will go there,” Ang underscored.

Managed by San Miguel subsidiary, Trans Aire Development Holdings Corp., the Caticlan airport is currently being expanded, with the addition of a new passenger terminal and 12 air bridges. Once completed, the expansion will be able to accommodate some 6 million passengers a year.

San Miguel’s proposed P5.5 billion bridge to connect the mainland of Aklan to Boracay Island is currently awaiting original proponent

MVUC. . .

Continued from A1

However, House Committee on Ways and Means Chairman Joey Salceda said his panel will stick to his proposed House Bill 4695, which will earmark 50 percent of the incremental revenues for the Universal Health Care (UHC); and 50 percent for the public-utility vehicles (PUV) modernization program.

According to Salceda, the government needs additional funds for the UHC, which requires P257 billion for the first year of the implementation.

Villafuerte said that while he strongly supports efforts to ensure enough funds for the UHC, he said these have already been addressed through several measures, such as the bills increasing taxes on tobacco and alcohol products and e-cigarettes.

“I would like to emphasize we already passed measures to fund the Universal Health Care. I feel the funds [in the road tax bill] for the UHC, should really go either to the DPWH or DOTr,” Villafuerte

PET. . .

Continued from A1

status from the Department of Public Works and Highways. The next step is for DPWH to endorse the project to the National Economic and Development Authority for endorsement to its Investment Coordinating Committee, composed of representatives of government’s regular line agencies.

Ang made a personal pitch for the 1.2-kilometer bridge project to Tourism Secretary Bernadette Romulo Puyat at an event on Friday to launch the Department of Tourism’s (DOT) partnership with Petron Corp.

“Government is admirable in what it accomplished in Boracay,” said the toughtalking business executive. “The beach has improved, but I noticed, when it rained hard, flooding and other problems reoccurred.”

“The solution to that,” he continued, “is a bridge that will connect Boracay and Caticlan.

Some 25,000 workers living on Boracay can live on the mainland [if the bridge is constructed]. And 300 tons of solid waste can move to the mainland to the landfill, and you no longer need to construct a deep well in

said at a recent hearing of the House Ways and Means Committee on the proposed MVUC rate increase.

Various proposals have been introduced in the House plan to raise MVUC fees, including allotting 50 percent of the proceeds for the universal health care (UHC) program and exempting so-called green vehicles from the payment of MVUC. The DOF and Villafuerte both propose a phasedin period of three years to increase MVUC rates for all vehicles—ranging from an adjustment of P1.40 per kg of gross vehicle weight (GVW) on year 1, P1.95 on year 2 and P2.50 on year 3.

The DOF supported Villafuerte’s proposal on a uniform rate for all types of vehicle in lieu of a proposal submitted to the committee to exempt green vehicles from payment of MVUC. The DOF pointed out in the letter to Salceda that “green vehicles carry the same externality on roads, therefore users should pay the same charge for road maintenance and repair,” and that these vehicles“are already given preferential excise tax rate” under the Tax Reform for Acceleration and Inclusion (TRAIN) Law.

Continued from A8

“The parties need to be appraised on the truth of the real result of the revision, recount and re-appreciation of ballots from the three pilot provinces...

This will put to rest any apprehensions the parties entertain as a result of the speculations being reported in various media outlets,” the motion stated.

‘Respect legal process’ MARCOS’S Spokesman, lawyer Vic Rodriguez, on the other hand, called on Robredo’s camp to respect the legal process, noting that they have already prematurely celebrated her alleged victory as early as September 10, when it was made public that a decision is forthcoming, “Mrs. Robredo and her cabal should refrain from making a mockery of the legal process, accord the Presidential Electoral Tribunal, the highest respect, cease bullying the honorable justices and stop deceiving the Filipinos by requiring from the High Court through a preposterous motion, copy of something that she already has,” Rodriguez said.

SC Spokesman Brian Keith Hosaka earlier reminded the parties that the PET has yet to take any action on Caguioa’s report; thus, he reminded the parties in the election protest to observe the sub judice rule pending PET’s deliberation on the report.

The report covers the result of the revision and

measures will give farmers a financial assistance of P600 a month under the government’s 4Ps program.

“As both houses adjourn for a monthlong recess, the immediate problem afflicting the Philippine agriculture sector remains unaddressed. We plead to legislators to hold hearings and conduct plenary debates to put in place these emergency measures. The farmers need relief now, as next year, they may no longer go into farming,” AER President Jessica Reyes-Cantos said in a statement.

Resolution 2, sponsored by Sen. Francis N. Pangilinan, authorizes the use of the RCEF as emergency

Boracay. You can just bring fresh water from to mainland,” he said.

Romulo Puyat declined to comment, however, on San Miguel’s bridge project.

Ang chairs Petron Corp., which signed a memorandum of understanding (MOU) with the DOT for the BEST (Barrier-Free and Environmentally Sustainable Toilet) project, aimed at ensuring the quality of restrooms near tourist destinations in line with Asean Public Toilet Standard.

Under the partnership, some 200 Petron stations will undergo an accreditation process, where each station will be assessed on the basis of design and environmental management system, amenities and facilities, cleanliness, and safety. Accredited stations will be marked with the DOT Seal of Approval.

In her message to guests and tourism stakeholders present, Romulo Puyat said: “Traveling by land, especially hitting the road for the long-term drive, literally epitomizes the very essence of tourism. And, it is in this travel experience, where local and international tourists must readily find the convenience and comfort of using facilities on the road—that iconic movie scene of stopping at the filling station and going for a bathroom run.”

Concern

VILLAFUERTE also expressed concern over giving more funds to the Department of Health (DOH), especially to the Philippine Health Insurance Corp.

(PhilHealth), where several fraudulent claims were exposed.

“I don’t think they [PhilHealth] deserve money at this point. They should first clean house before they ask for additional funds, especially from MVUC,” Villafuerte said.

For his part, Iloilo Rep. Lorenz Defensor said modernizing the country’s transport system is also tied to health care, given that ensuring road safety and reducing vehicle emissions can also help reduce the burden on the health system.

Nueva Ecija Rep. Estrellita Suansing said the revenues from MVUC should go to the General Fund, because putting it in UHC is like raising taxes on vehicle use and using health care as an excuse.

Marikina City Rep. Stella Quimbo suggested putting the MVUC revenues for road safety efforts rather than for UHC, citing the rise in motorcycle accidents for the last 10 years.

recount of ballots in the provinces of Iloilo, Negros Oriental and Camarines Sur involving 5,415 precincts.

The outcome of the revision and recount of ballots in the test provinces would determine whether PET will proceed in the vote revision on 39,221 clustered precincts covering 27 provinces and cities identified in Marcos’s election protest.

“His submission is a prelude to the action of the Court on whether to proceed to the other aspects of the case,” the Chief Justice said.

Marcos’s protest cites three causes of action— first, that the Automated Elections System was compromised, hence, the integrity of the AES cannot be relied upon to declare a legitimate winner; the second requires the revision or manual recount of the actual ballots to determine the votes cast in all the 36,465 protested clustered precincts; the third cause of action sought the annulment of election results for the VP position in the provinces of Maguindanao, Lanao del Sur and Basilan, on the ground of terrorism, intimidation and harassment of voters as well as preshading of ballots in all of the 2,756 protested clustered precincts in the areas.

The PET has dismissed Marcos’s first cause of action for being “meaningless and pointless.”

Marcos filed an election protest on June 29, 2016, claiming that the camp of Robredo cheated in the automated polls in May in the same year.

fund to allow direct transfers to rice farmers.

Filomeno Sta. Ana III, economist and AER’s coordinator, said that while Republic Act 11203, or the rice trade liberalization (RTL) law was passed to make rice importation more efficient, the law had limitations, particularly where the RCEF was concerned.

“Admittedly, the law is rigid with regard to the allocation of the initial P10 billion for the RCEF. SJR 2 somehow addresses that rigidity,” said Sta. Ana. SJR 8 authored by Sen. Miguel Zubiri and Sen. Cynthia Villar, will allow the Department of Social Welfare and Development to convert

She added, “As part of our commitment to providing the Filipino brand of service, it is the goal of this DOT-Petron joint project to make available public restrooms that meet international standards at Petron gas stations nationwide, ensuring quality, comfort, safety and proper waste management of public toilets on the way to our tourist destinations.”

For his part, Ang told reporters after the MOU signing, the water used in the toilet passes through a water treatment plant.“Then we recycle it for reuse for the flushing of the toilet. So we are able to repeatedly reuse it.

That’s why we call it environment-friendly, and we don’t throw it away.”

He noted the increasing number of tourists in the country and the rising number of cars on the road. “We are adding 1 million cars a year, so we are adding more and more toilets everywhere. In fact, including in the city, we are forced to add more toilets because of the traffic,” he added.

DOT officials explained that the toilets are called “barrier-free” as these facilities are also friendly to persons with disability and senior citizens since these have nonslip flooring, with proper horizontal and vertical grab bars, and doors wide enough for wheelchaired individuals. Ma. Stella F. Arnaldo

Duterte. . .

Continued from A8

his longtime confidante now-Senator Christopher Lawrence “Bong” Go. On December 30 last year, the President skipped the 122nd anniversary of the martyrdom of national hero Jose Rizal in Davao as he was “advised to rest” by his doctor.

Despite on-and-off rumors about the President’s health, Malacañang has stood firm that the President is in good health and there is no need to issue a medical bulletin.

Aside from migraines, the President has also previously admitted to suffering from back problems, Barrett’s esophagus, which is a complication of gastroesophageal reflux disease, and Buerger’s disease due to heavy smoking in his younger years.

Bernadette D. Nicolas

National ID. . .

Continued from A1

readiness” of the data to be placed in the Phil IDs. The PSA is also tasked to undertake the personalization, quality checking and distribution of the Phil IDs. Republic Act 11055, or the Philippine Identification System Act, mandates the establishment of the Philippine Identification System for all citizens and resident aliens of the country. The PSA is the primary implementing agency to carry out the provisions of the law.

“With this Philippine ID, the BSP widens its area of cooperation with the PSA. While our number-crunching agencies have a long history of interaction on statistics, the production of national IDs is a trailblazing field for both institutions,” Diokno said.

The PhilSys provides for a national identification system that seeks to unify all government IDs into one. It will provide identification to both citizens and resident aliens of the country to facilitate public and private transactions.

The National Economic and Development Authority (Neda) earlier said that despite the numerous IDs issued by the Philippine government, 14 percent of Filipinos are still denied government and financial services due to the lack of proper identification documents.

The PhilSys Act was signed into law on August 6, 2018.

It is part of the Legislative Agenda under Chapter 5 of the Philippine Development Plan 2017-2022, titled, “Ensuring People-Centered, Clean, and Efficient Governance.”

P600 into actual rice subsidy per month.

The Senate approved on second reading SJR 8 on October 2.

If Malacañang certifies this measure as urgent, Congress may be compelled to hold sessions during the break.

Otherwise, AER said Congress will resume consideration of the measure when sessions formally reopen after the sine die break on November 4.

“By then, the bulk of the second cropping rice harvest would have happened. And with no relief on declining palay prices, Congress which took a monthlong break will be remiss in its duty of safeguarding

our agriculture producers’ interest,” Reyes-Cantos said.

Last week, the Philippine Statistics Authority (PSA) disclosed that the average farm-gate price of dry unhusked rice sank to a new seven-year low in the first week of September.

Preliminary figures released by the PSA showed that average palay prices plunged nearly 30 percent to P16.18 per kilogram, from the P23.10 per kg recorded in the same period of last year.

The latest average dry palay quotation is the lowest since the first week of April 2013, when dry palay farm-gate price averaged P16.27 per kg.

POEA bars OFW from South Sudan A LL overseas Filipino workers (OFW) are now barred from heading to South Sudan amid the worsening security situation in the African state.

In a statement, the Department of Labor and Employment (DOLE) said the Philippine Overseas Employment Administration (POEA) has imposed a total deployment ban for South Sudan upon the recommendation of the Department of Foreign Affairs (DFA).

The deployment restriction covers both new hires and rehires.

Labor Secretary Silvestre H. Bello III said DFA raised the crisis alert level for South Sudan from 2 to 4 due to the “escalation of violence” between the forces allied with President Salva Kiir and the Protection Unit from the SPLA in Operation (SPLA-IO) of Vice President Riek Machar.

Under a crisis alert level 4, a

Exports. . .

Continued from A1

Not this year, though, said Philippine Exporters Confederation Inc. President Sergio Ortiz-Luis Jr. “Exports are really increasing the last few months. We expect to see it some more after a long decline. However, it’s not something that we can really say will happen because of the volatility of the international situation,” Ortiz-Luis told the BusinessMirror.

“We think it will increase.

However, results will be different if this trade war worsens because it is hitting our products,” he added.

Shipments from January to July recorded flat growth at $40.39 billion, from $40.36 billion during the same period last year, according to data from the Philippine Statistics Authority (PSA).

PSA data also showed exports have been increasing for four consecutive months already, from April to July, to recover from a slow start in the first quarter. Electronic products, the country’s top export, rose a little over 1 percent to $22.37 billion, from $22.13 billion, during the seven-month period—within the industry’s target of up to 3 percent.

“The most at risk in this trade war is our semiconductor [products] because orders and imports from major markets where we get our supplies and where we supply weaken,” Ortiz-Luis said.

The industry leader conceded the export sector’s target of a 6-percent growth this year “will be an uphill climb,” but said a positive year-end result will suffice. He pinned his hope on the services sector to deliver the much-needed boost to exports, as well as some projected uptick from garments on increased demand for clothing during the holidays.

total deployment ban, as well as a mandatory repatriation will be in effect in South Sudan.

Aside from the civil war in South Sudan, POEA also cited the African’s states noncompliance with the certification requirement from DFA as stipulated by Republic Act 10022 or the “Amended Migrant Workers and Overseas Filipinos Act.” The certification is only issued to countries which are signatory/ adopted international standards protection on the rights of migrant workers; have laws protecting migrant workers; or have a bilateral agreement with the Philippines to ensure the welfare of OFWs. Bello, who also heads the POEA governing board, said the deployment restriction in South Sudan will be in effect “until further notice.” Samuel P. Medenilla Shipments of garment products from January to July declined 4.38 percent to $541.87 million, from $566.75 million during the same period last year, per PSA data.

Government projection

SIMILAR to the private sector’s projections, the government is expecting exports to finish on a positive note this year. Trade Secretary Ramon M. Lopez said, however, figures will most likely be on the lower single-digit level due to slower global trade resulting from the trade conflict.

“Export outlook is moderately positive, [from] 2 percent to 3 percent, due to generally slower world demand [for merchandise goods],” Lopez said in a text message.

Last Tuesday, World Trade Organization (WTO) economists downgraded their forecasts for trade growth this year and next year. With the adjustment, global merchandise trade volumes are now expected to grow by just 1.2 percent in 2019, lower than the earlier forecast of 2.6 percent in April, and by 2.7 percent in 2020, down from the previous 3 percent.

WTO Director General Roberto Azevedo said the trade conflict between the world’s largest economies is hampering firms from expanding operations—and, consequently, creating jobs—in anticipation of a worse situation on the global scale.

“The darkening outlook for trade is discouraging but not unexpected. Beyond their direct effects, trade conflicts heighten uncertainty, which is leading some businesses to delay the productivity enhancing investments that are essential to raising living standards,” Azevedo said in a statement.

“Job creation may also be hampered as firms employ fewer workers to produce goods and services for export,” he added.

Economy BusinessMirror

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PHL natural-gas output pegged at 2,190,035 Bcf since 1994

By Lenie Lectura

@llectura

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HE country’s natural-gas output from January to September this year stood at 96,472 million cubic feet (MMcf), bringing the total output since 1994 to 2,190,035 billion cubic feet (Bcf).

Latest data from the Department of Energy (DOE) showed that of the total gas output up to August this year, 92,372 MMcf was consumed during the period. Of which, 90,760 MMcf was utilized to boost the country’s power generation.

Meanwhile, the industrial sector took up 1,567 MMcf. The transport industry recorded zero consumption.

In 2018, the country’s natural-gas output peaked in 2018 at 150,804 MMcf. From 1994 up to September 30 this year, the same data showed that output reached 2,190,035 Bcf, while consumption stood at 2,109,585 Bcf. During the period, natural-gas consumption for power generation totaled 2,071,365 Bcf, 38,046 MMcf for industrial sector; and 184 cubic feet for the transport sector.

DOE officials said the country’s natural gas is being consumed domestically, relying mainly on the Malampaya deep-water gas field.

At present, the Malampaya Deep Water Gas-to-Power project is producing 3,400 megawatts. The gas field in offshore Palawan fuels three natural gas-fired power stations with a total generating capacity of 2,700 MW to provide 30 percent of Luzon’s power-generation requirements.

The agency highlighted the need for the country to expand the country’s gas facility before the depletion of the Malampaya gas reserves. The DOE said gas reserves will fall down to 1,000 MW, possibly seven years from now.

The Malampaya project is a joint undertaking of the Philippine government and the private sector. The project is spearheaded by the DOE, and developed and operated by SPEx (Shell Philippines Exploration BV) with a 45-percent stake on behalf of jointventure partners Chevron Malampaya Llc.—also with a 45-percent stake— and PNOC Exploration Corp. The latter holds the remaining 10 percent.

Editor: Vittorio V. Vitug • Tuesday, October 8, 2019 A3

DA creates group to conduct $300K food sufficiency study

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By Jasper Emmanuel Y. Arcalas

@jearcalas

HE Department of Agriculture (DA) has created a technical working group (TWG) that would formulate a strategy to achieve the country’s food and nutrition security, amid growing population and rising demand for food items.

The DA issued Special Order (SO) 847 Series of 2019, dated October 1, that constituted the TWG that would formulate the food production strategy (FPS) as part of the department’s outputs in its National Food Consumption Quantification Study (NFCQS).

The NFCQS “aims to determine and analyze the major food consumption patterns of Filipinos, and the country’s production of major commodities to quantify the demand of a growing population,” according to DA. The NFCQS is being lead by the

DA in partnership with the United Nations’ Food and Agriculture Organization (UN-FAO), Philippine Statistics Authority (PSA), Department of Science and TechnologyFood and Nutrition Research Institute, National Nutrition Council and Philippine Statistical Research and Training Institute.

The $300,000-FAO funded study was initiated during the time of former Agriculture Secretary Emmanuel F. Piñol as it was one of his key programs back then. The study seeks to determine the country’s food requirement for the next 50 years.

“One of the outputs of the study is the food production strategy [FPS] that identifies policy and program recommendations toward achieving food and nutrition security,” the SO read.

Under the SO, the TWG will “oversee and provide support in the

activities related to the formulation of the FPS.” The TWG would also be responsible in reviewing and validating the “projections on production and consumption based on the tools developed by the project.” “[The TWG shall] provide inputs regarding the policy, legal and institutional frameworks of commodity production, linkages with other sectors and strategies for attaining food security,” the SO read. “[The TWG shall] assist the FAO team in drafting and finalizing the national FPS for endorsement to the PIU [Project Implementation Unit],” it added.

The TWG is be chaired by Roy M. Abaya, DA’s field operations service Director with Christopher V. Morales, Field Programs Operational Division-FOS chief as its vice chairman, according to the SO.

Oil firms roll back fuel prices

Labor groups cite adverse impact of LRT 2 shutdown on workers

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SRA exec assures Effective data privacy and protection through automation NE crucial task for any chief compliance officer sufficient sugar is to convince senior executives to invest in and compliance. Today let’s look at one supply until Dec specificethics slice of that job: how to justify the investment in

IL firms are expected to reduce fuel pump prices for the second consecutive week.

They said in separate announcements Monday that gasoline prices will go down

by P0.80 per liter, diesel by P1 per liter and kerosene by P1.15 per liter.

Seaoil Philippines, PetroGazz, Total Philippines, Pilipinas Shell and PTT Philippines said they will implement their respective price adjustments at 6 p.m. on Tuesday, October 8.

Other oil firms are, likewise, expected to follow suit.

Last week, oil companies slashed gasoline prices by P1.45 per liter, diesel by P0.60 per liter and kerosene by P1 per liter.

But the Department of Energy (DOE) said the price rollback on diesel and gasoline was lower by 6 centavos and 22 centavos, respectively.

Also, the upward adjustment in the prices of LPG was higher by about 25 centavos per kilo than what the energy department projected.

The agency issued showcause orders last week to compel 13 firms to explain how they computed the price adjustments because the amount did not match the agency’s computations.

“In view of the apparent difference in the oil price rollback calculations between the Department of Energy and oil firms, we issued show-cause orders to 13 oil companies yesterday afternoon [October 1],” the DOE said. “Under the SCOs, recipients would have until Monday [October 7] to formally respond to the department.”

As of late Monday, DOE Assistant Secretary Leonido Pulido III said the agency is still evaluating the oil firms’ reply. He said none submission would lead to a fine under the oil deregulation law.

Lenie Lectura

By Samuel P. Medenilla @sam_medenilla

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HE latest round of traffic disruptions caused by the operational shutdown of the Light Rail Transit 2 (LRT 2) is not only cutting on the time of workers, but also on their income as workers resort to more costly alternatives, according to labor leaders.

Federation of Free Workers (FFW) Vice President Julius Cain-

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HE Philippines may not import additional sugar until end of the year due to ample stocks both for raw and refined sugar despite projected flat production, a Sugar Regulatory Administration (SRA) board member said.

SRA board member Emilio Bernardino Yulo, who represents the planters sector, said that as of September 29, the country’s total raw and refined sugar supply is sufficient to cover total requirement until end of the year.

Fig u res d isc losed by Yu lo showed that the country’s total sugar inventory stood at about 300,000 metric tons, 160,000 MT of which are classified as refined comprised of both local and imported, while the remaining 140,000 MT are classified as raw.

“We have sufficient stocks for now. We don’t have problems with raw [sugar]. And if we have shortage it would be easy to cover since mills have started operating,” he told reporters in an interview on Monday.

“Personally, I do not see imports until end of the year,” he added.

Yulo explained that the last importation program in the previous crop year 2018-2019 through Sugar Order (SO) 5 plugged already the foreseen shortfall in refined sugar supply. Yulo said about 170,000 MT of the 250,000 MT refined sugar under SO 5 importation program have arrived in the country.

Yulo’s remarks came after a Global Agricultural Information Network report projected that the Philippines would import 400,000 MT of sugar in the current market year 2019 and 2020 “to supplement local sugar production.” The market year runs from December until November next year.

Under SO 1 of the current crop year 2019 and 2020, the SRA projected that the country’s sugar output would remain relatively flat at 2.096 million MT. Jasper Emmanuel Y. Arcalas

glet said they have observed an increasing number of workers, who are now resorting to motorcycle taxis, to beat the horrendous traffic in Metro Manila.

“During desperate times [which is a lot these days], they are forced to hail TNVS [Transport Network Vehicle Service] and Angkas so they won’t be late for work, or important appointments outside the office,” Cainglet said.

“These eat up a lot from the

family budget—hundreds of pesos per day—they could have spent on food…electricity bill and other basic necessities,” he added.

The flag down rate of a motorcycle taxi of Angkas is P50 for the first 2 kilometers. It increases by P10 for every succeeding kilometer.

This may increase depending on the demand of Angkas services.

Partido Manggagawa Chairman Renato Magtubo said the growing number of workers availing of such

transport services shows the defects in the operations of public mass transportation system.

“This was glaringly indicated by long queues in MRT/LRT stations, longer travel time caused by tremendous traffic and dramatic rise in the number of motorcycles as a means of transportation,” Magtubo said.

Cainglet also called for a Transportation Summit to finally address the so-called commute crisis that will get the inputs from all stakeholders,

O

tion and risk treatment.

Policies, guidelines and measures: The software prepares policies (such as an Inter nal Data Privacy Policy and an External Privacy Notice) and puts standard operating procedures in place to ensure that risks are addressed by implementing the right measures.

compliance automation.

That’s a narrower challenge than “demonstrating the ROI [return of investment] of compliance,” and an easier one, too. The plain truth is that compliance is something an organization must do, regardless of the ROI. Automation is simply a smarter and more effective way to do it—an investment of time and money today that should save the company even more time and money tomorrow.

We are looking at governance, risk management and compliance (GRC), a daily requirement for any organization, if it wishes to protect itself against data breaches, criminal consequences and reputation losses.

So how do you justify an investment in GRC automation effectively?

Allow me to write about a software—a data protection management system—I am pretty familiar with. The software-as-aservice platform will support the journey to legal and operational compliance of your organization to the Data Privacy Act (DPA) of the Philippines, as well as the General Data Protection Regulation (GDPR) of Europe. It is a compliance collaboration and management tool to effectively manage the process of governance, risks and compliance.

The software follows the five pillar framework of the National Privacy Commission (NPC).

1. Commit to comply: Governance structure and DPO The first step to success is to set up a governance team and involved stakeholders. Set up a governance structure. Put your data privacy/ protection office in place. Maintain data protection officer (DPO)

contact records, EU Representative Records for GDPR matters.

The software will maintain: a. contact information for your DPO; b. basic information for a controller or joint controller, i.e., the entity that controls the purpose and means of processing; c. basic information for a processor, i.e., the entity that processes personal data on behalf of another entity; and d. records of recipients of crossborder transfers of personal data.

2. Know your risk: Inventory, assessment and PIA In looking at privacy across the organization, best practices use the privacy operations cycle of assess, protect, sustain and respond: Assess—compliance risks, inventory risks, process risks The system is capable of a. Compliance assessment: Determine how far away your organization is from fulfilling Data privacy requirements and best practices. b. DPA compliance report: An automated analysis and report of your assessment entries in terms of the 32-point checklist by NPC. c. Inventory update: Facilitate collaborative input of the personal data inventory held or managed by each department and gain a rolledup view of all the personal data in your organization. d. Inventory analysis: The system analyses your personal data inventory and highlights areas that are relevant to the regulations. e. Data mapping update: This module facilitates the mapping of all processes and resources that involve personal data using a method and system platform for

including labor groups.

Among the issues that could be addressed in the conference is the ongoing opposition against the government’s modernization program for public-utility jeepney.

Cainglet stressed the government should implement the “just transition” measures such as more affordable and heavily subsidized clean energy-based to make the modernization program acceptable for affected jeepney drivers.

4. Demonstrate compliance: Implement measure

Sustain

By Henry J. Schumacher

input entered by individual business units to be collaboratively effected then automatically aggregated and mapped across the organization. f. Data mapping analysis: The system analyses your data mapping repositories and highlights any issues in the processes and entities/ departments that collect, use, disclose or store personal data in the organization. g. DPIAs/PIAs: Conduct prescreening for all projects and initiatives to determine whether a data protection impact assessment (DPIA)/privacy impact assessment (PIA) is needed. Conduct DPIAs/PIAs as needed and submit for review and approval. Generate the DPIA report.

3. Be accountable: Privacy management program

Protect

THE automation system generates action plans for any gaps found in your compliance assessment. You can assign responsibility and end dates, and use the system to remind responsible staff and close the gaps.

Risk evaluation and treatment: The system identifies and documents risks in respect to potential data breaches and noncompliance to data privacy laws and internal data protection policies with system-documented risk identifica-

THE system will monitor training and communications, and keep track of all communication and training related to data privacy.

Onsite audits: Create new audit programs, enter audit observations and track actions to address the audit observations. Conduct a baseline audit to ensure that lapses and potential lapses are identified, documented and addressed both one-time and on a regular basis, with “before” and “after” image/ document capture. The software module can be used on an ongoing basis to conduct periodic audits.

And—most important, the software will produce compliance status reports: View the compliance status against regulations of entities/departments side-by-side.

5. Be prepared for breaches Respond—responsemanagement The automation system will allow to document Data subject requests: Manage data subject requests, and Breach/Incident management: Manage incidents, document relevant breach/incident details and set breach notification tasks.

If you agree with me that automation is super important in compliance management and you are interested to know more about this software, or are interested in a demonstration, let me know.

Any comments are welcome—contact me at Schumacher@eitsc.com

A4

Tuesday, October 8, 2019

The World BusinessMirror

China narrows scope for trade deal with US ahead of talks C

HINESE officials are signaling they’re increasingly reluctant to agree to a broad trade deal pursued by President Donald J. Trump, ahead of negotiations this week that have raised hopes of a potential truce.

In meetings with US visitors to Beijing in recent weeks, senior Chinese officials have indicated the range of topics they’re willing to discuss has narrowed considerably, according to people familiar with the discussions.

Vice Premier Liu He, who will lead the Chinese contingent in high-level talks that begin on Thursday, told visiting dignitaries he would bring an offer to Washington that won’t include commitments on reforming Chinese industrial policy or the government subsidies that have been the target of long-standing US complaints, one of the people said.

That offer would take one of the Trump administration’s core demands off the table. It’s emblematic of what analysts see as China’s strengthening hand as the Trump administration faces an impeachment crisis—which has recently drawn in China—and a slowing economy blamed by businesses on the disruption caused by the president’s trade wars.

People close to the Trump administration say the impeachment

inquiry isn’t affecting trade talks with China. Any attempt to portray anything different is an attempt to weaken the US hand at the negotiating table and, they argue, would be a miscalculation by the Chinese.

China’s foreign and commerce ministries in Beijing didn’t immediately respond to faxed requests for comments on Monday. The Chinese government was expected to resume normal work on Tuesday after a weeklong National Day holiday.

US stock futures fell, the yen edged up and the yuan slipped on Monday after the report. Treasuries climbed.

China—beset by its own escalating political crisis in Hong Kong—was drawn into the Washington furor after Trump last week called for a Chinese investigation into his Democratic rival Joe Biden and the former vice president’s son, moments after threatening another escalation in the trade spat.

Trump insisted on Friday that there’s no linkage. Yet, the president’s latest comments suggest why Chinese leaders, already frustrated with what they see as the president’s impetuous conduct in the trade talks, may see room to take advantage.

China’s leadership “are interpreting the impeachment discussion as a weakening of Trump’s position, or certainly a distraction,” said Jude

Blanchette, an expert on China’s elite politics at the Center for Strategic and International Studies.

“Their calculation is that Trump needs a win” and is willing to make compromises on substance as a result, he said.

‘Very tough deal’ TRUMP has said repeatedly he would entertain only an all-encompassing deal with China. People close to him say he remains firm in that view.

“We’ve had good moments with China. We’ve had bad moments with China. Right now, we’re in a very important stage in terms of possibly making a deal,” Trump told reporters on Friday. “But what we’re doing is we’re negotiating a very tough deal. If the deal is not going to be 100 percent for us, then we’re not going to make it.”

People familiar with the state of play say contacts that resumed over the summer after a breakdown in May have focused on how to resume negotiations and avoid further escalating the tariff wars that have unnerved financial markets.

Yet, those talks have centered more on a timeline for implementing a limited deal rather than the substance of provisions where the two sides are at odds.

Discussions have focused on what US administration officials view as a

three-phase process, people familiar with the talks said. The sequence would involve large-scale purchases of US agricultural and energy exports

by China, implementing intellectualproperty commitments China made in a draft agreement this year and, finally, a partial rollback of US tariffs.

Bloomberg News repor ted i n September that Trump’s team was discussing a potential limited agreement that includes those elements.

That could clear the way for broader negotiations next year. Yet, if China insists it will not engage in any discussions on industrial policy, those plans could be scuttled.

Fundamental conflict HOPES have always been limited that China would agree to give up its economic model in a trade deal with the US. A draft agreement reached in April before talks broke down included few substantive commitments from China to abandon the sort of industrial policies the Trump administration and others before it have complained about, according to people familiar with the talks.

That draft focused on securing more transparency from China on the extent of its subsidies. It included a commitment essentially to disavow Made in China 2025, Xi Jinping’s plan for Chinese domination of key 21st century industry, such as artificial intelligence, robotics and electric vehicles, though it lacked a schedule for removing Chinese government subsidies that fuel the plan.

One reason for that is US Trade Representative Robert Lighthizer’s focus on what he views as pragmatic demands for Chinese change, rather than shriller calls for a wholesale abandonment of Beijing’s industrial policy some hawks believe should be required of Beijing.

Lighthizer declined to comment on the state of negotiations through an aide. While he’s unlikely to accept any Chinese offer that doesn’t address industrial subsidies or policy, people close to him say he may be willing to embrace “sequencing” a deal and an “early-harvest” agreement as long as broader talks continue.

Still, people close to the administration say Trump’s trade chief probably would need some kind of commitment resembling a concession on subsidies and industrial policy to sell the agreement at home.

Japan-US deal A POSSIBLE model is last month’s US deal with Japan on agriculture, digital trade and a limited number of industrial tariffs, which was presented as the first phase of a longer negotiation.

Any such deal would leave the fate of a major Trump administration demand hanging in the wind, putting the president on the defensive at home ahead of the 2020 election.

Addressing issues, such as industrial subsidies “were the whole reason this case started in the first place,” said Rufus Yerxa, a former US trade official who heads the National Foreign Trade Council, a lobby group that’s critical of Trump’s trade wars. “At a minimum the administration will have a lot of explaining to do if those drop off the table.”

David Dollar, a former US Treasury representative in China now at the Brookings Institution, says China’s push to narrow the discussions is more evidence that both sides are hardening their positions on a broader deal.

The US and China increasingly have reasons to strike a “mini deal” and avoid an escalation, he said. China needs agricultural products, such as pork that Trump wants it to buy so he can placate American farmers.

And even people in the White House concede there’s a US incentive to hold off on further tariffs to avoid a worsening economic slowdown going into 2020. Bloomberg News

www.businessmirror.com.ph

HSBC to eliminate 10,000 jobs to slash costs, says ‘FT’

LOGOS sit illuminated on the HSBC Holdings Plc. headquarter skyscraper offices in the Canary Wharf business, financial and shopping district in London, United Kingdom, on May 2, 2017.

HSBC has appeased investors with $3.5 billion of share buybacks, but after five years of declining revenue, analysts are looking for evidence the bank is stabilizing its top line when it reports earnings Thursday. LUKE MACGREGOR/BLOOMBERG

H

SBC Holdings Plc. may eliminate as many as 10,000 jobs as part of a cost-cutting drive, according to a Financial Times (FT) report that signaled Europe may bear the brunt of the initiative.

The bank, one of several European lenders shrinking its work force, is questioning why it has so many people in the region when it has double-digit returns in parts of Asia, one person briefed on the matter told the newspaper.

The cuts, which would affect about 4 percent of the global work force of about 238,000, come as HSBC interim Chief Executive Officer Noel Quinn ramps up an aggressive cost-cutting strategy started under his predecessor. John Flint, who abruptly departed in August after 18 months leading the bank, failed to radically cut expenses.

“HSBC has a structural profitability challenge in the Americas and Europe, and headcount reduction may be appropriate,” said analysts at Citigroup Inc., highlighting Quinn’s sharper focus on profitability. The job cuts—on top of 4,700 redundancies flagged earlier— could be unveiled when HSBC reports its third-quarter results later this month, according to the FT. Quinn started working on the new plan days after he was appointed, and has been told he is a leading internal candidate for the permanent role, according to the FT. An HSBC spokesman declined to comment on the report.

European banks including Deutsche Bank AG, Societe Generale SA and Barclays Plc. are cutting thousands of jobs as low interest rates and a slowing economy weigh on their prospects.

HSBC generated almost 80 percent of its pretax profit in Asia in the first

half of the year.

Born as the Hong Kong and Shanghai Banking Corp. in 1865, HSBC has been shifting resources to Asia, especially China, as part of a strategy initiated by former CEO Stuart Gulliver and strengthened under Flint. Chairman Mark Tucker looks keen to extend that push, weighing a bid for Asian operations put up for sale by London-based insurer Aviva Plc., people familiar with the matter said in August.

HSBC has remained committed to its expansion in the region, even with the US-China trade war and Hong Kong’s protests swirling. The bank said last month it’s sticking with plans to hire more than 600 for its wealth business in Asia by the end of 2022, with more than half of those jobs to be added through this year.

Worried about its position as the biggest foreign bank in China, HSBC launched a public-relations offensive aimed at leaders in Beijing, Bloomberg reported last month. The campaign “demonstrates our commitment to grow our business in China,” the bank said at the time.

During Flint’s short tenure as CEO, the bank grappled with a declining stock price and a failure to hit cost targets. In April, he started a review that was expected to lead to job cuts, including hundreds of investment banking positions. Shortly after Flint’s ouster, Quinn told senior managers he wanted “less process and more action.”

Chief Financial Officer Ewen Stevenson said in August that the bank’s returns from Europe were “unacceptable,” while in the US, the bank said it would miss the return target it had set for next year. Bloomberg News

Oil holds weekly drop on signs trade talks won’t bring relief

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IL held the biggest weekly drop since July as signs that reaching a comprehensive US-China trade deal will be tough gave no respite from a worsening demand outlook.

Futures in New York were steady after losing 5.5 percent last week. Chinese officials are signaling they’re increasingly reluctant to agree to a broad deal pursued by President Donald J. Trump, according to people familiar with the discussions, before high-level talks between the two sides that are set to resume this week.

Oil fell for eight days through Thursday as a slew of disappointing economic data highlighted the increasing toll the trade war is taking on the global economy. Prices are now well below where they were just before the September 14 attacks on Saudi Arabia even amid a lack of progress in resolving tensions in the Middle East. The end of the US summer driving season is also eroding demand, with hedge fund bets on a crude rally falling to an eight-month low.

“Macro headwinds outweigh supply concerns for oil now, despite

tensions in the Middle East and a reduced spare capacity pillow,” Stephen Innes, an Asia-Pacific market strategist at A xiTrader, said in a note. The US-China trade talks are muddling the outlook, he said.

West Texas Intermediate (WTI) for November delivery added 7 cents to $52.88 a barrel on the New York Mercantile Exchange as of 7:36 a.m. in London. The contract closed 0.7 percent higher on Friday.

Brent for December settlement declined 3 cents to $58.34 a barrel on the London-based ICE Futures Europe Exchange. It rose 1.1 percent on Friday, paring its weekly decline to 5.7 percent. The global benchmark crude traded at a premium of $5.52 to WTI for the same month.

Sen ior C h i nese of f ic i a l s h ave i nd ic ate d i n me et i ng s w it h US v isitors to Beijing in recent week s t h at t he ra nge of topics t he y ’re w i l l i ng to d isc u ss h a s n a r rowed considerably, t he people fa m i l i a r w it h t he d iscussions sa id. It ’s emblem at ic of wh at a n a lyst s see a s China’s strengthening hand as the Tr u mp ad m i n i st rat ion faces a n impeachment cr isis. Bloomberg News

www.businessmirror.com.ph • Editor: Angel R. Calso

The World BusinessMirror

North Korea issues fresh warning to US after nuclear talks stumble

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ORTH Korea and the United States left their first nuclear discussions in eight months disagreeing about what was on the table and showing how far apart North Korean leader Kim Jong Un and President Donald J. Trump still are.

North Korea’s nuclear envoy Kim Myong Gil said on Monday that the US had arrived “emptyhanded” for the talks in Stockholm over the weekend. He hinted at Kim Jong Un’s threat to take the nuclear stalemate on a “new path” if the Trump team doesn’t ease up on sanctions choking the economy by the end of the year.

“It’s up to the US whether to hold talks later on,” Kim Myong Gil told reporters in Beijing, the Yonhap News Agency of South Korea quoted him as saying. “If the US is not well prepared, who knows what terrible incident could happen. Let’s wait and see.”

After more than a year of diplomacy and three meetings between Trump and Kim Jong Un, the two sides have yet to agree what they see as North Korea’s denuclearization, let alone draw up a road map to achieve it. While Trump has hailed success in halting North Korea’s tests of nuclear weapons and intercontinental ballistic missiles, Kim’s regime has hinted at a resumption, and fired off a series of shorter-range missiles since May in a show of force.

Morgan Ortagus, a State Department spokesman, said that “the early comments” from North Korea’s delegation “do not reflect the content or the spirit of today’s 8 1/2-hour discussion.” The US delegation previewed “a number of new initiatives” and accepted a Swedish invitation to continue the talks in two weeks, Ortagus said in a statement.

North Korea accused the US of “spreading a completely ungrounded story,” about the future meeting, the state-run Korean Central News Agency quoted an unnamed Foreign Ministry spokeman as saying. “The US has actually not made any preparations for the negotiations, but sought to meet its political goal of abusing the DPRK-US dialogue for its domestic political events on schedule,” the spokeman said.

The US point man for the nuclear talks in Stockholm, Stephen Biegun, was due to meet envoys from South Korea and Japan this week in Washington to discuss what happened in Sweden, the South Korean Ministry of Foreign Affairs said.

“When North Korea says that

the US came empty-handed, it probably means that the US didn’t meet the minimal requirements that North Korea expected,” said Kim Dong-yub, a North Korea expert at Kyungnam University’s Institute for Far Eastern Studies.

One of the biggest problems of the process driven by Kim Jong Un and Trump’s direct meetings is that it has given little time to working-level discussions needed to iron out the details of any deal to wind down a nuclear arms program in one of the world’s most secretive states.

“Overall, North Korea cannot pursue any economic development under these kind of sanctions. The US administration knows that sanctions will be in place as long as there are threats from North Korea’s nuclear capabilities,” said Oh Joon, a former United Nations ambassador for South Korea.

Submarine missile

TRUMP walked out of summit with Kim in February in Hanoi, saying the North Korean leader wanted too much sanctions relief and offered up too little disarmament in return. The US has said that North Korea must first disarm before it can receive aid, a non-starter for Pyongyang, which has said that would be akin to political suicide and leave it vulnerable to a US attack.

North Korea has pressed the US to take a step-by-step approach where it receives rewards for moves it makes to dismantle its nuclear and missile programs. The two leaders agreed at a meeting in June at the Demilitarized Zone that divides the Korean Peninsula to restart working-level talks.

Less than 12 hours after it said it agreed to the talks with the US last week, North Korea tested a new, submarine-based ballistic missile. It was the longest-range weapon tested by Pyongyang since November 2017, and South Korea’s military estimated the missile flew 910 kilometers (565 miles) into space before falling into the sea.

Trump said the launch wouldn’t derail the discussions.

Earlier on Saturday, Secretary of State Michael Pompeo offered cautious optimism during a news conference in Athens.

“We came with a set of ideas,” Pompeo said. “We hope that the North Koreans came with a good spirit and a willingness to try to move forward to implement what President Trump and Chairman Kim agreed to back in Singapore.”

Bloomberg News

MALAYSIA FINES 80 PEOPLE FOR ALLEGED 1MDB PAYMENTS

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UALA LUMPUR, Malaysia—Malaysia’s antigraft agency on Monday ordered 80 people and groups to pay fines totaling about $100 million for allegedly receiving funds from the 1Malaysia Development Berhad (1MDB) state investment fund.

Former Prime Minister Najib Razak’s brother Nazir Razak, who heads the country’s secondlargest bank, was among those listed. So was a former deputy minister, Ahmad Maslan, and the former chief of the federal land development authority, Shahrir Samad.

Branches of Najib’s party and others in the former ruling coalition were also listed, as were 23 companies. Najib is facing 42 charges of corruption, abuse of power and money laundering in five separate criminal cases linked to the multibilliondollar looting of 1MDB. Public anger over the alleged graft contributed to a surprise defeat of Najib’s long-ruling coalition in a May 2018 election. Najib denies wrongdoing and has accused Prime Minister Mahathir Mohamad’s government of seeking political vengeance.

The head of the Malaysian Anti-Corruption Commission, Latheefa Koya, told reporters the fines totaled about 420 million Malaysian ringgit ($100 million). The money belongs to the Malaysian public, she said.

She said the fines could be as much as 2.5 times the amount each person or group allegedly received from 1MBD. “We have opened up investigations for all of these people,” Koya said. She added that “we hope that by the time they receive this compound notice they will take it seriously and pay up.”

Najib set up 1MDB to promote economic development when he took power in 2009, but the fund amassed billions in debts and is being investigated in the US and several other countries for alleged cross-border embezzlement and money laundering.

US investigators say more than $4.5 billion was stolen from 1MDB by associates of Najib between 2009 and 2014, including the money that landed in Najib’s bank accounts. They say the ill-gotten gains were laundered through layers of bank accounts in the United States and other countries to finance Hollywood films and buy hotels, a luxury yacht, art works, jewelry and other extravagances.

M a h a t h i r ’s g o v e r n m e n t r e o p e n e d investigations stifled under Najib and barred him and his wife from leaving the country. Police also seized jewelry and hundreds of handbags, and other valuables estimated at more than 1.1 billion ringgit ($264 million) from properties linked to Najib. AP

Tuesday, October 8, 2019

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2 protesters charged in 1st use of Hong Kong’s new mask ban

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ONG KONG—Two protesters were charged on Monday with violating Hong Kong’s new ban on wearing masks at rallies, a move likely to add to a backlash that has thrown the semiautonomous Chinese territory into deeper crisis.

An 18-year-old student and a 38-year-old unemployed woman were the first to be prosecuted under the ban, which came into force on Saturday under sweeping emergency powers aimed at quashing violence in the protests for more democratic freedoms.

Detained early Saturday shortly after the ban took effect, the two were also charged with taking part in unlawful assembly, which carries a heavier penalty of up to five years in jail. A conviction under the mask ban is punishable by up to a year in prison and a fine. They were both released on bail pending trial.

Instead of deterring rioting and calming the anti-government demonstrations that have rocked the international financial hub for four months, the mask ban has led to more anger and redoubled the determination of both peaceful marchers and more radical protesters.

The protest were sparked by a proposed law that would have allowed some criminal suspects to be sent to mainland China for trial, but have since morphed into a larger anti-government movement. Protesters are upset at what they say are Beijing’s increasing influence over the former British colony, which was promised a level

of autonomy when it was handed back to Chinese rule in 1997.

Tens of thousands of masked protesters marched defiantly in the city center on Sunday, but the peaceful rallies quickly degenerated into chaos at several locations as hard-liners again lobbed gasoline bombs, started fires and trashed subway stations and China-linked banks and shops. Police responded with tear gas in familiar skirmishes.

It also drew a first warning from the Chinese militar y after protesters pointed lasers at one of its barracks in Hong Kong.

Police said rioters also attacked bystanders, including two men left unconscious after bloody beatings and a woman who took photos of rioting.

In a statement on Monday, police said the “public order of the whole city is being pushed to the verge of a very dangerous situation.” The chaos has led many shops and public services to shutter and panic buying in some areas.

The city’s MTR network of subways and trains was entirely closed on Saturday and partially reopened on Sunday but was quickly targeted again by protesters. Most stations remained

A PROTESTOR walks past a vandalized Starbucks outlet in Hong Kong on Sunday. Shouting “Wearing mask is not a crime,” tens of thousands of protesters braved the rain on Sunday to march in central Hong Kong as a court rejected a second legal attempt to block a mask ban aimed at quashing violence during four months of pro-democracy rallies. AP/KIN CHEUNG

closed on Monday amid fears of more protests.

Hong Kong’s High Court has rejected a second effort to invalidate the mask ban but agreed to hear later this month an application by 24 legislators against Hong Kong leader Carrie Lam’s use of the colonial-era Emergency Regulations Ordinance to impose the ban without legislative approval.

Lam has said that the mask ban will make the identification of rioters easier for police and that other measures are possible if violence continues.

Critics fear Lam’s use of the emergency law that gives her broad powers to implement any measures she deems necessary could pave the way for more draconian moves. The law was enacted by the British in 1922 to quell a seamen’s strike and was last used in 1967 to crush riots.

Lam has said she will seek the legislature’s backing for the mask ban when it meets next on October 16.

A police official who spoke on condition of anonymity because he was not authorized to speak to the media said 13 people were detained on Saturday for violating the ban and other offenses but couldn’t say how many more were arrested on Sunday.

Enforcement is tricky in a city where many have worn surgical masks since a deadly respiratory disease outbreak in 2003. Both peaceful and violent demonstrators say violence is the only way for protesters to force the government to bend to clamors for full democracy and other demands.

But it sparked fears of more dead ly duels after two teens were injured by gunfire from officers under attack this week. An 18-year-old protester, shot at close range by a riot officer on Tuesday, was charged with rioting and assaulting police. A 14-year-old teen, who suffered a gunshot wound to his thigh on Friday night, was arrested. AP

UK company to build hub for flying taxis in Singapore

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BRITISH company says it’s building the world’s first “vertiport” for electric aircraft in Singapore, an early step toward a global network for flying taxis.

Essex-based Skyports Ltd. plans to show off the vertical takeoff and landing station at Marina Bay during the Intelligent Transport Systems World Congress from October 21 to 25. Germany’s Volocopter GmbH will bring along its electric aircraft for a demonstration flight.

Ur ba n a i r t r a n s p or t i s n’t new—helicopters have been doing it for decades. What’s changing is that better batteries and innovative designs are making it cheaper, cleaner and quieter.

Companies are just tr ying to demonstrate the technolog y’s capabilities for now, but a report from Citigroup (Citi) said sales of air ta xis could reach $5

billion by the end of the next decade.

“Helicopters have been around a long time but they’re not well used, particularly in cities, because they’re noisy, dangerous and polluting,” Skyports Managing Director Duncan Walker said by phone. “We’re really trying to make it a form of transportation for anybody, not just the extremely wealthy.”

C it i e x p e c t s de s i g ne r s to keep tweaking the technology and working with regulators so they can start to offer regular air taxi services from 2025. It could be even sooner, with Uber Te c h nolo g ie s I nc . t a r ge t i n g launches in Los Angeles, Dallas and Melbourne, as early as 2023.

As many as 20,000 electric passenger aircraft could be sold annually by 2030, Citi said in its report last month.

They’ll start with a range of about 50 miles for journeys of 10 to 20 minutes—enough to make it worth paying extra to avoid road congestion, according to the investment bank. It puts the likely cost of a ride at about $3.75 per mile—cheaper than a limousine but double the cost of groundbased ride hailing.

First the industry must win over the public and air safety regulators, and that’s what this month’s demonstration is about, Walker said.

His company built the Voloport in China then took it apart to be reassembled in Singapore near the iconic Marina Bay Sands Hotel. Walker is in talks to establish permanent Voloports around the island. One obvious connection could be to the resort island of Sentosa, just a short hop across the water.

People attending the conference can tour the building and it

will open to the public on October 25. But don’t expect a Volocopter ride just yet.

Visitors will get to sit inside the aircraft on the ground and a test pilot will take it up for a threeminute-long solo demo f light on October 22, said Volocopter Spokesman Helena Treeck: “We want to see how the public reacts to it, whether it’s too loud, whether they would feel safe flying in it.”

For Citi analyst Pavan Daswani, the demonstration is important as it shows an infrastructure firm, an aircraft operator and the local government working in concert.

“It’s a Catch-22: regulators and the public will only get more comfortable as more are flying, but you need the regulations in place for more of them to fly,” he said.

“Working together is the only way for it to be adopted early.”

Bloomberg News

Business economists foresee sharp slowdown in US growth

W

ASHINGTON—The nation’s business economists think President Donald J. Trump’s trade war with China will contribute to a sharp slowdown in economic growth this year and next, raising concerns about a possible recession starting late next year.

The latest survey by a panel of 51 forecasters with the National Association for Business Economics shows they expect growth, as measured by the gross domestic product (GDP), to slow to 2.3 percent this year from 2.9 percent in 2018. The new forecast marks a downgrade from the 2.6 percent estimate for

2019 economic growth that the Nabe panel had made in June.

For 2020, the forecasters expect GDP growth to fall to 1.8 percent. They see little likelihood of a recession over the next 12 months but expect the risk to increase by late next year.

Gregory Daco, chief US economist at Oxford Economics, said the forecasting panel tur ned more pessimistic over the summer, with 80 percent of the economists now saying the risks are pointed to the downside.

“The rise in protectionism, pervasive trade policy uncertainty and slower global growth are

considered key downside risks,” Daco said.

Trade conflicts are perceived as the leading risk, with 53 percent of the panelists identifying it as such, while 12 percent saying they think weaker global growth is the biggest threat.

The forecasters estimate just a 7 percent likelihood of a recession starting this year, a 24 percent likelihood by mid-2020 and 47 percent by the end of 2020. They foresee a 69 percent chance of a recession beginning by mid-2021.

The economy is in its 11th year of expansion, the longest on

record in the US. To help avoid a recession, the Federal Reserve has cut its benchmark interest rate twice this year. Among the Nabe panelists, about half foresee no further rate cuts this year; 43 percent envision at least one further cut. By the end of 2020, 69 percent expect the Fed to have cut its benchmark rate from where it is now.

The Nabe is the professional organization made up of 2,800 members who use economics in their work. The group is holding its annual convention in Denver, and is to hear from Fed Chairman Jerome Powell on Tuesday. AP

A6 Tuesday, October 8, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Damaging PNP’s image beyond repair

A

LL kinds of news reports about drug dealing and trafficking have become ordinary news in the “tokhang” era. But allegations in a Senate hearing that certain police officers are reselling drugs confiscated in raids and that the Philippine National Police (PNP) chief even allegedly protected them are disgusting.

Indeed, we have heard execrable stories about the illegal-drug trade. For instance, we remember the “shabu tiangge” in Pasig City that was busted by the police in 2006. They were called “restaurants” but were certainly not places where you could sit down to eat, because shabu was the only thing on the menu.

The shabu tiangges had been operating for more than a year under the very nose of police and city officials before they were raided. While it was the police who was responsible for the raid based on a tip that they got, they admitted that the shabu tiangges could not have existed if they were not given the green light to operate by their brothers in uniform. Perhaps the activities were not even limited to just huge kickbacks and monthly retainers. It would not surprise anyone if the guilty officers, including some high-level commanders, were the ones that set up the shabu tiangges.

Now we have the former chief of the PNP’s Criminal Investigation and Detection Group and Baguio City Mayor Benjamin Magalong telling senators that PNP chief Oscar Albayalde had sought to defer the dismissal order against 13 of his former subordinates from the Pampanga police, who were accused of pilfering some 160 kilos of shabu worth around P648 million in a 2013 operation against a Chinese drug trafficker.

The drug trafficker was allegedly released after paying a bribe, and another Chinese national was substituted in his place. All members of the raiding team allegedly bought themselves brand-new sport-utility vehicles after the operation.

Albayalde has denied Magalong’s allegations. He said it is up to President Duterte to decide whether he should stay or leave before his retirement on November 8.

Sen. Richard Gordon, chairman of the Senate Blue Ribbon Committee, which conducted the hearing, said he believes Magalong is telling the truth.

Then there’s Philippine Drug Enforcement Agency Director General Aaron Aquino’s revelation about a certain Manila “drug queen” who has cornered the market for the recycled illegal drugs of these so-called ninja cops, and who has been doing this since 2000.

Getting involved in the illegal-drug trade is the worst possible offense for the police because drugs destroy our society. PNP data says 75 percent of heinous crimes are drug-related, and most drug users and addicts are 35 years old and below.

President Duterte kept repeating in his 2016 campaign that illegal drugs destroy our country. He promised to eradicate illegal drugs in three to six months, a promise that clearly resonated with voters and catapulted him to the presidency. That was over three years ago.

Is the administration’s drug war failing? Is the illegal drugs problem worsening? Are the good old days of drug dealers and drug traffickers even better and bigger now than ever because of police protection?

The PNP regularly receives hundreds of millions in intelligence funds. What exactly have they been doing with all that money if a drug queen can operate with impunity in the country’s capital?

It is inconceivable that such levels of corruption and abuse of power exhibited by the ninja cops and their cohorts could have happened without being known in the highest echelons of the police force. Given the scale of the proceeds, more senior officers must have been involved other than those already sanctioned or killed (9 of the 16 ninja cops working with the drug queen have reportedly been killed, according to NCR Police chief Major General Guillermo Eleazar).

Did the Senate hearings expose just the proverbial tip of the iceberg? We hope not, because the alleged involvement of the police in the illegal-drug trade and other criminal activities is already embarrassing, making us the laughing stock of the world. If more “bombs” are forthcoming against a number of police officers, they would surely damage the image of the PNP beyond repair.

Since 2005

BusinessMirror A broader look at today’s business

Good inflation and bad deflation John Mangun

OUTSIDE THE BOX

I

NFLATION is defined as the upside rate of prices for goods and services that the average person consumes on a regular basis. It is popular also to look at inflation as “cost of things up; value of money down” which is not necessarily accurate. It comes from the misconception that inflation is caused by “too much money chasing too few goods.”

That phrase was used by an economist named Coulborn to describe one type of price inflation—demand pull—and “experts” adopted that idea as a general definition for inflation. That is false.

Further, it has nothing to do with the amount of cash in the system. If suddenly the “science is settled” that eating mangos cures baldness, us rich bald guys would divert large amounts of our wealth to buy mangos and “mango inflation” would skyrocket.

There is “cost-push” inflation that has nothing to do with supply and demand. Prices can go higher if the cost of production goes up. An

Manny B. Villar

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The recent very low Philippine inflation rate of less than 1 percent is not a worry yet. There were almost across-the-board decreases in the prices of many food products. That is good. But the annual change of the transport index decreased by 0.9 percent. Further, “housing, water, electricity, gas and other fuels” increased by only 0.8 percent and “communication” by 0.2 percent.

If—and it is not yet likely—lower prices were due to lower demand, that could be a deflation problem.

We need to understand the “why” of price movement even more than the “how much.”

You can think of it this way: Prices of many listed issues on the Philippine Stock Exchange have been in a deflationary period in 2019. As in an economy, a reasonable amount of good inflation can be a wealth creator. Likewise, sustained price decreases can be a wealth destroyer in the economy as it can reduce shortand long-term investment if buyers stop buying.

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

Moderate inflation good for PHL economic growth

✝ Ambassador Antonio L. Cabangon Chua Publisher

increase in taxes (see year 2018) can raise prices, as well as raw material input price increases, such as with crude oil. While it is fun to think that inflation is a modern invention and comes from a conspiracy between bankers and the alien lizard people at the central banks, that is also nonsense.

Historical data shows that there is a correlation between economic growth and inflation. For 500 years prior to the 20th century, annual inflation in England averaged less that 0.50 percent. For that same period, the average economic growth as measured by the gross domestic product

was less that 0.50 percent.

Greater economic growth creates greater income and wealth growth and that can cause some demandpull inflation over time. That inflation is healthy for the economy as it encourages investment—and production innovation—to meet the increased demand.

The opposite of inflation is “deflation,” when prices generally go lower.

Here also, there is “good deflation” and “bad deflation.” Price decreases are good for both the economy and the consumer, depending on why prices go down.

In November 1981, 1 gigabyte of computer hard drive storage from Seagate Technology cost $340,000.

Thanks to technological advances, that same GB of memory cost as little as $0.07 from Hitachi in July 2009.

However, there is also “bad price decreases” if they come because consumers are not buying.

The department stores do not have a “three-day sale” out of the goodness of their hearts. Prices are reduced because customers are not buying. That is a short-term benefit for consumers but could be a longterm disaster if reduced buying put the department store out of business.

That is “negative demand shock.”

B

USINESSMEN now have a clearer picture of where the economy is headed to, now that 2019 is winding down.

The inflation rate has dropped steadily since peaking at 6.7 percent in September and October last year, and has gone down to below 1 percent in September this year.

A series of government actions, including the landmark rice tariffication law that liberalized rice imports, and the recent pro-growth monetary policies of the Bangko Sentral ng Pilipinas have all but assured that the economy will regain its robust pace in 2020.

President Duterte’s administration is pursuing the “Build, Build, Build ” infrastructure program without letup, while our economic managers are keeping the country’s macro economic fundamentals intact by keeping inflation down and strengthening the fiscal house.

I am more confident this time that a gross domestic product growth of 6 percent in 2019 is still doable despite the blip in the first and second quarters. The government’s catchup spending in the second half of the year and the reduced inflation rate that removed an element of

uncertainty in the minds of businessmen and consumers alike will spur more economic activities in the months ahead.

The recent twin moves of the BSP to cut the benchmark interest rates by 25 basis points to 4 percent effective September 27, and reduce the reserve requirement ratios of banks by 100 basis points, or 1 percentage point, effective the first week of November, to me are clear proof that the government has effectively licked inflation.

BSP Governor Benjamin Diokno is now on a mission to bolster economic growth by keeping the cost of funds lower and effectively freeing up hundreds of billions of pesos into the financial system.

The cut in reserve requirements, according to the BSP, was in line with its financial sector reform agenda to promote a more efficient financial

system by lowering financial intermediation costs. It said the adjustment in reserve requirement ratios aimed to increase domestic liquidity in support of credit activity.

With price pressures easing, the BSP is becoming more confident in adopting lax monetary policies to prop up the economy while monitoring external threats, especially the protracted US-China trade war.

The Monetary Board has already reduced the inflation forecast this year to 2.5 percent from the previous estimate of 2.6 percent, and kept the forecasts for 2020 and 2021 steady at 2.9 percent.

“Moving forward, the BSP will remain watchful of economic and financial developments that could affect the inflation environment in line with its commitment to price stability conducive to long-term economic growth,” it said.

Reducing the cost of funds and releasing additional liquidity into the financial system through lower reserve requirement ratios of banks, along with accelerated government spending toward the close of the year, are growth initiatives that will shield us from the tug of war between the US and China and the ensuing global economic slowdown.

Diokno has conceded that the prospects for global economic growth will likely remain weak mainly because of the uncertainty over trade policies. He also cited the

upside risks to inflation over the near term, coming mainly from the volatility in oil prices due to geopolitical tensions in the Middle East, and the potential impact of the African swine fever outbreak on food prices.

An early approval of the national budget for 2020, meanwhile, will give investors more confidence on the economy, given the lessons learned early this year. The House of Representatives in late September already approved the proposed P4.1trillion national government budget for 2020 on third and final reading. This gives the Senate enough time to deliberate on the proposed expenditure program.

We already know that the late approval of the 2019 budget stalled economic growth in the first half of the year. The economic growth in the second quarter slowed to a fouryear low of 5.5 percent from 5.6 percent a quarter ago and 6.2 percent a year ago, weighed down mostly by the El Niño dry spell, the delay in the approval of the national budget and the ban on construction activities in the run-up to the midterm elections in May. With both chambers of Congress aware of the budget’s impact on the economy, our growth prospects are becoming clearer and better. I am confident that 2020 will offer more opportunities to the Filipino people.

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

Opinion BusinessMirror

www.businessmirror.com.ph

RPT exemption Atty. Rodel C. Unciano

Without corruption, we can provide decent meals despite our meager budget

TAX LAW FOR BUSINESS

A

NOTHER good source of revenue among local government units is the real property tax imposed on lands, buildings, machineries and other improvements located within the territorial jurisdiction of an LGU. Under the Local Government Code of 1991 though, there are real properties that are exempt from the imposition of RPT, among which are those real properties owned by duly registered cooperatives, machineries used for pollution control and environmental protection, properties actually, directly, and exclusively used for religious, charitable, or educational purposes, and those properties owned by the government and government instrumentalities, pursuant to Sections 205 and 234 of the LGC. In relation to properties owned by government instrumentalities, Sections 205(d) and 234(a) of the LGC provides for the removal of the RPT exemption when beneficial use of a real property owned by a government instrumentality is granted to a taxable person. Stated differently, when beneficial use of a real property owned by a government instrumentality is granted to a taxable person, then the taxable person is not exempted from paying real property tax on such property. Thus, if the owner of the real property is a tax-exempt entity, there is a need to determine the tax status of the possessor or of the beneficial user of the property to ascertain further whether the property is exempt from tax. This principle is sometimes referred to as the beneficial use doctrine.

In one case (GR 214044), a real property subject of a controversy was a parcel of land owned by the University of the Philippines, a government instrumentality established by law for educational purposes. In this case, the subject land was leased out to one of the country’s premier land developers, a taxable entity, for the purpose of developing a prestigious and dynamic science and technology park, where research and technologybased collaborative projects between technology and the academe thrive.

The Court ruled that the development of the land is clearly for an educational purpose or, at the very least, in support of an educational purpose. According to the Court, considering that the subject land and the revenue derived from the lease are used by UP for educational purposes and in support for its educational purposes, UP should not be assessed, and should not be made liable for RPT on the land. This is pursuant to the UP’s charter which provides that “all revenues and assets of the University of the Philippines used for educational purposes or

in support thereof shall be exempt from all taxes and duties.”

Will this exemption of UP extend to the lessee, which is a taxable entity?

The Court did not categorically answer this in the affirmative, but it would seem that the Court is inclined to rule that the exemption applies. According to the Court, following UP’s tax exemption under its charter, there is no longer any need to determine the tax status of the possessor or of the beneficial user to further ascertain whether UP’s revenue or asset is exempt from tax.

The Court ruled that the enactment and passage of the UP’s charter in 2008 superseded Sections 205(d) and 234(a) of the Local Government Code. Before the passage of the UP’s charter, there was a need to determine who had beneficial use of UP’s property before the property may be subjected to real property tax. After the passage of its charter, there is a need to determine whether UP’s property is used for educational purposes before the property may be subjected to real property tax.

Ergo, even if the beneficial user of the property is a taxable entity if the property is used for educational purposes, the same shall be exempt from real property tax, pursuant to the UP’s charter. The beneficial use doctrine does not apply in all cases.

The author is a partner of Du-Baladad and Associates Law Offices (BDB Law), a member-firm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at rodel.unciano@ bdblaw.com.ph or call 8403-2001 local 140.

Investors are caught in a global tug of war

By Mohamed A. El-Erian Bloomberg Opinion

M

ORE than anything else, last week’s market gyrations illustrated the tug of war that has dominated US stocks in recent months and confined them in a range despite significant developments in the underlying dynamics. The intensifying tension between the two macro forces could lead to greater volatility and pose increasing challenges for investors.

The first part of the week was dominated by investor concern that international weakness in manufacturing had spread to the US and, more important to the services sector, which dominates the domestic economy. The result was a harrowing two-day drop in stocks that erased the gains of the previous five months.

The second part was much different. Hopes for support from Washington, fueled by constructive comments from the White House about the coming trade negotiations with China, were accompanied by the release on Friday of the September jobs report, which kept the door open for another Federal Reserve rate cut this month.

Stocks rebounded, significantly cutting into the losses for the week.

This roller coaster is not new and exemplifies the interaction between two big macro themes, or what economists call “global factors.” The intensifying tug of war, however, raises questions about the stability of this “unstable equilibrium” for markets and the consequences for investment strategies.

As the week demonstrated, the long-standing risk of downward pressure on stocks from weaker fundamentals has been amplified recently by

mounting evidence that US manufacturing is now part of a global contraction caused by a deepening slowdown in international trade. Adding to the gloom, data on sentiment suggests that this is already spilling over to the much larger services sector. And while solid readings from more comprehensive hard data releases, such as the jobs report, didn’t ring additional alarm bells, it wasn’t strong enough to establish that the US economy is immune to pressure from the rest of the world.

On the other side of the tug of war, the policy hopes that have pulled stocks higher have shifted from central bank action to trade and other measures. This is not because investors have concluded that the Fed is unlikely to cut interest rates this year—it most likely will—but because they realize the cuts probably won’t materially improve the economic outlook. Recognition is spreading among market participants that there is an important difference between a friendly central bank and an effective one. Moreover, in the case of the European Central Bank, such prolonged friendliness risks being counterproductive beyond a certain point.

Consequently, the optimists now center their hopes on the possibility of a US-China trade deal and fiscal stimulus in Europe led by Germany.

Some feel that with President Donald Trump now facing possible impeachment, his administration will be more inclined to reach agreement with China—a partial deal—even if it falls short of the comprehensive and durable outcome for which many are hoping. The coming visit of a Chinese trade delegation offers optimists a timeline for their hopes. Meanwhile, weakness in German economic data is seen by these optimists as the catalyst for significant fiscal stimulus.

Tuesday, October 8, 2019 A7

Manny F. Dooc

TELLTALES

L

AST Thursday’s Senate Blue Ribbon Committee Hearing on the good conduct time allowance (GCTA) controversy could very well be the last, but it definitely had the most consequential impact on the so-called ninja police inquiry linking alleged rogue police officers to the recycling of seized illegal drugs. Firstly, General Aaron Aquino corrected his previous testimony that Philippine National Police chief Director General Oscar Albayalde did not just inquire about the status of the case against the 13 “ninja” cops but also asked him “not to implement the decision dismissing the cops.”

Secondly, General Manuel Gaerlan, former PNP deputy regional director for Region 3, disputed the spot report submitted by Lt. Col. Rodney Baluyo that the raid was conducted on the morning of November 29, 2013, and that the recovered illegal drug was only 36 kilos, but he absolved General Albayalde of any involvement. Thirdly, Sen. Richard Gordon lashed at General Albayalde and claimed that the general had “dropped the ball bigtime.” The good senator was disappointed that General Albayalde continues to stick by the report of his subordinates despite the overwhelming testimonies of several witnesses. He accused the raiding police team of coming up with a script of lies and commented that they cannot trifle with truth by lying and sloppy work. He said that the Senate is serious in doing its job

as it even fetched a resource person by helicopter from the province just to get her testimony. The senator asked: “Do you think it’s easy for General [Benjamin] Magalong to testify against you? Do you think it’s easy for me to accuse you of wrongdoing?...

You are police officers. Your motto is: ‘To protect and to serve.’ The PNP is a body of honorable men...they live by the Code. Switching people is sobrang palusot. We are the laughing stock of the world.” Candid and brave words but they helped restore people’s faith in the Senate.

The life and career of a police officer is a matter of choice. He can plot his actions to promote his career to achieve a star rank and aim for the chief PNP post at all cost. Or he can serve the PNP with dignity, honor and integrity unmindful of the consequences it may bear on

Sen. Risa Hontiveros revealed that our national penitentiary has the highest congestion rate at 605 percent. Per square meter, NBP must be the most congested place on Earth. Aggravated by poor diet at an average cost of P13 per meal, more than 5,000 prisoners die annually from lack of nutrition.

his career. General Magalong had been at a crossroads in his career a number of times. He once joined the rebel troops to oust President Gloria Macapagal-Arroyo from power—a move which cost him a few months in prison and placed him on floating status for years. Another critical decision he made was when he conscientiously reported the results of the Board of Inquiry, which he headed, on the Mamasapano incident indicting President Benigno Aquino III, PNP Chief Alan Purisima and General Getulio Napeñas as liable for the deaths of the 44 SAF soldiers. It was revealed that General Magalong consulted Sen. Panfilo Lacson how he should handle the Mamasapano case and the latter advised him that “it’s a choice between career or character.” Lacson told Magalong: “Your career ends when you retire, but your character lives on even though you are already dead.” Obviously, it was a clear choice for Magalong and people will long remember him for his character. As Gordon had concluded: “It’s a game changer when

one good policeman stepped up on the plate and told us what he knew.”

It seems that we don’t need the GCTA if the only purpose is to decongest our jails. In a startling revelation made during the recent Senate Blue Ribbon Committee hearing, Dr. Ernesto Tamayo, Medical chief of the state penitentiary, said that about 20 percent of the 26,000 inmates die every year. It appears that the top causes of deaths are dehydration and pulmonary tuberculosis.

Sen. Risa Hontiveros revealed that our national penitentiary has the highest congestion rate at 605 percent. Per square meter, NBP must be the most congested place on Earth.

Aggravated by poor diet at an average cost of P13 per meal, more than 5,000 prisoners die annually from lack of nutrition.

When I was a young teacher at the Philippine National School for the Blind in Pasay City in the 1970s, I headed a committee which looked into the quality of food served to the students staying at the school dormitory, which was provided by the government at no cost to indigent blind students. Being single, I decided to stay in the dormitory and ate with the students, sharing exactly the same food served to them. Twice a week, committee members went to the Libertad public market in Pasay City and personally purchased the food stuff needed for the week to ensure that fresh and nutritious food were prepared for our students.

Without corruption, we can provide decent meals on the table despite our meager budget.

Cory Aquino’s brand of democracy remembered Cecilio T. Arillo

DATABASE

B

EGINNING this month in 1987, barely eight months after the fall of the Marcos regime, President Cory Aquino repeatedly boasted that she had, at least, restored democracy.

True, if she was referring to the establishment of the usual tripartite framework of a presidential system: The Executive, Congress and the Judiciary. She also boasted of a free press and the restoration of the Bill of Rights.

But her claim had to be examined against the facts.

For instance, Freedom Around the World’s 1992-1993 survey on political rights and civil liberties had classified Papua New Guinea, and to a lesser extent, the Philippines, “as the only examples of illiberal democracy in East Asia.”

In that period, “Indonesia, Singapore and Malaysia were examples of liberalizing democracies, while South Korea, Taiwan and Thailand were examples of liberal semidemocracies.”

An apt description of an illiberal democracy is a country that has become predatory, maintaining some kind of order but also arresting and incarcerating opponents, muzzling dissent and controlling the media.

In his speech at the Woodrow Wilson International Center in Washington in 1997, Allan Greenspan, then-chairman of the US Federal Reserve, said: “The guiding mechanism of a free market economy...is a bill of rights, enforced by an impartial judiciary.”

Using Greenspan’s guiding mechanism, it was doubtful if the Philippines indeed qualified as a real constitutional democracy with an impartial judiciary.

When she assumed office, a number of media establishments were found to have been operating under Marcos rule as state enterprises.

In line with the principle that the press must be free from government control, a process of restoring these

media outfits to their original or rightful owners was put in motion.

But that was all, as President Aquino aborted the process by keeping a number of newspapers, magazines, TV and radio stations on a sequestered status. Among them were the Times Journal chain of publications, the Philippine Daily Express and the Manila Chronicle.

Manila Bulletin, the biggest newspaper, was also sequestered but the sequestration was lifted when it was discovered that only 20 percent of the entire shares of the publication was owned by Marcos and fronted for him

by Cesar Zalamea and Jose Campos.

Besides, the Supreme Court, during the time of Justice Claudio Teehankee, rendered a decision that the government cannot own a newspaper, prompting Don Emilio Yap, the Bulletin owner, to buy the shares. In fairness, Yap turned over the proceeds to the government.

Up to the end of her term, these sequestered media facilities functioned as propaganda arms of her government, competing with the private and independent media, and unabashedly obfuscating issues in her favor.

The late Vice President Salvador Laurel recalled that early in Cory’s term, she made a revealing statement that indicated her real attitude toward press freedom. He quoted her as saying that if she had only known that media would be so critical of her government, she would not have restored press freedom. She, of course, retracted when severely criticized for that statement, saying that she meant it only as a “joke,” Laurel said.

Then when the late Louie Beltran, a hard-hitting journalist, wrote that she hid under a bed, the first

President Aquino had described her administration as a “transition government” in an obvious effort to justify the lack of stability, which she passed on to her successor: the deep divisions and fragmentation; the state of lawlessness and the breakdown of morality; the behest loans scam; the budgetary deficits; foreign borrowings; the power outages, and the scalawags in the military and police organizations.

Commander in Chief ever to do so, while the rebel soldiers were assaulting Malacañang in August 1987, she flew into a rage.

She invited Malacañang reporters to her bedroom and had herself photographed while lifting the bedcovers to show that there was no space to hide under the bed.

Not content with that, she personally went to court, the first president ever to do so, to sue the journalist together with Max Soliven, the editor and publisher of The Philippine Star, the paper that published Beltran’s column.

The legal fight that ensued was, of course, one sided. Under the Constitution, the president can sue but she cannot be sued while in office.

And, as admitted by the presiding judge himself during the trial of the libel case, he tendered his courtesy resignation early during Mrs. Aquino’s term but she subsequently reappointed him to the bench.

Predictably, the court convicted Beltran and Soliven.

However, the appellate court, where Soliven and Beltran appealed their case, acquitted them on the recommendation of Solicitor General Raul Goco, citing, among others, the immortal words of Justice George Malcolm in US v. Bustos (37 Phil. 731): “The interest of society and the maintenance of good government demand a full discussion of public affairs. Complete liberty to comment on the conduct of public men is a scalpel in the case of free speech.

The sharp incision of its probe relieves the abscesses of officialdom.

Men in public life may suffer under

a hostile and unjust accusation. The wound maybe relieved by the balm of a clear conscience. A public official must not be too thin-skinned with reference to comment upon his official acts.”

President Aquino had described her administration as a “transition government” in an obvious effort to justify the lack of stability, which she passed on to her successor: the deep divisions and fragmentation; the state of lawlessness and the breakdown of morality; the behest loans scam; the plunder of some Marcos assets and those of his relatives, friends and cronies; the budgetary deficits; foreign borrowings; the power outages, and the scalawags in the military and police organizations.

Repeatedly, President Aquino’s brand of democracy had been besieged by military rebellion and communist insurgency, on one hand, and by the spectacle of a weak and ineffective government, on the other.

At no time had this been more sharply highlighted than during her term, which began with so much popularity and good will, and ended with so much hatred and despair.

The late Speaker Ramon V. Mitra Jr. later unwittingly earned Mrs. Aquino’s ire for putting the Executive Branch under microscopic scrutiny by the Congressional Oversight Committee that discovered the rapid decline of the Aquino administration, and caused political instability and anxiety among the people.

“This record of decline was perplexing both to the country and to its friends abroad. Compared with other countries in the Third World, the Philippines was remarkably an open society. No barriers of caste, custom, color, religion, or sex prevented Filipinos of talent and drive—no matter from how far down they may begin—from rising to the very top. The people have repeatedly shown one of the highest literacy rates in Asia, and this has translated into a quality of manpower that has become highly coveted and prized in the international labor market,” Mitra said.

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

A8 Tuesday, October 8, 2019

www.businessmirror.com.ph

Albayalde returns PDEA chief’s security team

N

By Rene Acosta

@reneacostaBM

ATIONAL Police chief General Oscar Albayalde has returned the 15-man police security of Philippine Drug Enforcement Agency Director General Aaron Aquino who were pulled out earlier by the PNP following PDEA’s report about so-called ninja cops, or those policemen who pilfer and recycle drugs seized in police operations.

Albayalde said on Monday that he had ordered the director of the Police Regional Office 3 to restore

Aquino’s full police security compliment in order to dispel beliefs that the PDEA director general’s

supposed threats were coming from the PNP. At the same time, the PNP chief said they could also provide a permanent police security, if he so requires, to retired Criminal Investigation and Detection Group chief and now Baguio City Mayor Benjamin Magalong, who, like Aquino, also reported alleged threats on his life and that of his family.

Both Aquino and Magalong testified before the Senate about A lbaya lde’s supposed protection of his men, who were involved in a controversial antidrugs

Leni asks PET: Release report on ballot revision and recount

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HE camp of Vice President Leni Robredo on Monday asked t he Presidentia l Electoral Tribunal (PET) to release the copy of the result of the revision and recount of ballots in three pilot provinces covered by the election protest filed by former Sen. Ferdinand “Bongbong” Marcos Jr. Robredo said the release of the report submitted by Associate Justice Alfredo Benjamin Caguiao, who is handling Marcos’s election protest, is necessary to put an end to speculations being peddled

by some sectors.

“If only to put to rest the speculations and in the greatest interest of transparency, protestee Maria Leonor C. Robredo, respectfully asks that the parties be furnished with a copy of the summary and committee report on the revision, recount and re-appreciation of ballots from the three pilot provinces,” the motion read.

The motion was filed amid reports quoting unnamed sources that the PET has decided to set aside its rule on initial determination test on the three pilot provinces chosen

EASTERLIES AFFECTING EASTERN SECTION OF THE COUNTRY as of 4:00 pm - October 7, 2019

by Marcos and instead decided to continue the recount to cover 22 more provinces and five highly urbanized cities, the results of which are also under protest.

Lawyer Romulo Macalintal, who serves as Robredo’s counsel, insisted that the PET cannot ignore the 2010 PET rules, specifically Rule 65, which provides that an electoral protest can be dismissed if the result of the initial recount showed that there was no substantial recovery in favor of the one making the protest.

See “PET,” A2

operations in Pampanga in 2013, which Magalong investigated while with the CIDG. The policemen have been ordered dismissed, but according to Aquino, who was the Region 3 police director at that time, Albayalde called him and asked him to forgo the dismissal.

Albayalde declined to talk further about the allegations of Magalong and Aquino, but welcomed the investigation to be undertaken by the Department of Justice, where, he said, he wanted to see any evidence that would be presented by the two.

Whether his critics like it or not, Albayalde said, he will retire in 30 days and will not be fired by President Duterte as what some, including some senators, had wanted.

Duterte earlier expressed confidence in the retiring PNP chief, saying his accusers have failed to provide proof to their allegations, a statement that was welcomed by Albayalde.

“The President has spoken. We assure the public that the Philippine National Police remains relentless in the national campaign against crime, illegal drugs and rogue cops,” he said.

11-point dip in Duterte ratings doesn’t worry Palace

DUTERTE ‘FINE’ DESPITE REVEALING HE SUFFERS FROM ANOTHER DISEASE

By Bernadette D. Nicolas @BNicolasBM

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ALACAÑANGhas shrugged off the dip in the trust and approval ratings of President Duterte amid the prison and illegal-drugs scandals topped by the good conduct time allowance (GCTA) mess, as well as the confirmation of the entry of African swine fever (ASF) in the country.

“The rating is still high. It’s more than 70 percent. Surveys fluctuate depending on when they get them,” Presidential Spokesman and Chief Presidential Legal Counsel Salvador Panelo said. “If it is taken at a time when there are controversies hounding, it may affect the survey results.”

According to the latest Pulse Asia Survey results, Duterte received a trust rating of 74 percent, an 11-point decline from last quarter’s 85 percent.

Meanwhile, 78 percent of 1,200 Filipino adults approve of his performance. This is a seven-point slide from the 85 percent he received last quarter.

Aside from the GCTA and ASF mess, Pulse Asia Research Inc. also said the other local and international developments that made the news headlines prior to and during the conduct of field interviews include the declaration of a polio outbreak in the country and the confidential memorandum signed by Executive Secretary Salvador C. Medialdea ordering all government departments and agencies to suspend negotiations for loans and grants from 18 countries that supported a United Nations Human Rights Council (UNHRC) resolution calling for the monitoring of “war on drugs” of the Duterte administration.

Both the approval and trust ratings of Vice President Leni Robredo went down from 55 percent to 50 percent and from 52 percent to 46 percent, respectively.

Senate President Vicente Sotto III also got a lower approval rating at 72 percent, down from last quarter’s 77 percent. Sotto’s trust rating also slipped to 66 percent compared to 73 percent in the previous quarter.

House Speaker Alan Peter Cayetano also garnered a 64-percent approval rating and a 62-percent trust rating. Cayetano was elected as the new House Speaker only on July 22.

On the other hand, Supreme Court Chief Justice Lucas P. Bersamin saw an increase in his approval rating from 41 percent to 42 percent, while his trust rating dropped from 35 percent to 34 percent.

The nationwide survey was conducted from September 16 to 22, 2019, through face-to-face interviews based on a sample of 1,200 adults. It has a ± 2.8-percent error margin at the 95-percent confidence level.

E

VEN after President Duterte admitted suffering from a neuromuscular disease, Malacañang said there is still no cause for concern on the Chief Executive’s health.

This, after the 74-year-old President revealed over the weekend before the Filipino community in Russia that he has a condition called myasthenia gravis, a chronic autoimmune neuromuscular disease.

“I don’t think it’s that serious for us to worry about,” said Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo in a radio interview on Monday.

According to the National Institute of Neurological Disorders and Stroke web site, myasthenia gravis causes weakness in the skeletal muscles, which are responsible for breathing and moving parts of the body, including the arms and legs.

“The hallmark of myasthenia gravis is a muscle weakness that worsens after periods of activity and improves after rest,” read the information fact sheet about the disease.

“In response to President Duterte’s continued trust and confidence in my leadership of the PNP, let me express my deepest gratitude even as I profess my continued faithful service to our country and people,” he added.

Albayalde said he has ordered the Directorate for Investigation and Detective Management to rev iew the administrative cases involving the ninja cops, in coordination with the PNPInternal Affairs Service, to initiate possible summary dismissal proceedings against the errant personnel.

Moreover, certain muscles, such as those that control eye and eyelid movement, facial expression, chewing, talking, and swallowing are often (but not always) involved in the disorder. Muscles that control breathing, as well as movements of the neck and limb may also be affected.

In a separate television interview also on Monday, Panelo noted the President was even able to survive the trip to Russia despite the hectic schedule.

“You have seen his punishing schedule, right? I’m even amazed how he was able to survive this Russian trip. My God, we flew to this Sochi, when you arrive there, you go straight to work then you go back,” he said.

Malacañang has in the past months been allaying worries on the President’s health, especially at times when the Chief Executive is not seen by the public for several days.

In August, the President skipped the National Heroes’ Day Celebration as he was “indisposed”, according to See “Duterte,” A2

DOH: No meningococcemia outbreak yet in PHL–DOH

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HE Department of Health (DOH) has declared that there is no meningococcemia outbreak in the country despite two confirmed cases from Laguna and Batangas based on the Research Institute for Tropical Medicine (RITM) laboratory results.

“As of the moment, there is no meningococcemia outbreak in the country,” DOH Assistant Secretary of the Public Health Services Team Maria Rosario Vergeire said. The department is awaiting the laboratory confirmation of five more suspected meningococcemia cases.

Vergeire explained that cases are “sporadic in nature and are not clustering.”

From January to September 21, 2019, the DOH Epidemiology Bureau has recorded 169 cases with 88 deaths (case fatality rate of 52 percent). This is slightly higher than the cases recorded in same period last year, 162 cases with 78 deaths.

Most of the cases (79 percent) reported were not laborator y confirmed, presenting a gap in confirming the magnitude of the disease.

“We are closely coordinating with our regional office for contact tracing. We are providing post-exposure prophylaxis to close contacts of the patients, and are monitoring them for any signs and symptoms of meningococcemia,” Vergeire said.

Meningococcal disease is a rare, but very serious illness caused by bac ter i a c a l led Nei sser i a meningitidis.

It first becomes manifest with nonspecific signs and symptoms, such as cough, headache, and sore throat, followed by upper respiratory symptoms, fever, chills, malaise, nausea, vomiting and skin rashes.

It can quickly progress and manifest with lethargy, difficulty of breathing, neck stiffness, sensitivity to light, seizures, hemorrhagic eruptions, purpuric and petechial skin lesion, and hypotension.

In 15 percent of the cases, death can occur within a few hours.

Because of the severity and rapid progression of the disease, early diagnosis and immediate treatment with antibiotics are vital.

“I advise individuals experiencing symptoms of meningococcemia to go the nearest hospital immediately,” Vergeire said.

The disease is spread personto-person through exchange of respiratory and throat secretions from coughing, kissing or sharing of utensils. However, this disease does not spread as easily as common colds or influenza as the bacteria causing the disease cannot survive outside of the human host.

“This is a deadly but highly preventable disease,” Vergeire reiterated. For protection, antibiotic prophylaxis and vaccination can be given to exposed individuals.

“I urge the public to practice good personal hygiene, such as regular handwashing, and covering of mouth and nose when coughing or sneezing to prevent the spread of this disease,” Vergeire concluded.

Claudeth Mocon-Ciriaco

News BusinessMirror

www.businessmirror.com.ph

Pagcor urged to issue GEL cards to all Pogo workers

By Jovee Marie N. Dela Cruz

MTRCB told: Exercise prudence in classifying movies on Netflix, Amazon, other platforms

By Butch Fernandez

@joveemarie

A

VICE chairman of the House Committee on Games and Amusements on Monday urged the Philippine Amusement and Gaming Corp. (Pagcor) to issue a gaming employment license (GEL) identification cards to all foreigners working for Philippine Offshore Gaming Operators (Pogo).

Rep. Ronnie Ong of Ang Probinsyano Party-list said that, at present, Pagcor issues GEL to gaming industry employees except for those working in Pogo who are mostly Chinese.

With this ID, Ong said, workers can be properly documented and protected at all times from extortionists.

Apart from allowing the government to properly monitor the increasing number of Pogo employees in the country, the issuance of these GEL IDs would also help the Bureau of Internal Revenue (BIR) in its tax mapping for the Pogo sector.

“We are allowing these Pogos to operate here because we want more revenues and not because we simply want …these Chinese people to come here in the Philippines. They come here to work so they should also pay taxes as everyone else,” Ong said.

According to Ong, the GEL that are being issued at a cost of P4,000 per individual are mere certificates and not physical IDs which can help immigration and law enforcement personnel distinguish those who are licensed and those who are not.

Ong said that Pagcor should extend giving GEL to Pogo personnel, and also issue wearable and machinereadable IDs for proper identification, especially now that “they are practically everywhere.”

Ong suggested that GEL IDs for Pogo personnel should show their Bureau of Immigration and deportation number, tax identification number, picture, birthday, employment name, and address of their office and temporary residence.

“These Pogo personnel can be seen practically everywhere that there are even instances where you would think that you are in China. I think that through Pagcor, these Pogo employees should be fully documented and identified not only for the good of the country but also for their own protection. Anyway, I understand that they already charge at least P4,000 for the GEL,” Ong said.

Ong added that Pogo employees need to pass an online exam, which will also include proper behavior in the Philippines before getting a GEL ID. Apart from mere identification, Ong said that these GEL cards would also protect Pogo workers from extortion, harassment and other schemes by both fake and real immigration and law enforcement officers.

“They could simply show their IDs if they are being accosted for overstaying or other visa violations,” Ong said.

The Department of Finance, citing its initial list, said there some 138,000 foreigners working in Pogos, 54,241 of whom have been given alien employment permits and another 83,760 holding special working permits.

@butchfBM

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TATE Censors sitting in the Movie and Television Review and Classification Board (MTRCB) were prodded to “exercise prudence” in classifying movies and other contents streamed on Amazon Prime, Netflix and other online video-streaming platforms.

Sen. Sherwin T. Gatchalian on Monday aired concerns that many Filipinos may “easily access movies with themes showing excessive violence, vulgarity, and sexual content through these video-streaming platforms without proper classification and regulation.”

In a news statement, Gatchalian pointed out that while the MTRCB rates films and TV shows that come

out in movie theaters and in television, “now there are new technologies,” like Netflix and Apple TV. The senator added: “And I know for a fact that there are some apps that also show movies and other shows. So how do you keep up with technology in MTRCB?” Raising the issue during the Senate committee deliberation on the MTRCB’s proposed 2020 budget, the senator pointed out that “this becomes sort of like a loophole for our regulators to look at,” clarifying that he just wanted “to bring that on the table so that the board can discuss how to transition in today’s 21st-century distribution channel.”

For instance, Gatchalian recalled the case of drama-crime horror movie Eerie now streaming on Netflix, noting that the movie, produced and

released by Star Cinema, “touches on the sensitive issue of mental health with the protagonist investigating the death of a student who supposedly committed suicide in her school.”

He aired apprehensions that movies like Eerie may contribute to the romanticization of mental illness, adding that mental health has become a pressing concern in the country.

“Furthermore, there are groups, such as The Youth for Mental Health Coalition, which expressed concern over the recent release of local film Eerie due to its very graphic portrayals of self-harm and suicide.”

“I really think that mental health is a prevailing and an increasing concern in our country,” Gatchalian said. “And it’s now cascading all the way to our schools, all the way

to basic education.”

The senator added that “even teenagers are experiencing mental health conditions right now and we don’t want to aggravate the situation by allowing films that can inadvertently create issues on mental health to be easily accessible to the youth without the proper warning to parents or guardians. I just want to make this a conversation in the board.”

At the same time, Gatchalian suggested that the MTRCB should look into including in its criteria for rating and classification the effect of the movie or television content on the mental health of the audience.

The senator also noted in the same statement that MTRCB Chairman Maria Rachel Arenas has admitted she recognizes that the law is silent

on whether the board has jurisdiction over the Internet, especially when the law limits them to both movie and television materials.

Moreover, it was pointed out that most of these video-streaming platforms are registered outside the Philippines, making it difficult for the MTRCB to adopt its rating system.

“The difference is, of course, their law is different from us. I think what I understand is they outsource the reviewers which we cannot do. So we told them during our meeting that they should adopt our rating system,” Arenas pointed out, adding, “If we amend the law, maybe we can have more reviewers and allow outsourcing or add to our board members so that we can review all these materials.”

Villar, Duque lead opening of Las Piñas drug abuse rehabilitation center

By Claudeth Mocon-Ciriaco Correspondent

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N response to President Duterte’s call to prioritize and synergize efforts to stop drug addiction, a Drug Abuse and Treatment Rehabilitation Center was opened on Monday in Las Piñas.

“It is important that we sustain the momentum we have established. The DOH [Department of Health] is working closely with government agencies and other stakeholders to strengthen our substance abuse prevention and treatment programs to ensure that we leave no one behind,” Health Secretary Francisco T. Duque III said during the inauguration, which was attended by Sen. Cynthia A. Villar.

The rehabilitation center, with an area of 2,735 square meters and target bed capacity of 300, will address the high influx of

drug surrenderers, and help in the process of rehabilitation and reintegration through the effective alignment of services and programs at the community level.

The DOH also noted that the center will help address the huge gap between drug dependents and treatment facilities.

According to the Dangerous Drugs Board (DDB), there are about 1.3 million drug dependents in the country.

While 600,000 have surrendered to authorities, the total number of beds in government and private drug rehabilitation centers is only 3,216.

Duque said that the DOH, together with the Department of the Interior and Local Government, and the DDB, shares the responsibility in creating better communities where drug users are treated and rehabilitated.

HEALTH Secretary Francisco T. Duque III (left) and Sen. Cynthia A. Villar (right) lead the soft opening of the Las Piñas Drug Abuse and Treatment Rehabilitation Center in Barangay Ilaya. The rehabilitation center, with an area of 2,735 square meters, has a target bed capacity for 300 patients. ROY DOMINGO

Philippine, US, Japanese forces Jica aids PHL’s anti-rabies drive prepare for Kamandag 3 kickoff

By Cai U. Ordinario

U

NITED STATES, Philippines and Japanese service members will begin the third annual Kamandag exercise on October 9, 2019, to promote multinational military interoperability, readiness and capabilities.

The exercise is scheduled from October 9 to 18, 2019, at various training sites throughout Luzon and Palawan.

During Kamandag 3, Philippine and US forces will conduct amphibious operations, live-fire training, urban operations, aviation operations and counterterrorism response operations. Japanese forces will train alongside US and Philippine forces in humanitarian assistance and disaster relief missions.

New for this year’s Kamandag, US, Philippine and Japanese forces will conduct assault amphibious vehicle training together. It will also be the first to include the US and Philippines in low-altitude air defense training and threat reaction training. Together, these activities represent an increase in military capability, and a commitment to a free and open Indo-Pacific region, and demonstrate the ability to forward deploy forces in the event of a

crisis or natural disaster.

The exercise will also feature cooperative health engagements, civil affairs interactions and community relations events throughout Luzon. The purpose is to exchange information on hygiene skills, life support, first response and safety protocols, as well as conduct religious ministry, primary education and athletic events.

Humanitarian and civic assistance activities enable our service members to foster improved military to military ties, and provide support to local communities.

Kamandag 3 is a Philippine-led, bilateral exercise with the US. Kamandag is an acronym for the Filipino phrase “Kaagapay Ng Mga Mandirigma Ng Dagat,” which translates to “Cooperation of Warriors of the Sea,” highlighting the partnership between the Philippine and US militaries.

Exercises like Kamandag 3 strengthen international partnerships to rapidly respond to crises throughout the Indo-Pacific region. The goal of Kamandag 3 is to increase counterterrorism, humanitarian assistance and disaster relief capabilities through military exchanges.

Underground tunnel may solve Edsa traffic woes, solon says

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Editor: Vittorio V. Vitug • Tuesday, October 8, 2019 A9

ASIG City Rep. Roman Romulo has proposed the construction of a road tunnel beneath Edsa to resolve the major thoroughfare’s congestion woes.

“A Malaysian-type SMART underneath Edsa is another option that might help solve the horrendous vehicular congestion on Edsa,” the Pasig lawmaker added.

“We would urge the Department of Public Works and Highways to look into the feasibility of constructing under Edsa a dual-purpose channel patterned after Kuala Lumpur’s SMART,” Romulo said.

“Since we can no longer widen Edsa, the

only options left are to put up an elevated road above and alongside the Metro Rail Transit 3, as proposed by SMC [San Miguel Corp.], and/or build a new motorway below Edsa,” Romulo said.

Malaysia built its four-lane, doubledecked Stormwater Management And Road Tunnel, or SMART—a key national project—at a cost of $515 million.

SMART is basically a 4-kilometer motorway and 9.7-kilometer flood control system in one.

Under normal conditions without any rainfall, the tunnel serves as a road for light motor vehicles.

@caiordinario

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HE Japan International Cooperation Agency (Jica) will be helping the Philippines come up with cheaper diagnostic kits for rabies and develop a data-sharing system.

In a news statement, Jica said this is part of the Establishment of One Health Prevention and Treatment Model for Elimination of Rabies.

The program, which is conducted with the Department of Health (DOH), is being piloted in Bulacan which has the highest case of rabies in the country.

“Japan has been rabies-free since the 1950s made possible when we strictly implemented the anti-rabies law and held mass vaccinations of pets. Through this project, we are sharing our approach in eliminating rabies in Japan so the Philippines will effectively eradicate this disease,” said Japanese expert Nobuo Saito from Japan’s Oita University.

Jica said rabies is a vaccine-preventable disease, and is mainly transmitted through bites and exposure from the saliva of infected animals.

In most countries, including the Philippines, more than 97 percent of rabies cases are from dogs. The World Health Organization (WHO) estimates that 59,000 people die from rabies worldwide each year.

The Philippines is one of the top countries with high cases of rabies diseases, with 200 human deaths from rabies every year.

According to the Provincial Veterinary Office of Bulacan, the province had the ninth highest record of animal bite cases among all provinces in 2018.

“Filipinos are known for being dog lovers and that’s why there’s strong need to emphasize responsible pet ownership and mass vaccination to control rabies,” Saito said.

Under Philippine law or Republic Act 9482 (Anti-Rabies Act of 2007), pets should be vaccinated and a pet owner is responsible for the medication of person bitten by his or her pet.

However, Jica said, enforcement of the law has proven to be challenging in the Philippines because of cultural factors and low awareness on the disease among the general public.

Indonesian woman nabbed at the airport for possession of P54M worth of shabu

By Recto Mercene

A

@rectomercene

IRPORT Customs authorities seized some 8 kilograms of suspected meth crystal, or shabu, worth P54 million from an arriving Indonesian passenger at the premier airport.

Customs authorities identified the passenger as Agnes Alexandra from Siam Reap, Cambodia, who flew in onboard Cebu Pacific flight 5J 528 at 2:30 a.m.

Her pieces of luggage were x-rayed by Customs Inspection Project personnel at the unloading area beneath the passenger

terminal. The luggage showed suspicious shadows prompting the agents to chalkmark the case with an “X.” On arrival at the carousel area, the owner was required to subject her pieces of luggage for closer inspections at the Customs bench.

The suitcase yielded white powdery substance wrapped in aluminum foil and black plastic sheath placed inside a black bag.

“There seems to be attempts to mislead Customs examiners the way they conceal the hot items, believing it would avoid detection by the x-ray machine,” the

Customs agents said.

Drug enforcement agents subjected the substance to a field test kit that showed positive results. When questioned about the drug in her luggage, Alexandra immediately denied owning them.

“That is not actually mine, but someone in the airport in Cambodia asked me a favor to bring the luggage for a friend in the Philippines,” she said.

The suspect was, nevertheless, arrested preparatory for the filing of charges for violation of the Comprehensive Dangerous Drug Act.

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

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

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Companies BusinessMirror

Tuesday, October 8, 2019

Shares fail to fly on listing day, but Axelum unfazed

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By VG Cabuag

@villygc

HARE price of coconut products manufacturer Axelum Resources Corp. (AXLM) fell during its listing day on Monday as investors decided to sell.

Axelum shares fell 6 percent or P0.319 per share to close at P4.69 apiece. It sold its shares at P5 apiece.

“AXLM shares fell more than 6 percent as investors preferred to remain in cash in the meantime.

Though the prospects remain sound for the company, investors have been selling the market in general, and the company may have been the result of collateral damage,” Luis Limlingan, man-

aging director at Regina Capital Development Corp. said.

“Last week alone the PSEi dropped 1.47 percent. Monday was also no exception. AXLM’s performance speaks of the demand it had during the offer period. But there is still some possibility that bargain hunters will pick up the stock since it fell on opening today,” he said.

The benchmark Philippine Stock Exchange index (PSEi) fell 21.38

points to 7,683.22 points on low volume only valued at P5.83 billion.

Axelum’s initial public offering (IPO), a purely domestic offering, is worth about P4 billion.

“We are pleased with the result of the IPO and the subscription we received from a number of funds, both domestic and overseas as well as individual investors. It’s very encouraging to see that investors remain optimistic and gave their vote of confidence in Axelum,” Axelum Chairman Romeo Chan said.

“We have already put up the necessary infrastructure to grow our business and with this IPO, we are confident that we are in a better position to pursue our expansion plans and capture the increasing demand for high-value coconut products,” Chan said.

Axelum on Monday also announced that it has recently closed a new contract to supply organic coconut milk powder to an international skin-care product/ supplement manufacturer.

The initial order, which is for export, is for 170 metric tons.

“This contract is for another new application from the versatile coconut,” said Axelum President Henry Raperoga.

“This line is among the high-margin products that we are pursuing. We can actually command a premium price for this product,” he said.

First Metro Investment Corp., the investment banking arm of the Metrobank Group, was the sole issue manager, bookrunner and joint lead underwriter of the IPO. BPI Capital Corp. was also joint lead underwriter.

Japanese investors eye manufacturing, agritourism

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AVAO CITY—Some 150 representatives of Japanese companies indicated their interest here in manufacturing, agritourism and waste composting, as the city’s business community batted anew for the allocation of space for an industrial park.

The Japanese also attended a three-day business seminar late last week, timed with the centennial commemoration of the Japanese community here around the thenflourishing abaca industry.

April Marie Dayap, chief of the Davao City Investment and Promotion Center (DCIPC), said the participants of the business seminar inquired about the areas where they can invest.

“Among those investors who expressed their interest in the city are into the manufacturing industry, agritourism, waste composting companies and tourism. We further want to bring them here and hopefully

develop investment here,” she said.

Dayap said the event was a big opportunity for the city to expand its foreign investment portfolio and generate more employment for Dabawenyos.

“I believe this is a big help in generating work and economic development in the city once the investments materialized,” she said.

‘Next big thing’

JAPANESE Consul General Yoshiaki Miwa said manufacturing activities would be “the next big thing” in Davao City, “especially that several Japanese manufacturing firms are interested to venture in the city.”

Miwa said that as the economy of the city grows, “Japanese investors also want to develop a company to company relationship with local businesses.” “[The] manufacturing industry has a very wide range. We can start at a level that will match the level of

industry in the city. We just have to create a strategy. I understand that the DCIPC and DCCCII know about this and are thinking about ways to accommodate the manufacturing sector,” he said.

Arturo Milan, president of the Davao City Chamber of Commerce Industry Inc. (DCCCII), said the local business establishments “have been trying to look for ways to accommodate the manufacturing industries and eventually create an industrial park in the city.”

“We have to have an industrial component here because it will not just help the economic development of the city but the farmers, as well.

We are trying to push for the creation of an industrial park so that we can have a venue for processing and investors to come,” he said.

Milan said he would expect investors and even technologies to eventually come once the city acquires a space for the establishment of the industrial park. Manuel T. Cayon

NOW Corp. deploying Fiber Air solution in eSports hub that hosts Team Sibol

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OW Corp. has struck an agreement with eSports creator BrenPro Inc. for the deployment of its Fiber Air solution in the latter’s training facility in the Philippines, the largest eSports training complex in Southeast Asia.

Under its contract with BrenPro, NOW Corp. will install Fiber Air Internet solutions in a P100-million, 2,000-square-meter showcase hub designed for eSports training sessions in various genres. The hub also houses video production, professional live streaming areas and other recreational facilities.

The eSports facility is home to Team Sibol, the Philippines’s eSports representative to the 2019 Southeast Asian Games.

“We value partnerships that provide a premium, value-added care to our needs. NOW’s first-class accommodation endeared their brand with BrenPro’s brand of excellence,” BrenPro COO Leo Andrew Escutin said.

NOW Corp. Deputy CEO Rodolfo Pantoja added that the addition of BrenPro, an Internet-dependent company, in NOW Corp.’s corporate clientele list is a reflection of the reliability of the company’s products.

“Internet connection is mission-critical for BrenPro and NOW Corp.’s Fiber Air is more than capable and willing to answer the challenges of low latency and highcapacity Internet and provide the best service it can to improve and promote the Philippine eSports industry. We are confident that our Internet service will provide the competitive advantage that BrenPro is looking for,” he said.

Their contract also provides for the expansion of the bandwidth deliveries based on BrenPro’s requirements. Lorenz S. Marasigan

Globe expands its 5G service in 3 provinces

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LOBE Telecom Inc. has expanded its 5G services in select areas in Rizal, Cavite and Bulacan, a company official said on Monday.

Martha Sazon, who heads the broadband business of Globe, said residents of Greenpark in Cainta, Rizal; Woodland Hills in Carmona, Cavite; and Carissa Homes 2A and

2B and Palmera Homes in San Jose del Monte, Bulacan, may now enjoy Globe’s 5G fixed wireless offering.

Called Globe At Home Air Fiber 5G, the product, which promises to deliver speeds of up to 100 Mbps, is part of the company’s goal of capturing 2 million homes by 2020.

“Our aim for 5G deployment is to serve more customers, especially

in areas where we encounter challenges in rolling out fiber-optic cable, through providing technology that enables them for the future,” Sazon said. She added that 5G technology will “empower households” that find Internet connectivity as a necessity for “growth and learning.”

Continued on B2

B1

LBC withdraws share sale statement from regulators

C

OURIER LBC Express Holdings Inc. has withdrawn its registration statement on its share sale with the Securities and Exchange Commission (SEC).

In its disclosure to the Philippine Stock Exchange (PSE), the company said it is withdrawing its application to register up to 69.10 million common shares, consisting of 10 million common shares as its primary offering and 59.1 million common shares in secondary offering.

It f iled the reg istration statement on April 16, 2018, after the SEC and also the PSE thumbed down its share sale in 2017 over its failure to disclose its pending cases filed by the Philippine Deposit Insurance Cor p. (PDIC) against some members of the Aranetas, its majority owner.

“The company has decided to withdraw the application considering that the financial information stated in the registration statement should be as of a date not earlier than 180 days therefrom.

“However, the company’s financial statements which were

included as part of the registration statement described consisted of those for the full-year ended 31 December 2016, 2017 and 2018, as well as the period ended 31 March 2019. Considering that these financial statements have become stale, there is now a need to further update the same,” it added.

“The company anticipates that it will take some time to have its financial statements audited or reviewed, and for this reason has decided to withdraw its offer, without prejudice to a possible refiling by the company of such application at a later date,” it said.

In 2015, PDIC filed with the Department of Justice charges of syndicated estafa against 11 former directors, officers and employees of the closed LBC Development Bank, as well as two employees of LBC Development Corp., an LBC affiliate that is also a stockholder of LBC Bank, for misappropriating P60 million in LBC Bank’s funds generated from the public by way of deposits.

LBC insisted the case has nothing to do with the listed firm. VG Cabuag

B2

Companies BusinessMirror

Tuesday, October 8, 2019

PSE STOCK QUOTATIONS

October 7, 2019

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

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

56 140 92.9 24.9 11.68 67.85 12.8 20.5 43.7 57.25 110.1 26.5 197 59 1.07 1.9 18.2 4.65 0.4 720 0.89 176.5 1825

57.5 140.7 93 25 11.7 68 12.98 22.3 44 58.3 130 27 197.5 59.1 1.19 1.99 18.6 4.78 0.42 775 0.92 179 1850

56 143 92.5 25 11.8 67.75 12.8 20.9 43.7 57.95 135 27 197.9 59.05 1.1 1.9 18.6 4.65 0.4 775 0.9 179 1879

57.5 143.6 93.3 25.05 11.8 68.75 12.8 20.9 45 58.3 135 27 197.9 59.1 1.19 1.99 18.6 4.82 0.42 775 0.9 179 1879

56 140 91.7 24.85 11.68 67.55 12.8 20.4 43.6 57.2 130 27 190.4 59 1.1 1.9 18.6 4.6 0.395 775 0.89 176.5 1879

57 140 93 25 11.7 68 12.8 20.5 44 57.2 130 27 197 59.1 1.19 1.99 18.6 4.65 0.42 775 0.89 176.5 1879

6010 746130 1117740 82000 529400 1293310 29100 8400 109800 1500 820 100 224810 14830 43000 5000 2300 63000 960000 10 88000 410 5

342530 105228528 103888933 2045365 6216180 87851743.5 372480 172560 4829055 85946.5 108970 2700 44164870 875206 47390 9590 42780 293060 382700 7750 78650 72740 9395

INDUSTRIAL

284430 -17090355 12212358.5 599860 101634 11642389 3310140 -1340 1111232 -722954 37200 -0 26750 -

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

1.29 36.2 0.242 24.2 78.85 362 19.82 5 4.2 2.23 10.82 33.75 7.33 15.6 4.54 95 17.46 14.86 5.61 8.64 6.99 89.15 0.66 46 220 7.82 13.22 0.188 1.65 11.24 1.86 5.05 2.27 0.123 156 1.17 2.42 69 72.5 2.42 5.73 15.38 10.06 14.3 18.02 9.5 1.03 1.1 2.08 1.59 5.3 5.31 30.3 2.33 7.8 1.45 5.02 1 8.01

1.32 36.5 0.247 24.45 78.95 363 19.86 5.04 4.4 2.24 11 33.95 7.4 15.9 4.69 108.4 18.78 14.88 5.9 8.65 7 90.7 0.68 47 222 8.1 13.3 0.201 1.67 11.3 1.88 5.1 2.39 0.125 157.7 1.18 2.53 73.1 73 2.43 6.14 15.4 10.2 14.48 18.32 9.6 1.05 1.11 2.1 1.73 5.45 5.34 31 2.38 7.85 1.52 5.35 1.03 8.05

1.3 36.65 0.247 24.4 78.35 367 20 5.02 4.4 2.17 10.8 32.85 7.38 15.8 5.29 90.5 17.34 14.7 5.95 8.7 7.06 89.9 0.68 47.95 220.8 8.22 13.28 0.189 1.67 11.2 1.8 5.1 2.3 0.125 156.9 1.19 2.42 67.05 71 2.41 5.8 15 10.28 14.4 18.36 9.6 1.02 1.03 2.07 1.62 5.5 5.3 32.3 2.4 7.78 1.47 5.3 1.03 8.32

1.3 37.75 0.247 24.6 78.95 367 20 5.05 4.4 2.27 11 33.95 7.4 15.9 5.3 95 18.78 14.92 5.95 8.7 7.06 90.7 0.68 47.95 223.2 8.22 13.34 0.189 1.67 11.4 1.89 5.1 2.3 0.125 157.7 1.19 2.42 69 76 2.45 6.14 15.4 10.54 14.48 18.36 9.62 1.05 1.1 2.08 1.65 5.5 5.32 32.3 2.43 7.8 1.54 5.35 1.03 8.32

1.3 35.85 0.247 23.85 78.35 360.2 19.82 4.99 4.4 2.16 10.8 32.85 7.33 15.5 4.19 90 17.34 14.7 5.9 8.6 7 89 0.66 46 219.8 7.76 13.02 0.188 1.6 11.18 1.78 5.1 2.3 0.125 154.5 1.16 2.42 67 71 2.35 5.8 14.96 10.02 14.24 18.02 9.5 1.02 1.03 2.07 1.59 5.25 5.3 30.2 2.32 7.66 1.45 5.3 1 7.82

1.3 36.5 0.247 24.45 78.85 362 19.86 5.04 4.4 2.24 11 33.95 7.34 15.9 4.69 95 18.78 14.86 5.9 8.64 7 90.7 0.68 47 220 8 13.3 0.188 1.67 11.24 1.88 5.1 2.3 0.125 157.7 1.17 2.42 69 73 2.42 6.14 15.38 10.06 14.48 18.02 9.5 1.05 1.1 2.08 1.59 5.35 5.32 31 2.38 7.8 1.52 5.35 1.03 8.01

10000 1063700 10000 1057300 6270 54500 399700 833900 1000 12526000 71100 242800 27400 206100 188153500 550 2800 491900 300 448700 1318500 35260 96000 7600 1867940 8300 79600 60000 1755000 215400 912000 28900 10000 10000 1133150 2079000 10000 620 1440 1700000 18600 39100 179200 570800 703200 10800 413000 6177000 48000 70000 98900 44600 3400 11169000 86800 93000 2300 18000 542900

13000 38814645 2470 25663410 492258 19732910 7941708 4173818 4400 27981640 777902 8178320 201770 3269468 891721805 49860 50940 7304306 1775 3,872,153( 9234866 3167043.5 63480 357610 413335610 65892 1057282 11320 2888080 2445052 1653130 147390 23000 1250 178276640 2444030 24200 42256 106704 4083230 109680 592136 1825962 8207320 12675786 103500 421580 6618090 99530 112460 525313 236965 104470 26633600 671568 137000 12205 18060 4374495

-10202770 6148280 -33056 -4911186 -6966826 -354290 452700 2983140 86761 434750 8452170 5264052 1,979,399.9997) -4029763 -1329562.5 51480 140229140 2328 -160710 477880 -2240494 -9405849 -63590 24200 -2325960 484006 -1160376 -2536844 -11289016 51000 -187440 150955 -98069.9997 610280 -57020 33769

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL AYALA LAND LOG ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV FORUM PACIFIC GT CAPITAL JG SUMMIT LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PACIFICA PRIME MEDIA SOLID GROUP SYNERGY GRID SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES TOP FRONTIER WELLEX INDUS ZEUS HLDG

0.82 12.74 850 53.75 10.88 3.41 6.7 0.69 1.14 1.15 6.55 8.63 13 0.216 841 69.2 0.485 4.38 13.68 0.57 4.87 0.038 1.3 1.27 404.2 975 163.9 0.85 222 0.221 0.23

0.83 12.76 853 54 10.9 3.44 6.93 0.72 1.16 1.17 6.6 8.64 13.4 0.228 846 70 0.52 4.39 13.7 0.6 4.88 0.039 1.34 1.29 440 987.5 164 0.86 231 0.234 0.235

0.83 13.38 845 54.5 11.1 3.48 6.94 0.73 1.15 1.15 6.5 8.46 13.4 0.216 840 69.1 0.5 4.37 13.9 0.56 4.91 0.039 1.35 1.26 404 986 165.5 0.85 222.8 0.222 0.23

0.85 13.38 861 54.5 11.1 3.48 6.94 0.73 1.18 1.17 6.6 8.64 13.4 0.216 848.5 70.95 0.53 4.38 13.9 0.6 4.91 0.039 1.35 1.27 404 991 166.8 0.88 231 0.234 0.23

0.8 12.74 845 52.6 10.82 3.38 6.65 0.69 1.12 1.15 6.5 8.4 13 0.216 837 69.1 0.49 4.37 13.66 0.56 4.78 0.038 1.34 1.26 404 975 164 0.85 222.4 0.222 0.23

0.83 12.76 850 54 10.9 3.45 6.65 0.69 1.16 1.17 6.6 8.63 13 0.216 846 69.2 0.52 4.38 13.7 0.6 4.88 0.038 1.34 1.27 404 975 164 0.86 231 0.234 0.23

14790000 15400 181670 453420 7084900 406000 15800 594000 1238000 122000 1995800 3572200 5700 20000 38300 297940 219000 34000 271700 311000 18272000 800000 2000 84000 10 772270 123410 27000 2140 1140000 550000

12219260 199772 154865885 24479813.5 77561316 1395070 105175 411210 1411550 140320 13021442 30609956 74378 4320 32358890 20683603.5 108350 148690 3722172 183420 89087160 30500 2690 105930 4040 760526845 20254595 22990 485032 266200 126500

-958750 -49249635 -8294767 -33870706 -116400 -115000 432756 3895018 2640 -3169105 -2089220 -21860 -1099444 179360 -5159750 12600 510484850 -4826379 -

HOLDING & FRIMS

PROPERTY

ARTHALAND CORP 0.82 0.83 0.84 0.86 0.81 0.83 4549000 3742980 -12480 ANCHOR LAND 9.59 10 10 10 10 10 800 8000 AYALA LAND 46.4 46.5 46.25 46.55 46 46.5 5971300 276910555 -33444485 ARANETA PROP 1.83 1.84 1.85 1.85 1.84 1.84 46000 84870 BELLE CORP 2.04 2.05 2.05 2.05 2.03 2.05 365000 744900 A BROWN 0.83 0.84 0.81 0.86 0.81 0.83 1938000 1630760 CITYLAND DEVT 0.83 0.87 0.83 0.87 0.83 0.87 6000 5060 3320 CROWN EQUITIES 0.207 0.216 0.207 0.207 0.207 0.207 10000 2070 CEB LANDMASTERS 4.65 4.7 4.7 4.7 4.62 4.65 195000 905240 -51720 CENTURY PROP 0.55 0.56 0.56 0.56 0.54 0.55 15234000 8471480 -10350 DOUBLEDRAGON 20.3 20.45 20.55 20.55 20.1 20.45 68500 1392740 725510 DM WENCESLAO 9.62 9.8 9.9 9.9 9.55 9.8 22300 215783 53588 EMPIRE EAST 0.435 0.445 0.445 0.445 0.445 0.445 60000 26700 FILINVEST LAND 1.48 1.49 1.51 1.51 1.47 1.48 41278000 61283900 -39817840 GLOBAL ESTATE 1.17 1.18 1.18 1.18 1.16 1.18 125000 146800 8990 HLDG 15.04 15.06 15.04 15.04 15.04 15.04 212700 3199008 -180480 PHIL INFRADEV 1.33 1.35 1.35 1.35 1.32 1.35 1236000 1656430 -281240 CITY AND LAND 0.72 0.74 0.72 0.72 0.72 0.72 20000 14400 14400 MEGAWORLD 4.59 4.6 4.53 4.63 4.51 4.6 28300000 129,659,210( 50,366,710.0001) MRC ALLIED 0.295 0.3 0.3 0.3 0.29 0.3 14750000 4342750 17700 PHIL ESTATES 0.42 0.44 0.41 0.41 0.41 0.41 20000 8200 PRIMEX CORP 2.01 2.03 2.01 2.04 2.01 2.03 194000 390330 ROBINSONS LAND 24.5 24.6 24.5 24.5 24.05 24.5 2702800 66137250 12547250 PHIL REALTY 0.365 0.375 0.375 0.375 0.375 0.375 470000 176250 ROCKWELL 2.27 2.35 2.35 2.37 2.27 2.27 47000 111160 -11750 SHANG PROP 3.2 3.28 3.17 3.2 3.17 3.2 8000 25390 9510 STA LUCIA LAND 2.74 2.76 2.59 2.78 2.58 2.76 7653000 20636780 -415090 SM PRIME HLDG 37.9 37.95 37.7 37.95 37 37.95 5093700 192107640 74273350 VISTAMALLS 5.79 5.8 5.78 5.8 5.6 5.8 94800 539319 SUNTRUST HOME 0.87 0.88 0.88 0.88 0.87 0.88 758000 660890 -86000 VISTA LAND 7.66 7.69 7.68 7.7 7.65 7.69 2971600 22811048 -8943624

SERVICES ABS CBN 17.8 18.18 18 18.3 17.9 17.98 32000 577694 GMA NETWORK 5.19 5.2 5.15 5.2 5.15 5.19 127700 661857 GLOBE TELECOM 1797 1798 1784 1799 1784 1798 14925 26827815 -937805 PLDT 1100 1104 1100 1108 1090 1100 22290 24508650 -755030 APOLLO GLOBAL 0.043 0.045 0.044 0.046 0.044 0.045 3000000 132500 ISLAND INFO 0.107 0.108 0.107 0.108 0.107 0.107 650000 69560 ISM COMM 4.96 4.97 4.97 5.03 4.87 4.97 2393600 11823029 1145570 JACKSTONES 2.84 2.98 2.84 2.84 2.84 2.84 3000 8520 NOW CORP 2.7 2.76 2.81 2.85 2.7 2.7 2333000 6432980 81300 TRANSPACIFIC BR 0.32 0.325 0.32 0.335 0.315 0.325 2620000 838450 PHILWEB 3.03 3.04 2.95 3.04 2.95 3.04 699000 2105250 -9250 2GO GROUP 9.83 9.84 10.2 10.2 9.8 9.84 11700 115759 ASIAN TERMINALS 18.06 18.98 18.08 18.08 18.06 18.06 2100 37956 1805.9999 CHELSEA 6.66 6.68 6.77 6.77 6.6 6.66 469400 3127494 -214343 CEBU AIR 91.4 91.5 91.1 91.5 91.1 91.5 14860 1356250 452966 INTL CONTAINER 121 121.1 120.4 121.6 118 121.1 1283060 155214631 -125731672 LORENZO SHIPPNG 0.9 0.92 0.95 0.95 0.9 0.92 832000 759140 MACROASIA 18.68 18.8 18.84 18.98 18.54 18.8 285200 5362622 1040934 METROALLIANCE A 1.11 1.12 1.12 1.12 1.12 1.12 1000 1120 PAL HLDG 7.85 8.2 8.25 8.3 7.83 8.2 9600 78796 HARBOR STAR 1.54 1.57 1.55 1.6 1.5 1.59 562000 880950 ACESITE HOTEL 1.56 1.64 1.65 1.65 1.56 1.64 68000 109830 81500 BOULEVARD HLDG 0.052 0.053 0.052 0.053 0.052 0.053 6700000 352530 -53000 DISCOVERY WORLD 1.94 2.1 2 2 2 2 5000 10000 GRAND PLAZA 9.86 11.18 9.84 11.26 9.84 11.24 2400 24890 WATERFRONT 0.69 0.7 0.68 0.69 0.67 0.69 1922000 1325420 CENTRO ESCOLAR 6.91 7.19 6.98 7.19 6.98 7.19 900 6429 IPEOPLE 7.84 8 8 8 7.82 7.82 5200 41402 STI HLDG 0.66 0.67 0.67 0.68 0.66 0.66 672000 445780 -3400 BERJAYA 2.28 2.29 2.28 2.3 2.28 2.28 309000 704710 BLOOMBERRY 11.02 11.04 10.9 11.02 10.9 11.02 2663900 29299676 13838426 PACIFIC ONLINE 2.82 2.87 2.82 2.9 2.82 2.87 28000 80600 -2820 LEISURE AND RES 3.01 3.05 3 3.02 2.99 3.02 310000 929940 179400 MANILA JOCKEY 3.36 3.49 3.36 3.36 3.36 3.36 6000 20160 PH RESORTS GRP 4.78 4.99 4.8 4.8 4.78 4.78 4000 19180 PREMIUM LEISURE 0.69 0.71 0.69 0.72 0.69 0.72 84000 58380 METRO RETAIL 2.36 2.37 2.4 2.4 2.35 2.36 599000 1414660 -26050 PUREGOLD 39.1 39.15 38.5 39.45 38.5 39.1 1456800 56902630 1569659.9999 ROBINSONS RTL 75.95 76 75.8 76.7 75.8 76 1551220 117947038 -21234105 SSI GROUP 2.53 2.54 2.6 2.61 2.52 2.54 1790000 4560060 2433210 WILCON DEPOT 16.98 17 16.96 17 16.8 17 283700 4804876 3179798 APC GROUP 0.59 0.6 0.57 0.6 0.54 0.59 25634000 14,741,470( 1,593,000.0001) EASYCALL 9.01 9.02 9.17 9.17 9.02 9.02 106800 967567 GOLDEN BRIA 435 440 428 442.8 427 435 550 240148 4350 PRMIERE HORIZON 0.5 0.51 0.51 0.51 0.495 0.51 8139000 4083355 -50000 SBS PHIL CORP 9.1 9.28 9.28 9.28 9.27 9.27 9000 83440

MINING & OIL ATOK 11.9 12.78 11.9 12.88 11.7 12.78 68900 832164 APEX MINING 1.13 1.14 1.13 1.15 1.13 1.14 564000 642510 -278160 ABRA MINING 0.0016 0.0017 0.0017 0.0017 0.0017 0.0017 29000000 49300 ATLAS MINING 2.5 2.53 2.51 2.51 2.5 2.5 2000 5010 CENTURY PEAK 2.6 2.63 2.62 2.63 2.61 2.63 570000 1493100 -26200 FERRONICKEL 1.68 1.69 1.66 1.69 1.65 1.68 2183000 3654430 GEOGRACE 0.213 0.217 0.226 0.226 0.213 0.218 2250000 485970 LEPANTO A 0.106 0.107 0.109 0.109 0.104 0.104 3690000 391000 LEPANTO B 0.106 0.11 0.11 0.111 0.11 0.11 80000 8820 MANILA MINING A 0.009 0.0093 0.0091 0.0091 0.0091 0.0091 2000000 18200 MANILA MINING B 0.0093 0.0098 0.0092 0.0098 0.0092 0.0098 14000000 129400 MARCVENTURES 1.12 1.16 1.15 1.18 1.12 1.16 312000 360980 NIHAO 1.11 1.13 1.13 1.14 1.11 1.13 27000 30550 NICKEL ASIA 4.19 4.2 4.08 4.28 4.07 4.19 12607000 52763350 8349400 OMICO CORP 0.485 0.49 0.51 0.51 0.49 0.49 845000 416690 ORNTL PENINSULA 0.87 0.9 0.9 0.91 0.9 0.9 114000 103280 PX MINING 3.51 3.56 3.52 3.55 3.5 3.51 352000 1235440 28110 SEMIRARA MINING 22.05 22.2 21.85 22.2 21.8 22.2 145300 3207220 -31870 UNITED PARAGON 0.0061 0.0065 0.0061 0.0061 0.006 0.0061 11000000 66600 ORNTL PETROL A 0.011 0.012 0.012 0.012 0.012 0.012 11300000 135600 PHILODRILL 0.01 0.011 0.011 0.011 0.011 0.011 2700000 29700 PHINMA PETRO 8.79 8.8 8.12 8.81 8.1 8.79 530300 4500328 -137855.0001 PXP ENERGY 11.56 11.66 11.46 11.56 11.2 11.56 626800 7133420 121742

PREFFERED

HOUSE PREF A 96.65 98 96.5 98 96.5 98 10300 994212 AC PREF B2 485 500 500 500 500 500 30 15000 DD PREF 100.2 101 101 101 101 101 20070 2027070 SMC FB PREF 2 996 997.5 995 997.5 995 997.5 800 797495 FGEN PREF G 108 110 110 110 110 110 1000 110000 GTCAP PREF A 970 997 970 970 970 970 280 271600 GTCAP PREF B 970 995 995 995 995 995 20 19900 LR PREF 0.99 1 1 1 0.99 0.99 41000 40710 MWIDE PREF 101 101.5 101.5 101.5 101.5 101.5 40 4060 PNX PREF 3A 100.3 102 101.1 101.1 100.3 100.3 220 22090 PCOR PREF 2B 1030 1038 1038 1038 1038 1038 55 57090 PCOR PREF 3A 1015 1017 1046 1046 1017 1017 1060 1078310 PCOR PREF 3B 1062 1080 1080 1080 1080 1080 5 5400 SMC PREF 2C 77.4 77.55 77.95 77.95 77.5 77.5 113280 8797427 77700 SMC PREF 2D 74.95 75.3 75.2 75.3 74.95 74.95 38080 2856963 SMC PREF 2E 75.6 78.35 75.6 75.6 75.6 75.6 1250 94500 SMC PREF 2F 76.1 76.6 76.2 76.2 76 76 31000 2357050 SMC PREF 2G 75.3 76.4 75.35 75.35 75.35 75.35 50000 3767500 SMC PREF 2H 75.2 76 75.5 75.5 75.2 75.2 4950 372450 SMC PREF 2I 76 76.5 76.5 76.5 76.5 76.5 240 18360 -

PHIL. DEPOSITARY RECEIPTS GMA HLDG PDR

5.14

5.16

5.13

5.17

5.13

5.17

125500

647254

WARRANTS LR WARRANT

1.53

SMALL & MEDIUM ENTERPRISES ITALPINAS 6.42 KEPWEALTH 9.06 XURPAS 0.88

1.56

1.56

1.52

1.53

20000

30820

-

6.45 9.1 0.9

6.43 9.5 0.9

6.5 9.5 0.9

6.35 8.88 0.88

6.45 9.1 0.9

219400 906400 1920000

1404157 8308846 1702340

-198 13016 -

EXHANGE TRADE FUNDS FIRST METRO ETF

115.4

353084

1.56

116

115.8

115.8

114.5

115.4

6790

783126

-63376

www.businessmirror.com.ph

With climate woes worsening energy insecurity, geothermal is key–EDC

By Lenie Lectura

L

@llectura

OPEZ-LED Energy Development Corp. (EDC) said Monday that geothermal energy is key to achieving the country’s goal to move toward attaining energy security amid worsening climate-related challenges.

“Since geothermal energy can provide continuous power 24 hours a day, it serves as the best source of baseload power,” said Marvin Kenneth S. Bailon, head of EDC’s business development, market planning and contracts on Monday.

To date, EDC has a geothermal capacity of 1,181 megawatts (MW) or 60 percent of the country’s total geothermal output.

He said geothermal energy is abundant in Negros and Leyte where most of EDC’s geothermal assets are located. For almost 40 years, EDC has been powering the islands with what is considered the “holy grail” of renewable-energy sources.

The abundance of renewableenergy sources in both islands gives them the edge over other parts of the country.

“Studies have repeatedly pointed out that the Philippines is the third most vulnerable country to climate-

related hazards and we need to take bold action to reverse that. One decisive step we can take is to transform our energy sector and the islands of Negros and Leyte show that it is possible and now even a reality,” added Bailon.

Most important, apart from being more eco-friendly, electricity generated from geothermal sources is helping consumers enjoy more competitively priced power rates, according to Bailon.

The Philippines is currently the world’s third-largest producer of geothermal energy after the United States and Indonesia, mostly because of EDC, which accounts for 61 percent of the country’s current installed capacity.

EDC’s 711.4-MW Leyte Geothermal Project is home to its largest geothermal facility and has the biggest wet steam field in the world. The facility supplies power

Metro Mla office market posts 4.2% vacancy in Q3–study

By Roderick L. Abad @rodrik_28 Contributor

T

HE Philippine office market, albeit in an economic slowdown in the first half of 2019, has picked up in the third quarter and is expected to recover for the remainder of the year due to heightened government spending and private consumption, according to a global real-estate services firm.

Cushman & Wakefield’s (C&W) The MarketBeat September 2019 report showed that stable demand kept the vacancy rate at 4.2 percent amid the addition of 360,000 square meters (sq m) to office space inventory within nine months of this year.

The Philippine Offshore Gaming Operators (Pogo) were the main business locators in the metropolis during the period in review.

Overall, Metro Manila office space spans 7.64 million sq m, and Taguig accounted for 2.3 million sq m, with a vacancy of 4.2 percent; Makati, 1.4 million sq m, 1.5 percent; Quezon City, 1.2 million sq m, 5.4 percent; Pasig, 1.1 million sq m, 0.5 percent; Pasay, 611,554 sq m, 0.1 percent; Muntinlupa, 590,487 sq m, 2.4 percent; Mandaluyong, 359,988 sq m, 31.2 percent; and Parañaque, 74,417 sq m, zero percent.

On the average, the asking rent of prime and Grade “A” office buildings increased by 12.5 percent to P994 per sq m a month from January to September 2019.

Leasing price in Taguig on a monthly basis averaged P1,249 per sq m; Makati, P1,235 per sq m; Quezon City, P850 per sq m; Pasig, P777 per sq m; Pasay, P1,025 per sq m; Muntinlupa, P859 per sq m; Mandaluyong, P908 per sq m; and Parañaque, P1,050 per sq m.

By end of 2019, the research revealed that around 520,000 sq m of office space are expected to be completed, even if completion of some developments is likely to spill into early 2020. The mean rental fee is also seen to continue to rise through 2019.

Total rental yields, likewise, are estimated to further shorten due to further cuts in the Bangko Sentral ng Pilipinas’s policy rate and the consistent investors’ confidence in the market.

While office demand from Pogo is projected to decelerate by yearend because of the recent government regulation that controls the issuance of operating licenses to new market players, the continued expansion of the information-technology-business-process management companies and other industries will offset the requirement, per the quarterly report.

International property services company C&W operates in 70 countries through 400 offices with around 51,000 employees. In 2018, the firm posted $8.2 billion in revenue across core services of property, facilities and project management, leasing, capital markets, valuation and other services.

Globe expands its 5G service in 3 provinces Continued from B1

Currently, Globe At Home Air Fiber 5G covers communities with 120 to 250 homes in select areas in the Metropolitan and Greater Manila areas. It was first introduced in Pasig City last July.

5G plans are priced between P1,899 and

P2,899 depending on the customer’s desired speed, all of which are capped at 2 terabytes (TB) of usage.

The options are: P1,899 per month for up to 20Mbps, P2,499 for up to 50Mbps and P2,899 for up to 100Mbps, all with data allocation of 2 TB. Lorenz S. Marasigan

to Leyte II Electric Cooperative and Leyte III Electric Cooperative in the province of Leyte and several other electric cooperatives in the Visayas region.

On the other hand, EDC’s Southern Negros Geothermal Project supplies 2 MW to Negros Oriental I Electric Cooperative, 25 MW to Negros Oriental II Electric Cooperative, 20 MW to Central Negros Electric Cooperative and 3 MW to Northern Negros Electric Cooperative. These comprise around 16 percent of the island’s power supply out of its peak demand of 312 MW. “With the examples set by the provinces of Negros and Leyte, we are optimistic that a greener energy future lies in store for the entire country,” Bailon said.

Assistant Secretary Robert Uy of the Department of Energy (DOE) earlier said the agency is looking at ways by which the government can provide assistance to the development of geothermal sources through

MUTUAL FUNDS

both fiscal and nonfiscal incentives.

A geothermal player normally spends between $30 million and 50 million just to explore potential geothermal resources. It cannot recoup its investment should exploration work turn out unsuccessful.

He also suggested that geothermal developers look into sources that are beyond conventional like medium to low enthalpy and acidic geothermal energy source.

“The DOE is also procuring MT equipment for geophysical surveys.

With this and the technically capable personnel from the Geothermal Energy Management Division, the DOE has now the capabilities to conduct preliminary exploratory studies that can prequalify geothermal areas and significantly reduce the resource risk. With this lessened risks, we envision that investing in geothermal energy development will be more palatable for both local and international developers,” said Uy.

October 7, 2019

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 248.51 2.92% -2.17% -1.09% -1.46% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.5192 11.57% 3.04% 0.62% 5.44% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 3.8622 2.97% -3.26% -2.12% -1.05% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.9238 6.59% N.A. N.A. 2.53% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.8407 5.92% N.A. N.A. 2.44% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 5.2937 5.87% -0.47% -0.52% 0.39% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A,6 0.8472 5.89% -4.78% N.A. 1.25% MBG EQUITY INVESTMENT FUND, INC. -A 115.14 -0.23% N.A. N.A. -0.88% PAMI EQUITY INDEX FUND, INC. -A 50.7084 7.97% -0.13% N.A. 3.02% PHILAM STRATEGIC GROWTH FUND, INC. -A 527.94 8.09% -1.11% -0.65% 2.56% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.2734 5.51% -0.24% 0.53% 1.55% PHILEQUITY FUND, INC. -A 37.569 6.89% 0.69% 0.49% 2.56% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A,3 1.0056 N.A. N.A. N.A. N.A. PHILEQUITY PSE INDEX FUND INC. -A

5.1522 9.15% 0.64% 1.26% 3.9% PHILIPPINE STOCK INDEX FUND CORP. -A 860.14 9.18% 0.53% 1.18% 3.83% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.8905 9.42% -0.49% N.A. 3.55% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 4.17 7.2% 0.21% 0.43% 2.74% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.9883 8.76% 0.47% N.A. 3.56% UNITED FUND, INC. -A 3.6293 8.69% 2.03% 1.72% 3.67% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C,2 115.3252 9.44% 1.29% 2.21% 4.13% ATRAM ASIAPLUS EQUITY FUND, INC. -B $0.9442 -4.96% 0.97% -1.02% 1.63% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.2559 -3.33% 6.23% N.A. 13.64% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.5943 -0.98% -3.82% -3.54% -3.45% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.2511 4.65% -1.5% -0.46% 1.9% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.6144 6.47% 0.09% -1.67% 2.8% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A,8 0.2275 N.A. N.A. N.A. N.A. GREPALIFE BALANCED FUND CORPORATION -A 1.3305 3.98% N.A. N.A. 2.01% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9427 8.22% 0.88% 0.89% 5.4% PAMI HORIZON FUND, INC. -A 3.7402 9.75% -0.33% 0.08% 5.98% PHILAM FUND, INC. -A 16.774 9.61% -0.3% 0% 5.45% SOLIDARITAS FUND, INC. -A 2.1171 5.4% 0.1% 0.9% 2.31% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.8275 7.74% 0.46% 0.44% 4.83% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D,4 1.0045 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D,4 0.9879 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D,4 0.9844 N.A. N.A. N.A. N.A. SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9678 7.02% -0.12% -0.21% 5% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.0388 11.59% 2.59% 2.62% 9.92% PAMI ASIA BALANCED FUND, INC. -A $0.9754 0.32% 1.21% -0.34% 6.75% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $3.6938 0.5% 4.71% 3.09% 11.64% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.1052 3.1% 3.02% N.A. 9.43% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 354.78 3.87% 2.39% 2.28% 3.29% ATRAM CORPORATE BOND FUND, INC. -A, 1 1.9181 3.31% 0.19% -0.03% 3.17% COCOLIFE FIXED INCOME FUND, INC. -A 3.0872 5.11% 5.29% 5.25% 3.73% EKKLESIA MUTUAL FUND INC. -A 2.2127 4.39% 1.66% 2.04% 3.92% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.3408 5.76% 1.59% 1.59% 6.15% GREPALIFE FIXED INCOME FUND CORP. -A P 1.6088 2.07% -0.6% 0.2% 2.84% PHILAM BOND FUND, INC. -A 4.3125 12.54% 1.18% 1.86% 10.02% PHILEQUITY PESO BOND FUND, INC. -A 3.7507 8.24% 2.11% 1.61% 6.64% SOLDIVO BOND FUND, INC. -A 0.9531 8.25% 0.18% N.A. 6.95% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.0398 10.18% 2.9% 2.65% 9.91% SUN LIFE PROSPERITY GS FUND, INC. -A 1.6836 9.88% 2.42% 2.23% 9.33% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $465.88 4.56% 1.98% 2.91% 3.9% ALFM EURO BOND FUND, INC. -A Є220.49 3.43% 1.37% 1.53% 3.68% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.2016 7.15% 2.13% 2.55% 6.74% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0259 4.44% 1.05% 1.62% 4.44% GREPALIFE DOLLAR BOND FUND CORP. -A $1.7171 1.43% -1.66% 0.57% 1.59% PAMI GLOBAL BOND FUND, INC -A $1.1055 7.62% 0.1% -0.94% 6.68% PHILAM DOLLAR BOND FUND, INC. -A $2.425 13.01% 2.12% 3.75% 11.71% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0602758 6.04% 2.01% 2.14% 5.75% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.1922 10.79% 1.52% 3.25% 11.15% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 124.81 4.14% 2.66% 2.09% 3.25% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A,5 1.0234 N.A. N.A. N.A. N.A. PHILAM MANAGED INCOME FUND, INC. -A 1.2418 6.01% 2.37% 1.49% 5.07% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2558 3.88% 2.8% 2.2% 3% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0332 2.2% N.A. N.A. 1.7% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. D - IN NET ASSET VALUE PER UNIT (NAVPU).

1 - ADJUSTED DUE TO CASH DIVIDEND ISSUANCE LAST JANUARY 29, 2018. 2 - ADJUSTED DUE TO STOCK DIVIDEND ISSUANCE LAST JUNE 5, 2018. 3 LAUNCH DATE IS JANUARY 3, 2019.

4 - LAUNCH DATE IS JANUARY 28, 2019. 5 - LAUNCH DATE IS FEBRUARY 1, 2019. 6 - RENAMING WAS APPROVED BY THE SEC LAST OCTOBER 12, 2018 (FORMERLY, ONE WEALTHY NATION FUND, INC.).

7 - LAUNCH DATE IS AUGUST 1, 2019. 8 - LAUNCH DATE IS SEPTEMBER 28, 2019.

"While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."

www.businessmirror.com.ph

Banking&Finance BusinessMirror

LandBank touts simplified loan application for farmers

T

HE Land Bank of the Philippines Inc. (LBPI) on Monday said it has made loan applications for farmers “more accessible and affordable” by cutting down the required documents and processing time of applications.

The government-owned bank said it has simplified its loan application form by condensing three separate documents (application form, sworn statement/attestation and data privacy consent) into just one paper.

“Completing the form is also now more straightforward with mostly tick boxes,” LBPI said in a statement on October 7.

Furthermore, the bank said it has shortened the usual 14-page promissory note to a one-page document.

The LBPI added it has trimmed down the basic documentary requirement for farmers seeking to get a loan under the Agricultural Competitiveness Enhancement Fund (Acef) lending program.

Today, small farmers and fishermen would only need to submit a loan application form, a simple farm plan and barangay clearance to comply with the Acef lending program requirements, the bank explained.

“We understand that applying for loans can be intimidating, especially for small farmers and fishers, so we have started making basic improvements in our processes to make it easier for them to avail of loans,” LBPI President and CEO

Cecilia C. Borromeo was quoted in the statement as saying.

Interested borrowers who have submitted complete documents and have favorable background and/or credit investigation would now only have to wait for a day to complete the processing of their loan applications, compared to the maximum 10-day commitment by government-owned and -controlled corporations.

“This is just the beginning as we are actively looking for ways to further improve the loan application process for our farmer and fisher borrowers,” Borromeo said.

“Through these efforts, we hope to encourage them to go to LandBank instead of borrowing from informal lenders who charge significantly higher rates,” she added.

The LBPI said it has standardized its interest rates at 5 percent per annum for most of its direct lending programs for farmers and fishermen.

“These include the Accessible Funds for Delivery to Agrarian Reform Beneficiaries program, which provide loans to finance production of rice, corn, high-value crops, as well as the acquisition of small farm implements,” it said.

The LBPI added that its retail lending programs, such as Acef lending program and the socialized credit program under the Sugarcane Industry Development Act, now have interest rates fixed at 2 percent per annum. Jasper Emmanuel Y. Arcalas

Successful marketing on a small budget

I

RECENTLY paid a visit to a friend who just opened her first business, a laundry shop.

During our conversation, she told me that the store had been doing good for the past weeks, but lately, she noticed that sales are going on a slow decent.

I told her that new businesses will normally get an influx of sales from “curious” customers, but one needs to follow through with a marketing plan to sustain that momentum and eventually grow the business.

While she understands the importance of having a marketing strategy, she’s somehow decided to postpone it until she has recuperated some of her start-up expenses.

“My finances are really tight right now. Is there a way to make a small marketing budget work?” she asks.

Fortunately, there is a way. Here are some tips on how a small marketing budget can work for your business: Distribute flyers ESPECIALLY for small and medium enterprises, distributing flyers can be an inexpensive way to promote your business.

In my area, risograph services for a ream of short bond paper will cost less than P200. A one-fourth bond paper size flyer design will yield around 2,000 pieces—enough to last for two weeks, assuming you distribute around 150 flyers consistently everyday.

Set up a web site/blog MORE and more businesses are now putting up web sites to give their customers comprehensive information about their products and services. Some are even putting up business blogs to promote interaction and get feedback from their consumers.

Setting up a web site or a blog can be free—just innovate with Facebook, blogger, or other free social networking and blog hosting services online.

Launch a referral rewards program ENCOURAGE your current customers to bring you new ones by launching a referral rewards program.

Rather than having a straightforward discount promo, make the special price exclusive to those who

Fitz Gerard Villafuerte

PERSONAL FINANCE can “bring a friend.”

Not only is this effective in getting new customers, but it also costs less to promote because you only need to reach your existing customer base.

Concentrate on a small niche market WITH a limited budget, it may be wiser to just try to reach a specific niche in your target market instead of the whole.

For example, rather than distributing flyers in subdivision gates and tricycle terminals, my friend can choose to distribute them in apartment compounds where most single young urban professionals live. This way, she’s specifically targeting a small but profitable niche market.

Collaborate with other campaigns ONE can also choose to collaborate with other businesses to come up with a complementary marketing plan. Moreover, it might also work if you can ride with a marketing campaign of another business.

For example, if a nearby water refilling station is holding a promo, then my friend might want to partner with them and offer ex-deals to their customers What makes a successful marketing plan?

Whatever you decide to do, it’s best if you keep in mind the three main factors that make up a successful marketing plan, they are: n Visibility; n Consistency; and n Repetition In other words, be sure that you’ll reach your target market; that you remain consistent with your offers and lastly, make a long-term commitment to your marketing campaign.

Fitz Villafuerte is a registered financial planner of RFP Philippines. To learn more about personal-financial planning, attend the 79th RFP program this October 2019. To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-9689774.

Tuesday, October 8, 2019 B3

Salceda inserts ‘franchise tax’ in bill applying levy on Pogos

T

HE chairman of the House Committee on Ways and Means on Monday said he included a 5-percent “franchise tax” in the draft bill imposing gaming and corporate taxes on Philippine Offshore Gaming Operators (Pogo).

In an interview, Albay Rep. Jose Ma. Clemente S. Salceda said Pogos in the country shall be registered as resident corporations as basis for their taxability.

“Pogo tax will be a tax on licensees of Pagcor [Philippine Amusement and Gaming Corp.] as governmentowned gaming monopoly and a tax on gambling. Essentially a 5-percent

franchise tax [based on their annual revenues],” Salceda said.

The lawmaker said his bill will be adopted as the version of the Department of Finance (DOF).

Currently, Salceda said there are 52 registered Pogo hubs in the country.

Also, the lawmaker said the bill will include a $10,000 monthly

gaming tax per table “for live setup casino” in hubs.

For gaming operators with more than 100 random number generator-based (RNG) games, Salceda said a $5,000 monthly gaming tax per game will be imposed for the first 100 games and additional $3,000 monthly in excess of the first 100 games.

Also, Salceda said a 2-percent gaming tax will be imposed on the gross gaming revenue of 28-registered interactive game operators, while $10,000 per month tax gaming tax for sports betting.

Salceda said these taxes are needeed to reduce the systemic risk of the Pogo industry to the Philippine economy.

These gaming taxes, he added, will be added to $1,000 presumptive corporate income tax per seat that will be also imposed on

Pogo operators.

According to Salceda, the Pogo industry contributes 1.5 percent to the country’s gross domestic product.

Salceda said his bill is the best measure “to control the potential wild gyrations” of Pogo in the Philippines.

He added the lower chamber wants the Bureau of Internal Revenue to collect at least P76 billion from withholding tax.

Salceda said the bill will also formally ask the Banko Sentral Pilipinas to include Pogo as a separate item in the balance of payment account under service exports.

Citing its initial list, the DOF said there are some 138,000 foreigners working in Pogos, while 54,241 of whom have been given alien employment permits and another 83,760 holding special working permits.

Jovee Marie N. Dela Cruz

Credit Suisse AG names head of PHL operations

C

REDIT Suisse AG announced on October 7 the appointment of Mark Uy as head of Philippines coverage in its Asia-Pacific Investment Banking and Capital Markets (IBCM) department.

According to a statement by the financial services company Uy will be based in Manila and be responsible for driving the growth of Credit Suisse’s IBCM business in the Philippines.

“This includes broadening the bank’s relationships with entrepreneurs and corporate clients in the market, as well as delivering the full range of Credit Suisse’s integrated investment banking and wealth management offering, in line with its ambition to be the bank for

entrepreneurs in Asia-Pacific.”

Credit Suisse said Uy brings over 12 years of investment banking experience to Credit Suisse.

He was previously an Executive Director with JPMorgan, holding various senior investment banking roles in their US, the Philippines and Singapore offices. Uy holds a Bachelor’s degree in Management Engineering from the Ateneo de Manila University.

As a leading financial advisor in the Philippines since 1992, Credit Suisse has advised on numerous landmark and innovative transactions in the country over the years.

Most recently, Credit Suisse acted as Joint Bookrunner on the $285-million (post-greenshoe)

UY

listing of AllHome Corp., the largest Philippines initial public offering since 2016.

The bank has also led a number of international bond transactions

in the Philippines in 2019 year to date. These includes the $1.5-billion 10-year and €750-million eight-year global notes offerings for the Republic of the Philippines, marking Credit Suisse’s 19th and 20th bond offerings led for this issuer since 2004 and the $300-million five-year senior green bond and a CHF100 million two-year senior green bond for the Bank of the Philippine Islands, the latter being the first-ever public CHF benchmark bond out of the Philippines and the first-ever rated Philippine green bond in the international capital markets. The transactions also include the $500-million of senior perpetual capital securities and $300-million tap for SMC Global Power Holdings Corp.

Fed’s Rosengren sees slower growth; bullish on consumers

E LUCKY NINE Dragonpay Corp. Founder and Chief Technology Officer Robertson S. Chiang (foreground) pose with employees of the alternative payment solutions operator. Chiang said he considers the No. 9 lucky. “It is a symbol of hard work, perseverance and technological innovation. We are so thankful that we are on our ninth year in the business already, but our work is not yet done.”

‘Worst is over’–Latest lender hit by India shadow bank stress

I

NDUSIND Bank Ltd., which saw a fifth of its market value wiped out over the past week on concern about its creditors, says the crisis of confidence engulfing India’s financial system is fading away.

Outstanding loans to overstretched borrowers dipped at the Mumbai-based bank last quarter, lenders including IndusInd are working to resolve defaults at Dewan Housing Finance Ltd., and Indian authorities are taking steps to contain future delinquencies at shadow banks, IndusInd’s CEO Romesh Sobti said in an interview in Mumbai on Friday.

“All we need now to turn the tide of caution completely is a resolution of a large delinquent account,”Sobti said.“Banks are already beginning to look more positively at lending to nonbank financiers and the real estate segment as the worst is behind us.”

IndusInd joins Axis Bank Ltd. and Edelweiss Financial Services Ltd. (IL&FS) in predicting that the Indian financial sector’s woes will ease soon.

Most banks have been beaten down for more than a year since the collapse of Infrastructure Leasing & Financial Services Ltd. and defaults by other shadow lenders including Dewan and Altico Capital India Ltd. Shares of IndusInd have fallen more than 20 percent over the past week amid speculation that it was owed money by Indiabulls. As of September 29, gross exposure to the housing finance company concerned, its

units and associate finance companies stands at about 0.35 percent of the loan book and is backed by adequate collateral, IndusInd said in a September 30 filing without naming any firm.

Concerns over exposure to the troubled companies have also dragged another lender Yes Bank Ltd. shares by 81 percent in the past year, prompting the bank to lodge a complaint with the police on the dissemination of fake news and rumors about its financial health on social-media platforms.

IndusInd’s gross bad loan ratio stands at about 2.2 percent as of end-June, compared with more than 9 percent for the nation’s banking system. Its return on assets rose to 2.1 percent in June from 1.9 percent in the year-ago period, filings show.

IL&FS group is seeking to resolve most of its debt obligations by March, chief operating officer of the company said this month. Meanwhile, Dewan, the largest mortgage lender to default so far, has prepared a plan to resolve stress on its books.

IndusInd, which has exposures to Dewan, IL&FS and Indiabulls, has seen repayments from some embattled borrowers in the September quarter, Sobti said, without providing further details.

“The elephant has passed through, though the tail is still wagging,” Sobti said. “As far as most of the big risks to the system are concerned, whether from non-bank financing companies or real estate, we have turned the corner.”

Bloomberg News

RIC ROSENGREN isn’t jumping on the interest rate cutting bandwagon just yet.

The president of the Federal Reserve Bank of Boston, who’s dissented twice this year when his colleagues voted to lower the central bank’s benchmark rate, made clear in a weekend interview he still thinks the US economy is doing just fine, even after a week of soft data. He’s downgraded his growth forecast for 2019 to 1.7 percent from 2 percent, but not his policy prescription.

“If the economy grows at 1.7 percent, consumption continues to be strong, inflation is gradually going up and the unemployment rate is at 3.5 percent, I would not see a need for additional accommodation” at the Fed’s October or December policy meetings, Rosengren said Saturday on the sidelines of a conference he hosted at the Boston Fed. He acknowledged that closelywatched economic reports on manufacturing, services and payrolls came in weaker last week than he anticipated. But the labor market remains tight, he said, and he’s confident the US consumer will continue to drive growth.

Payrolls numbers

THE week ended with a mixed September jobs report. Employers added 136,000 new positions, lower than economists expected, but the unemployment rate dipped to a halfcentury low of 3.5 percent.

Rosengren said it’s unclear whether the payrolls numbers are slowing simply because the labor market is already tight, or because sectors like manufacturing and exports are getting hit harder than expected by ongoing trade disputes and slowing global growth.

Overall, however, “the economy is right where we want it to be” with unemployment low and inflation,

while below target, creeping back to toward the Fed’s 2 percent objective.

Investors aren’t quite as satisfied, and many expect the Fed to provide more insurance against a steeper downturn when officials gather in Washington, October 29 and 30.

Pricing in fed funds futures contracts imply a greater than 70-percent chance of another quarter-point cut at that meeting.

Rosengren says the one factor that may change his outlook is the US consumer, who could pull back on spending if the stock market were to drop sharply, or if gloomy headlines over trade and geopolitical tensions mount.

Balance sheet

“WE don’t have a great understanding of the behavioral aspects of consumption, so that’s why we have to monitor it closely,” he said.

The Boston Fed chief, the longestserving current member of the Federal Open Market Committee, said he would support a policy of expanding the Fed’s balance sheet as a “technical adjustment,” perhaps along side the creation of a permanent facility for injecting liquidity into overnight money markets to relieve an apparent tightness in the supply of bank reserves.

“The mechanics of how we do that, I think, remain to be decided, but I would be comfortable with a bigger buffer than what we have now,” Rosengren said. “Some combination of activities that generates an outcome where we don’t have as much volatility in short-term markets makes sense.”

An unexpected shortage of overnight lenders created sudden turmoil in the multitrillion-dollar money market in September, causing rates to spike to record levels and briefly tug the Fed’s benchmark rate out of its target range. Bloomberg News

B4 Tuesday, October 8, 2019

A sign of true and lasting friendship

O

By Ambassador Han Dong-man *

N March 3, 1949, the Philippines became the first country in Southeast Asia to establish diplomatic relations with the Republic of Korea by recognizing the latter’s sovereignty.

That we are observing Korean National Foundation Day during the Platinum Jubilee Year of Philippine-Korea relations is a sign of true and lasting friendship.

For seven decades, this bond has led to partnerships in many areas – from government-to-government cooperation to vibrant people-to-people exchange.

Korea is the fourth largest trading partner of the Philippines, with our trade volume reaching $15.6 billion last year.

As the third largest foreign investor in the Philippines, Korea’s foreign direct investment from January to June this year stood at $59.5 million, buoyed by the Duterte administration’s Build, Build, Build program. The Philippines is also the third major beneficiary of Korean grants in the world. Additionally, the Korea International Cooperation Agency has provided more than $260 million in grant aid to the country since 1991.

Indeed, Korea is proud to be a part of the Philippines’ economic development. To this end, the Philippines and Korea have agreed to reach a deal on a bilateral free trade agreement (FTA) by next month, with negotiators of both countries currently engaged in related talks. It is perceived to attract larger investments that could open up job opportunities and inevitably raise the Filipino people’s standard of living. The FTA will also boost trade and develop balanced trade relations, consistent with the goals of Korea’s New Southern Policy (NSP).

The NSP, which is seen to elevate Korea’s relations with the Asean, can push the relationship between Korea and the Philippines to a new level. In this regard, the special Korea-Asean summit taking place this November in Busan will feature talks on strengthening the free trade order and deepening bilateral cooperation. It is the perfect venue for Presidents Moon Jae-in and Rodrigo Duterte to further discuss increasing trade, enhancing defense partnership, and advancing educational and cultural ties between our two nations, as a follow-up to their bilateral talks during President Duterte’s official visit to Korea in June 2018. The Busan summit will also give President Moon an opportunity to expound on the NSP, which is all about cooperation for people, prosperity, and peace (3 Ps).

It is reassuring to know that the “3 Ps” are harmonious with the ideals of the Philippines. In this regard, I appreciate the adoption on February 8th by the Philippine House of Representatives of Resolution No. 188, recognizing and fully supporting the efforts of Korean President Moon Jae-in to bring peace, reconciliation, prosperity and stability in the Korean Peninsula. On the same day, the House also adopted HR No. 189, designating 2019 as the year of mutual exchange between the Philippines and the Republic of Korea in celebration of the 70th anniversary of diplomatic relations between the two countries.

This mutual exchange has remained vibrant through the years, as evidenced by the continuing increase in the number of Korean tourists in the Philippines. In 2018, 1.6 million Korean nationals visited this country, making them retain the top spot

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among foreign visitors, while more than half a million Filipino tourists went to Korea, owing to the growing popularity of K-Pop, Korean drama, cosmetics, food, and other consumer products among Filipinos.

At this stage in the deepening relationship between Korea and the Philippines, I believe we have a common understanding that maintaining and strengthening the friendship between Filipinos and Koreans will further contribute to regional peace and stability, which in turn will lead to coprosperity.

So as we observe this fortuitous day, I take this moment to thank His Excellency President Rodrigo Roa Duterte, the Philippine government, and the Filipino people for remaining steadfast in supporting Korea and its people.

Maraming salamat po at mabuhay tayong lahat! * Message for Korea's National Day, October 8.

Kitsho celebrates third year anniversary

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ABS-CBN, Advertising Foundation partner for ARAW Values Awards 2019

IKE feathers on one's cap, anniversaries are milestones to undertakings and ventures. This October, Kitsho is celebrating its third year in the business of bringing authentic Japanese cuisine to both Filipino gourmets and gourmands. It has, through the years, remain steadfast in its aim of bringing the best-tasting Japanese dishes to the discerning palate of Filipino diners.

As part of its anniversary blitz, Kitsho offers the freshest catch and farm produce with an unlimited sampling of its sushi and maki concoctions. Guests will surely enjoy these must-try Japanese cuisine staples. The sushi selections will proffer mouthwatering servings of fresh king salmon, maguro nigeri (tuna), as well as white fish.

The maki options, on the other hand, feature the all-time Pinoy fave, California maki, with its tasty mixture of ripe mangoes, kani (crab sticks), lettuce and cucumber all wrapped in sushi rice and garnished with flying fish roe.

Then there's the equally delectable Futo Maki, which is the traditional Japanese big roll. Diners could also relish the tangy Negitoro Maki, with its delectable melding

of ground tuna and spring onions.

The unlimited sushi and maki anniversary special is priced at Php 1,400 (VAT included) for two persons and comes with a complimentary glass of iced tea . Should diners opt for bottomless iced tea, they simply add Php 149 (VAT included) to their tab.

All the other favorite Japanese dishes will be available through the a la carte menu.

Simply tell the waiting staff which dish you want to savor, and they'll readily prepare it for you.

Kitsho Japanese Restaurant & Sake

BS-CBN signed partnership with the Advertising Foundation of the Philippines for the upcoming 11th ARAW Values Advertising Awards.

Leading the agreement signing at the Chronicle Lounge of ABS-CBN were top management officials of ABS-CBN Chairman Emeritus Eugenio “Gabby” Lopez, Chairman Martin “ Mark” Lopez, President & CEO Carlo L. Katigbak, COO for Broadcast Socorro “Cory” Vidanes, Chief Finance Officer Rolando “Ron” Valdueza and Head of Integrated Sales Jose August Benitez, and for Ad Foundation, its board members and executive officers, with its Chairman of the Board and ARAW Values Awards Presiding Chairman Ruperto Nicdao, Jr., of Kapisanan ng mga Brodkaster ng Pilipinas (KBP), board member and 11th ARAW Values Awards Organizing Committee Overall Chairperson Ma. Belen “Blen” Fernando of PANA Foundation (PANAF), foundation International Relations Officer Jose Edgardo G. Sunico of Unilever Phils., foundation board member and Comptroller Vince Reyes of Executive Decisions IMCF, board member and Chairman of 11th ARAW Values Awards Competition Management Committee, and foundation Assistant board secretary and executive director, Linda C. Gamboa.

The biennial ARAW Values Advertising Awards, made more relevant, inclusive and progressive this year, aims to recognize advertising campaigns that uphold Filipino values based on these ARAW Cornerstone

Values: love of God and respect for religious beliefs; commitment to truth, honesty, and integrity; love of country and respect for national customs and traditions; reverence for family unit or marriage or responsible parenthood; respect and care for human life, dignity and the rights of all; respect for law and authority and the promotion of self- discipline; and concern for and preservation of the environment.

The Ad Foundation executive committee and its 11th ARAW Values Awards organizing committee also presented a joint declaration honoring the late ABS-CBN Foundation Chairman Regina Paz “Gina” Lopez for her staunch efforts in protecting the environment.

“For us, Gina is the symbol of the kind of person who fights for the preservation of the environment and we wanted to honor her for all her work, as well as for the love and care she gave people,” she added.

The foundation also recognized ABS-CBN Chairman Emeritus Eugenio “Gabby” Lopez III and the Lopez family for their untiring support for the Ad Foundation, and continuing commitment to its advocacy marketing programs and projects for over some two decades.

The ARAW Values Awards Night will be held in November. For more information, log in to http://www.adfoundation.com.ph/ arawawards/ or call up Ad Foundation staff assistant, Liezli Rebullida, at telephone nos.

812 – 6702; 812 – 6231 or mobile no. 0915 -6436-589.

DITO Telecommunity inks landmark agreements

Bar is managed and operated by MCK Millennium Foods, Inc. and is conveniently located at the ground level of Hotel Jen Manila, right across the sprawling CCP Complex along Roxas Boulevard's sunset strip on the historic Manila Bay area.

For reservations, simply call the restaurant's trunkline through telephone number 994-3623. You may also want to check Kitsho's social media pages on Facebook, Instagram, and Twitter for updates and promotions.

DITO Chief Administrative Officer Adel Tamano (second from left), with Architect Richelle Singson-Michael (second from right), LCS Holdings, Inc. Vice Chairman, Aaron Tan (right), LCS Holdings Group Chief Executive Officer – ICT, and Retired Major General Rodolfo Santiago (far left), DITO Chief Technology Officer

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DepEd Sec. Briones lauds teachers in Gabay Guro Grand Assembly

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ECRETARY Leonor Magtolis Briones, together with private partners and celebrity performers, lauded thousands of teachers present during the 12th Gabay Guro Grand Gathering 2019 on September 22 at the Mall of Asia (MOA) Arena.

Anchored on the theme “Building the Nation, One Teacher at a Time,” Gabay Guro has advocated teachers’ welfare and development in the Philippines by leading different livelihood programs, various trainings, and scholarships.

Through its educational facilities and computerization, it has capacitated teachers in raising the Filipino learners.

“Today is a very special day dahil lahat ng mga kilalang mga personalities, SMARTPLDT at ibang mga businesses, nag cocontribute sila para kilalanin ang inyong serbisyo sa ating bansa tsaka sa ating mga learners,” the Education chief remarked.

The teachers were serenaded aby ­-Regine Velasquez, Ogie Alcasid, Sharon Cuneta, Piolo Pascual, Ian Veneracion,

Jaya, K Brosas, Dimples Romana, Angeline Quinto, Ruby Rodriguez, Jona Viray, Klarisse de Guzman, Christian Bautista, Erik Santos, Aegis, Luis Manzano, Jaiho, Jay R, Gabby Concepcion, Martin Nievera, Pops Fernandez, Moira dela Torre, Zephanie, Broadway Boys, and Backlash, among others.

“Samahan natin ang ating mga learners sa 21st century at kami naman sa DepEd, the way na ang lahat na maka-alinsabay sa inyo, na makinig sa inyo at hindi kayo malilimutan ng ating bansa na kahit may robot teachers na ang ibang mga bansa, we still prefer our human teachers, we will never forget those humans who will teach us continuously, and we will always be grateful to each and everyone of you,” Briones concluded.

Also present in the event were former Chief Justice Artemio Panganiban, PLDT Senior Vice President and Controller Chaye Cabal-Revilla, PLDT officials, other DepEd CO, Regional and Division officials, teachers, and students.

ITH the commitment of DITO Telecommunity Corp. to fully comply with its mandate of providing worldclass telecommunications services that the Filipinos deserve, it recently signed landmark agreements with two key partners crucial for their roll-out.

Chief Administrative Officer Adel A. Tamano said DITO signed a milestone memorandum of agreement with LCS Holdings, Inc. Vice Chairman Architect Richelle SingsonMichael for the lease of common towers that the LCS Group will be putting up in key areas of the country.

Formerly known as Mindanao Islamic Telephone Company, Inc., DITO is the third major telecommunications provider in the Philippines after it was awarded a Certificate of Public Convenience and Necessity by the National Telecommunications Commission in 2019.

LCS Group Chairman Luis Chavit Singson expressed, “LCS, despite conceding to Dito, in the Third Telco bid, is still very passionate in fulfilling its commitment to the public in improving the quality of telecommunication services, with the underserved first in mind.

Together with our partners, we will go full

blast on manufacturing and rolling out common towers and other telecommunication infrastructure in the country.”

Aaron Tan, Chief Executive Officer – Information Communication & Technology of LCS Group adds “This signing signifies the beginning of many other partnerships to service the country. We also look forward to working with the other Mobile Network Operators and Corporations who may be interested to colocate at our strategic sites” In addition, DITO Telecommunity has signed a breakthrough deal with Sky Cable Corporation, for the utilization of the unused fiber-optic cables of Sky Cable within Metro Manila. Signing for Sky Cable were: Roderick Liwanag, Head of Enterprise Business SKYBIZ; and Efren T. Arayata, Jr. Head of SKYBIZ and Head of Strategic Relations.

These announcements came soon after the declaration of the National Telecommunications Commission (NTC) that the DITO roll-out, now backed by a P25.7-billion performance bond, has begun in earnest as the third telco wants to be commercially operational by the end of the year or the first quarter of next year.

DITO’s Adel Tamano flanked by Sky Cable’s Roderick Liwanag and Efren Arayata, Jr. NATURE'S MESSAGE WELLNESS SPA OPENS IN SAN FERNANDO, PAMPANGA. With the purpose of providing a health and wellness through touch therapy, and a "me time" with body massage using essential oils mostly sourced locally, Nikon Valiente, President of Nature's Me-Saj Wellness Spa, opens a new branch in Pampanga. He believes that we all deserve pampering and healing in order to recharge, reenergize and relax after a stressful,fast-paced everyday life. The spa uses oils which are anti-oxidant and immunity boosters.

Joining his advocacy driven business is his wife Maan Miranda Valiente, Director for Marketing and Operations, Avelina "Babes" Miranda, Consultant, Guest of Honor Marilene C. Acosta, a Health and Wellness Advocate

MOM’S A WORLD CHAMP Sports BusinessMirror

NIA ALI walks the track with her kids—four-year-old son Titus and 16-month-old daughter Yuri—after winning the women’s 100-meter hurdles gold medal. AP

TEAM Poland with Ila Baumgart-Witan, Patricia Wyciszkiewicz, Malgorzata Holub-Kowalik and Justyna Swiety-Ersetic celebrate after clinching the silver medal in the women’s 4x400-meter relay at the World Athletics Championships in Doha on Sunday. AP

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| Tuesday, October 8, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Peters wins javelin for 2nd-ever world gold medal for Grenada

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By Eddie Pells

The Associated Press

OHA, Qatar—It’s no big leap to say Nia Ali had her hands full Sunday night—with one kid in her arms, another on her hip and a gold-medal ceremony on her schedule.

And that was after the race.

The American put an exclamation point on a world championships that any mother could love, adding her name to the list of title-winning moms at these games by pulling an upset in the 100-meter hurdles.

“It’s been such an inspiration to see everyone come together and feed off each other,” Ali said.

Her two kids, four-year-old son Titus and 16-month-old daughter Yuri, came down from the stands to share the victory lap. With the American flag wrapped around her back, Ali cradled Yuri in her arms while Titus skipped, danced and jumped along the outside of the track.

Such a fitting way to close out a meet, and a year, that has been so much about mothers fighting for equal pay, for better contracts and for more corporate respect on tracks and soccer pitches across the globe.

Just as fitting: Allyson Felix, the American runner who helped spearhead a movement that pushed Nike to reconfigure terms for runners who become pregnant, got a gift gold without even stepping on the track.

The American 4x400 relay team, led by hurdlers Dalilah Muhammad and Sydney McLaughlin, blew out the field for a 2.97-second won over Poland. That meant another gold medal for Felix, who had run in the preliminary heat.

No nation had more golds than the US, which tied its championships record with 14.

The US total of 29 (Usain Bolt-less Jamaica was second with 14) was one less than the record it set in London in 2017. It sends the signal that the Americans will have contenders spread throughout Olympic Stadium for the Tokyo Games next year.

It figures many of their most competitive races will be between themselves.

Ali beat out world record holder Keni Harrison to give the US women their second 1-2 finish in the hurdles, two nights after Muhammad set the 400-meter hurdles world record in a close victory over McLaughlin. But Ali’s win was hard to see coming—for

everyone but her, that is.

Harrison is the world record holder, and she has been finishing second most of the year to Danielle Williams of Jamaica. Williams is the world leader who refused to leave the track after false starting in her national championships, but was later given a reprieve, and a spot here, after her federation declared the race null and void.

“Lord knows I’ve been through a lot,” Williams said after she finished third. “I can’t be complaining.”

When Ali crossed the finish line and saw her name come up first next to a personal-best time of 12.34 seconds, she broke into tears. It was her first win in anything resembling a major race since 2016.

“I replayed this race so much in my head, and every time, that’s the way it ended for me,” she said. “So just to see it play out...exactly how I envisioned it, that was my natural reaction.”

Other gold medals went to a dominant US men’s 4x400 relay team, Malaika Mihmbo of Germany (long jump), Timothy Cheruiyot of Kenya (1,500 meters), Anderson Peters of Grenada (javelin) and Joshua Chpetegei of Uganda (10,000 meters).

With Ali’s event placed on the last day of the championships, she said it’s been nice to sit back and watch all the moms succeeding.

Felix, who became a mother last November, also won gold last weekend in the new event, mixed relay, and now has 13 total— two more than the record she shared with Bolt coming into Doha.

New mom Shelly-Ann Fraser-Pryce of Jamaica has won two golds. China’s Liu Hong picked up a gold in the race walk. Even Alysia Montano, a mother of two who was part of the Nike movement along with Felix, was in town last week to accept two bronze medals reallocated because of doping at the 2011 and 2013 worlds.

Ali hasn’t been as vocal, but she’s been on quite a journey over the past four years nonetheless—one that includes multitudes of trips from home in Florida to training sessions in Germany, and to competitions around the globe. Her boyfriend is Canadian sprinter Andre de Grasse, who is every bit as busy.

Ali told one story about having to break from training in Europe recently so she could head home for a parent-teacher conference for Titus, who is in preschool.

“It was important for me to be there and get a good feel of what he’s going to have to go through this year,” Ali said.

Now, though, it’s time to head back home and get back into the routine.

Show and Tell is every Thursday.

GROWING up, Anderson Peters If Titus is good on the flight home, says he had two ambitions—be Mom might let him bring a gold a famous cricket player or the next Usain Bolt. AP medal to school.

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OHA, Qatar—As a kid, Grenadian javelin thrower Anderson Peters would hurl sticks at mangoes and apples to get them to fall to the ground.

He had the best arm of all his friends. He showed it off on an even bigger stage.

Peters won the javelin throw Sunday night for his country’s second-ever gold medal at the world championships. He joins the ranks of sprinter Kirani James, the sprinter who captured the 400-meter title in 2011. Peters remembers being glued to his television that day—and being inspired.

“That was an unbelievable moment for our whole country,” Peters said. “If he can do it, it’s possible for everybody to have a chance to become a world champion.”

A junior at Mississippi State, Peters’s winning throw was 86.89 meters as he added another title to the NCAA championships crown he won in June and Pan-Am Games win in August. Magnus Kirt of Estonia was second (86.21) and Johannes Vetter of Germany was third (85.37).

“There are no words to explain being a world champion,” Peters said. “I’m grateful for the chance.”

Growing up, he had two ambitions—be a famous cricket player or the next Usain Bolt.

But the javelin became his calling when on his first try at an event in primary school he broke the school record. All those days of throwing rocks and sticks at fruit in the trees in Grenada keeps paying off.

“We used to have races and say, ‘Let’s see who could pick the most,’” Peters said. “I was pretty good.”

Peters has to hurry back to school—he has two big tests this week.

Any chance his gold medal might help him buy some extra time with his professors?

“That’s not going to help,” Peters said, laughing. “As a kid, I was thinking about becoming a world champion and an Olympic champion and having the titles at the same time.”

One down, one to go next summer at the Tokyo Games.

EUGENE ON DECK

OREGON Gov. Kate Brown was in the stadium to present the men’s 4x100 relay medals.

In two years, the renovated Hayward Field in Eugene, Oregon, will be the site of worlds.

It marks the first time the championships are heading to the US. “We’re absolutely honored,” Brown said. “It’s amazing it’s going to be in the heart of track and field territory—Eugene, Oregon. We’re excited to see everyone there.”

EMPTY STEP

THREE steps on the podium, but only two teams.

A chaotic changeover in the women’s 4x400 relay led to more than an hour of uncertainty.

Jamaica finished third, then was disqualified, then reinstated. After all that, the Jamaican squad didn’t turn up for its medal ceremony, leaving the gold medalists from the US and second-placed Poland to take a lopsided podium photo.

At issue was whether Jamaica had gained an advantage by not lining up correctly for a changeover. Fourth-placed Britain argued the Jamaicans had benefited, but that was later overturned on an appeal by Jamaica.

CENTROWITZ & SALAZAR

AMERICAN distance runner Matthew Centrowitz said leaving Alberto Salazar’s training group last season had nothing to do with an investigation and more to do with needing a change.

Salazar was kicked out of the world championships last week after being handed a four-year ban in a case long pursued by the US Anti-Doping Agency. Salazar leads the Nike Oregon Project, which Centrowitz joined after the 2012 London Games.

“Alberto never once offered me anything that I was uncomfortable taking or made any those decisions you may be reading about,” said Centrowitz, who finished eighth in the 1,500 meters and more than three seconds behind winner Timothy Cheruiyot of Kenya.

“I had no idea that any of this was going on when I was with the group.

“That had nothing to do with my decision...I felt like I needed some change, something fresh, something new.”

The 2016 Olympic gold medalist is now running for the Bowerman Track Club.

THE COUNCIL

THE International Alliance of Athletics Federations elected six new members to its athletes’ commission: French pole vaulter Renaud Lavillenie, New Zealand shot putter Valerie Adams, US distance runner Bernard Lagat, Belgian 400-meter runner Kevin Borlee, Greek pole vaulter Katerina Stefanidi, and Jamaican middle-distance runner Aisha Praught-Leer.

Hall of Famer Carl Lewis said on his Twitter account that he applied to be a member of the IAAF athletes’ commission.

“Let’s see if they want someone speaking to power about the issues that really affects athletes, gets in,” Lewis wrote. “Stay tuned.” AP

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Business

Tuesday, October 8, 2019

SPORTS PLUS Press corps officers CEDELF TUPAS of Philippine Daily Inquirer and Norman Lee Benjamin Riego of ABSCBN Sports were elected Collegiate Press Corps presidents of the University Athletic Association of the Philippines and National Collegiate Athletic Association during exercises last Sunday at the MOA Arena.

Spin.ph’s Randolph Leongson was elected as secretary and Tiebreaker Times’ Matthew Li as treasurer.

Appointed to the group’s Board of Trustees were Kristel Satumbaga-Villar of Manila Bulletin, John Bryan Ulanday of Philippine Star, Bong Lozada of Inquirer.net, JR Isaga of Rappler and Theodore Jurado of People’s Journal.

Serving as advisers are last year’s UAAP Press Corp’s Reuben Terrado of Spin.ph, Joey Villar of Philippine Star, Jasmine Payo of Rappler, Jonas Terrado of Manila Bulletin and Peter Atencio of Manila Standard.

The group is planning to hold a sportswriting clinic for student publications before the basketball season ends, as well as the annual Collegiate Awards set for next year.

DanceSports tilt up THE DanceSport Council of the Philippines Inc. will host the 23rd DSCPI National DanceSport and Breaking Championships on Saturday at the Ballroom Hall of Valle Verde Country Club in Pasig City.

DSCPI President Becky Garcia confirmed that 500 DanceSport, BBoys and BGirls nationwide will join the ranking competition.

Nine World DanceSport Federation licensed adjudicators—Kabdulla Baizhanov of Kazakhstan, Christian Bradbury of Hong Kong, Gloria Alcala of the Philippines, Sylvia Loo of Malaysia, Sutu Ok of Korea, Luis Alberto Pereira of Macau, John Alan Winter of Denmark, Robbin Tanudibrata of Indonesia and Chu Tan Duc of Vietnam—will supervise the event.

Japanese Uochi Nao, Taiwanese Liu ChihChiang and Singaporean Huang Sze Thian will serve as adjudicators for Breaking.

Tickets are available at the DanceSport Training Center at the PhilSports Complex in Pasig City and at the entrance of the Ballroom of the Valle Verde Country Club on October 12.

Heavy dose on cable SKYCABLE serves a heavy dose of action in basketball, volleyball, football, baseball and tennis until October 15 through an all-access pass to various sports channels at no additional cost to subscribers.

Fans could enjoy Major Basketball League playoffs action and Formula 1 racing at the Japanese Grand also on FOX Sports Channel on October 13.

World No. 1 Novak Djokovic will defend his title in the Association of Tennis Professionals Masters 1000 in Shanghai on Tap Sports 1.

Football action will feature the La Liga season.

Sports fans could also watch the live coverage and updates on the preliminary rounds of the Maharlika Pilipinas Basketball League and the semifinals of the Philippine Volleyball League on Liga Channel.

“These are just a sampling of the wealth of sports content that SkyCable carries,” said James Dumlao, Sky’s head of programming. “We strive to have premium shows on various sports coverage so that, whatever your interest is, there is something for you on SkyCable.”

Delta vs Generals PAMPANGA and Taguig arranged a titular showdown for the National Basketball League (NBL) Season 2 crown after beating their respective foes in the semifinals last Sunday at the Bren Z. Guiao Convention Center in San Fernando, Pampanga.

The Pampanga Delta beat the Laguna Pistons, 95-80, and the Taguig Generals downed last season’s champion Parañaque Aces, 87-80, to set up a best-of-three clash for the crown.

Bryan Santos had 18 points, five rebounds and five assists in front of a packed crowd on their homecourt as the top-seed Delta reached the finals in only their first season in the league.

Gilbert Ocampo scored 17 points and Mark Tamayo added 15 points, all of which on threepoint shots, in the win by the Alan Trinidadcoached Pampanga over No. 4 Laguna.

Helino Francisco came away with a big game after making 17 points and 19 rebounds as the Generals, who came into the playoffs as the third-ranked team, advanced to the NBL finals for the first time by dethroning the second-seed Aces.

Game 1 of the NBL finals will be held next weekend, the schedule of which to be announced on the league’s official socialmedia account, facebook.com/nblphl.

F.E.U. SPOTLESS IN BOYS V’BALL F

AR Eastern University (FEU)-Diliman remained spotless in boys’ volleyball and Ateneo sets in motion its bid for backto-back championships in juniors baseball in University Athletic Association of the Philippines (UAAP) Season 82.

De La Salle, meanwhile, itches to get under the skin of bitter rival Ateneo, the unblemished reigning champion, when the two collide in centerpiece men’s basketball on Sunday at the Mall of Asia Arena.

The Baby Tamaraws made short work of the University of Santo Tomas (UST) Tiger Cubs, 25-16, 30-28, 25-22, with Rans Cajolo scoring 20 points on 16 spikes and four blocks, Jerold Talisayan providing 16 points and nine receptions, and France Racaza adding 12 points, nine receptions and six digs.

“I told the boys to stay in better shape because second-round action is different

from the first round—the matches just get tougher,” said Coach Rjhay del Rosario, and added that his wards snatched their seventh consecutive match.

Rookie Jay Rack de la Noche was the lone bright spot for the Tiger Cubs—who dropped to 5-3 (won-lost) with 12 points. Rey de Vega was held to six points.

In the other matches, National University-Nazareth School beat De La Salle-Zobel, 25-20, 25-19, 26-24, and Adamson University defeated Ateneo, 2520, 25-22, 25-18.

Ateneo, meanwhile, squares off with UST at the Rizal Memorial Baseball Stadium at 11:30 a.m. on Tuesday, hoping to bring the same firepower that earned the Blue Eaglets a 2-0 sweep of the Finals against the National University Bullpups last season.

NU-Nazareth School and De La Salle-Zobel collide in the other opening day game at 9 a.m.

A rematch of last year’s Finals between Ateneo and NU will be on Sunday at 11:30 a.m.

Raring to level the feud after they knelt in the first round, the Green Archers try to carry the momentum of an 85-61 win over the Bulldogs two days ago when they take on the Blue Eagles (8-0).

Justine Baltazar, a former high-school star, exploded in his biggest game yet—careerhighs of 25 points and 25 rebounds that went with two blocks as his team joined a threeway tie with the Tigers and Tamaraws for third to fifth places.

De La Salle wants to bag more wins as possible to improve on its 4-4 record. Team consultant Jermaine Byrd has set the team’s objective against the Blue Eagles.

“We’re approaching the second round

as if every game is a playoff game. Today was the first one. Proud of our team, proud of our coaching staff and get ready for Sunday,” Byrd said.

Ateneo had De La Salle reeling on the ropes en route to an 81-69 win in the first round last September 8.

The defending champions needed the heroic of Gian Mamuyac to stay afloat after they almost squandered a big lead they secured in second period.

Against the Bulldogs, the Green Archers went off to a huge 26-9 run in the first quarter behind Baltazar, Andrei Caracut and Jamie Malonzo.

If De La Salle gets a week’s break, Ateneo has a tight week against Adamson University on Wednesday. Ramon Rafael Bonilla

ROCKETS GM REGRETS TWEET ON HK ISSUE B

EIJING—Houston Rockets General Manager Daryl Morey tried Sunday to defuse the rapidly growing fallout over his deleted tweet that showed support for Hong Kong anti-government protesters, saying he did not intend to offend any of the team’s Chinese fans or sponsors.

A short time after Morey posted that statement, the National Basketball Association’s (NBA) said it was “regrettable” that the deleted tweet offended many in China. And all that followed several companies in China, including some of the NBA major business partners there, lashing out over Morey’s original tweet.

Morey tweeted an image that read “Fight for Freedom. Stand with Hong Kong.” referring to the four-month-old protests in the semiautonomous Chinese territory. That led to Houston owner Tilman Fertitta turning to Twitter to say that Morey does not speak for the Rockets, and sparking an outcry that included the Chinese Basketball Association—whose president is Yao Ming, the former Rockets star center—saying it was suspending its relationship with the team.

Other criticism came from Tencent, a major media partner of the NBA in China with a streaming deal that is worth $1.5 billion over the next five years, and Chinese state television—both of which said they would not be showing Rockets games. It wasn’t immediately clear if Morey’s new tweets or the NBA’s statement that followed would be enough to salvage those relationships. Chinese athletic apparel maker Li-Ning released a statement saying it was upset with Morey’s tweet.

“I did not intend my tweet to cause any offense to Rockets fans and friends of mine in China,” Morey tweeted early Monday from Japan, where Houston is playing this week. “I was merely voicing one thought, based on one interpretation, of one complicated event. I have had a lot of opportunity since that tweet to hear and consider other perspectives.

“I have always appreciated the significant support our Chinese fans and sponsors have provided, and I would hope that those who are upset will know that offending or misunderstanding them was not my intention. My tweets are my own and in no way represent the Rockets or the NBA.” NBA Chief Communications Officer Mike Bass said the league recognizes that Morey’s tweet “deeply offended many of our friends and fans in China, which is regrettable.” Bass added that the league supports individuals “sharing their views on matters important to them.”

“We have great respect for the history and culture of China, and hope that sports and the NBA can be used as a unifying force to bridge cultural divides and bring people together,” Bass said.

Earlier, Fertitta attempted to distance the team from Morey’s tweet with a Twitter post of his own: “Listen.@darylmorey does

DARYL MOREY: I did not intend to offend any of the team’s Chinese fans or sponsors. AP

NOT speak for the @HoustonRockets. Our presence in Tokyo is all about the promotion of the @NBA internationally and we are NOT a political organization.”

The timing of this is particularly awkward for the NBA. China has teams in the US playing preseason games this week, the Rockets are about to play two games in Japan and the Los Angeles Lakers—with one of the biggest global sports stars in LeBron James—and Brooklyn Nets set to play Thursday in Shanghai and Saturday in Shenzhen, China.

Nets owner Joe Tsai is a cofounder of Chinese e-commerce giant Alibaba, and posted an open letter on his Facebook page late Sunday night saying Morey stepped on what he described as “a third-rail issue” when it comes to China and Hong Kong.

“By now, I hope you can begin to understand why the Daryl Morey tweet is so damaging to the relationship with our fans in China,”Tsai wrote. “I don’t know Daryl personally. I am sure he’s a fine NBA general manager, and I will take at face value his subsequent apology that he was not as well informed as he should have been. But the hurt that this incident has caused will take a long time to repair.”

The statements from Morey and the NBA caught the eyes of lawmakers, including no fewer than three US Senators—Ted Cruz of Texas, Rick Scott of Florida (who criticized NBA Commissioner Adam Silver for the league’s statement, apparently unaware it was made

by Bass, an NBA spokesman), and Brian Schatz of Hawaii.

“We’re better than this; human rights shouldn’t be for sale & the NBA shouldn’t be assisting Chinese communist censorship,” tweeted Cruz, who said he is a lifelong Rockets fan.

Democratic presidential candidate Julian Castro, a former US Housing Secretary from Texas,

St. John’s A tops youth spikefest

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AINT JOHN’S Institute Team A ruled the first-ever Premier Volleyball League (PVL) Youth Festival Girls 12-under Volleyball Tournament on Sunday at the University of Saint La Salle (USLS) Coliseum in Bacolod City.

Saint John’s Institute Team A bested Talisay City in the championship match, while Bago City’s Ma-ao Elementary School and Team Pulupandan finished third and fourth, respectively.

Sixteen teams from different cities in Negros Occidental competed in the oneday tournament, which is a part of the festivities for the upcoming PVL Open Conference doubleheader in Bacolod on Sunday also at the USLS Coliseum.

The Youth Festival, which was held at the St. John’s Institute, is a province-wide effort of the PVL to give more opportunity for the

young to get access to competitive games.

“This is in the effort of growing the local talent for volleyball and create an avenue for more opportunities for the young through playing sports,” said Bea Tan, organizer and founder of Grid Athletic Sports.

“We want to replicate this and create more opportunity for grassroots volleyball to grow even more,” she added.

YOUTH FOOTBALL LEAGUE Action at the Speed Regalo

Youth Football League at the Alabang Country Club and Circulo Verde fields resume over the weekend with Mendiola Football Club staying on top of the U19 table after disposing of Malaya, 4-1.

tweeted “China is using its economic power to silence critics—even those in the US” Fostering strong relationships with China has been a priority of the NBA for at least three decades.

The NBA has a China office, just announced plans to add a gaming team in Shanghai to the NBA 2K League, and officials in both countries say as many as 500 million Chinese watched at least one NBA game last season. Several NBA players—including major current and former stars like Stephen Curry and Kobe Bryant—go to China annually to promote their individual brands, and the World Cup held in China this summer saw countless fans attending in NBA jerseys.

The Rockets, largely because of Yao, have an enormous Chinese following. But after Morey’s tweet, even the Chinese government’s consulate office in Houston issued a statement saying it “expressed strong dissatisfaction” with the team.

“We have lodged representations and expressed strong dissatisfaction with the Houston Rockets, and urged the latter to correct the error and take immediate concrete measures to eliminate the adverse impact,” the consulate general’s office said in a statement Sunday.

The Chinese league said Sunday on its official Twitter-like Weibo account that Morey had made “improper remarks regarding Hong Kong” to which it expressed its “strong opposition.”

That underscores Beijing’s extreme sensitivity about foreign attitudes toward the ongoing protests and increasing violence.

China accuses foreign parties in the US and elsewhere of encouraging the demonstrations.

The protests that started in June over a now-shelved extradition bill have since snowballed into an anti-China campaign amid anger over what many view as Beijing’s interference in Hong Kong’s autonomy that was granted when the former British colony returned to Chinese rule in 1997.

Protests continued raging this weekend after the shooting of a 14-year-old boy Friday night—the second protest victim of police gunfire—stoked fears of more bloody confrontations. An 18-yearold protester was shot at close range by a riot officer last week. He was charged with rioting and assaulting police, while the younger teen was arrested.

The Communist Party’s official newspaper, People’s Daily, said in a commentary that Morey touched China’s bottom line: “Morey’s position is hurtful to Chinese basketball fans and is also an affront to the Chinese people.” People’s Daily also noted multinational corporations who, likewise, tested the line on Hong Kong have “paid a heavy price.” AP

INSTRUCTIONS Alaska Coach Jeff

Cariaso gives out instructions to his point guard, Jvee Casio, during the Aces games against the Magnolia Hotshots in the Philippine Basketball Association Governors’ Cup on Sunday at the Smart Araneta Coliseum. The Hotshots won, 95-90.

Pirates face Stags, Bombers vs Altas

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YCEUM of the Philippines University tries to reduce San Sebastian College-Recoletos’ playoff chances as they face each other on Tuesday in the National Collegiate Association Season 95 seniors basketball tournament at the Filoil Flying V Centre in San Juan.

The No. 2 Pirates (12-3 won-lost), recently clinched their third consecutive Final Four appearance after their redemption victory over upset-conscious Emilio Aguinaldo College Generals (3-12), 83-71, last Friday.

The Pirates sit behind unbeaten leader and defending champion San Beda Red Lions (16-0), who are two wins away from an outright Finals berth. San Beda is on a 30-game win streak.

The No. 4 Stags (8-7) take on a tougher task to keep their playoff hopes alive against the red hot Pirates, who are currently in a six-game winning streak.

Coming off a three-game skid, the Stags escaped past the struggling Jose Rizal University Bombers, 6259, last Thursday.

The Bombers dropped to a 4-10 card in a tie with the University of Perpetual Help System Dalta Altas.

The Altas, on the other hand, could still enter the playoffs if they sweep their remaining games— including their 4 p.m. duel with the Bombers.

College of Saint Benilde (6-8), meanwhile, try to end a six-game skid when the Blazers face the cellardwelling Generals at noon.

The Blazers lost eight of their nine games.

Ryniel Berlanga

Lifesavers battle Lady Realtors, Cargo Movers face Tornadoes

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ENERIKA-AYALA tries to regain its winning ways when it clashes with Sta. Lucia at the resumption of the Philippine Superliga Invitational Conference on Tuesday at the Bacoor Strike Gym in Cavite.

Game time is at 6 p.m. with the Lifesavers looking to salvage their shattered pride following a loss to F2 Logistics before the women’s club tournament took a break last October 1 to give way for the Asean Grand Prix, a test event of the 30th Southeast Asian Games.

The Philippines emerged with a bronze medal with Majoy Baron and Dawn Macandili of F2 Logistics running away with the Best Blocker and Best Libero awards, respectively.

Baron and Macandili will hit the court anew when the Cargo Movers battle Foton at 4 p.m. following the collision between red-

hot Cignal and lowly Marinerang Pilipina at 2 p.m.

Fashioning a 1-2 win-loss card, the Lifesavers are in the third spot in Group B and are in dire need of a win to boost their chances of advancing to the next round.

But the Lady Realtors also have the same objective as they are looking to bounce back from back-to-back losses to PLDT Home Fibr and Cignal, turning this battle into a dramatic encounter that could go down up to the last rally and last defensive stop.

Generika-Ayala Head Coach Sherwin Meneses recognizes their hunger, saying that they are in a must-win situation entering the crucial stretch of the tournament.

“Every game is important so we must make the most out of every opportunity to take the win,” said Meneses, whose wards started hot before fading in the semifinal derby of the All-Filipino Conference two months ago.

“We are currently tied with Sta. Lucia and we need this win to boost our chances.”

Tasked to carry the fight for the Lifesavers are Ria Meneses, Fiola Ceballos, Patty Jane Orendain and Kat Arado, who made heads turn following an impressive performance in the Asean Grand Prix.

They will be stacked against the veteran Sta. Lucia crew of Amanda Villanueva, Pam Lastimosa and Amy Ahomiro.

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HE Philippine Golf Tour (PGT) caps its milestone 10th season fittingly on a course making its first hosting of the country’s premier circuit—the International Container Terminal Services Inc. (ICTSI) South Pacific Classic which gets under way on Wednesday at the South Pacific Golf and Leisure Estates in Catalunan Pequeño in Davao City.

Coming off back-to-back victories in Taiwan and at Apo the last two weeks, Tony Lascuña easily stands out as the marked man in the P3 million event but the veteran shotmaker will be practically as clueless as the rest of the stellar international field on the challenges posed by the bunker-laden course hosting a tournament of this magnitude for the first time.

Another championship course developed by the Sta. Lucia Development Inc. chaired by Vicente Santos and designed by Mike Singgaran, the par-72 layout opened its first nine holes in June 2016 with the other nine completed last September 2018.

It features long par-4s and sleek surface with Bermuda 419 turf grass on the tees, roughs and fairways and Zoysia grass on the greens, according to VMJ Evergreen Golf Maintenance and Construction Corp.

But with the pros in competitive form coming off a series of tournaments, a low scoring battle looms in all four days of the championship also serving as the fourth leg of the Mindanao swing of the circuit organized by Pilipinas Golf Tournament Inc. “What makes this event interesting is that no one holds an advantage at South Pacific—

Tuesday, October 8, 2019 C3

LASCUÑA MARKED IN PGT DAVAO TILT familiarity-wise. So it’s a question of course management and, of course, putting,” said Lascuña, who nevertheless remained confident of stretching his win run to three in his eighth straight tournament.

The field tested the course in yesterday’s official practice round with Lascuña and a select number of pros gaining another chance to play it in today’s (Tuesday) pro-am tournament where they will be paired with guests and officials of the event’s chief backers, including ICTSI, Custom Clubmakers, Meralco, Champion, Summit Mineral Water, K&G Golf Apparel, BDO, Sharp, KZG, PLDT and MY Shokai Technology.

Beefing up the cast are last week’s runner-up Keanu Jahns, Nilo Salahog, reigning Philippine Open champion Clyde

Mondilla, Pueblo de Oro titlist Reymon Jaraula, Ira Alido, Paul Echavez, Art Arbole, Ramil Bisera, Elmer Salvador, Jhonnel Ababa, Elmer

Saban and Ferdie Aunzo.

Jay Bayron, who missed the cut last week, is also going for redemption along with the likes of Michael Bibat, Jerson Balasabas, Joenard Rates, Rufino Bayron, Mhark Fernando, Anthony Fernando, Marvin Dumandan, Noel Langamin, Richard Sinfuego and former PGT Asia leg winner James Ryan Lam.

TONY LASCUÑA and Keanu Jahns are the players to watch in the International Container Terminal Services Inc. (ICTSI) South Pacific Classic.

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ASEAN SPORTS MINISTERS GAB ON D C

ARLOS EDRIEL YULO renewed his quest to qualify for the 2020 Tokyo Olympics after springing into action on Monday in the men’s all-around preliminaries of the 49th FIG Artistic Gymnastics World Championships at the Hanns Martin Schleyer Halle in Stuttgart, Germany.

Arriving in Stuttgart early last week from Tokyo with Japanese Coach Munehiro Kugimiya to adjust to the cool German weather, Yulo, 19, was set to perform at 4:30 p.m. (10:30 p.m. Manila time), opening his bid with the horizontal bar among the six apparatus in the men’s event.

This will be followed by his forte, the floor exercise, then the pommel horse, rings, vault, respectively, before capping his day with a stint on the parallel bars in the trip supported by the Philippine Sports Commission.

Gymnastics Association of the Philippines (GAP) President Cynthia Carrion, who arrived in Stuttgart last Saturday, was guardedly optimistic that Yulo, a GAP protégé since he was seven years old, would perform well here and emerge as the country’s second Olympic qualifier after pole vaulter Ernest John Obiena.

“Caloy [Yulo’s nickname] has undergone extensive training in Japan for over two years now under Coach Mune and has had a lot of international exposure before going to the worlds,” Carrion said. “So we are praying very hard that he will do well here and qualify for the Olympics.”

The 4-foot-11 dynamo has already shown that he can shine on the world stage, bagging a gold medal in the floor exercise in the opening

SOMS-9 from past host Myanmar.

SOMS-9 chairman, Philippine Sports Commission (PSC) Executive Director Merlita Ibay, thanked all participants and assured that “commitments made by the Asean membercountries under the five-year Asean Work Plan on Sports 2016-2020 will be continued and completed under the country’s chairpersonship.”

The meeting cast the spotlight on the preparation for the Joint Bid for the Fifa World Cup

Competing against the elite of men’s gymnastics, Yulo copped a bronze medal in the same event in the next stop of the World Cup in Doha, Qatar, a month later.

The young boy became the first Filipino gymnast to win a gold medal in the vault event of the prestigious International Junior Gymnastics Championship in Yokohama,

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Japan, in September 2017.

Despite performing with an injury, Yulo displayed a lot of fighting spirit in clinching the gold medal in the parallel bars of the 14th Junior Artistic Gymnastics Championships in Bangkok, Thailand, held in May of the same year.

Both Yulo and Kugimiya declined to be interviewed during their training session last Sunday, preferring to focus on the task at hand, according to Carrion.

“Both of them

want to focus first on Caloy’s performance on Monday, but the coach will be available for an interview after our gymnast performs,” she said.

The top 12 finishers in the all-around men’s event will book their spots to the Tokyo Games, while the gold, silver and bronze medalists in each of the individual apparatus will also make it to the quadrennial sports showcase.

Should Yulo flourish, he will see action in the men’s all-around finals on Friday and the apparatus finals scheduled for Saturday and Sunday.

CARLOS EDRIEL YULO renews his Olympic bid at the world gymnastics championships in Stuttgart.

Pole vaulter Obiena in PSA Forum HE coming Unigames-Collegiate Grand Slam Volleyball finals of the National Basketball League (NBL) and the country’s first athlete to qualify for the Tokyo Olympics—pole vaulter EJ Obiena—make up Tuesday’s wide-ranging discussion in the Philippine Sportswriters Association (PSA) Forum at the Amelie Hotel-Manila.

Philippine Super Liga President Ian Laurel and Rommel Sytin will talk about the October 19

2034 and the need to strengthen coordination with relevant stakeholders.

Malaysia will host the initial meeting for the establishment of the e-sports federation in the region as proposed by Malaysian Head of Delegation and Director General of the Malaysian National Sports Council Ahmad Shapawi Bin Ismail.

PSC Chairman William Ramirez, meanwhile, will lead the Fifth Asean Ministerial Meetings on Sports on Tuesday.

YULO BRINGS ACT TO WORLDS leg of the FIG Apparatus World Cup last February in Melbourne, Australia.

to 27 Unigames in Iloilo City which will be held in honor of Dominic Sytin, the late CEO of United Auctioneers Inc. and benefactor of the University of the Philippines Lady Maroons.

The protagonists in the NBL finals, meanwhile, will discuss their best-of-three title series with Coach Allan Trinidad and players Mark Tamayo, CJ Gania and Harryson Bautista representing the Pampanga Delta, and Coach Bing Victoria along with players LJ Mayo,

Helino Francisco and Mike Sampuma coming on behalf of the Taguig Generals.

To cap the busy session presented by San Miguel Corp., Braska Restaurant, Amelie Hotel and the Philippine Amusement and Gaming Corp., the 23-year-old Obiena tackles his preparation for the 30th SEA Games and next year’s Tokyo Olympics.

The 10 a.m. session is livestreamed via the PSA Facebook page fb.com/ PhilippineSportswritersAssociation and aired on a delayed basis over Radyo Pilipinas 2 from 1 to 2 p.m. and later at 6:30 p.m.

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ANTA Elena’s Carina Ricamonte flashed top form and carded a gross two-over 74 for a net 69 to capture the women’s crown while Ray Sangil won the low gross honors with 68 in the Highlands Ladies Cup at Tagaytay Midlands Golf Club over the weekend.

Davao’s Stella Barnes shot a net even-par 72 from a gross 91 to clinch runner-up honors in the centerpiece division of the 14th staging of the event that featured the leading golfing ladies from the country’s top courses along with their guests from various sectors.

Korean Jung Hak-soo, a 7-handicapper, fired a gross 76 to bag the low net title with a 69, while Johann See also turned in a net 69 from a gross 79 to rule Class A with Dan Salvador finishing second with a gross 81 for a net 70 in the event backed by Gold sponsor IMG and Silver backers Baron Travel, CIF by Unilever, New Golden City Builders, PLDT SME, Petron, Regent Travel, SHA-WRAP, SM Prime Holdings and Wuhan Fibrehome.

Gerry Romualdez and Lito Maraña came up with net 70 and 73 to top Classes B and C, respectively, of the tournament where a huge field of 220 players took part in 18 holes of competition at the Midlands and Lucky 9 courses with Tagaytay Highlands Ladies Chapter (THLC) President Rosalind Wee and Auto Nation’s Anthony Pe hitting the ceremonial drive.

Enrico Leyeza, son of the late THLC member Mely Leyeza, also graced the opener with a book to be launched to her the latter’s memory.

With no one scoring an ace, the Asian cruise, Palawan and Boracay trip packages, along with the Wenger wristwatch were raffled off during awards rites.

PBA Legend Fernandez confident of gold medal finish in SEA Games hoops

NINTH Asean Senior Officials Meeting on Sports Chairman Merlita Ibay (center) is flanked by heads of delegations.

ELEGATES from Association of Southeast Asian Nation (Asean) member-countries kicked off a series of meetings for the Ninth Asean Senior Officials Meeting on Sports (SOMS-9) on Monday at the Hotel Sofitel in Pasay City.

The meetings aim to strengthen bonds and interaction within the region through sports cooperation.

The Philippines assumed chairmanship of the

Ricamonte, Sangil top Highlands Cup

FTER the unveiling of the Philippine men’s basketball pool for the 30th Southeast Asian Games, Philippine Sports Commission (PSC) Commissioner Ramon Fernandez is confident that newly appointed National Coach Tim Cone will get the job done.

Fernandez, a member of the silver-winning Asian Games team in 1990 in Beijing, believes the Philippines could win an 18th overall SEA Games men’s basketball title since 1977.

The men’s basketball competition will be held from December 1 to 10 at the Mall of Asia Arena in Pasay City.

“He [Cone] knows what it takes to win in the Southeast Asian Games. It can be done with an all-pro lineup and even with a mix collegiate stars,” said Fernandez, a four-time Philippine Basketball Association (PBA) Most Valuable Player.

Cone formed recently the Gilas Pilipinas 15-man SEA Games pool headed by six Barangay Ginebra San Miguel players—Japeth Aguilar, Greg Slaughter, Scottie Thompson, LA Tenorio, Art de la Cruz and Stanley Pringle.

Also in the pool are June Mar Fajardo, Marcio Lassiter, Chris Ross, Christian Standhardinger, Roger Pogoy, Troy Rosario, Jayson Castro, Vic Manuel and Matthew Wright.

“We don’t want to lose this one. This is our home court. This is not the best talent, but we

TAKE it from Ramon Fernandez, he knows one when he sees one.

are trying to be the best team that we can,” said Cone, the most successful PBA coach with 21 titles highlighted by grand slam crowns in 1996 and 2013.

“We decided to go with a veteran group again, because generally veterans are easier to coach short term,” he said. “They pick up things faster than the young guys. This is all about speed and efficiency that we’re trying to do.”

In the 2017 Games in Malaysia, Gilas Pilipinas was led by a mixture of professional and amateur players to win the gold.

Cone is back with the national team for the second time after coaching the Philippine Centennial squad in the 1998 Bangkok Asian Games. That team settled for a bronze medal.

PHL water polo bets square off with Ireland in Singapore meet

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FTER three exhibition matches, the water polo national team now gets to play in actual game as the Filipinos face Ireland at the start of the 2019 Fina Water Polo Challengers’ Cup on Tuesday at the OCBC Aquatic Centre in Singapore.

The national team defeated Zimbabwe, 16-2, on Monday morning, and hammered an 8-5 victory versus Malaysia—bronze medalist in the last Southeast Asian Games in Kuala Lumpur in 2017—in the afternoon session.

Another friendly game is set against India a day before the start of the 10-nation tournament.

Philippine water polo Coach Rey Galang said the players are ready considering the execution on offense and solid defense the national team displayed in the first two exhibition games.

“Our players are ready to play in this tournament—physically and mentally,” said Galang, who has former national team player standout Dale Evangelista as part of the

coaching staff.

“We know we’re up against a team that is taller and bigger than our players, but I know we have the skills to match up with our opponent,” he added.

The national team takes on Ireland at 4:30 p.m., right after the 2 p.m. game between India and Indonesia. Austria and Chinese Taipei clash at 6 p.m. before Zimbabwe faces host Singapore at 7:30 p.m.

The team’s participation, made possible by the Philippine Sports Commission and the Philippine Swimming Inc., is part of the Filipinos preparations for the 30th SEA Games the country is hosting from November 30 to December 11.

The 13-man team is composed of captain Tani Gomez, Roy Cañete, Mico Anota, Adan Gonzales, Matthew Yu, Macgyver Reyes, Mark Valdez, Aljon Salonga, Romark Belo, Paolo Serrano, Abnel Amiladjid, Mummar Alamara and Fil-Am Vince Sicat.

Spray of champagne welcomes ‘Britannia’ to America’s Cup waves

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IR Ben Ainslie hopes to rule the America’s Cup waves with a cutting-edge boat named Britannia.

Ainslie’s Ineos Team UK christened its first AC75 boat with a spray of champagne Friday in Portsmouth.

Ainslie stood by as Julia Ratcliffe, the daughter of team owner Sir Jim Ratcliffe, sprayed champagne onto Britannia’s bow rather than smashing the bottle on the bowsprit of the fantastical-looking, 75-foot foiling monohull.

“The quest to win the 36th America’s Cup has required a fresh approach, a new strategy and serious support from Ineos to focus entirely on the mission in hand,” said Ainslie, who is driven to become the first Englishman to hoist the Auld Mug in victory. “I’m hugely proud of the team’s commitment to design and build our first race boat. It’s taken a serious amount of hard work and now we can’t

the schooner America in 1851 in a race around the Isle of Wight, not far from Ineos Team UK’s base.

Ainslie represents Britain’s best chance yet. The most-decorated sailor in Olympic history with four gold medals and one silver, Ainslie helped Oracle Team USA successfully defend the America’s Cup in 2013. He then launched his own syndicate for the 2017 America’s Cup. Ratcliffe named his AC75 in homage to one of Britain’s most famous racing yachts, Britannia, which was built in 1893. Its name was in turn taken from James Thomson’s poem “Rule Britannia!” written in 1740. That poem, of course, contains the line, “Rule, Britannia, rule the waves.”

wait to get Britannia out sailing on the Solent.”

Each team can build two boats for the 36th America’s Cup cycle, which will conclude in 2021 in Auckland, New Zealand. Britannia is the fourth boat to be launched in recent weeks. The first to hit the water was defending champion Emirates Team New Zealand’s Te Aihe—dolphin in the language of the indigenous Maori—followed by Defiant, the first boat built by the New York Yacht Club’s American Magic team. Italy’s Luna Rossa Prada Pirelli Team launched Luna Rossa on Wednesday.

Britain has been trying without success for the better part of 168 years to win back the silver trophy it lost to

It just hasn’t ruled the waves in the America’s Cup, the oldest trophy in international sports.

Ineos Team UK, which is backed by the Royal Yacht Squadron, will test Britannia on the Solent before heading to Sardinia for winter testing. The first competition in the AC75s will be in the America’s Cup World Series regatta in Cagliari in late April. Ineos Team UK plans to launch a second boat in late 2020.

The AC75 is “unlike anything ever seen on the water before,” Ineos Team UK chief designer Nick Holroyd said. “It’s hugely ambitious and it sets out an entirely new type of boat and with only 18 months to design and build there comes challenges, but that’s what makes the Cup so exciting.”

The broad, low-slung AC75 boats replace the foiling catamarans used in the last two editions of the America’s Cup. They will be capable of speeds of up to 50 knots (57 mph). AP

Sports RUSSIAN MEN SET PACE AT GYMNASTICS WORLDS BusinessMirror

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| Tuesday, October 8, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

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TUTTGART, Germany— European champion Nikita Nagornyy set the pace in the allround standings as Russia topped the team event on the first day of the men’s qualification at the Gymnastics World Championships in Stuttgart on Sunday.

Nagornyy, part of the Russia squad which secured Olympic silver medals at the 2016 Games in Rio, scored a total of 87.333 points across six disciplines.

Compatriot Dalaloyan Artur was second with 86.531, while Lee Chih-kai led a great team effort from Taiwan, which sits second in the overall rankings.

Russia leads with 259.928 points, ahead of Taiwan (250.093) and Brazil (247.236).

The rest of the qualifying from the last four subdivisions is set to be completed on Monday.

Ireland’s Rhys McClenaghan will be hoping he has done enough to make the

pommel horse final.

European champion McClenaghan scored 15.200, which put him top in the individual standings, ahead of Lee. The leading eight gymnasts following the completion of the qualifying stage will progress through to the final, where a potential place can be secured for the 2020 Olympics in Tokyo.

Simone Biles,

RUSSIA’S Nikita Nagornyy performs on the pommel horse and the US’s Grace Mc Callum does her routine on the uneven bars during qualifying sessions for the Gymnastics World Championships in Stuttgart. AP

meanwhile, is in Germany to try to become the most decorated female gymnast in world championship history.

Biles headlines the six-woman US team that will travel to Stuttgart early next month. The defending world and Olympic champion has collected 20 world championship medals during her career. She needs one more to break a tie with Russia’s Svetlana Khorkina for the most by a female gymnast. Four medals would push Biles past former Belarussian star Vitaly Scherbo for the most by any gymnast.

Biles won five medals at the 2018 worlds in Doha, Qatar, including gold in the all-around, as well as floor exercise and vault despite dealing with a painful kidney stone.

Kara Eaker and Grace McCallum, who won team golds with Biles last year, also are heading to Germany.

They’ll be joined by Jade Carey, Sunisa Lee and MyKayla Skinner, an alternate on the 2016 Olympic team and member of the 2015 world championship team that won gold.

The US had until 24 hours before the start of qualifying to choose the five women competing.

Morgan Hurd, the 2017 world all-around champion, and Leanne Wong are the two non-traveling alternates. AP

Messi scores 1st goal of season as Barcelona beats Sevilla, 4-0

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LIONEL MESSI curls a left-footed free kick over the wall and into the net for his first goal of the season to wrap up Barcelona’s win on Sunday. AP

ARCELONA, Spain—Lionel Messi has ended his miniscoring drought as Barcelona finds its winning stride.

Messi curled a leftfooted free kick over the wall and into the net for his first goal of the season to wrap up Barcelona’s 4-0 win over Sevilla in the Spanish league on Sunday.

The soccer great thrust his finger in the air before pumping his fist in celebration after scoring in the 78th minute. Messi had gone scoreless in his previous four appearances after being sidelined for five games with injuries.

Messi’s 37th goal in 38 career meetings with Sevilla was also his first since he won his record sixth Fifa player of the year award last month.

“We know how important Leo is for this team and what he means to us,” Barcelona midfielder Arturo Vidal said. “If he is playing well it helps us a lot.”

Luis Suárez put Barcelona on the winning path for a second time this week after netting with a bicycle kick in the 27th despite Sevilla having dominated the game before then. On Wednesday, the Uruguay striker

had sparked a 2-1 comeback over Inter Milan in the Champions League with a superb volley before he added a fine second goal.

Vidal and Ousmane Dembele added two more goals against Sevilla in the next 10 minutes to turn what had been a tightly contested start into a demolition.

After a stuttering start to the season while Messi was out injured, Barcelona’s fourth straight victory in all competitions lifted it into second place and two points behind leader Real Madrid. Barcelona will host Madrid on October 26.

Atlético Madrid slipped to third—one point behind Barcelona—after being held 0-0 at Valladolid, its third scoreless draw in four rounds.

“It was a complicated match and the score by halftime was a bit exaggerated,” Barcelona coach Ernesto Valverde said. “We had more firepower than they did. After scoring the first goal we created danger practically every time we reached their area.”

Barcelona finished with nine men after referee Mateu Lahoz sent off Ronald Araujo on his debut after making contact

with Sevilla’s Javier “Chicharito” Hernández with only the Barcelona goalkeeper to beat. Replays showed minor contact between the two players.

Dembele was then shown a direct red, for criticizing Lahoz’s decision by saying he was “very bad.”

NIGHT TO FORGET

THE last time Sevilla Coach Julen Lopetegui came to Camp Nou, his Real Madrid team had been routed, 5-1.

He was fired a day later.

One year later, Lopetegui must have been at a loss to see his team trailing 3-0 at halftime after it had outplayed Barcelona in the first 25 minutes, largely thanks to Lucas Ocampos’s powerful runs down the right flank and on-target passes.

Sevilla’s Luuk de Jong, however, had a night to forget. After goalkeeper Marc-Andre ter Stegen made an excellent save against his point-blank shot off a pass by Ocampos, the striker had three glaring misses.

Lopetegui looked on in disbelief when de Jong’s header off another Ocampos cross failed to go in—a minute before Suárez whipped in Nelson Semedo’s cross at the other end.

De Jong’s bad fortune continued after halftime when

he stole the ball to leave himself in a perfect position, only to hit the post. He has yet to score since joining Sevilla in the off-season.

“It was a painful and undeserved loss,” Lopetegui said.

“We were missing our finishing touch. De Jong did a lot of things very well, just as the team did, but to win at Camp Nou you have to play well and have a bit of luck.”

TOOTHLESS ATTACK

ATLÉTICO’S three-prong attack of João Félix, Diego Costa and Álvaro Morata wasn’t able to unsettle the modest Valladolid.

Atletico Coach Diego Simeone sent on Ángel Correa and Thomas Lemar for Félix and Morata, but they only slightly improved the attack. Atlético’s best scoring chance came in the 82nd when substitute Correa hit the upright.

Valladolid striker Sandor Ramírez squandered his side’s only good opportunity in the first half when he sent a penalty kick, that he had earned, high over the crossbar.

“It was very hard game, they play very well as a tight unit,” Simeone said. “[It was] a game that ended in a draw that we didn’t want, but we gave it our all.” AP

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Creating God

EAR God, You establish Your law of love in the hearts of those who fear You. In faith we pray: God, in Your wisdom, hear our prayer. Prosper the work of medical researchers, scientists and ecologists.

Grant clement weather for the planting and harvesting of crops to make farmers happy. Bless hospice workers and caregivers. Give peace to the dying and comfort those who mourn. May God direct our thoughts toward all that is true and worthy of praise, through Christ Jesus. Amen.

GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

NEW York-based interior designer Fawn Galli shows a child’s bedroom in the Brooklyn borough of New York. Storage baskets located at a child’s level can help keep children’s bedrooms organized and clutter-free.

Life

CIRCLES: THE BLOOMING JAPANESE ART OF FLOWER ARRANGEMENT D4

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Tuesday, October 8, 2019

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PHOTOS: AP

A CHILD’S nursery designed by Betsy Burnham in Los Angeles, California. In nurseries and bedrooms for younger kids, storage space is always needed. A fabric skirt attached beneath a crib creates a storage space that’s close at hand but hidden from view.

Keeping kids’ rooms calm, colorful and (relatively) tidy

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By Melissa rayWorTH The Associated Press

PRING cleaning season is here, and some of us got a head start by taking Marie Kondo’s message to heart: You’ll be happier if you eliminate clutter.

In many households, no room is a bigger magnet for clutter than a child’s bedroom. Designers say parents are increasingly interested in managing that clutter effectively—and attractively.

“Everybody wants their house to look like a magazine and that includes the kids’ rooms,” says Los Angeles designer Betsy Burnham.

But her advice to parents: Be realistic about how you and your kids actually live. Be honest, and really ask, “Are we a tidy family? Are we too busy? Do we have too much stuff? It’s OK if you’re not a tidy household.”

Once you’ve got those answers, Burnham says, there are lots of storage options out there.

Here, she and two New York-based interior designers—Deborah Martin and Fawn Galli—offer advice on creating great kids’ bedrooms that can stay relatively clutter-free.

COLORFUL, YET RELAXING GALLI says she hears clients talking about Kondo’s anti-clutter message. But she says parents also want more restful bedrooms for their kids as a response to digital overstimulation and the pace of modern kids’ lives. She says a space can be colorful, yet restful if

it’s been planned with a consistent color palette and materials that work well together.

Martin agrees: Choose a neutral color palette for the major design elements in the room, like furniture and wall color, she says. Then you can add pops of color through rugs, bedding and pillows.

Burnham also likes the neutral palette for kids’ rooms, where, she says, it’s easy “to overdo it, and think that just because they’re kids they get a brighter palette.” Another way to create a relaxing feel for kids: Leave an open play space.

“To maximize their creativity and their imaginative play,” Martin says, “it’s important to have an area where they can actually play in the center of the room.”

EASY, AMPLE STORAGE ALL three designers mentioned the value of beds with storage underneath. Bunk beds or loft beds can be perfect, especially for smaller bedrooms.

They also suggest labeling bins and baskets, especially for younger kids. A bookcase with deep shelves is perfect for holding labeled bins and baskets when children are younger, with books on higher shelves. Martin suggests considering the room from a child’s-eye view and planning storage from the ground up. Keep the most-used items where the child can easily reach them.

Double rods in a child’s closet will maximize space and help keep clothing organized. For very young kids, you can even add dividers along the rods that specify clothing sizes, so you’ll know which ones they

haven’t grown into yet.

Keep your child’s habits in mind: Some kids will fold their clothing Kondo-style and tuck it neatly into drawers. If yours won’t, choose bins or baskets where items like socks and underwear can easily be tossed and kept sorted.

TIMELESS STYLE TO keep a child’s room from having a “kiddie” vibe that they’ll quickly outgrow, Burnham suggests avoiding primary colors.

Also, keep desks and dresser tops relatively clear, Galli says, to keep the space feeling calm and more organized. “It’s a clean canvas,” she says, “to just start fresh at whatever your next project is.”

That might be easier to achieve by having less space rather than more: Desks don’t have to be large, Martin says, since many kids end up doing homework or projects at a kitchen table. A big desk in a bedroom can end up being a multipurpose space where a range of things quickly piles up.

One last bit of advice: Involve kids, especially older ones, in designing a space that fits their personalities.

Have it reflect their hobbies and interests, and add items like a wall rail where they can post things like a rotating display of photos.

If your child has his or her heart set on a wild wall color, Martin says, it may be worth going for it. You can always repaint in a couple of years.

Involving kids in their room’s design “creates what you can call ‘pride of place,’” she says. And that might make it more likely they’ll keep the room tidy. n

TO create a child’s bedroom that is saturated with cheerful color, and yet, still remains stylish, Burnham skips the primary colors traditionally associated with kids, and instead uses more sophisticated shades of dusty rose, brown, ivory and black.

Commune Home: The artisanal and sustainable lifestyle ROVER furniture collection pieces and accessories by Commune Home, highlighted in one of the vignettes during the open display at the Atrium, ShangriLa Plaza.

YOUNG millennials are at that stage in their life where they are beginning to be independent by either moving into their own apartment or condo, or even getting married and moving into their own homes. This is a generation whose style considerations involve criteria other than just looks. They care about the artisanal nature of furniture, as well as ethical questions regarding the sustainability of materials used.

“Sustainability,” shared Audrey Ngui, Commune Home’s brand manager, over the din of the music at the launch of Commune Home in the Philippines, on what drives the Singapore lifestyle and furniture brand. “Commune Home has social advocacy in terms of the environment. They only harvest wood from sustainable forests and get from responsible suppliers,” she said. Commune only uses ethically sourced wood, recycled materials, and lacquers and coatings with low lead content.

And then, of course, there’s design.

Commune believes in “art for the everyday” and

the concept of combining the values of great design and sustainability is the brand’s ethos.

“We believe in the philosophy of Commune,” said Gerry Alava, COO of Silya, Mesa, Atbp. Inc., the Philippine distributor of Commune Home.

It is why the design think tank in Singapore is called the Sensory Design Lab, owing to their belief that furniture should be human-centric.

Julian Koh, who heads Commune Home and was trained in industrial design in Melbourne, Australia, is credited for creating the brand’s identity. The company also emphasizes it is not in the business of doing knockoffs, and takes great pride in the originality of their designs. Commune has been honored at the “Singapore Furniture Industry Awards” with a gold, and with the Singapore Good Design (Lifestyle Division) plum for its Dualtone collection in 2015. In Singapore, Commune, which was established in 2011, has captured a niche segment of the young, upwardly mobile set who sees furniture as art, as well as an

extension of their image and values. The brand is decidedly global with a presence in the United States, Canada, Europe, the United Kingdom, Japan, Singapore, China, Hong Kong, Australia and India. “Millennials may have their own contemporary tastes, but it still veers toward the classic, something that exudes class,” Alava added. “It’s not too radical.”

With its Philippine store located at the East Wing of Shangri-La Plaza, Commune launched its newest collection, called the Rover, in early September 2019 in the Philippines. Commune describes it as “a glamorous reminder of the world of the leisure class, with its strong traditions of hunting, horse racing, country club visits and exotic travel. To achieve this, the rustic-modern collection utilizes hints of dark tropical wood, European beech, vintageinspired leather, traditional British tweed, wire grills and brass caps.” The introduction of other natural materials in the collection certainly gives a vibe that is edgy, yet, sophisticated.

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Tuesday, October 8, 2019

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Tegan and Sara’s ‘High School’ is a raw, powerful memoir

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By Mike Householder The Associated Press

EGAN and Sara’s dance-pop hit “Closer” concludes with a question.

“All I want to know is: Can you come a little closer?”

That query has been answered—at least for readers of the Canadian twins’ new memoir, High School (Farrar, Straus and Giroux).

The Quin sisters’ look back at their teenage years in 1990s Calgary, Alberta, is raw and powerful. Relying on journals, notes, photographs and, of course, their own memories and those of other principals, the authors’ richly detailed remembrances make you feel as though you’re a fellow student at Crescent Heights

High. Readers will experience Tegan and Sara’s anguish as they grapple with their sexuality and their wonder as they discover the joy of making music together.

We now know them as award-winning singersongwriters and LGBTQ activists, but back then, they, like so many of us, were just looking to survive their adolescence. “In those first few months of high school, I learned to avert my eyes, to show them submission, to be a ghost,” Sara Quin writes in a chapter titled “Grade-Ten Dirtbags.”

The Quins alternate authorship of the book’s 46 chapters, allowing readers to better understand each sister’s point of view as they navigate a winding road filled with drug consumption and mercurial relationships. We’re there when they combat

z

homophobia in school and at home; flee from pipewielding men; and begin a lifelong love affair with music after discovering their stepfather’s guitar in storage under the stairs at their home. Dozens of personal photos appear throughout the book, and they are just as gritty and uncompromising as the prose. “Tegan high on acid in her bed,” one description reads. “Sara passed out drunk,” says another.

Now 39, the mighty Quins have sold over a million records during their award-winning, two-decade music career. But near the close of the last century, they were a couple of kids trying to find their way.

High School is not just a peek into their formative years. It’s a no-holds-barred origin story that takes readers not only closer to that world, but all the way inside. n

Title, book cover announced for ‘The Hunger Games’ prequel

‘THE SHAPE OF NIGHT’ INVOKES CLASSIC GOTHIC SUSPENSE

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Ksenia Solo, 32; Bruno Mars, 34; Sigourney Weaver, 70; Chevy Chase, 76.

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. HHH

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. HHH

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. HHHHH

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. HH

NEW YORK—The Hunger Games prequel has a title and a book cover.

Suzanne Collins’s The Ballad of Songbirds and Snakes is due out May 19, 2020. Scholastic announced the title Friday along with the cover art, which features the now famous mockingjay symbol, along with a snake.

Collins announced earlier this year that she was revisiting the world of Panem with a new book set before the days of Katniss Everdeen. The Ballad of Songbirds and Snakes takes place 64 years earlier, during what Collins describes as the Reconstruction period after the war. It starts off on the morning of the 10th Hunger Games competition.

The Hunger Games was the first of a trilogy of best-selling books. It led to four blockbuster movies starring Jennifer Lawrence. AP

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. HHHH

f

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. HHH

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. HHH

CAMBRIDGE ANALYTICA WHISTLE-BLOWER HAS BOOK OUT TODAY

IN The Shape of Night (Ballantine) by Tess Gerritsen, a writer named Ava Collette attempts to escape a tragic event in Boston by fleeing to a remote area of Maine where she rents an isolated mansion that overlooks the coast. It’s a chance for her to forget and focus on finishing her next cookbook.

The mansion, Brodie’s Watch, has a history, but rumors of a dark past and it being haunted don’t deter her from moving in. Then one night she sees a glimpse of someone who looks suspiciously like Capt. Jeremiah Brodie, the sea captain who owned the house over 100 years ago. Is it her imagination or is the mansion truly haunted?

The more she starts to question if she saw a ghost or not, she learns that previous women who have lived in the house have died under mysterious circumstances. Then Brodie begins to visit her in the bedroom and they begin a relationship that is built primarily on lust. She wakes up the next morning after an escapade with her ghost lover and discovers bruises and scratches. If it all was a dream, then why would she have physical proof that she had been with someone during the night?

Gerritsen creates an atmospheric scene with the mansion and the Maine coastline, and readers will almost feel the breeze and hear the waves crashing against the rocks. The main story of Ava, who may—or may not—be descending into madness, is compelling, and a clever twist or two steers the narrative in unexpected ways. It’s a bit graphic in the sex scenes a few times, but that is a minor nitpick in what is another winner for Gerritsen. AP

NEW YORK—The whistle-blower at Cambridge Analytica, the data-mining firm linked to using social media for targeted political ads, has a book deal.

Christopher Wylie’s Mindf*ck: Cambridge Analytica And The Plot To Break America is out today, October 8, Random House announced. Wylie is a former research director at Cambridge who alleged the company had illegally accessed data of millions of Facebook users that was used to support the election of President Donald J. Trump. Cambridge was founded by such conservative power brokers as billionaire Robert Mercer and former White House aide Steve Bannon. Wylie’s allegations have led to investigations and hearings in the United States and the United Kingdom.

Random House is calling Wylie’s book “both exposé and dire warning” about how online information can be used to manipulate people. AP

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. HHH

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. HHHH

j

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. HH

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. HHHHH

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. HHH BIRTHDAY BABY: You are engaging, clever and adaptable.

You are sincere and passionate.

‘needs proofreading’ BY DEBRA HAMEL The Universal Crossword/Edited by David Steinberg

ACROSS 1 Half-price sale acronym 5 Do a laundry chore 9 Monkey’s ___ 14 Bell Labs operating system 15 BLT condiment 16 Earhart, for one 17 Convention speakers addressing a captive audience?

20 Vampires’ nemeses 21 Leonidas Chaney’s nickname 22 Tina of Wine Country 23 Figure with a gurney, briefly 24 One-armed ___ 26 Easy pitches 29 Indelicate 31 “Thunderstruck” group 34 “Got it!”

35 Traverse the seven seas 36 Mrs. Fred Mertz 37 French dessert in Stephen King’s hometown?

41 Apt exams for a dental school?

42 Soft ball purveyor 43 Secretive org.

44 Janet in Clinton’s cabinet

5 Computer character code 4 47 Internet customer 48 Combat helicopter 50 Swindle 52 Rosy-fingered goddess 54 You might get one for Christmas 55 Anastasia’s love interest 59 Group of crime fighters sculpted in clay?

62 “Cuchi-Cuchi” singer 63 Bequeath 64 Hankering 65 Command to a band 66 Proofreader’s instruction that can be removed from 17-, 37- or 59-Across to reveal a real phrase 67 ___ out (scrapes by) DOWN 1 Future flowers 2 Law school first-year 3 ___ monster (desert lizard) 4 Certain daisies 5 Eco-friendly auto 6 Quaker morsels 7 Toast option 8 Alice B. ___

9 Overturn 10 Chill in the air 11 Dimpled facial features 12 Passed-down tales 13 Site for crafts 18 Diamond, e.g.

19 Billions of years 24 Tightrope walker’s skill 25 “I can’t believe ___ the whole thing!”

26 Slaying the Nemean lion, e.g.

27 Chicago hub 28 Perch for a wheelie, perhaps 30 Grand Canyon’s perimeter 32 Thick 33 Word after “all” or “crystal” 35 ...---...

36 Seasonal toymaker 38 Cafeteria ladleful, maybe 39 Opus ___ 40 Spamalot lyricist 45 Hydrochloric, for one 46 Canny 47 One-of-a-kind 49 In progress 51 Meditation noises 52 Inscribe

3 Surprised greeting 5 55 Farmer’s place, in a song 56 Ankara resident 57 Fury 58 March 15, e.g.

60 Test in a tube, briefly 61 ___ like a rug

Solution to yesterday’s puzzle:

Show BusinessMirror

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Tuesday, October 8, 2019

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WARNER Bros.’

Joker, starring Joaquin Phoenix in the title role, grossed an estimated $93.5 million in ticket sales from 4,374 screens in North America, surpassing previous October record-holder, the Spider-Man spinoff Venom.

Beloved pop-rock band The Itchyworms at Shangri-La Plaza FOUR-PIECE band The Itchyworms plays its fun, memorable hits at Shangri-La Plaza on October 12, 7 pm, at the Grand Atrium.

From the moment they first came together in 1996, Jugs Jugueta, Jazz Nicolas, Chino Singson, and Kelvin Yu have been churning out catchy Filipino rock songs.

Known for hits like “Akin Ka Nalang,” “Beer” and “Gusto Ko Lamang sa Buhay,” the band has garnered a wide fanbase through the decades.

In 2016, The Itchyworms entered their song “Di Na Muli” to the Fifth PhilPop Music Festival, where it won the grand prize. In 2018, the song’s music video became the first-ever music video shot inside the Cultural Center of the Philippines. That same year, the song was given new life in the official soundtrack of the film Sid & Aya (Not A Love Story).

Music lovers will definitely get all the feels as The Itchyworms performs their sentimental ballads and infectious rock jams at the Shang. More information is available at www.facebook.com/shangrilaplazaofficial.

J.Lo, Shakira to perform at Super Bowl halftime show

‘Joker’ laughs its way to October box-office record

By Mesfin Fekadu The Associated Press NEW YORK—Jennifer Lopez and Shakira are going to bring the heat to the 2020 Pepsi Super Bowl Halftime Show.

NFL, Pepsi and Roc Nation announced on Thursday that the superstar performers, who have released music in Spanish and English since the 1990s, will perform on February 2 at Hard Rock Stadium in Miami Gardens, Florida.

Lopez and Shakira both posted a photo of them standing side by side on social media to announce the news. “Going to see the world on fire,” Lopez wrote.

“It doesn’t get any bigger than this! So excited about getting on that #SuperBowlLIV #PepsiHalftime stage!” Shakira wrote.

Both Lopez and Shakira have had major success the pop and Latin charts over the years with multiple hit songs and albums.

Lopez released her multihit debut in 1999 and topped the Billboard Hot 100 chart with songs like “If You Had My Love,” “All I Have” and the remixes of “I’m Real” and “Ain’t It Funny.”

Lopez recently wrapped up a tour to celebrate her 50th birthday, and her latest movie, Hustlers, has been a box-office hit and has even earned her Oscar buzz.

Shakira released her first album in 1991 and crossed over with 2001s Laundry Service, which featured the hits “Whenever, Wherever” and “Underneath Your Clothes.” The singer topped the Hot 100 chart with the Wyclef Jean-assisted anthem “Hips Don’t Lie.” Shakira has won 11 Latin Grammys and three Grammys.

“These two remarkable artists are setting a new precedent for what this show can become, and we’re confident that this will be an incredible performance for the ages,” Todd Kaplan, Pepsi’s vice president of marketing, said in a statement.

Jay-Z’s Roc Nation company is coproducing the halftime show.

The big game and halftime show will air live on Fox and broadcast in 180 countries.

L

By Lindsey Bahr The Associated Press

OS ANGELES—The filmmakers and studio behind Joker have reason to put on a happy face. Despite concerns over its violent themes and ramped-up theater security, audiences flocked to the multiplex to check out the R-rated film this weekend resulting in a record October opening.

Warner Bros. said on Sunday that Joker grossed an estimated $93.5 million in ticket sales from 4,374 screens in North America. The previous October record-holder was the Spider-Man spinoff Venom which opened to $80 million last year. Internationally, Joker earned $140.5 million from 73 markets, resulting in a stunning $234 million global debut.

“This was a much larger result at the box office than we had ever anticipated globally,” said Jeff Goldstein, Warner Bros.’ president of domestic distribution. “Putting records aside, we’re just thrilled that audiences are embracing the movie as strong as they are.”

Since debuting at the Venice Film Festival where it won the prestigious Golden Lion last month, Joker has been both praised and criticized for its dark spin on the classic Batman villain played by Joaquin Phoenix.

The film from director and cowriter Todd Phillips was always seen as a bit of a gamble with one of the studios’ most valuable pieces of intellectual property, hence its modest-for-a-comic-book-film $55-million budget.

But in the weeks leading up to its release, hype

and uneasiness intensified beyond how audiences would react to placing this character in a realistic and unambiguously adult setting with Taxi Driver undertones. Responding to anxiety that the film might have the potential to inspire violence, multiple theater chains banned costumes or reaffirmed earlier policies regarding masks and authorities in numerous cities said they were stepping police patrols around theaters. Some relatives of the 2012 Aurora movie theater shooting even asked Warner Bros. to commit to gun control causes—the studio said it always has.

While some worried this would impact the box office, it did not ultimately detract audiences from turning out opening weekend; the box office surpassed industry expectations and may rise even higher when weekend actuals are reported on Monday. Although the film got a “B+” CinemaScore from opening night audiences, the studio is optimistic about its long-term playability.

“Sixty-six percent of the audience was under the age of 35,” Goldstein said.

“That tells you that the audience will expand out with that younger group as time goes on.” The younger audience also gave the film a more favorable “A-” CinemaScore.

Paul Dergarabedian, the senior media analyst for box-office tracker comScore, said that the convergence of critical acclaim and controversy actually helped the film become bigger than expected at the box office.

“It’s the ultimate water-cooler movie right now,” Dergarabedian said.

He added that it was important that Joker was always marketed as a “very dark, R-rated film.”

“It always had an element of mystery and danger surrounding it,” Dergarabedian said. “If it were a G-rated film, controversy like this would not be a good thing.”

In the landscape of R-rated comic book films, Joker is nestled between Deadpool and its sequel, both of which opened over $125 million, and Logan, which launched with $88.4 million.

Joker was the only new wide release this weekend, which is down from last year when both Venom and A Star is Born opened. Holdovers populated the top 10:

Carole King’s ‘Tapestry’ in retrospect at Resorts World Manila CAROLE KING’S soothing vocals and sentimental love songs made an impact in the world of entertainment during the early 1960s.

To this day, King’s music continues to captivate fans from all over as they continue to hear and feel the melancholic regret of “It’s Too Late,” the proud musings of “A Natural Woman,” and sometimes the retrospective rhythms of “So Far Away,” among so many more of her hits that remain on the playlist of radio stations.

On October 11, true-blue Carole King fans are in for a treat as the country’s premier entertainment and lifestyle destination Resorts World Manila (RWM) presents the next best thing to a live performance of her legendary album Tapestry—The Carole King Tribute Concert, featuring Jeannie Austin and a popular tribute band.

Jeannie brings a wealth of experience to the stage. After acting in New York City, she led a life of entertainment by working in film

production by day and performing gigs during the night. Currently, the tribute singer plays in multiple bands but mainly inspired by her favorite, Carole King.

Joining Jeannie for the concert are equally talented musicians in Ori Huberman on guitars and vocals, Starr Light as backup singer, Tim Battig on keyboards and vocals, Eric Isaacson on bass, and Mel Flores on drums, collectively known as Tapestry.

Regarded as one of the best tribute acts

today, Austin and Tapestry capture the spot-on musicality that made King the iconic singer that she is today.

Catch these world-class performers onstage for one-night only as RWM continues to feature top entertainment acts from both home and abroad in celebration of its 10th anniversary.

Tickets for Tapestry—The Carole King Tribute Concert are now available at the RWM Box Office and all Ticketworld outlets. More information is available at www.rwmanila.com.

The more family friendly Abominable landed in second place with $12 million in its second weekend and Downton Abbey took third in its third weekend with $8 million. With awards buzz behind it, the Judy Garland biopic Judy, starring Renee Zellweger, added nearly 1,000 screens this weekend and placed seventh with $4.5 million from 1,458 locations.

And, in limited release, Pedro Almodóvar’s critically acclaimed Pain and Glory launched on four screens to a solid $160,087. Less fortunate was the Natalie Portman-led astronaut drama Lucy in the Sky which earned only $55,000 from 37 theaters resulting in a dismal $1,500 per screen average.

Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore.

Where available, the latest international numbers for Friday through Sunday are also included. Final domestic figures will be released on Monday.

1. Joker, $93.5 million ($140.5 million international) 2. Abominable, $12 million ($24.6 million international) 3. Downton Abbey, $8 million ($6.6 million international) 4. Hustlers, $6.3 million ($1.9 million international) 5. It Chapter Two, $5.4 million ($5.6 million international) 6. Ad Astra, $4.6 million ($7.3 million international) 7. Judy, $4.4 million ($1.9 million international) 8. Rambo: Last Blood, $3.6 million ($4.3 million international) 9. War, $1.5 million ($2.9 million international) 10. Good Boys, $900,000.

Estimated ticket sales for Friday through Sunday at international theaters (excluding the US and Canada), according to comScore: 1. Joker, $140.5 million 2. My People, My Country, $100.7 million 3. The Captain, $100.4 million 4. The Climbers, $30.1 million 5. Abominable, $24.6 million 6. Ad Astra, $7.3 million 7. Gemini Man, $7 million 8. Downton Abbey, $6.6 million 9. The Most Ordinary Romance, $6.6 million 10. It Chapter Two, $5.6 million. n

Art

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Tuesday, October 8, 2019

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THERE are over a thousand different schools under the ancient Japanese floral art of Ikebana.

One is Sogetsu, which has more than 200 branches and study groups around the world, including the Philippines. The Sogetsu School Manila recently celebrated its 30th anniversary with a four-day event at Uptown Mall. Among the arrangers were Margot Perez (from left), Tin Abalos, Neny Regino and Marc Tomas.

SOGETSU SCHOOL MANILA TURNS 30

The blooming Japanese art of �lower arrangement CIRCLES JT NISAY

jtnisay@gmail.com

T

HE introduction of Buddhism to Japan in the sixth century planted something in the country other than religion. For hundreds of years, priests offered floral offerings to Buddha at altar of temples that consisted of three main stems gathered closely at the base and rose from the water as one, representing the harmonious relationship between heaven, man and Earth.

There were no rules used to make the arrangements until the 15th century, when Ikenobo Senkei, a Buddhist priest, created the earliest form of Ikebana, or the Japanese art of flower arrangement.

Ikebana was eventually displayed in the homes of the aristocracy and soon evolved from a sacred religious offering to public home décor.

Since then, Ikebana has branched out to thousands of schools in Japan and all over the world. One of which is Sogetsu, founded in 1927

by Sofu Teshigahara as a revolutionary avantegarde response to the restrictive, rules-based principle of Ikebana.

The Sogetsu School of Ikebana was created to give the arranger more freedom of expression and interpretation over his work, from choice of material to overall design, with the belief that anyone can arrange Ikebana “anywhere, any time and with anything.”

Today, the Sogetsu School has over 200 branches and study groups with over a million students and followers worldwide, including the Philippines.

Sogetsu School Manila was formed in 1989 and recently celebrated its 30th anniversary at Uptown

Mall with a four-day exhibit, titled Flower Focus.

“We have two schools only that are very active here in the Philippines: Ikenobo, the very first school, and then Sogetsu School, which is celebrating its 30th anniversary,” said Ikebana International Manila Chapter President Tin Abalos.

The event consisted of demonstrations by Sogetsu teachers and an exhibit that displayed rows and rows of modern arrangements from students. The creations ranged from a modest challenge to the traditional to the totally radical.

An example of the latter are a couple of works by former Ikebana International Manila Chapter President Marc Tomas. His engineering background was featured prominently in an arrangement that was inspired by scaffolding with protruding colored bamboo sticks over cracked pottery.

A fusion of history and art ARCHIVAL photos from the personal collection of historian Dr. Bernadita R. Churchill are given a colorful interpretation by visual artist Celeste Lecaroz in the exhibit Center and Periphery, which is on display at the National Commission for Culture and the Arts (NCCA).

Churchill, president of the Philippine National Historical Society and founding member of the Manila Studies Association, has amassed a library of rare photographs that document different facets of Filipino culture that include cityscapes of Old Manila, rural vistas and images of indigenous Filipinos. The volume of photos reveals Churchill’s knowledge, as well as her lifelong dedication to history. It is from this collection that Lecaroz has created paintings in spontaneous realism style.

The result is a very unique showcase. In a statement, the NCCA described the exhibit as a fusion of the past and the present. “The vigorous strokes and vibrant colors that characterize the paintings usher the viewer to a fresh appreciation of the iconic photographs, and at the same time to feel the subjects’ contemporaneity.”

Center and Periphery marks the fourth time that the NCCA is featuring photos from Churchill’s collection.

The works are on display at The NCCA Gallery located at 633 General Luna Street, Intramuros, Manila.

More information is available at www.ncca.gov.ph.

“There’s a lot of movement, lots of freedom of expression,” Tomas said. “I wanted to show something young and vibrant, and to incorporate construction with restoration through the damaged pottery. I love imperfections.”

Sogetsu School Manila head Margot Perez, meanwhile, had one vertical arrangement in the exhibit that centered on a varnished tree leaf. She said the freedom to choose any material is one of the beauties of Sogetsu.

“I remember being invited for a class in Cagayan de Oro,” she recalled. “The flowers were delivered, but the vases did not arrive. So we went to the kitchen and got pitchers, glasses, cups and saucers and we used those.”

The students part of the exhibit had different answers as to how Sogetsu affects their lives. The one

RENALLI TRAJANO’S FIRST SOLO EXHIBIT

ALLIANCE Française de Manille presents the first solo art exhibition of Renalli Trajano, In Perspective, on view until November 9 at the Alliance Française de Manille Gallery, 209 Nicanor Garcia Street (formerly Reposo), Bel-Air II, Makati City.

In her first-ever exhibit, Trajano allows us a peek inside her emotions, providing a view of the vulnerability that lives inside her mind.

After going through a roller coaster over the past few months, Trajano finds solace in her first love, painting, where she is able to express herself and her emotions in the most artistic way possible.

The show of colors in each of her artwork expresses a different story, bridging us to different areas in her life—from the happy, sad, down to the unpleasant and emotional—but as the exhibit title suggests, Trajano offers her artwork to the interpretation of the onlooker. In Perspective is an exhibit of pure passion and emotion by an artist for the eyes of other artists.

RENALLI TRAJANO with her latest artworks.

constant, however, is the way they gushed about the level of fulfillment from each creation.

“I was asked about what do I get from doing arrangements,” said Bella Pilapil, sister of renowned sculptor Impy, “I, too, asked myself the same question, because the pieces wilt after a week, at most, and we can’t really sell our art like other artists such as painters. But I realized that the reason I do it is for self-gratification; that I am able to create something beautiful.”

For student Neny Regino, Sogetsu is an escape, as she found refuge in the artform after her husband passed away.

“I was in a moment of depression and extreme grief and sorrow,” she said. “But when I’m arranging, I forget all my worries, I forget everything. It’s just about me, my flowers and my vase.” n