BusinessMirror October 09, 2018

HOUSE CRAFTS SUBSTITUTE BILL ON MINING FEES

By Cai U. Ordinario @cuo_bm

T RICE, PLEASE Agriculture Secretary Emmanuel F. Piñol holds a briefing for reporters on Monday. He announced that the National Food Authority Council has approved in principle the importation of 350,000 metric tons (MT) of rice by the Department of Trade and Industry. The NFAC approved the proposal on condition that the rice imported by the DTI’s private-sector partners will not be sold beyond P38 per kg. Story on A4. JASPER EMMANUEL Y. ARCALAS

MEDIA PARTNER OF THE YEAR

UNITED NATIONS

2015 ENVIRONMENTAL MEDIA AWARD LEADERSHIP AWARD 2008

HE House of Representatives Committee on Ways and Means has approved a substitute bill that aims to reform the taxes paid by the mining industry.

In a speech on Monday, Ways and Means Committee Chairman and Nueva Ecija Rep. Estrellita Suansing said that, while the substitute bill has yet to be assigned a number, it will replace House Bills (HB) 422 and 7994.

“This aims to level the playing field, so to speak, considering that under the current taxation setup, only mining contractors inside the mineral reservations pay the royalty tax. The draft substitute bill, in addition, ensures that the government gets its fair and rightful share in the profits from mining operations,” said Suansing.

Suansing also said there will be “equitable imposition of royalty on mining operations within and outside mineral reservations, whether small or large scale.”

Initially, HB 7991, introduced by Suansing, sought to impose a uniform 5-percent royalty rate across all mines operating inside and outside mineral reservations. At present, only mines operating inside mineral reservations are slapped with a 5-percent royalty of their gross value output.

However, under the approved substitute bill, these large mining contractors will follow a margin-based royalty on its mining operations.

■ if the margin is 1 percent to 10 percent, the royalty will amount to 1 percent; ■ if it is above 10 percent up to 20 percent, the royalty will be 1.5 percent; ■ if above 20 percent to 30 percent, 2 percent royalty;

■ if above 30 percent to 40 percent, 2.5-percent royalty; ■ if above 40 percent to 50 percent, 3 percent; ■ if above 50 percent to 60 percent, 3.5 percent; ■ if above 60 percent to 70 percent, 4 percent; and ■ if above 70 percent, 5-percent royalty.

“For large-scale miners outside mineral reservations, a margin-based royalty is imposed, making them liable as well to pay royalty tax as large-scale mining operators inside mineral reservations,” Suansing said.

“As to all small-scale mining operations within or outside mineral reservations, a royalty amounting to 1/10 of 1 percent of gross output shall be imposed, levying windfall profits tax to secure the government’s fair share,” she added.

Continued on A3

BusinessMirror

www.businessmirror.com.ph

A broader look at today’s business n

Tuesday, October 9, 2018 Vol. 13 No. 360

IMF long-term outlook: Inflation in PHL to ease

D

By Bianca Cuaresma

@BcuaresmaBM

ESPITE the steady rise of consumer prices in the country in recent months, the International Monetary Fund (IMF) believes inflation will likely stabilize and stay relatively low in the long term.

5.2% The average inflation rate for the year, as projected by the Central Bank

reported was at 6.7 percent in September alone.

It is also lower than the IMF’s 4.9-percent average forecast for 2018 and 4 percent for 2019.

Also notably, the Philippines’s inflation will be below the median

2016 EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR

P25.00 nationwide | 4 sections 20 pages | 7 DAYS A WEEK

PHL should live with new economic order Manny B. Villar

THE ENTREPRENEUR

P

RESIDENT Donald J. Trump is the most hated political figure among the Democrats in the United States and very unpopular in most American media. But whether we in the Philippines like it or not, Trump could be in for the long haul and we should adapt to the new economic order he is espousing.

Continued on A6

Price caps eyed Another P1 a liter gas hike; Senate sets hearings on chicken, pork In the IMF’s most recent World Economic Outlook (WEO), the global financial authority forecast the

Philippines’s inflation numbers to hit 3 percent in 2023.

This forecast is a normalization

from the current inflation numbers—which the Philippine Statistics Authority (PSA) recently

See “IMF,” A3

By Lenie Lectura

By Elijah Felice E. Rosales

@llectura

& Butch Fernandez

T

T

@butchfBM

HE Senate Committee on Energy chairman, Sen. Sherwin T. Gatchalian, said on Monday he plans to file next week a resolution seeking to address spiraling prices of petroleum products.

This, as the country braced for yet another round of oil-price increases. On Monday oil firms announced that prices of gasoline will increase by P1 per liter, diesel

by P1.45 per liter and kerosene by P1.35 per liter.

The price hike, which will take effect at 6 a.m. of Tuesday, October 9, is in its ninth consecutive week.

“We plan to have a hearing. We have three objectives. If oil prices in the world market continue to stay at $80 per barrel, what are the recommendations of the DOE [Department of Energy]?” Gatchalian said when asked how the committee can help address rising pump prices.

See “Gas hike,” A2

AN attendant reaches for a fuel nozzle in a gasoline station in Manila, as the public braces for the steadily climbing prices of petroleum products and, consequently, other basic goods. For the ninth week, there will be a huge increase in gas and diesel prices starting Tuesday, October 9, at 6 a.m. NONIE REYES

PESO EXCHANGE RATES n US 54.2810

@alyasjah

HE government will impose a price ceiling on chicken and pork in a move to stabilize prices of wet goods and reduce the probability of profiteering as the holidays near, according to Trade Secretary Ramon M. Lopez.

The Departments of Trade and Industry and of Agriculture (DA) on Monday decided to place a price cap on chicken. Under this regulation, the selling price of poultry products should only be P50 higher than its farm-gate price.

“On chicken, we agreed [and] we will issue a formal MOA [memorandum of agreement] with the DA to impose a moving price ceiling.

In other words, it will move with farm-gate prices, [so that] we can control the dressing, the logistics and the trading in between the farm gate and the retailing,” Lopez told reporters.

“Our maximum cap is P50 only.

We will work out the details, but, offhand, the thinking is it will be updated every three days, so that

₧50

The maximum amount allowed as the difference between the farm gate and the selling price of chicken it will be a moving price target,” he added.

Lopez claimed the average farmgate price of chicken early October is P82 per kilo. Based on this, the selling price could only go at a maximum of P132 per kilo with the price ceiling in effect.

“This is what is going to happen in principle, [and] we will just put this in writing, so that we can have that SRP [suggested retail price] in place in hopefully two days’ time [Wednesday],” Lopez explained.

The trade chief argued the price cap will not only stabilize the prices of chicken, but will also put pressure on traders and retailers to shun profiteering in time for the holidays.

Continued on A3

n JAPAN 0.4770 n UK 71.2492 n HK 6.9279 n CHINA 7.8983 n SINGAPORE 39.2573 n AUSTRALIA 38.2790 n EU 62.5589 n SAUDI ARABIA 14.4741

Source: BSP (8 October 2018 )

News

BusinessMirror

A2 Tuesday, October 9, 2018

www.businessmirror.com.ph

Duterte to pitch cooperation at Asean Leaders’ Bali meet

P

By Bernadette D. Nicolas

government is also expected to give financial aid to Indonesia, which was hit by earthquake and tsunami last month, according to the Department of Foreign Affairs (DFA).

E a rl ier, Bud get Sec ret a r y

Benjamin E. Diokno said the Philippine delegation will provide at least $500,000 in cash aid to Indonesia.

Aside from Indonesia, the President is also expected to have separate bilateral meetings with at least two other countries’ leaders.

Asean 2025 is a road map underscoring Asean’s goals toward achieving a “politically cohesive, economically integrated and socially responsible” and a consolidated community across three pillars— political-security, economic and sociocultural.

Meanwhile, the UN 2030 Agenda for Sustainable Development, which was adopted in the 70th session of the UN General Assembly in 2015, outlines the universal set of goals that aim to stimulate people-centered and spur planetsensitive change.

Moreover, the DFA said the Asean leaders will have two major engagements.

Aside from the Asean Leaders’ Gathering proper in the afternoon of October 11, there will also be an Asean Leaders’ Gathering Dinner at night.

“The President will be joining the other leaders of Asean memberstates in showcasing Asean leadership and solid and intensifying cooperation in managing economic growth to create better prosperity and equity, as well as delivering meaningful progress in achieving the Sustainable Development Goals,” DFA Assistant Secretary Junever M. Mahilum-West said in a briefing with Palace reporters on Monday. “They are also to affirm Asean’s commitment to support the International Monetary Fund, the World Bank and the United Na-

tions’ role in addressing development challenges.”

During the two-hour informal roundtable on the theme “Achieving SDGs [Sustainable Development Goals] and Overcoming Development Gap Through Regional and Global Collaborative Actions,” Mahilum-West said the President will highlight the government’s efforts to improve its performance in achieving the SDGs and urge all parties to strengthen support for micro, small and medium enterprises development.

He is also expected to call for economic resilience amid prevailing global economic uncertainties as well as focus on the roles of the IMF, World Bank and the Asean+3 Economic Research Office in “building the capacity of countries to reach their sustainable development targets.”

“The Asean Leaders’ Gathering

will serve as a platform at the highest levels for further engagement of the Asean leaders with the IMF managing director, the World Bank president and the United Nations secretary-general, and the gathering will discuss key issues related to building synergy in strengthening financial stability in the region and accelerating economic development and regional integration, as well as exploring potential collaboration to achieve development goals,” she said.

The meeting is also expected to set the tone for the 2018 Annual Meetings of the IMF and World Bank Group to be held in the same venue from October 12 to 14.

Indonesia was hit by a 7.5-magnitude earthquake and a tsunami, sweeping away buildings and leaving nearly 2,000 people dead and with thousands still missing.

and Means Committee, chaired by Sen. Juan Edgardo M. Angara, “can thus immediately start hearings as soon as the joint resolution is filed in the Senate.”

Drilon disclosed he is also enlisting Sen. Paulo Benigno A. Aquino IV, who has been spearheading efforts to suspend the Duterte administration’sTRAIN law, to be the principal author of the joint resolution.

“We hope to file it this week,” Drilon told the BusinessMirror.

Angara, in an earlier interview, indicated that the Ways and Means Committee “will react immediately” to consider proposals to provide taxrelief measures, amid skyrocketing cost of basic commodities.

The pain to the public is widely seen to worsen before it gets any better, as analysts said they doubted inflation will peak in October. The September inflation rate hit 6.7 percent. Fanning the clamor for the government to do much more than the first wave of administrative measures it rolled out recently.

It was also pressed to speed up the grant of the mitigating measures legislated under the TRAIN law for hard-hit sectors, including the Pantawid Pasada Program (PPP) for the transport sector.

“If there is such a move from the House, then the Senate will react immediately,” Angara assured, even as he acknowledged that “all money mea-

sures must originate from the House according to the Constitution.”

Angara added: “It also looks like we are headed toward automatic suspension if oil stays above $80 a barrel for the last three months of the year.”

late inspection again,” he said, referring to the DOE’s monitoring activities on oil firms. Some oil firms allegedly increased their prices ahead of the implementation of the TRAIN on January 1, 2018.

The third objective of the hearings, Gatchalian said, is the expansion of the coverage of the PPP. “We want to expand this down to the tricycle drivers. How can we execute that? We would also like to increase the discount to anywhere from P500 to P1,000 from the current P5,000 to all 180 franchise holders for two months,” said the lawmaker.

Gatchalian is expecting that industry stakeholders, such as the DOE and the oil firms, can discuss the mitigating

measures on rising oil prices.

He agreed that unbundling the costs of petro fuel is a good move by the DOE to help determine the cost components.

“That will also be part of the hearing on the resolution that we will file,” added the senator.

The DOE draft policy enables the unbundling of the base prices of petroleum products, namely, gasoline, automotive and industrial diesel, kerosene, jet fuel, bunker fuel oil and household and automotive liquefied petroleum gas. This is the first time that the government, through the DOE, will require oil companies to make public the breakdown of the costs that go into the pricing of fuel.

@BNicolasBM

RESIDENT Duterte will be encouraging “deeper cooperation” between the Association of Southeast Asian Nations, the United Nations, the International Monetary Fund and the World Bank, as he is set to attend the Asean Leaders’ Gathering in Bali, Indonesia, on Thursday.

This is in line with the implementation of the Asean Vision 2025 and the UN 2030 Agenda for Sustainable Development.

During the President’s bilateral meeting with Indonesian President Joko Widodo, the Philippine

Gas hike. . .

Continued from A1

Senate Minority Leader Franklin M. Drilon, meanwhile, aired hopes on Monday that senators can promptly start public hearings on a joint resolution of Congress for President Duterte to suspend higher excise tax on petroleum products as soon as the remedial legislation is filed, exempting it from the rule that all money measures emanate from the House of Representatives.

“The proposed joint resolution can originate in the Senate,” said Drilon, a former justice secretary.

He added that the Senate Ways

Anticipating TRAIN 2 THE energy committee, said Gatchalian, will also discuss with energy stakeholders the preparations being undertaken to help cushion the effects of the second tranche of the tax-reform program of the Duterte administration.

“This is in anticipation of TRAIN 2. If you remember in early-2018, we were late. Now, we would like to be one quarter ready. We don’t want a

News BusinessMirror

www.businessmirror.com.ph

Editor: Vittorio V. Vitug • Tuesday, October 9, 2018 A3

‘PHL only one in region with rising HIV cases’

By Cai U. Ordinario

@cuo_bm

T

HE Philippines remains to be the only country in the Western Pacific region where the incidence of HIV continues to rise, according to the World Health Organization (WHO).

In a briefing on Monday, outgoing WHO Western Pacific Region Regional Director Shin Young-soo

said that all over the region, the trend in HIV incidence has been on the decline except for the Philippines, which is a cause for concern.

In the Philippines, WHO Philippines Representative Gundo Aurel Weiler said HIV prevalence has increased by 140 percent in the last six to eight years. Elsewhere in the region and the world, HIV incidence has been on a 20-percent decline.

“Yes, we are very worried about this [the rise in HIV incidence in the Philippines],” Young-soo said. “I think Philippine society should take this very seriously.

The Philippines is the only country in our region where HIV is increasing.”

This, despite data that showed HIV affects less than a percent of the Philippine population. Wei-

ler said there are about 80,000 Filipinos living with HIV. Weiler said what is complicating this problem further is that half of the number of people believed to be living with HIV are not aware that they have been infected.

This means 40,000 Filipinos— living with HIV but have not been tested to be properly informed about their condition—pose a

PHL joins China-Asean briefs military exercise in Oct PALACE SPOKESMAN GOES ON ‘ABRUPT’ LEAVE

By Rene Acosta @reneacostaBM

T

HE Philippine Navy will participate in the naval exercise with the Chinese navy and with the Asean militaries in the first-ever regional military exercise in Southeast Asia, defense and military officials confirmed on Monday.

The China-Asean naval exercise will be held from October 22 to 29 in the waters of Zhanjiang, China, as Chinese and Asean military officials have agreed that it should not be held in contested waters.

Navy chief Vice Adm. Robert Empedrad said the naval exercise is Manila’s first-ever military exercise with Beijing and with the whole of Southeast Asia’s navies.

“It’s an Asean navy exercise, Association of Southeast Asian navies and Chinese navy exercise,” said Empedrad, who said he will send an available Navy cargo vessel for the war games.

“We have been holding exercises with Asean navies, but this is the first time that China has become a part of the equation,” he said.

The Philippines is currently holding war games with the United States and Japan in Zambales under Kamandag (Venom), wherein a member of a Japanese Maritime Self-Defense Force was killed during a traffic accident while on a supply mission.

Empedrad said the war games will involve sea maneuvers, humanitarian assistance and di-

saster-response operations and other interoperability exercises.

Department of National Defense Spokesman Arsenio Andolong said the joint Chinese and Asean navy exercise was proposed in February this year during the Asean Defense Ministers’ Meeting in Singapore.

“It was proposed to the body, which the body approved. Hence, it was scheduled…October 22 to 29. This will be held in Zhanjiang, China,” he said.

When China proposed the holding of the exercise during the meeting in Singapore, it specifically enjoined the participation of other forces outside the region, including regional allies such as Japan, the United States and Australia.

Beijing said the naval training should only be between China and the Asean.

China did not join the world’s biggest naval exercise Rim of Pacific held in June up to August this year in Hawaii after the US did not invite Beijing, which is a regular participant.

Andolong said China has also earlier conveyed its interest of joining the trilateral patrol that Manila, Indonesia and Malaysia have been holding in the three countries’ waters of maritime concern, but Jakarta and Kuala Lumpur rejected it.

The trilateral patrol was meant to check piracy and other sea crimes in the maritime boundaries of the three states.

Price caps eyed on chicken, pork continued from a1 Those caught defying the price ceiling will first be issued a letter of inquiry for them to correct their price.

“If they won’t, they will be issued a notice of violation [and will be penalized] depending on the gravity and the size of the business. They will be given that penalty, so that we can force retailers to follow, even the traders supplying them to work within that set price,” Lopez said.

On top of poultry products, the government is looking to do the same for pork, but has yet to discuss the regulation with hog raisers. Either way, the same provisions will apply to pork, according to Lopez.

“Eventually, we will do this for pork, but we have yet to have an agreement with the pork people.

For pork, the same rule of thumb will be implemented between farm gate and retail, but we will have to institute that also,” he said.

Leaders of wet market associations will be tapped by the government in ensuring the price ceiling is observed in their respective areas, Lopez added.

Government economists are struggling to weather the prices of basic goods, as inflation, or the general increase in commodity prices, rose 6.7 percentinSeptember,accordingtodata from the Philippine Statistics Authority. The highest inflation in almost 10 years put the average at 5 percent, way beyond the Central Bank’s target range of 2 percent to 4 percent for this year.

The implementation of a price cap on basic commodities is viewed by lawmakers and consumer groups as one measure to prevent further hikes. Consumer group Laban Konsyumer Inc., for one, has repeatedly called on Lopez to enforce a moratorium on any price increases on basic goods, as pressures on supply and demand could trigger another round of surges with the holiday season approaching.

However, the government is of the view that a price ceiling could worsen the situation, as producers and traders might resort to hoarding while the cap is in effect. It instead focused on beefing up the market with supply of staple, particularly rice, through importation.

PRESIDENTIAL Spokesman Harry L. Roque Jr. went on a hasty leave starting on Monday following his announcement he will spend the weekend to weigh his job options.

In a message to reporters, Roque also said he will embark on a trip abroad starting on Wednesday, and that he will also not be in Bali, Indonesia, for the Asean Leaders’ Gathering on October 11.

Special Assistant to the President Christopher Lawrence T. Go told reporters that he was not aware why Roque suddenly took a leave of absence.

As of press time, Go said Roque is scheduled to attend the Cabinet meeting on Monday (October 8) and to talk to the President. Bernadette D. Nicolas

N.L.E.X. EXPANDS PAMPANGA TOLL PLAZAS IN 3 MAJOR EXITS

THE North Luzon Expressway (Nlex) Corp. has undertaken several expansion works in its expressway by constructing additional toll lanes in four toll plazas in Pampanga.

Among the toll plazas undergoing expansion are in San Fernando, Mexico and Angeles, all aimed at matching the rapid pace of the province’s progress. This is according to lawyer Romulo S. Quimbo, senior vice president for Stakeholder Management and Communication.

“Apart from increasing the service capacity, the Nlex enhancement projects will considerably bring relief to motorists by reducing transaction time at the toll lane,” said Quimbo.

In Pampanga’s capital city, two more toll lanes at the San Fernando southbound exit and one additional toll lane at the SB entry are in the works to accommodate the increasing traffic volume in Pampanga. Total lanes of the SB entry and exit will now be six and five, respectively.

Meanwhile, the Angeles toll plaza will be augmented with two entry lanes and one exit lane, bringing the total toll lanes to 10. This move is expected to alleviate mounting traffic issues in Angeles City, which is also one of the busiest areas in Nlex.

The Nlex Corp. will likewise add another toll lane to the Mexico toll plaza exiting northbound to serve the growing number of motorists traveling in the area.

Additional lanes will be constructed at the connecting ramps of Nlex and the Subic-Clark-Tarlac Expressway. All these enhancements are expected to be completed by the end of 2018.

M.M.D.A. EARNS ISO 9001:2015 CERTIFICATION

THE Metropolitan Manila Development Authority (MMDA) is now an International Organization for Standardization (ISO) 9001:2015 certified.

No less than MMDA Chairman Danilo Lim received the certificate awarded

by AJA Registrars President Paul Bagatsing, with Development Academy of the Philippines (DAP) Project Manager Cheryl Ortega during Monday’s flagraising ceremonies.

“This is a great day for MMDA having received this certificate. We acknowledge the efforts of the entire work force in securing the certification. Congratulations to all of us,” said Lim as he addressed agency personnel who were, likewise, elated by the fact that the agency has complied to quality management systems.

According to Lim, having the ISO certificate has been a dream since he took over as chairman in May 2017.

“Today is the realization of that dream after more than a year in office,” Lim said.

This is the first time for the MMDA to be ISO-certified in a full scope.

His other dream, the MMDA chairman declared, is to build a new headquarters for the agency and move out from the existing “old” building that houses the employees.

“This building is not ours. I want us to have a place of our own and with our continued efforts we can look forward to a groundbreaking ceremony soon,” said Lim, who earned cheers from the personnel. Claudeth Mocon-Ciriaco

IMF. . . continued from a1 3.3-percent forecast inf lation among emerging and developing Asia five years from now.

The IMF also noted the Bangko Sentral ng Pilipinas’s (BSP) move to raise policy rates in recent months as headline inflation has risen and the local currency has come under pressure.

The move, it pointed out, was synchronous with that of the central banks of India, Indonesia and Mexico.

Just a few days ago, the BSP, in a move widely anticipated

threat to themselves and prospective or current partners.

Weiler said prevention is the key to putting an end to the increase in HIV incidence. He said it is important to get tested and to emphasize the use of contraceptives during intercourse, especially among vulnerable groups such as men who have sex with men and the transgender communities.

“There are many people who live with the virus but have not been tested and who are unaware.

And that’s a real problem because if they are unaware of their own infection, they put their own health in danger,” Weiler said. “Of course, people who are not aware of their own infection might be at higher danger of passing on the virus unknowingly to their partners.”

Govt not ready to ensure fair, effective modernization—Poe

T

HE Senate Public Services committee tackling the planned modernization of public-utility vehicles (PUVs) is inclined to recommend a five-year transition period for the modernization to fully take effect, owing to the lack of consultations and the seeming premature execution of the program in the light of soaring prices of fuel and basic goods.

The panel chairperson, Sen. Grace Poe, said that while she fully agrees with modernizing public transportation including the most iconic jeepney, once dubbed the King of the Road, the policies set forth in the modernization could result in massive loss of jobs and may only unduly favor big corporations.

“The LTFRB [Land Transportation Franchising and Regulatory Board] did not give our drivers a chance to be heard; there was no consultation. They just kep issuing memo circulars when they were not prepared for the changes,” Poe told reporters on the sidelines of the hearing, referring to several issuances by the transport regulator that set a March 2019 deadline for jeepney operators to form a cooperative or a corporation to secure bank loans.

Transport leaders representing jeepney drivers and operators said there were no inclusive consultations on the modernization and

they warned that older jeepneys—although emission-compliant and roadworthy—could be phased out. They said thousand of small-time jeepney operators may lose their livelihood and may be left without something to fend for their families.

In addition, Poe’s panel was told that the LTFRB opened new or “developmental” jeepney routes without holding a public hearing and without the knowledge of the transport stakeholders.

“It’s clear that government is not ready for the phaseout of all publicutility vehicles that are non-compliant with their modernization requirement because it’s not even clear what their requirements are. We had said that modernization means the PUVs are safe and compliant with the Clean Air Act, that’s all. Why are they rushing and then taking away the jobs of hundreds of thousands of drivers?” Poe asked, in a mix of English and Filipino.

Under pressure by senators and stiff opposition from transport leaders, the state’s transport regulator agreed in principle to hold in abeyance the implementation of the March 2019 deadline for jeepney operators and drivers to consolidate themselves and form a corporation or cooperative to be able to participate in the modernization.

Task force adopts tourism guidelines to protect Boracay

T

O protect Boracay against unsustainable tourism practices, the Boracay Inter-Agency Task Force (BIATF) has adopted a set of guidelines to protect the world-famous resort island ahead of its scheduled reopening on October 26.

Secretary Roy A. Cimatu of the Department of Environment and Natural Resources (DENR) and chairman of BIATF, said the guidelines were laid down to ensure the rehabilitation works done during the past six months would not be for naught.

“We cannot and will not let the influx of people destroy Boracay again or undo all the improvements and innovations that we have intro-

duced and [we] will be introducing,” Cimatu said in a news statement.

The DENR hopes the guidelines would be translated into resolutions by concerned government agencies and could also be adopted into ordinances by the local government.

The guidelines include a regulation on tourist arrivals and a number of persons allowed to stay in Boracay, in accordance with the island’s carrying capacity.

A study on Boracay’s carrying capacity was undertaken earlier by the DENR’s Ecosystems Research and Development Bureau (ERDB), together with the University of the Philippines in Los Baños, Laguna. Jonathan L. Mayuga

by markets, decided to hike its main policy rates for the fourth consecutive meeting this year in an effort to pull down the stubbornly high prices in the country.

The Monetary Board decided to raise the interest rate on the BSP’s overnight reverse repurchase (RRP) facility by 50 basis points to 4.5 percent effective Friday, September 28.

The interest rates on the overnight lending and deposit facilities were also raised accordingly.

Inflation forecasts were also revised upward to reflect the higher

than anticipated print in August.

In particular, the BSP said inflation is now expected to average 5.2 percent, from the 4.9-percent projection in the previous meeting on August 9.

For 2019 inflation is now also expected to breach target to hit 4.3 percent, from the earlier forecast of 3.7 percent.

But the BSP, after the 6.7-percent inflation rate in September was announced last Friday (October 5), said inflation may have actually peaked during that month and is expected

to decelerate in 2019 and 2020 in the absence of further shocks.

“Nevertheless, the BSP remains vigilant in assessing evolving inflationary conditions in order to ensure that the monetary-policy stance remains consistent with its price stability mandate,” the BSP said.

“At the same time, the BSP continues to support the various nonmonetary interventions of the national government that will further mitigate the impact of supply-side factors on consumer prices,” it added.

national internal revenue code. “[This aims] to ensure transparency compliance of the extracted industries transparency initiative,” Suansing said. “[It will also] require registration for small-scale miners with the mining board to improve

monitoring and regulation.”

with a proposed additional royalty fee on mining operations.

COMP said the Department of Finance-backed mining tax bill is disadvantageous to the local mining sector, as it would make firms “more expensive” compared to other countries.

House crafts substitute bill on mining fees continued from a1 CIT stays

FURTHER, the bill proposes to retain the imposition of the corporate income tax (CIT) on the mining sector to level the playing field among all other sectors.

It also proposes to retain the exist-

ing tax regime on excise tax, royalty to indigenous peoples, local business tax and real property tax.

The substitute bill also adopts a provision on TIN capitalization to prevent the dependence of mining contractors on excessive debt funding to effect

high interest expense deductions for reduced corporate tax liability.

Suansing added that the substitute bill will also contain prohibitions against open-pit mining and exempt all mining contractors from the confidentiality clauses in the

COMP’s warning

EARLIER, the Chamber of Mines of the Philippines (COMP) said the country would lose billions in investments if the government pushes through

A4 Tuesday, October 9, 2018 • Editor: Vittorio V. Vitug

Economy BusinessMirror

NFAC okays DTI’s bid to import rice; staple price seen to stabilize at ₧38/kg

By Jasper Emmanuel Y. Arcalas @jearcalas

T

HE National Food Authority Council (NFAC) has approved in principle the importation of 350,000 metric tons (MT) of rice by the Department of Trade and Industry (DTI) that would be sold in local grain stores and supermarkets at P38 per kilogram.

A g r icu lture Secretar y Emmanuel F. Piñol said the NFAC approved the proposal on the condition that the rice imported by the private-sector partners of the DTI would be sold not beyond P38 per kg.

The imports would be distributed to local private supermarkets and DTI-certified suki stores, according to Piñol.

Trade Secretary Ramon M. Lopez said the 350,000 MT of rice would arrive in the country on a staggered basis until the end of the year.

“First batch would arrive three weeks from now, which is about 100,000 metric tons, and then another 100,000 MT and so on until all the volume arrives [by] yearend,” Lopez said in an interview with reporters.

He added that four groups have already signified interest to partake in the DTI’s rice importation program. In a separate interview with the BusinessMirror, Lopez identified some of the interested groups, such as Philippine Consumer Centric Traders Association, Robinsons Supermarket and Puregold.

SRP for rice

ASIDE from the additional rice imports of the government, Piñol said, the Department of Agriculture (DA), National Food Authority and DTI would implement a sug-

gested retail price (SRP) scheme for rice starting end-October.

However, the prices would still be determined next week during a dialogue with all concerned rice stakeholders, according to Piñol.

To complement the SRP, the government would also implement a strict rice classification system in the retail market to facilitate the implementation of the program, according to Piñol.

The government would implement four rice classification with their respective SRPs, namely: regular-milled rice (RMR), well-milled rice (WMR) local, whole grain head and special varieties.

Classification

RETAILERS would also be asked to identify the rice they sell as either imported or locally produced, according to Piñol.

“The imported rice should not be priced higher than the locally produced,” he said.

With all the measures set to be the undertaken by the government, Piñol said, he expects the prices of rice to stabilize by end-October.

“Offhand [we see prices stabilizing at] P38 for imported, P39 for regular-milled local, P42 for wellmilled local and P44 for whole grain head,” he said.

“As for special rice, it would depend on the sellers’ price. Special rice include heirloom rice from Cordillera, organic rice, brown rice, Jasmin or milagrosa among others,” he added.

Piñol said rice retailers who will not follow the new set of rules by the government would be sanctioned.

“The NFA would exercise its fullpower in relation to the supervision over the rice trading industry. [We

M.M.D.A. UNVEILS 6-POINT MEASURE TO ADDRESS HOLIDAY TRAFFIC WOES

By Claudeth Mocon-Ciriaco Correspondent

T

HE Metropolitan Manila Development Aut hor it y (MMDA) on Monday announced that the Department of Public Works and Highways, shopping-mall operators, and water-utility and telecommunication companies have agreed to support traffic-alleviation measures in anticipation of the heavy vehicular traffic during the holidays.

In a consultative meeting held at the MMDA headquarters, MMDA General Manager Jojo Garcia and concerned representatives have agreed to implement, from November 5 to January 14 next year, the following action plans: 1. Shopping-mall operators along on major thoroughfares in Metro Manila will begin their operations by 11 a.m., an hour later from the u s u a l 10 a.m. opening time, during weekdays 2. Shopping-ma l l operators will deploy ad-

ditional security personnel to facilitate long lines of vehicles going inside mall parking areas that cause traffic gridlock; 3. Removal of obstructions on loading and unloading stations in the vicinity of shopping malls; 4. Limiting deliveries of nonperishable goods only at nighttime or from 11 p.m. to 5 a.m.; 5. No weekday sale policy; and 6. Moratorium on road works, including road diggings and repairs, except government flagship projects and/or during emergency cases.

Garcia, who presided over the meeting, said these measures have been laid down to lessen the anticipated traffic congestion, particularly along Edsa, during the holidays.

“Traffic is already bad, and we expect it to get worse as the number of vehicles increases,” said Garcia.

Garcia added shopping malls are considered traffic generators during the holidays, and delaying their operating hours by an hour could help ease traffic situation in Metro Manila.

There are at least 15 shopping malls along on Edsa alone.

Meanwhile, the moratorium on road works aims to lessen the impact of ongoing infrastructure projects on the heavy traffic situation until the holidays are over.

The moratorium covered any diggings in the road right-of-way, including passageways and sidewalks, within the cities or municipalities of Metro Manila for the installation, repair or improvement of water pipes, telephone or telegraph wires or cable conduits, sewers and drainage systems, communication and power-line improvements being undertaken by any government agency, public and private contractors.

will] cancel the permits of those who will violate,” he said.

“The NFAC would no longer tolerate a messy rice industry. We will put things in order,” he added.

The SRP for rice would be adjusted as needed depending on the prevailing farm-gate and market prices, according to Piñol.

Inspection

PIÑOL said the NFA has been instructed to conduct periodic inspections of all rice outlets in Metro Manila and different urban centers to ensure that there is no overpricing of rice.

“This will ensure that the bags of rice being sold are actually of the weight as declared as we have discovered that many of the sacks of rice sold are actually less 1 kilogram or 1/2 kilogram,” he said.

Furthermore, Piñol said, the NFA would implement by mid2019 the mandatory packaging of rice sold in the market in varying weights.

“Rice will be sold in packets of 1 kilogram, 2 kilograms, 5 kilograms, 10 kilograms or even 25 kilograms,” he said. “Rice will not be anymore sold in open boxes.”

The packaging system seeks to ensure food safety and traceability of rice in the market, Piñol said.

Piñol e x pl a ined t hat eac h packet would contain the following information: rice classification, date of harvest, date of milling, producers’ name and millers’ name.

End of lean season

IN a related development, the Philippine Statistics Authority (PSA) reported that the average farm-gate price of palay (unmilled rice), after maintaining an above P23-per-kg level for two straight weeks, fell to P22.93 per kg at the end of the

staple’s lean season.

In its latest price monitoring report, the PSA said the average quotation of palay as of September fourth week declined slightly from P23.14 per kg in the previous week.

“On the other hand, it rose by 18.62 percent compared to the previous year’s price of P19.33 per kg,” the PSA said in the report published on Monday.

The DA has been expecting the farm-gate price of palay to decline as soon as the main harvest season starts, which could begin as early as end-September.

From September 19 to 25, the highest farm-gate price of palay was recorded in Central Visayas at P25.24 per kg, while the lowest quotation was observed in ARMM at P20 per kg.

However, the decline in the farm-gate price of palay was only reflected in the prices of regularmilled rice as the retail value of well-milled varieties continued to increase.

The average wholesale price of regular-milled rice declined slightly to P43.12 per kg, from P43.34 in the previous week.

Likewise, the average wholesale price of well-milled rice fell to P46.04 per kg, from P46.06 per kg.

However, the wholesale levels of regular-milled rice and wellmilled rice still posted doubledigit increments over their previous year’s average quotations.

“At the retail trade, the average price of well-milled rice at P49.37 per kg inched up by 0.41 percent, from P49.17 per kg in the previous week,” the PSA said.

“Quoted at P45.83 per kg this week, the average retail price of regular-milled rice dropped by 0.07 percent to its level a week ago,” the PSA added.

www.businessmirror.com.ph

Minimum-wage earners likely to get pay hike by end of October

By Samuel P. Medenilla @sam_medenilla

M

INIMUM-WAGE earners in Metro Manila may finally get their much-awaited wage hike within the month.

This after the Metro Manila regional wage board said it is targeting to complete its public consultations for its new wage order before the end of October.

In a notice issued on Monday, the Regional Tripartite Wages and Productivity Board-National Capital Region (RTWPB-NCR) announced it will finally start its labor consultations on October 22.

The consultation will be held from 9 to 11 a.m., at the second floor, Room A and B, Philippine Trade Training Center at Sen. Gil Puyat Avenue cor.

Roxas Boulevard in Pasay City.

RTWPB-NCR made the announcement after the anniversary date of its previous wage order on October 5 last year.

Under the law, RTWPBs are prohibited from adjusting wage rates in their jurisdiction more than once in a year unless they would declare a supervening event, or any abnormal spike in prices of basic goods and services for a certain period. In a radio interview, Associated Labor Union-Trade Union Congress of the Philippines (ALU-TUCP) Spokesman Alan Tanjusay said they were among the labor groups who were invited by RTWPB-NCR for the consultation.

“They [RTWPB-NCR] said they are targeting to complete it [consultations]

by October 26. Hopefully, before the end of October, we will already know how much will be the pay hike and the date of its effectivity,” Tanjusay said.

In June TUCP filed for a P320 across-the-board wage hike at the RTWPB-NCR.

Right amount

WHILE they are ready to defend their P320 wage-hike petition, Tanjusay said his group is still willing to “haggle” for a lower increase as long as it will be above P20.

“We understand some companies

especially those small enterprises might not be able to afford this so we can haggle to around P80 as a compromise,” Tanjusay said.

Labor Secretary Silvestre H. Bello III earlier said the RTWPB-NCR is mulling over raising wage rates over P20.

Citing the result of their study, IBON Foundation Executive Director Sonny Africa said the wage board needs to grant minimum-wage earners at least an additional P27 to offset the impact inflation for the first nine months.

“This will be P37 if they would like to restore the [real value] of the minimum wage before the start of Duterte’s administration in July 2016,” Africa said at a news conference on Monday.

Currently,theminimumwagesinNCR isP512(nonagriculture)andP475(agriculture)—the highest rates nationwide.

Last week Budget Secretary Benjamin E. Diokno opposed the move of some labor groups to call for a wage hike so they could cope with rising inflation.

Federation of Free Workers Vice President Julius Cainglet slammed the “insensitive” remark, saying minimumwage earners need the additional income amid the soaring inflation, which reached 6.7 percent last month.

“Workers are not mere commodities.

If they are seen as human beings that are entitled to their rights, it will not be hard to give them pay hikes,” Cainglet said.

Telling the President

TUCP President Raymond Mendoza, for his part, said they hope to raise the issue in their meeting with President Duterte today (Tuesday).

“If given a chance, we will urge President Duterte to act on the TUCP P320 wage increase across the board bill filed at the House of Representatives and order the regional wage board to adjust the minimum-wage rates of minimum-wage earners nationwide,” Mendoza said in a news statement.

Also to be discussed by TUCP are their proposedP500subsidyforminimum-wage earners, as well as the government’s other nonwage intervention for them to help themcopewiththeincreasingcostofliving.

Risk assessment and compliance management

C

By Henry J. Schumacher

OMPLIANCE management must be able to address a wide range of risks:

anticorruption;

anticompetition;

data privacy;

cybersecurity;

trade sanctions;

money laundering; and

operational threats—the list is endless.

Compliance officers need a method to track all those risks and to measure how serious a threat each one is to your organization.

The most rudimentary risk-assessment tool is the spreadsheet. It does not work well. Spreadsheets are prone to error, lost data or simple mix-ups: supervisors affirming a control is effective when their subordinates haven’t finished testing, for example. An effective risk-assessment tool is both standardized and flexible.

The tool should be able pre-populate the questions you will want to ask of business operating units or third parties. It may use templates of standard questions to assess a risk quickly. Ideally, it will also let you add, subtract or reconfigure specific questions, so you can get the most precise and customized risk-assessment possible.

Risk assessments should also be as current as possible. That means your risk-assessment tool should pull the latest data from a single repository of relevant information and present it in an easyto-understand dashboard format that will let compliance managers

then take deeper dives into gaps, inconsistencies or other questions that might emerge based on what the tool is telling you.

A risk assessment identifies the gaps between a company’s controls, policies and procedures; and the risks that the company actually faces. Especially for a company building its first compliance program, those gaps can be large, and the organization will need to take many steps to close them.

A risk-management tool guides the compliance program manager as he or she tries to implement those changes. Controls need to be identified and tested; weak controls need corrective steps; those steps need to be assigned to a control owner; deadlines need to be set; and follow-up testing needs to be done.

Ideally, your risk assessment and management tools work hand-in-glove. That configuration could, for example, let a compliance program manager view all data in a heat map or a grid: risks on one axis, effective controls on the other. Then the manager could drill down into specific risks or controls to see the latest action on remediation. This exciting tool is available in the country and can be demonstrated. Let me know if a demo is desired.

Perform due diligence on business partners is also fundamental to the modern compliance program.

The compliance function must be

able to identify the controllers and beneficial owners of third parties, whether those parties are customers, suppliers, joint-venture partners, resellers or some other relationship. Then those controllers and owners must be screened against various watch lists (especially designated nationals; politically exposed persons). The company itself should be evaluated for past regulatory trouble, adverse media reports and so forth.

Those are repetitive, tedious tasks, which make them prime targets for automation. Meanwhile, your enterprise needs to develop policies and procedures to put your human resources to best use—considering exception requests, applying additional oversight, overriding denials and the like.

To manage all levels of due diligence under one roof, it is ideal to be able to store all data in one place so you never have to worry about manual processes failing you.

From the perch of the compliance officer, you need to see all of that data consolidated into one “full picture profile” of every third party. So those procedures performed by humans should exist within a system

that captures all their data via web form or a similar mechanism (no spreadsheets allowed!) and combines it with the automated data.

Again, the automation system is available!

As we can see, effective compliance programs have many moving parts. The grease that keeps all those pieces moving smoothly is unity of operation and automation of tasks.

T hat is, the compliance program be able to perform due diligence on third parties and train them as necessary on conduct issues. Ideally, one unified system will automate due diligence checks and then issue alerts for follow-up training as appropriate. Or, the risk-assessment tool works in tandem with the due diligence system, to identify high-risk third parties that need the additional scrutiny.

That unity can come from a collection of tools that attempt to integrate or a single provider of comprehensive compliance technology.

The fundamental structure of a compliance program, however—the capabilities a program must have—cuts across circumstance, industry and size. Whatever drives you to start a compliance program from scratch, the final product should always strive for these basic features.

And let me say it again, the comprehensive compliance technology is available. It’s easy to demonstrate it to you.

Let me close by reiterating that risk management is a key in compliance management; you cannot do without it.

Comments are welcome—contact me at Schumacher@eitsc.com.

www.businessmirror.com.ph

The World BusinessMirror

Editor: Angel R. Calso • Tuesday, October 9, 2018 A5

UN report on global warming carries life-or-death warning U

China-US tensions flare during testy Pompeo visit to Beijing

W

ASHINGTON—Preventing an extra single degree of heat could make a life-or-death difference in the next few decades for multitudes of people and ecosystems on this fast-warming planet, an international panel of scientists reported on Sunday. But they provide little hope the world will rise to the challenge.

The Nobel Prize-winning Intergovernmental Panel on Climate Change issued its gloomy report at a meeting in Incheon, South Korea.

In the 728-page document, the United Nations (UN) organization detailed how Earth’s weather, health and ecosystems would be in better shape if the world’s leaders could somehow limit future human-caused warming to just 0.9 degrees Fahr-

enheit (a half degree Celsius) from now, instead of the globally agreedupon goal of 1.8°F (1°C). Among other things: n Half as many people would suffer from lack of water. n There would be fewer deaths and illnesses from heat, smog and infectious diseases. n Seas would rise nearly 4 inches (0.1 meters) less.

n Half as many animals with backbones and plants would lose the majority of their habitats. n There would be substantially fewer heat waves, downpours and droughts. n The West Antarctic ice sheet might not kick into irreversible melting. n And it just may be enough to save most of the world’s coral reefs from dying.

“For some people, this is a life-ordeath situation without a doubt,” said” Cornell University climate scientist Natalie Mahowald, a lead author on the report.

Limiting warming to 0.9 degrees from now means the world can keep “a semblance” of the ecosystems we have. Adding another 0.9 degrees on top of that—the looser global goal—essentially means a different and more challenging Earth for people and species, said another of

the report’s lead authors, Ove HoeghGuldberg, director of the Global Change Institute at the University of Queensland, Australia.

But meeting the more ambitious goal of slightly less warming would require immediate, draconian cuts in emissions of heat-trapping gases and dramatic changes in the energy field. While the UN panel says technically that’s possible, it saw little chance of the needed adjustments happening.

In 2010, international negotiators adopted a goal of limiting warming to 2°C (3.6°F) since preindustrial times. It’s called the 2-degree goal. In 2015, when the nations of the world agreed to the historic Paris climate agreement, they set dual goals: 2°C and a more demanding target of 1.5°C from preindustrial times.

The 1.5 was at the urging of vulnerable countries that called 2 degrees a death sentence. AP

NITED STATES Secretary of State Michael Pompeo cited “fundamental disagreement” with China’s foreign minister during a testy exchange in Beijing that highlighted rising tensions between the world’s two largest economies.

Pompeo’s retort came after Chinese Foreign Minister Wang Yi accused the United States on Monday of escalating trade disputes, interfering on Taiwan and meddling in the country’s domestic affairs.

“These actions have damaged our mutual trust, cast a shadow over China-US relations and are completely out of line with the interests of our two peoples,” Wang told his visiting American counterpart.

“The issues that you characterized, we have a fundamental disagreement,” Pompeo said. “We have great concerns about actions that China has taken, and I look forward to having the opportunity to discuss each of those today because this is an incredibly important relationship.”

The exchange came as Pom-

peo arrived in the Chinese capital during an Asia trip focused on securing a disarmament deal with North Korea and maintaining an international pressure against Kim Jong Un. It represented perhaps the strongest sign yet that the widening list of grievances between the US and China could undermine their cooperation on North Korea.

In another sign on tension, Pompeo wasn’t expected to meet with Chinese President Xi Jinping during the Beijing trip, raising questions over whether rising trade tensions could spill into cooperation on North Korea. The US secretary of state met with Xi during a similar trip through the region in June.

“No, I won’t be meeting with him,” Pompeo said earlier on Monday, noting that he would meet with Wang and Politburo member Yang Jiechi. When asked whether that was because of disagreements between the two countries, Pompeo said, “I expect they’ll also raise the issues that they’re happy with.” Bloomberg News

Oil drops on Saudi Arabia assurance and hopes for US waivers on Iran

O

IL in London extended losses for a third day on signs that the potential impact of impending US sanctions on Iranian supplies may be mitigated.

Brent futures fell as much as 1.1 percent to below $84 a barrel, after

retreating 2.5 percent over the past two sessions. Saudi Arabia can tap its spare production capacity immediately to offset any declines in Iranian crude exports, the kingdom’s crown prince said in an interview. Meanwhile, the United States was said to be in talks

with countries that want to continue buying from the Persian Gulf state after American sanctions are reimposed on November 4.

Oil has rallied to trade near four-year highs on concerns that the looming US restrictions on the Islamic republic will

squeeze shipments and spur a global crunch at a time when supplies are already being disrupted in Venezuela and Libya. Investors remain concerned that the Organization of the Petroleum Exporting Countries and its allies aren’t raising output quickly enough and that

they may not have the capacity to fully cover disappearing volumes.

“Prices are responding to the Saudis’ commitment to replace the lost Iranian barrels, and that has calmed down some supply-crunch fears,” Will Yun, a Seoul-based commodities

analyst at Hyundai Futures Corp., said by phone. “It’s still a wait-andsee as to how much production will be boosted, so investors are likely to be cautious and trade in a narrow range until we get some more clarity next month.” Bloomberg News

A6 Tuesday, October 9, 2018 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Govt must help the middle class

P

ROPONENTS of the proposed Tax Reform for Acceleration and Inclusion (TRAIN) law promised that, once it takes effect, it will expand the country’s middle class and economically empower poor families.

Now that inflation has hit another high of 6.7 percent in September and seems to be showing no signs of slowing down, one has to wonder. Are we seeing the shrinking of our middle class and the expansion of our poor population instead?

Of course, finance officials are quick to say the TRAIN law is not the cause of inflation, blaming global oil prices, rice prices, the weather and other factors. But whatever the explanation, it is not just the poor but also the middleincome families who are suffering from the sustained increases in the cost of rice and other food commodities.

Food prices have been going up for most of the year. Rice, vegetables, fish, you name it, they have all exhibited increases that have extended beyond the reach of ordinary consumers; and whether this is because of the TRAIN law or the financial markets, or the impact of weather disturbances on farm output and fishing, or due to profiteering by rotten traders, what matters most is this: If inflation continues to tick upward in the latter months of the year— as more than a few research groups and economists have predicted—we are going to see the rapid erosion of the real value of wages, affecting both poor and middle-income workers who would be able to buy fewer goods and services.

Whatever new policies and programs the Duterte administration comes up with should not just lighten the economic burden of the poor, or the poorest of the poor, although it is true that they suffer most from the ever-increasing prices of basic commodities and services. Right now, it just may be that a good chunk of the middle class are also being driven into borderline poverty because of inflation.

Inflation affects everybody, even the rich, but the rich can fend for themselves. They have a strong financial buffer against inflation, which the poor and middle class do not have.

The government should also help the middle class who are not qualified for government subsidies and other programs that target only the poorest of our population, like the billions spent yearly on conditional cash transfers, for instance.

The National Statistical Coordination Board once came out with a study, “Trends and Characteristics of the Middle Class in the Philippines: Is it Expanding or Shrinking,” which found that in a span of six years, from 1997 to 2003, close to four families for every 100 middle-income families have been lost to the low-income category. Middle-income families, as defined by the NSCB at the time, were those families with a total annual income ranging from P251,283 to P2,045,280.

We wonder if that trend has continued to this day. If the National Economic and Development Authority says the Philippines can become an upper middleincome country by end-2019 (below $4,000 or around P208,178 income per person), national wage averages can be misleading.

With the current economic risks and the rising cost of everything, there may be more families who cannot even earn enough to make it into middleincome range in terms of real wage values; or even if they can, they would be at the low end of that range. What they call middle class today may be just on the higher end of poor. And if true, we just have rich and poor in society, in varying degrees.

When the NSCB study came out, its Executive Director Dr. Romulo Virola then hit the nail on the head when (referring to the results of the study) he said: “For a country to be truly and sustainably prosperous, there must be a broad-based middle class…that has the knowledge, the skills and the resources to foster economic growth and help generate employment for the poor. But so far, the poverty-reduction programs we have crafted have focused mainly on being “pro-poor,” “anti-poverty,” helping the “poorest provinces,” etc. We seem to have completely ignored the needs and the strategic importance of building and expanding the middle class of Philippine society.”

His statement may still be true today.

It would be a most ridiculous—and ironic—government strategy to wait for middle-class families to become poor in order for them to qualify for government subsidy programs.

Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor Senior Editors

T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug

Ruben M. Cruz Jr. Angel R. Calso

Creative Director Chief Photographer

Eduardo A. Davad Nonilon G. Reyes Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Adebelo D. Gasmin Marvin Nisperos Estigoy Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines.

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

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

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

www.businessmirror.com.ph

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

Manny B. Villar

THE ENTREPRENEUR Continued from A1

H

IS America-first or American-only policy, initially frowned upon by leaders in the developed world, is actually paying dividends, as reflected in the strong US dollar and the record-breaking performance of Wall Street. Trump has been consistent in seeking a revision of the US international trade agreements with China, and Canada and Mexico in North America, and I expect more of the same in the next few years that will result in a new trading regime in favor of the US. Trump has been persistent in his demand to correct the huge trade imbalances that the US has been incurring with major partners, while keeping in line with his promise to restore jobs that were taken out of America.

He is rewriting the trading rules, discarding economic tradition and challenging the Washington Consensus long advocated by the International Monetary Fund, World Bank and the US Department of Treasury.

Trump was foremost a businessman before he became the chief executive of the most powerful nation in the world. As a businessman, he knew how things work in the

corporate world in terms of raising production and providing employment. Two of the economic policy prescriptions in the Washington Consensus, however, have failed the American people in Trump’s view.

The trade-liberalization program resulted in excessive imports and reduced exports that robbed many Americans of their jobs. Excessive deregulation, meanwhile, has either displaced or killed homegrown industries, resulting in increased unemployment.

Trump challenged these traditional policy prescriptions and proved that trade liberalization did

Trump’s different approach to trade negotiations has successfully worked. He is slowly delivering his promise to create and restore jobs in America. In doing so, the US president is creating a new global economic order where every nation, including the Philippines, must fit into.

not work in the interest of the US. (Entrepreneurs can take a lesson from what Trump is doing by trying and advancing out-of-the-box ideas to put the competition at bay.) The United States has lost its dominance in world trade and domestic jobs as well, with China threatening to take the place of America.

But the nationalist fervor has apparently endeared Trump to many A mer ican businessman and the ordinary citizens. The US economy expanded by a robust 4.2 percent in the second quarter of 2018, lifted by corporate spending.

His move to reduce corporate tax is spurring investment and growth.

Corporate profits increased to $72.4 billion, up from $26.7 billion in the first quarter.

The US jobs markets rose in August, led by construction, transportation, wholesale trade, finance and health care. The US economy added

PHL and the economic chaos

Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Efleda P. Campos Dennis D. Estopace

Online Editor Social Media Editor

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

PHL should live with new economic order

John Mangun

OUTSIDE THE BOX

I

N 1968 pop art painter Andy Warhol said, “In the future everyone will be world-famous for 15 minutes”. Warhol probably never said that, and people who claim to have introduced the phrase got their 15 minutes of fame, thereby proving the point.

But it is true that a YouTube cat video or a woman posting her favorite “booty pic” on Instagram can get those “15 minutes.” Unfortunately, 15 minutes also describes the average attention span in 2018 and the amount of remembered historical perspective.

On May 26, 2016—more than two years ago—I wrote a column, titled “Why Trump Will Win.” Here are some excerpts:

“One of the reasons that the ‘Duterte’ candidates are winning elections is that they are offering a change to strong individual leadership. Prime Minster Justin Trudeau runs on the promise, ‘I will be the Prime Minister of all Canadians.’ Indian Prime Minister Narendra Modi said, ‘This time, it’s Modi’s government.’

“Donald J. Trump is probably going to be the next US president against all odds as Mayor Duterte will

The Philippines cannot escape the economic typhoon. But the house is still strong, and, contrary to what the experts would like the people to believe, built mostly on rock and not on sand.

The roof may rattle, but it will not blow off. soon be inaugurated president of the Philippines. No, there is absolutely no personal comparison between these two men as much as certain people would like to make except what they represent. That is the rejection of global ‘neoliberalism.’”

Added now to the list of candidates breaking the grip of traditional politicians is Emmanuel Macron, who won the French presidency by beating the two political parties that had control for decades.

Mexico’s far-left President-elect Andres Manuel Lopez Obrador won in a landslide, taking out the party that had controlled Mexico since 1928.

201,000 new jobs in August, while the unemployment rate was steady at a low 3.9 percent. The hiring data will also likely boost Trump’s popularity—the average worker pay rose 2.9 percent compared to August of last year, the biggest increase since June 2009.

Trump’s saber-rattling and unorthodox handling of the trade issues with American neighbors, meanwhile, is producing positive results.

The US and Canada reached a deal on a new free-trade agreement that will include Mexico after over a year of talks. The United States-MexicoCanada Agreement updates and replaces the 25-year-old North American Free Trade Agreement, which Trump had threatened to repeal.

The updated agreement essentially committed Canada to open its dairy market further to US producers. Tariffs as high as 275 percent had kept most foreign milk, including the US, out of the Canadian market.

Trump’s different approach to trade negotiations has successfully worked. He is slowly delivering his promise to create and restore jobs in America. In doing so, the US president is creating a new global economic order where every nation, including the Philippines, must fit into.

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

In Guatemala, former television comedian Jimmy Morales became president by a landslide.

Malaysia brought back strong man Dr. Mahathir bin Mohamad.

Famous cricket player Imran Khan is the new Prime Minister of Pakistan. Brazil just gave 46 percent of the vote—leading to a second-round runoff—to Jair Bolsonaro.

Bolsonaro said the 1964 to 1985 military dictatorship of Brazil was “a glorious period in Brazil’s history.”

Bolsonaro told Human Rights Minister Maria do Rosário that “I wouldn’t rape you because you don’t deserve it,” and followed up saying because she is “ugly” and “not my type.”

These developments are part of the political upheaval that I wrote and warned about beginning in 2015. The cycle is always the same going back to earliest governments.

The political establishment matures to a point that the only way to hold power is through economic policies that eventually fail. Then the See “Mangun,” A7

Opinion BusinessMirror

www.businessmirror.com.ph

The applicability of the ‘in pari delicto rule’ in waivers of defense of prescription Atty. Francis Kayvin B. Escobar

TAX LAW FOR BUSINESS

T

HE Tax Code provides for the general rule relative to the power of the government, exercised through the Bureau of Internal Revenue (BIR), to assess national internal revenue taxes. As a rule, this should be done within three years from the date the taxes become due as prescribed by law or from the actual filing of the tax returns, whichever comes later. This rule connotes that the government has no power to assess tax deficiencies within a period dictated by the discretion of revenue officers. Tax deficiencies cannot be assessed forever. The rationale of the limitation in the period for which assessment can be made is to prevent the prolonged and unscrupulous investigations conducted by revenue officers to determine the correct tax liabilities of taxpayers.

This rule, however, admits of certain exceptions. One of these exceptions is when a “waiver of statute of limitations or waiver of defense of prescription” is agreed upon by the commissioner and the taxpayer in writing. If there is such an agreement, a tax may be assessed within the period agreed upon. The same may be further extended by subsequent written agreement/s made before the expiration of the period previously agreed upon.

Since a waiver of the statute of limitations is a derogation of the taxpayer’s right to security against prolonged and unscrupulous investigations, our Court ruled that waivers of this kind must be carefully and strictly construed. The Court also clarified that a waiver of the statute of limitations is not a waiver of the right to invoke the defense of prescription but rather an agreement between the taxpayer and the BIR that the period for the issuance of an assessment and collection of taxes due are extended to a date certain. It is not a unilateral act by the taxpayer or the BIR but is a bilateral agreement between two parties.

Revenue Memorandum Order (RMO) 20-90, as modified by RDAO 05-01, laid down an even more detailed procedure for the proper execution of a waiver. The Supreme Court, in a catena of cases, consistently held that a waiver of the statute of limitations must faithfully comply with the provisions of RMO 20-90 and RDAO 05-01 in order to be valid and binding. Noncompliance with one of the requisites as stated in said issuances renders the waiver null and void, which will not toll the prescriptive period within which an assessment should be made Interestingly, in 2015, the Supreme Court ruled for the first time in one case (GR 212825) that if both the taxpayer and the BIR were at fault in rendering the waiver of statute of limitations defective, then the validity of the waiver must be upheld. The Supreme Court applied the concept of “in pari delicto.”

This Latin term connotes that if the two parties to a controversy are equally culpable or at fault, they have no action against each

Mangun. . .

Continued from A6

political class is upended.

“Political chaos” is always followed by “economic chaos,” and that is what we are entering. While a political entity, the European Union is falling apart—led by countries such as Poland and Hungary—because of failed economics. The US economy is rising but at the expense of Europe, China and many “emerging economies.” And in reality, the US economy is in “chaos” as 50-year low unemployment clouds the fact that wage growth is slow and labor productivity growth is low.

In the Philippines, inflation has raised its ugly head with fingerpointing and “expert” analysis. High

other. This has the effect of making the status of the parties the same as it was prior to the commencement of an action. In this specific case, the Court ruled that the taxpayer violated RMO 20-90 since the waiver was not signed by responsible officers. RDAO 05-01 was, likewise, violated since there was no notarized resolution by the board of directors authorizing the execution of the waivers. Similarly, the BIR violated its own rules and was careless in performing its functions with respect to the waivers.

The Court emphasized that under RDAO 05-01, it is the duty of the authorized revenue official to ensure that the waiver is duly accomplished and signed by the taxpayer or his authorized representative before affixing his signature to signify acceptance of the same.

In a recent case (CTA Case 9177), the Court of Tax Appeals applied the same concept of in pari delicto when it found out that both the taxpayer and the BIR caused the infirmities in the two waivers, and considering that the taxpayer benefited from the flaws of the waivers which it voluntarily executed, the Court resolved to uphold the validity of the waivers. This led the Court to rule that prescription has not set in for the BIR’s assessments.

Note, however, that the application of this doctrine should not be used indiscriminately so as to uphold the validity of an assessment. The date of execution of a waiver is very crucial since a waiver which is executed after the prescriptive period of assessment without a formal assessment notice having been issued, cannot be validated even if the in pari delicto rule applies.

The author is a junior associate of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm 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 franciskayvin.escobar@bdblaw. com.ph or call 403-2001 local 170.

oil prices are also indicative of “political chaos” leading to “economic chaos” as Saudi Arabia and Russia try to hold influence by raising oil prices. This is in response to the United States importing the lowest percentage of its oil needs since 1967, and virtually none of it from the Middle East.

The Philippines cannot escape the economic typhoon. But the house is still strong, and, contrary to what the experts would like the people to believe, built mostly on rock and not sand. The roof may rattle, but it will not blow off.

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.

Tuesday, October 9, 2018 A7

Martial law, human rights and other stark issues Cecilio T. Arillo

DATABASE

Part Five

Firearms seized, private armies disbanded

P

OLITICAL scientist and writer Alexander Magno added: “In the first 500 days after martial law was imposed, Marcos reported that his government disbanded 150 private armies with a total strength of 25,000. Over 550,000 registered and unregistered firearms were confiscated, along with 1.5 million rounds of ammunition.

“One welcome by-product of the social disarmament was the dramatic drop in crime. In the first year of martial rule, the crime index dropped 505 points overall. Murder cases went down by 73 percent. Homicide was reduced by 65 percent and robbery by 51 percent.”

Notwithstanding his having saved the Republic from fragmentation by separatists and from a takeover by communists, Marcos continued to be demonized in history as a thieving tyrant.

Vilification was thorough and most of Marcos’s successors needed to distance themselves from his examples, or from any association with him. The most visible among them was President Corazon C. Aquino, who claimed to be the exact opposite of Marcos.

Unable to reconcile with a leftist Cabinet, inexperienced in politics and statecraft, she ruled with a weak hand and was criticized for lacking political will and for simply drifting with the flow until the end of her term.

Despite the muck thrown at the Marcos name, most Filipinos, seeing the caliber of the present crop

of politicians, are left wondering if a leader that would approximate the capability and strength of Marcos will again rise. Retired General Jose T. Almonte, who had served as President Fidel V. Ramos’s national security adviser, described the leadership of President Corazon Aquino as one of survival-craft rather than statecraft.

The revolution, Philippine style, was basically the prosecution of reforms, which, because of its adherence to nonviolence and the constitutional process, is much more difficult to execute than an outright shoot-out affair.

The revolution, Philippine style, would not place the people in front or at the back of the leadership. The people would move as one with the leadership because the leadership in a democracy derives its strength and inspiration from the people.

The revolution, therefore, evolves from the center, from the government of the people itself.

Indeed, the Marcos Doctrine leaves an imprint in the science and art of statesmanship whose many lessons are valid not only for the underdeveloped regions but as well

for the developed economies of the West, said Constitutional Convention delegate Antonio R. Tupaz.

He added: “The Marcos Doctrine, as seen in action in the New Society, is proving its maximum serviceability in a period of only five months so far. What would be its impact in perpetuation? How will our people erect the New Society?

“This nation would do so through the New Constitution.

“The New Constitution, therefore, is the final legal completion of the Marcos Doctrine and the New Society.”

The natural transition

THERE is a logical and natural transition between the New Society and the New Constitution. The latter confirms in legal reality the goals and ideals of the New Society. It is not a mere theory of principles or grandiose rhetoric in finely chiseled prose. It articulates an entire society in peaceful revolution.

There are marked similarities between the content and implications of the New Society with those of the New Constitution.

The New Society, premised on the Marcos Doctrine, is described as a structure of indigenous ingredients.

In fine, it is a truly Filipino creation of state craftsmanship. The New Constitution is, likewise, an indigenous Filipino origination.

It has even been reported that constitutionalists and scholars from one famous American university had come to study the Marcos-style martial law. They are intrigued by the success of our government in galvanizing the disparate ambitions and interests of a plurality of people into one without the traditional violence or bloodshed and armed civilian warfare, which have usually characterized martial-law societies.

The New Society has energized our people with the vision of an

attainable future, rich in hope and devoid of armed revolution. In the same vein, the New Constitution has provided our people with a set of goals and a declaration of principles in unequivocal terms and truly compatible with the dreams of the Filipino race.

Where the 1935 Constitution was general in its vision, the New 1973 Constitution is precise about its orientation, substance and direction. The Declaration of Principles is the bedrock of the national purpose.

The New Society advocates a nationalist, proud and independent posture for the nation, a patriotic ideology that is the ethos of the Marcos Doctrine. Similarly, the New Constitution advocates a nationalist identity through its pronouncements on citizenship, the national economy, arts and culture, media, as well as the duties and obligations of citizens.

The New Society is socially oriented in the sense that it is committed to demolish the wide misdistribution of wealth and income in this country.

In like manner, the New Constitution is directed toward social justice to ensure the dignity, welfare and security of all the people. As such, it provides for adequate social services in the field of education, health, housing, employment, welfare and social security.

The New Society is emphatic about the proper exercise of freedom with responsibility. So, too, does the New Constitution provide for the balance of the rights and duties of citizens. The constitutional rights promulgated in the New Society have been modified to suit the particular urgencies confronting the Filipino people from communism and lawlessness.

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

China to pump $175 billion into its economy as slowdown and trade war loom

By Alexandra Stevenson | New York Times News Service

ONG KONG—China is signaling that it is worried about its economy.

Troubled by slowing growth, persistent debt problems and President Donald J. Trump’s trade war, the Chinese government has taken steps in recent months to shore up its economy.

It has pared back a high-profile campaign to tackle debt. It has restarted big infrastructure projects, a traditional economic engine.

It has even censored bad economic news.

The People’s Bank of China, the central bank, pulled a financial lever that will effectively pump $175 billion into the economy.

The government is aiming to help small and midsize businesses in particular, which have had trouble obtaining loans and face other rising pressures.

Last Sunday Beijing went one step further.

The People’s Bank of China (PBOC), the central bank, pulled a financial lever that will effectively pump $175 billion into the economy. The government is aiming to help small and midsize businesses in particular, which have had trouble obtaining loans and face other rising pressures.

The move signals that China’s economy “is really not doing well,” Chen Shouhong, the founder of the investment information platform Gelonghui, wrote on WeChat, a popular Chinese social-media service.

The growing trade war with the United States has been the most visible threat. In September the United States imposed tariffs on $200 billion in goods from China. Trump has shown little inclination to back off, and relations between the two countries have cooled, suggesting the trade war could worsen before it gets better.

So far, the trade war has had only a minor effect on China’s $12-trillion economy. Trade is not as important to China as it once was, thanks in part to the rise of a middle class that has been a ready buyer of Chinese goods at home. Still, tariffs could hurt the economy the longer they last. In September new export orders—one indicator of China’s manufacturing—fell to the lowest level since 2016.

But China has bigger problems than the trade war.

Consumers are spending less.

Retail sales this year have grown at

in China’s debt during the next three years. Liu’s appointment in March as vice premier overseeing financial and industrial policy was seen as a commitment by Chinese officials to crack down on lending.

Now, Beijing has changed its tune.

In August the PBOC said it would ensure that money flowed from its state-controlled banking sector to companies that needed it, in particular exporters and small and medium enterprises. The National Development and Reform Commission also flagged concerns about the financing difficulties of private companies in June.

The government has promoted rail and other infrastructure projects that were previously stalled or blocked because of concerns about ballooning debt.

If it was not clear before last week that Chinese officials were concerned about a slowing economy, a move by the government on September 28 to censor negative economic news made it clear. Among the items on a list of forbidden topics on a government directive sent to journalists in China were any economic data that showed a slowing economy, local government debt and risks, and signs of declining consumer confidence.

Last Sunday the PBOC said that it would cut the amount of money that some lenders are required to hold in reserve—called the reserve ratio—by 1 percentage point. The move essentially frees up more money for China’s state-controlled banks to lend out.

H

the slowest rate in a decade. Wage growth is plodding. Infrastructure investment—a pillar of the Chinese economy—slowed significantly in the first half of the year. The pace at which companies are defaulting on their bonds has quickened.

China also has to contend with a stock market that has fallen by around 15 percent this year and a currency that has lost 10 percent of its value against the dollar. Some Chinese entrepreneurs also say the business environment is souring. The government could soon require companies to pay more in taxes and benefits.

Government officials in recent months have scurried to counter the broader economic slowdown. They pledged to pump billions of dollars into infrastructure projects, shored up the value of the currency and moved to backstop the falling stock market.

China has used these methods for years to spur growth, but they represent a retreat from more recent government efforts to pare back debt.

China unleashed a wave of spending and lending beginning a decade ago that rescued its economy from the global economic downturn but left many of its companies and local governments heavily burdened with debt.

Economists have warned that China must address its debt problems if it hopes to keep its economy humming.

Beijing appeared to be listening.

Earlier this year Liu He, a trusted economic adviser to Xi Jinping, the country’s top leader, promised to rein

About $65.5 billion of that cash injection will be directed to banks to repay debts that are due in coming weeks, while the rest will be pushed into the financial market.

The central bank made the move to ensure “reasonable and sufficient liquidity” in China’s economy, it said. This is the fourth time this year that the central bank has cut the reserve ratio.

But this time, the reserve ratio cut, which is set to go into effect on October 15, was unusually big and broad. While the central bank cut the reserve ratio by a similar amount earlier this year, it put more conditions on how banks could use the extra money. The bank has shied away from making such stark moves in recent years, as it has found more subtle ways to adjust the amount of money in China’s financial system depending on its needs.

The announcement on Sunday suggests the central bank felt it had to do more than that. The size and breadth of the move, wrote Chen, the Gelonghui founder, shows “there are fewer and fewer tools in the PBOC toolbox.”

The move was in direct response to the slowing growth, Zhang Ming, a researcher at the Chinese Academy of Social Sciences, said on Sunday. Zhang predicted that China’s third-quarter gross domestic product would drop to a 6.6-percent growth compared with 6.8 percent a year ago and that its fourth-quarter figure could be as low as 6.4 percent. China posted economic growth of 6.7 percent in the quarter that ended in June, though China’s official figures are widely doubted.

“Sino-US trade frictions will further reduce the contribution of imports and exports to economy growth,” Zhang, who is also chief economist at Ping An Securities, wrote on WeChat.

“If export growth slows down due to trade frictions, it will influence manufacturing investment growth,” he added.

Editor: Efleda P. Campos

Companies BusinessMirror

Tuesday, October 9, 2018

B1

Meralco lowers electric rates

P

By Lenie Lectura @llectura

OWER rates paid by customers of the Manila Electric Co. (Meralco) went down by P0.0966 per kilowatt-hour in October to P9.9766 per kWh mainly on account of lower generation charge.

The decrease will result in a downward adjustment of around P19 in the total bill of a typical household consuming 200 kWh. Since April this year, electricity rates registered a net decrease of 57 centavos per kWh. “We are pleased to announce that, despite prices of other basic goods and commodities generally going up, Meralco customers can find some relief in the decrease of

power rates these past two months, as this goes against the current trend that we see with other products,” Meralco Spokesman and Head of Public Information Office Joe Zaldarriaga said.

From P5.2719 per kWh last month, generation charge for October went down to P5.1908 per kWh, a decrease of P0.0811 per kWh. The decrease in generation

charge is mainly the result of P0.2790-per-kWh reduction in charges of power supply agreements. Despite the weakening of the peso against the US dollar and the scheduled maintenance outage of Sual Unit 1 that started on August 31, the cost of power from PSAs went down due to higher dispatch of Masinloc and Ilijan plants. The share of PSA purchases to Meralco’s total requirement this month was 36 percent.

The decrease in PSA charges offset the P0.0414-per-kWh increase in cost of power from independent power producers as a result of continued peso depreciation. About 96 percent of IPP costs are denominated in US dollars. The share of IPP purchases to Meralco’s total requirement this month was at 41 percent.

Cost of power from the Wholesale Electricity Spot Market slightly increased by P0.2981 per kWh due to

lower availability of power plants in the Luzon grid. The share of WESM purchases to Meralco’s total requirement this month was 23 percent.

P0.0111 per kWh due to the increase in National Grid Corp. of the Philippines’s (NGCP) ancillary service charges. Meanwhile, taxes and other charges went down by P0.0266 per kWh this month.

Meralco’s distribution, supply and metering charges, meanwhile, have remained unchanged for 39 months, after these registered reductions in July 2015.

Meralco said it does not earn from the pass-through charges, such as the generation and transmission charges. Payment for the generation charge goes to the power suppliers, while payment for the transmission charge goes to the NGCP. Taxes and other public policy charges like the feed-in-tariff allowance rate are remitted to the government.

SEC: Cases filed vs SMFB may not impact follow-on offering

By VG Cabuag

@villygc

T

HE Securities and Exchange Commission (SEC) said cases filed against San Miguel Food and Beverage Inc. (SMFB) may not slow down its P142-billion followon offering, as the agency earlier confirmed there is no need to make a tender offer on the minority owners of the company.

SEC Commissioner Ephyro Luis B. Amatong told reporters that the country’s largest conglomerate has earlier on sought the confirmation of the agency that there’s no need for a mandatory tender offer based on the current rules.

“We found two bases to confirm that there’s no need for the mandatory tender offer. First, there’s no change in the ultimate parent company. Under the tender-offer rules, if there’s a change in the ultimate parent even if it’s several levels up, you

have to do a tender offer. If there’s no change, why would you do a tender offer?” Amatong told reporters at the sidelines of a sustainability summit of SM Investments Corp.

“Number two, the transaction is akin to a merger or consolidation among companies. In which case under our rules will not apply,” he said.

“But we are looking into their complaints, and they’re going to do due process,” he said.

San Miguel Corp. consolidated its food and beverages businesses by transferring all its equity in Ginebra San Miguel Inc. and San Miguel Brewery Inc. (SMB) to San Miguel Pure Foods Co. in exchange for shares.

It then renamed Pure Foods into its current name.

As part of the share swap, Pure Foods increased its authorized capital so it will have more shares to issue to San Miguel in exchange for shares of Ginebra and SMB.

The amount of shares it is selling is equivalent to 20 percent of outstanding shares of SMFB. The company needs to do the follow-on offering as soon as possible as it already dropped below the minimum public float of 10 percent.

Its free float level is currently at 4.12 percent.

It is selling 887 million common shares as its primary offering and 133.05 million shares as its overallotment option at P140 apiece.

Josefina Multi-Ventures Corp., meanwhile, is seeking to nullify the share swap involving San Miguel Corp.’s shares in Ginebra in exchange for shares of SMFB. Jose Mario Buñag, the lawyer for Josefina Multi-Ventures, in his letter said the tender offer is mandatory, since San Miguel acquired about 75 percent of SMFB under the share swap when the Securities Regulation Code requires a tender offer for all

5 groups to bid for 3rd telco spot

T

HE government has so far met its target of attracting at least three participants in the selection process for the third telco player, with five groups purchasing selection documents on Monday.

The first group to purchase bid documents was the camp of politician Chavit C. Singson, who will back Tier One Communications Inc., a consortium composed of 14 groups and two technical partners.

Second to purchase is a lawyer, who refused to divulge the name of the group he was representig.

The third one to buy bid documents was Udenna Corp. of Davaobased businessman Dennis A. Uy, a close associate of President Duterte.

The fourth group was Norwegian telecom operator Telenor, which was reported to have been interested in San Miguel Corp.’s telco business before the latter was bought out by PLDT Inc. and Globe Telecom Inc. Fifth to purchase for the day is Now Corp. of businessman Mel V. Velarde.

Information and Communications Technology Secretary Eliseo M. Rio noted the turnout is better than the expected minimum number of participants for the process.

“We expected three to five parties, and we got four interested ones buying bid documents. This goes to show that the terms of reference were well crafted,” he told the BusinessMirror.

The government is in the middle of the selection process for the third

telco player in the Philippines, expected to challenge and break the duopoly, resulting in better services and lower prices.

In selecting the new major player, the government will base its decision on the highest committed level of service for five years. It is a points-based system that will take into account commitments on national population coverage, minimum average broadband speed, and capital and operational expenditures.

The points-based system has been tweaked to sport a heavier weight on minimum broadband speed. It has been increased from 20 percent to 25 percent, while that of the capital and operational expenditures was reduced to 35 percent from 40 percent.

The percentage of the national population coverage remained at 40 percent.

Participants receive points for any excess of the minimum requirements for the three areas.

In terms of broadband speed— for both mobile and fixed line— bidders will be granted a point for every 2 Mbps above the 5 Mbps minimum requirement. The maximum is capped at 55 Mbps.

For capital and operational expenditures, bidders will earn points for every P10 billion above the P40billion minimum. This requirement is capped at P140 billion for the first four years, and is capped at P240 for the fifth year.

And lastly, for the national population coverage requirement, bidders will receive a point exceeding

the 50-percent coverage requirement for the first year. Its maximum is set at 90 percent coverage.

Bidders can receive as much as 500 points for their offers.

Also included in the changes is a more lenient term on performance security, which is at 10 percent of the participant’s capital and operational spending, only this time, the government has agreed to accept an irrevocable letter of credit from lenders.

This replaced the 10-percent cash bond or 30-percent surety bond initially set for the performance security requirement.

Rio said the interest in the project is high among “serious” parties.

“I think they are serious in this exercise, as they will not be wasting P1 million for bid documents if they are not,” Rio said.

He added there is a P700-million bond the process. The purpose of the bond, he said, is for the winning party to delivery on its commitments.

Losing parties will receive the bond back after the process, he noted.

Although the interest is high, Rio noted that the government’s overall expectation with the exercise is for it to bear the fruit that it is supposed to bear.

“We hope that there is one that can compete with Globe and Smart,” he said.

Deadline for the submission of bids is on November 7. The third telco player is expected to be announced sometime in December. Lorenz S. Marasigan

other owners of the firm for acquisitions of at least 35 percent.

Buñag said the conglomerate may have obtained an SEC ruling that the tender-offer rules do not apply to the transaction, since there is a de facto merger or consolidation or that the change in control is merely from direct to indirect.

Chelsea bids to modernize Davao Sasa Port for ₧16B

By Lorenz S. Marasigan @lorenzmarasigan

D

ENNIS A. UY, a Davaobased businessman with close links with President Duterte, has submitted an unsolicited proposal to modernize the Davao Sasa Port to the tune of P16 billion.

This is the second unsolicited offer that Uy’s camp has submitted to attached agencies of the Department of Transportation this year. The first one was to develop and expand the Davao International Airport.

Chelsea Logistics Holdings Corp. President Chryss Alfonsus V. Damuy said the group has submitted to the Philippine Ports Authority a proposal to develop the Davao Sasa Port in phases.

“If you look at the state of the Port of Davao, it really needs massive rehab. There are very limited equipment for cargo handling,” he said in a chance interview.

He said the proposal involves the rehabilitation of the existing terminal and the installation of modern equipment. This is the first phase of the proposal.

“There are four phases, which will be implemented depending on milestones on cargo levels. It will depend on the improvement of traffic,” Damuy said.

The proposal also includes the

reclamation of land to expand the port.

“We’re asking at least 25 years for the concession period,” he added. “ The port will handle container and general cargo and passenger traffic—both international and domestic.”

Damuy noted the company’s infrastr ucture initiatives are “concentrated in Davao” for now.

Resubmitted earlier this year, the group’s airport proposal involves the development of the Davao International Airport to meet the projected 15-million annual passenger volume by 2050.

It will be implemented in three phases.

Transportation Secretary Arthur P. Tugade said the agency is currently reviewing the proposal.

“We are now checking if they will qualify, which i think they will,” he said in a spot interview.

Unsolicited offers, under the law, have to go through several approvals process from the implementing agency and the attached bodies under the National Economic and Development Authority.

It will also be subjected to a Swiss challenge, a process that allows other groups to submit offers superior to the original proposal.

The original proponent will then have the right to match or submit a counteroffer to win the contract.

B2

Companies BusinessMirror

Tuesday, October 9, 2018

PSE STOCK QUOTATIONS

October 8, 2018

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

ASIA UNITED 58.5 58.95 56.15 58.95 56.15 58.95 8560 501166 BDO UNIBANK 113.9 114 115.4 117 114 114 1438080 165780243 BANK PH ISLANDS 81.7 81.9 81.2 82.55 81.1 81.9 490600 40173821.5 CHINABANK 28.65 28.7 28.85 29 28.5 28.65 46800 1342975 EAST WEST BANK 12.34 12.38 12.36 12.42 12.34 12.34 85300 1055018 METROBANK 66.2 66.3 66.3 67.2 66.2 66.2 1487070 98652114 PB BANK 11.1 11.6 11.6 11.68 11.6 11.6 15100 175248 PBCOM 19.6 24.65 24.7 24.7 24.7 24.7 100 2470 PHIL NATL BANK 42.95 43.75 42.9 43.8 42.6 42.95 9500 406400 PSBANK 72.1 74.7 73 75 73 74.9 200 14839 PHILTRUST 103 111 101.4 101.4 101.4 101.4 40 4056 RCBC 25.5 25.7 25.4 25.5 25.4 25.5 10900 277940 SECURITY BANK 144.7 144.8 145.1 146.4 144.7 144.8 773450 112264218 UNION BANK 65.55 66 66 66 65.5 65.95 6610 435962 BRIGHT KINDLE 1.37 1.45 1.37 1.37 1.36 1.36 6000 8170 BDO LEASING 2.4 2.58 2.56 2.58 2.56 2.58 12000 30840 COL FINANCIAL 15.9 16 15.12 16 15.12 15.9 7900 122578 FERRONOUX HLDG 4.13 4.25 4.15 4.25 4.12 4.25 38000 157470 IREMIT 1.61 1.72 1.73 1.73 1.6 1.72 10000 17120 MEDCO HLDG 0.51 0.52 0.51 0.52 0.51 0.51 125000 63770 NTL REINSURANCE 0.9 0.91 0.9 0.91 0.9 0.91 459000 414370 PHIL STOCK EXCH 184.2 189.9 189.9 190 184 184 1280 237528 SUN LIFE 1865 1919 1866 1866 1866 1866 75 139950 VANTAGE 1.17 1.21 1.17 1.17 1.17 1.17 10000 11700

INDUSTRIAL ALSONS CONS 1.26 1.27 1.26 1.27 1.26 1.27 147000 185640 ABOITIZ POWER 33 33.6 33.7 33.85 33 33 1090300 36153740 BASIC ENERGY 0.216 0.218 0.22 0.22 0.216 0.216 730000 157780 ENERGY DEVT 7.07 7.08 7.07 7.09 7.07 7.08 4569200 32355517 FIRST GEN 16.3 16.32 16.3 16.48 16.28 16.3 359900 5868088 FIRST PHIL HLDG 64 64.55 64.5 64.85 63.4 64.55 6530 420992.5 PHIL H2O 4.55 4.7 4.76 4.76 4.52 4.7 71000 326480 MERALCO 341.6 341.8 355 355 341.6 341.6 94220 32683222 MANILA WATER 25.85 25.9 25.5 25.95 25.5 25.9 694600 17963055 PETRON 8.51 8.6 8.64 8.64 8.5 8.56 155900 1332346 PETROENERGY 4.07 4.14 4.07 4.14 4.07 4.14 22000 89910 PHINMA ENERGY 0.95 0.97 0.95 0.97 0.95 0.95 225000 215780 PHX PETROLEUM 10.6 10.76 10.78 10.78 10.44 10.78 36400 390576 PILIPINAS SHELL 52.95 53.05 53.65 53.75 52.9 52.95 60110 3190690 SPC POWER 5.19 5.2 5.5 5.5 5.18 5.2 349100 1818362 AGRINURTURE 18.2 18.26 18.28 18.32 18.14 18.26 690200 12595588 BOGO MEDELLIN 91.05 112.9 90.15 90.15 90.15 90.15 10 901.5 CNTRL AZUCARERA 17.1 17.74 17.06 17.76 17.04 17.76 10200 180406 CENTURY FOOD 13.5 13.56 13.5 13.56 13.5 13.5 30200 407706 DEL MONTE 7 7.3 7.2 7.3 6.57 7.3 3700 25868 DNL INDUS 10.08 10.1 10 10.14 9.96 10.08 3498600 35269642 EMPERADOR 7 7.01 7 7.02 6.96 7.01 330000 2310903 SMC FOODANDBEV 92 93 94 95 91 93 482950 44681392 ALLIANCE SELECT 0.92 0.93 0.94 0.95 0.9 0.92 17880000 16514540 GINEBRA 25 25.25 25.25 25.3 25 25 56600 1415980 JOLLIBEE 243 243.8 247 248 243 243 927610 227524624 LIBERTY FLOUR 40.05 60.95 41 41 41 41 200 8200 MAXS GROUP 10.98 11 11.1 11.4 11 11 186400 2054790 MG HLDG 0.176 0.184 0.177 0.184 0.177 0.184 30000 5380 PEPSI COLA 1.77 1.8 1.8 1.8 1.77 1.77 90000 161760 SHAKEYS PIZZA 11.62 11.72 11.68 11.72 11.6 11.72 29100 338748 ROXAS AND CO 2.38 2.4 2.4 2.45 2.38 2.4 195000 465210 RFM CORP 4.83 4.84 4.84 4.84 4.82 4.84 8450000 40897630 ROXAS HLDG 2.84 3.09 3 3 2.8 2.8 20000 56200 SWIFT FOODS 0.123 0.129 0.122 0.122 0.122 0.122 30000 3660 UNIV ROBINA 134.5 134.9 134 135.9 133.9 134.5 531360 71473554 VITARICH 1.84 1.85 1.88 1.89 1.84 1.85 1294000 2406390 CONCRETE A 64.8 65 65 65 65 65 50 3250 CEMEX HLDG 2.2 2.21 2.27 2.34 2.16 2.21 5689000 12759440 EAGLE CEMENT 15.14 15.16 15.2 15.38 15.12 15.14 199600 3022790 EEI CORP 8.28 8.34 8.34 8.34 8.28 8.28 67600 561250 HOLCIM 6.63 6.65 6.65 6.66 6.62 6.65 109300 725955 MEGAWIDE 14.58 14.6 14.1 14.8 14.08 14.6 8416000 122296462 PHINMA 8.98 9.04 9.04 9.04 9.04 9.04 500 4520 TKC METALS 0.9 0.91 0.96 0.96 0.9 0.91 81000 73930 VULCAN INDL 2.07 2.08 2.08 2.13 2.07 2.08 2533000 5316600 CROWN ASIA 1.72 1.74 1.71 1.71 1.7 1.7 26000 44300 LMG CHEMICALS 4.81 4.88 4.8 4.8 4.8 4.8 50000 240000 MABUHAY VINYL 3.03 3.39 3.3 3.4 3.28 3.4 28000 92880 CONCEPCION 37.2 38 38 38 37.2 37.2 1200 44800 INTEGRATED MICR 12.24 12.3 12.44 12.96 12.3 12.3 282800 3500296 IONICS 1.84 1.85 1.89 1.9 1.84 1.85 94000 174690 SFA SEMICON 1.61 1.63 1.68 1.68 1.62 1.63 25000 40880 CIRTEK HLDG 33.9 34.5 35.25 35.4 33.7 34.5 354600 12216780

HOLDING & FRIMS ABACORE CAPITAL 0.43 0.435 0.42 0.44 0.42 0.435 9340000 4035000 ASIABEST GROUP 26.55 26.85 26.8 27.35 26.4 26.85 12800 345490 AYALA CORP 928 930 930 935 921 930 113110 105212740 ABOITIZ EQUITY 46.8 46.95 47.25 47.65 46.95 46.95 1001600 47212905 ALLIANCE GLOBAL 11.76 11.82 12 12 11.76 11.76 1773400 21036826 ANSCOR 6.11 6.14 6.14 6.14 6.14 6.14 200 1228 ANGLO PHIL HLDG 0.89 0.93 0.88 0.88 0.88 0.88 2000 1760 ATN HLDG A 1.19 1.2 1.24 1.24 1.17 1.19 9479000 11361960 ATN HLDG B 1.19 1.2 1.24 1.25 1.18 1.2 1949000 2373620 COSCO CAPITAL 5.94 5.97 5.92 5.96 5.9 5.94 3572800 21247583 DMCI HLDG 12.02 12.04 11.8 12.16 11.8 12.04 976700 11751232 FILINVEST DEV 7.1 7.18 7.2 7.2 7.05 7.18 4546800 32335749 FJ PRINCE A 4.53 5.63 5.74 5.74 5.74 5.74 100 574 FORUM PACIFIC 0.201 0.203 0.201 0.203 0.201 0.203 30000 6050 GT CAPITAL 739 740 797 797 740 740 62280 46895490 JG SUMMIT 47.7 48.5 49.05 50 47.6 48.5 1631400 79009750 LODESTAR 0.55 0.57 0.57 0.57 0.54 0.57 1173000 656130 LOPEZ HLDG 4.43 4.63 4.66 4.66 4.42 4.43 36000 161330 LT GROUP 13.86 13.9 14.3 14.38 13.9 13.9 1772600 25024666 MABUHAY HLDG 0.55 0.57 0.55 0.58 0.55 0.55 1183000 660380 METRO PAC INV 4.94 4.95 4.84 5.02 4.78 4.95 12677000 62831010 PACIFICA 0.037 0.038 0.037 0.039 0.037 0.037 15800000 595400 PRIME ORION 2.36 2.38 2.36 2.38 2.36 2.38 39000 92280 SOLID GROUP 1.36 1.4 1.37 1.37 1.35 1.36 107000 145760 SYNERGY GRID 200 456 320 320 320 320 40 12800 SM INVESTMENTS 866 874 870 879.5 866 866 346550 302744405 SAN MIGUEL CORP 170 170.3 172.8 173 169 170 345990 58786914 SOC RESOURCES 0.78 0.84 0.83 0.84 0.83 0.84 65000 54590 TOP FRONTIER 278 280 280 281 275 281 280 77620 WELLEX INDUS 0.242 0.248 0.25 0.25 0.235 0.242 4460000 1085300 ZEUS HLDG 0.196 0.213 0.15 0.213 0.15 0.213 40000 7080

PROPERTY ARTHALAND CORP 0.62 0.63 0.62 0.63 0.62 0.62 44000 27300 AYALA LAND 39 39.05 39 39.5 39 39 9817000 384572605 ARANETA PROP 1.9 2 2 2 2 2 20000 40000 BELLE CORP 2.37 2.49 2.39 2.41 2.37 2.37 1335000 3183690 A BROWN 0.82 0.83 0.82 0.83 0.81 0.82 1750000 1427230 CITYLAND DEVT 0.91 0.92 0.9 0.92 0.9 0.92 275000 248550 CROWN EQUITIES 0.22 0.229 0.232 0.232 0.219 0.23 670000 149730 CEBU HLDG 5.16 5.35 5.16 5.16 5.16 5.16 40000 206400 CEB LANDMASTERS 4.33 4.39 4.42 4.42 4.35 4.39 23000 101370 CENTURY PROP 0.44 0.445 0.44 0.445 0.435 0.445 1630000 717700 CYBER BAY 0.38 0.395 0.4 0.4 0.4 0.4 120000 48000 DOUBLEDRAGON 19.36 19.38 19.54 19.54 19.36 19.38 297900 5,781,446( DM WENCESLAO 8.3 8.34 8.34 8.34 8.28 8.34 116900 971942 EMPIRE EAST 0.53 0.55 0.55 0.55 0.55 0.55 4000 2200 EVER GOTESCO 0.11 0.119 0.105 0.11 0.104 0.104 100000 10730 FILINVEST LAND 1.45 1.46 1.45 1.46 1.44 1.46 4511000 6541910 GLOBAL ESTATE 1.1 1.11 1.12 1.13 1.1 1.11 418000 463050 8990 HLDG 7.11 7.22 7.04 7.22 7.04 7.22 33600 241146 IRC PROP 2.48 2.49 2.5 2.59 2.44 2.49 18989000 47766880 MEGAWORLD 4.15 4.19 4.23 4.23 4.15 4.15 4884000 20413430 MRC ALLIED 0.58 0.59 0.6 0.61 0.58 0.59 39599000 23444370 PHIL ESTATES 0.435 0.44 0.45 0.45 0.43 0.44 930000 404250 PRIMEX CORP 3.88 3.89 3.96 3.98 3.89 3.89 218000 854550 ROBINSONS LAND 19.8 19.9 20 20.3 19.74 19.9 1290500 25757773 PHIL REALTY 0.415 0.435 0.43 0.43 0.415 0.42 420000 175700 ROCKWELL 1.96 1.97 1.96 1.98 1.96 1.97 544000 1066850 SHANG PROP 3.11 3.15 3.17 3.17 3.15 3.15 33000 104000 STA LUCIA LAND 1.1 1.13 1.12 1.13 1.09 1.13 1010000 1106640 SM PRIME HLDG 34 34.15 34 34.6 33.85 34 8184800 278618175 STARMALLS 6.27 6.28 6.24 6.35 6.24 6.28 45900 287555 SUNTRUST HOME 0.73 0.78 0.73 0.79 0.73 0.79 290000 221500 PTFC REDEV CORP 31.55 40.85 31.4 31.4 31.4 31.4 600 18840 VISTA LAND 5.95 5.99 5.9 6.05 5.87 5.99 2055900 12266679

SERVICES ABS CBN 20.8 20.9 21.5 21.5 20.9 20.9 26000 549710 GMA NETWORK 5.24 5.25 5.3 5.34 5.24 5.25 134100 707377 MLA BRDCASTING 16 17.1 15 15 15 15 200 3000 GLOBE TELECOM 2328 2330 2264 2380 2244 2330 115550 269927710 PLDT 1410 1415 1399 1448 1381 1415 162010 230191630 APOLLO GLOBAL 0.039 0.04 0.037 0.041 0.037 0.04 8500000 336200 DFNN INC 8.18 8.97 8.97 8.97 8.97 8.97 200 1794 ISLAND INFO 0.114 0.115 0.115 0.115 0.114 0.114 390000 44470 ISM COMM 2.42 2.49 2.46 2.55 2.41 2.42 2662000 6587510 JACKSTONES 3.09 3.19 3.18 3.19 3.18 3.19 3000 9550 NOW CORP 7.25 7.27 7.3 7.49 7.2 7.27 735400 5364147 TRANSPACIFIC BR 0.51 0.52 0.52 0.52 0.5 0.51 23692000 12073210 PHILWEB 4 4.07 4.22 4.22 3.98 4.07 462000 1881780 2GO GROUP 10.32 10.4 10.34 10.62 10.3 10.32 12700 131980 ASIAN TERMINALS 13.04 13.48 13.86 13.86 13.86 13.86 900 12474 CEBU AIR 67.4 67.45 67.35 68.5 67.25 67.45 29230 1971588 CHELSEA 4.88 4.9 4.99 5.07 4.88 4.88 3538000 17415350 INTL CONTAINER 94 94.7 95.45 95.45 94 94 1022640 96607816 LBC EXPRESS 14.52 15 15 15 15 15 1400 21000 LORENZO SHIPPNG 0.91 0.94 0.95 0.95 0.91 0.94 43000 39940 MACROASIA 17.06 17.08 17.1 17.16 16.72 17.06 285600 4868130 METROALLIANCE A 1.4 1.5 1.52 1.52 1.5 1.5 2000 3020 PAL HLDG 8.5 8.85 8.6 8.6 8.5 8.5 2100 18050 HARBOR STAR 2.65 2.67 2.6 2.69 2.57 2.65 1197000 3159980 BOULEVARD HLDG 0.059 0.06 0.062 0.062 0.058 0.059 11910000 706720 WATERFRONT 0.65 0.66 0.67 0.67 0.65 0.66 352000 232250 CENTRO ESCOLAR 7.21 8 8 8 7.03 8 111800 892945 IPEOPLE 11.6 11.98 11.62 11.62 11.6 11.6 7400 85854 STI HLDG 0.79 0.8 0.81 0.83 0.79 0.8 4895000 3983740 BERJAYA 1.83 1.85 1.86 1.86 1.82 1.85 2256000 4136780 BLOOMBERRY 8.35 8.4 8.25 8.51 8.19 8.35 6331600 53140446 LEISURE AND RES 3.35 3.39 3.41 3.49 3.31 3.35 549000 1842600 MANILA JOCKEY 5.68 5.8 5.82 5.82 5.65 5.8 8600 48722 MELCO RESORTS 7.01 7.02 7.05 7.05 7.01 7.02 8256500 58085008 PREMIUM LEISURE 0.85 0.86 0.85 0.86 0.85 0.85 1057000 903750 TRAVELLERS 5.19 5.2 5.19 5.2 5.18 5.2 471000 2446853 METRO RETAIL 2.29 2.3 2.3 2.32 2.3 2.3 376000 867650 PUREGOLD 42.2 44.25 44.8 44.8 42.2 42.2 1387100 59341270 ROBINSONS RTL 77 79 78 78.35 77 77 1214250 94384923.5 PHIL SEVEN CORP 99 100 100 100 98 100 54100 5355850 SSI GROUP 2.36 2.37 2.47 2.55 2.32 2.36 26012000 63726560 WILCON DEPOT 10.84 10.9 10.6 10.94 10.6 10.9 536000 5835216 APC GROUP 0.455 0.465 0.465 0.465 0.455 0.455 3450000 1583650 EASYCALL 19.1 19.12 20.1 20.6 19.08 19.12 126700 2443708 GOLDEN BRIA 306 310 312.2 312.2 305.4 312 1010 313012 IPM HLDG 7.55 7.6 7.65 7.65 7.6 7.6 13000 99050 PAXYS 3.03 3.28 3.02 3.28 3.02 3.28 2000 6300 PRMIERE HORIZON 0.365 0.375 0.375 0.38 0.365 0.365 430000 157950 SBS PHIL CORP 7.43 7.45 7.6 7.6 7.43 7.43 2900 21580

MINING & OIL ATOK 16.52 17 17.5 17.5 16.52 16.52 14200 247756 APEX MINING 1.46 1.47 1.49 1.49 1.45 1.46 2511000 3673570 ABRA MINING 0.0024 0.0025 0.0024 0.0025 0.0023 0.0025 353000000 847300 ATLAS MINING 2.88 2.9 2.9 2.91 2.88 2.88 120000 348000 COAL ASIA HLDG 0.3 0.305 0.3 0.3 0.3 0.3 60000 18000 CENTURY PEAK 1.91 1.92 1.93 1.93 1.91 1.92 339000 650590 DIZON MINES 7.05 7.07 7.08 7.08 7.01 7.05 60900 429346 FERRONICKEL 1.82 1.83 1.8 1.84 1.8 1.83 2825000 5171230 GEOGRACE 0.2 0.206 0.201 0.205 0.2 0.2 550000 110520 LEPANTO A 0.108 0.114 0.115 0.115 0.108 0.109 260000 28880 LEPANTO B 0.109 0.11 0.11 0.11 0.101 0.11 310000 33910 MANILA MINING B 0.0071 0.0099 0.007 0.0071 0.007 0.0071 11000000 77900 MARCVENTURES 1.21 1.29 1.18 1.27 1.18 1.27 6000 7250 NIHAO 1.09 1.13 1.15 1.15 1.11 1.11 4000 4520 NICKEL ASIA 4.33 4.34 4.3 4.36 4.21 4.33 271000 1168720 OMICO CORP 0.64 0.65 0.7 0.7 0.65 0.68 428000 281200 ORNTL PENINSULA 1.07 1.09 1.09 1.1 1 1.07 1655000 1747020 PX MINING 3.26 3.29 3.27 3.3 3.26 3.26 369000 1208470 SEMIRARA MINING 25.45 25.5 25.1 26 25.1 25.5 1826200 46703670 UNITED PARAGON 0.0065 0.0071 0.007 0.007 0.007 0.007 2000000 14000 ORNTL PETROL A 0.013 0.014 0.014 0.014 0.013 0.013 13100000 173600 ORNTL PETROL B 0.013 0.014 0.012 0.013 0.012 0.013 1200000 15400 PHILODRILL 0.011 0.012 0.012 0.012 0.012 0.012 20100000 241200 PHINMA PETRO 3.5 3.6 3.5 3.64 3.5 3.6 72000 253330 PXP ENERGY 15.82 15.88 15.98 16.18 15.8 15.88 1266200 20251958

PREFFERED HOUSE PREF A AC PREF B1 AC PREF B2 DD PREF SMC FB PREF 2 FGEN PREF G GLO PREF P GTCAP PREF A LR PREF MWIDE PREF PNX PREF 3A PNX PREF 3B SMC PREF 2B SMC PREF 2C SMC PREF 2D SMC PREF 2E SMC PREF 2F SMC PREF 2G SMC PREF 2H SMC PREF 2I

98 465 490 100 983 101 490 910.5 1.01 100 100.1 101.3 75.05 76.2 72.45 74.95 75 75 74.5 74.5

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

19.4 5.05

2.33

SMALL & MEDIUM ENTERPRISES ITALPINAS 5.01 XURPAS 2.12

106.4

-4300 -13055 8347645 -12560975 -15594616 -514447 -822618 827724 -4020 -23073965 7636915 310 -5216268 263450 26460220 -3700 40120 -2720 -207478105 -13644222 -55210 2370 -0 -28831625 -2741100 579739.9998 -6750 -4420 26700 48000 2,290,948.0002) -9936 -1100 -2100 456100 35830 -3734650 -7742120 80300 30100 -250030 3728675 -88180 -129166375 -10377917 136003890 28670355 -4560 -50800 -3895 -746490 -374450 -901694 -8630570 -465621.5 -270816 2580 -519720 -3600 -6560 -708010 -136300 8006174 -44060 -5642210 -128390 -6910 -2678525 -14088190.5 -15680 -3195430 5549758 22750 -20820 14500 21700 -23160 776470 -4060 -20810 4800 -57190 -835590 -2851610 -3600 1233194.0001

98 480 502 100.4 983 102 490 964.5 1.03 101 102.9 103.1 76.45 76.3 75 73.5 75 75.2 74.5 74.7

98 480 502 100.4 1000 102 490 964.5 1.03 101 102.9 103.1 76.45 76.3 75 75 75 75.2 75 75

98 480 490 100.2 983 100.5 490 964.5 1.03 99.8 102.9 101.3 76.45 76 75 73.3 75 75.2 74.5 74.7

98 480 499 100.2 1000 100.5 490 964.5 1.03 99.9 102.9 101.3 76.45 76.3 75 75 75 75.2 75 75

200 1360 60 74170 7240 10000 480 10 100000 14000 90 340 770 12140 1000 24000 97300 100 38840 51000

19600 652800 29920 7431838 7232880 1008320 235200 9645 103000 1398396 9261 34722 58866.5 925818 75000 1773975 7297500 7520 2904800 3817513

-

20 5.06

19.2 5.06

19.4 5.06

19.2 5.06

19.4 5.06

282000 172000

5470400 870320

1171759.9998 -870320

2.36

2.31

2.35

2.3

2.34

130000

300270

-

5.04 2.13

5.16 2.18

5.16 2.22

5.01 2.12

5.01 2.12

991600 464000

5012390 995710

210941 -86010

EXHANGE TRADE FUNDS FIRST METRO ETF

-15255130 -21598824 3034286 327280 -6168930 4197900 -188493 4800 126259.9999 -325088.5 5180 7826872 390150 4859066 -1038900 -9993153.5 -34800 -137317730 -122896 -3540 -133180 11600 -2303950 -3660 36569948 -6867680 -1367680 -424268 -46602686 -57240 -29700 -745654 -77800 -

99 480 499 100.2 1000 102 498 963.5 1.04 102.9 102.8 108.7 76.45 76.95 75 75 75.35 75.2 75 75

WARRANTS LR WARRANT

318399 -25935127 7266481.5 -395090 -420542 -25686055 -47065 750 -37707801 -152931 -6800 5120 56970 -

107

106.8

107

106.4

106.4

8160

869550

15990

www.businessmirror.com.ph

ICTSI to expand flagship port in Manila

I

By Lorenz S. Marasigan

@lorenzmarasigan

NTERNATIONAL Container Terminal Services Inc. (ICTSI) will soon start expanding the capacity of its flagship port in Manila, after securing approval from the Philippine Ports Authority (PPA).

The improvements will be done in two phases, with the first phase involving the expansion of Berths 7 and 8 of the Manila International Container Terminal (MICT).

Works are scheduled to start on October 15.

Christian R. Gonzales, who

heads the global corporate affairs office of the company, said the berth expansion, all with a controlling depth of 13.5 meters to 14.5 meters, will further strengthen the port’s capacity to service larger box ships.

“On top of our commitments,

the construction of these berths is our response to the need for an increase in capacity and increased productivity over the longer term,” he said.

Pending final approvals, the second phase will involve the addition of a full backup area for the future Berths 9 and 10. It is projected to start on February 19 next year.

When completed, this additional area will give the terminal substantial flexibility to deal with the increasing impact of weatherrelated issues and changes in the regulatory environment.

“We also need to accommodate system changes, such as the steady increase in vessel size, the consolidation of major shipping players, and the introduction of rail services,” Gonzales said.

He said the company is set to receive 16 new rubber-tired gantries in 2019, with the first eight RTGs available by April next year, complementing the expansion initiatives.

At the quay, two more super-post Panamax quay cranes (QC) are expected to be delivered by next year.

Three QCs were delivered earlier in the year, and are already operational, he added.

The construction of Berth 7 is part of ICTSI’s contractual obligations to upgrade, expand and develop the MICT under its contract with the PPA. For 2018 alone, the ICTSI Group has allocated more than $380 million for capital expenditure, including the expansion of the Manila flagship port.

Revolution Precrafted to supply residential prefab to Australian firm

By VG Cabuag

@villygc

A

NTONIO-LED precast firm Revolution Precrafted Inc. has entered a preliminary agreement with Australia’s Lifestyle Village Trust No. 2 for the supply of residential prefab building components in an upscale lifestyle village resort at River Heads (near Hervey Bay) in the State of Queensland, in the Australian northeast.

“Australia has always been a priority market for the company given the high usage of prefab structures in the continent. We are happy to be

finally doing a project here. The fact that it is a lifestyle resort development only adds to our excitement.

We are confident that our prices would be very competitive,” said Jose Roberto Antonio, the company’s founder and CEO. Lifestyle Village is 40 percent owned by Sabina Corp. Ltd. and managed by G8 Consultants Pty. Ltd. as project developer.

“We are extremely pleased to be working with Revolution Precrafted and we are eager to find out if the prefab packages can be made to work for us on this development. We believe

Court allows new board of directors of The Medical City to stay in posts

T

HE new board of directors of The Medical City (TMC) has been allowed by a local court to continue to hold office after being elected during a stockholders’ meeting on September 13.

The court ruled that the new board and management should stay in place at TMC as they “appear to have a clear and unmistakable right that is entitled to protection.”

The courtroom victory also gives momentum to a continuing series of reforms now being undertaken at TMC. Newly appointed CEO Dr. Eugenio Jose F. Ramos said, “More people are contributing ideas on how we can improve, and that is the kind of collaboration that we are all hoping for.”

Dr. Enrique T. Ona, former secretary of health and a TMC shareholder, said, “It is now beginning to look like a better governed, wellmanaged public corporation instead

of a domineeringly patriarchal family business.”

One significant development in recent weeks was the formation of the Medical City Doctors Association (MCDA), an independent group of doctors who aim to “protect the rights and interests of its members and maintain integrity, transparency and open communication among all TMC stakeholders.” Dr. Alan Olavere, the elected head of MCDA, vowed to work on much-needed reforms that would allow for more doctor participation and better patient care.

Dr. Augusto P. Sarmiento, the last surviving founder of TMC and now chairman emeritus, remarked, “The world of medicine has changed tremendously, and we have a group of young, intelligent, and passionate doctors and medical support staff who are at the forefront of innovation not just in the Philippines but in the region.”

Bluewater Hospitality to manage city hotel in Bohol

C

EBU CITY—Bluewater Resorts said it has signed another management contract to handle the operations of JJ’s Seafood Village in Tagbilaran, Bohol—its second foray into hospitality property management. “[The owners] requested us to manage it and improve the facilities,” Bluewater Hospitality Management Inc. CEO Julie AlegradoVergara told reporters in a press conference during the recent grand launch of Once Central Hotel in Cebu.

JJ’s Seafood Village began in 1975 with a small stall selling snacks by the Caturza Family.

The venture eventually grew into a well-known dimsum and seafood restaurant.

Strategically located beside the Tagbilaran Bay, this accommodation facility is complete with dining and function rooms that cater to the local market for its weddings, family gettogether, seminars and other events.

Vergara said they would like to retain the hotel’s identity known for through the years and at the same time, infuse something new that will align it with the Bluewater brand.

“We’re still in the planning stage. But we’re looking forward to the reopening of that property, hopefully, in the next year or

two,” she added.

While the hotel’s existing structures will be retained, the hospitality management arm of Bluewater Resorts will renovate and expand it further to accommodate more guests on the back of the booming tourism and meetings, incentives, conferences and exhibitions industries in the region.

“We want to re-do the convention [area], the rooms, etc., so that it will be competitive,” Bluewater Resorts VP for Sales and Marketing Margie F. Munsayac told the BusinessMirror in a sideline interview.

“Maybe in the next few months, we already have to strategize on how we will position the property in Tagbilaran,” she added.

Prior to JJ’s Seafood Village, Bluewater Hospitality managed the newly launched One Central Hotel in downtown Cebu, a premier business accommodation facility that offers 157 rooms, meeting rooms, a grand ballroom and other top amenities and facilities.

Apart from these two managed properties, Bluewater Resorts owns and operates the Bluewater Panglao in Bohol and two resorts in Cebu, namely the Bluewater Maribago and Bluewater Sumilon. Roderick L. Abad

Antonio’s entrepreneurial flare and global expertise can also provide invaluable input to our project team,” said Peter Chen, chairman of the Sabina group. Australia becomes the 26th international market for Revolution Precrafted. Last week it announced it would be producing medical pop-up centers in Zimbabwe.

The Australian project requires Revolution to codesign and supply 53 single residences measuring between 80 square meters and 160 square meters each. These range from two to four bedroom “dualkey” residences.

MUTUAL FUNDS

The parties have agreed on a due diligence period to finalize the acceptance and agreement by the two of the final design and contract price.

Aside from the resort residences, Revolution will also codesign and supply 18 studio apartments, restaurant and resort facilities and a motel complex.

Situated on a 12.45-hectare land, the Alibaba Lifestyle Village Resort complex is envisioned to be the first of its kind in Australia as it caters to both short-stay visitors and longterm residents in a very unique and friendly environment.

October 8, 2018

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC * 240.86 -15.92% -1.67% 0.32% -17.85% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.3608 -17.03% 3.28% 1.21% -14.78% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 3.7455 -16.26% -0.18% -0.65% -18.45% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.8675 -14.01% N.A. N.A. -14.7% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. * ********* 0.7944 N.A. N.A. N.A. N.A. FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 4.9833 -14.2% -2.66% -0.38% -17.12% MBG EQUITY INVESTMENT FUND, INC. * ****** 114.88 N.A. N.A. N.A. N.A. ONE WEALTHY NATION FUND, INC.* 0.7973 -18.38% N.A. N.A. -19.68% PAMI EQUITY INDEX FUND, INC.* 46.8615 -14.57% -0.75% N.A. -16.9% PHILAM STRATEGIC GROWTH FUND, INC.* 487.55 -15.5% -1.99% -0.86% -17.15% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.2064 -12.13% 0% N.A. -14.09% PHILEQUITY FUND, INC.* 35.1158 -11.81% 0.44% 2.27% -14.55% PHILEQUITY PSE INDEX FUND INC.* 4.7101 -14.49% -0.1% 2.09% -16.99% PHILIPPINE STOCK INDEX FUND CORP.* 786.12 -14.46% -0.35% 1.76% -16.88% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.8116 -14.44% -2.67% N.A. -16.08% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 3.8895 -12.66% -0.38% 0.63% -15.08% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 0.9068 -14.67% -0.27% N.A. -17.06% UNITED FUND, INC.* 3.3362 -11.01% 0.76% 0.39% -14.33%

FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* ***105.1667 -13.92% 0.84% N.A. -16.51% ATRAM ASIAPLUS EQUITY FUND, INC.** $0.972 -8.84% 3.1% 0.19% -12.3% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.2865 6.49% N.A. N.A. 1.68% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.6083 -12.07% -3.57% -2.15% -13.69% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.1492 -11.31% -0.5% -0.05% -12.53% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.4487 -10.07% -3.96% -2.92% -11.6% GREPALIFE BALANCED FUND CORPORATION* **** 1.2776 -11.35% N.A. N.A. -12.19% NCM MUTUAL FUND OF THE PHILS., INC* 1.7953 -8.18% -0.34% -0.1% -9.9% PAMI HORIZON FUND, INC.* 3.4117 -12.1% -2.12% -1.15% -12.92% PHILAM FUND, INC.* 15.3171 -12.1% -2.1% -1.21% -12.76% SOLIDARITAS FUND, INC.* ******** 2.0042 -9.64% -0.54% 1.4% -10.61% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.5531 -9.36% -1.07% -0.13% -11.09% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.9039 -9.64% -1.43% N.A. -11.41% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.03469 -3.77% -0.34% 1.9% -3.91% PAMI ASIA BALANCED FUND, INC.* $0.9588 -6.42% 2.5% -1.1% -8.42% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.6528 3.57% 5.75% 3.53% 0.01% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.0885 -0.5% N.A. N.A. -2.13% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 341.52 1.45% 1.8% 1.75% 1.31% ATRAM CORPORATE BOND FUND, INC.* ******* 1.8579 -2.35% -1.07% -0.25% -1.82% COCOLIFE FIXED INCOME FUND, INC.* 2.9378 5.48% 5.32% 5.34% 4.1% EKKLESIA MUTUAL FUND INC.* 2.1179 -0.17% 1% 1.13% 0.75% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2137 -0.19% -0.05% 0.32% -0.11% GREPALIFE FIXED INCOME FUND CORP.* P 1.5768 -2.06% -1.45% -1.15% -2.03% PHILAM BOND FUND, INC.* 3.8423 -6.41% -1.72% -0.69% -5.13% PHILEQUITY PESO BOND FUND, INC.* 3.4625 -1.12% -0.57% 0.24% -1.21% SOLDIVO BOND FUND, INC. * 0.8837 -5.32% -1.91% N.A. -4.28% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.7602 -0.4% 0.11% 0.53% -0.6% SUN LIFE PROSPERITY GS FUND, INC.* 1.5329 -1.01% -0.39% 0.01% -1.08% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $445.54 0.23% 2.16% 3.09% -0.09% ALFM EURO BOND FUND, INC. * Є213.03 0.28% 1.33% 1.66% -0.32% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.1201 -1.09% 0.77% 1.79% -1.23% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0248 - 0.8% 0.54% N.A. -0.8% GREPALIFE DOLLAR BOND FUND CORP.* $1.6916 -4.74% -0.45% 1.3% -4.51% MAA PRIVILEGE DOLLAR FIXED INCOME FUND, INC. N.S. N.S. N.S. N.S. N.S. MAA PRIVILEGE EURO FIXED INCOME FUND, INC. ЄN.S. N.S. N.S. N.S. N.S. PAMI GLOBAL BOND FUND, INC* $1.0246 -5.05% -1.58% -2.77% -4.56% PHILAM DOLLAR BOND FUND, INC.* $2.1402 -4.49% 0.32% 2.45% -4.92% PHILEQUITY DOLLAR INCOME FUND INC.* $0.0568472 -1% 0.85% 1.94% -0.62% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.8797 -4.47% 0.55% 1.75% -4.42% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 119.84 2.3% 1.65% 1.43% 1.9% PHILAM MANAGED INCOME FUND, INC.* 1.1723 1.57% 0.32% 0.35% 1.29% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.209 2.4% 2.13% 1.39% 1.98% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* ***** $1.0111 N.A. N.A. N.A. 1.24%

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

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

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

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Govt inks ₧2.10-B deal with Jica for second phase of Bohol airport

A

¥4.376-BILLION (about P2.10 billion) supplemental loan agreement has been signed by the Department of Finance (DOF) with the Japan International Cooperation Agency (Jica) on Monday to help fund the second phase of the New Bohol Airport Project, which covers the expansion of its runway and passenger terminal building.

Finance Secretary Carlos G. Dominguez III and Jica Chief Representative Yoshio Wada signed the deal for Phase II of the New Bohol Airport Construction and Sustainable Environmental Protection Project in Panglao, an island in the north Bohol Sea. “This project will have a substantial impact on the economic performance of Central Philippines,” Dominguez said.

Wada said they expect the airport project to “accelerate the economic growth of Bohol and contribute to its transformation as another key economic center in the region.”

The loan (about $40.61 million at cur-

rent exchange rates) carries an interest rate of 0.1 percent per annum for nonconsulting services and 0.01 percent per annum for consulting services. The loan carries a maturity of 40 years inclusive of a 12-year grace period.

The second phase of the airport project covered by Jica’s supplemental loan will include the extension of the runway to 2,500 meters from the current 2,000 meters. After the extension, the airport would be able to accommodate large commercial aircraft.

The loan would also be used to expand the passenger terminal building from 8,500 sq m to 13,300 sq m, in anticipa-

Korea’s KB Kookmin Bank sees PHL footprint via RCBC

tion of the possible congestion that could arise should tourism traffic in the area rise faster than expected.

Using local funds, the Department of Transportation (DOTr) plans to further enhance the capacity of the airport, also known as the Bohol Panglao International Airport, by extending the runway to 2,800 meters, constructing a separate cargo terminal and a parallel taxiway and building a fuel depot plus a fuel hydrant system.

The DOTr said that with most of the work on the original project nearing completion, the ceremonial opening of the airport will likely happen later this year.

Transporation Secretary Arthur P. Tugade said he wants the runway to be operational by November.

In line with the “fast and sure” approach adopted by Manila and Tokyo in the implementation of big-ticket infrastructure projects, Dominguez noted that the Philippine government acted swiftly in processing the necessary requirements for the supplemental loan. He added the loan took only a short period of four months to be formalized: from the time the National Economic and Development Authority (Neda) Board approved the loan on June 19, up to the signing of the deal on Monday.

“Under government conditions, this

T-bills auction mixed as bids fall within Treasury estimates

By Rea Cu

T

R

IZAL Commercial Banking Corp.

(RCBC) announced on Monday its partnership with one of South Korea’s largest banks in a bid to establish connections at the dawn of regional banking integration.

The bank said in a statement it has signed a “business cooperation agreement” with KB Kookmin Bank in Seoul, South Korea, earlier this year.

The agreement aims to “provide high-quality financial services to corporate customers of both countries by adopting corporate customer tie-up program.”

The main contents of the agreement include “mutual cooperation for maintaining and increasing Korean corporate customer base,” “joint marketing for corporate customers of direct remittance service” and “sharing know-how to improve service quality for corporate customers” and others, the statement read.

Kookmin Bank was founded in 1963 and is one of the leading commercial banks in Korea in terms of total assets. The Korean bank has 23 global networks in 10 countries, including branches in New York, Tokyo, Beijing and Hong Kong. It had no presence in the Philippines.

RCBC, meanwhile, shared its “strong and long-established relationship with Korean corporates” since it started deals with Korean garment and shoe

companies in Bataan in the end of 1970s.

The local bank also had business relationship with Hana Bank in the mid-1990s. As the Korean business in the Philippines grew, RCBC established the Korean Business Relationship Office (KBRO) in 2014 and where two Koreans, Jae-hoon Oh and You-min Kim, have been working as of now.

The Asean’s vision for the financial integration seeks to achieve a wellharmonized and smoothly functional financial system by 2025, characterized by more liberalized capital account regimes and interlinked capital markets.

Part of this financial integration vision is the ABIF, or the framework agreed among the Asean member-states to facilitate the entry and operation of Qualified Asean Banks in other Asean countries to promote equal access and treatment among local banks and foreign entrants in each economy.

In a recent survey by the Bangko Sentral ng Pilipinas, local banks bared that they are looking to leverage on technology and trust in order to maintain growth and profitability, amid the impending regional banking integration.

The local industry’s top three banks’ plans to maintain their stronghold amid the integration include developing new capabilities, expanding market reach and leveraging client relationship. Bianca Cuaresma

is amazing speed. I look forward to this becoming the benchmark of efficiency for the other projects in the pipeline,” he said. “With the same dispatch on all public projects, I am confident we will sustain the pace of growth we need to bring the benefits of inclusive growth to our people.”

Dominguez said he considers the project as “a perfect example of a hybrid public-private partnership [PPP] project in which the government takes over the initial phase of the project and later bids out its operations and maintenance aspect to the private sector.”

“If some future government or some future administration needs money, they can actually sell that asset. So while we can get good financing, we are building up our asset base,” he added. “That’s like the savings of the people, which can be tapped if some future administration needs it.”

Through Jica, Japan provided funding support in the amount of ¥10.782 billion, or approximately P5.18 billion ($237 million), for the first phase of the New Bohol Airport, which began construction in 2015 and is dubbed the country’s first international “eco-airport.”

The signing of the supplemental loan accord for the new airport was witnessed

by Tugade and Economic Affairs Minister in the Embassy of Japan Makoto Iyori. Rea Cu

@ReaCuBM

HE Bureau of the Treasury (BTr) has received mixed results in its latest auction for Treasury bills (T-bills) on Monday with a total of P13.548 billion from its P15-billion offering, fully awarding the 91-day and 364-day while partially awarding the 182-day tenor.

Still, National Treasurer Rosalia V. de Leon said bids for the government security fell well within estimates after the government announced the inflation rate for September. Such prompted the Treasury to award both the 91-day tenor and 364-day tenor.

“So after the [inflation rate] for September [was determined] at 6.7 percent—and it’s much lower than the consensus print for September—and they [the market] are already indicating that most probably inflation has reached its peak and it’s already easing for the next months,” de Leon said.

“You can [also] already feel the impact of the mitigating measures already implemented following the recommendations of the economic cluster.”

Bids for the 91-day tenor reached P6.086 billion with the auction committee awarding the full P4 billion on offer at an average annual rate of 4.404 percent from the previous rate of 3.549 percent.

Investors “are also seeing [that] given the [inflation rate]—and the indications that inflation must have reached its peak last September, so there is no reason for them to be asking for higher bids,” de Leon said,

adding that the bids were expected to “be on a downward trajectory.”

The 364-day IOU was also awarded a full P6 billion with tenders reaching P8.102 billion and the average annual rate settling at 5.883 percent. This showed a 23.5-basispoint expansion compared to the previous auction rate of 5.648 percent.

Meanwhile, the 182-day T-bill was partially awarded P3.548 billion from the P5 billion on offer, with rates for the tenor bucket reaching P5.898 billion as rates were deemed at the higher end of the curve based on internal estimates.

“For the 182-day, if we awarded the full [P5 billion] then the rates will really be going up so much. So we just tempered it and at the same time we will have to see the yield curve, otherwise it will be close to the 364day already,” she explained.

The average annual rate was capped at 5.684 percent, increasing by 47.8 basis points from the previous rate of 5.206 percent.

The BTr will be auctioning off five-year Treasury bonds (T-bonds) on October 9 with a P15-billion offering, where the auction committee was pointed out to be able to gauge market appetite for the intermediate curve for government securities.

“So tomorrow would be a good indication of market sentiments in terms of going into the… at least in the intermediate part of the curve, because it’s five years; not necessarily on the long or the short [end of the curve],” she added. “We will have to see the market appetite for the five years [offering].”

Tuesday, October 9, 2018

B3

Do you need a business partner?

S

TARTING a business is a challeng i ng t a sk ; Fitz Gerard Villafuerte that’s why some entrepreneurs PERSONAL FINANCE choose to get business partners. Having other people involved in the venture not only allows you to put up less start-up capital, but it also gives you an extra set of hands that can help the business grow faster.

However, most starting entrepreneurs don’t like the idea of taking on business partners—and would always go for a sole proprietorship if possible. The usual reason would be because these people prefer “calling all the shots” in the business—and there’s nothing wrong with that.

But, remember that it’s always best to decide against getting a business partner because you don’t need one, rather than because “you don’t like working with other people”—which is a completely different (and wrong) reason.

So how do you know if you need a business partner?

There’s no straightforward answer to that question—primarily because I believe that one person can do and achieve anything—with enough knowledge, focus and determination.

However, there are of course, advantages to taking on business partners.

1. There will be more cash and resources.

This is the most popular reason people go into business partnerships. Indeed, with more people involved, you shell out less money and reduce your financial risk. Additionally, each partner brings into the business the benefits of their individual network and personal resources.

2. There will be more ideas and perspectives.

It all starts with a simple business idea, and developing that into a real, profitable venture becomes faster with more minds working. The unique perspectives and insights from each business partner can be invaluable in making the business work.

3. There will be more skills and manpower.

Business tasks get divided and accomplished faster. Moreover, having skilled partners in different areas of expertise ensures that things are done correctly and efficiently, saving you from unnecessary worry and additional responsibility.

4. There will be more love and support.

More often than not, there’s nobody else that can offer the best motivation and encouragement to you than your own business partners. Multiply that with each one’s family and friends and you have one big circle of moral support that can help you and the business through tough times.

Now, when it comes to choosing the right business partner, whether it’s a family member, a friend, an officemate, or even someone you just met—the most important thing to understand when getting a business partner is that person should complement you.

If you’re a chef planning to put up a restaurant, try not to work with another chef if possible; and instead, look for partners who are, perhaps, skilled in business marketing, or someone who’s good with accounting, for example.

When forming a business partnership, remember that each one doesn’t have to put in the same capital nor have equal shares in the business. Determine each partner’s role, duties and accountability in the business—then define their fair share or equity based on what they can and will contribute.

Establish this as early as possible so as to avoid conflicts later, especially when business expectations are not met or problems arise due to mistakes and inefficiencies.

Last, remember that the personal relationships you have with your business partners are as important as your professional relationship with them.

This means that if you can’t imagine being friends with a person, then it’s probably better not to be in business partnership with them. On the other hand, while you don’t need to be best friends with your business partner, it helps a lot if you are good friends with them outside the business.

Fitz Villafuerte is a registered financial planner of RFP Philippines. To learn more about personalfinancial planning, attend the 72nd RFP program this October 2018.

To inquire, e-mail info@rfp.ph or text <name> <e-mail> <RFP> at 0917-9689774.

GOING UP Insular Life recently announced the promotion of Arnaldo I. Aquino, Ma. Carmela D. Francisco and Gwendolyn D. Kelley to the rank of vice president. Henry G. Balangatan II and lawyers Analyn S. Benito and Ma. Rowena F. Rodriguez were also promoted to the rank of senior assistant vice president. PHOTO COURTESY OF INSULAR LIFE

B4 Tuesday, October 9, 2018

SM FOUNDATION HOLDS THIRD HEALTH MISSION FOR EMPLOYEES, DEPENDENTS TASTE THE MAGIC WITH EK’S NEW FOOD OFFERINGS

G

ET ready to spice up your life and just “Wing Eat”!

Enjoy our sweet and spicy buffalo wings for only P99, or you can opt to mellow it down with our classic chicken wings with honey mustard and garlic aioli dip also for only P99!

It’s time to make some space in your list of “favor-eats” with our fabulous twists on the Mexican burrito! Get a taste of our Makirrito for P180 and Adoborrito for P150, inclusive of a 12-ounce drink!

BACK-TO-BACK FEAST THIS MONTH AT MIDORI CLARK HOTEL AND CASINO

A T

HE welfare of employees is crucial in any organization as it affects their productivity and the organization’s growth. Concern for its employees and their dependents prompted SM, through the SM Foundation, to initiate a medical/dental and diagnostic missions in SM malls scheduled every quarter of the year in predetermined malls.

At the Trade Hall of SM City Pampanga, SM employees and their dependents trooped to avail themselves of services being provided at the medical/dental and diagnostic missions. It is the third of such kind held for their benefit.

According to SM Foundation Executive Director Connie Angeles,itisagrandmedicalmissionforemployeesanddependents.

“We make sure that it is something special for them, so we ask the International College of Surgeons and the International Academy of Medical Specialists to join us.” Angeles said that not all the medical services being offered at the medical mission are affordable to the employees if these are availed of in hospitals or clinics. Dr. Gil M. Vicente, president of both the International College of Surgeons and International Academy of Medical Specialists, said they tied up with organizations with the same advocacy, instilling in the members social responsibility.

Program partners for the medical/dental and diagnostic mission are the Philippine Red Cross, Department of Health, Department of Social Welfare and Development, Kapwa Ko Mahal Ko and Watsons. Also lending support were Ideal Vision and the Philippine Academy of Medical Specialists Inc. Representing Kapwa Ko, Mahal Ko was former Senator Orly Mercado, sharing that the role of Kapwa Ko, Mahal Ko is on patient

navigation and management. Through the public-affairs program, continuity of what has been achieved in the medical mission is assured. Mercado said to a certain extent, a medical mission has its own fault. No continuity is provided. Kapwa Ko, Mahal Ko provides the continuity. “It is a critical mechanism because it provides follow through and then that’s when you begin to see the continuous help to patients,” he added. This is especially true for patients who need full and longer assistance. Support has to be multisectoral, which is why KapwaKo, MahalKo cooperates with other hospitals and doctors who would be able to help patients with specific needs.

While other entities conduct their own medical missions, the SM Foundation is comprehensive in nature. Aside from the various medical specialists available to extend assistance, the pharmacy boasts of medicines to be given to patients as prescribed by the doctors. Project Manager Albert Uy shared that the SM Foundation allots budget to purchase medicines to augment donations coming from pharmaceutical companies.

The list of medicines in the pharmacy are regularly updated per doctors’ recommendations. The foundation sees to it that there is adequate supply of medicines, including antibiotics, and that the complete dose of medicines are given. This unburdens the patients from buying their medication.

Among the services offered during the medical mission were medical consultation, ENT, ophthalmology, optometry, dermatology, OB-Gyne, pap smear, minor surgery, dental extraction, bone screening, X-ray, ECG and diagnostic laboratory tests (sugar, cholesterol, uric acid and hemoglobin levels). Minor surgery was also conducted to 14 patients. A total of 1,737 patients were served.

COMFORTABLE CLASSROOMS AWAIT SECURITY BANK FOUNDATION BENEFICIARIES IN LUCENA, SAN PABLO

S

ECURITY Bank Foundation Inc. (SBFI) has provided relief to the situation of 7,000 students in Lucena City, Quezon, and San Pablo City, Laguna, who were enduring makeshift and dilapidated classrooms. SBFI has turned over a two-story, eightclassroom school building each to Dalahican Elementary School (DES) and San Pablo Central Elementary School (SPCES). A total of 16 classrooms were turned over by SBFI in the two cities after it turned over 12 classrooms in Olongapo City.

Constructing classrooms for public schools is SBFI’s way of helping the government address classroom shortage under the “Build a School, Build a Nation: The Classrooms Project” launched in 2011. For the past seven years SBFI has turned over 433 classrooms in 85 public schools in 46 cities and municipalities, providing conducive learning facilities to more than 57,000 Filipino students. The Build A School, Build A Nation: The Classrooms Project recently received an award of merit under the Corporate Social Responsibility category from The Philippine Quill Awards, the country’s most prestigious awards program in the

field of business communication.

Officers from Security Bank graced the inauguration led by SBFI Chairman Rafael F. Simpao Jr., SBFI Trustee Melissa Aquino, Laguna area head Jayson Lontoc, San Pablo branch business manager Marcial Azada, Quezon Province area head Joey Tolentino and Lucena branch business manager Flor Enriquez.

They were joined by community partners headed by San Pablo City Mayor Loreto Amante, Lucena City Administrator Anacleto Alcala, Division of San Pablo City District Supervisor Rodel Baclig, Division of Lucena City Schools Division Superintendent Dr. Aniano Ogayon, SPCES school principal Michelle Morado and DES school principal Dexter Valle.

The school principal of DES expressed great relief during the turnover of the new school building. “[Para sa] 3,600 pupils, mawawala na po ang makeshift classrooms.” Mary Rose Enverga, a Grade 1 teacher in the school, added that the new classrooms will motivate the students to learn. “Meron kasi kaming paniniwala na children learn ’pag nilagay mo siya sa isang conducive na classroom, at masasabi ko naman na napaka-conducive to learning ang mga bagong classrooms.”

In San Pablo, the newly-donated building will bring a new home to SPCES students. “Previously, this site used to house a dilapidated school building. We tried to ask funds for repair, but we were not granted.

Eventually, our simple request of repair turned into a construction of a new school building courtesy of Security Bank,” Morado said.

Security Bank Foundation will continue to build conducive learning facilities for public school students in areas where Security Bank has presence.

S the Oktoberfest approaches, Midori Clark Hotel and Casino launches back-to-back food promotions that will make everyone enjoy, feast and drool!

Prepare yourself to be a great fighter with the Knockout Feast. All your favorites are in a platter, which includes crab, shrimp and belly lechon with unlimited refills. Platter comes with an unlimited rice, bottomless beer, iced tea and soup of the day.

Freshly picked crabs and shrimps will be cooked in a choice of aligue sauce, oyster, herb and butter garlic, and salt and pepper, while the crackling belly lechon will be prepared by the roasting masters of the Midori Clark Hotel.

Knockout Feast is available every weekdays from 11 a.m. to 2 p.m. for lunch and 6 to 10 p.m. for dinner, for only P799+.

A friendly reminder: No sharing and eat moderately.

Celebrate the Oktoberfest at Toscana Dining as it features the Bavarian Feast as the theme of the month.

The buffet will feature unlimited beer andwine,pretzelsandalotofmouthwatering Bavarian specialties, which are to try while along with international dishes.

Executive Western Chef Marcos Dungca will highlight the iconic Bavarian dishes, such as pork knuckle, German pot roast beef, sausages and pretzels.

Different Bavarian stations for the buffet are also to be served—some of the

stations are composed salad highlighting the warm German potato salad, Bratwurst for the German and Schublig sausages, lite bites for the hotdog sandwiches and German pizza, to name a few.

An assortment of German breads are also in the list, like sour dough, rye bread, multigrain and pretzels. San Miguel Draft beer is to provide the libations for the guests.

Bavarian Feast opens every Friday, Saturday and Sunday from 6 to 10 p.m.; and brunch buffet every Saturday and Sunday from 11 a.m. to 2 p.m. Priced at P1,099+ for adults and P550 for kids of 4 feet and below.

Don’t miss the feast and reserve now! E-mail them at restaurants@ midorihotel.com.

BIGGEST EXPO FOR PACKAGING, PRINTING, AND PLASTICS NOW ON ITS 26TH EDITION

P

ACK Pr int Pl a s Ph i l ippines and Manufacturing Technology World, the largest a nd on ly t rade show ded ic ated to t he inter rel ated indust r ies of pac k ag ing , pr int ing , pl a st ics a nd m a nu fact u r ing indust r ies in t he cou nt r y, ret u r ns for it s big gest ed it ion to d ate. T he event w i l l be held f rom October 11 to 13 at t he SM X Convent ion Center. Visitors are encouraged to preregister on l i ne at w w w.glob a l link mp. com for f ree ad m ission. “ T his year we w ill welcome more t ha n 30 0 loc a l a nd inter nat iona l exhibitors representing brands and tec hnolog ies f rom more t ha n 20 cou nt r ies, m a k ing it a conven ient w ay for c o mp a n ie s i nv ol v e d i n t he bu si ness of m a nu fac t u r i ng , pr int ing , pac k ag ing a nd pl a st ics to sou rce new products a nd meet new potent i a l business pa r t ners,” sa id Pat r ic k L aw rence Ta n, c h ief

e xec ut ive of f icer of Globa l-L i n k MP Events Inter nat iona l Inc., t he orga n i zer of t he show.

A f ter more t ha n t wo dec ades, Pack Pr int Plas Philippines continues to ser ve t hese big i ndu st r ie s a nd it s st a k e holde r s by prov id ing t hem w it h a venue to connect. T h is yea r t he show w i l l e ven feat u re fore ig n compa n ies seeking for local importers, d ist r ibutors a nd wholesa lers.

T he event is m ade possible b y t he s up p or t of t h re e of t he le ad i ng i ndu st r y org a n i z at ion s: t he Ph i l ippi ne Center for P r i nt Excellence Foundation Inc. (PCPEF), t he Ph i l ippine Pl a st ics Industr y A ssociation Inc. and t h e Pa c k a g i n g I n s t it ut e o f t h e Ph i l ippines.

“It is t hrough t h is t rade show t hat people w i l l get f irst hand e x per ience [on] t he l atest innovative technologies and

see t hat it w i l l be a wor t hwh i le i n v e s t m e n t ,” s a y s V i c e n t e C o , president of Ph i l ippi ne Pl a st ic s Indust r y A ssoc i at ion.

According to a report made by Mordor Intelligence in 2017, the packaging application accounted for the highest market share of the plastics industry at 48 percent, recording a steady growth over the period. “ Wit h a lot of g row t h potent i a l in food-rel ated tec hnolog y in t he manufactur ing space that has, yet, to be tapped, Pac k Pr int Plas event is qu ite releva nt in t he bu i ld ing of t he Ph i l ippine economy,” says Joseph Jocson of Packaging Inst it ute of t he Ph i l ippines. Add s Ph i l ip L ao, president of PC PEF, “ We a re posit ive t hat, a s we work to ge t he r w it h a s s o c i at ion s a nd st a keholders of t he pac k ag ing a nd pl a st ics indust r ies, it w i l l enable u s to d i scover more i n nov at ive ways to reac h a more prog ressive Ph i l ippine t rade indust r y.”

Pac k Pr int Pl a s Ph i l ippines is held coinciding with Manufacturing Technolog y World, which made this event the ultimate trade show each yea r. Wit h its yea rly success, t h is t rade show ha s become t he most re l i able pl at for m for e x h ibitors and v isitors, ser v ing as an efficient venue to grow their businesses both in ter ms of sa les and technolog ica l adva ncement.

Pack Print Plas Philippines and Manufacturing Technology World will be open from 10 a.m. to 6:30 p.m. daily from October 11 to 13. Interested trade visitors and professionals may preregister at www.globallinkmp.com/ ppp and/or www.globallinkmp.com/ mtw to get a complimentary one-day visitor pass.

WHY THE FUSS? C

ANBERRA, Australia—A plan to project a horse racing advertisement on the famed sails of the Sydney Opera House is dividing Australians.

The New South Wales state government stepped in to allow the advertisement to be displayed on Tuesday after the opera house chief executive Louise Herron opposed it.

State Premier Gladys Berejiklian said on Monday the advertising for The Everest horse race had been “toned down” since its original proposal.

“It’s important for us to support our major events, it’s important for us to promote New South Wales but, of course, do it in good taste and I believe that tomorrow evening strikes that right balance,” Berejiklian told reporters.

“This is a global event that receives global attention,” she added, referring to the Sydney horse race, which will be run on Sunday.

More than 130,000 people signed an online petition by early Monday to stop the promotion.

While some have defended the

promotion as having economic benefits, others say it is crass commercialism and threatens the iconic building’s value as a World Heritage site.

Anti-gambling campaigner Tim Costello said the advertising demonstrated the power of the Australian horse racing industry that made a profit of A$3.3 billion ($2.3 billion) last year.

“The gambling lobby, particularly in New South Wales, is the equivalent of the National Rifle Association in America. It...has politicians in the palm of its hand,” Costello, a spokesman for the Alliance for Gambling Reform, told Australian Broadcasting Corp.

Prime Minister

Scott Morrison, a former tourism marketer, described the Opera House as the “biggest billboard Sydney has.”

“These events generate massive economic opportunities. I don’t know why people are getting so precious about it,” Morrison said.

“It’s not as if they’re painting it on there. I mean, it’s some lights flashing up there for a brief moment of time,” he added. “I just don’t understand why we tie ourselves up in knots about these things.”

Graham Quint, a National Trust of Australia manager, said the advertising contravened federal and state laws governing use of the Opera House.

“People have a great deal of respect for the Opera House, it’s World Heritage so people worldwide treasure it... and the idea that we’d use it as a Parramatta

Road billboard is quite wrong—this is just crass commercialism,” Quint said.

“The World Heritage listing requires not only that the building be preserved in its fabric, but also that it be presented properly...and no way under the current conservation management plan should this be allowed,” Quint added.

Racing NSW chief executive Peter V’landys wrote in The Sydney Morning Herald newspaper on Monday that his

organization had wanted to advertise the race on the Sydney Harbor Bridge. But the state government blocked that plan and offered the Opera House instead.

“Let’s be clear, Racing NSW never intended for the sails of the Opera House to be used as a billboard,” V’landys wrote.

The Everest has A$13 million in prize money and is billed as the world’s richest turf race. The barrier draw is to be advertised on Tuesday. AP

Sports BusinessMirror

C1

| Tuesday, October 9, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

THIS image provided by Racing NSW shows an artist’s impression of how horse race advertising will look on the Sydney Opera House. AP

SOCCER INTRUSION C The two governments have yet to publicly comment on al-Sheikh’s intrusion into Egyptian soccer. Saudi Arabia is one of Egypt’s chief economic backers and both nations are taking part in a boycott against 2022 World Cup host nation Qatar. Al-Sheikh is a close confidant of Saudi Arabia’s assertive young crown prince, Mohammed bin Salman.

KAPOL JANTAWONG (center), coach and captain of Thai team Wild Boars, gives instructions during a friendly match against River Plate Youth Team at Monumental Stadium on the sidelines of the Youth Olympic Games in Buenos Aires, Argentina, on Sunday. AP

Boys rescued from Thai cave play friendly in Buenos Aires

B

UENOS AIRES, Argentina—The 12 boys and soccer coach from Thailand who were found in a partially flooded cave once again found themselves capturing the media’s attention on Sunday.

The team played a friendly match against the prestigious River Plate youth soccer team of Argentina—which was somewhat of a dream come true for the young Thais who want to become professional soccer players.

A day prior, the Wild Boars soccer team participated in the opening ceremony of the Youth Olympic Games, which are taking place from October 6 to 18 in the South American country.

Thomas Bach, president of the International Olympic Committee, called the boys “brave” and said they “showed us all the importance of sports values.” They were loudly applauded by thousands of people attending the event.

The boys and their coach became well-known after they got trapped in a cave on June 23. They were found by two British divers and brought out in a daring rescue mission that ended on July 10.

Nearly 4,000 athletes between the ages of 15 and 18 will participate in the youth games.

In Munich, Bayern Munich’s players and coach temporarily put aside their problems on the field to visit the annual

Oktoberfest celebrations on Sunday.

Wearing traditional leather trousers, players posed for photographs with their families, with women dressed in the dirndl dresses of the region.

Bayern Coach Niko Kovac posed with chairman Karl-Heinz Rummenigge holding giant mugs of beer, but Kovac looked preoccupied with his job reportedly on the line ahead of the international break.

Bayern lost 3-0 at home to Borussia Mönchengladbach on Saturday, stretching its winless run to four games. Kovac’s team, which started the season with seven wins across all competitions, is four points behind Borussia Dortmund after seven rounds of the Bundesliga.

While Rummenigge and club president Uli Hoeness have declined to comment, sporting director Hasan Salihamidzic appeared to defend the coach on Saturday.

“We have to get out of here again. We’ll only do that if we pull back together again,” Salihamidzic said. AP

AIRO—Egypt’s close relations with Saudi Arabia are being tested by an uproar over alleged soccer meddling by the kingdom’s sports minster.

Turki al-Sheikh’s attempts over the last year to exert control over Al-Ahly, Egypt’s biggest team, have enraged fans and officials alike. The acrimonious fallout led al-Sheikh to purchase a rival club in a bid to challenge Al-Ahly’s supremacy, but as anger mounted he recently withdrew his investment, leaving the future of the top-tier team in doubt.

The two governments have yet to publicly comment on al-Sheikh’s intrusion into Egyptian soccer. Saudi Arabia is one of Egypt’s chief economic backers and both nations are taking part in a boycott against 2022 World Cup host nation Qatar. Al-Sheikh is a close confidant of Saudi Arabia’s assertive young crown prince, Mohammed bin Salman.

“Officials in the two countries must quickly contain the crisis,” political analyst Hassan Nafaa said. “If it’s not dealt with, it has the potential to spill over and rekindle differences over regional issues.”

The ongoing upheaval is destabilizing soccer in Egypt as it tries to shake off memories of the national team’s group-stage exit at the World Cup in June.

The dispute with Al-Ahly dates back to al-Sheikh’s appointment last December as an honorary president of Africa’s most successful team. With deep pockets and global soccer connections, he wasted no time to take his largely ceremonial position beyond its scope. AlAhly players who were surplus to requirements or unhappy secured moves to Saudi clubs, he bankrolled the new contracts for key players and announced plans to fund a new stadium.

His attempt to wield influence over Al-Ahly drew a sharp reaction from its chairman, Mahmoud el-Khateib, the former African player of the year who is beloved by fans for delivering success on the field in the 1970s and 80s.

“No one, no one at all—with all due respect to Turki or no Turki...will be allowed to interfere in the club’s affairs,” el-Khateib said earlier this year. He has not spoken publicly about the matter since then.

Al-Sheikh made more enemies in Egypt during the World Cup with an inappropriate comment about hoping forward Mohamed Salah would not recover from a shoulder injury in time to face Saudi Arabia in the group stage.

At the same time, al-Sheikh was also plotting his next move in Egypt. After falling out with Al-Ahly’s leadership, al-Sheikh moved on to buy El-Assiuti FC and renaming it Pyramids FC and recruiting South American players, some of the best local talent available and an Argentine coach. He also launched a club-affiliated TV channel on which former England and Chelsea captain John Terry appeared as a pundit.

Eight games into the Egyptian Premier League season, Pyramids remains unbeaten and rivals are not happy, with the club widely seen as getting favorable treatment by soccer authorities, angering rival coaches.

Alaa Nabil of Arab Contractors decried what he alleged was undue influence being wielded by al-Sheikh over the league. In response, Nabil was fined $1,100 and suspended for two matches by soccer authorities.

Al-Ahly has also been punished, with expletives-laden chants against al-Sheikh leading to fans being banned from attending the club’s African Champions League game

against Algeria’s Entente Setif in Cairo last week.

Several fans were arrested for membership of an outlawed group, the Ultras, and incitement against the state.

In a show of solidarity with the fans, several Al-Ahly players and members of the club’s junior teams have defiantly posted photos of themselves with arms crossed as if handcuffed.

Al-Sheikh was expecting a far smoother experience, but his criticism of Egyptian sports officials and constant threats to expose them as corrupt or hypocritical are adding to his unwelcome reception.

Complaining recently on Facebook that “everyday a new problem emerges,” al-Sheikh has threatened to withdraw his investment in Pyramids. The club’s affiliated TV channel stopped broadcasting last week, and a major Saudi company, Sela, pulled out from a lucrative sponsorship deal with Al-Ahly.

Al-Sheikh has been embroiled in social media rows with leading international soccer officials in the past, including a Fifa vice president over a Saudi network’s pirating of Qatari-owned Middle East television rights to matches.

“Fans had no problem with al-Sheikh when he first came to Egypt, but they now do and we have his attitude to blame,” TV sports presenter Kareem Ramz said. “His tactics seem to be something like ‘I will give you money and in return I want you to kneel down and say I am the best thing in the world’.”

One of al-Sheikh’s main allies in his tussle with Al-Ahly is another club official embroiled in misconduct cases that are playing out on front pages and dominating sports talk shows in Egypt. AP

SAUDI ARABIA sports minister Turki al-Sheikh talks to national team players at the 2018 soccer World Cup at Luzhniki stadium in Moscow in June. AP

Spo

Business

C2 Tuesday, October 9, 2018

Bigger, more explosive Ironman, 5150 events set in 2019 calendar

L

OCAL triathlon braces for a bigger, more explosive 2019 season with Ironman 70.3 and 5150 events lined up in various championship courses in Davao, Cebu and Subic with all expected to draw the best endurance triathletes in the world.

Thousands have, in fact, responded to the organizing Sunrise Events Inc.’s (SEI) simultaneous online and on-site list-up launch to all Ironman 70.3 and 5150 events on October 1, underscoring the popularity of the ever-growing swim-bike-run races that have become the main staple among the multisport racers, enthusiasts and wannabes.

“On the morning of registration, the Regent Aguila Ironman 70.3 Philippines in Cebu already had more than a thousand participants registered while the Alveo Ironman 70.3 Davao drew 1,500 entries,” SEI General Manager Princess Galura said.

The Regent Aguila list-up was held at Maayo Hotel’s grand ballroom where freebies, including in-training shirt, visor/cap, towel and Aguila

drinks were handed out and three Rudy Project helmets were raffled off.

The Seda Abreeza Hotel, on the other hand, hosted the Alveo IM 70.3 and Penong’s 5150 registrations where in-training shirts, Penong’s t-shirts, mugs, visors, caps and towels were also given out and three Rudy Project helmets were awarded to raffle winners.

SEI, meanwhile, has added more slots for the Alveo IM next year after the 1,200 berths were sold out in the first day of list-up in its inaugural staging this year.

The 2019 triathlon action kicks off on March 24 for the Alveo IM 70.3 Davao, while the inaugural Sun Life 5150 race will be held in Cebu on April 25. Subic Bay will host the Century Tuna IM 70.3 on June 2 while the Penong’s 5150 Davao, another first, will he held on July 7.

The Regent Aguila IM 70.3 Philippines is set on August 11 with the second Black Arrow Express 5150 slated on November 3 in Subic Bay.

EASTERN SAMAR GOVERNOR BACKS BOSS IRONMAN MOTO

E

NGR. Marcelo Ferdinand “Dindo” Picardal, governor of Eastern Samar, has thrown his full support to the 2018 BOSS Ironman Motorcycle Challenge—a 1,200-kilometer endurance event designed not only to test riders’ capabilities but promote tourism in Region 6, as well.

Around 600 participants will take off from the Provincial Capitol Gymnasium of Borongan City in Eastern Samar-Visayas Leg on November 9 before traversing on least nine other cities and municipalities of Samar, Leyte and Biliran islands.

According to Lito Flores, president of the BMW Owner Society of Safe Riders and chairman of BOSS IMC organizing committee, this is the first edition of the BOSS Ironman in the Visayas in time for the 53rd founding anniversary of Eastern Samar this year.

The participants—all riding on motorcycles with engine displacement 400cc and above, and four-wheeled vehicles—will cross the picturesque 2.16-km San Juanico Bridge in proceeding to Leyte. The riders must return to

Borongan City to complete the route.

With the support of BMW Motorrad Philippines, Petron Corp. and the Department of Tourism, Flores assured participants of a fun-filled event as the local government units will prepare exciting programs highlighting the colorful history of their respective towns and cities.

Philippine National Police (PNP)-Highway Patrol Group Riders Club, composed of former and active members led by the unit’s present director, Chief Supt. Roberto Fajardo, partnered with BOSS in the staging of the Visayas edition.

Former PNP chief and now Bureau of Corrections Director General Ronald dela Rosa is one of the participants.

The riders must complete the 1,200km route to be declared a “finisher.” Traffic laws, particularly speed limit, will be strictly implemented along the route to ensure safety not only of the participants but the general public as well, Flores emphasized.

Riders may visit the Facebook page of BOSS Ironman Challenge XIII.

FORMER winner Princess Superal will lead the local charge.

DUEL AT JOHN HAY

T

HE cream of the local crop and a slew of aces from Thailand gear up for three days of battle of shotmaking, iron play and wits when the International Container Terminal Services Inc. (ICTSI) Camp John Hay Ladies Championship fires off on

Wednesday at the Camp John Hay Golf Club in Baguio City.

Former winners Princess Superal and Cyna Rodriguez banner the local charge along with Daniella Uy, Marvi Monsalve and Chihiro Ikeda, while this year’s Ladies Philippine Golf Tour’s (LPGT) Mount Malarayat leg champion

Onkanok Soisuwan heads the 12-player strong Thai contingent in the P1.5-million event put up by ICTSI, which serves as the second of the new LPGT season.

That guarantees a spirited charge for top honors in the 54-hole championship, which is making its return to the LPGT calendar after Rodriguez beat Thai Amolkan Phalajivin by 11 shots to win in 2014.

Superal, then an amateur, humbled the local pros to rule the inaugural staging in 2013 with a record 17-under total at the par-69 up-and-down layout with the former US Girls Junior champion blossoming to become one of the country’s players.

She hopes to figure in the early chase this week, eager to atone for her tied for 16th-place finish in LPGT and Taiwan Ladies Professional Golf Association (TLPGA) Tour cosanctioned Party Golfer Ladies Open in Taiwan last week where Soisuwan finished at joint 20th.

But a slew of others are also tipped to contend for top honors this week, including TLPGA Tour campaigners Marvi Monsalve and rookie pro Daniella Uy and Ikeda, who won the LPGT Eagle Ridge title early in the season.

Soisuwan, meanwhile, will be joined in by a crack crew that includes Supakchaya Pattaranakrueang, Jaruporn P Na Ayutthaya, Numa Gulyanamitta, Chakansim Khamborn, Chommapat Pongthanarak, Goonlacha Paiboonpong, Kamonwan Lueamsri, Chouvarest Chourkittisopon, Omicha Konsunthea, Patraporn Kratururk and Waralee Atcharerk. Joining the title hunt are 11 amateurs, led by The Country Club mainstays Sofia Chabon, Mafy Singson, Samantha Dizon, Eagle Ace Superal, Arnie Taguines and Laia Barro, Kristine Torralba, Marianne Bustos, Sunshine Baraquiel, Mariel Tee and Korean Lee Ji-hyeon.

South Korea beats US, UK on home turf

I

NCHEON, South Korea—South Korea held off challenges from the United States and England to win the eight-nation International Crown for the first time in front of a delighted home crowd at Jack Nicklaus Golf Club on Sunday.

The top-seeded host team started the final round two points clear of the chasing pack and won two of the four singles matchups to finish with 15 points, four ahead of the defending champion United States and England.

Thailand finished fourth, and Sweden fifth.

Australia, Taiwan and Japan were all eliminated at the end of the third round.

In contrast to the wet conditions that cost the tournament an entire day’s play on Saturday after Typhoon Kong-rey hit the Korean Peninsula, bright sunshine helped produce a big and passionate crowd that cheered the home team on to victory.

“We never really feel nervous before majors but we have been nervous for a couple of months before this,” So-yeon Ryu said. “Turns out that because this was home field, we felt comfortable with all the fans that came out to support us, and we had a lot of benefits. The support was incredible.”

Ryu fought back from two down to halve with Lexi Thompson of the United States.

Only world No. 1 Sung-hyun Park lost of the South Korean quartet, 2 and 1 against Ariya Jutanugarn of Thailand.

“Not only myself but all my teammates felt a lot of pressure coming into this tournament,” Park said. “I am really happy we overcame that stress.”

I.K. Kim defeated Bronte Law of England 2 up, and In-gee Chun overcame Anna Nordqvist of Sweden 1 up.

Only Jessica Korda recorded a victory for the US in the final round, winning 4 and 3 against Madelene Sagstrom of Sweden. Michelle Wie and Cristie Kerr both lost, to Moriya Jutanugarn of Thailand and Georgia Hall of England respectively. AP

Tway wrests first PGA Tour crown via 3-hole playoff

N

APA, California—Kevin Tway made a 10-foot birdie putt on the third hole of a playoff on Sunday to win the season-opening Safeway Open at windy Silverado for his first Professional Golfers’ Association (PGA) Tour title.

The son of eight-time PGA Tour winner Bob Tway, the 30-year-old former Oklahoma State player beat Ryan Moore on the par-4 10th after Brandt Snedeker dropped out on their first extra trip down the par-5 18th.

“It was nice to get hot at the end,” Tway said.

“I wasn’t really in it on the front nine. Brandt made a couple bogeys starting the back. I was kind of right there, but kind of hanging around.

Birdied 17, 18 to get into the playoff and then kept it going in the playoff—and here I am.”

After the wind died down in the late

afternoon on the tree-lined North Course, Tway birdied the final two holes in regulation for a one-under 71, then birdied all three holes in the playoff.

“I was just trying to put the ball in the fairway, which was very difficult,” Tway said. “I knew the last few holes were a little bit easier, so tried to just keep making pars until then.”

Snedeker, three strokes ahead entering the day and five in front with 11 to play, had four back-nine bogeys in a 74.

“Really disappointing,” Snedeker said. “Played a really good front nine in tough conditions and made the turn on the back nine and actually drove the ball really well. Had a lot of opportunities, just hit some really poor iron shots, left myself in places you can’t do it. Didn’t make any putts.”

The nine-time PGA Tour winner bogeyed the first three holes on the back nine, birdied the par-5 16th, bogeyed the par-4 17th and parred the 18th, missing from 9 feet.

“I’m going to look at that one in a few years and know I gave that one away,” Snedeker said. “I had that full control.”

Moore birdied three of the last four in a 67.

“I didn’t even expect to be in this position,” Moore said. “When I finished my round, I really didn’t think there was a chance of this. Golf is funny and it can work its way out sometimes, so

THE South Korean team of In-gee Chun (from left), So-yeon Ryu, In-kyung Kim and Sung-hyun Park pose with their trophy. AP

this was a bonus. I hit some good shots in the playoff, birdied a couple holes and today just wasn’t good enough.”

Luke List eagled the 18th for a 67 to finish a stroke out of the playoff with Troy Merritt (68), Sam Ryder FOR Kevin Tway, (69), Aaron the son also Baddeley rises. AP (69) and Sungjae Im (71).

“Obviously, we all kind of knew the wind was going to be crazy warming up this morning,” List said.

“There was debris flying everywhere. I was just anticipating a really tough day and it was.”

Phil Mickelson tied for 17th at eight under after a 72.

“It was challenging but yet very playable conditions,” Mickelson said. “Actually, I played pretty good. I hit two balls out of bounds on the fifth hole trying to go for the green, but other than that, I played pretty well.”

Fred Couples had a 75 to tie for 41st at five under in his final start in a regular PGA Tour event.

“For a while I didn’t think we were going to play and then when we played, I didn’t really play,” the 59-year-old Hall of Famer said.

“Then I just started hitting and hoping for the best.” AP

orts

sMirror

Tuesday, October 9, 2018

C3

Maroons vs Bulldogs in badminton finals; Lady Eagles advance

U

NIVERSITY of the Philippines (UP) set up a men’s Finals rematch with reigning four-time titlist National University (NU) following the Fighting Maroons’ 3-2 victory over the Ateneo Blue Eagles on Monday in the University Athletic Association of the Philippines Season 81 badminton tournament.

JM Bernardo and Vinci Manuel pulled off a 21-15, 21-15 victory over Fides Bagasbas and Sean Chan in the second doubles, while rookie Kyle Legaspi rebounded from a second-set defeat to beat Carlo Remo, 21-12, 9-21, 21-17, in the deciding singles for the Fighting Maroons to clinch the tie in the matches played at the Rizal Memorial Badminton Hall.

Bernardo provided UP’s other win—a 24-22, 21-4 conquest of Bagasbas in the first singles.

The Bulldogs and Maroons open their best-of-three tie at 8 a.m. on Wednesday also at the Rizal Memorial Badminton Hall.

NU completed a 6-0 elimination-round JANN MARI NAYRE splits his two matches in the Youth Olympic Games.

MUST-WIN FOR NAYRE J

ANN MARI NAYRE split his two matches that put himself in a must-win situation in the table tennis competitions of the 2018 Youth Olympic Games (YOG) at the Technopolis in Buenos Aires, Argentina.

The 18-year-old table tennis wonder jumpstarted his campaign with a hard-earned win over Nicolas Burgos of Chile in five sets, 11-9, 6-11, 11-9, 11-6, 11-8, to make a statement in the group stages of the men’s singles preliminaries.

But Nayre, the first Filipino paddler who qualified for the Games, later dropped a surprising straight-set defeat at the hands of Austria’s Maciej Kolodziejczyk, 9-11, 8-11, 1-11, 6-11, in Group B of the men’s singles preliminaries of the tournament featuring the best under-18 table players in the world.

“I’m not losing hope. Anything is possible.

I’ll just show up at my best,’’ said Nayre, who represented the country in both the Southeast Asian Games in Kuala Lumpur last year and

Asian Games in Jakarta two months ago.

Ranged against the 16-year-old Burgos, No. 27 in the under-18 world rankings, Nayre attacked the Chilean’s weak back hand and stayed focused the rest of the way after giving up an action-packed exchange in the second set.

A right-hander, Nayre struggled completely against Kolodziejczyk, who spent most of the match pouncing on the errors of the Filipino table tennis ace.

“I haven’t met them before in any of the tournaments that I participated in,’’ said Nayre, who studied at San Beda University in Taytay, Rizal.

Up next for Nayre is Rio Olympian Kanak Jha of the United States, the No. 1 paddler in the U-18 world circuit. The 18-year-old Jha is the toughest possible competitor that top favorite and senior world No. 8 Tomokazu Harimoto of Japan can face in the medal round.

“It gets tougher as we move into the

JAPETH AT WORK Barangay Ginebra

San Miguel’s Japeth Aguilar squeezes around Meralco’s Anjo Caram for an easy basket in the Philippine Basketball Association Governors’ Cup game the Gin Kings won, 111-105, on Aguilar’s team-best 31 points.

succeeding rounds. I’ll just try the best I can not to get eliminated early,’’ said Nayre.

Apart from Nayre, Filipino-Norwegian Christian Tio will start his medal bid in kiteboarding on Tuesday, a new discipline under sailing in the YOG set to be held at the Club Nautico San Isidro.

This Wednesday is scheduled to become the busiest for the Philippines when fencer Lawrence Everett Tan, golfers Yuka Saso and Carl Jano Corpus and Filipino-American swimmer Nicole Oliva begin their campaign.

Saso, the Asian Games double-gold medalist, is entered in the women’s individual stroke play, while Corpus will represent the country in the men’s side for three rounds at the Hurlingham Club.

Tan will compete in the men’s foil, while Oliva, a bronze medalist in the Kuala Lumpur SEAG, will make her debut in the women’s 100-meter freestyle. Oliva will also swim in the 200-meter, 400-meter and 800-meter freestyle events.

Perpetual Altas, Knights zero in on semis berths

U

Blue Eagles eye ‘Spikers’ solo lead

A

TENEO-FUDGEE Bar seeks to grab the solo lead in the early going of the Spikers’ Turf as it faces Instituto Estetico Manila on Tuesday, while four teams launch their respective bids in the Open Conference at the Blue Eagle Gym in Quezon City.

The Blue Eagles drew a combined 37-hit output from Tony Koyfman, Chumason Njigha and John Rivera as they swept newcomer Fury Blazing Hitters, 25-15, 25-17, 25-15, with Cignal and PLDT also coming through with a pair of 3-1 romps over Prima-Far Eastern University and IEM in last Saturday’s inaugurals of the tournament organized by Sports Vision in cooperation with television partner Cignal TV.

Despite their big start, the Blue Eagles expect a tough challenge from the Volley Masters in their 3 p.m. encounter, with Coach Tim Sto. Tomas hoping to draw sustained charge from his talent-laden crew, including Ron Medalla, Gian Glorioso and playmaker Lawrence Magadia.

But IEM is out to bounce back from that setback to PLDT on a team built around power hitters Jason Canlas and Mark Enciso with Lorenze Santos, Ferdian Guanzon, Jonathan Sorio and skipper Jeffrey Jimenez eager to provide solid backup in a bid to get back into the mix.

Army and Navy, meanwhile, try to get their campaign going as they tangle in the 11 a.m.

opener of another triple-bill that also features the Air Force-Sta. Elena duel at 1 p.m.

With the format being a single roundrobin elims among 10 teams, every match counts, ensuring high-powered action from the country’s leading and rising players.

The league, where the members of the national team seeing action in next year’s Southeast Games here will be culled from, airs two of its three matches live on Cignal TV on game days (Saturday, Tuesday, Thursday and Friday) as part of the new partners’s effort to give the sport a mainstream appeal.

SAN BENILDO SQUEAKS PAST ZOBEL BOYS

C

Perlas volleybelles Comboy spells consistency for FEU in three-set victory

B

ANKO-PERLAS cashed in on AteneoMotolite’s meltdown late in the second set and early in the third and cruised to a 27-25, 25-19, 25-11 victory to extend its win run to four in the Premier Volleyball League Season 2 Open Conference before a big Sunday crowd at the Filoil Flying V Center in San Juan.

In a duel of the last two unbeaten teams that had barely taken hours of rest before facing off, the Perlas Spikers used their veteran smarts and wore down the Lady Eagles with their power game behind Nicole Tiamzon and Kat Bersola to remain on top of the eight-team field.

Tiamzon, who scored just six points in their 25-20, 19-25, 25-22, 25-16 win over the Adamson-Akari Lady Falcons on Saturday, came away with 17 hits, including 12 attack points and four blocks as the Perlas Spikers broke away at endgame of the second frame then pounced on their listless rivals who simply lost steam and faded in the third.

I

F the Far Eastern University (FEU) Tamaraws want to see consistency, they would only have to look at Wendell Comboy whose end-to-end efforts proved crucial in clinching back-to-back victories.

The hot hands of the Tamaraws’ fourth-year guard, paired with his lockdown defense, earned him the recognition as the Collegiate Press Corps University Athletic Association of the Philippines Player of the Week.

In FEU’s bounce-back effort against the National University Bulldogs last Wednesday, Comboy topped the scoring column with 18 points, going 7-of-12 from the field.

He continued his momentum four days later in a cardiac game against the then-undefeated Adamson University Soaring

Falcons by scoring 13 points to help the Tamaraws edge Franz Pumaren’s squad in overtime.

In the dying seconds of the thriller, the 6-foot Comboy came up with a huge block on 6-foot-5 Sean Manganti that sealed the deal on FEU’s stoppage of the Falcons’ unbeaten start.

“That’s what is giving me playing time,” said Comboy on his defensive contributions to the team.

“Coach Olsen [Racela] told me to defend first— and my offense is just a bonus.”

Comboy beat University of Santo Tomas’s CJ Cansino, Ateneo’s Angelo Kouame and University of the Philippines’s Bright Akhuetie for the weekly award.

sweep and has won 41 consecutive ties.

In the women’s division, Ateneo completed its reversal of twice-to-beat NU with a 3-2 win in the Final Four decider to forge a Finals duel with UP beginning on Wednesday at 1 p.m.

Doubles players Geva de Vera and Chanelle Lunod sparkled, while Samantha Ramos delivered the clincher in the third singles for the Lady Eagles to complete the fightback from a 1-2 hole in the exciting tie.

The Lady Bulldogs also lost the semifinals opener, 1-3, on Sunday.

The Lady Maroons bagged the first slot in the best-of-three championship tie by ending De La Salle’s reign, 3-1.

Ateneo, which bested De La Salle in the first stepladder on Sunday to advance, levels after Keoni Asuncion turned back Michael Clemente, 21-19, 21-14, in the second singles and later took the lead after Remo and Asuncion subdued Betong Pineda and Harvey Tungul, 21-19, 21-14, in the first doubles.

WENDELL COMBOY shines on both ends of the court.

OLEGIO De San Benildo-Antipolo beat De La Salle Zobel-Alabang, 66-65, in a battle of La Salle high schools in the under-19 division of the Sulit.ph Breakdown Basketball Invitationals at the Moro Lorenzo Sports Center last Sunday.

San Benildo’s Jim Aniceto muffed two free throws with two seconds left to give their opponents a chance to reverse the outcome, but Zobel’s Joaquin Damiles could only grab the rebound and hurl a desperation shot as time expired.

Justin Inalyo led San Benildo with 19 points, while Gab Gotera chipped in 16 points.

Damiles finished with 14 points and Pascual added 11 to pace Zobel.

San Benildo led by seven points, 63-56, when Aniceto fouled Junior Archer Henry Subido, younger brother of former Zobel and current University of Santo Tomas ace Renzo Subido, who hit two free throws.

Damiles completed a steal off Aniceto to slice the deficit to 63-60 with 38 ticks left.

But Inlayo drilled a badly needed threepointer to keep the Junior Archers at bay, 66-60, with 22 seconds left.

Damiles found his Batang Gilas teammate Migs Pascual for a triple, 66-63, with 10 seconds to go and another Damiles steal and lay-up saw

NIVERSITY of Perpetual Help tries to widen its gap from fifth-running College of St. Benilde, while Letran seeks a better position in the Final Four race as the two semifinals hopeful face separate foes in the National Collegiate Athletic Association Season 94 seniors basketball tournament on Tuesday at the Filoil Flying V Centre in San Juan City.

The Altas recorded their 10th win in 15 games following an 85-77 overtime victory from the eliminated San Sebastian Stags (4-1) last Thursday.

To secure at least a playoff for a semifinals spot and further push St. Benilde (8-7) to the exit, Perpetual must hurdle the challenge of Emilio Aguinaldo College (4-12) at 4 p.m.

The Knights, fresh from slaying the Lyceum of the Philippines University Pirates (14-2), tries to speed up their mission to bag a twiceto-beat bonus in the Final Four when they battle the Stags at 2 p.m.

Down five points with less than two minutes in the fourth period, the Altas rallied back to force overtime then went on to a barrage of triples to knock out the Stags.

Perpetual Help Head Coach Frankie Lim reminded his players to keep their composure and play with maturity.

“Don’t forget I have 11 new players and these guys never played in the Finals or maybe in the Final Four. So now, they’ve been given a chance, I told them, you better embrace it,” Lim said. “Never lose hold of it because not all the teams are given this opportunity.”

San Beda is sitting solo at the top with a 14-1 record, and, barring any loss of confidence in its remaining games, Perpetual could complete the Final Four cast along with Lyceum and Letran.

Ramon Rafael Bonilla

San Benildo’s once comfortable lead trimmed to one, 66-65, with five seconds to play.

A Jac Macasaet foul on Aniceto, who was nearly the goat for San Benildo, saw the Wolf miss both free throws.

San Benildo had more second-chance points, 13-5, and scored more fast-break points, 10-5.

San Benildo, which mainly plays in the Metro Manila Basketball League and the Passarelle tournaments, has produced some National Collegiate Athletic Association and University Athletic of the Philippines stars, including Jayvee Mocon and Jordan Sta. Ana now with San Beda and Letran, respectively. Rick Olivares

IS THIS UFC OR WWE?

L

By Tim Dahlberg The Associated Press

AS VEGAS—Khabib Nurmagomedov apologized, though it was clear he wasn’t sorry about much.

Not after putting a beating on Conor McGregor in their highly anticipated fight. Not after leaping out of the octagon to settle another score while a couple of his thugs jumped in to deliver a few more blows to McGregor’s head.

And certainly not after getting a call from Vladimir Putin offering congratulations for a job well done.

Fighting means never having to say you’re sorry, especially if you’re doing it in the UFC. Nothing seems to be off limits, whether it’s a dive out of the octagon or an attack with a hand truck on a bus.

UFC or WWE? About the only thing missing on Saturday night on the Las Vegas Strip was a script and some folding chairs for Nurmagomedov to smash over the heads of his tormentors.

Sadly, it was all too predictable. So, too, will be the punishment for the fight after the fight.

If you didn’t get any bets down on the fight itself, here’s something you can bet on: Nevada’s fight officials will get together sometime soon and hand down a fine and suspension to the Russian for the melee that broke out after his win over McGregor.

There will be some stern warnings issued, some promises extracted that it won’t happen again.

Nurmagomedov might even offer a more believable apology.

And then there will be the rematch that will make even more millions of dollars for everyone involved.

Oh, and here’s another prediction: UFC fans will eat it all up.

Remember that the biggest fight in the history of UFC became that only after McGregor launched a criminal attack on a bus containing Nurmagomedov and others in Brooklyn, then followed it with a verbal attack on his opponent’s nationality and religion.

It became that only after UFC chief Dana White embraced the bus attack and used video of it in ads to sell what he says will be a record number of pay-per-views to fans eager to see even more.

Blame Nurmagomedov for his extracurricular action, yes. People were put in danger when he vaulted from

Sports BusinessMirror

C4

| Tuesday, October 9, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

KHABIB NURMAGOMEDOV (right) takes down Conor McGregor during their lightweight title bout over the weekend. AP

LEWIS HAMILTON moves a step closer to a fifth world championship. AP

Hamilton easily wins Japan GP, closes in on fifth world crown

S

UZUKA, Japan—Lewis Hamilton stormed to victory at the Japanese Grand Prix on Sunday, claiming his fourth straight Formula One win and moving a step closer to a fifth world championship.

Starting from pole, the Mercedes driver was never seriously challenged and crossed the finish line 12.919 seconds ahead of teammate Valtteri Bottas. Red Bull’s Max Verstappen was third, 14.295 seconds back.

“The whole weekend has been incredibly strong

SWEEP CAROLINE

B

EIJING—Caroline Wozniacki defeated Anastasija Sevastova, 6-3, 6-3, to win the China Open and her third Women’s Tennis Association title of the year on Sunday, while Nikoloz Basilashvili of Georgia beat top-seeded Juan Martin del Potro, 6-4, 6-4, in the men’s final.

The victory was Wozniacki’s second title in Beijing.

The unseeded Sevastova downed US Open champion Naomi Osaka in the semifinal, but couldn’t handle the secondseeded Dane’s punishing groundstrokes.

Though Sevastova threatened late in the second set, Wozniacki broke in the ninth game to wrap up the title, the 30th of her career.

Wozniacki said eight was her lucky number and, having won in Beijing eight years ago, she “felt it was my year.”

“Last time was different. I was 20 years old,” Wozniacki said. “A lot has happened since then.

“I think I just really appreciate still being here, playing well, being able to win these titles.”

Sevastova said she had seen a path to victory in the second

the octagon, including Nevada’s governor, who White claimed was last seen running from the arena.

But most of the blame should be put directly on White and UFC’s new owners for promoting—and profiting from—both a criminal act and trash talk that should be outside any sport—even in a sport that seems to have no standards.

It was White, you might remember, who expressed outrage in Brooklyn in April when McGregor took a hand truck and smashed the window of the bus carrying Nurmagomedov and others. The rampage, White said at the time, was “the most disgusting thing that has ever happened in the history of the [UFC].”

But there were no real consequences for McGregor, other than a brief trip to jail and a court appearance.

Certainly no suspension by the UFC, which badly needs its only remaining big star to sell pay-per-views and keep investors happy.

A few months later, White was using video from the incident to promote the fight. And a few days before the fight, he stood smiling as McGregor spouted a bizarre conspiracy theory about the Russian’s manager and the 9/11 terrorist attacks and then vowed to put a hole in Nurmagomedov’s skull.

It was clown behavior, but this is a sport that rewards clown behavior. And that’s why both fighters stand to make even bigger money the next time they meet in the cage, something McGregor was already calling for just hours after his loss.

“Good knock,” McGregor tweeted after tapping out in the fourth around. “Looking forward to the rematch.”

That there will be a rematch is a foregone conclusion. And don’t be surprised if it is promoted with shots of the melee, much like Saturday night’s fight was promoted with video of McGregor going crazy in Brooklyn.

This despite White’s claim that it was all some sort of aberration.

“This is not what we do,” he said. “This isn’t how we act.”

Actually it is precisely what UFC—and boxing to some extent—does. Controversy sells fights, and the bigger the controversy, the bigger the next fight.

So spare us any fake outrage. Don’t try to pretend nobody could have seen this coming.

Just get on with selling the next one.

for the team,” Hamilton said. “It’s a great 1-2 for Mercedes and shows you the strength and depth of our team.”

Hamilton has won six of the last seven races and now leads Sebastian Vettel by 67 points with four races left. He only needs to outscore Vettel by eight points at the next race in the United States to clinch a fifth world championship.

“We’ve gone from strength to strength as a team,”

set before Wozniacki slammed the door.

“I think the second set should have been closer. Maybe I had even chances to win it,” Sevastova said.

In the men’s final, big-hitting Basilashvili collected his second title of the year after winning in Hamburg.

US Open finalist del Potro has the consolation of having qualified for the Association of Tennis Professionals (ATP) Finals in London next month.

Basilashvili saved all seven break points he faced against the Argentine.

Daniil Medvedev, meanwhile, beat local favorite Kei Nishikori, 6-2, 6-4, in the Japan Open final on Sunday for his third career ATP title.

The third-seeded Nishikori reached the tournament

Hamilton said. “And Austin is usually a good track for us so I can’t wait to unleash this beast there.”

Vettel started eighth and quickly moved up to fourth place, overtaking both Toro Rosso cars that started ahead of him.

But the Ferrari driver attempted to pass Max Verstappen on the ninth lap and the two cars collided with the Ferrari spinning off into the runoff. The move dropped Vettel back to 18th place.

“I’m not the one who makes the rules,” Verstappen said. “It was a similar situation to what happened in China with him. He could have been more careful.”

Vettel worked his way back up to sixth but couldn’t move higher than that.

It was an impressive day for Red Bull driver Daniel Ricciardo who started 15th but finished fourth ahead of

decider without dropping a set but was broken three times by Medvedev.

Medvedev won for the second time this year as a qualifier, after Sydney in January, and became the first Russian to win the Japan Open.

Nishikori was bidding to join Pete Sampras and Stefan Edberg as tournament winners at least three times, but struggled from the outset and was 4-1 down in the first set.

Medvedev served too good, winning 32 of his last 33 service points. He didn’t lose his serve from the quarterfinals on.

Nishikori has lost his last eight finals, since 2016. AP

Vettel’s Ferrari teammate Kimi Raikkonen.

Force India’s Sergio Perez was seventh ahead of Haas driver Romain Grosjean. Force India’s Esteban Ocan was ninth, while Renault’s Carlos Sainz rounded out the top 10.

There was an early collision with Sauber driver Charles Leclerc hitting the rear tire of Kevin Magnussen resulting in a puncture and bringing out the safety car.

Verstappen was given a five second penalty for an incident with Raikkonen where he clashed with the Ferrari as he rejoined after running off at the chicane.

“Kimi chose the wrong line in the chicane, he could have also just waited for me to come back on the track,” Verstappen said. “We touched a little bit but I really think it’s ridiculous those five seconds.” AP CAROLINE WOZNIACKI grabs her third Women’s Tennis Association title of the year. AP

ONE HITS $250-M BASE

O

NE Championship says it has closed a $166-million financing round led by Sequoia Capital, pushing the Asian mixed martial arts promotion’s total capital base past $250 million.

The Singapore-based promotion announced its latest equity investment on Monday.

ONE Championship claims to be the largest sports media property in Asia, staging regular live shows that are viewed on television across the region and worldwide online.

The promotion has added boxing and kickboxing matches to its busy slate of MMA shows in recent months, including a title defense by World Boxing Council super-flyweight boxing champion Srisaket Sor Rungvisai last weekend in Bangkok. The promotion also plans to add competition soon in sanda and wushu, two Chinese martial arts.

ONE Championship will debut in Japan and Vietnam in 2019. AP

Farah bags 1st marathon win

C

HICAGO—Britain’s Mo Farah won the Chicago Marathon on Sunday, claiming his first marathon victory in three attempts.

Farah finished in two hours, five minutes and 11 seconds. It was the first marathon on US soil for Farah, who’s won four Olympic gold medals and six world championships on the track.

Mosinet Geremew of Ethiopia finished second, 13 seconds behind Farah. Japan’s Suguru Osako came in third at 2:05:50. American Galen Rupp, last year’s winner and Farah’s former training partner, was fifth at 2:06:21.

Kenya’s Brigid Kosgei won the women’s race in 2:18:35, the third-fastest time in the history of the Chicago race. Kosgei finished second in Chicago last year.

Ethiopia’s Roza Dereje finished second, two minutes and 43 seconds behind Kosgei. Shure Demise of Ethiopia was third at 2:22:15.

More than 40,000 runners started the race, which drew more than a million spectators. AP

Heavenly Father

H

EAVENLY Father, help me to be kind to those around me today. Change my bad thoughts. Control my words. Let them see Your love through me. May I inspire others by my thoughts, words and actions.

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’s furniture and home décor retailer West Elm has opened its second store in the Philippines, located at the second level of Central Square in Bonifacio High Street.

Life

BOX OFFICE: ‘VENOM’ SETS OCTOBER RECORD WITH $80M; ‘STAR IS BORN’ SOARS D3

BusinessMirror

Tuesday, October 9, 2018

D1

Design and human connections B

ROOKLYN-BORN furniture and home décor retailer West Elm recently opened its newest store at Central Square in Bonifacio High Street, four years after opening its first Philippine location at Estancia in Capitol Commons in 2014.

To mark the official opening of the store and commemorate the occasion, a ceremonial toast and bell-ringing were headed by SSI Group Inc. President Anton Huang, Rustan Commercial Corp. Member of the Board Maritess Tantoco-Enriquez and West Elm Global Visual Merchandiser Isaias Caballero.

Taking its cue from the global brand’s mission to enrich lives by harnessing the power of design and human connections, the new West Elm Central Square store is highly Instagrammable. It prominently features West Elm’s Fall 2018 collection: Manhattan living inspired by a modern look; “organic architecture” inspired by the idea of clean, pure lines and colors; and Italy’s midcentury bohemian luxe vibe inspired by a global theme.

Designed to make an impact in everyday life, West Elm pieces are meticulously made to speak to people’s every life stage, decorating taste and budget. For Fall 2018, modern, streamlined style, retro accents, textures, rich fabrics, prints and bright pops of color bring in a bold and elevated style to your home.

PATIO SUITES TOWER ONE GROUNDBREAKING

WITH the evening’s host Tim Yap, a ceremonial toast was headed by SSI Group Inc. President Anton Huang, Rustan Commercial Corp. Member of the Board Maritess Tantoco-Enriquez and West Elm Global Visual Merchandiser Isaias Caballero.

Hosted by Tim Yap, more than a hundred VIPs came to celebrate West Elm’s store launch, including celebrities and influencers like Francis Libiran, Kryz Uy, Pie Alvarez, Carlo and Cat Antonio, Christiana Collings-Canlas, Marilen Montenegro and Max Collins, among others.

To make the night even more fun, there were onsite activities like essential-oil making by wellness advocate Gina Evangelista of Oilyholics and tote bag

ALVEO Land commemorated in May another milestone in Davao with the groundbreaking ceremony for Patio Suites Tower One. This construction achievement is a step closer to the fulfillment of complete city leisure living in Davao’s premier lifestyle district.

In photo: (from left) Sharleen Chua, division manager for marketing of Alveo Land; Royce Cardenas, project development manager of Alveo Land; Engr. Alberto Manus, Makati Development Corp. VisMin general manager; Oscar Grapa, group chief finance officer of Anflocor; Arch. Jay Caniza, innovations and design group head; Arch. Fenelon Sabat, Aidea project manager; and Arch. Bernadette Mendoza, Aidea project architect.

personlization by CalligraMama, Fozzy Castro-Dyrit of The Fozzy Book.

West Elm also partnered with celebrity and artist Heart Evangelista-Escudero to have one of her artworks featured on special edition tote bags that were given out to guests at the event. The bag will also be available for sale during and after the store launch.

Proceeds of the sale will go to Heart’s charity, St. Luke’s Corridor of Hope. n

Natural light sets a nice mood, and builders seek more of it A ROOM in a home designed for the BIA Parade of Homes in Columbus, Ohio. This 6,000-squarefoot Romanelli & Hughes home features deep window wells, a glass-enclosed fitness center and glass doors in the basement to increase the amount of natural light in the home. AP

By melissa kossler Dutton The Associated Press THE first year that Bob Webb Homes used transom windows in the showcase house the company built for a home tour, visitors described the house as bright, warm and inviting. While few mentioned the windows, company representatives said tour participants were responding favorably to the additional natural light provided by the horizontal windows above the home’s more traditionally placed windows.

“They couldn’t quite figure out why our house felt different,” said chief operating officer Scott Shively.

“It was all the natural light. It just makes you feel good.”

Taking a lead from architects who design office buildings, residential builders and architects say they are increasingly looking for ways to incorporate natural light into homes.

(Numerous studies have shown that office workers with windows are healthier and happier.) In addition to transom windows, many new homes include large sliding glass doors, interior glass doors and

thoughtful window placement that lets light pass through multiple spaces.

Improvements in weatherproofing and insulation materials and in installation methods for windows and doors have made it possible to increase the amount of glass in a house without creating drafts, said Shively.

“We’ve figured out a better way to layer houses,” he says. “We can seal the entire house up around the windows.”

In many cases, architects are incorporating these features because they see their value—even if clients don’t request them, says Stu Narofsky of Narofsky Architecture in New York City.

Sometimes the additions are simple, like placing a bedroom window where the light it lets in will illuminate a hallway, or adding glass panes to a door for the same purpose.

Other additions are more dramatic,

like making an entire wall of glass.

Bob Webb’s latest show home, designed for the 2018 BIA Parade of Homes in Columbus, Ohio, features a retractable glass wall in the living room and a basement workout room that’s delineated by sliding glass, barnstyle doors. More Midwest builders have begun using the retractable walls, which have long been prominent on the West Coast and Hawaii, because they, too, have undergone improvements that allow them to be used in colder climates, Shively said.

Homeowners who aren’t planning to build a new house still have options—at a variety of price points—for bringing more natural light into their space, said Jim Bimstefer, an associate broker with Keller Williams Realty in Baltimore.

“When I’m going to sell a house, one of the first things I address is, ‘How can we get more light coming in?’” Bimstefer said.

“More light makes a house feel bigger.”

The solution can be as simple as trimming bushes and trees that are blocking windows, removing screens or keeping blinds raised during showings, he said. “There a lot of little things that

can increase the value of the home,” he said. “If there is vegetation in front of the windows, absolutely cut it back. Clean the windows. Let the natural light in.”

Other options can be more pricy, like adding glass doors, enlarging windows or installing skylights. Those improvements are best done long before listing a property so that the homeowner can enjoy the benefits, he said. The budget considerations are “completely different” if you intend to live in the house for many years before selling it, Bimstefer said. “Go crazy. Pull the walls down. Replace the old front door. Open it up. Put as much glass in as you can.”

As a remodeler, Christopher Wittmann regularly considers utilizing natural light when helping homeowners plan renovations. Depending on the project, he might suggest larger windows, glass doors or removing a wall, said Wittman of Callen Construction in Muskego, Wisconsin.

He doesn’t hesitate to suggest more glass these days. “The energy efficiency has increased in windows and doors,” he said. “You can create a lot larger footprint in glass.”

D2

Pages BusinessMirror

Tuesday, October 9, 2018

www.businessmirror.com.ph

What a book critic finds in Mark Judge’s ‘Wasted’ 21 years later

A

By Dwight Garner New York Times News Service

LCOHOL warms some people up and gives them a little glow; for others, it offers almost instant access to their inner troglodyte. Life is unfair this way.

Mark Judge started out as the first kind of drinker and quickly became the second. He realized while still in college, at Catholic University in Washington, D.C., that he had a problem. He got into Alcoholics

Anonymous, found help and wrote a book about his experience called Wasted: Tales of a GenX Drunk (1997).

It is not even close to being a good book. This may explain why it was published not by a mainstream house but by Hazelden Publishing, an arm of the wellknown addiction treatment center. Wasted received a short and dismissive notice (“naive,” “earnest,” “thin”) in The New York Times Book Review. It went out of print. It was mercifully forgotten.

Twenty-one years later, Wasted is perhaps the most in-demand out-of-print book in America. As I write, the only copy listed on Amazon can be had for $1,949.99. (The “.99” is oddly poignant.) Reader, I bought that copy. No, I didn’t. I am not unhinged. But I managed to acquire a PDF of the book and have read it through.

Wasted is back on the cultural radar because its author went to the same elite, private, allmale Catholic school, Georgetown Prep, as Brett Kavanaugh, who has been nominated to the Supreme Court by Donald J. Trump. More to the point, Judge has been said by Christine Blasey Ford, who attended a nearby private all-girls school, to have been in the room on the night in 1982 when Blasey says Kavanaugh attempted to sexually assault her during a high-school party. It’s an allegation Kavanaugh denies.

Who is telling the truth? Is Kavanaugh lying about not just this but other things, small and large? Not much hangs in the balance, except the future of the Supreme Court and very likely a decades-long change in the tenor of American life. (Brett Kavanaugh was sworn in as an Associate Justice of the US Supreme Court last Saturday.—Ed.) Judge has reportedly testified to the FBI about the night in question. That testimony will be more salient than anything that can be found in Wasted. But what does this book have to say about the milieu in which the author and Kavanaugh were raised, and about prevailing ideas of masculinity in the 1980s?

Wasted is the story of a privileged young white man, a cocky princeling among cocky princelings, who loses his virginity, loses his religion, loses his lunch and nearly loses his mind. These things happen to a cassette-powered soundtrack by AC/DC, The Clash, The Eurythmics, R.E.M. and The Replacements.

These were, by and large, my bands, too. Born in 1965, I am almost an exact contemporary of Judge and Kavanaugh. I attended a private Catholic grade school in Naples, Florida, and a public high school there. The kind of drinking described in this memoir is deeply familiar to me—the parties in interchangeable houses when parents were away, the milling in backyards, the lines of parked cars trailing for blocks.

My friends and I, like Judge and his, saw ourselves

z

as part of a group we referred to as “Alcoholics Unanimous.” We responded to an emerging organization called Mothers Against Drunk Driving by proposing Drunks Against Mad Mothers. We were, not to put too fine a point on it, idiots.

By temperament—lucky for me, or maybe not, socially—I was not a jock or among the heavy drinkers. I hoped to be seen, to use a final, painful acronym that was popular at the time, one that is not in Judge’s book, and please kill me now, as a SNAG, or sensitive new-age guy. I failed at that, too; another reason to pull out the church keys, as we sometimes called beer openers.

We tend to judge memoirs of intoxication by how brightly the writer burns in the early parts of the story—the most memorable moments tend to occur as the moth’s wings have just begun to scorch.

This is because the sober endings, the meetings in brightly lit basements, are nearly always the same: uplifting for the author, less so for us. An exception to this rule is Leslie Jamison’s The Recovering, published this year, in which the writing gets stronger and stranger near the end.

Judge isn’t a skilled enough writer to evoke the complicated longings that alcohol can instill. At moments of intensity, he tends to lean on analogies from his favorite J.R.R. Tolkien book. (“I imagined myself as Frodo in The Lord of the Rings, carrying the evil ring through the forest”; “I was like Gollum”; “I feel like the hobbits after they were captured by the Orcs.”)

A little of this, like Jägermeister, goes a long way.

It is widely assumed that Kavanaugh makes his one, now infamous, appearance on Page 59.

“Do you know Bart O’Kavanaugh?”

“Yeah. He’s around here somewhere.”

“I heard he puked in someone’s car the other night.”

“Yeah. He passed out on his way back from a party.”

Did Kavanaugh ever black out—that is, do things he was too drunk to remember? It’s impossible to say. But Judge recounts several of his own blackouts.

He awoke from one at the Four Seasons hotel in Georgetown. About another, he writes, “I could have murdered somebody.”

They drank because their parents drank. They drank because, as Sylvia Plath wrote in The Bell Jar, “there is nothing like puking with somebody to make you into old friends.” They drank until their eyes were Xs, like in the comic strips, as have young people throughout history, because they often felt selfpitying and tragic.

That anyone cares about Wasted in 2018 is a reminder that America has debouched onto a strange field. And it leaves you wondering about the people who needed help and never sought it. n

2018 best Pinoy books honored with Gintong Aklat Awards THE best of the best in Philipine publishing were recently honored in the Gintong Aklat Awards 2018, held at the SMX Convention Center during the recent 39th Manila International Book Fair.

Organized by the Book Development Association of the Philippines, Gintong Aklat celebrates excellence in the Philippine book industry by giving recognition to books written, edited, illustrated and published by Filipinos.

Sacada: A Catalog of Commodities from a Period of Glorious Tumult, by Alan Navarra and published by Visprint Inc., follows an experimental form that mixes typography, sketches, poetry

and more. It won the top awards in two categories: Literature in Filipino and Best Book Design.

The anthology May Tiktik sa Bubong, May Sigbin sa Silong (Ateneo de Manila University Press), edited

by Allan Derain, also won for Literature in Filipino.

Also named winners are Aimless Walk, Faithful River/The Poet Learns to Dance, The Dancer Learns to Write a Poem (Ateneo de Manila University Press)

by Simeon Dumdum Jr. and VJ Campilan’s debut novel All My Lonely Islands (Anvil Publishing Inc.), both for Literature in English.

All My Lonely Islands’s had previously received the grand prize for the Novel

category at the 2015 Carlos Palanca Memorial Awards for Literature and the 2017 Madrigal-Gonzalez Best First Book Award.

The winners in other categories are Bamboo Whispers, Poetry of the Mangyan’ (The Boomark Inc.), edited by Lolita Fansler, Quintin Pastrana, Raena Abella, Emily Catapang for the Arts and Humanities category; and Edgie Polistico’s Philippine Food, Cooking and Dining Dictionary (Anvil Publishing Inc.) for the Food category; Fr. Manuel Blanco’s Flora de Filipinas (Vibal Foundation Inc.), edited by Dr. Domingo Madulid for the Natural and Applied Science category; and

Science Philippines: Essays on Science by Filipinos (Volume IV) (University of the Philippines Press) edited by Dr. Gisela Padilla-Concepcion in the Science and Technology category.

Completing the list of winners are The World of the Manila-Acapulco Galleons: The Global and Human Context (Vibal Foundation Inc.) by Sen. Edgardo J. Angara and Dr. Carlos Madrid for the Social Science category; and Lifeline: A Layperson’s Guide to Helping People in Crisis (Anvil Publishing Inc.) by Queena Lee-Chua, Lourdes Joy Galvez-Tan, Melissa Garabiles, Ma. Tonirose de Guzman-Mactal, and Mary Jane Bergado-Flores for the Inspiration and Self-Help category.

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Brandon Routh, 39; Scott Bakula, 64; Tony Shalhoub, 65; Sharon Osbourne, 66.

HAPPY BIRTHDAY: Direct your energy wisely. You’ll have choices to make that can alter the way you live and how well you do. Be willing to learn and hone your skills, as well as apply your attributes to fit the changing times in which we live. It’s important to keep up and to work alongside those who share your beliefs. Your lucky numbers are 5, 16, 19, 22, 31, 35, 46.

a

ARIES (March 21-April 19): Fight fire with fire. Intensity coupled with strong beliefs will overpower anyone trying to stand in your way.

Plan your actions and execute them with precision to get the results you want. HHH

b

TAURUS (April 20-May 20): You’ll be faced with all sorts of options that will require you to be accurate. Dealing with matters that concern coworkers, employers or government, financial or medical institutions will require consistency. HHH

c

GEMINI (May 21-June 20): Step up and offer to help others. Taking on tasks that allow you to show your strengths will have an impact on others. Some will be jealous of what you have accomplished, and others will offer suggestions that will help further your goals. HHHHH

d

CANCER (June 21-July 22): Keep an open mind. If you are angry or upset, a decision you make will lead to regret. Back up and rethink your strategy carefully before you proceed.

Concentrate on personal gains that will enhance your life. Romance is encouraged. HH

e

LEO (July 23-Aug. 22): Think about the outcome before you make a move. It’s in your power to choose the right thing to do.

Live up to your promises, and you’ll avoid being called out by someone who is counting on you. HHHH

f

VIRGO (Aug. 23-Sept. 22): Taking a serious step in a direction that encourages personal stability will give you a closer look at the path you should pursue. Improvements to the way you live will also lead to friendships that are beneficial.

HHH

g

LIBRA (Sept. 23-Oct. 22): A positive change to the way you handle your money, health and relationships with others will give you a burst of energy and ease your stress. Don’t let anyone criticize or take away from what you’ve accomplished. HHH

h

SCORPIO (Oct. 23-Nov. 21): Be careful while traveling or dealing with someone who tends to be argumentative. Stay focused on the changes you want to make and the people who have helped you in the past. Don’t share your personal secrets, or rumors will spread quickly.

HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): You’ve got more going for you than you realize. Call in favors and make plans that will encourage greater prosperity. Taking care of someone else’s affairs will be time-consuming but can serve as a reminder of how to conduct your own more efficiently. HHHH

j

CAPRICORN (Dec. 22-Jan. 19): Don’t trust what others tell you. If you want the facts, go to the source. Changes based on an assumption will lead to regret. An unusual opportunity should be taken advantage of if you feel it’s in your best interest.

HH

k

AQUARIUS (Jan. 20-Feb. 18): There is money to be made. Go over your personal investments or check out an opportunity that interests you. Negotiations will lead to unexpected benefits if you handle matters on your own. HHHHH

l

PISCES (Feb. 19-March 20): Take a broader look at what’s going on. Consider what’s true before getting involved in a joint venture. Stick to what you know and do best instead of partnering with someone you know little about. HHHHH BIRTHDAY BABY: You are charismatic, genuine and resourceful.

You are passionate and innovative.

‘when out is in’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 Keep a fire going 6 Some reed instruments 11 Brattish little kid 14 One making waves 15 Sacred musical composition 16 Neither’s sentence partner 17 How those far from the sea live?

19 Gal’s date 20 Develop canines 21 Athlete at Riverdale High 23 Fabric with a crinkled finish 26 It’s high in Washington 28 What the threatened do 29 Pre-revolution ruler 32 Common houseplant 33 Fiery Aussie gem 35 Barista’s offering 37 Sounds cooks hate to hear 40 High single digit 41 Daily news provider 42 Walk starter 43 They can justify the means 44 Depart

5 Add to the staff 4 46 Norwegian capital 48 Extinct bird 51 Comedian Rickles 52 Crossword constructing part 55 Volition 57 Like Cheerios 58 Any intro 61 Site address 62 How angry people do things?

67 Some film special effects 68 United ___ College Fund 69 Horrid smelling 70 Garden tool 71 Odd circus performers 72 Lodgings for college brothers DOWN 1 Indian appellation 2 Exaggerated work load 3 Barn creature 4 “Ode on Melancholy” poet 5 Writer nicknamed Papa 6 Skip over 7 Chris of pro hoops

8 Word with “fish to fry” 9 Wriggly fish 10 Frustrate, as plans 11 Sand castle razer?

12 It points and clicks 13 Snoopy one 18 Not even so-so grades 22 Sudden swift flow 23 With belly on ground 24 Arsene in books 25 Half-truth?

27 Visually out yonder 30 Big name in cleansers 31 Like a speedy river?

34 Any apartment dweller 36 Presidential turndown 38 Whitish wading bird 39 Exhausted plus 41 Serf 47 Winter jacket feature 49 Visit Spago’s 50 Act not to be repeated 52 Family room piece 53 Key place in Florida

4 Get stuffed and how 5 56 More honest or accurate 59 New Yorker’s jogging spot 60 Boosters of selves 63 Born, on society pages 64 ___-Puf (fabric softener) 65 Set on fire 66 RB’s gains

Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Tuesday, October 9, 2018

D3

‘Venom’ sets October record with $80M; ‘Star Is Born’ soars STARRING Tom Hardy as the antihero who first appeared in 2007’s SpiderMan 3, Venom shrugged off bad reviews to shatter the October box-office record with an $80-million debut in North America.

N

By Jake Coyle The Associated Press

EW YORK—In a weekend of perfect counterprogramming for Hollywood, the comic-book movie Venom shrugged off bad reviews to shatter the October box-office record with an $80-million debut, while Bradley Cooper’s A Star Is Born soared to $41.3 million.

With $174.5 million in tickets sold at US and Canadian theaters, according to comScore, it was easily the best October weekend ever, thanks to two very different films that both outperformed expectations. Venom came in a critically panned, much-doubted foray by Sony Pictures to kick-start a Marvel expansion away from Spider-Man. Warner Bros.’s A Star Is Born remake rode a wave of hype, Oscar buzz and acclaim for Cooper’s directorial debut and Lady Gaga’s first leading performance.

One was a very iffy proposition; the other a sure thing. Both worked big time.

“We knew we had a hit,” said Warner Bros. distribution chief Jeffrey Goldstein of A Star Is Born. ‘’We also knew that every time people saw the movie, they felt it, they cried, they loved it. People just like the movie.”

That was more in question for director Ruben Fleischer’s Venom, starring Tom Hardy as the antihero who first appeared in 2007’s Spider-Man 3. The film earned a dismal 32-percent “fresh” rating on Rotten Tomatoes. In Venom, many expected another studio misfire with “cinematic universe” ambitions.

Yet audiences flocked to Venom in record numbers, giving it a “B+” CinemaScore. The previous best October opening was 2013’s Gravity with $55.7 million (not adjusted for inflation).

Adrian Smith, president of domestic distribution for Sony, said that even though the studio was confident, “I did not see $80 million coming.”

The most telling number that explained the film’s success, Smith said, was the 89-percent “fresh” audience score on Rotten Tomatoes.

Venom, which cost about $100 million to make (relatively modest for a superhero film), grossed a total

of $205.2 million globally.

Steven O’Dell, Sony’s president of international distribution, said the studio wanted to carve out a new approach for the comic-book adaptation with the PG13-rated Venom.

“This is not a Marvel style; it’s not DC,” O’Dell said.

“Tonally, it’s its own unique direction.”

While Venom attracted a younger, majority male audience, crowds for A Star is Born were more female, at 66 percent, and older, at 68 percent over 35.

“In our older audience, we had people who hadn’t been to a movie in years,” Goldstein said.

Warner Bros., which premiered A Star Is Born last month at the Venice Film Festival, previewed the film in special advance screenings in the days ahead of opening, adding an additional $1.3 million in ticket sales. The fifth version of the oft-remade tale, which cost about $40 million to make, had been in development at Warner Bros. for decades, with earlier versions to potentially star Whitney Houston or Beyoncé.

With A Star Is Born expected to play a large role in awards season, Goldstein said the film is sure to run through Christmas. The movie’s soundtrack also reached No. 1 on iTunes this week.

The two films dominated the marketplace, though in limited release, Fox 2000’s The Hate U Give opened with $500,000 on 36 screens. That gave George Tillman Jr.’s adaptation of Angie Thomas’s best-selling young adult novel, starring Amandla Stenberg, a modest $14,000 per-screen average.

The film is set to expand nationwide in the next two weeks. Aubrey Wells, who wrote The Hate U Give adaptation, died on Friday at age 58 after a five-year battle with cancer.

Venom and A Star Is Born helped push the yearto-date box office further above last year, now up 9.2 percent.

“The industry is absolutely on fire right now,” said Paul Dergarabedian, senior media analyst for comScore. “We just finished the second-best September ever. If we keep this up, there’s no question we’re going to get a record.”

Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore.

Where available, the latest international numbers for Friday through Sunday also are included.

1. Venom, $80 million ($125.2 million international) 2. A Star Is Born, $41.3 million ($14 million international)

AIR SUPPLY DEBUTS NEW HIT IN ‘ALL OUT OF LOVE THE MUSICAL’ AT RWM FILIPINOS are both musical and sentimental in nature, and most have long been enamored by the timeless love songs of legendary Australian pop-rock duo Air Supply. That’s why it is fitting that the world premiere of All Out of Love the Musical, a contemporary love story weaved through the songs of Air Supply, will be staged in the country on October 18. Headlined by a Filipino cast, which includes Mig Ayesa, Raymund Concepcion, Rachel Alejandro, Tanya Manalang and Jamie Wilson, All Out of Love the Musical will be staging performances at the Newport Performing Arts Theater in Resorts World Manila (RWM) on a limited run.

Fifteen Air Supply songs will be performed by the cast, telling the story of embattled rocker Jamie Crimson and his struggling promoter Tommy King, and how they deal with their careers, passions, and the loves of their lives.

What many true-blue Air Supply fans can look forward to is the debut of a new song written exclusively by Graham Russell for the musical.

“I Was in Love With You” will be sung as a duet between Mig Ayesa’s Jamie and Rachel Alejandro’s Rayne in a touching scene that truly gives life to the song.

A snippet of the new track is posted on RWM’s official Facebook page.

In an interview with rockbandsreview. com’s editor Bill Hernandez earlier this year, Graham shares his personal process as a songwriter. “Now I pay more

3. Smallfoot, $14.9 million ($11.7 million international) 4. Night School, $12.3 million ($3.4 million international) 5. The House With a Clock in Its Walls, $7.3 million 6. A Simple Favor, $3.4 million ($4.1 million international) 7. The Nun, $2.6 million ($7.2 million international) 8. Hell Fest, $2.1 million 9. Crazy Rich Asians, $2.1 million ($1.6 million international) 10. MET Opera: Aida, $1.2 million.

Estimated ticket sales for Friday through Sunday at international theaters (excluding the US and Canada), according to comScore: 1. Venom, $125 million 2. Project Guttenberg, $38 million 3. Shadow,” $17.9 million 4. Hello, Mrs. Money, $15.6 million 5. Johnny English Strikes Again, $14.1 million 6. A Star Is Born, $14 million 7. Smallfoot, $11.7 million 8. Dark Figures of Crime, $9 million.

9. Fat Buddies, $8 million 10. The Nun, $7.2 million. n

Taylor Swift breaks political silence, backs Tennessee Dems

By Kimberlee Kruesi The Associated Press

attention to the details,” he shares. “Once I have the story that I need to tell, then the song comes out fast. But I have to get the story right,” he added. And that is how the new song ‘I Was in Love With You’ also promises to connect to listeners by telling a compelling story of love, regret and hope.”

Nine other songs written by Graham will be among the set of Air Supply hits featured in the musical, including the title track, “Lost in Love “The One That You Love and “Now and Forever.”

Written for the stage by awardwinning Canadian playwright Jim Millan, All Out of Love the Musical’s creative team

is also comprised Australian experts in their respective fields. Seasoned theater director and actor Darren Yap, a Green Room Awardee for best restaging by a Resident Artist for his work on The Boy of Oz, leads the team behind the production. “Having grown up in the 1980s and hearing Air Supply love songs on the radio, I’m excited to see these songs realized in a theatrical context,” he shared. Tickets are now on sale for All Out of Love the Musical at the RWM Box Office and all TicketWorld outlets.

Visit www.rwmanila.com for more upcoming entertainment offerings at Resorts World Manila.

NASHVILLE, Tennessee—Music superstar Taylor Swift announced on Sunday she’s voting for Tennessee’s Democratic Senate candidate Phil Bredesen, breaking her long-standing refusal to discuss anything politics.

“In the past I’ve been reluctant to publicly voice my political opinions, but due to several events in my life and in the world in the past two years, I feel very differently about that now,” Swift wrote in an Instagram post .

Swift has faced criticism for not speaking about political issues despite having a global platform. Yet in 2017, she appeared on the cover of Time magazine as one of the “silence breakers” for her countersuit against a radio DJ who was fired after allegedly groping her before a concert. Swift won the lawsuit in a verdict that awarded her $1, which according to the suit served as “an example to other women who may resist publicly reliving similar outrageous and humiliating acts.”

The pop star—who spent later years growing up in Tennessee—also slammed Republican candidate and US Rep. Marsha Blackburn in her lengthy post on Sunday, citing Blackburn’s opposition to certain LGBTQ rights and voting against the Reauthorization of the Violence Against Women Act in 2013.

“As much as I have in the past and would like to continue voting for women in office, I cannot support Marsha Blackburn. Her voting record in Congress appalls and terrifies me,” Swift wrote.

Blackburn’s campaign did not immediately

return a request for comment.

Swift said she’s not only voting for the former Tennessee governor for Senate, but also Democrat Jim Cooper for the House.

However, Swift didn’t acknowledge Bredesen’s recent endorsement of Supreme Court Justice Brett Kavanaugh, but said people may never find a candidate or party with whom they agree completely on every issue.

“Thank you for the kind words...I’m honored to have your support and that of so many Tennesseans who are ready to put aside the partisan shouting and get things done. We’re ready for it,” Bredesen tweeted on Sunday in response to Swift’s post.

TAYLOR SWIFT

D4

Art

BusinessMirror

Tuesday, October 9, 2018

www.businessmirror.com.ph

Riddle of a scandalous French painting is solved, researcher says

P THE ART OF PORCELAIN PAINTING

PORCELAIN painting, developed in the seventh and eighth century in China, became popular in Europe by the 18th century. Interest in the art has spread in other countries including the Philippines. It involves the decoration of glazed porcelain objects, such as plates, bowls, vases or statues.

Porcelain painting starts with transferring the image on the plate and painting on it with a first coating with porcelain paint. At the end of the day, the image is fired in a kiln and meant to be worked on the next session. The same process is done until the desired output has been achieved.

Porcelain plates can be given as a gift or used as a personal home décor. Such plates are useful for serving cold food.

Learn the art of porcelain painting as Mee Lee Casey, a Malaysian expat wife, who has been teaching Porcelain Painting in the United Kingdom, Hong Kong and Australia for more than 20 years conducts a series of workshop at the Sunshine Place. Each workshop is from 10 am to 4 pm. Workshops schedules are on October 25, 26, 27 (Batch 15); October 29, 31 (Batch 16); November 6, 8, 10 (Batch 17); November 12, 15, 16 (Batch 18); December 1, 3, 7 (Batch 19); and December 10, 12 (Batch 20).

A starter kit that includes four plates, shareable paints and oils, firing, photocopy and firing fees.

For information, contact 856-4144, 856-4162, 0917-5155656 or seniorhubjupiter@gmail.com.

MARIA ALMADA’S ‘ANESTHESIA’ AT ALLIANCE FRANÇAISE

A PHOTOGRAPHY exhibition featuring works of artist Maria Almada, titled Anesthesia, opened for public viewing on September 27 at the Alliance Française de Manille Gallery. The exhibit will be on display until October 25.

The exhibition received support from The Embassy of Switzerland in the Philippines, and the Alliance Française de Manille. In a statement, Maria Almada says: “Ever since I arrived in Manila, I had difficulties to find my peace of mind.

I have witnessed suffering beyond words in many countries ravaged by war. What I saw in Colombia, India, Nepal, the Sahel, and in the Middle East bolstered my inner shield and I thought I had become immune against pain. Then Manila came and my self-protection fell into pieces.

“Scores of young people filled with exhaustion sleeping under lavish buildings; a woman taking a shower from the rainwater falling from the HSBC tower; a man with his small child squatting in a corner during the night resigned to his fate. They are present in every corner of this booming megacity—yet there’s no conflict but peace and a busy daily life. I only needed to grab a taxi and retreat to my guarded, green and quiet oasis to stop seeing them. And it was behind my walls where their troubling images haunted me.

“That’s when I decided to break out of my [artificial and selfish] comfort zone and to approach people that, as I discovered, were not so different from me. I am confident that through meaningful encounters both sides gained in learnings: my newfound friends a platform to articulate their daily struggles and aspirations, and myself a lesson of selfreflection and a way to get socially engaged. I guess all these mixed feelings but also beauty and hope are reflected in my photographs. I also want to reach out to the warmhearted residents of Metro Manila and show them through this exhibit people who, while being poor, are Pinoys to be proud of, ready to progress if they were given a chance. I saw beauty, hope and plenty of potential in my visits. I wish to share it with the public and be a window toward a new discovery that can only enrich Filipino society.”

For information about the exhibit, call 95-7585. The gallery is at 209, Nicanor Garcia Street, Bel-Air II, Makati City, and is open 9 am to 5 pm from Monday to Saturday.

By Adam Nossiter New York Times News Service

ARIS—For over 150 years, the famous painting’s origin was as mysterious as its subject—a meticulous close-up of a woman’s genitals—was considered unspeakable.

No head, no arms, one breast: only a torso, finely rendered. Who posed for this notorious nonportrait by the celebrated troublemaker of 19th-century French realist painting, Gustave Courbet?

The painting itself, The Origin of the World, was hidden from public view, whispered about but unseen, existing in the back rooms of private collections, or covered over by other paintings.

The work, in the half-hidden possession of psychoanalyst Jacques Lacan for many years, is now at the Musée d’Orsay in Paris, where it has been on public display since 1995.

American art historian Michael Fried called it “very likely the most brilliant rendering of flesh in all Courbet’s art.” Feminist art historian Linda Nochlin called the work “pornography” but also “a little masterpiece of overt sexuality.”

And now finally the mystery of its sitter seems to have been solved, thanks to a chance discovery by a mild-mannered French historian toiling in the archives: the torso belonged, with near certainty, to Constance Quéniaux, dancer at the Paris Opera, courtesan, mistress of rich men, companion of a celebrated composer, and—improbably at the end—a well-to-do older lady living on one of the most chic streets in Paris, the Rue Royale.

Considering the scandal prompted by the picture, Quéniaux’s rags-to-riches odyssey is a neat twist appreciated both by the historian who made the discovery, Claude Schopp, and by Sylvie Aubenas, an archivist and historian at France’s National Library, who backs Schopp’s unexpected finding.

“My only contribution was to make this object a subject,” said Schopp, whose account of the life of Alexandre Dumas the younger won France’s highest prize for biography last year. “Now she’s something else besides flesh. I wanted to restore a person,” he said in an interview. And unlike Courbet and the wealthy benefactor who commissioned The Origin of the World, both of whom ended up ruined and in ill health, Quéniaux lived into a comfortable old age, dying in 1908 at 75.

“In this story, at the end, it’s the woman that wins,” said Aubenas, director of the prints and photography department at the National Library. “She finished respectable, with diamonds and a place in society.”

Schopp’s moment of breakthrough came innocently enough. He had been working on annotating the letters between Dumas and writer George Sand, and had long been perplexed by a passage, in the old typewritten copies, where Dumas inveighs against the “insolent” and “cowardly” Courbet, who had committed an artistic heresy, in the view of Dumas: “One doesn’t paint with one’s most delicate and sonorous brush the interview of Ms. Queniault of the Opera, for the Turk who took refuge inside it from time to time—all of it life-size, and life-size also two women passing for men.”

The reference to the painting of the “two women passing” was easily enough identified: Sleep, Courbet’s scandalous painting of two reclining women, naked and intertwined.

The “Turk” who commissioned it was also not difficult to pin down: wealthy Ottoman diplomat

Khalil Bey, who had lived a notoriously lavish life in the Paris of the 1860s, full of sumptuous soirees, gambling and mistresses, which piled up the debts that eventually ruined him.

But what about that word “interview,” in the typescript, and the other painting referred to? Schopp went back to the source—the manuscript of the Dumas letter at the National Library.

The word Dumas had actually written was “interior,” not interview. He underlined it, to emphasize that he was playing with words.

“I dared to utter an inner ‘Eureka,’” Schopp writes in a new book about the affair, The Origin of the World: Life of the Model. Khalil Bey had also commissioned The Origin of the World, and this “Ms. Queniault”—the name had been slightly misspelled—was evidently one of his mistresses.

All that remained for Schopp was to reconstruct the life of the long-forgotten Quéniaux. He dug up old photographs, some by the most celebrated photographers of the day, showing a frank, slightly smiling and untypically skinny young woman in enormous bouffant dresses, as well as numerous references to her in newspaper reviews of performances at the Paris Opera. He found birth and death certificates, along with the detailed and unexpectedly lavish catalog of the auction of her possessions after her death.

Born illegitimately in 1832 outside Paris, Quéniaux became a dancer at the Paris Opera’s ballet company,

a notorious hunting ground for rich men seeking mistresses. The paintings of Edgar Degas brilliantly capture the ballet’s insidious dynamics, but Quéniaux evidently had talent: A critic in 1854 praised her dancing for being “gracious and distinguished,” and poet Théophile Gautier also singled her out.

But her dancing career was over by 1859, ended by a knee injury, and she embarked on the other life which evidently brought her material well-being: Khalil Bey considered her a good-luck charm in his gambling expeditions, according to Schopp. She posed for Courbet’s famous painting in 1866, and her name began to appear regularly in newspaper accounts of what Schopp calls the “demimonde”: that mysterious Paris universe of actresses, dancers and courtesans swirling about the rich and the notorious.

Quéniaux’s presence was noted at premieres, and she became a regular companion, along with other women, to composer Daniel-FrançoisEsprit Auber. And she became rich. She donated to charities, supported the Opera, and was generous to her servants. “She really became someone utterly respectable,” said Aubenas.

She had come a long way from her depiction in what Schopp calls a “limit-painting,” an excuse for the rebel Courbet to “break the rules.” There are enough clues in Schopp’s reconstruction to picture someone fiercely determined to overcome her initial handicaps.

“I wanted to restore dignity to a woman,” he said.

“And this woman, she surprised me.” n

GUSTAVE COURBET’S 1866 The Origin of the World, at Musée d’Orsay museum, in Paris. AP

Smile Train, Centuria Medical Makati celebrate World Smile Day SMILE Train, the world’s leading cleft charity, celebrates World Smile Day with an art exhibit with Centuria Medical Makati (CMM), the country’s first and largest Medical Mall. The exhibit is on view until October 12 at Centuria Medical Makati, Century City, Poblacion, Makati City, and will benefit Smile Train.

The exhibit features the works from various artists and will help raise funds and awareness for children with clefts in the Philippines. Proceeds raised will be donated to Smile Train to help fund various local programs to provide 100-percent free cleft repair surgery and comprehensive cleft care for Filipinos.

“Centuria Medical Makati is proud to partner with Smile Train in honor of World Smile Day,” said Rey Dimaano, general manager of Centuria Medical Makati. “Smile Train’s local partner hospitals and medical professionals have helped thousands of children born with clefts and their families in the country. By supporting tonight’s celebration, we hope that we are able to help in our own way.”

The exhibit showcases pieces from Ivy Lim, a full-time artist with a background in fine arts who is celebrated locally and internationally for designs and packaging of fast-moving consumer goods; Roberto Sanchez, a DJ and entrepreneur by trade but creatively a self-taught artist; Jon Ray Fernandez, an airline professional turned mixed media artist; Jirawat

FROM left: Filipino artists Roberto Sanchez, Ivy Lim, Smile Train’s Southeast Asia Area Director Kimmy Flaviano and Filipino artist Jon Ray Fernandez

Pramphet, a Thai artist with shows in Cambodia, the Philippines and Bangkok; and Arthit Pansuay, an award-winning Thai artist whose work is currently featured in an exhibit in London.

“We celebrate the people behind these smiles—our partner hospitals, medical professionals, corporate partners and charities,” said Kimmy Coseteng-

Flaviano, Smile Train’s area director for Southeast Asia. “Together, we aim to continue raising awareness for children with clefts and the art exhibit is a great way to do just that.”

For information about Smile Train’s local programs in the Philippines, as well as globally and to make a donation, visit www.smiletrain.org.