BusinessMirror October 12, 2018

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

BusinessMirror A broader look at today’s business

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n Friday, October 12, 2018 Vol. 14 No. 2

‘Trabaho’ bill could cost local firms ₧298B–Peza L

By Elijah Felice E. Rosales

@alyasjah

OCAL firms might be in support of the Trabaho bill—the second part of the tax-reform package now pending in Congress—but they could be committing a fatal mistake, in the view of the Philippine Economic Zone Authority. The Peza argued that domestic businesses might lose P298 billion in revenues if tax incentives are rationalized, a feature of the bill that ecozone locators are opposing.

Peza Director General Charito B. Plaza said local companies could lose big from the proposed Tax Reform for Attracting Better and High-quality Opportunities (Trabaho), which will reduce corporate income tax (CIT) on one hand, and

rationalize tax incentives, on the other. She explained that locators buy in large sums from domestic suppliers through the VAT zerorating on local purchases of goods and services.

A ccord i ng to Pl a z a, f i r ms

registered in Peza zones purchased P298 billion of products from local firms in 2017, up by 12.45 percent from P265 billion in 2016. Local suppliers then, she argued, could lose huge sums of revenues if the VAT zero-rating,

“In 2016 [it was] P265 billion [and] in 2017 [it was] P298 billion.

That could be at risk if our exporters move out of the country [due to the Trabaho bill].”—Plaza

among other incentives, are removed.

“If our exporters will pull out, affected will be our domestic suppliers. For example, the zero VAT for local purchases incentive of our exporters—how much local purchases did our industries in Peza purchase from local businessmen, from local suppliers?” Plaza told reporters on the sidelines of the 2017 Economic Journalists Continued on A8

Rice’s share in inflation levels rises tenfold

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@ReaCuBM

HE contribution of rice to the country’s inflation levels rose 10 times to one percentage point, while other food items were also major drivers to inflation this year, the Department of Finance (DOF) has said.

Data from the Philippine Statistics Authority (PSA) showed rice was the No. 1 contributor to inflation in September 2018, while food items in the consumption basket like fish, meat and vegetables accounted for more than half of the inflation rate in the same month.

Continued on A2

EJAP’S BEST The BusinessMirror team poses with the paper’s harvest of awards after the prestigious 2017 Economic Journalists of the Philippines (Ejap) rites held Wednesday night in Makati City. BusinessMirror was named Business News Source of the Year, and four of its reporters bested half of the individual categories. From left, Associate Editor Jennifer A. Ng representing BM’s ex-DTI reporter Catherine Pillas (Trade Reporter of the Year); Editor in Chief Lourdes M. Fernandez; and award-winning reporters Bianca Cuaresma (Banking), Carisa U. Ordinario (Macroeconomy and Neda), and Jasper Emmanuel Y. Arcalas (Best Business Feature). NONIE REYES

PESO EXCHANGE RATES n US 54.1710

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3 PHL ISLANDS ON ‘CONDÉ NAST’ LIST OF ASIA’S BEST

By Ma. Stella F. Arnaldo

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@akosistellaBM Special to the BusinessMirror

HE country’s most popular surfing destination, Siargao Island, has finally received its much-deserved international praise as it topped the Readers’ Choice Awards for Best Islands in Asia list 2018, of influential travel publication Condé Nast Traveler (CNT).

Located off Surigao del Norte in Mindanao, and 800 kilometers south of Manila, the magazine’s editors wrote of Siargao: “We’d like to say that surfers are the vanguard of travelers, scoping out some of the more remote parts of the world for surf breaks before the rest of us get there. [The island] has been popular for a few years…but our readers, an adventurous sort, have caught on. There’s enough white sand to go around.”

CNT writer Verena von Pfetten noted, “The teardop-shaped Philippine island is home to more than 15 separate surf breaks, including the legendary Cloud 9, which counts Kelly Slater and Anthony Kedis among its fans,” and recommended visitors check into a villa at Nay Palad Hideaway (formerly Dedon Island Resort).

Continued on A8

BSP ready to tighten once more, if needed

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By Rea Cu

2017 EJAP JOURNALISM AWARDS

HE Philippine Central Bank is ready to tighten monetary policy further to rein in prices and support the currency if needed, Deputy Governor Diwa Guinigundo said.

“If the peso depreciation will impinge on our ability to maintain the stability of prices, we will not hesitate to sustain our vigilance and continue to tighten monetary policy,” Guinigundo said in an interview in Bali on Wednesday. “Our primary mandate is price stability and we intend to do just that.”

Bangko Sentral ng Pilipinas (BSP) has delivered 150 basis points of interest-rate increases since May, among the most aggressive in Asia. Policy-makers are battling surging prices and a weakening currency with the Philippines among the hardest hit in Asia by an emerging-market rout.

Inflation accelerated to 6.7 percent in September, the fastest pace in more than nine years, mainly on food and fuel prices. That could have been the peak as measures,

“Even if you have the impact of the 150-basispoints tightening of monetary policy, I think we should have some cushion or counterweight in terms of government spending on infrastructure.”

—Guinigundo

including the rate hikes, start to take effect, Guinigundo said.

The Central Bank’s target is for annual inflation to average 2 percent to 4 percent in 2019 and 2020. Inflation could go back to the target range next year once a bill that liberalizes rice imports is passed and implemented, Guinigundo said.

Tax increases on fuel, sugary drinks and cigarettes implemented at the start of the year have boosted prices. Shortages in the supply of rice, the nation’s staple food, and a more than 7-percent slump in the currency this year, further exacerbated price pressure.

n JAPAN 0.4825 n UK 71.4895 n HK 6.9122 n CHINA 7.8236 n SINGAPORE 39.1635 n AUSTRALIA 38.2447 n EU 62.4158 n SAUDI ARABIA 14.4433

See “BSP,” A8

Source: BSP (11 October 2018 )

News

BusinessMirror

A2 Friday, October 12, 2018

Foreign short-term sentiment on PHL outlook sours in Sept

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By Bianca Cuaresma

@BcuaresmaBM

HORT-TERM investments made by international players reverted to a net outflow in September, the Bangko Sentral ng Pilipinas (BSP) reported on Thursday.

Data from the Central Bank showed registered foreign portfolio investments (FPI) for September hit a net outflow of $440.30 million, reversing last month’s $225.85 million.

Also, compared to its year-ago level, the September FPI net outflow figure is a reversal of the $112.63-million net inf low in September 2017.

“This may be attributed to in-

vestors’ continuing concerns on trade tensions between the United States and China, the weakening of the Philippine peso and the continued uptick in inflation, which may have been aggravated by the effects of Typhoon Ompong [Mangkhut],” the BSP said on Thursday.

FPI are known as “hot” or “speculative” money because they are easily pulled in and out of the local platforms in the slight change

$440.3M The net outflow of registered foreign portfolio investments (FPI) for September, according to Central Bank data

of global and local sentiment.

The US continued to be the main destination of outflows, receiving 73.7 percent of total hot money remittances during the month.

The top five investor count r i e s , m e a nw h i l e , i n c lu d e d the United K ingdom, the US, Singapore, Switzerland and Malaysia, with combined share to total at 81.8 percent.

More than four-fifths of the total investments during the period, or 85.7 percent, were listed

securities in the Philippine Stock Exchange (PSE). These were pertaining mainly to holding firms, banks, property companies, food, beverage and tobacco firms, and telecommunication companies.

The balance went mostly to peso government securities (GS) at 14.3 percent.

Net outflows were noted across all investment instruments, with PSE-listed securities at $351 million, peso GS at $89 million, and ot her peso -denominated debt instruments with less than $1 million.

For the first nine months of the year, however, the FPI figure remains on the net inflow territory at $161.71 million.

This is a better picture compared to 2017 ’s $206.25-million net outflow in the first nine months of the year.

1st day of filing COCs: reelectionists, entertainers, doc join Senate race

By Samuel P. Medenilla

R

@sam_medenilla

EELECTIONISTS, entertainers and a doctor were among the people running under prominent political parties for the 2019 polls during the first day of filing Certificate of Candidacy (COC).

As of 5:10 p.m. of Thursday, the Commission on Elections (Comelec) reported 27 candidates have filed their COCs and 18 party-list members submitted their Certificate of Nomination and Acceptance (Cona).

Comelec Spokesman James B. Jimenez said based on their initial assessment, they ended the first day of the COC filing successfully and peacefully.

Partido Demokratiko PilipinoLakas ng Pilipino (PDP-Laban) President Aquilino “Koko” Pimentel III was the first to submit his COC accompanied by his fiancee, Kathryn Yu, on the third floor of the Comelec main office in Intramuros, Manila.

The incumbent 54-year-old senator filed his COC as early as possible to focus on his forthcoming wedding next week to Yu. He said he decided to seek another term to complete his “unfinished business” in the Senate.

If he wins in the 2019 polls, it will be his second term.

Pimentel said another six or seven candidates affiliated with PDP-Laban are expected to file their COCs before the deadline on October 17, 2018.

He said PDP-Laban opted to run with an incomplete Senate slate since their candidates are those who are deemed by their party to have a high chance of winning.

“We can come up with two slates if we wanted to, but the PDP [officials] opted not to. We don’t want our young and upcoming lead-

AGUILAR

PIMENTEL

ers to start with an election loss,” Pimentel said.

He earlier said their candidates are Special Assistant to the President Bong Go; Presidential Spokesperson Harry L. Roque Jr.; Bureau of Corrections Chief Ronald “Bato” dela Rosa; Presidential Adviser on Political Affairs Francis Tolentino; Makati First District Rep. Monsour del Rosario; and Maguindanao Second District Rep. Dong Mangudadatu.

Jimenez said they will not comment on the matter until the en banc decides on it.

Also filing his candidacy on Thursday was columnist doctor Willie T. Ong, 54, who is running under the Lakas-Christian-Muslim Democrats (Lakas-CMD).

‘Anak’ also files COC

POPULAR folk-singer Ferdinand “Freddie” P. Aguilar claimed he was among the PDP-Laban senatorial bets. He was the third aspiring senator to file a COC. The 65-year-old entertainer, who is known for his internationally acclaimed song “Anak,” said he opted to run because of the clamor from his supporters.

“After 40 years, I was finally convinced by ordinary citizens to run.

They have been urging me to run for a long time already because of my advocacies through my songs,” he said.

Aguilar said he got the support of Special Assistant to the President Christopher “Bong” Go in his candidacy.

If elected, he said he will push legislation for a federal form of government and jury-based judicial system.

Pimentel, meanwhile, said Aguilar is not among the six nominees from PDP-Laban.

No doctor since Flavier

ONG said he decided to run due to lack of medical experts in the Senate since the time of the late senator Juan M. Flavier.

“There is a hole in the Senate.

There has been without a doctor since Senator Flavier,” Ong said.

He will push for accessible medicine, medical operations, consultations and medical tests if he gets elected. Ong said he plans to pri-

marily tap his 10 million followers in his social-media accounts to campaign nationwide.

Running for another known political group is former Bayan Muna Party-list Rep. Neri J. Colmenares.

He said he will push for the abolition of the Tax Reform for Acceleration and Inclusion (TRAIN) Act and the higher wages for labor groups.

This is his second bid in the Senate after losing in the 2016 elections.

Currently, he is the sole candidate running for the Makabayan bloc at the House of Representatives. Running for the Liberal Party is former Bangsamoro Transition Commission (BTC) member Samira Gutoc-Tomawis.

The 43-year-old organizer said she decided to run as senator to push for the rights of women, indigenous peoples and refugees.

“I hope I will become the first Maranao woman senator of the Republic of the Philippines,” Tomawis said.

In the nineties, a Tausug leader, Santanina Rasul, was elected senator. Tomawis is confident she will be able to get the nod of the 1.8 million voters from the Autonomous Region in Muslim Mindanao (ARMM) as one of the Muslim candidates.

Danilo Roleda, the 61-year-old current secretary-general of United Nationalist Alliance (UNA), said he will also run in elections next year.

He said he opted to run to strengthen the Filipino people and improve the salaries of workers.

“We want to serve the entire country as your servant in order to promote, peace, harmony, progress, economic development and sustainability,” Roleda said.

He said he, together with incumbent Sen. Nancy S. Binay, will run for the 2019 polls under the UNA senatorial slate.

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House targeting to pass Duterte’s priority bills after monthlong break

By Cai U. Ordinario

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@cuo_bm

HE House of Representatives (HOR) approved 327 bills on final reading and passed four legislative measures into law before its monthlon g bre a k , Hou s e M ajor it y Leader Rolando Andaya Jr. said on Thursday.

The HOR will resume work on November 12, but Andaya said House committees will continue working during the break to finalize and fine-tune bills for the plenary sessions after the break.

“Only two of the President’s priority measures remain pending at the House: the Department of Disaster Resilience and the Constituent Assembly,” Andaya said.

Andaya said that among those enacted into law were Republic Act 11055, which establishes a Filipino Identification System, and RA 11058, which strengthens compliance with occupational safety and health standards of Filipino workers.

Also passed into law were RA 11057, which strengthens the le-

gal framework for the creation, per fection, deter mination of priority rights and enforcement of security interests in personal property and the establishment of a notice registry and RA 11059, which establishes a retirement benefit system in the Office of the Ombudsman.

Of the 327 bills approved on third and final reading, three were included in the legislative priority measures outlined by President Duterte. These are the Coconut Farmers and Industry Development Fund, or House Bill 5745; Rice Tariffication (HB 7735), and Trabaho bill (HB 8083).

The coco-levy bill has been ratified by both the Senate and the House of Representatives, and may be signed into law by the President soon.

Other priority measures that the House of Representatives already approved in final reading last year and awaiting action from the Senate include the Universal Health Care (HB 5784), National Land Use and Management Policy (HB 4240), and Endo or Security of Tenure Act (HB 6908).

Rice’s share in inflation levels rises tenfold Continued from A1

The DOF, in its presentation during a recent Cabinet meeting, bared that in contrast, the contribution of nonfood items— such as electricity, gas and other fuels—slowed down since July this year.

“Rice tariffication and reforms in food policy are needed to address the repeated rice-supply problems,” Finance Secretary Carlos G. Dominguez III said.

The DOF said the rice tariffication bill, once passed into law, is expected to liberalize the importation of rice in the country.

The measure is also seen to help lower rice prices, while providing enough support for local farmers who will be affected by the influx of cheaper rice imports.

P re s id e nt D ut e r t e t h i s week certified as urgent the rice tariffication bill, with his economic managers estimating that liberalizing rice imports will lower the retail price of rice by P2 to P7 per kilo, and reduce inf lation rate by 0.4 percentage point.

“Food inflation is the main driver of inflation, especially in recent months. The DA [Department of Agriculture], which is the key to bringing down food prices, has been empowered under several presidential directives to put in place measures to increase food supply and bring down food prices,” said Finance Assistant Secretary Antonio Joselito G. Lambino II in a Malacañang

news briefing on Wednesday.

These presidential directives include Administrative Order (AO) 13, which removed administrative restrictions on the importation of agricultural products.

The President also issued Memorandum Order (MO) 26, directing the DA and the Department of Trade and Industry (DTI) to implement measures to reduce the gap between the farm gate and retail prices of agricultural products.

Under MO 27, the DA, the Department of the Interior and Local Government (DILG), Phi l ippine Nat iona l Pol ice (PNP) and the Metropolitan Manila Development Authority (MMDA) are ordered to “adopt measures to ensure the efficient and seamless delivery” of imported agricultural and fishery products from ports to markets; while MO 28 directed the National Food Authority to immediately release existing rice stocks in its warehouses.

O ver t he med ium ter m, L a mbino sa id t he cou nt r y needs to increase agricultural productivity to stabilize food prices by individualizing the agrarian reform collective titles to improve property rights and incentivize farm production; as well as improving efficiency by reallocating the budget from favoring certain crops and production inputs to more broad-based farm infrastructure, research and development, and support services.

Justices Peralta, Bersamin accept automatic nomination to be next Chief Justice after Sereno

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WO senior associate justices of the Supreme Court have accepted their automatic nomination to be the country’s next top magistrate following the retirement of Chief Justice Teresita Leonardo de Castro last Wednesday.

Justice Secretary Menardo Guevarra confirmed that Associate Justices Diosdado Peralta and Lucas Bersamin have formally signified before the Judicial and Bar Council (JBC) that they are accepting their automatic nomination.

Guevarra is one of the members of the seven-man JBC panel tasked under the Constitution to screen candidates for

vacancies in the Judiciary and the Office of the Ombudsman, and come up with a short list of nominees for consideration of the President.

Peralta and Bersamin also were also nominees for the Chief Justice post that was vacated by ousted Chief Justice Maria Lourdes A. Sereno, but President Duterte chose de Castro as the latter’s replacement.

During his public interview by the JBC, Peralta was the one who wrote the decision allowing former President Ferdinand E. Marcos’s burial at the Libingan ng mga Bayani despite protests from victims of human-rights violations during his term.

Peralta expressed optimism that his decision would allow the country to move on from the issues surrounding the late dictator.

SALN explained THE JBC also questioned Justice Peralta on the steady increase of his income based on his Statement of Assets, Liabilities and Net worth (SALN).

It noted that Peralta’s SALN increased by more than P5 million from 2015 to 2017.

However, Peralta explained that his SALN was a joint declaration with his wife,

Court of Appeals Associate Justice Fernanda Lampas-Peralta.

Peralta added his SALN also reflected the allowances he received as member of the electoral tribunal, and as chairman of the Bar Exam Committee in 2014.

He said his declared income increased further when he received a lumpsum pension amounting to more than P1 million from the Social Security System (SSS) after he reached the age of 65.

Peralta was appointed to the SC in 2009, two years after he and other members of the Sandiganbayan Special Division voted to convict ousted President

Joseph E. Estrada for the crime of plunder.

On the other hand, Bersamin served as an associate justice of the Court of Appeals before he was appointed to the SC in April 2009.

Prior to his stint in the CA and the SC, he served as a trial court judge at the Regional Trial Court in Quezon City.

If appointed Chief Justice, Peralta will have four years before retiring from the Judiciary, while Bersamin has until October next year before retirement.

Under the JBC rules, the five most senior justices of the SC are automatically nominated for the Chief Justice vacancy.

Aside from Peralta and Bersamin, the four other most senior SC justices are Acting Chief Justice Antonio Carpio and Associate Justices Mariano del Castillo and Estela Perlas-Bernabe.

The other senior associate justices have yet to formally accept their nomination as required by the JBC before they are included in the short list.

Earlier, Carpio declined his automatic nomination for the Chief Justice post vacated by Sereno, as he did not want to benefit from the latter’s ouster since he voted against the quo warranto petition that ended with her ouster.

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Editor: Vittorio V. Vitug • Friday, October 12, 2018 A3

PJA proposes marshal system to ‘protect’ judges, members of Judiciary

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By Joel R. San Juan

@jrsanjuan1573

HE Philippine Judges Association (PJA) has sought the creation of a marshal system that would protect judges and members of the Judiciary against violent attacks and attempts against their lives in light of the recent killing of a trial court judge in Ozamiz City.

PJA President and Marikina Regional Trial Court Judge Felix Reyes said the passage of a law for the creation of the Philippine Marshal System (PMS) should be pushed following the assassination of Ozamis City RTC Judge Edmundo Pintac.

Judge Reyes said the PMS should be composed of retired police, military personnel and legal officers who will provide security for justices and judges and handle cases of killings and attacks against them.

“This Philippine Marshal Sys-

tem will address the security concerns facing our justices and judges,” he said, while noting that the PJA is now in the process of coming up with a draft bill for the creation of PMS which will be submitted to Congress soon.

Judge Reyes said part of the group’s proposal is to give the PMS the power to investigate and prosecute those behind the attacks against the members of the Judiciary.

Meanwhile, Court Administrator Jose Midas P. Marquez has admitted that security provided to judges nationwide “may be not enough.”

“Currently, there’s only one staff who can accompany a judge to and from work. They can also request for police escorts in case of death threats. But there are currently about 2,500 judges nationwide,” he pointed out.

A total of 30 judges have been killed in line of duty over the past 10 years, according to Marquez.

“I talked to investigators and the widow and it appears that Judge [Edmundo] Pintac’s death was really work-related,” he said.

Pintac’s death is now being investigated by the Philippine National Police (PNP) and looking at the possibility that it is related to the drug cases against Parojinog siblings Ozamiz Vice Mayor Nova Princess and Reynaldo Jr. Pintac, who handled the said cases before they were transferred to the Quezon City RTC earlier this year, denied the siblings’ request that they be allowed to attend the funeral of their parents and other family members who were killed in a raid conducted by police in July last year.

MOCHA-DREW TANDEM The signing of a contract for the program Tambayang

Mocha at Drew on DWIZ 882 was capped by a “Duterte fist” by (from left) Aliw Broadcasting Corp.

Executive Vice President Ely Aligora, blogger Drew Olivar, Karambola cohost Trixie Cruz Angeles, Mocha Uson, Aliw Broadcasting Corp. Chairman D. Edgard A. Cabangon and Manager Byron Cristobal. The show airs from 12 noon to 1 p.m., from Monday to Friday.

A4 Friday, October 12, 2018 • Editor: Vittorio V. Vitug

Economy BusinessMirror

DPWH to roll out ₧23.5-billion Metro flood-control project

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By Lorenz S. Marasigan

@lorenzmarasigan

HE government is spending P23.5 billion to help manage flooding in Metro Manila, the public works department said on Thursday, after getting support from the World Bank and Asian Infrastructure Investment Bank.

Department of Public Works and Highways (DPW H) Undersecretar y for Unified Project M a n a g e m e nt O f f i c e O p e r a tions and Technica l Ser v ices Emil K . Sadain said the gover nment has fina lized plans to expedite the implementation of the Metro Manila Flood Management Project.

The whole program aims to modernize and improve drainage capacity of Metro Manila by rehabilitating and modernizing 36 old pumping stations, construct 30 new pumping stations; minimize solid waste in waterways; and prioritize housing and resettlement of squatters living along waterways.

Sadain said the “procurement

activities for Batch 1 of Metro Manila Flood Management Project Phase 1 covering the rehabilitation and modernization of five old pumping stations is being rushed to facilitate [the] commencement of civil works.”

Last month the public works department auctioned off the contract for the Balut Pumping Station in Tondo, Manila. Meanwhile, the Vitas Pumping Station in Tondo, Manila; Paco Pumping Station in Paco, Manila; Tripa de Gallina Pumping Station in Pasay City; and Labasan Pumping Station in Taguig City are slated for international bidding starting this month until November.

Sadain added that the proc u r e m e nt o f o p e r a t i o n a n d

maintenance of equipment for the pumping stations and waterways is also targeted to start by the second week of November 2018.

For its part, the Metropolitan Manila Development Authority has established its own project management office and special bids and awards committee “to focus on procurement activities of equipment and fast-track solid waste collection and large-scale Metro-wide information, education and communication campaign to minimize solid waste in waterways.”

“Initial assessment is also being carried out for the projects to be implemented in the subsequent years,” Sadain noted, adding that this includes the seven stations covered in the second batch of stations, namely, Balete-Ermita; Escolta; Santa Clara; Libertad; Makati; Abucay; and San Andres.

These will be implemented next year through 2020. New pumping stations of Cutcut and Romualdez will also be constructed during this period.

By 2020 the public works department will also start adding the following pumping stations, namely, Maytunas; Buhangin; Casili; Ilugin River; Isla; and

Damayang Lagi. It will also rehabilitate eight existing pumping stations, namely, Santibañez, Tapayan; Taguig; Hagonoy; Hulong Duhat; Magsaysay; Herrera; and Concepcion.

Batch three will include the construction of six additional pumping stations and the rehabilitation of eight existing ones. The six are Maytunas; Buhangin; Casili; Ilugin River; Isla; and Damayang Lagi, while the eight for rehab are Santibañez, Tapayan; Taguig; Hagonoy; Hulong Duhat; Magsaysay; Herrera; and Concepcion.

By year 2021 on the fourth year of the project, six new pumping stations will constructed, namely, Del Monte; Doña Imelda; Kalusugan; Mariblo; Masambong; and Matalahib-Talayan. The government will also implement the modernization of Balot; MervilleDampalit; Tanza; Niugan; Artex; Muzon; Acacia; and Roque.

Sadain said his agency will start on fifth year in 2022, when it will start the construction of the following stations: Progreso; Roxas; Sobrepena; Santa Cruz; Talayan; and Tatalon Pumping Stations; and the rehabilitation and the modernization of Aviles-Uliuli; Beata; Binondo-Escolta; Pandacan; Quiapo; San Agustin; Uli Uli; and Valencia Pumping Station.

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No congestion at the Port of Manila–DTI, Customs

By Elijah Felice E. Rosales @alyasjah

L

ET the goods come in for the Christmas season.

This was the message of Trade Secretary Ramon M. Lopez as he clarified there is no congestion in the harbor contrary to previous reports.

Lopez said he was assured

by Customs Commissioner Isidro S. Lapeña that operations in the port are in steady condition, adding that firms need not hold off their shipments, as delays in the transport of goods could affect supply and, in turn, prices.

“I had a meeting with Customs Commissioner Isidro Lapeña last October 9 and he clarified that there is no congestion in the Port of Manila [POM]. We need to clear this issue because a perceived port congestion may cause companies to delay their shipments, and, consequently, may result in lower supply of goods and higher inflation,” Lopez said in a news statement.

According to Lopez, firms have been given the impression that there’s congestion due to the port’s policy to limit the entry of empty container vans.

The space for empty containers is already fully utilized and allowing more may fill up space for loaded containers, he added.

“The BOC [Bureau of Customs] is already increasing their capacity via inland container depots in Laguna and other areas to solve this issue. But rest assured that there is no delay in transporting shipments to and from the port,” Lopez said.

Citing POM District Collector Erastus Sandino B. Austria, Lopez said the POM is being utilized well based on the following metrics: quay crane productivity, or the number of containers moved per hour; import dwell time, or the number of days the shipment has been in the port; and the overall yard utilization level.

International standards for quay crane productivity is 25 moves per hour. To declare port congestion, the import dwell time must be 10 days or more.

Citing Austria again, Lopez said the metrics for the first three quarters of 2018 are well within international standards.

Quay crane productivity is 24.84 moves per hour, import dwell time is seven days and yard utilization level is at 85 percent.

This, he concluded, is in contrast to the congestion that took place in 2014. During that event, quay crane productivity was 15 moves per hour, import dwell time was 17 days to 18 days and port utilization was at 96 percent.

Education subsidy rose 29.23% to P2.5B in 2016–PSA

By Cai U. Ordinario

@cuo_bm

F

ILIPINO taxpayers spent P2.5 billion worth of subsidies to the education sector in 2016, data released on Thursday by the Philippine Statistics Authority (PSA) showed.

Based on the 2016 Annual Survey of Philippine Business and Industry (ASPBI) for the education sector, subsidies extended to the sector increased by 29.23 percent from the P1.93 billion granted in 2015 The PSA said subsidies include financial assistance, tax exemption, and/or tax privilege extended by the government to help develop an industry.

“Secondary/high school education received the highest subsidy amounting to P1.4 billion [57.5 percent of the total],” the PSA said.

This was followed by higher education with P743.5 million, or 29.8 percent, and other education and educational support services with P255.8 million, or 10.3 percent of the total subsidies extended to the sector.

The PSA also said the least amount

of subsidy received was allocated to preprimary/preschool education amounting to P4.7 million, or 0.2 percent of total subsidies.

The ASPBI, likewise, showed Calabarzon received the highest subsidy at P458 million, or 18.4 percent.

Th PSA said, however, that the Negros Island region received the lowest subsidy amounting to only P11 million, or 0.4 percent of the total.

“All regions received subsidies from the government in 2016,” the PSA said.

Meanwhile, the PSA reported that the total income generated by the sector in 2016 reached P166.9 billion in 2016.

Higher education earned the highest income amounting to P114.6 billion, or 68.6 percent of the total income for the sector.

This was followed by secondary/ high-school education with P32.8 billion, or 19.7 percent, while preprimary/preschool education generated the lowest income of P2.1 billion, or 1.3 percent of the sector’s total income.

In terms of geographic location,

Metro Manila recorded the highest income of P74.9 billion, or 44.9 percent of the sector’s total income.

This was followed by Calavarson with P22.6 billion, or 13.5 percent, and Central Visayas with P13.9 billion, or 8.3 percent. The lowest income was generated by schools in the Autonomous Region in Muslim Mindanao with P810.5 million, or a 0.5 percent of the total.

“Income or revenue refers to cash received and receivables for goods/products and by-products sold and services rendered. Valuation is at producer prices [exestablishment] net of discounts and allowances, including duties and taxes but excluding subsidies,” the PSA stated.

The 2016 ASPBI is one of the designated statistical activities of the PSA. Data collected from the survey provide information on the levels, structure, performance and trends of economic activities of the formal sector in the entire country for the year 2016.

The survey was conducted nationwide in 2017, with the year 2016 as the reference period.

Steelmakers stuck with ‘obsolete’ induction furnace method probed

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HE Department of Trade and Industry (DTI) has intensified its investigation of steel manufacturers using the induction furnace method, amid reports of substandard products from these manufacturers that pose serious safety hazards.

In a radio interview, Trade Undersecretary Ruth B. Castelo said there is no let-up in their investigation of these steel companies on the heels of an Asean advisory to ban the use of induction furnace for steelmaking.

“We confiscate substandard materials. We test them on the spot, weigh them and measure their size.

We also check on their labels…and issue notice of violation,” Castelo, who also heads the DTI’s Consumer Protection Group, said.

“We have two procedures in our investigation. It could be direct from small retailer and then go up to its supplier or from the supplier to where they distribute…so we’re working on it as a whole approach,” she said, adding that she has even visited an induction furnace plant.

Steel manufacturers using in-

duction furnace has formed the group Philippine Induction Smelting Industry Association, which counts among its members Real Steel Corp., Wan Chiong Steel Corp. and Melters Steel Corp. that are all based in San Simon, Pampanga; Metro Dragon Steel Corp. in Caloocan City; and Davao Mighty Steel Corp. in Davao City.

T he A sea n Iron a nd Steel Council (AISC) had earlier issued a warning on Asean member-nations about the use of induction furnace, which it described as an “obsolete and outdated machinery” as these have already been banned in China, raising concerns that Asean will become a dumping ground for these equipment.

The AISC said that the adverse impact from the use of induction furnace could arise from “production of substandard-quality steel products, which could pose safety hazard as construction materials.”

Castelo noted that the DTI will soon wrap-up its investigation on the use of induction furnace even as she

cautioned consumers who are buying construction materials to be vigilant and at least look for the labels on the steel products that they purchase.

“Our consumers may not know if the construction materials that they’re buying passed our standards but they should at least be aware of the labeling so that they know who are the manufacturers of these products,” she said.

In its paper, the AISC explained that unlike steelmaking using the electric arc furnace process, induction furnace lacks refining capability to remove harmful elements in liquid steel.

“It has been reported that 90 percent of the rebar produced in China with the induction furnace process were substandard with poor mechanical property in elongation and strength which could easily fracture during application,” the group said.

In a Senate hearing, the local Philippine Iron and Steel Institute also called for the ban on the use of induction furnace for steelmaking due to the dangers it poses to consumers and the local Philippine industry, as well.

BusinessMirror Special Feature

www.businessmirror.com.ph

Friday, October 12 , 2018 A5

ARISE PHILIPPINES ADVOCATES PUBLIC-PRIVATE

PARTNERSHIP FOR RESILIENT PH

HANS T. SY (Chairman of SM Prime Holdings Executive Committee and Board Member, UNISDR ARISE, seated fourth from left) welcomed Ms. Mami Mizutori, the new Special Representative of the UN Secretary General for Disaster Risk Reduction (seated fifth from left) who graced ARISE Philippines’ Forum on Disaster Resilience. Others in the photo are officials from the national government, local governments and partners and heads of ARISE members.

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UN Special Representative to the Secretary General for Disaster Risk Reduction, Mami Mizutori (4th from left) led the Board Meeting of UNISDR ARISE (Private Sector Alliance for Resilience Societies) last September 3 in Geneva, Switzerland. The Board Meeting covered strategies of the private sector in support of the Sendai Framework, as well as expanding collaboration to build disaster resilient communities. SM’s Hans Sy, lone Filipino member of UNISDR ARISE International Board is seen 4th from right.

By Leony R. Garcia

S Northern Luzon and part of the Visayas are reeling from the effects of Super typhoon Mangkhut, or “Ompong”, we recall our experience with super typhoon Yolanda (International name Haiyan).

When it wreaked havoc in many provinces of Eastern Samar and flattened Tacloban City in Leyte in November 2013, ‘Yolanda’ was regarded one of the major catastrophic events posing intensive risk of the decade.

Weather officials said ‘Yolanda’ had sustained winds of 235 kph (147 mph) with gusts of 275 kph (170 mph). When it made landfall in the Philippines it was classified under a Typhoon Signal 4 by PAGASA, the equivalent to a Category 5 hurricane in the U.S.

But Filipinos are known to be a resilient people. Two years after Yolanda, Leyte and Samar are alive, slowly recovering due to massive contributions from to humanitarian and development finance communities and the private sector.

It is hoped that with the proper risk governance, Benguet and Cebu will be able to prevent the landslide hazards that occurred after the rains and winds of Mangkhut.

Metro Manila and its surrounding provinces, too, have not been spared by both intensive and extensive risk from hydrometeorological events. One needs only recall ‘Ondoy’ or Ketsana and the almost yearly flooding due to the enhanced southwest monsoon season or Habagat.

The flooding experienced in the greater Metro Manila area during July and August this year affected supply chains, mobility and water and power supply to areas as far as provinces Bataan and Bulacan.

This widespread interdependencies and impacts only serve to highlight the need for more collaborative, multistakeholder, systemsoriented science and technology based decision support systems for all decision-makers.

To further boost the country’s risk reduction and readiness, the National Resilience Council (NRC), a public-private initiative recently launched a new tool for risk governance called the Resilient Local Government Systems Scorecard. The scorecard recognizes the critical role of local chief executives and their multisectoral teams in their targeting specific disaster risks and codesigning evidence-informed solutions for resilience.

Significantly, the Scorecard was launched nationally on 23 August 2018 with a special address from Mami Mizutori, the Special Representative of the Secretary General for the United Nations International Strategy Disaster Risk Reduction (UNISDR) during the DILG Resilience Innovation marketplace. The event was organized by the Department of Interior and Local Government – Local Government Academy with the support of the National Resilience Council.

At an earlier meeting with UNISDR Private Sector Alliance for Disaster Resilient Societies (ARISE) held at the Mall of Asia Arena Annex Building in SM MOA Complex, the new UNISDR head noted the efforts undertaken by the national government and the private sector in making the Philippines one of the most disaster resilient countries.

Mizutori pointed out, the “shining example” that the PublicPrivate Partnership being carried out in disaster management which is being spearheaded by UNISDR Private Sector Alliance for Disaster Resilient Societies (ARISE) Philippines and the National Resilience Council (NRC) both led by Hans Sy, Chairman of the Executive Committee of SM Prime Holdings.

“I have been wanting to come to the Philippines because of the importance of what your country is doing promoting disaster risk reduction not only here and in the region but also globally. You are one of the most advanced countries in terms of preventing disaster risks from affecting you tremendously,” she said.

She also said the country is on its way to achieving the many goals and priorities of the Sendai Framework on disaster prevention and preparedness.

ZAMBOANGA CITY Mayor Ma. Isabelle Climaco, NRC Partner

BATAAN Governor Albert Garcia, NRC Partner

IRIGA City Mayor Madelaine Alfelor, NRC Partner

SUSAN VALDEZ, Chief of Corporate Services, Aboitiz Equity Ventures

SM Prime and NRC Consultant Alexander Pama

PDRF President Butch Meily

National Resilience Council launches the Resilience Scorecard for LGUs

The Private Sector’s role in disaster risk reduction and resilience

LAUNCHED in November 2015, ARISE supports implementation of the Sendai Framework for Disaster Risk Reduction which was adopted in March 2015, at a UN World Conference in Sendai, Japan. The Sendai Framework seeks a substantial reduction in disaster losses over the next 15 years and promotes the full involvement of the private sector in initiatives at local and national level to reduce disaster risk and to promote investment in resilient infrastructure capable of withstanding floods, storms, earthquakes and other natural and man-made hazards.

Leading companies in the Philippines joined the global effort to ensure the private sector puts disaster risk information at the heart of investment strategies.

With the launch, the following companies have joined over 100 other companies around the world in backing the ARISE initiative: Manila Observatory, Philippine Disaster Resilience Foundation, Build Change, Aboitiz Equity Ventures, Chinabank, Corporate Network for Disaster Response, DHL Supply Chain Philippines, Double Dragon Properties, EIAN Management Consulting, GMA Network, Jollibee Foundation, Nestle Philippines, Philippine

NRC President Antonia Yulo Loyzaga turns over the Resilience Scorecard. From left: Sylvester Barrameda of DILG Local Government Academy; DILG Undersecretary Bernardo Florece; SRSG Mami Mizutori; Mr. Hans T. Sy; Mayor Remedios V. Petilla of Palo, Leyte; and Ben Fredrick Rodriquez, Interim BOT President of the Association of Local DRRM Officers.

Business for the Environment, Philippine Green Building Council, Pricewaterhouse Coopers Phils. (Isla Lipana & Co.), SM Development Corporation, SM Hotels and Convention Centers, SM Investments Corporation, The Net Group, Union Bank and Weather Philippines Foundation.

According to the UNISDR, economic losses from disasters currently average close to US$300 billion a year and with climate change, will likely continue in the years ahead if no intervention is made by the government and the private sectors working together.

Risk-informed private sector investment is more cost-effective than relying on post-disaster response and recovery.

“Private investment largely determines disaster risk. In most economies 70% to 85% of overall investment is made by the private sector. If this money is well-spent it will help reduce disaster losses which are now estimated at about $300 billion per year,” the UNISDR said.

ARISE PH: Among the most vibrant national ARISE networks in the world

“EFFORTS of the business community (on DRR) led by SM Prime in the country is a success story. Indeed ARISE PH is one of the most vibrant national ARISE networks in the world and I must mention the personal leadership of Mr. (Sy) in making this possible,” Mizutori said.

She added that ARISE PH and the NRC are a “shining example of PPP hailed as a good practice and deserve to be replicated in other countries.”

ARISE Philippines is a UNISDR-led network of private sector entities whose 64 members share information, experiences, activities and projects with the public sector and other stakeholders to create risk-resilient societies.

NRC, on the other hand, is a science and technology-based PPP which enhances the capacities of LGUs to understand risk and prevent or

reduce impacts of disasters and ensure development continuity.

Mizutori said because of its advancement in the field of disaster resilience, the Philippines is in the best position to introduce innovations to enable communities to adapt and transform their way of life. “The Philippines has a unique and important role to lead the way to science and technologybased public-private partnerships in order to adopt a culture of disaster prevention. (It) can drive innovative ways to build adaptive and transformative capacity even among even the marginalized,” she said.

But despite the achievements in DRRM, Mizutori said there are challenges that need to be addressed because of the worsening and more frequent calamities. This is reason why the Disaster Resilience Scorecard is another important guide to make the country more resilient because it centers on the LGUs, which are at the forefront of DRRM.

THE National Resilience Council launched the Resilience Scorecard for LGUs during the DILG’s Disaster Resilience Marketplace for Innovation Forum, held at the SMX Convention Center, and attended by over a thousand participants from various stakeholder groups.

Ma. Antonia Yulo-Loyzaga, President of the NRC, said the Scorecard will provide a set of assessments that is based on five pillars of resilience—Effective Leadership and Governance, Resilient Human Development System, Sustainable Local Economy, Resilient Infrastructure and Environmental Sustainability.

Loyzaga added, “The Resilience Scorecard 1.0, presents a set of localized metrics for the use of internal and external stakeholders of local government units. It is to be used in combination with a 3-year Resilience Leadership program.

While it was intensively vetted by a combination of over 800 individuals from national government agencies, LGUs, the private sector and academe, it is a live document and will continue to be refined as we do a deep dive into the risk profiles of each local government partner.”

For his part Hans Sy, Chairman of SM Prime’s Executive Committee, said SM Prime will continue to make DRRM the core of its operations, a pursuit he has adopted even before disaster resilience became a national policy.

“SM Prime as a responsible property developer places DRR as one of its core strategies. We have to protect our business and property and ensure the safety of our tenants, customers and employees. Today, disasters have become more frequent and severe. We have to do our share with the government and the private sector to work together to find solution towards building greater resiliency that ever before,” Sy concluded.

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Friday, October 12, 2018

The World BusinessMirror

Global markets tumble ahead of US data; tech stocks fall

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INGAPORE—European markets sank in early trading on Thursday ahead of US inflation data that may lift bond yields and possibly push interest rates higher.

In Asia, losses on Wall Street overnight snowballed, triggering a slump in technology stocks. China’s benchmark hit a four-year low and Tokyo’s Nikkei 225 fell by an unusually wide margin of almost 4 percent.

“Equity markets were pulverized today,” with investors in “full out retreat,” Stephen Innes of OANDA said in a commentary. The “latest sneeze” from Wall Street “could morph into a global markets pandemic,” he added.

Investors are wary of possible further US interest-rate hikes, which would raise the cost of corporate borrowing and weigh on economic growth.

On Wednesday US President Donald J. Trump said the Federal Reserve “is making a mistake” with its campaign of rate increases. “I think the Fed has gone crazy,” he charged.

“Equity investors are surprised by the pace at which rates have risen,” Marcella Chow, global market strategist at J.P. Morgan Asset Management, said in a report.

France’s CAC 40 dropped 1.3 percent in early trading to 5,137.07 and the DAX in Germany lost 1.1 percent to 11,579.87. Britain’s FTSE 100 tumbled 1.7 percent to 7,022.60.

S e nt i m e nt a l s o h a s b e e n d a mpe ne d b y t he s pre ad i ng US - Chinese tar if f f ight over Beijing’s technology policy. The International Monetar y Fund cut its outlook for global growth this week, citing interest rates and trade tensions.

The US Treasury is due to release a currency report that some analysts suggest might change the official stance on China’s exchange rate policy. Chow said it was unclear whether the Treasury might label Beijing a “currency manipulator”—a status that could trigger penalties—or whether it could be “another pretext for the next round of tariffs.”

Adding to potential US-China tensions, the Justice Department announced on Wednesday it arrested an official of China’s Ministry of State Security on charges of

A MAN looks at an electronic board showing Hong Kong share index outside a bank in Hong Kong on Thursday. Asian markets tumbled after Wall Street slumped on a heavy selling of technology and Internet stocks. AP/KIN CHEUNG

trying to steal trade secrets from US aerospace companies.

Tokyo’s Nikkei 225 gave up 3.9 percent to 22,590.86 and the Shanghai Composite index lost 5.2 percent to 2,583.46. Hong Kong’s Hang Seng index shed 3.5 percent to 25,266.37. The Kospi in South Korea fell 4.4 percent to 2,129.67.

Australia’s S&P/ASX 200 slipped 2.7 percent to 5,883.80. Stocks plunged in Taiwan and fell across Southeast Asia.

Technology stocks slid in Asia.

Tencent, China’s most valuable tech company, dropped 6.8 percent. Shares of Chinese smartphone maker Xiaomi Corp. fell by 8 percent.

US indexes were set to extend their losses. Dow futures were 1 percent lower at 25,261.00. The

index suffered its worst loss in eight months on Wednesday. The broader S&P 500 futures were down 0.9 percent at 2,756.30.

Francis Tan, an investment strategist at UOB Private Bank, believes that the markets will pick up. “ The valuation of US stocks, especially tech stocks, is still pretty high and there could be some profit-taking actions now,” Tan said.

The dollar eased to ¥112.24 from ¥112.27 late Wednesday.

The euro rose to $1.1543 from $1.1523.

Oil futures fell. US crude gave up $1.10 to $72.07 a barrel. The contract settled at $73.17 in New York. Brent crude, the international standard, dropped $1.36 to $81.73 a barrel. AP

US, Russian astronauts safe after emergency landing

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AIKONUR, Kazakhstan— Two astronauts from the US and Russia were safe after an emergency landing on Thursday in the steppes of Kazakhstan following the failure of a Russian booster rocket carrying them to the International Space Station.

Nasa astronaut Nick Hague a n d R o s c o s m o s ’s A l e x e y Ovchinin lifted off as scheduled at 2:40 p.m. (0840 GMT; 4:40 a.m. EDT) on T hursday from the Russia-leased Baikonur cosmodrome in Kazakhstan atop a Soyuz booster rocket. Roscosmos and Nasa said the threestage Soyuz booster suf fered an emergency shutdown of its second stage. The capsule jettisoned from the booster and went into a ballistic descent, landing at a sharper than normal angle.

The launch failure marks an unprecedented mishap for the Russian space program, which has been dogged by a string of launch failures and other incidents. “ T h a n k G o d , t he c re w i s alive,” Russian President V ladimir Putin’s spokesman Dmitr y Peskov told reporters when it became clear that the crew had landed safely.

They were to dock at the orbiting outpost six hours later, but the

US astronaut Nick Hague (right) and Russian cosmonaut Alexey Ovchinin, member of the main crew of the expedition to the International Space Station, walk prior the launch of Soyuz MS10 spaceship at the Russian-leased Baikonur cosmodrome in Kazakhstan on Thursday. AP/DMITRI LOVETSKY

booster suffered a failure minutes after the launch.

Nasa and Russian Roscosmos space agency said the astronauts were in good condition after their

capsule landed about 20 kilometers (12 miles) east of the city of Dzhezkazgan in Kazakhstan.

Search and rescue teams were heading to the area to recover the

crew. Dzhezkazgan is about 450 kilometers (280 miles) northeast of Baikonur. Spacecraft returning from the ISS normally land in that region. AP

MALAYSIA SAYS IT WILL END DEATH PENALTY FOR ALL CRIMES

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UALA LUMPUR, Malaysia—Malaysia’s new government said it will abolish the death penalty for all crimes and halt all pending executions, a rare move against capital punishment in Asia that human-rights groups hailed on Thursday as a major advance.

More than 1,200 people are on death row in Malaysia, which mandates hanging as punishment for a wide range of crimes including murder, drug trafficking, treason, kidnapping and acts of terror.

Law Minister Liew Vui Keong announced on Wednesday that the Cabinet had agreed to abolish the death penalty and that amendments to laws with capital punishment were expected to be presented when Parliament resumes on Monday, local media

reported. Liew couldn’t be reached for immediate comment.

Communications Minister Gobind Singh Deo on Thursday confirmed the Cabinet’s decision. “This is part of our election pledge and also in line with the move away from capital punishment in the rest of the world,” he told The Associated Press.

Amnesty International said the move would be a major advance but urged the government to “completely abolish the death penalty for all crimes, with no exceptions.” It said the death penalty has been a “terrible stain” on Malaysia’s human-rights record, and death row prisoners often have to wait years for their appeals to be processed.

“There is no time to waste, the death

penalty should have been consigned to the history books long ago,” the human-rights group’s secretary-general, Kumi Naidoo, said in a statement, adding that 142 countries worldwide have rejected capital punishment.

Prime Minister Mahathir Mohamad’s alliance won a stunning election upset on May 9, ousting a scandal-tainted coalition in the first change of government since independence from Britain in 1957. Its promises included eradicating corruption and bolstering human rights.

The Malaysian human-rights group Lawyers for Liberty praised the government’s decision, saying the death penalty is barbarous and pointless, as it has never been proven to deter serious crimes. Its adviser, N. Surendran,

said the new government has shown that “it is a force for moral good, and an example for the region and the world.”

Many Asian countries such as China and neighboring Singapore, Indonesia, Thailand and Vietnam still impose capital punishment.

Surendran urged the government to not forget the hundreds of Malaysians who are languishing on death row in Singapore and other countries, particularly for being drug mules.

“We call upon the government to vigorously speak up for our citizens facing death in distant shores. Having rejected the death penalty in this country, we now have the moral authority to fight for the lives of our citizens abroad,” he said in a statement. AP

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

US, China fight for world support in Bali as trade dispute ramps up

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HE United States and China are set to use the latest gathering of the world’s finance chiefs to marshal support for their respective cases in a trade dispute that shows no sign of ending soon.

Finance ministers and central bankers from the International Monetary Fund’s 189 membernations are gathering in Bali, Indonesia, this week for the fund’s annual meeting. While the agenda will include discussions on the broader health of the global economy, it will also be an opportunity for American and Chinese officials to cobble together alliances.

On one side is President Donald J. Trump, who argues his tariffs are a necessary price to pay to force China to stop what he calls unfair trading practices and theft of intellectual property.

On the other is President Xi Jinping, who has positioned China as a champion of globalization and the existing trading order. In a series of speeches, Xi and his top officials have warned about the danger of tearing apart that system, while promising to gradually open up the Chinese economy.

“The struggle for trade alliances carved out of political allegiances is well and truly on,” said George Magnus, an economist at Oxford University’s China Centre. “This is no ordinary trade spat, such as the one we saw with Japan in the 1980s. This is existential.”

Resisting US pressure

CHINA will resist US pressure just as it overcame “ bullying” by other foreign powers in the past, Chinese Commerce Minister Zhong Shan told Bloomberg this week. That comparison with the invasions of China during what is often termed the “Century of Humiliation” suggests that the government isn’t likely to back down easily.

The US last month slapped tariffs on a further $200 billion in Chinese goods, prompting Beijing to retaliate on $60 billion in American products.

Trump and X i may talk at a meet i ng of t he Group of 20 (G -20) nations at the end of November, W h ite House economic adv iser Larr y Kudlow said last week. “Better to ta lk than not ta lk, but the talks have to be serious,” said Kud low, adding that Tr ump “ believes that whole trading relationship is broken.”

US Treasur y Secretar y Ste ve n M nuc h i n on T hu r s d ay met w it h Pe ople’s B a n k of China Gover nor Yi Gang on the sidelines of the IMF meetings in Ba li. “ We d iscussed impor tant economic issues,” Mnuc h in w rote on Tw it ter, w it hout elaborating.

Competing visions

UNTIL any diplomatic breakthrough, both sides are trying to rally support, but some observers see that the advantage, at least for the moment, lies with China.

“The US is losing the battle to isolate China w ithin the G-20. It has lost the trust and alienated its major partners,” said Thomas Bernes, a distinguished fellow at the Center for International Governance Innovation in Waterloo, Ontario, and a former IMF executive director. “The irony is that many countries supported US concerns but US policy actions have driven them away.”

China is reaching out to Europe with pledges to improve market access. Beijing is also dangling the carrot of investment through Xi ’s signature “Belt and Road ” initiative, a sweeping project to build infrastructure across Eurasia. However, the reception of those overtures has been somewhat cool.

In a July meeting between Chinese and European leaders and businesspeople, Cecilia Malmstrom, Europe’s trade commissioner, praised China’s “strong pleas to keep markets open and fight protectionism,” but added, “we would like to see these encouraging words translated into more concrete action.”

China-EU talks

T HE Comm ission President Jean-Claude Juncker said that he hopes “that globalization and interdependent multilateralism remain the direction of the world,” but warned that “the EU is open but it is not naive.”

In response, Chinese Premier Li Keqiang encouraged greater European investment into China, promising to “open the door wider and create a better business environment.”

China has certainly made some moves to open its economy this year, announcing that foreign companies could increase their stakes in financial and car companies, and cutting import tariffs on a variety of goods to lower costs for consumers. T hese changes w i l l also reduce costs for foreign companies looking to produce or sell in China.

Democratic coalition

FOR its part, the US is trying to build a more traditional coalition among free-market democracies.

Last month trade ministers from the US, EU and Japan expressed concern that “nonmarket-oriented” policies are hurting their workers and businesses and undermining global trade. Without naming China, they agreed to discuss new rules for addressing the market-distorting effects of state-owned enterprises and industrial subsidies.

That’s an improvement from earlier this year, when Trump was making more enemies than friends. At meetings of the G-20 and Nato, he vexed America’s traditional allies with his tariffs on steel and aluminum and distaste for global institutions.

Since then, the president has launched formal trade talks with Europe and agreed on a revised trade agreement with South Korea and to start talks with Japan.

He has also reached a deal with Canada and Mexico, which their lawmakers must still approve, on a successor to the North American Free Trade Agreement.

The new Nafta, to be rebranded the US-Mexico-Canada Agreement, contains a clause that allows any of the countries to terminate the agreement if one of them signs a trade deal with a “nonmarket economy.”

W hile no countr y is named, the measure is clearly aimed at stopping Canada or Mexico from doing a deal with China. “ The US is making an effort to isolate China on trade,” said Stephen Jen, CEO of Eurizon Slj Capital Ltd., an asset-management firm based in London.

Efforts by China to win European support failed “ because the EU is quietly pleased that the US is confronting China on issues that have also bothered the EU,” said Jen. Bloomberg News

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

The World BusinessMirror

Friday, October 12, 2018

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TRUMP RAISES ECONOMIC CONCERNS OVER CALLS TO HALT SAUDI ARMS SALES

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ASHINGTON—President Donald J. Trump says the US is looking into the fate of a Saudi writer missing and feared murdered but expressed reservations over calls to withhold further US arms sales to Saudi Arabia, warning that such a move “would be hurting us.”

Decades of close US-Saudi relations, which have only intensified under Trump, appeared in jeopardy by the suggestion of a carefully plotted murder of a government critic, Jamal Khashoggi, 59, who disappeared a week ago after entering a Saudi consulate in Turkey. The wealthy former government insider had been living in the US in selfimposed exile.

In an interview on Wednesday with Fox News @ Night, Trump said he wanted to find out what happened to Khashoggi but appeared reluctant to consider blocking arms sales, citing economic reasons. “I think that would be hurting us,” Trump said. “We have jobs, we have a lot of things happening in this country. We have a country that’s doing

probably better economically than it’s ever done before.”

He continued: “Part of that is what we’re doing with our defense systems and everybody’s wanting them. And frankly I think that that would be a very, very tough pill to swallow for our country. I mean, you’re affecting us and, you know, they’re always quick to jump that way.”

On his first international trip as president, Trump visited Saudi Arabia and announced $110 billion in proposed arms sales. The administration also relies on Saudi support for its Middle East agenda to counter Iranian influence, fight extremism and support an expected peace plan between Israel and the Palestinians.

Earlier on Wednesday, Republican Sen. Bob Corker, who, as chairman of the Senate Foreign Relations Committee, has reviewed US intelligence on the case, said it was likely that Khashoggi was killed the day he walked into the consulate. Whatever took place, Corker said, “there was Saudi

involvement” and “everything points to them.”

More than 20 Republican and Democratic senators instructed Trump to order an investigation into Khashoggi’s disappearance under legislation that authorizes imposition of sanctions for perpetrators of extrajudicial killings, torture or other gross human rights violations.

Sen. Rand Paul, R-Ky., a longtime critic of the Saudi government, has said he’ll try to force a vote in the Senate blocking US arms sales to Saudi Arabia.

Sen. Chris Murphy, D-Conn., said it would be time for the US to rethink its relationship with Saudi Arabia if it turned out Khashoggi was lured to his death by the Saudis.

Khashoggi had gone to the consulate in Istanbul on October 2 to get the paperwork he needed for his upcoming marriage while his Turkish fiancee waited outside. Turkish authorities have said he was killed by members of an elite Saudi “assassination squad,” an allegation the Saudi government has dismissed. AP

ACCUSED CHINESE SPY EXTRADITED TO U.S. TO FACE ECONOMIC ESPIONAGE CHARGES

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CHINESE intelligence official who allegedly conspired to steal trade secrets from an Ohio aviation company has been extradited to the US, according to the Justice Department.

Xu Yanjun targeted US and European aerospace companies on behalf of China’s Ministry of State Security, according to an indictment charging him with economic espionage and other crimes. Xu, who used multiple aliases, is a deputy division director within China’s intelligence and security agency, the US alleges.

The charges come as the Trump administration takes a harder line on China, with Vice President Mike Pence last week challenging the country’s economic practices. The arrest of Xu and his extradition represent the first time the US has been able to bring a Chinese

intelligence officer to America to be prosecuted for economic espionage, said John Demers, assistant attorney general for national security. Xu was extradited from Belgium, where he was arrested on April 1. One of the companies allegedly targeted by Xu was GE Aviation, a unit of General Electric Co. Demers said its assistance was crucial to the investigation.

Lawyers for Xu didn’t immediately respond to e-mail messages seeking comment. Chinese Foreign Ministry Spokesman Lu Kang dismissed the allegations during a regular news briefing on Thursday in Beijing. “The US side are making something out of thin air,” Lu said.

“We hope the US side can deal with this in accordance with the law.”

The indictment, filed in federal court in Cincinnati, lays out Xu’s alleged

efforts to steal technology from an unidentified Ohio-based aviation company. Xu worked with a conspirator, unnamed in the indictment, who contacted an engineer of the firm last year and offered to pay for a trip to China so the employee could talk about his work in connection with an event sponsored by a science and technology association, according to prosecutors.

The employee traveled to China in June 2017 and gave a presentation at a public university in Nanjing, they said. The employee’s talk included details about engines that were designed and produced by his company. In reality, the employee, who was paid $3,500 by Xu for the trip, was revealing information to the Chinese government, according to prosecutors.

Bloomberg News

South Korea walks back on lifting sanctions

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EOUL, South Korea—South Korea on Thursday walked back on a proposal to lift some of its unilateral sanctions against North Korea following United States President Donald J. Trump’s blunt retort that Seoul could “do nothing” without Washington’s approval.

Foreign Minister Kang Kyungwha had said on Wednesday that Seoul was considering lifting measures applied after a deadly attack in 2010 that killed 46 South Korean sailors. She cited the intent to create more diplomatic momentum for talks over North Korea’s nuclear program.

South Korean conservatives reacted with anger as well, and K a ng’s m i n ist r y dow npl ayed her comments later, saying in a statement that the government has yet to start a “full-fledged” review of sanctions, meaning no decision was imminent.

Unification Minister Cho Myoung-gyon told a parliamentary audit on Thursday that there has been no serious consideration given to lifting the sanctions and that doing so would be hard unless North Korea acknowledges responsibility for the 2010 attack. North Korea has fiercely denied it sank the Cheonan warship.

Liberal South Korean President Moon Jae-in hopes that

progress in nuclear diplomacy will allow him to advance his ambitious plans for engagement with North Korea, including joint economic projects and reconnecting inter-Korean roads and railways. These projects have been held back by the sanctions against North Korea.

While arguing that improved inter-Korea n rel at ions cou ld possibly facilitate progress in larger nuclear negotiations between the US and North Korea, Cho said Seoul isn’t ready yet to campaign for reduced pressure against its rival.

“At the current stage, I think it’s a little early for us to call for the lifting or easing of the UN sanctions,” Cho said.

Trump’s response when he was asked about Kang’s comments implied friction between the allies over the pace of inter-Korean engagement, amid concerns in Washington that North Korea is lagging behind in its supposed promise to denuclearize.

“They won’t do that without

SOUTH Korean Unification Minister Cho Myoung-gyon speaks at the National Assembly in Seoul, South Korea, on Thursday. South Korea has walked back on a proposal to lift some of its unilateral sanctions against North Korea following President Donald J. Trump’s blunt response. AP/LEE JIN-MAN

our approval,” Trump said of the comments. “They do nothing without our approval.”

Trump has encouraged US allies to maintain sanctions on North Korea until it denuclearizes as part of what his administration has termed a campaign of “maximum pressure” against leader Kim Jong Un’s government.

Moon has mostly stayed firm on sanctions despite actively engaging with North Korea and floating the possibility of huge investments and joint economic projects in return for the North’s relinquishment of its nuclear weapons.

A move by South Korea to lift some of its sanctions would have

little immediate effect since USled international sanctions remain in place. But it’s clear that Seoul is preparing to restart joint economic projects if the nuclear negotiations between the United States and North Korea begin yielding results.

In the 2010 sanctions, South Korea effectively shut down all cross-border economic cooperation except for a jointly run factory park in the North Korean border town of Kaesong and banned North Korea from using shipping lanes in South Korean territory.

The Kaesong factory park was shuttered in 2016 in response to a North Korean nuclear test and long-range rocket launch.

During Moon’s visit to North

Korea last month, he and Kim agreed to normalize operations at the Kaesong factory park and resume joint tours to North Korea when possible, voicing optimism t hat inter nat iona l sa nct ions could end and allow such projects.

T he North and South also announced measures to reduce conventional military threats, such as creating buffer zones along their land and sea boundaries and a no-f ly zone above the border. The North also said it would dismantle its main nuclear facility in Nyongbyon if the United States takes unspecified corresponding measures.

Washing ton, however, has insisted that efforts to improve relations between the Koreas should move in tandem with efforts to denuclearize the North.

Kang said on Wednesday that US Secretary of State Mike Pompeo had expressed displeasure about the Koreas’ military agreement. Kang was not specific but her comments are likely to fuel speculation Washington wasn’t fully on board before Seoul signed the agreement.

Despite three summits with Moon and one with Trump this year, Kim has yet to provide a convincing sign that he’s ready to deal away his nuclear weapons.

Despite the current mood of detente and negotiation between the Koreas, the removal of sanctions would be a difficult decision for Seoul’s government.

South Koreans are deeply divided along ideological lines and many people still harbor deep anger over North Korea’s 1950

attack that started the Korean War. There has been occasional bloodshed ever since—the 2010 attack on the warship was followed months later by North Korean shelling of a South Korean border island that killed four and gutted homes.

Kang pointed out that many pa r ts of Sout h Korea’s 2010 sanctions now duplicate United Nat ions sa nct ions t hat were considerably strengthened after 2016 when the North began accelerating its nuclear and missile tests. She also described Seoul’s unilateral sanctions as a key obstacle to restarting South Korean tourism to the North’s Diamond Mountain resort, which was suspended in 2008 following the shooting death of a South Korean woman there.

But the removal of such sanctions wouldn’t be enough to get the tours back on, said Koh Yu Hwan, a North Korea expert at Seoul’s Dongguk University and a policy adviser to Moon. While UN sanctions against North Korea don’t ban tourism, they do place restrictions on bulk cash transfers, he said. Still, the lifting of the 2010 sanctions could offer at least some tangible benefits to the North.

“For North Korea, the most meaningful result from the lifting of the May 24 measures would be that its ships will be able to travel through Jeju Strait again,” said Koh, referring to waters between South Korea’s mainland and the southern island of Jeju.

“This will allow them to save time and fuel.” AP

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Friday, October 12, 2018

Banking&Finance BusinessMirror

Gamblers to bankroll govt’s universal health care program

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By Butch Fernandez @butchfBM

ASINO gamblers, lotto bettors, smokers and alcohol drinkers are being lined up among major funding sources under the multibillionpeso Universal Health Care bill that President Duterte is expected to promptly sign into law as soon as its final version is ratified by Congress.

“The tax on vices will fund the good virtue of health for all,” Senate President Pro Tempore Ralph G. Recto said on Thursday as the Senate and the House of Representatives inched closer to ratifying the awaited legislation when the lawmakers, now on a four-week

recess, reconvene their regular sessions on November 12.

According to Recto, multiple sources of finances underpin the Senate-approved Universal Health Care (UHC) bill “so that its many mandates will not go unfunded.”

The Senate President Pro Tem-

pore confirmed that among the government revenues that will be funnelled to UHC are “portions of its multibillion-peso casino and lotto income, plus ‘sin’ tax collections.”

He likened the UHC bill to a doctor’s medicine prescription, adding: “Walang silbi kung walang pambili. [It is useless if you don’t have money to buy the medicine].”

Recto said this was why the UHC bill also earmarked “a raft of funding sources,” noting that “one enemy of health care is anemic funding.”

In a statement, the senator listed potential funding sources, including the incremental sin-tax collections from tobacco and alcohol products, that he said, “are now pledged to UHC.” Based on his computation, total sin-tax collections added up to P145.3 billion in 2016, and P187 billion in 2017. Of these, P64.2 billion in 2016, and P66.8 billion in 2017 were deemed incremental collections,” Recto added.

Moreover, he listed 50 percent of the national share from the Philippine Amusement and Gaming Corp. (Pagcor) income that

Association governance: Challenges and solutions

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IXTY-NINE percent of nonprofit boards struggle with governancerelated issues. This is according to BoardEffect, a US-based solutions provider for nonprofit boards, which conducted a study in 2015. Of these respondents, 40 percent missed their annual fund-raising goals, 29 percent had “serious financial difficulty,” and 16 percent struggled to draw new and effective board members. The study also cites five governance challenges facing today’s nonprofit boards, along with tips in addressing them: Challenge 1: Implementing best practices Adopting effective board governance practices—whether fund-raising, board education, composition or others—is a common challenge. Since board members meet infrequently and are typically busy people with many other responsibilities, one can assume that the board and its rules of governance simply aren’t top of mind for members much of the time.

The solution: “Remember that educating board members on best practices is a marathon, not a sprint,” says Dottie Schindlinger, vice president and governance technology evangelist of BoardEffect. She suggests providing board members with information on best practices and then having people take turns presenting one new concept or practice at each meeting.

Challenge 2: Building board diversity Ethnic and gender diversity is a key issue for virtually every board and for good reason. Research shows that the greater a board’s diversity, the better the organization performs as a whole.

And yet, despite this evidence, many organizations struggle to make their boardrooms more diverse.

The solution: Schindlinger says this doesn’t mean the board should only focus on mirroring the demographics of the community it represents. “Organizations first need to determine the skills and expertise they need on the board—for example, finance, fundraising or advocacy—and then find diverse candidates with those skills,” she adds.

Challenge 3: Overcoming the fear of social media Is your board a bit fearful of social media and the powers it can unleash?

That’s common because platforms like Facebook and Twitter can amplify angry voices along with more moderate ones.

The solution: Organizations that recognize and use the power of the public

Association World Octavio Peralta voice, Schindlinger says, will out -perform their peers, especially when a board is about to make a big decision.

Challenge 4: Dealing with nonperforming board members An annual PricewaterhouseCoopers survey asks corporate board members if a peer on the board should be removed for any reason. Over the past five years, “yes” responses have hovered around a third. This year it jumped to half-and Schindlinger bets it would be higher if conducted in the nonprofit space.

The solution: “This is an example where technology could be a game changer,” Schindlinger says. About half of boards do a yearly evaluation, but because the process rarely allows the board to respond anonymously and securely, they don’t typically evaluate peer performance, and few boards act on evaluation results.

Challenge 5: Using technology effectively Smaller boards in particular are often reluctant to explore technology, fearing the cost and learning curve. They often fail to realize that there are solid tools available for nonprofits of any size and some are low cost, less than hiring a staff member, in fact.

The solution: “The only way we can move the needle for this organization we all love is by staying in the loop through technology, Schindlinger says.

“I don’t know how it would work any other way.”

The column contributor, Octavio “Bobby” Peralta, is concurrently the secretarygeneral of the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) and CEO and founder of the Philippine Council of Associations and Association Executives (PCAAE).

PCAAE is holding its 6th Associations Summit on November 23 and 24, 2018, at the Subic Bay Exhibition and Convention Center (SBECC).

The event is hosted by the Subic Bay Metropolitan Authority (SBMA) and supported by the Tourism Promotions Board (TPB).

PCAAE enjoys the support of ADFIAP, TPB, and the Philippine International Convention Center. E-mail: obp@adfiap.org

will likewise go to UHC, adding: “so will 40 percent of the charity fund of the Philippine Charity Sweepstakes Office.”

The senator sees the assignment of casino revenues for cure as a “winning combination,” saying it was “better for our health institutions to direct where funds must go than for state gaming bodies to triage who will receive help or not.”

At the same time, Recto clarified the proposed earmarks are on top of regular annual appropriations for the Department of Health, Philippine Health Insurance Corp., and the many mandates and programs under the UHC. The funding cannot be reduced, he said, as “we are benchmarking the minimum funding requirements.”

The proposed Universal Health Care law, the senator explained, also aims to cure ailments in the public health system as “it addresses all aspects: from financing, to medical manpower, to affordable drugs, to the use of information technology, to the improvement of health facilities, to primary health care, to higher PhilHealth benefits and more.”

www.businessmirror.com.ph

IC chief Funa elected to board of Asean insurance body

By Rea Cu

@ReaCuBM

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NSUR A NCE Commissioner Dennis B. Funa has been appointed as a member of the board of trustees of the Association of Southeast Asian Nations (Asean) Insurance Training & Research Institute (AITRI) emphasizing the need to strengthen the insurance sector within the region.

According to the Insurance Commission (IC), Funa’s appointment to the AITRI board of trustees, which became effective last September 27, was approved by the Minister of Domestic Trade and Cooperative and Consumerism of Malaysia.

“I am honored to be appointed as one of the members of the board of trustees of the AITRI,” Funa said.

An entity incorporated in Malaysia, AITRI is principally involved in the provision and promotion of insurance education, training and research for insurance regulators and private-sector participants within Asean member-countries.

The institute was established in September 2000 during the Asean Insurance Regulators Meeting (AIRM) as part of the region’s efforts to restore confidence, regener-

ate economic growth and promote regional financial stability.

As of 2016, the AITRI is headed by its Chief Executive Officer Dato Syed Moheeb Syed Kamarulzaman.

The annual contribution of the Philippines to the AITRI amounts to $5,000.

“Now more than ever, the importance of capacity building for the insurance sector composed of the insurance regulators and the insurance industry in the Asean region is very much needed in view of the developments in the industry brought about by the changes in the economy and advancement of technology,” he added.

The AITRI Management Board is composed of five members, one of whom is designated as the chairman.

The five countries with the highest number of nominations are elected, and their respective representatives would serve on the Management Board for a term of three years.

The election of the AITRI Management Board is done during the AIRM, with the last meeting happening in November 2017 in Lao PDR. The 21st AIRM is scheduled to be held in November 2018 in Kuala Lumpur, Malaysia.

3 PHL ISLANDS ON ‘CONDÉ NAST’ LIST OF ASIA’S BEST Continued from A1 The still-shuttered Boracay Island off Malay, Aklan, was ranked second Best Island in Asia, with its main white beach as its top attraction. “This itty-bitty island… is as close to a tropical idyll as you’ll find in Southeast Asia, with gentle coastlines and made-for-Instagram sunsets. Fold in a thriving nightlife scene, and you have one of the top tourist spots in the Philippines.”

The Duterte administration has closed the island since April 26, 2018, to pave the way for its much-needed rest and government rehabilitation work. It is slated to reopen on October 26, with a much quieter nightlife expected, with new government regulations in place, including a ban on beach parties, public smoking and drinking of alcohol on the beach.

In third place is Palawan, a regular on CNT ’s World’s Best Islands list, “home to the otherworldly Puerto Princesa Subterranean River, a Unesco World Heritage Site worth the trip alone.”

Other Best Islands in Asia include Langkawi, Malaysia, and Bali, Indonesia. CNT said over 429,000 readers voted for the best islands in the world.

In a news statement, Tourism Secretary Bernadette Fatima Romulo Puyat

said: “It is an honor for our destinations to be voted once again in the Condé Nast Traveler Readers’ Choice Awards. This serves as an invitation to the tourists in time for the winter vacation.”

Of Boracay, she added, “We would like to take this opportunity to tell our tourists to manage their expectations on Boracay’s soft opening. We also encourage them to be mindful and responsible tourists of the island.” While the island’s waters, specifically off Bulabog Beach, have already dropped to environmentally safe standards, the main road is still currently being widened, while a diversion road intended for truck and van deliveries is still being constructed. (See, “Government ready for Boracay Island’s reopening. But are we?” in the BusinessMirror, October 7, 2018.)

Romulo Puyat has said October 26 is only the island’s first-phase reopening, with its second and third phases to be on April 26, and December 26, 2019.

President Duterte has also ordered carrying capacity studies to be made for other key destinations including Siargao and El Nido, but stopped short of ordering their closures. (See, “Spoilers in paradise,” in the BusinessMirror, September 22, 2018.)

‘Trabaho’ bill could cost local firms ₧298B–Peza Continued from A1

A ssociation of the Philippines (Ejap) awards on Wednesday night.

“In 2016 [it was] P265 billion [and] in 2017 [it was] P298 billion. That could be at risk if our exporters move out of the country [due to the Trabaho bill],” she added.

Given this, Plaza urged domestic firms to join their side—economic zone administrators and locators—in opposing the passage of the Trabaho bill.

The Philippine Chamber of Commerce and Industry, the country’s largest business network, is in support of the Trabaho bill, primarily due to the lowering of CIT. Apart from this, PCCI also wants the government to rationalize tax perks in favor of a level playing field for all businesses.

“The rationalization of fiscal incentives will ensure that both big and small businesses compete on a level playing field and, at the same time, remove redundancies and improve inefficiencies in terms of fiscal collection, effectively strengthening the government’s fiscal position,” PCCI said in an earlier statement.

“Another key aspect of Trabaho is the

modernization of our revenue collection agency, which will make it easier for small taxpayers to file and pay their taxes. These changes are crucial in solidifying our economic fundamentals and in speeding up economic transformation,” it added.

Plaza admitted she no longer expects the Department of Finance to listen to her disapproval of the Trabaho bill, so she will head straight to Malacañang to talk to President Duterte.

The Peza chief believes the President will listen to her given the possible implications of rationalizing incentives, such as thousands of job losses as estimated by industry leaders.

“Now I asked for time to really talk to him [Duterte] because I still hope that the President will understand, especially now with the inflation caused by the excise taxes that we imposed in TRAIN [Tax Reform for Acceleration and Inclusion],” Plaza said.

The tax measure will lower CIT gradually down to 20 percent in 2029 from 30 percent.

At the same time, it will remove a handful of tax perks that locators deem crucial in their decision to operate here.

Meanwhile, CNT readers also voted for El Nido Resorts’ Pangalusian Island as ninth among Top Resorts in Asia for 2018. “The most luxurious of El Nido Resorts’ four Palawan archipelago properties with 42 villas laid out along a white-sand cove facing the emerald Bacuit Bay on the South China Sea…. Your luxurious hideaway is a launchpad to the island biosphere gloriously featured in The Bourne Legacy.

With scuba courses and access to more than 20 dive sites, as well as boat tours of mangroves and secret lagoons, you could spend all your time exploring, but the resort makes it equally tempting to stay put.

There is a reef for snorkeling, 25 kayaks for guests’ use, and a seemingly endless choice of lounging options.” Pangalusian landed second in the Editors’ Picks for their Gold List 2018 published last December.

Amanpulo in Pamalican Island, Palawan, known as the playground of the Philippines’s elite and a favorite getaway by Hollywood celebrities, was ranked 25th among top resorts in Asia. The magazine said, “The trick here is to do nothing but stylishly: villas come with their own private chef and butler, and while you may not actually brush shoulders with the likes of Bill Gates, Tom Cruise or Beyoncé, you’ll know that you are as much as a star as these regulars.”

BSP. . .

Continued from A1

Growth optimism

GUINIGUNDO said he remained optimistic about the country’s economic growth prospects, citing increasing productivity and the government’s infrastructure spending. Gross domestic product growth slowed to a three-year low of 6 percent in the second quarter, with the government set to report third-quarter data on November 8.

“Even if you have the impact of the 150-basis-points tightening of monetary policy, I think we should have some cushion or counterweight in terms of government spending on infrastructure,” he said.

President Duterte has started a $170-billion program to upgrade the nation’s dilapidated airports, roads and bridges.

The Central Bank expects greater stability in the currency in the fourth quarter as remittances from overseas Filipinos come in ahead of the holidays.

Asked to comment on the perception that officials acted too late and now have to do more to curb inflation, Guinigundo said market participants and economists should look at the bigger picture.

“This is a manifestation of tyranny of the market” as monetary policy can’t be used to solve supply issues, he said. Bloomberg News

The Regions BusinessMirror

www.businessmirror.com.ph

Two Iligan City traders nabbed for ‘hoarding’

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By Jasper Emmanuel Y. Arcalas

@jearcalas

HE government has seized 40,000 bags of rice in four warehouses and arrested two Iligan City-based traders who were allegedly hoarding the stockpile, according to the Department of Agriculture (DA).

Agriculture Secretary Emmanuel F. Piñol said an interagency government group made the successful operation on October 11. The two traders, a Filipino-Chinese and a Taiwanese, would be charged with hoarding, profiteering and involvement in cartel operations, according to Piñol.

“NFA [National Food Authority] Acting Administrator Tomas Escarez said the rice stocks of Filipino-Chinese businessman Sonia C. Payan and Taiwanese trader Jhonny D. Tan kept in four warehouses in Iligan City were seized by the government,” he said in a Facebook post.

“Escarez said the documents in the possession of the two traders were inconsistent with their stock inventory and appeared spurious prompting the NFA to order the seizure,” Piñol added.

Citing Escarez, the DA chief said Payan and Tan are the first people to be

arrested in the administration’s intensified campaign against rice hoarding.

“The arrest of the suspected hoarders and the seizure of the rice stocks was the first major accomplishment of the government team involved in the campaign against rice hoarding,” Piñol said.

The interagency government team against rice hoarding, cartel and smuggling is comprised of members of the National Intelligence Coordinating Agency, the National Bureau of Investigation, the Bureau of Customs, the Philippine National Police, the Philippine Ports Authority, the Philippine Coast Guard, NFA and the Departments of Labor and Employment and of Trade.

Crackdown

IN a statement on Thursday, the National Movement for Food Sovereignty (NMFS)

urged the government to strengthen its crackdown on unscrupulous traders to shield farmers from unfair rice trade.

“To reduce price speculation and uncontrolled rice price spikes, the government should make good at going after and prosecuting unscrupulous traders,” the NMFS said. “Giving them more economic clout by allowing them to export any volume is tantamount to protecting and encouraging their nefarious and profiteering activities.”

The NMFS argued that flooding the market would not be sufficient to bring down the high retail prices of rice. It explained that price manipulation by big traders and cartels is big a factor to price spikes.

As an example, the group cited the 2008 to 2009 rice crisis, wherein the government’s importation of about 2 million metric tons (MT) was not enough to reduce the prevailing retail prices that have risen to P40 per kilogram from P30 kilogram (kg). “[Minimum access volume] imports of around 600,000 MT in 2016 and 888,000 MT in 2017 have not even driven domestic prices down at P41.72 per kg and P42.55 per kg in 2016 and 2017, respectively, for well-milled rice, suggesting that supply and demand is not the only determinant of price,” it said. “[Pieces of evidence] point to price manipulation of traders and cartels often lead to price spikes that affect the welfare both of producers and consumers,” the NMFS added.

Food chain launches branding of Davao resto

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AVAO CITY—A food chain that already broke the Luzon market turned to branding to upgrade its upscale restaurant here and draw in the money-spending yuppies and millennials.

The Antonio’s Bar and Grill is now called simply the Antonio’s with a new twist in its line up of food menu.

Chuck Allie Gepaya, marketing manager of the Blue Post group of food stores and restaurants, said it pulled out some food items that did not sell well during the last

12 years of operation, and added three more, all still all-time Filipino favorites: the crispy pata-karekare combination, the sotanghon and the lechon kawali.

“We’d go to the social media also to tickle the gourmet appetites of the millennials with our branding of ‘progressive Filipino fare,’” he said.

“Of course, the Antonio’s is still the family and friends’ meal destination and with still a strong array of food offering in between meals,” he added.

The food outlet has maintained its supply contact with local vegetable farmers and livestock raisers to ensure fresh stocks daily, he added.

The Antonio’s would also tender soon its franchising offer.

The Antonio’s is one of the three chain of food outlets under the Blue Post group, and includes the Boiling Crabs and Shrimps, which has outlets in Metro Manila and some parts of Luzon and the Union Market. Manuel T. Cayon

Navy activates Rio Hondo station in Zamboanga City

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HE Navy is beefing up its current stations by activating another command post in Mindanao under its ongoing capability upgrade and modernization program.

The Naval Station Rio Hondo at Barangay Rio Hondo in Zamboanga City was activated on Tuesday under the operational jurisdiction of the Naval Forces Western Mindanao.

Rear Adm. Rene Medina, commander of the Naval Forces Western Mindanao, said Rio Hondo is manned by various Fleet-Marine operating units from the Navy.

This includes the Naval Special Operations Unit 1 (NAVSOU 1), Combat Service Support Brigade (CSSBde), Inshore Boat Battalion (IBBN), Naval Air Unit-Western Mindanao (NAU-WM) and members of the Marine Battalion Landing Team 1, Naval Task Force 61 and Naval Forces Western Mindanao Headquarters Support Group.

The activation of the station was graced by Navy Vice Commander Rear Adm. Rommel Jude Ong. Other military and civilian officials, including Zamboanga City Mayor Maria Isabelle Climaco-Salazar, were also present.

Medina said the naval station Rio Hondo was built to stand guard to the city following the infamous Zamboanga City siege on September 9, 2013.

“This project came as a result of the city’s efforts to maintain peace and security, following the siege where hundreds of Moro National Liberation Front rebels came into the city and infiltrated several coastal villages in the attempt to hoist their flag in the city’s seat of government, the Zamboanga City Hall,” the Naval Forces Western Mindanao said.

Medina said that Rio Hondo will make a difference in addressing the security and order of Zamboanga City for it will serve as a “FleetMarine force projection” on the south eastern coastline of Zamboanga City. Rene Acosta

GLAN FLOAT A boat-themed float parades around the town of Glan in Sarangani as part of the

celebration of its 104th municipal founding anniversary and 19th Lubi-Lubi Festival. The boat depicts the ship that carried the first Christian settlers called Colonos, the pioneering migrant batch of Colony No. 9 from Cebu on October 8, 1914, that cultivated the settlement that was then part of the American-era Empire province of Cotabato. Situated on the easternmost coast of Sarangani, Glan is acknowledged as the Soccsksargen region’s coconut capital. PHOTO COURTESY OF THE LOCAL GOVERNMENT UNIT OF SARANGANI

LGUs told to adopt local FOI system

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HE Department of the Interior and Local Government (DILG) has directed local government units (LGUs) to adopt a system that will ensure transparency consistent with President Duterte’s executive order on freedom of information (FOI).

With the FOI fully working at the national level, it is now the turn of LGUs to adopt a system of giving the public access to information at the local level, the DILG said in a statement.

The DILG and the Presidential Communications Operations Office (PCOO) recently issued a joint memorandum circular encouraging LGUs to operationalize the people’s right to information and state policies of full public disclosure and

transparency in the public service by enacting an ordinance or issuing a local chief executive’s order on FOI. “Let us be a part of the movement to eliminate corruption at the local level.

Freedom to access information in the LGUs is freedom from corruption,” DILG OICSecretary Eduardo M. Año said.

Año explained that with the disclosure of information concerning the undertakings of the local government, a potent check and balance system can be established, hence, empowering the people and promoting participatory governance.

“If a local government has nothing to hide, opening up local information for public consumption would not be an issue,” he added. Jonathan L. Mayuga

Editor: Dennis D. Estopace • Friday, October 12, 2018

A9

A10 Friday, October 12, 2018 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Some business history

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HE record of human history is a timeline marked with significant events. We take these events as milestones as the march of nations and even civilizations progress. We teach these to our children as a way to connect to the past.

However, most are related to war or some aspect of the government and politics. We remember the Battle of Manila as the Philippines fought for independence from the United States. We commemorate the Bataan Death March when thinking of World War II. The Plaza Miranda bombing and 1986 People Power Revolution are an indelible part of Philippine history as is the assassination of John F. Kennedy and “9/11” in the US. But an equally important part of history is found in the world of business and commerce, even though there are no national holidays to observe these events.

As of the first quarter of 2018, 1.45 billion users visited Facebook daily. How many are aware that its web site was launched on February 4, 2004? A certain company was founded on August 29, 1997, and today 15 percent of all global Internet traffic goes through Netflix Inc. The events of business are as critical to our history as all the other important events. Can we measure the difference in the significance of December 7, 1941 and September 15, 2008? The Japanese Imperial Navy bombed Hawaii plunging the world into war. The collapse of financial institution Lehman Brothers plunged the world into near financial collapse and froze the global banking system.

Sears, Roebuck and Company, usually known as Sears, is an American chain of department stores founded by Richard Warren Sears and Alvah Curtis Roebuck in 1892. Sears’s father lost the family fortune in the stock market and he was forced to take a job as a railroad station agent. One time, a local jeweler received a large shipment of watches that he did not want and Sears bought them, selling to his co-workers for a big profit.

He teamed up with Alvah C. Roebuck, a watch repairman, and published his first mail-order catalog, offering watches and jewelry.

Five years later they established another mail-order company selling everything from sewing machines to automobiles. Rural farmers were at the mercy of local stores where prices were “negotiated.” Sears catalog posted fixed prices. At the peak, the catalog was 532 pages.

From the 1920s to the 1950s, Sears Inc.—now a public company— built many urban department stores to function also as warehouses for their rural mail-order business. By 1993 the company stopped its catalog sales and devoted itself to brick-and-mortar locations.

Sears Holdings Corp. is expected to file for bankruptcy in the coming weeks.

Amazon.com Inc. is an American electronic commerce company, founded by Jeff Bezos on July 5, 1994. After reading a report on the potential future of Internet marketing, Bezos created a list of 20 products that could be marketed online. He finally decided that his new business would sell books.

With 180,000 employees, Amazon now has about a 5-percent share of US retail spending.

Amazon has effectively put book retailer Barnes and Noble “out of business.” Major pharmacy retailers have lost $12.8 billion in stock-market value since Amazon entered the sector. Sports apparel retailers are in “intensive care” as Nike shoes announced it is now selling on Amazon.

Major department stores Costco and Macy’s are losing ground every day. And now Sears will soon be gone, beaten by the same business model of “direct mail-order sales” they created 100 years ago.

Since 2005

BusinessMirror A broader look at today’s business

Make it an ‘#electionissue’ James Jimenez

SPOX

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Y the time this sees print, we should be on the second day of the period for filing certificates of candidacy for the 2019 midterm elections. The time to think about who you’re voting for is running out fast. Unfortunately, that decision—perhaps one of the most important you will ever face—isn’t easy to make, especially with so much collateral noise in the air. This makes it important for voters to take the time now to identify those issues that will frame the elections for them. And because elections are won by the greatest number of votes, it is equally important that individual voters are able to rally others to their causes; to reach out to the undecided and convince them that some things ought to be ignored, while others should be made an #electionissue.

Make traffic an #electionissue.

For people relying on wages, daily traffic can mean they get to work late and likely lose some of their pay because of it. People who drive jeepneys and taxis have to drive longer hours just to break even; in all likelihood, corners are cut in maintaining these transport utility vehicles, making them every day

‘Amnesty bestows mercy on both sides’

✝ Ambassador Antonio L. Cabangon Chua

Sonny M. Angara

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T. Anthony C. Cabangon Lourdes M. Fernandez

more unfit to ply the roads—unsafe for both the riding public and the environment. Think about it: Congress recently passed a telecommuting law. The principal author of the bill is reported to have said that the measure was timely in light of the worsening traffic situation in Metro Manila. That’s great, but only for those whose work can actually be

done from home. Traffic, however, cuts across all demographics and, if anything, those who can benefit from telecommuting probably work better paying jobs than those for whom that solution simply doesn’t apply. So why aren’t we talking about traffic as an election issue?

Why is the national conversation—such as it is—about traffic almost exclusively revolving around pie-in-the-sky solutions that have no hope of impacting our lives right now, when the problem they are supposed to solve is most acute? Why aren’t our elected officials putting systematic and sustainable solutions on the table? Why are we being asked to accept nice-sounding solutions that, to be honest, do little more than shunt the real issues to the side? The fault lies not only in our superstars, but also in ourselves that we are only crawling through the streets. Make traffic an #electionissue and demand that whoever wants our vote ought to show us a way out of this mess, rather than just preening and reminding us that they are good-looking, wealthy or well-connected.

Traffic is just one #electionissue.

There are many things to talk about before we head to the polling places

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N his Theory of Moral Sentiments, the great economic philosopher Adam Smith wrote, “Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes and a tolerable administration of justice....”

Does peace reign over the Philippines? Is the administration of justice tolerable? Those are for another column. But determining whether paying taxes in our country is easy?

It’s anything but.

Our government may be troubled by low collections, tax evasion and general noncompliance—prompting such crackdowns as the Run After Tax Evaders program of the Bureau of Internal Revenue. But the blame does not fall only on those who renege on their obligations, especially since many are encumbered by a convoluted, inefficient and corruptionprone system.

For instance, PwC’s 2018 Paying Taxes report revealed that in the Philippines, it takes 182 hours and up to 20 payments for a taxpayer to comply with their obligations. In contrast, it only takes 105 hours and

11 payments in Australia; 72 hours and three payments in Hong Kong; and 64 hours and five payments in Singapore.

In theory, bureaucracies exist for noble purposes. In practice, however, they’ve been used for ignoble ends.

And the continuous exposure to a nonresponsive—and at times, predatory—system has eaten away at the trust, and more important the hope, that people have in their government and its policies.

A 2004 seven-country survey by the Center for Research in Economics, Management and the Arts in Switzerland showed that the Philippines has very low “tax morale”— or the intrinsic motivation one has to pay and comply with their taxes.

When asked if they agreed that all tax evasion is never justifiable, 96 percent of respondents from Ban-

gladesh, 80 percent from Japan, 79 percent from China, 77 percent from India, 71 percent from South Korea, and 63 percent from Taiwan said yes.

In the Philippines, however, less than 40 percent (38.2 percent)—or 2 out of 5—agreed with the statement.

Such tax morale problem is exacerbated by the lack of manpower and institutional capacity in our revenue agencies like the Bureau of Internal Revenue. Note that since 2014, up to 11,000 plantilla positions in the BIR have yet to be filled. This explains why of the hundreds of tax-evasion cases handled by the BIR since 2010, only six have actually resulted in conviction.

All these considerations prompted us to sponsor in the Senate earlier this week Senate Bill 2059, calling for a general tax amnesty. We hope that not only will such amnesty give taxpayers a chance to adjust to the new rules that were put in place last year, but also to lighten the load of an overstretched BIR so that they can focus on their main mandate of collection.

The proposal shall cover tax obligations for year 2017 and prior in three major areas—Estate Taxes, General Taxes and Delinquent Accounts.

For a reprieve on their estate-tax obligations, taxpayers will be asked to pay 6 percent—the new rate under the new rules—on the decedent’s total net estate.

in 2019. Some issues will be national in scope, properly addressed to candidates for senator or party-list representative. But others—most—will be closer to home, which we can take up with local candidates. The point is that there is no shortage of things we can take candidates to task for. Do not fall victim to the thinking that says only one thing is to blame for all our ills, or that solving this one issue will solve everything.

Neither should you be misled by people who tell you to ignore very real concerns and instead insist that you join them in picking at the scabs of old and discredited grievances— while ironically refusing to accept any answer that doesn’t validate their preconceived notions—which, upon even the most cursory inspection, are very easily revealed to be only about personalities rather than actual issues.

For as long as I can remember, Philippine politics have been like that—personalities always taking center stage, regardless of how the spinmasters try to convince us otherwise. This time, let’s do it differently; this time, let’s make the 2019 elections about real issues for once.

So what’s your #electionissue?

They will also be allowed to pay at a 5-percent rate for all national internal revenue tax obligations, including value-added tax and excise taxes collected by the Bureau of Customs. Early birds will be given discounts.

Those with delinquent accounts will also be given amnesty. They will be asked to only pay from 40 to 60 percent of the basic tax due given certain conditions.

To complement the privileges granted to taxpayers, the Department of Finance and other revenue agencies will be further empowered to aggressively go after those who still refuse to comply. An information management system will be established so that the agencies involved can have better use of the relevant information declared or obtained.

There will also be the automatic exchange of information between the BIR and the respective tax authorities of up to 43 partner-countries.

The writer Victor Hugo once wrote, “Amnesty is as good for those who give it as for those who receive it.

[Amnesty] has the admirable quality of bestowing mercy on both sides.”

Hopefully, all sides will be given a fresh start.

Sen. Sonny M. Angara was elected in 2013, and is now the chairman of the Senate Committees on Local Government, and Ways and Means.

E-mail: sensonnyangara@yahoo.com|Facebook, Twitter & Instagram: @sonnyangara.

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Opinion

The heart of holiness

Teachers, they teach us by being teachers

BusinessMirror

Rev. Fr. Antonio Cecilio T. Pascual

Tito Genova Valiente

SERVANT LEADER

ANNOTATIONS

E completely humble and gentle; be patient, bearing with one another in love” (Ephesians 4:2).

As we welcome the incorrupt heart relic of Padre Pio, let us also welcome his love for God in our own heart. Let the heart of Padre Pio remind us that our Lord is always with us especially in times of loneliness and suffering.

YLENE DURANTE was a teacher. With her home some 44 kilometers away, Mylene slept inside the school in Barangay Oringon, Pio Duran. That night, at 11 p.m., in the Principal’s office, Mylene was stabbed to death. She may have been raped also.

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As children of God, we should live with faith so that our hearts will be purified and the Holy Spirit will replenish our souls. Like Padre Pio, let us always consecrate our life to God and communicate with Him through prayers.

However, in order to communicate with God properly, let us repent of our sins and put away any kind of hatred and anger in our heart, and let the value of love, compassion, mercy and generosity take place as we pray.

Let us ask for His forgiveness so that we may also see His grace and will be able to forgive ourselves and our brothers and sisters.

Let the heart of Padre Pio touch us so that we will be able to live with faith and be united with the Father.

Let us live together with God in the Kingdom by having an incorrupt heart like Padre Pio, who offered himself and lived in simplicity.

“Whatever you do, work at it with all your heart, as working for the Lord, not for men” (Colossians 3:23).

Devotees may visit and pray before the incorrupt heart of Padre Pio in various locations on different schedules: October 11-13: Cebu Cathedral; October 14-16: Davao Cathedral;

October 17: San Sebastian Cathedral, Lipa City, Batangas; October 18-26: National Shrine of Saint Padre Pio, Santo Tomas, Batangas (Round the clock veneration and confessions); and October 26: Concelebrated Mass at 9 a.m. (Farewell liturgy, and departure and motorcade to the Naia).

My dear brothers and sisters in Christ, let us all open our hearts for God’s grace and blessing. Let Padre Pio’s simplicity, humility, and faith, inspire us and strengthen our communication with God through our prayers.

May the incorrupt heart relic of Padre Pio remind us that God is the Way, the Truth and the Life. And may it give us the courage to repent of our sins and accept the grace of the Father through the Holy Spirit.

To know more about Caritas Manila, visit or follow us on Facebook: CaritasManilaInc. For your donations, please call our DonorCare lines 563-9311, 564-0205, 0999-7943455, 0905-4285001 and 0929-8343857. Make it a habit to listen to Radio Veritas 846 in the AM band, or through live streaming at www.veritas846.ph and follow its Twitter and Instragram accounts @veritasph and YouTube at veritas846.ph. For comments, e-mail veritas846pr@gmail.com.

Joke bond tells us nothing about China’s debt risk

By Shuli Ren Bloomberg Opinion

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HAT a difference a year makes. Twelve months on from the fanfare that surrounded China’s first dollar bond sale since 2004, its return to the market is a reminder of how fickle the nation’s policy-making can be.

Optimism was in the air when the finance ministry sold $2 billion of notes in October 2017. Quasi-sovereigns such as State Grid Corp. of China saw their dollar securities rally even before the official road show. The hope was that the ministry’s new bonds would establish a sovereign benchmark yield curve and lower the cost of overseas borrowing for state-owned companies. The sale ended up pricing at a spread closer to bonds of AAA-rated Germany than the A+ countries such as Japan with which China shared a rating.

Fast forward to now. State Grid’s bonds have been unable to halt their decline since September 28, when Bloomberg News’s Carrie Hong reported plans for a $3-billion sovereign dollar sale.

There’s no more appetite for bonds issued by China Inc. To go by the ministry’s road show presentation, everything is blue sky. Bank for International Settlements data show that China Inc.’s leverage ratio rose only 0.4 percentage points to 255.7 percent last year, meaning that it’s been “effectively controlled,” the ministry said.

That’s anything but the reality. President Xi Jinping’s deleveraging campaign has gone into reverse. Says who? The Basel-based BIS, the same authority quoted by the finance ministry. The turnaround has halted defaults, making it harder to assess the true level of risk for China’s borrowers.

This was predictable. The drive to control debt championed by Xi at the 19th Communist Party Congress in October 2017 turned into a clumsy operation. China’s 10-year government bond yield climbed quickly after Congress, breaching 4 percent in November.

Traders flew into a frenzy, worrying that Beijing’s bureaucrats would follow the top-down directive too earnestly and

open the floodgates for defaults.

We questioned then whether soaring borrowing costs were bearable for indebted state-owned enterprises. Sure enough, by May, we started to see a string of defaults, including one by a local government financing vehicle, or LGFV, in Inner Mongolia.

By June the government appeared to have made a U-turn, after Washington blindsided Beijing with a 25-percent tariff on Chinese imports (the two sides had issued a positive-sounding joint statement days earlier). Payments by debt-strapped LGFVs, including those in technical default, have since been quickly settled. So far, investors haven’t lost money.

But traders also worry when there are no defaults. China has an array of ticking time bombs. LGFVs, the off-budget shell companies that did much of the infrastructure work for municipalities, have amassed at least 30 trillion yuan ($4.3 trillion) of debt, estimates HSBC Holdings Plc. These entities started issuing bonds in 2015, and repayment pressure is building.

Mea nwh i le, a n i nten se cost squeeze has gripped China’s corporate sector, from the soaring prices of oil and rentals to social-security contributions. A staggering 1 trillion yuan of pledged-share loans due in the second half could also spell refinancing trouble for companies.

External factors are biting hard.

The US Federal Reserve has raised rates four times in the past year. Some of the $1.6-trillion invested in emerging-market dollar securities will return to US shores. The escalating US-China trade war will also dent sentiment toward Chinese assets.

To be sure, Beijing will have no trouble selling its $3 billion of bonds—a tiny amount for a $12-trillion economy. Global fund managers that track JPMorgan Chase & Co.’s emerging-markets bond indices will have to buy. Any excess will be swept up by state-owned asset management firms eager to please Beijing.

But this sale, just like last year’s, is a joke. No serious investor will use the issue as an anchor to assess what China Inc.’s real cost of capital should be.

Friday, October 12, 2018 A11

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Reports said the teacher was allowed to spend the night in the school for economic reasons—her home was far and the site where the school is located is in a remote, upland barangay. The school could be reached only by walking or by means of habal-habal, a motorcycle fitted with seats to accommodate more passengers.

With the teacher were two Grade 6 pupils who volunteered to accompany Mylene for the night. The two girls suffered minor injuries and were taken to a nearby hospital. The pupils were the one who identified the suspect, a 17-year-old high-school student in another barangay high school.

Abdon Balde, an Albay-based multi-awarded writer and local historian of note, posted the news and with it the demand for “localization.”

This means that a teacher who lives in the locality gets to teach in the locality.

Balde, a champion of local languages, spoke mainly of the mother tongue-based education (MTBE), as the reason for the urgency in localization. Balde cites that when a teacher is teacher in his or her own town or community: “1. There is no need to adjust to a new dialect or language because the students shall have a common mother tongue; 2.

The teacher need not waste a lot of time and effort and money in traveling to a school that is so far away from home.”

The writer mentions many more logical and reasonable reasons for localization, among these is the impact of the teacher being “truly embedded in the culture of his or her own community and, therefore, knowledgeable about the culture of the people and the history of the place.”

Posted online on Facebook, the comments elicited more comments.

Fellow teachers spoke of the difficulties of travel because, usually, when

the teacher is not assigned to her own place, she is ultimately placed in villages that are distant and isolated. Lolit Callos’s observation in her language should be quoted: Kadalasan po…yung mga baguhan...tinatapon doon sa remote areas...siempre walang choice. (Very often, the newcomers are thrown to the remote areas, and they have no choice).

Irvin Parco, another writer and a teacher in an elementary school, cites education officials who would ridicule those assigned in far-flung areas by asking them to magharungharong na lang (to just build their own small homes there, meaning to fend for themselves as there is nothing else that could be done.)

Sad and tragic are two words that teachers and nonteachers alike are voicing out in response to this evil event.

Evelyn Autor, a book author and teacher, laments how such a violent action could happen to a teacher.

Teachers, for all their shortcomings, are generally trained to be genial and kind. Or, they communicate a personality that is welcoming.

Whether this is a façade or an exercise in personal psychology does not matter. What is important is teachers put up a character that is conducive to the formation of young minds and for education.

For every cruel teacher whose abrasive actions are monitored and judged upon, I can cite a hundred and thousand whose notions of sacrifice and selflessness are stellar and beyond question.

Along E. Rodriguez, in Quezon City, can be found a lonely spot, an old mansion. It is called QI or Quezon Institute, an art-deco building designed by Juan Nakpil, National Artist for Architecture. A portion of the lot was already sold to Puregold and the huge land on which the building is has become a coveted real estate.

Inside the Quezon Institute is a Teacher’s Pavilion, a ward devoted to teachers with respiratory ailments.

It sounds noble and even commendable how an institution meant to combat tuberculosis could set aside a place, a ward for a particular profession. What that pavilion hides, or not hide, is the fact that teachers do suffer because of that chosen profession.

Along the Teacher’s Pavilion can be found stories that are heartbreaking because they are heroic. Listen to one teacher who had to rush to her classroom to protect the educational devices from the storm. When she reached home, she had a fever, which soon developed into a respiratory affliction. There are more and we have no resources to answer their needs. We only have ourselves and the time we can set aside to visit these teachers.

Soon, the Quezon Institute may be acquired by a corporation and transformed into a breathtakingly lovely mall. It is said that corporations that offer to acquire the prime lot promise to retain the old and heritage-compelling architecture.

Good for the history of architecture but we wonder, what will happen to the teacher and their Pavilion? Even as I write this, I may be writing of a place that does not exist anymore.

Along the lonesome streets in rural Philippines we pass by schoolbuildings that can go easily. They are not architectural wonders and we often ask, what happens in those classrooms. We need not inquire

what these pupils learn. In a very poor country, for people to learn how to read and write is enough.

Teachers do these acts—the moment when boys and girls begin to recognize the alphabets and count the numbers. These teachers teach in places where there are no elegant canteens, where rooms are not airconditioned. These teachers do not need medals of valor; they need safety and protection and that extra money to enjoy what simple life has to offer.

And so, Mylene Durante is dead.

Murdered. She has left two children.

It is said she protected her two pupils from the assailant and were thus able to escape.

We will light candles and offer prayers. Those are necessary rituals we have learned in our faith.

In her wake, there will be words of consolation. For the school officials, the world will reserve the speeches of commendation. Some of us will even attempt to raise funds for her.

These acts are good.

But, Irvin Parco pleads that we stop calling teachers “the new heroes.” Those must be the plea of the other teachers, as well.

Let us call our teachers human beings. They need the basic protection and respect from us. The medals?

They should be reserved for the officials of the Department of Education.

Given the state of education around us, these officials truly deserve the gold, the silver and the bronze.

E-mail: titovaliente@yahoo.com

In new slap at China, US expands power to block foreign investments

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By Alan Rappeport | New York Times News Service

ASHINGTON—The Trump administration said on Wednesday that it would more aggressively police foreign investment in the United States, outlining a rigorous review system that is aimed primarily at preventing China from gaining access to sensitive US technology.

The investment restrictions will allow the United States to block a far wider array of foreign transactions that are deemed a threat to national security, including minority stakes and joint ventures in technology, telecommunications and other cutting-edge companies.

While Congress passed the expanded review system into law this summer, the administration signaled that it would apply its new authority very broadly and would review any foreign transaction involving a business that designs or produces technology related to 27 industries, including telecom, semiconductors and computers. Foreign investors will be required to submit declarations notifying the panel of their intentions when making a bid and could be assessed a fine up to the value of the transaction if they fail to comply.

The toughened investment regime will apply to all countries but is aimed largely at China, which President Donald J. Trump has accused of trying to gain access to valuable US technology through nefarious means. The White House has criticized China for trying to obtain trade secrets by investing in US companies, pressuring domestic firms doing business in China to hand over intellectual property and committing outright cyber espionage.

On Wednesday a Chinese intelligence official was arrested in Belgium and brought to the United States to face espionage charges, further escalating the China crackdown. Law-enforcement officials said the official tried to steal trade secrets from GE Aviation.

The administration has already taken several steps to stop Beijing from harnessing US technology in critical sectors, such as the next generation of 5G wireless technology, and to thwart China’s strategic plan to dominate cutting-edge industries, known as Made in China 2025. It has imposed tariffs on $250 billion worth of Chinese goods as a form of punishment and has threatened to tax all Chinese imports if Beijing does not change its trade practices.

But the foreign investment review takes things up a notch and threatens to exacerbate tensions between the world’s two largest economic powers, which have engaged in a tit-for-tat trade war and increasingly harsh exchanges about each other’s policy and approach.

Chinese officials canceled a trip to Washington late last month to resume trade talks after Trump moved ahead with a second round of tariffs. On Monday China’s foreign minister, Wang Yi, chided the Trump administration for

“ceaselessly elevating” trade tensions and “casting a shadow” over relations between the two countries. Secretary of State Mike Pompeo, who was visiting Beijing for talks, said the United States had a “fundamental disagreement” with China on the issues that it raised.

The Treasury Department said on Wednesday morning that it would begin a pilot program using new powers under the Foreign Investment Risk Review Modernization Act. The law expanded the purview of the Committee on Foreign Investment in the United States, or CFIUS, an interagency panel led by the Treasury Department that can block acquisitions on national security grounds, and the department is moving swiftly to take advantage of its new tools.

Until now, only takeovers and controlling stakes in US companies could be reviewed. Under the pilot program, CFIUS will be able to review a wider array of deals, including joint ventures and investments by foreigners in US businesses making technology deemed critical for national security reasons.

Beginning on November 10, the panel can review—and block—a deal if a foreign investor takes a stake in a business that makes sensitive technology and if that investor gains potential access to nonpublic technical information or can engage in substantial decision-making over the company, such as getting a board seat.

In a briefing with reporters on Tuesday evening, senior Treasury Department officials emphasized that the program would not be focused on China and would apply to any foreign investors.

The new law, which passed with

bipartisan support, gave the Treasury Department 18 months to develop rules governing the new powers, but the program announced on Wednesday will allow it to be put in place more quickly.

“These temporary regulations address specific risks to US critical technology while informing the development of final regulations that will fully implement FIRRMA,” Steven Mnuchin, the Treasury secretary, said, referring to the Foreign Investment Risk Review Modernization Act. China has increasingly been looking to invest in high-tech industries in the United States. According to data from Public Citizen, a liberal advocacy group and think tank, 56 percent of Chinese investments in the United States last year were in industries that Beijing defines as “strategic,” such as aviation, biotechnology and new-energy vehicles—up from 25 percent in 2016.

But the administration’s trade measures have already chilled Chinese investment in the United States, which fell more than 90 percent from the first half of 2017 to the first half of 2018, to its lowest level in seven years, according to tracking by Rhodium Group.

Nicole Lamb-Hale, head of the CFIUS advisory practice at the risk-management firm Kroll, said that the global nature of the new pilot program could have a chilling effect on businesses seeking foreign investment and that it would create additional hurdles for transactions. However, she acknowledged, with recent reports that Chinese spies have been using chips to infiltrate US companies, there is greater urgency to protect American intellectual property.

Companies BusinessMirror

Editor: Efleda P. Campos

Friday, October 12, 2018

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PSEi sinks lowest in almost two years

By VG Cabuag

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@villygc

HARE prices plunged anew on Thursday, with the main index sinking further into the bear territory, last seen in June.

The benchmark Philippine Stock Exchange index (PSEi) fell 116.76 points to close at 6,884.38.

Thursday’s close was now the lowest for the year and was a 24-percent drop from its peak. The last time the main index touched the level was on January 3, 2017, when it closed at 6,861.31.

“Philippine shares felt the onslaught of regional markets, as equities were sold down on higher volumes,” said Luis Limlingan, managing director of Regina Capital and Development Corp.

Stock markets in the United States tumbled overnight, at more than 800 points, on fresh concerns

about the impact of the trade war with China.

The main Philippine index on Wednesday went again to the bear territory, a technical term that occurs when an index falls below 20 percent from the top. The PSEi’s top close was at 9,058.62 on January 29, 2018.

The main index sank as low as 6,790.58 during Thursday’s trading before bargain hunting crept into the market.

Total trades were at 1.03 billion shares valued at P5.42 billion.

All other subindices were down, led by the All Shares index that bled 57.49 to 4.241.25. The Holding Firms index shed 155.05 to 6,690.71; the Mining and Oil index lost 8,550.51;

5 more firms want to partner with PNOC for 1st LNG hub

By Lenie Lectura

@llectura

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ORE firms have expressed i nterest to partner with the Philippine National Oil Co. (PNOC) to develop the country’s first liquefied natural gas (LNG) facility.

PNOC President Reuben Lista said five more firms are expected to submit soon their respective solicited proposals.

“The group of Chevron, NYK, Jera accompanied by an Americ a n consu l represent i ng a n American firm, called PNOC and expressed their interest. In Russia, two companies expressed interest with a possible third as a supplier,” Lista said.

Last month Lloyds Energy Group of Dubai also expressed interest to partner with PNOC. Officials of Lloyds Energy, including Chief Operating Officer David Howe and Executive Director Brett Wight met with Lista to express Lloyds Energy’s interest in pursuing several major projects with the PNOC to enhance and strengthen their relations through the establishment of joint-venture agreements and maximize the potential of their expertise and capabilities to develop the LNG industry in the

Philippines, the company said.

PNOC earlier said that under the solicited scheme, it would open the tender to foreign and local firms, starting with the prequalification tender schedule within the month, with the selection streamlined to ensure the project will reach commercial operation before the end of the service contract for the Malampaya gas consortium in 2024.

Lista said the prequalification guidelines will be out soon.

Lloyds Energy, together with China Kaicheng Energy Ltd., has a proposal for the development and construction of an integrated LNG hub with storage, liquefaction, regasification and distribution facility, as well as a power plant capacity of 200 megawatts (MW) to 800 MW. Aside from the LNG project, Lloyds Energy said it will also pursue other projects with the PNOC, particularly in the development of LNG facilities, oil reserves and the training of Filipino manpower for work in LNG industries in the Philippines and overseas.

The key features of the LNG project under PNOC’s solicited scheme are:

n Minimum capacity of three metric tons per annum (MPTA), equivalent to 3,000 MW to cover existing immediate needs with future increase to five MPTA; n Phased development to cope with future market developments; n Flexibility to allow Floating Storage and Regasification Unit (FSRU) in the first phase, but eventually the terminal will be land based as demand increases and to ensure greater security; n Implemented as a joint venture with PNOC to ensure public oversight of the project development and operation; and n PNOC would make site available in the Batangas area.

The LNG project is estimated to reach anywhere from $600 million to $1.4 billion.

Barring unforeseen circumstances, the tender process will be accomplished in six months, with start of construction to take immediately thereafter.

The PNOC said the solicited scheme will ensure the widest possible competition and achieve the lowest price for the country. It will also ensure the construction is on time, on the right specifications and at the right price for the country.

DOTr may give ‘original proponent status’ to 2 firms to develop Davao, Kalibo airports

By Lorenz S. Marasigan @lorenzmarasigan

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HELSEA Logistics Holdings Corp. and Mega7 Construction Corp. may soon receive the original proponent statuses (OPS) for their separate unsolicited proposals to develop and expand the Davao and Kalibo airports, as the transportation department approaches the tail end of its review process for the offers.

Department of Transportation (DOTr) Undersecretary Manuel Tamayo said the government is just waiting for Chelsea, a company controlled by businessman Dennis A. Uy, to sign an ad referendum to finalize the process.

“Basically, it has been approved. There is just an ad referendum that has to be signed.

Once signed, we can grant them the original proponent status,” he said.

Tamayo added there are some “clarifications” on the “interpretation” of the rules set under the

build-operate-transfer law, which basically spells out the provisions on unsolicited proposals.

Transportation Director for Communication Goddes Hope O. Libiran confirmed this, adding there is now a board resolution for the granting of OPS to Chelsea and Mega7.

She said the resolution is now being circulated to members of the Civil Aviation Authority of the Philippines (Caap) board for signature and concurrence.

“Please note that the DOTr and Caap have no technical objections on the unsolicited proposals. They were both presented to the Caap board for the grant of the OPS,” she said.

She noted it is the Caap that “ultimately decides whether a proponent is given an OPS.” “We’re still waiting for one more signature from the Caap Board for the grant of the OPS. Anytime we secure the one signature, we will be ready to grant the OPS both to the Davao and Kalibo

proponents,” she said.

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

Mega7’s offer, rejected due to lack of information earlier this year, entails the development of the Kalibo International Airport.

Both proponents and the transportation department have yet to make public specifics of the unsolicited offers.

Unsolicited proposals, 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 (Neda).

They 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.

and the Property index fell 74.09 to 3,423.23.

BDO Unibank Inc. was the day’s most active, but it fell P1.10 to close at P108.90. Ayala Land Inc. shed P1 to P38.50. SM Investments Corp. declined P28.50 to P850.50. Ayala Corp. dropped P18 to P882 and SM Investment Holdings Inc. lost P0.30 to P33.70.

The sell-off in the US only worsened sentiment for the Philippine stock market, which has become one of the world’s worst performers as inflation hit a nine-year high, the peso sank and the Central Bank’s response to address the situation was deemed slow.

Earnings growth at companies in the index needs to reach at least 6

percent to 8 percent for the gauge to sustain a rally toward 7,300 to 7,500, said Robert Ramos, chief investment officer of East West Banking Corp.

“The stock market has not been performing as we expected; at the same time, the currency has taken a beating,” Ramos said in a Bloomberg TV interview with David Ingles and Yvonne Man on October 10. “Foreign investors most likely will take their money and go elsewhere, where the markets are better and the currency is appreciating.”

With stock valuations now at their lowest since June 2012, Ramos cautioned against buying the dip. He expects property and infrastructure stocks to do better this quarter and into next year. The former serves as

an inflation hedge, while the latter could benefit from a pickup in government projects, he said.

“At this point, I’d be more watchful,” Ramos said.

The index could fall to 6,750 “given the lack of market-stirring positive developments,” said Manny Cruz, an analyst at Asiasec Equities Inc. “Demand seems to have dried up,” he said. “There’s continued selling from foreign funds, while there isn’t much participation from local investors as they stay on the sidelines. With US yields rising and offering better opportunities, foreign funds will continue to head for the exit, so it’s best to wait.” With Bloomberg News

Razon firm to provide electricity to Iloilo

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AZON-LED More Minerals Corp. (MMC) is set to provide electricity in Iloilo following the grant of its legislative franchise to operate electricity distribution service.

The House of Representatives voted on third and final reading on a bill granting the franchise to MMC early this week.

Panay, Iloilo, is currently being served by Panay Electric Co. (Peco). Its congressional franchise will expire on January 18, 2019.

Iloilo City residents, however, are complaining about Peco’s poor service and inefficiency.

Rep. Francis Josef Alvarez, chairman of the House Committee on Legislative Franchises, said the committee members could not rec-

oncile Peco’s ability to declare dividends amid mounting complaints from its customers.

“The committee, after a careful deliberation, decided that we cannot tolerate continued abuse of the congressional franchise as shown by Peco’s failure to protect the interest of consumers. We based our conclusion on the recommendation of the Iloilo City Council resolution seeking the denial of Peco’s franchise renewal and the tons of complaints that the Energy Regulatory Commission [ERC] has received from Iloilo residents on over-billing and inefficient service,” Alvarez said.

Iloilo City Councilor Joshua Alim, one

of the Iloilo City officials leading the opposition to the renewal of Peco’s franchise, cited the ability of the utility firm to declare dividends while ignoring the complaints of its customer base.

“While we do not mind the ability of the company to make profits, it should have given priority to addressing the complaints of its customers as it makes money and profits from the payment of city residents,” Alim said.

He cited the recent case of a 1,000-percent increase in the monthly bill of many Peco customers that the ERC found to have resulted from a faulty metering and billing system. Lenie Lectura

B2

Companies BusinessMirror

Friday, October 12, 2018

PSE STOCK QUOTATIONS

October 11, 2018

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

ASIA UNITED 58 58.55 56.3 58 56.3 58 25900 1488760 BDO UNIBANK 108 108.9 110 112.4 106.6 108.9 5730800 622259545 BANK PH ISLANDS 81.65 81.9 81 81.9 80.05 81.9 683830 55574533.5 CHINABANK 28.15 28.4 28.6 28.6 28.1 28.15 35200 993890 EAST WEST BANK 11.34 11.36 11.96 11.96 11.14 11.36 689800 7869516 METROBANK 65.35 65.45 66 66 64 65.35 3165940 204517334.5 PB BANK 10.82 11.6 11.1 11.1 11.1 11.1 2800 31080 PHIL NATL BANK 42 42.6 42 42.6 41.6 42.6 30500 1275905 PSBANK 73.1 75 75 75 75 75 150 11250 PHILTRUST 102 108.9 103.2 103.2 102 102 1510 154598 RCBC 27.15 28 28.45 28.45 27 28 2231800 62480865 SECURITY BANK 133.1 133.2 135 135.7 132.1 133.2 1029630 137489209 UNION BANK 65.7 65.95 65.8 65.85 65.5 65.7 33910 2228896.5 BRIGHT KINDLE 1.1 1.43 1.36 1.36 1.3 1.3 136000 184060 BDO LEASING 2.4 2.53 2.55 2.55 2.4 2.4 5000 12250 COL FINANCIAL 15.8 15.9 16 16 15.8 15.8 5500 87000 FERRONOUX HLDG 3.97 3.99 4.1 4.1 3.71 3.99 173000 689420 IREMIT 1.6 1.62 1.62 1.62 1.62 1.62 33000 53460 MEDCO HLDG 0.42 0.48 0.46 0.47 0.46 0.46 570000 262800 MANULIFE 780 785 790 790 785 785 310 243450 NTL REINSURANCE 0.85 0.86 0.92 0.92 0.86 0.86 624000 540310 PHIL STOCK EXCH 184 188.1 188.2 188.2 184 184 1320 243633 SUN LIFE 1830 1835 1860 1860 1835 1835 380 701725

INDUSTRIAL ALSONS CONS 1.24 1.25 1.24 1.25 1.22 1.25 852000 1053050 ABOITIZ POWER 33.25 33.5 32.5 33.5 31.8 33.5 3009100 97463255 BASIC ENERGY 0.202 0.207 0.212 0.212 0.203 0.207 8710000 1800290 ENERGY DEVT 7.08 7.09 7.09 7.1 7.08 7.09 5628400 39908361 FIRST GEN 15.36 15.68 15.62 15.68 15.2 15.68 606300 9385728 FIRST PHIL HLDG 63.05 63.9 64.5 64.5 63.05 63.9 29280 1862676.5 PHIL H2O 4.41 4.47 4.55 4.55 4.35 4.48 80000 356870 MERALCO 350 357 351 357 345 357 182910 64083962 MANILA WATER 25.9 26.2 25.95 26.2 24.55 26.2 838200 21215250 PETRON 8.2 8.57 8.59 8.59 8.2 8.57 724100 6058637 PETROENERGY 3.98 4.07 3.94 4.07 3.94 4.07 14000 55640 PHINMA ENERGY 0.94 0.95 0.95 0.96 0.94 0.94 255000 240490 PHX PETROLEUM 10.36 10.58 10.78 10.78 10.36 10.58 61200 637426 PILIPINAS SHELL 51.85 52 52.5 52.6 51.85 52 418910 21815840.5 SPC POWER 5.19 5.2 5.21 5.22 5.18 5.19 135000 701717 AGRINURTURE 17.56 17.6 17.9 18.06 17.48 17.6 625600 11052746 BOGO MEDELLIN 90.25 109.7 90.2 90.2 90.2 90.2 40 3608 CNTRL AZUCARERA 17 17.66 16.1 17.7 16.1 17.68 2300 39216 CENTURY FOOD 13.2 13.4 13.44 13.5 13.4 13.4 5567100 74760876 DEL MONTE 6.6 7.14 7.27 7.27 6.59 7.14 5000 34008 DNL INDUS 10.28 10.3 10.38 10.38 10.16 10.28 2145500 21941412 EMPERADOR 6.99 7 6.99 7.04 6.97 7 3675600 25746098 SMC FOODANDBEV 86.5 86.8 85.7 86.75 82.65 86.5 1331640 114226591.5 ALLIANCE SELECT 0.85 0.86 0.93 0.93 0.86 0.86 11106000 9752680 GINEBRA 25.05 26 25.1 25.1 25 25.05 7900 197840 JOLLIBEE 249.2 254 246.2 254 246 254 490960 123100380 LIBERTY FLOUR 40.15 42 40.1 40.1 40.1 40.1 500 20050 MACAY HLDG 6.53 13 13 13 13 13 700 9100 MAXS GROUP 10.68 10.7 11 11 10.5 10.7 75300 804950 MG HLDG 0.171 0.18 0.183 0.183 0.17 0.18 1400000 243840 PEPSI COLA 1.62 1.7 1.62 1.63 1.51 1.62 245000 384270 SHAKEYS PIZZA 10.98 11 11.5 11.5 10.5 11 755300 8303000 ROXAS AND CO 2.11 2.17 2.24 2.24 2.15 2.18 356000 774510 RFM CORP 4.5 4.95 4.7 4.9 4.7 4.8 31000 148550 SWIFT FOODS 0.122 0.123 0.123 0.123 0.122 0.122 2240000 273310 UNIV ROBINA 126.5 128 128.6 128.6 124.5 128 737940 93428731 VITARICH 1.59 1.6 1.7 1.71 1.55 1.59 3306000 5343950 VICTORIAS 2.41 2.5 2.43 2.43 2.41 2.41 144000 347520 CONCRETE A 64.8 66.95 66.95 66.95 66.95 66.95 60 4017 CEMEX HLDG 1.9 1.94 2.08 2.08 1.89 1.9 11362000 22101360 DAVINCI CAPITAL 4.01 4.5 4.4 4.5 4.4 4.5 8000 35700 EAGLE CEMENT 14.8 14.84 15.1 15.1 14.8 14.84 460800 6908908 EEI CORP 7.9 7.97 8 8 7.8 7.9 582200 4636253 HOLCIM 5.8 6 6 6.15 5.8 5.9 119300 711230 MEGAWIDE 14.7 14.78 14.46 14.82 14.3 14.78 1898700 27545968 PHINMA 8.5 9 8.89 8.89 8.5 8.88 32400 282060 TKC METALS 0.84 0.87 0.84 0.85 0.83 0.85 338000 284740 VULCAN INDL 2.09 2.12 2.08 2.15 1.93 2.09 8057000 16528720 CHEMPHIL 190 195 190 190 190 190 20 3800 CROWN ASIA 1.68 1.69 1.7 1.7 1.69 1.69 30000 50900 EUROMED 1.6 1.7 1.75 1.75 1.7 1.7 20000 34670 LMG CHEMICALS 4.8 4.95 4.95 4.95 4.95 4.95 1000 4950 CONCEPCION 34.05 37.2 37.65 37.65 37.2 37.2 187100 6988140 INTEGRATED MICR 11.76 11.88 11.78 12 11.72 11.76 337000 3971864 IONICS 1.66 1.67 1.75 1.75 1.62 1.66 807000 1355120 PANASONIC 6 6.44 6 6 6 6 500 3000 SFA SEMICON 1.46 1.53 1.46 1.56 1.45 1.53 199000 292870 CIRTEK HLDG 33.45 34.9 33.1 34.9 32.5 34.9 456700 15755200

HOLDING & FRIMS ABACORE CAPITAL 0.4 0.405 0.415 0.415 0.395 0.4 29640000 11913450 ASIABEST GROUP 25.15 25.4 25 26.45 25 25.35 23300 590030 AYALA CORP 881 882 890 890 869 882 335730 295259355 ABOITIZ EQUITY 46.4 46.55 45.05 46.55 44.2 46.55 693100 31850905 ALLIANCE GLOBAL 11.46 11.48 11.66 11.66 11.4 11.48 3841400 44104106 ANSCOR 6.11 6.13 6.1 6.12 6.1 6.11 45000 274869 ANGLO PHIL HLDG 0.81 0.9 0.83 0.83 0.83 0.83 14000 11620 ATN HLDG A 1.12 1.13 1.17 1.17 1.11 1.13 5070000 5770600 ATN HLDG B 1.13 1.14 1.18 1.18 1.13 1.14 1438000 1640250 COSCO CAPITAL 5.9 6 6.1 6.15 5.9 5.9 1184600 7049982 DMCI HLDG 12.02 12.18 12.04 12.18 11.62 12.18 3954100 46923640 FILINVEST DEV 6.5 7.16 7.16 7.16 7.16 7.16 200 1432 FJ PRINCE A 4.55 5.68 5.88 5.88 5.7 5.7 200 1158 GT CAPITAL 671 672.5 710 710 660.5 671 235360 159026850 HOUSE OF INV 5.8 5.81 5.81 5.81 5.81 5.81 2800 16268 JG SUMMIT 44.2 45.4 46 46 43.95 45.4 1975600 88228345 LODESTAR 0.52 0.55 0.56 0.56 0.53 0.56 60000 32000 LOPEZ HLDG 4.38 4.39 4.38 4.49 4.31 4.38 148000 644980 LT GROUP 12.8 12.86 13 13.06 12.78 12.86 5270300 67889252 MABUHAY HLDG 0.52 0.55 0.56 0.56 0.52 0.52 4302000 2358330 METRO PAC INV 4.96 4.97 4.96 4.98 4.88 4.97 24219200 119960482 PACIFICA 0.037 0.038 0.037 0.038 0.037 0.037 10000000 370100 PRIME ORION 2.22 2.25 2.32 2.32 2.16 2.22 1314000 2945380 PRIME MEDIA 1.17 1.2 1.18 1.22 1.16 1.17 94000 109500 SOLID GROUP 1.35 1.4 1.36 1.36 1.35 1.35 84000 113550 SM INVESTMENTS 850 850.5 869.5 869.5 831 850.5 393560 333350890 SAN MIGUEL CORP 164.5 165 164.9 165 160 165 421840 69202262 SOC RESOURCES 0.79 0.85 0.85 0.85 0.85 0.85 10000 8500 TOP FRONTIER 264 267 268 275 262 267 14560 3881360 WELLEX INDUS 0.219 0.227 0.24 0.24 0.216 0.227 5700000 1263670 ZEUS HLDG 0.195 0.196 0.196 0.196 0.196 0.196 320000 62720

PROPERTY ARTHALAND CORP 0.56 0.57 0.62 0.62 0.56 0.56 2060000 1228260 ANCHOR LAND 9.53 10.5 10.84 10.84 10.5 10.5 4700 50284 AYALA LAND 38.5 38.55 38.8 38.9 38.1 38.5 10250600 394510740 ARANETA PROP 1.82 2 2.02 2.02 2.01 2.01 2000 4030 BELLE CORP 2.35 2.38 2.34 2.35 2.33 2.34 140000 327830 A BROWN 0.7 0.72 0.74 0.74 0.69 0.7 8353000 5918820 CITYLAND DEVT 0.88 0.9 0.88 0.9 0.88 0.9 11000 9750 CROWN EQUITIES 0.211 0.216 0.219 0.219 0.21 0.211 2780000 585110 CEB LANDMASTERS 4.27 4.36 4.31 4.43 4.27 4.36 363000 1572990 CENTURY PROP 0.4 0.41 0.425 0.425 0.4 0.41 25910000 10658600 DOUBLEDRAGON 17.96 18 18.62 18.62 17.9 18 519300 9370756 DM WENCESLAO 7.86 7.9 8.02 8.02 7.8 7.86 270600 2149977 EMPIRE EAST 0.54 0.55 0.54 0.54 0.54 0.54 19000 10260 FILINVEST LAND 1.4 1.41 1.45 1.46 1.4 1.4 8721000 12311210 GLOBAL ESTATE 1 1.05 1.09 1.1 1 1 4122000 4306870 8990 HLDG 7.15 7.19 7.1 7.24 6.96 7.23 184600 1306235 IRC PROP 2.34 2.35 2.5 2.52 2.31 2.35 24806000 59354250 MEGAWORLD 4.05 4.08 4.13 4.13 3.99 4.08 18029000 72747870 MRC ALLIED 0.58 0.59 0.59 0.61 0.57 0.59 113508000 66970660 PHIL ESTATES 0.41 0.43 0.42 0.445 0.4 0.43 2280000 933050 PRIMEX CORP 3.6 3.69 3.85 3.95 3.54 3.69 3316000 12303810 ROBINSONS LAND 19.1 19.5 20.45 20.45 19.1 19.1 2486500 48464816 PHIL REALTY 0.375 0.395 0.405 0.41 0.375 0.395 1310000 525750 ROCKWELL 1.93 1.94 1.96 1.96 1.9 1.93 284000 546200 SHANG PROP 3.11 3.15 3.14 3.18 3.11 3.12 174000 543810 STA LUCIA LAND 1.08 1.12 1.12 1.13 1.09 1.09 406000 445680 SM PRIME HLDG 33.5 33.7 34 34 33.1 33.7 7592300 254385280 STARMALLS 5.3 5.38 6.14 6.14 5.3 5.3 725800 4022624 SUNTRUST HOME 0.71 0.77 0.73 0.77 0.7 0.77 108000 79090 PTFC REDEV CORP 29 40.8 31.05 31.05 31 31 2400 74415 VISTA LAND 5.71 5.75 5.85 5.93 5.67 5.75 4914200 28159340

SERVICES ABS CBN 20.05 20.15 20.15 20.15 20 20.05 33200 667065 GMA NETWORK 5.03 5.05 5.21 5.21 4.99 5.03 338700 1722164 MLA BRDCASTING 15 16 15 15 15 15 200 3000 GLOBE TELECOM 2148 2150 2148 2168 2110 2148 90635 194358800 PLDT 1364 1370 1370 1370 1340 1364 62060 84136690 APOLLO GLOBAL 0.037 0.039 0.037 0.039 0.037 0.037 3700000 139500 IMPERIAL 1.9 2.09 2.23 2.23 2.16 2.16 2000 4390 ISLAND INFO 0.109 0.11 0.114 0.114 0.102 0.11 4440000 497000 ISM COMM 2.7 2.73 2.65 2.73 2.6 2.73 4264000 11278000 JACKSTONES 2.91 3.14 2.95 3.14 2.9 3.14 25000 77070 NOW CORP 4.36 4.37 5.05 5.3 4.22 4.36 25254100 115649718 TRANSPACIFIC BR 0.475 0.48 0.52 0.53 0.465 0.475 49645000 24551135 PHILWEB 3.42 3.6 3.52 3.6 3.38 3.6 6064000 20756050 2GO GROUP 9.35 9.64 10.14 10.14 9.5 9.66 16200 157841 CEBU AIR 66.1 66.35 67 67 66.05 66.1 250430 16561907 CHELSEA 4.64 4.65 4.81 4.81 4.6 4.64 2414000 11244230 INTL CONTAINER 92.35 93 94.95 95 91.05 93 891120 82367710.5 LBC EXPRESS 14.6 14.7 14.5 14.5 14.5 14.5 100 1450 LORENZO SHIPPNG 0.86 0.89 0.91 0.91 0.88 0.88 124000 110580 MACROASIA 16.86 16.9 17.46 17.46 16.68 16.9 1990500 33558494 METROALLIANCE A 1.35 1.42 1.46 1.46 1.35 1.42 28000 38380 PAL HLDG 7.01 8.3 8.2 8.2 7.5 7.5 4000 30150 HARBOR STAR 2.53 2.55 2.63 2.68 2.5 2.55 3139000 8020350 ACESITE HOTEL 1.36 1.43 1.36 1.36 1.36 1.36 16000 21760 BOULEVARD HLDG 0.056 0.057 0.058 0.058 0.056 0.056 19170000 1086870 DISCOVERY WORLD 2.1 2.44 2.23 2.23 2.23 2.23 14000 31220 WATERFRONT 0.58 0.59 0.64 0.64 0.56 0.59 3171000 1868010 CENTRO ESCOLAR 7.8 7.99 7.8 7.8 7.8 7.8 5500 42900 FAR EASTERN U 890 900 890 890 890 890 100 89000 IPEOPLE 11.6 12.24 11.64 11.64 11.06 11.6 10000 116066 STI HLDG 0.69 0.7 0.73 0.73 0.67 0.69 7126000 4886010 BERJAYA 1.48 1.5 1.5 1.57 1.46 1.5 2966000 4437370 BLOOMBERRY 8 8.01 8.18 8.2 7.84 8.01 6208200 49974979 PACIFIC ONLINE 10.58 10.98 11 11 11 11 23000 253000 LEISURE AND RES 3.41 3.46 3.5 3.57 3.42 3.46 571000 1967050 MANILA JOCKEY 5 5.2 5.75 5.75 4.5 5 242100 1287949 MELCO RESORTS 6.99 7.01 7.03 7.04 6.98 7.01 9303300 65168694 PREMIUM LEISURE 0.84 0.85 0.84 0.85 0.84 0.84 12174000 10227730 PHIL RACING 8.11 8.94 8.8 8.8 8.8 8.8 2000 17600 TRAVELLERS 5.18 5.19 5.17 5.2 5.15 5.18 5617700 29090033 METRO RETAIL 2.16 2.2 2.24 2.24 2.13 2.16 620000 1338000 PUREGOLD 40.5 41.3 42.5 42.5 40.5 40.5 470900 19142185 ROBINSONS RTL 74.9 76.2 78.8 78.8 74 75 738490 55282086.5 PHIL SEVEN CORP 100 105 110 110 105 105 580 60950 SSI GROUP 2.43 2.45 2.48 2.52 2.38 2.45 11981000 29353480 WILCON DEPOT 11.12 11.16 11 11.18 10.64 11.16 1575000 17457486 APC GROUP 0.425 0.435 0.43 0.44 0.425 0.43 2040000 875950 EASYCALL 13.44 13.66 17.6 18 13 13.44 391200 5647188 GOLDEN BRIA 300 310 292 315 287.6 310 7530 2302414 IPM HLDG 7.65 7.7 7.7 7.7 7.7 7.7 2500 19250 PRMIERE HORIZON 0.33 0.335 0.35 0.35 0.33 0.335 2370000 791300 SBS PHIL CORP 7.01 7.2 7.11 7.11 7 7 201900 1415470

MINING & OIL ATOK 15.06 15.8 15.04 15.8 15 15.8 10000 150744 APEX MINING 1.42 1.43 1.47 1.47 1.42 1.42 1606000 2313270 ABRA MINING 0.0023 0.0025 0.0024 0.0025 0.0023 0.0025 312000000 742000 BENGUET A 1 1.2 1 1 1 1 15000 15000 COAL ASIA HLDG 0.295 0.305 0.3 0.3 0.3 0.3 30000 9000 CENTURY PEAK 1.89 1.9 1.9 1.91 1.87 1.9 2359000 4462860 DIZON MINES 7.04 7.05 7.08 7.08 7.05 7.05 3200 22568 FERRONICKEL 1.82 1.83 1.82 1.83 1.75 1.83 3541000 6366260 GEOGRACE 0.199 0.202 0.2 0.202 0.198 0.202 210000 41660 LEPANTO A 0.107 0.11 0.108 0.108 0.107 0.107 1700000 182270 LEPANTO B 0.104 0.111 0.111 0.111 0.111 0.111 10000 1110 NIHAO 1 1.05 1.12 1.12 0.97 1.05 547000 537300 NICKEL ASIA 4.25 4.3 4.4 4.4 4.22 4.27 534000 2283280 OMICO CORP 0.62 0.63 0.66 0.66 0.62 0.62 1897000 1217950 ORNTL PENINSULA 0.92 0.93 1.03 1.05 0.89 0.92 2542000 2392790 PX MINING 3.27 3.28 3.28 3.3 3.26 3.27 214000 699980 SEMIRARA MINING 24.75 25 24.45 25 24 25 1039200 25365845 UNITED PARAGON 0.0064 0.0068 0.0064 0.007 0.0064 0.0068 10000000 68400 ORNTL PETROL A 0.013 0.014 0.013 0.013 0.013 0.013 21100000 274300 ORNTL PETROL B 0.013 0.014 0.013 0.013 0.013 0.013 1000000 13000 PHILODRILL 0.011 0.012 0.012 0.012 0.012 0.012 26300000 315600 PHINMA PETRO 3.5 3.51 3.51 3.51 3.5 3.5 92000 322080 PXP ENERGY 14.8 14.88 15.6 15.6 14.7 14.8 5298000 79362836

PREFFERED HOUSE PREF A AC PREF B2 DD PREF SMC FB PREF 2 FGEN PREF G GTCAP PREF B LR PREF SMC PREF 2B SMC PREF 2C SMC PREF 2E SMC PREF 2F SMC PREF 2G SMC PREF 2H SMC PREF 2I

95.55 490 98.1 980 101 910.5 1.02 75.1 77 73.7 75 74.7 73.55 73.9

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

20.05 4.91 2.32

SMALL & MEDIUM ENTERPRISES ITALPINAS 4.31 XURPAS 1.87

103.4

-406500 -5155 -142059995 -6453940 -25088210 274869 688169.9996 3531343 639822 -91462785 -10236005 -96090 24880162 1916200 4274072 -98599.9999 -181027895 3055561.0003 -2710050 -51869.9998 -51688080 -86610 1419340 -2180 -104640 225800 -1364646 -35325 -550770 -3145200 43632 -159200 -28091910 -298389.9997 -129600 410810 -990720 157710 -91090 -117979025 87240 -19543161 15616890 -23566460 234280 1225224 -355090 -16639840 -67900 11534445.9999 -1348310 -3706231 -17167874 5250 -91660 -4720 101489.9999 28410 -9575358 -18621110 -589680 -2625242 -8650 -9706965 -17691900.5 49350 2196980 4943960 -234400 7250 -663099.9998 -78510 -392820 -26400 9500 -32700 4882275 785392

95.55 490 98.5 999 101.6 945 1.04 76.2 77.95 74.95 75.2 75 73.4 74.7

95.55 499 99 1000 101.6 945 1.04 76.2 77.95 74.95 75.2 75 74.9 74.7

95.55 490 98 990 101 945 1.02 75 77.5 74.95 75 75 73.4 74.7

95.55 499 98 1000 101 945 1.02 75 77.5 74.95 75 75 74.9 74.7

290 30 27890 1350 13910 10 76000 82600 6590 1200 58930 1000 3740 60680

27709.5 14790 2747480 1342400 1411835 9450 77720 6195962 512232.5 89940 4419816 75000 277990 4532796

-9450 -

20.1 5

20 5.03

20.2 5.03

19.96 4.95

20.05 4.95

122500 63200

2451876 315148

1788560 -257648

2.38

2.38

2.4

2.31

2.38

177000

415980

-

4.32 1.88

4.62 2.03

4.62 2.05

4.15 1.85

4.32 1.87

1175000 3648000

5099670 6940680

502680 -747640

EXHANGE TRADE FUNDS FIRST METRO ETF

9564905 -13069906 1266102 -113515.5 3571162 5879525 -2387718 875291.5 2080 510928 74467980 10175 10768856 -16039231 -65771010.5 -57030 -65000 25959226 -285690 120499.9999 25620 -228744 148550 -111020 -1893083 72600 1885610 579966 5249934 -233650 -4838325 475516 -2053655

100 499 98.9 1000 102 945 1.04 76 77.5 74.95 75.2 75 74.9 74.7

WARRANTS LR WARRANT

736257.5 -52876394 -3821210 -5198044 -9071242 -234000 7500 16500 -74162978 -881135 164560 184000 78500 -0 162094 -

103.5

105.3

105.3

102.6

103.4

63260

6578878

69157

Editor: Efleda P. Campos

Asus gaming unit opens 4th concept store in PHL

By Roderick L. Abad

Contributor

B

@rodrik_28

EEFING up its presence in south of Metro Manila while ensuring quality customer experience, Republic of Gamers (ROG), an Asus sub-brand for gaming hardware and software, opened a new store at the SM Cyberzone, SM Mall of Asia in Pasay City.

“With the launch of the South District of the Republic in SM Mall of Asia, we aim to solidify our stance as the No. 1 gaming brand in the country. We open the first ROG concept store in the country that adapts an

open-floor layout,” said George Su, country manager of Asus Philippines Systems Group.

He said this is the first store outside Taiwan that will embrace an experiential floor plan, similar

to ROG premium store in Syntrend Electronics Mall in Taipei.

Also, it provides current and prospective ROG end-users with an improved experience in trying out the latest devices to help with their decision to join the Republic, he added.

Gaming machines, such as ROG Strix GL504 Hero and SCAR Edition laptops, as well as ROG Huracan G21 desktop, are available in this latest concept store.

Top executives of Asus Philippines and partner dealer and distributors, DoTA 2 Shoutcaster Nico Nazario, and leading local female streamer and ROG Ambassador Ann B. Mateo graced the event.

End-users got a chance to play with their e-sports and gaming idols in a head-on battle between Team Hero and Team SCAR spearheaded respectively by the gaming personalities.

In 2016 ROG began strengthening its districts by opening the pioneering concept store in the country—Capital of the Republic in SM Megamall. This was followed by the North District in SM North Edsa in the same year.

ROG has continued to expand its footprint, expanding its market to the Visayas region by opening its third district in SM City Cebu in 2017.

“With these districts of the Republic, Asus ROG has dominated as the No. 1 gaming brand in the country. In fact, we are happy to share that we are still the No. 1 gaming brand today, with a 53-percent market share based on market data as of June 2018,” Su said.

“However, our efforts don’t stop there. As we aim to expand our market share in the country, members of the Republic can also expect to get the same experience when they visit present and upcoming ROG districts near them,” he said.

MRC Allied to reorganize, consolidate assets

By Lenie Lectura

@llectura

M

RC Allied Inc. (MRC) said it will undergo a reorganization by consolidating all of its assets.

It told the stock exchange on Thursday that the appointment of Augusto Cosio Jr. as the new president of MRC “is part of the company’s ongoing reorganization and plan to consolidate all assets and portfolio under MRC. All projects will henceforth be implemented by the operating subsidiaries.”

Cosio replaced Gladys Nalda, who will be tasked to the renewable-energy business of MRC. “The company will continue to

pursue renewable-energy projects through Menlo Renewable Energy Corp. and Nalda will be appointed as its new president and CEO,” it added.

Nalda’s resignation and Cosio’s appointment both take effect on October 16, 2018.

The company earlier bared its plan to develop at least 10,000 megawatts (MW) of clean and renewable energy in five years.

“We are looking at a target of at least 10,000 MW of clean and renewable energy in 10 years,” Nalda said.

“This will be equivalent to about P80 billion to P100 billion or more in terms of capital investment, depending on the technology or resource.”

Globe Fintech lets GCash users transfer funds to 30 banks

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LOBE Fintech Innovations Inc., operator of the brand Mynt, now allows users of its e-money service GCash to transfer funds from their mobile wallets to more than 30 banks, its chief executive said on Thursday.

My nt P r e s i d e nt A nt ho n y Thomas said customers can now transfer funds via the updated GCash mobi le appl ication to major banks at no charge to the consumer.

“This new technology from

GCash and the Bangko Sentral ng Pilipinas [BSP] allows customers to enjoy the freedom of being able to transfer funds conveniently with just their smartphone,” he said.

This is in line with the BSP’s initiative to unify all forms of electronic payments into a centralized, real-time automated clearing house. The system, called InstaPay, allows for faster and smoother inter-network transactions among financial institutions, including banks and electronic money issuers. Lorenz S. Marasigan

Manila Water to interrupt water service in 20 QC barangays on October 13-14

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N line with the construction of the Metro Rail Transit Line 7, Manila Water will be closing a valve on a major transmission line to allow the cutting and deactivation of its 300-millimeter cast iron pipe along Commonwealth Avenue corner Masaya Street, Barangay Old Capitol Site, Quezon City.

This will result in temporary water-service interruption affecting over 176,000 people in 44,056 households, commercial and business establishments in 20 barangays in Quezon City, beginning Saturday, October 13 at 11 p.m. until 7 a.m., Sunday, October 14.

The affected barangays are Ramon Magsaysay, Alicia, Botocan, Santo Cristo, Bagong Pag-asa, Old Capitol Site, Vasra, Project 6, Culiat, Bahay Toro, Tandang Sora, Pasong Tamo, Central, Malaya, Pinyahan, Sikatuna Village, San Vicente, Teachers Village East, Teachers Village West and UP Village.

Manila Water is advising residents of these barangays to store enough water to supply their needs during the interruption period.

Please note the deactivation of this pipe will have no effect on the water supply in the affected barangays after the activity.

MUTUAL FUNDS

October 11, 2018

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC * 238.54 -17.52% -1.98% 0.02% -18.64% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.3697 -15.93% 3.34% 1.51% -14.22% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 3.7178 -17.52% -0.59% -0.79% -19.05% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.8522 -15.49% N.A. N.A. -16.2% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. * ********* 0.7871 N.A. N.A. N.A. N.A. FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 4.9126 -15.87% -3.28% -0.75% -18.3% MBG EQUITY INVESTMENT FUND, INC. * ****** 112.02 N.A. N.A. N.A. N.A. ONE WEALTHY NATION FUND, INC.* 0.786 -19.62% N.A. N.A. -20.82% PAMI EQUITY INDEX FUND, INC.* 46.3681 -16.51% -1.12% N.A. -17.78% PHILAM STRATEGIC GROWTH FUND, INC.* 482.46 -17.24% -2.37% -1.08% -18.01% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.1992 -13.5% -0.19% N.A. -14.61% PHILEQUITY FUND, INC.* 34.8744 -13.4% 0.21% 2.04% -15.14% PHILEQUITY PSE INDEX FUND INC.* 4.6591 -16.45% -0.45% 1.88% -17.89% PHILIPPINE STOCK INDEX FUND CORP.* 777.6 -16.42% -0.71% 1.56% -17.78% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.8056 -15.86% -2.92% N.A. -16.7% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 3.8568 -14.45% -0.64% 0.29% -15.79% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 0.8969 -16.61% -0.62% N.A. -17.96% UNITED FUND, INC.* 3.3118 -12.41% 0.42% 0.18% -14.96% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* *** 104.039 -15.9% 0.49% N.A. -17.4% ATRAM ASIAPLUS EQUITY FUND, INC.** $0.9593 -10.42% 2.11% -0.02% -13.44% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.2629 4.23% N.A. N.A. -0.18% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.5962 -13.41% -3.84% -2.31% -14.34% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.1376 -12.15% -0.81% -0.17% -13% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.4264 -11.29% -4.33% -3.14% -12.4% GREPALIFE BALANCED FUND CORPORATION* **** 1.2688 -12.59% N.A. N.A. -12.79% NCM MUTUAL FUND OF THE PHILS., INC* 1.7823 -9.42% -0.65% -0.27% -10.55% PAMI HORIZON FUND, INC.* 3.3691 -13.74% -2.55% -1.39% -14.01% PHILAM FUND, INC.* 15.1468 -13.61% -2.52% -1.45% -13.73% SOLIDARITAS FUND, INC.* ******** 1.9983 -10.54% -0.63% 1.28% -10.87% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.5286 -10.73% -1.32% -0.37% -11.7% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.8984 -10.77% -1.62% N.A. -11.95% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.03465 -4.02% -0.38% 1.78% -4.02% PAMI ASIA BALANCED FUND, INC.* $0.9455 -7.56% 1.41% -1.3% -9.69% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.6069 2.09% 5.18% 3.6% -1.25% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.0799 -1.28% N.A. N.A. -2.9% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 341.47 1.51% 1.81% 1.72% 1.29% ATRAM CORPORATE BOND FUND, INC.* ******* 1.8586 -2.66% -1.13% -0.29% -1.78% COCOLIFE FIXED INCOME FUND, INC.* 2.9405 5.51% 5.35% 5.33% 4.2% EKKLESIA MUTUAL FUND INC.* 2.1171 0.07% 1.01% 1.11% 0.71% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2127 -0.23% 0.2% 0.53% -0.16% GREPALIFE FIXED INCOME FUND CORP.* P 1.574 -2.34% -1.06% -1.08% -2.21% PHILAM BOND FUND, INC.* 3.7839 -7.6% -2.24% -0.98% -6.57% PHILEQUITY PESO BOND FUND, INC.* 3.4552 -1.1% -0.64% 0.18% -1.42% SOLDIVO BOND FUND, INC. * 0.8732 -6.28% -2.28% N.A. -5.42% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.7525 -0.79% 0.06% 0.47% -0.88% SUN LIFE PROSPERITY GS FUND, INC.*

1.5307 -1.26% -0.49% 0.03% -1.23% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $445.67 0.29% 2.2% 3.11% -0.06% ALFM EURO BOND FUND, INC. * Є213.15 0.27% 1.33% 1.68% -0.27% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.12 -1.09% 0.75% 1.75% -1.24% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0248 - 0.8% 0.68% N.A. -0.8% GREPALIFE DOLLAR BOND FUND CORP.* $1.6878 -4.91% -0.5% 1.23% -4.72% 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* $1.0223 -5.18% -1.63% -2.75% -4.77% PHILAM DOLLAR BOND FUND, INC.* $2.1354 -4.64% 0.26% 2.4% -5.14% PHILEQUITY DOLLAR INCOME FUND INC.* $0.0568527 -1.03% 0.85% 1.93% -0.61% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.8741 -4.62% 0.5% 1.72% -4.6% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 119.88 2.29% 1.66% 1.44% 1.93% PHILAM MANAGED INCOME FUND, INC.* 1.1715 1.47% 0.29% 0.33% 1.22% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.2095 2.4% 2.14% 1.39% 2.02% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* ***** $1.0114 N.A. N.A. N.A. 1.27%

* - 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

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Friday, October 12, 2018

B3

Group opposes removal of NFA’s licensing power

By Jasper Emmanuel Y. Arcalas

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@jearcalas

HE Federation of Free Farmers (FFF) said removing the National Food Authority’s (NFA) power to issue import licenses would harm local farmers as the government will lose a tool that will prevent a glut in domestic rice supply.

Former Agriculture Secretary and FFF National Policy Board Chair man Leonardo Q. Montemayor said the Senate’s version of tariffication bill that seeks to remove the NFA’s licensing power is “worrisome.”

“Almost all countries, including those in Asean, and even ad-

vanced countries like Japan and Korea, require all rice importers to obtain licenses so that imports can be monitored and kept within bounds,” Montemayor said in a statement on Thursday.

In a separate interview, FFF National Manager Raul Q. Montemayor said the loss of govern-

ment regulation over imports could lead to an oversupply in the domestic market, which could slash the income of farmers.

“The problem is that without any tool to rein in on imports [if needed], there could easily be overimportation and oversupply in the market leading to very low rice, and therefore, palay prices,” he said.

“We are not against imports, but there must be some way to manage imports so that they do not go out of hand. Most countries use licensing, others were able to set their tariffs at very high levels and they adjust it when needed, and others give a monopoly over rice imports to a state agency like the NFA,” he added.

The FFF also questioned the Senate’s decision to reject proposals to allow rice farmers and their organizations to advise the Department of Agriculture (DA) on the use of the proposed rice competitiveness enhancement

fund (RCEF). The RCEF is an earmarking fund to the rice industry coming from all the rice tariffs collected.

“We just think that the farmers should have a say in how that money is spent, because it is supposed to benefit them. In the past [with the Agricultural Competitiveness Enhancement Fund], there was no such consultative mechanism and the money was wasted,” Montemayor said.

“And if we leave it up to the DA, chances are they will favor their own priorities. We want to use the money for truly innovative projects that do not get funding support at present,” he added.

The FFF also criticized the “pre-allocation” of the RCEF for certain government programs, removing the policy space for the DA to adjust to the needs of the rice farmers.

“Worse, the Senate version proposes to bypass the DA secretary

in the allocation of the RCEF, so that the money will go directly to selected DA line agencies,” Montemayor said.

“The RCEF has also already been pre-allocated for certain programs, so that it cannot be used for other programs that farmers may want or need in the future,” he added.

Montemayor said the farmers should have the right to participate in the utilization of the RCEF as they are the ones supposed to benefit from it.

The pre-allocation of the RCEF, which is a sort of grant to government agencies, “contradicts” Agriculture Secretary Emmanuel F. Piñol’s soft loan programs, according to Montemayor.

“This will clash with Secretary Piñol’s plan of providing soft loans as a form of support to farmers so that they have the freedom to choose what brand and type of inputs they want to buy,” he explained.

PCA revamp pushed to better manage coco-levy fund

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HE Ph i l ippi ne Coconut Authority (PCA) must be revamped so it could efficiently manage and spend the P100-billion coconut-levy fund, a House deputy speaker said on Thursday.

Deputy Speaker Sharon S. Garin of Aambish-Owa Party-list said the current extent of power and authority of the PCA is incapable of properly overseeing the use of the coconut-levy trust fund.

Garin argued that the agency’s powers under Presidential Decree 1468 “reflects the realities of 40 years ago and the agency can only do so much with its meager budget.”

“The appeal to this body is, if we want the industry to improve, thereby improving the lives of the coconut farmers, we need to fix the agency that is supposed to do that,” Garin said in a statement on Thursday.

Garin, the author of House Bill (HB) 3537, expressed concern that the PCA would not be able to implement the P5-billion annual coco-levy trust fund disbursal and additional P10-billion annual allocation for the coconut industry due to lack of manpower.

“Under the proposed measure, the PCA shall be equipped with a solid and multifaceted mandate, which focuses on developmental,

THIS file photo shows copra, the flesh of the coconut. A lawmaker pushed for the revamp of the Philippine Coconut Authority, which will oversee the coconut-levy trust fund. BLOOMBERG NEWS

governmental, regulatory, research and development, and corporate powers and function,” she said.

Another key provision of the bill is allowing more representation from the farmers, processors, traders, researchers and academe over government representatives,

according to Garin. Under HB 3537, seven seats out of the 11 PCA board seats would be allocated to the industry stakeholders.

PCA Administrator Romulo J. de la Rosa told the BusinessMirror that there is a need to expand its manpower to allow the agency

to fulfill its mandate and implement the objectives of the coconutlevy trust fund.

“There is a need to beef up the capacity of the PCA to manage all these funds. Because right now, the PCA is operating on a very skeletal work force,” de la Rosa

told the BusinessMirror in an interview in August.

“After the rationalization plan implemented in 2013, our approved plantilla has been only around 850 people. Our corporate income at the moment could only support about 500 of the 850. Can you imagine how handicapped [we are] as far as human resources of the PCA is concerned?” he added.

Under the Coconut Farmers and Industry Development Act approved by the bicameral conference committee in August, the P100-billion coconut-levy fund would be invested in government securities, such as Treasury bills, to earn at least 2 percent to 3 percent annually.

Sen. Cynthia A. Villar said the fund will be managed by a “reconstituted” PCA instead of a separate committee. The reconstituted PCA means that the board would be comprised of four government representatives, one industry representative and six coconut farmers.

According to Villar, the trust fund will be used accordingly annually: 30 percent for shared facilities; 30 percent for farm development; 15 percent for empower of farmers’ organizations; 15 percent for scholarship and 10 percent of health benefits of farmers. Jasper Emmanuel Y. Arcalas

Festival of lights may spark palm demand in world’s top buyer

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FESTIVAl of lights may give palm oil the bright spot it desperately needs.

With production in top growers climbing and prices hovering near three-year lows, the last chance to arrest palm oil’s decline this year is Indian demand ahead of Diwali, the Hindu festival of lights that’ll be widely celebrated in the top importer in November.

Purchases of the tropical oil by India may surge about 10 percent from a year earlier to 2.4 million metric tons in the October-to-December quarter on cheaper palm and tight domestic vegetable oil supplies, according to a Bloomberg survey of five buyers, traders and analysts. That could underpin palm oil prices in Kuala Lumpur, which have lost about 12 percent this year.

Palm is cheaper and that’s boosting imports amid the festival season demand, said Sandeep Bajoria, chief executive officer of Sunvin Group, a Mumbai-based broker and consultant for the oilseeds industry. “Refining margin is good and that’s helping crude palm oil purchases.”

Palm oil prices are expected to average 2,220 ringgit ($535) a ton in the fourth quarter, said Oscar

es of other oils have gone up sharply.’’

Currency woes

Tjakra, senior analyst for grains and oilseeds at Rabobank International. That compares with an average of about 2,660 ringgit a year earlier. Prices need to drop below 2,100 ringgit to make palm oil competitive and regain exports, Godrej International Director Dorab Mistry said in Mumbai last month.

Futures fell 0.5 percent to 2,193

ringgit a ton on Wednesday.

Consumption typically climbs during Diwali as it’s used in cooking oil, as well as to make festive treats such as biryani, and deep-fried sweets like jelebi.

“Imports will be robust during festivals,” said Gnanasekar Thiagarajan, head of trading and hedging strategies at Kaleesuwari Intercontinental. “Pric-

STILL, a record-low rupee could mean that India’s imports will not be as robust as initially expected because purchases of edible oils have become costlier. While a rally in oil prices has boosted prospects for biodiesel blending and cushioned palm oil, it’s made the rupee the worst-performing currency in Asia.

Palm oil demand will be there but a sharply weaker rupee will affect India’s buying, said Rajesh Modi, a trader at Sprint Exim Pte. in Singapore.

“So many companies will be in deep trouble because it’s more costly to buy any edible oil, whether it’s palm or soybean oil,” he said. India’s palm oil imports were initially expected to climb to around 950,000 tons in each month of the fourth quarter, but the rupee’s slump has shrunk the working capital of importers and could limit that, he said.

The rupee, weighed by rising oil prices and a current account deficit that makes India dependent of foreign inflows, fell to the lowest on record this week, deepening this year’s losses to almost 14 percent. Bloomberg News

ICT specialists develop app featuring PHL rice varieties

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VERY cropping season, new and veteran rice farmers would ask themselves what variety they would plant. They also have concerns about the yield of a particular rice variety and its suitability under local condition.

The need for this information motivated information and communications technology (ICT) specialists Nehemiah Caballong and Paul Austian Alday of the Philippine Rice Research Institute to develop the Binhing Palay app with the National Cooperative Testing Group.

Launched during the recent National Rice Research for Development Conference, the digital application features a catalog of all released rice varieties in the Philippines.

The app, which can be downloaded in the Google Play Store, provides fast and easy access to basic and updated varietal information. It also works on offline mode.

“Using their smartphones or tablets, farmers, seed growers, extension workers and other agriculture enthusiasts can use the app to get the latest information on modern rice varieties,” Caballong said.

The app currently contains 289 rice varieties including their agronomic characteristics, pest and disease resistance and grain quality.

It automatically updates every time a new variety is released and has a sort and filter list feature.

“App users can filter through the list based on location, environment, season, crop establishment, seed classification or year of release,” the 27-year-old specialist said.

Recommendations for the dry and wet cropping season based on reports from the DA regional offices are also included in the app.

B4 Friday, October 12, 2018

THE SECRET OF EVERY ‘DEL’ TO DELIGHT

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SOAKING UP THE BEER MONTHS AT RESORTS WORLD MANILA

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S countries around the world kick off their respective Oktoberfest celebrations, Resorts World Manila (RWM) gives the popular Bavarian occasion a Filipino touch with its first-ever Beers and Thrills festival.

Taking the Filipino’s fondness for beer, food and entertainment, the Beers and Thrills festival is a fun-filled combination of German traditions, American drinking games and the effervescent Pinoy spirit.

Started on September 27, RWM and Newport Mall restaurants thrilled beer lovers and foodies alike with an exciting lineup of innovative beer-match cuisines and beer-infused dishes.

Among RWM’s many participating signature outlets is Cantonese restaurant

Passion, which serves a satisfyingly spicy Szechuan wok-fried chicken dish with a bottle of iconic Tsing Tao beer, both large enough for two persons to share for only P588+.

Café Maxims offers diners an authentic taste of Oktoberfest with its sausage and mash special, a traditional German wurst grilled to perfection, then smothered in rich onion gravy, and served with a side of mashed potatoesforonlyP390+.Frankssportsbargives its all-American hotdog a German flavor with the bratwurst sandwich, a meaty and flavorful sausage on a bun loaded with toppings of your choice and a side dish to boot. Wash it all down with a beer or soda all for just P335+.

ForthosewhowanttocelebrateOktoberfest in style, RWM’s fine dining restaurant ImpressionsoffersRecipesforCheers—aplatter

loaded with 200 grams of authentic bratwurst, strips of grilled pork belly, biscuits, special pie and ice-cold beer galore await you and your companion all for the bargain price of P1,400+.

Other signature RWM outlets, like Ginzadon, Victoria Harbour Café, Silogue and The Terrace, have also cooked up their own Beers and Thrills specials. Hardcore beer drinkers can roam around the property, and take advantage of amazing deals on various lagers and pilsners from around the world, including Asahi, Hoegaarden, Stella Artois, Heineken, Corona, Tsing Tao, Budweiser and San Miguel, to name a few.

Belmont Hotel joins the festivities with promos, such as barbeque and beer all you can onallSaturdaysofOctoberfrom8to11p.m.Eat toyourheart’scontentwithunlimitedbarbeque onoffer,andguzzledownasmuchdraughtbeer and cocktails for only P1,500+.

Marriott Hotel Manila’s famous CRU SteakhouseoffersgreatdealsonitsGermanbeef slider, a mouthwatering homemade meatloaf garnished with tomato, onion, and quail egg for a festive price of just P390+.

Know more about upcoming events and offersatResortsWorldManilabyvisitingwww. rwmanila.com.

In photo are (from left) Randy Santiago, RWM Corporate Communications Director Joee Guilas, Reb Atadero, All Out of Love lead actress Tanya Manalang, Candy Gamos, RWM IntegratedMarketingDirectorGeraldMagtoto and guest performer Rox Puno.

HE 21st century has brought in a wave of interconnectivity like never before. With just one click, we are transported to a realm of digital culture of connection and interaction. And there is no better demographic who subscribe to this culture than the socialmedia savvy and highly influential millennial moms. These moms share everything online, from their kid’s milestones to their own struggles and fulfillment as moms, and a medley of life hacks and recommendations.

This connected world, however, could also sometimes create an atmosphere of competitiveness, which often lead to rise of insecurities. As moms try to find smart tips online and read best practices of others, it is quite hard to avoid comparing oneself to “more effective moms” who seems to be doing well and handling motherhood like a breeze based on their social-media posts. Most who have youngsters at home are also faced with quick-witted and curious offsprings. As kids become more exposed to digital content and experience a more competitive world, their minds jump a notch on maturity, which can lead to the wittiest conversations with adults. Moms, of course, always fall as a victim. No words can sometimes be enough to satisfy their every growing curiosity!

While in awe, moms sometimes end up thinking—“Am I really good enough?” Nobody works harder than these superwomen. But with this culture of being socially wired and virtually connected, feeling short of being effective is a struggle for the digitally savvy millennial mom.

The good news is there are also many available things that mommies can utilize as tools to drive their daily doubts away. Gardenia Delicia is the newest secret weapon to make moms feel confident, help them outwit their kids during smarty-pants discussions and the best ingredient to create proud moments that they can share with other moms. A little swoosh of chocolatey sweetness made from the finest ingredients is something that any household cannot resist! It is available in hazel nut and milky chocolate flavors, a treat in a jar of delight for every Filipino home.

There is nothing like a good old traditional feast over simple treats that make every heart grow bigger! The sweet chocolate spread to bond the whole family and make kids happy is a formula that Gardenia offers every mom—just let Gardenia Delicia do the talking.

Gardenia Delicia understands that the massive power of this culture of connectivty and virtual socialization can be used to inspire and empower young moms instead of push them back to a corner feeling insecured. Gardenia Delicia hopes to spread happiness, encouragement and confidence to the family members and friends with a swoosh of pure chocolatey goodness. After all, there’s nothing like a tasty chocolate treat to spread smiles to everyone.

Check out Gardenia Delicia’s Facebook fan page to share your stories of delight.

Recipes and serving suggestions are also showcased to help you get creative in how to delight your kids, families and even friends.

PWU FEATURES UNI ASIAN SONGS, DANCES

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MBASSADOR Rosario Manalo (in photo), a noted diplomat, educator, dean of the Helena Z. Benitez School for International Relations and trustee of the Bayanihan Folk Arts Foundation, was the guest speaker at the Uni Asian event at the Philippine Women’s University

Conrado Benitez Hall on October 10.

A project of the PWU Center for Culture, Arts, Music and Sports, in partnership with the Embassy of the Republic of Indonesia and the federation of international dance festivals, this event ushers in the yearlong preparation for the school’s centennial celebration next year. Asean songs and dances were showcased by the senior high-school performing-arts students and guests from Bali, Indonesia.

DUTERTE SIGNS LAW MODERNIZING LA UNION MEDICAL CENTER

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RESIDENT Duterte signed into law a bill authored by Rep. Sandra Y. Eriguel that seeks to upgrade La Union Medical Center (LUMC) to serve more people of La Union province and Northern Luzon.

Duterte signed Republic Act (RA) 11083 on September 23 after Congress passed the bill on August 31. Eriguel, who represents the Second District of La Union, filed the original measure, which was House Bill 606. Eriguel, who is a medical doctor, said the new law will upgrade the services and facilities of LUMC in Agoo town by increasing its present bed capacity from 100 to 300 and establishing a trauma center.

“Under the same law, the provincial government of La Union and the LUMC are authorized to provide funds from their respective budgets necessary for upgrading the facilities and the increase in personnel of LUMC, which is a premier health-care institution in the province,” the lady lawmaker said.

Eriguel noted that LUMC, considered a “crown jewel” of La Union, has a trailblazing track record of excellence, steady growth and significant accomplishments since it was established as an economic enterprise in 2002.

RA 11083 amended RA 9259, or the La Union Medical Center Charter, which converted it in 2004 to a corporate body to ensure that the facility delivers quality and affordable medical and surgical care to the people of La Union and Region 1.

“However, despite LUMC’s steady growth in its internally generated revenues as a local government-owned and -controlled corporation, its income could not cope with rising cost of needed repairs of its dilapidated buildings and old medical equipment, which are already inoperable and in

need of repair or replacement,” Eriguel added.

“So, I introduced this legislative measure, which now mandates the Department of Health to include in the agency’s budget a subsidy support for the capital outlay requirements of LUMC, including funds for rehabilitation of old buildings and construction of new hospital structures, as well as acquisition of modern medical equipment.”

Eriguel said with the near completion of TarlacPangasinan-La Union Expressway, which brought more people to La Union, the need for additional beds and a trauma center in LUMC became more imperative.

“The upgrading of LUMC and expansion of its services would provide not only the residents of La Union, but also the people of Northern Luzon with affordable and accessible high-quality health-care services without having to go to Metro Manila,” the La Union solon optimistically said.

HOPPLER EMPOWERS BROKERS TO SUCCEED WITH NEW STRATEGIES More than a hundred attendees came together on September 30 at Microsoft Philippines for the third Hoppler Dialogues copresented with Homespace360.

Themed “Leveraging Your Real Estate Business in a Competitive Market”, industry experts were invited to present insights on the real-estate market and provide relevant strategies on standing out in the competitive landscape of the industry.

The event featured talks from three industry experts—managing director of GetCraft PH Kate de los Reyes, former Vice President and Retail Mortgage Head of BPI Family Savings Bank Herbert Vincent Tuason, and licensed real-estate broker and appraiser Nisha Alicer.

WITH JAMES, LAKERS

RELEVANT AGAIN Sports BusinessMirror

Lebron James simply scoffs at the notion he’s thinking about anything but his day job as he begins the next chapter in one of the greatest careers in National Basketball Association history.

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| Friday, October 12, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Kevin Love has found a home— and peace—in Cleveland. AP

Love becomes focal point in Cleveland C

LEVELAND—Kevin Love wore a pair of LeBron James’s signature sneakers on media day. It’s the last time he’ll try to fill them.

Four years after aligning with James and Kyrie Irving to form a Big Three of stars that ended Cleveland’s fivedecades-long championship drought by winning a National Basketball Association (NBA) title in 2016, Love is the only one who remains with the Cavaliers.

While James left for Los Angeles as a free agent this summer, and Irving forced his way to Boston via trade a year ago, Love has found a home—and peace—in Cleveland.

Before James announced that the next chapter of his career would be written in Hollywood, Love—who had been the focus of trade rumors almost from the moment he arrived—told the Cavs he was willing to lead.

“I’m staying,” he informed general manager Koby Altman. “I want to be a part of this.”

“This” is life without James, the end of the four-year run and start of a rebuild as massive as the $140 million renovation taking place at Quicken Loans Arena, the Cavaliers’ downtown home that is no longer one of the league’s hottest spots with James gone.

But while the Cavs are no longer an elite team or national TV fixture, Love believes Cleveland’s competitive days aren’t done.

“We’re going to be a team that surprises a lot of people,” said Love, who signed a four-year, $120-million contract extension. “[Coach] Ty Lue knows what he wants from us and vice versa. We have guys who have been here. We have guys who know how to win, knowing in losing the best player in the world we’re going to have a fresh start.”

Relief.

None of the Cavaliers players, coaches or front-office members would ever use that word publicly to describe not having James. However, there is a sense of freedom that didn’t exist while waiting and wondering about his next move.

Everything will be different going forward for the Cavs, who must learn to play a different brand of ball.

“Life’s going to be a lot different for us going forward, basketball-wise,” veteran forward Kyle Korver said. “We went to LeBron because we were supposed to go to LeBron. Now, there’s an opportunity for new. No one is LeBron, but we get to figure out new things. We get to create a new identity.”

For the 30-year-old Love, who last year revealed he has had anxiety issues, Cleveland’s new situation is reminiscent of his six seasons in Minnesota. He was the focal point—on and off the floor.

He is the main man again, and Love is relishing the chance to show he can still carry a franchise.

“I know what I’m capable of,” he said. “I was the second option last year, the third option a couple of years prior and I had to learn how to sacrifice. Now I’m considered the first option. It’s a constant evolution. I’m heading into my 11th year, so I have to figure out with this team how it’s going to affect us in the best way possible in order for us to win.”

The Cavaliers are beyond excited about rookie guard Collin Sexton, the No. 8 overall pick. The former Alabama standout has impressed teammates with his attitude, tenacity and confidence. Upon arrival, he asked for No. 2— Irving’s old number in Cleveland.

Sexton will begin the season coming off the bench behind George Hill, as the Cavs’ preference is to ease him into his first season. However, it might not be long before he cracks Lue’s starting lineup.

The knock on Sexton is his outside shooting, but his game is built on breaking down defenders and getting to the rim. AP

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By Greg Beacham The Associated Press

OS ANGELES—When LeBron James chose the Los Angeles Lakers, the burgeoning entertainment mogul realized many people would think he joined a mediocre team with a five-year playoff drought because he wanted to

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be in Hollywood.

James simply scoffs at the notion he’s thinking about anything but his day job as he begins the next chapter in one of the greatest careers in National Basketball Association (NBA) history.

“My decision was based solely on my family and the Lakers,” James explained before his first full practice in purple and gold. “I’m a basketball player. I play ball. That’s

ANHATTAN, Kansas City—Tex Winter, the innovative “Triangle Offense” pioneer who assisted Phil Jackson on National Basketball Association (NBA) championship teams with the Chicago Bulls and Los Angeles Lakers, has died. He was 96.

Winter’s family said he died on Wednesday in Manhattan, where he began his coaching career at Kansas State in 1947 and led the Wildcats to two Final Fours and eight Big Seven/Eight titles as head coach from 1954-68.

“I learned so much from Coach Winter. He was a pioneer and a true student of the game,” Michael Jordan said in a statement e-mailed to the Chicago Tribune. “His triangle offense was a huge part of our six championships with the Bulls. He was a tireless worker.

Tex was always focused on details and preparation and a great teacher. I was lucky to play for him. My condolences to his family.”

Former Lakers star Kobe Bryant called Winter a basketball genius “in every sense of the word.”

“My mentor. I sat with Tex & watched every minute of every game during our 1st season together. He taught me how to study every detail,” Bryant posted on Twitter.

Winter published The Triple-Post Offense in 1962 and teamed with Jackson to use the system to great success with Jordan and Bryant. Winter assisted Jackson on championship teams with the Bulls in 1991, 1992, 1993, 1996, 1997 and 1998, and the Lakers in 2000, 2001, 2002. He was a consultant with Los Angeles’s 2009 title team, and the Lakers also won in 2010.

“Tex Winter was a basketball legend and perhaps the finest fundamental teacher in the history of our game,” said Bulls President John Paxson, a former player under Winter.

“He was an innovator who had high standards for how basketball should be played and approached every day.

“Those of us who were lucky enough to play for him will always respect his devotion to the game of basketball. His contributions to the Bulls organization will always be remembered.”

Inducted into the Naismith Memorial Basketball Hall of Fame in 2011, Winter spent more than six decades in coaching.

“On behalf of the entire Lakers organization, I’d like to express our sadness at the passing of Tex Winter,” Lakers owner Jeanie Buss said in a statement. “Tex helped lead the team to four NBA championships and was a mentor to many of our coaches and players.

In addition to his numerous contributions to the game of basketball, Tex was a wonderful man and he will be dearly missed. Our thoughts and prayers go out to the Winter family.”

Winter was 451-336 as a college head coach, also directing Marquette (1951-53), Washington (1969-72), Northwestern (1975-78) and Long Beach State (1978-83). He coached the NBA’s Houston Rockets in 1972-74, going 51-78.

“Today is a sad day for not only Kansas State University but also the entire basketball world with the passing of Coach Winter,” K-State Athletic Director Gene Taylor said in a statement. “He transformed the game of basketball at all levels and will always remain an integral piece of our rich basketball tradition here at K-State. Our thoughts and prayers are with the Winter family during this time. He will certainly be missed by the entire Born Morice Fredrick Winter in 1922 near Wellington, Texas, he grew up in Huntington Park, California, and starred at Oregon State and Southern California in basketball and as a pole vaulter. He entered coaching at Kansas State in 1947 under Jack Gardner.

“While the Winter family mourns the loss of a husband, father and grandfather, we also celebrate what was by any measure a fruitful, productive and eventful life,” Winter’s family said in a statement. “The Winter family would like to extend appreciation to all those who played an important role in Tex’s life. We would also like to extend thanks for the outpouring of blessings in the wake of this sad news.” AP

what I do. When I do it at the level I do, everything else will take care of itself. As far as my business, those things have been taking care of themselves way before I even came out here.”

After winning three championship rings while leading—and sometimes carrying—his last eight consecutive teams in Miami and Cleveland to the NBA Finals, the 33-year-old James’s new business is restoring

final buzzer Tex Winter, innovative basketball coach, dies

Tex Winter is a basketball legend and perhaps the finest fundamental teacher in the history of basketball.

a fraction of the Lakers’ traditional glory following the longest postseason absence in franchise history.

Two years after Kobe Bryant’s retirement tour mercifully ended, the Lakers are relevant again.

The courtside celebrities and worldwide fans whose interested waned during this dour half-decade are back in force to see what LeBron can do in this unusual, intriguing situation.

The four-time league MVP brought along a contingent of NBA veterans: Rajon Rondo, JaVale McGee, Lance Stephenson and Michael Beasley. They’re joining a young Lakers core with undeniable talent—Brandon Ingram, Lonzo Ball, Kyle Kuzma, Josh Hart and rookie Moe Wagner—but zero NBA success.

James’s teammates and coaches say he has arrived with the gravity of a champion, but with none of the imperious attitude that could accompany a player of his accomplishments. He accepts his role as a leader, but he’s focused on making sure the Lakers feel like a team, not a bunch of players in orbit around him.

James also realizes this particular Hollywood project is even bigger than him: The Lakers have made no secret of their plan to entice a second superstar, likely younger than James, to join them in free agency or by other means. The upcoming season is a showcase of this team’s long-term potential with the right addition next summer.

“Winning makes it more fun, but we haven’t won anything yet,” Coach Luke Walton said. “We come into practice and it isn’t loosey-goosey because we’re expecting to win games. We’re coming into practice knowing that if we want to win games, we have to do things a certain way. Hopefully when we get to games, that leads to us winning, and that would be fun. But we’re not there yet.”

Rondo is eager to be a mentor to Ball, the Lakers’ gifted second-year point guard. They’re watching film and studying together as Rondo attempts to share the roots of his tenacity and the fruit of his experience. Ball hasn’t participated much in camp while he recovers from knee surgery, but once the youngster is fully healthy, their partnership will be fascinating to watch.

Speaking of point guard skills, the Lakers have a wealth of ball-handlers at nearly every position.

After James was often forced to do it all on offense in Cleveland, almost anybody on the floor for these Lakers could bring the ball up, run the break or create offense off the dribble. Walton envisions an up-tempo, free-flowing offense mixing concepts from Golden State and Boston.

At the very least, James should be spared some of the heavy work after 15 mostly lengthy NBA seasons.

The Lakers’ transition from a full-scale rebuilding project to a potential playoff contender has changed the tone of the franchise, particularly in practice. Walton still spends ample time educating his younger players on the fundamental aspects of his scheme, but the Lakers’ veteran leadership is accelerating the youngsters’ growth, Walton said. “[The young players] are a big part of our future here, so it’s important that we still develop them,” Walton said. “It’s just a different style of developing now.

It’s not letting them play 35 minutes and letting them learn from their mistakes, play through situations. Now it’s, ‘Look, this is what we’re doing,’ and if we’re not doing it right, we’ve got a lot of guys on this team where you can come out and watch other people do it. We’re getting to the same point, just teaching it with different lessons.”

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FUEL MASTERS ZERO IN ON PLAYOFFS

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HE rising Phoenix squad guns for a breakthrough playoff berth against freefalling San Miguel Beer in the Philippine Basketball Association Governors’ Cup on Friday at the Mall of Asia Arena in Pasay City.

The game is set at 7 p.m., with the vastly improved Fuel Masters (6-2 won-lost) looking to barge into the playoffs for the first time under Head Coach Louie Alas in a crucial main game battle against the struggling Beermen (2-4).

Bottom teams NorthPort (1-6) and Meralco (1-5), meanwhile, clash in the first game at 4:30 p.m. to improve their subpar starts approaching the pivotal stretch of the season-ending conference.

After getting the boot in the first two conferences this season since Alas took over from former Coach Ariel Vanguardia, Phoenix turned heads by staying in third place behind league-leaders Barangay Ginebra (7-1) and Magnolia (6-1).

A win would finally push the Fuel Masters to the playoffs with still two games remaining in their elimination-round schedule.

But Alas has his sights locked on an even heftier prize—staying in the upper half of the standings for a chance at one of the four twice-to-beat incentives in the quarterfinals.

“It’s hard to predict, especially with how close the teams are in the standings. But I

like our chance,” Alas said. “We will see. Our motivation is our dream of staying in the upper bracket [for that playoff bonus].”

Phoenix would be carrying the momentum of its 123-97 blowout win over NLEX last Wednesday that also served as a fitting birthday gift to Alas, who turned 55 on the same day.

Tasked to lead the Fuel Masters’ continued rise this conference is top Best Import contender Eugene Phelps, who racked up 51 points, 20 rebounds, two assists and three blocks in their big win against the Road Warriors.

Backstopping the resident Phoenix import are gunner Matthew Wright and newly

JAPAN’S Aino Yamada competes in the rhythmic gymnastics ribbon routine in the Youth Olympic Games in Buenos Aires on Wednesday. AP

acquired Calvin Abueva, who is having a second wind in his career with the new squad since being traded by Alaska.

Once potent San Miguel Beer, meanwhile, is coming off a tough 119-127 defeat to Alaska last Saturday to fall at a subpar 2-4 record midway the conference.

To barge back into the win column, Head Coach Leo Austria would need more local support for his prized import Kevin Murphy, who was the lone man fighting in their string of losses.

Murphy is norming 41 points and 10.5 rebounds in two games so far for the Beermen. Ramon Rafael Bonilla

Olivarez-Ilas heads title chase in Northern Luzon golfest

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ernice Olivarez-Ilas hopes to dish out top form as she joins the title chase in the National Golf Association of the Philippines (NGAP) Northern Luzon Regional Golf Championship, which reels off today at the Beverly Place Golf Club in Pampanga.

Ilas, a veteran internationalist who has racked up a number of victories abroad, slugs it out with Sunshine Zhang and Weifang Gao in one of the

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HANGHAI—Roger Federer had to overcome a second-set stutter. Juan Martin del Potro and Alexander Zverev had to overcome illness.

All three still advanced at the Shanghai Masters on Wednesday.

Federer, the defending champion, beat Daniil Medvedev, 6-4, 4-6, 6-4, in the second round despite being broken late in the second set.

“I was able to mix it up. Really also took some chances, serve and volley, second serve,” the topseeded Federer said. “In the third set I really started to figure it out, as well, how aggressive or how tactical I wanted to make the match. And by trying everything, I found a solution at the end, which was a great feeling to have.”

The third-seeded del Potro trailed in the first set and in the tiebreaker but rebounded both times to beat Richard Gasquet, 7-5, 7-6 (7).

“It wasn’t easy to play for me today,” said del Potro, who reached the China Open final last week. “I did what I can. I didn’t run too much.

But I think I played with all my strength in the

flights in women’s Elite amateur division of the 54-hole championship serving as part of the PLDT Group’s National Amateur Golf Tour organized and conducted by the NGAP. Focus will also be on Laurea Duque, Rianne Malixi, Kristine Fleetwood and Korean Kim Seo-yun with Duque raring to score a victory after finishing third in last week’s Cangolf Amateur Open. important moment of the match.

“I would love to feel better,” he added. “I have been talking with the doctors every day.”

The fourth-seeded Zverev was also struggling with a cold, but he beat Nicoloz Basilashvili, 7-5, 6-4.

Basilashvili arrived in Shanghai after beating del Potro in Beijing to win his second career title.

“I played an opponent who has a lot of confidence,” Zverev said. “Obviously he’s playing the best tennis of his life, winning in Beijing, and obviously he had a very good match yesterday, as well.

“He knows how to play, definitely. Probably the hardest-hitting player I have ever played against.”

Zverev is playing in Shanghai without his coach, Ivan Lendl, who was in Beijing last week.

Lendl flew back to the United States to have wrist surgery, which Zverev said was caused by playing too much golf. Lendl is due to return to the tour before the end of the season. AP

Sean Ramos, on the other hand, seeks back-to-back romp this weekend as the newly crowned Cangolf Am winner heads the field in the men’s side of the centerpiece event backed by the MVP Sports Foundation, Cignal, Metro Pacific and hosted by Beverly Place Golf Club.

But Ramos is expected to have his hands full in the next three days with a slew of top players out to foil his bid at the flat, bunker-

laden layout. They include Joaquin Gomez, Josh Jorge, Jet Hernandez, Carlo Villaroman, Masaichi Otake, Weiyu Gao, Rald Sarmiento and Miguel Olivarez-Ilas.

Other titles to be disputed over 36 holes on Saturday and Sunday are Group I (5-12 handicap) and Group II (13 and above) in men’s division, both gross stroke and net competitions.

Federer survives Russian rival

THAIS IN COMMAND

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ROGER FEDERER’S fans wave banners during Federer’s match against Russian Daniil Medvedev on Wednesday. AP

hakansim Khamborn outduelled Chommapat Pongthanarak in their hunt for birdies coming in, cashing in on a twoshot swing on No. 17 to force a tie as the Thailand bets kept their domination of the International Container Terminal Services Inc. (ICTSI) Camp John Hay Ladies Championship at Camp John Hay Golf Club in Baguio City on Thursday.

Pongthanarak actually looked poised to seizing the solo lead with a four-under card built on a threebirdie binge at the back but stumbled with a bogey on the par-5 17th, which Khamborn birdied, as they finished with identical three-under 66s and grabbed a share of the lead at 135s after two rounds of the $1.5-million event put up by ICTSI. They were among the six players who wrested control in a crowded leaderboard on Wednesday with Pongthanarak storming ahead with backto-back birdies from No. 2 and rebounding from a double-bogey mishap on No. 5 with four birdies in an eight-hole stretch from No. 9.

But Pongthanarak, who shared fifth place at Mount Malarayat in May, missed the cut at Summit Point last June and tied for 16th at Champion Tour at Southwoods last July, lost her touch and momentum on the 17th, holing out with a 6 in a mishap which Khamborn, out to atone for her so-so 32nd-place finish at Champion Tour at Midlands last July, took advantage of to earn a crack at the crown.

While erstwhile coleaders Princess Superal and amateur Mariel Tee failed to keep in step and reeled back with 71 and 74, respectively, Waralee Atcharerk and Korean amateur Lee Ji-hyeon stayed in the hunt with 67 and 68 for 136 and 137, respectively, guaranteeing a final-round shootout at least among four players in the tournament serving as the second leg of the new Ladies Philippine Golf Tour season.

Onkanok Soisuwan wavered at back with a 36 and settled for a second 70 for joint fifth with Superal, who failed to sustain a birdie on No. 2 with three bogeys in the next seven then blew a birdie feat on No. 12 with a final-hole bogey for a 71. They pooled 140s and fell five strokes behind the joint leaders.

Numa Gulyanamitta and Ornicha Konsunthea

assembled 141s on a 69 and 70, respectively, while Tee, who turned in an impressive 69 in the first round, crumbled with a 74 and slipped to ninth at 143 with Thais Goonlacha Paiboonpong, who shot a 70, and Supakchaya Pattaranakrueang, who hobbled with a 72.

Daniella Uy also missed gaining ground after a birdie-birdie opening as the rookie pro went on a roller-coaster ride the rest of the way, making four bogeys and a double bogey against three more birdies. She finished with a 70 and tied Cyna Rodriguez, who limped with a 75, and Thai Kamonwan Lueamsri, who carded a 73, at 145, 10 strokes off the pace.

Chakansim Khamborn (left) outduelled Chommapat Pongthanarak to keep their domination of the Camp John Hay Ladies Championship.

PERLAS SPIKERS DOWN FIGHTING WARAYS

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anKo-Perlas charged back from a huge deficit late in the third then dominated Tacloban in the next frame to carve out a 25-21, 23-25, 29-27, 25-18 victory and stretch its unbeaten run to five in the Premier Volleyball League Season 2 Open Conference at the Filoil Flying V Center in San Juan on Wednesday night.

Outlasted by the Fighting Warays in the second set and overpowered in the next, the Perlas Spikers rallied from five points down behind Dzi Gervacio and Nicole Tiamzon and outduelled the Fighting Warays in an extended duel of power and blocking to regain control, 2-1, which they kept with a strong start in the fourth.

The Warays tried to mount their own fightback from 15-21 down behind Heather Guino-o, Jovielyn Prado, Mary Ann Esguerra and

Shola Alvarez, but could only threaten within five, 18-23, as the Perlas Spikers finished off their rivals with back-to-back kill blocks.

Gervacio continued to dish out big games and unleashed a 20-kill game she laced with two blocks and an ace for 23 points after scoring 14 points in their straight-set romp over the Motolite-Ateneo Lady Eagles last Sunday.

Tiamzon backed Gervacio with 20 hits, while Joy Dacoron added 11 markers and veteran Sue Roces scored seven points in a two-set stint.

The victory also moved BanKo-Perlas to within two wins from sweeping the single-round elims but the recent Vinh Long Cup third placers will have to hurdle two of the league’s top teams—the Creamline Cool Smashers on October 17 and the Pocari-Air Force Lady Warriors on October 21—to complete the feat.

“All teams are strong, including Tacloban.

They just seemed to lose their confidence in the third set and we cashed in on it,” said BanKoPerlas Coach Dong dela Cruz.

Guino-o led Tacloban with 21 hits while Prado added 10 points. Alvarez, Esguerra and Seth Rodriguez each had seven markers for the Warays, who dropped to 2-3.

Later in the night, Creamline shook off an early struggle and went on to crush AdamsonAkari, 25-16, 25-9, 25-20, and tie Pocari-Air Force at second at 3-1. The Lady Falcons fell to 0-4.

Ateneo-Fudgee Bar, meanwhile, withstood Instituto Estetico Manila’s tough stand and hacked out a 25-22, 25-22, 22-25, 25-23 victory to notch its second straight win in the Spikers’ Turf Open Conference at the Blue Eagle Gym recently.

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Friday, October 12, 2018

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SASO FALLS BEHIND

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uka Saso hobbled with a four-over-par 74 on Wednesday but still remained in the hunt for a podium finish in women’s golf while swimmer Nicole Oliva reached the finals of the 200-meter freestyle at the 2018 Youth Olympic Games in Buenos Aires, Argentina, on Wednesday.

The 17-year-old Filipino-Japanese compiled 145 over two days, five strokes off leaders Alessia Nobilio of Italy and Kim Grace of Australia, after she bogeyed four straight holes to take the turn at three-over.

Saso also had a pair of bogeys on No. 11 and No. 15, and birdied No. 12.

“She didn’t play her best today,’’ said Saso’s coach Ric Gibson. “It’s

really tricky out there today.’’

Grace was steady with a 69 while Nobilio scored 72 for an identical 140 with Emma Spitz of Australia two shots behind (70) followed by Hoyu An of Chinese Taipei (72).

“I’m hoping for a windy day tomorrow. We handled it well yesterday and hopefully a different wind tomorrow will give us a different look at the golf course, fresh perspective,’’ said Gibson.

Carl Jano Corpus also struggled the entire day, limping home with a 76 to fall 10 strokes behind the lead.

The 17-year-old bogeyed twice on the front nine and registered three more bogeys on Hole nos. 13, 14, 15 after a double bogey on the 10th.

Karl Vilips of Australia grabbed

the lead (69-68-137), while the only highlight for Corpus was a single birdie on the par-5 No. 11.

“Carl had the same problem today.

They putted really well yesterday but didn’t putt as well today,’’ said Gibson.

Oliva made it to the 200-meter freestyle finals at the Olympic Park swimming pool but finished seventh in the medal race after clocking 2:02.1.

“To make it in the YOG finals is one huge accomplishment for any junior swimmer. Amazing,’’ said Philippine Swimming Inc. president Lani Velasco.

“She made top eight in the 200-meter free event with five heats competing against 36 countries.’’

Ajna Kesely of Hungary captured the gold medal (1:57.8) and China’s Junxuan Yang (1:58) settled for the silver.

PIRATES BACK ON TRACK WITH ROUT OF BLAZERS College of Saint Benilde’s Edward Dixon beats Lyceum of the Philippines University’s Rhanzelle Yong in a rebound battle. NONOY LACZA

Bulldogs close in on ‘5-peat’

By Ramon Rafael Bonilla

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YCEUM of the Philippines University unleashed a strong finishing kick to shrug off a gritty College of St. Benilde, 77-64, and secure a twice-tobeat advantage in the semifinals of the National

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ATIONAL University (NU) beat University of the Philippines (UP), 3-2, on Wednesday to move closer to snatching a fifth straight men’s crown in the University Athletic Association of the Philippines Season 81 badminton tournament at the Rizal Memorial Badminton Hall.

The Fighting Maroons gave the Bulldogs a tough battle in the rematch of last year’s Finals before yielding the opener.

In the women’s Finals, Ateneo stunned UP, 3-2, to move within a win of ending a five-year championship drought.

JM Bernardo fashioned a 21-16, 21-14 conquest of Ros Lee Pedrosa in the opening singles to put UP ahead, before NU leveled with Mike Minuluan scoring a 21-15, 21-8 win over rookie Kyle Legaspi.

After the Bulldogs took the upper hand via Alvin Morada and Alem Palmares’s 21-11, 21-14 victory over Betong Pineda and Harvey Tungul in the first doubles, the Maroons sent the tie to a decider as Bernardo and Vinci Manuel defeated Minuluan and Pedrosa, 21-17, 21-19, in the second doubles.

Morada, the reigning Most Valuable Player, pulled off a 21-15, 21-14 win over Michael Clemente in the deciding singles to seal the deal for NU, which extended its winning run to 42 ties.

The Bulldogs, seeking their sixth title overall in the last seven years, go for the jugular on Friday at 8 a.m. also at the Rizal Memorial Badminton Hall.

Geva de Vera overcame a second-set loss to subdue Jessie Francisco, 21-13, 20-22, 21-14, in the deciding singles that turned out to be the Lady Eagles’ winning moment.

Ateneo, the third-ranked team which remained perfect in the playoffs, seeks for its first time since winning back-to-back in the 2012-13 season with another victory at 1 p.m. also on Friday.

Knights, Green Archers defeat separate foes in Fr. Martin Cup

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ETRAN and De La Salle beat separate rivals over the weekend to stay in the hunt for quarterfinals seats in the 16th Fr. Martin Cup Division 2 basketball tournament at the Saint Placid Gym at the San Beda-Manila campus.

The Knights won by default over Saint Joseph College of Bulacan, while the Green Archers got 10 points from Christian Manaytay as they clobbered National University-A Bulldogs, 72-54.

The victory was the fifth straight for the Knights while the Green Archers improved their record to 3-2 won-lost in Group B.

In the juniors contest, La Consolacion College-Manila—with Yman Urbano making 19 points—toppled Pasig Catholic College, 74-64, to march to its fifth straight triumph in Group A. Paco Citizens Academy Foundation turned back Diliman Preparatory School, 87-76, with Dustin Aguado dishing out 12 points. PCAF notched its third triumph in six outings in Group B. Xavier School stopped St. Michael College of Laguna, 57-54, to post win No. 2 in Group A to pull even with San BedaRizal, which won by default over La Salle Greenhills.

UAAP high school volley tilt unfurls

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AITH Nisperos will lead National University’s (NU) “five-peat” bid this weekend in University Athletic Association of the Philippines Season 81 highschool volleyball action at the Blue Eagle Gym. After drawing an opening-day bye, the Bullpups will take on the De La Salle-Zobel in the first of a three-game bill on Sunday at 1:30 p.m.

Hostilities will begin on Saturday with last

season’s runner-up University of Santo Tomas (UST) battling University of the Philippines Integrated School at 1:30 p.m., followed by the 3 p.m. match between De La Salle-Zobel and University of the East and the 4:30 p.m. tussle between Far Eastern University-Diliman and Adamson University.

Nisperos was the Finals Most Valuable Player (MVP) when the Bullpups swept the Junior Tigresses in the best-of-three series.

A two-time season MVP winner, Nisperos will be NU’s new skipper as veteran Joyme Cagande has moved up to the college ranked.

UST, meanwhile, sets in motion its title-retention campaign in the boys division against NU at 12 noon tomorrow.

Other scheduled boys’ matches beginning at 7:30 a.m. are Ateneo-UPIS, FEU-UE and DLSZ-Adamson University.

Collegiate Athletic Association Season 94 men’s basketball tournament on Thursday at the Filoil Flying V Centre in San Juan City.

Ahead 68-62 with four minutes remaining, the Pirates leaned on their reliable defensive paws and unleashed a 9-2 windup to foil the Blazers.

With the victory, Lyceum improved to 15-2 won-lost to clinch a twice-to-beat incentive in the Final Four.

“They really gave us a run for our own money,” Head Coach Topex Robinson said. “I’m so happy for our team that responded to the challenge.”

Robinson credited the Pirates’ renewed hunger

after absorbing a stunning loss to Letran last week.

“There’s a big lesson in that loss to Letran.

It kept us humble and we learned how to stick together as a team,” added Robinson on their 79-80 setback to the third-running Knights.

Four players scored in double figures for Lyceum led by reining Most Valuable Player CJ Perez with 17 points, 10 rebounds, four assists and four steals.

Cameroonian import Mike Nzeusseu added 13 points and eight rebounds while veteran guard Reymar Caduyac registered 10 points and seven assists.

Sensational rookie Justin Gutang racked up

13 points, seven rebounds and three assists for the Blazers, who kissed their Final Four hopes goodbye with an 8-8 record.

St. Benilde’s loss also paved the way for Letran (12-4) and University of Perpetual Help (11-5) to secure their places in the Final Four.

Lyceum is now looking forward to a muchawaited duel with last year’s finals conqueror San Beda next week.

“We really look up to them [Red Lions] as role models and how a team should be run. We have so much respect for San Beda and we know how hard it is to beat them, they will always bring the best out of our team,” Robinson said.

Like Real Madrid, Portugal has to cope sans Ronaldo

I

t’s not only Real Madrid that has to adapt to life without Cristiano Ronaldo.

Portugal’s national soccer team also has had to cope without the star forward as he takes a break from international duty following his transfer to Juventus and amid a rape allegation against him.

Ronaldo hasn’t been called up for the national team since the World Cup, and the Portuguese soccer federation has already said he also will not be considered for upcoming international matches later this year.

Portugal, which won the European Championship in 2016 for its first major title, plays at Poland on Thursday in the UEFA Nations League, its third match without Ronaldo since the World Cup tournament in Russia. The team will face Scotland in a friendly on Sunday.

“The best in the world remains the best in the world, but he is not here and we have to focus on those who are,” Portugal Coach Fernando Santos said on Wednesday. “I fully trust the players who are here and they will come through for us.”

Santos said Ronaldo remained fully committed to the national team, after he skipped the team’s first two matches after the World Cup to rest following a busy off-season that included his move from Real Madrid to Juventus. Santos had said Ronaldo was still settling in with the Italian club and needed time to focus on that.

Last week Santos did not give details for not including Ronaldo in the team, saying the decision was made after a three-way conversation between him, the player and the head of the Portuguese soccer federation.

The squad announcement came after news that Ronaldo is dealing with a rape allegation in the United States, although Santos did not comment on the player’s state of mind nor did he say the decision had anything to do with off-the-field issues.

Santos’s problem now is how to get his team working without Ronaldo. And that’s where Andre Silva comes in.

The 22-year-old striker, considered to be the perfect wingman for Ronaldo in Portugal’s attack, has been doing just fine by himself this season. He was crucial in the team’s opening win against Italy in the Nations League last month, scoring the second-half winner that left Portugal at the top of Group 3 in League A of Europe’s newest competition.

A victory on Thursday won’t yet secure Portugal a spot in the final four of the Nations League in June, but it will keep the team from being relegated to the second-tier League B. Portugal leads Group 3 with three points, two more than both Poland and Italy. Italy has already played twice, losing at Portugal and drawing against Poland at home.

“If we win this match it will be a big step for us,” said Santos, who turned 64 on Wednesday and is about to mark his four-year anniversary with the national team. “We are very motivated to make it to the final four.”

Usain Bolt, meanwhile, said recently that his performance in a trial game on Friday could determine his future with the Central Coast Mariners in Australia’s A-League and his quest to play professional football.

The eight-time Olympic sprinting champion is expected to start for the Mariners against a Macarthur South West United team in western Sydney. United plays in a second-tier competition.

“This is going to be a big game. I think it will determine if the club makes up its mind on what to do with my career,” Bolt said on Wednesday.

The Mariners begin the A-League regular season on October 21 in Brisbane against the Roar. Bolt, who holds the 100- and 200-meter world records, has retired from competitive track and field.

After being used as a winger in his first brief trial appearance in late August, Bolt hinted at a positional change for the match at Sydney’s Campbelltown Stadium.

“Coach Mike Mulvey “said he wants to play me up top more,” Bolt said. “The couple of games that I played, I didn’t play with the first team.

“There’s a few first-team boys in the team for Friday. So I’ll get different service, better service, because they’re more seasoned and more mature.

So he just told me to make sure I’m focused and push myself, and I’ll just take the chances when I get them.”

The 32-year-old Jamaican track great said he was pleased with his progress in football.

“That’s always a good step, when coaches are satisfied with the fitness to put me in the starting lineup. That’s always a big step,” Bolt said. “I can say I’ve been improving, [but] you won’t know what level you’re at until you actually play a competitive game.”

In late September, Mulvey said he could wait until January before making a final decision on Bolt’s status with the team.

Bolt saw his first action for the Mariners on August 31, playing 20 minutes against a Central Coast invitational side. He played the entire second half against the North Shore Mariners on September 19, when he alternated between left wing and forward. AP

BAN LIFTED Russian curler Alexander

Krushelnitsky practices ahead of the 2018 Winter Olympics in Gangneung, South Korea, in February. The Court of Arbitration for Sport says it has lifted a provisional ban imposed on one of the two Russian athletes who tested positive for doping at the Pyeongchang Olympics. The court says a contaminated product caused bobsled driver Nadezhda Sergeeva’s positive test for trimetazidine in South Korea in February. AP

PUTIN HAILS NURMAGOMEDOV M Russian President Vladimir Putin (left) meets with Khabib Nurmagomedov (right) and his father Abdulmanap. AP

Sports BusinessMirror

C4

| Friday, October 12, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

‘COMPLETE FABRICATION’ L

By Ken Ritter The Associated Press

AS VEGAS—Cristiano Ronaldo’s new Las Vegas criminal defense lawyer went on the attack on Wednesday, saying documents cited in media reports about a rape claim against the soccer star were “complete fabrications” and the encounter was consensual.

In a statement, attorney Peter S. Christiansen blamed reports about the 2009 encounter on electronic data leaks of documents that he said were stolen by a hacker from law firms and other entities in Europe and then put up for sale.

Ronaldo “is accustomed to being the subject of press attention that goes along with being famous,” Christiansen said.

But the statement called it “absolutely deplorable that any media outlet would support or advance such an elaborate and deliberate defamation campaign based on stolen, easily manipulated digital documents.”

The statement acknowledged that Ronaldo and Kathryn Mayorga reached a nondisclosure agreement in 2010 after their encounter in Las Vegas.

Mayorga’s attorneys, Leslie Stovall and Larissa Drohobyczer, did not immediately respond to telephone, email and text messages.

Ronaldo, 33, of Portugal, plays for the Italian club Juventus and his home country’s national team. Some sponsors, including Nike and video-game maker EA Sports, have expressed concern about the rape allegation.

Mayorga, 34, a former model, filed

a lawsuit on September 27 in Nevada acknowledging that she accepted $375,000 to keep quiet about the encounter with Ronaldo in a hotel penthouse.

The lawsuit seeks to void the agreement that her lawyers say she signed under pressure from “fixers” trying to protect the reputation of Ronaldo. The lawsuit also seeks monetary damages of at least $200,000.

“Given the breach of that agreement by the other side and the inflammatory accusations that have been lodged in the ensuing days, Mr. Ronaldo feels compelled to no longer stand silent,” Christiansen said in his statement.

“To absolve any doubt, Mr. Ronaldo has always maintained, as he does today, that what occurred in 2009 in Las Vegas was consensual in nature,” it said. “The documents which purportedly contain statements by Mr. Ronaldo and have been reported in the media are complete fabrications.”

Christiansen declined to comment further.

Drohobyczer said previously that Mayorga never wanted her name made public but became worried that she would be identified after a 2017 media report apparently referred to the encounter at the Palms Hotel and Casino.

In August, her attorneys asked Las Vegas police to reopen an investigation that had been closed in 2009 without charges.

The lawyers followed with the lawsuit about two weeks ago.

Police have refused to release documents, citing the reopened case, and have not commented about progress in the investigation.

Stovall and Drohobyczer have said a Las

Vegas psychiatrist diagnosed Mayorga with post-traumatic stress and depression “caused

by Cristiano Ronaldo’s sexual assault in 2009.”

The attorneys said she was “emotionally fragile,” out of the country and would not be interviewed by media.

The psychiatrist, Norton Roitman, has testified numerous times as an expert witness in state court in Las Vegas. His office issued a statement to The Associated Press saying his role in the case does not permit him to publicly comment.

Christiansen replaced high-profile criminal defense attorneys David Chesnoff and Richard Schonfeld as Ronaldo’s legal representative in Las Vegas.

Ronaldo’s attorney in Berlin, Christian Schertz, has refused comment about the rape allegation.

He threatened to sue after the German magazine Der Spiegel reported on the lawsuit, saying the article violated Ronaldo’s personal rights.

Telephone calls to Der Spiegel on Wednesday went to voicemail.

The Associated Press does not generally name people who say they are victims of sex crimes, but Mayorga gave consent through her lawyers to make her name public.

OSCOW—Russia’s President Vladimir Putin has met with Khabib Nurmagomedov to congratulate him on winning the UFC lightweight title, and defended the fighter’s actions in the brawl that followed his victory over Conor McGregor.

Putin hailed Nurmagomedov’s “convincing” victory in the highly anticipated mixed martial arts bout in Las Vegas on Saturday, and said the champion’s decision to then climb over the cage and fight with members of McGregor’s corner had been provoked by insults.

The brawl also featured two men from Nurmagomedov’s entourage climbing into the cage and attacking McGregor.

Nurmagomedov told Putin on Wednesday he was sorry that he lost self-control, but that he had heard McGregor’s camp insulting his father and his country.

Putin joked that he would ask Nurmagomedov’s father, who was also present at the meeting, not to punish him too severely.

The president added that “not just you, but all of us can jump out like that if assaulted.”

Daniel Cormier, meanwhile, is set to defend his UFC heavyweight championship against Derrick Lewis at UFC 230 on November 3 at Madison Square Garden.

Lewis has won nine of his last 10 bouts and will fight just weeks after he defeated Alexander Volkov at UFC 229 last weekend in Las Vegas.

Cormier (21-1) is UFC’s light heavyweight and heavyweight champion and hoped to fight Brock Lesnar next year. But UFC was short on star power at a venue where some of the biggest stars have fought since mixed martial arts was legalized in New York two years ago and pressed Lewis and Cormier into service.

UFC is trying to move on from the brawls that broke out after the Conor McGregor-Khabib Nurmagomedov fight in Las Vegas and put the promotion’s buzz back on a better main event for its next major card.

UFC President Dana White told ESPN, which first reported on the revamped card, that the scheduled 230 main event fighter Valentina Shevchenko will now take on Joanna Jedrzejczyk at the next pay-perview event this December in Toronto. Shevchenko had been scheduled to fight Sijara Eubanks in the main event of UFC 230, and Eubanks wasn’t happy about being bumped.

“IVE EARNED MY SHOT. THIS IS MY TIME. Quit running this thing like a circus,” Eubanks tweeted.

Nate Diaz and Dustin Poirier are still on for their scheduled lightweight fight at UFC 230.

Cristiano Ronaldo’s lawyer says the soccer star “is accustomed to being the subject of press attention that goes along with being famous.” AP

Hear us as we pray

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EAR God, all creation groans as we await redemption of our bodies. Hear us as we pray: Show us Your merciful love, oh God. Grant justice to women, to the oppressed and to the poor. Protect civil servants, security personnel and all who work through the night. Shelter refugees, homeless people and those who are in danger. Increase generous people to share their time, treasures and talents. May God grant us patient endurance in times of trial and fill our hearts with joy, through Christ, crucified and risen. Amen.

GIVE US THIS DAY SHARED LUISA M. LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

Editor: Gerard S. Ramos • lifestylebusinessmirror@gmail.com

B

Life

SOMETHING LIKE LIFE: COFFEE IS LIFE D3

BusinessMirror

BY tAffY BrodeSSer-AKner New York Times News Service

RADLEY COOPER is not not happy to be on the press tour for A Star Is Born, the movie he specifically, exactingly, meticulously, perfectionistically, obsessively directed, cowrote and stars in. In fact, he’s very not not happy! He worked so hard on this movie. Every detail of it comes from a true thing—something he’s learned, something he’s seen, something he knows for sure. It’s such hard work to try for something true and to get it right and maybe he’s succeeded.

What a huge bet this was; what a long haul it’s been; what a full-on occupation of the last four years—years in which he, after an Oscar nomination for American Sniper, had his pick of just about any role he wanted. Years in which his heart was consumed by little else. How could he not be excited for people to see it?

“This is the joyous period,” he told me.

This is the third remake of the movie, the story of the big male star who plucks the little woman from obscurity and watches her celebrity and relevance rise above his, to tragic consequences. Each one is slightly different, a reflection of the filmmaker himself—the way different chefs can make a roast chicken at different levels of transcendence. Cooper liked that. He liked that there was an opportunity to reflect himself in there: his romantic view of creativity, his despair of what commerce can do to art. He liked that it was a love story above all those things.

He created Jackson Maine in that image: an earnest, rootsy, behatted rock star whose weary, substancecompromised heart can’t bear to see the star-making machinery overtake a sincere, poetic message—a character from another time who is reminiscent of Neil Young or John Fogerty or Cher-husband-era Gregg Allman, but is none of those guys exactly. Could a musician like Jackson really draw giant crowds in 2018 the way he does in the movie? It doesn’t matter. It’s taken on with such grand, Hollywood sexiness that it’s easy, when you’re watching it, to just round up.

Jackson is not so much jealous of Ally, the character Lady Gaga plays, like in previous incarnations of the movie, but he bemoans how the industry strangles her ability to say the kind of things she did when he found her singing “La Vie en Rose” in a drag bar.

Now, maybe you’ve guessed at all this because you are one of the more than 9 million people who have seen the trailer (or one of the people who has seen the trailer 9 million times). Yes, the trailer, which was the closet thing we’ll ever get to a trailer song of the summer: two-and-a-half minutes of such electricity that it immediately became the subject of actual think pieces and social-media obsession and maybe a meme or 12. If you haven’t watched it, let me see if I can conjure some of it from memory.

Let’s see, let’s see: Sultry, longhaired, slightly unwashed Bradley Cooper singing into a mic, “Maybe it’s time to let the old ways die,” then walking off the

Continued on d2

BRADLEY COOPER PHOTOGRAPHED BY RYAN PFLUGER FOR THE NEW YORK TIMES

ISN’T REALLY INTO THIS PROFILE

Friday, October 12, 2018

D1

D2

Society BusinessMirror

Friday, October 12, 2018

www.businessmirror.com.ph

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Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Josh Hutcherson, 26; Tyler Blackburn, 32; Bode Miller, 41; Hugh Jackman, 50.

SLIM’S Fashion & Arts School’s Mark and Sandy Higgins

SWATCH’S Virgie Ramos with SM Supermalls COO Steven Tan

ACTRESS and TV host Anne Curtis in an outfit by Slim’s student Claire Arguelles Francisco

HAPPY BIRTHDAY: Don’t give in to moodiness or demands. Focus on the best way to make your life better. Consider your current residence and whether it’s in your best interest to hang on to what you’ve got or to let it go and move on. Change requires time and energy, and it’s up to you to decide how to utilize your talents. Your lucky numbers are 2, 10, 19, 24, 28, 33, 47.

a

ARIES (March 21-April 19): Go over personal papers carefully, or you will miss an important document that needs to be rectified.

Rely on what you know and what you can do, not what others promise. If a job needs to be done, do it yourself.

HHHHH

b

TAURUS (April 20-May 20): Don’t feel you have to do everything in record-breaking time. Slow down and get things right the first time. Your patience and astute sense of what’s important will compensate for the amount of time it takes you to be successful. HHH

c MODEL and photographer Joan Bitagcol with esteemed designer and Slim’s alumnus Joey Samson

SANDY HIGGINS with Michael Salientes, Tina Treichler and actress Cherie Gil

Fashioning the future T HE future of fashion is bright and lots of fun as the recent Slim’s Fashion & Arts School’s Best of Student Work 2018 at SM Megamall’s Mega Fashion Hall revealed.

A joint project of Slim’s Fashion & Arts School, SM and Swatch, the annual exhibit’s theme this year was “Laro.”

This was the fourth year Slim’s and SM collaborated for the exhibit, and this was a stark contrast to last year’s exhibit which drew inspiration from the iconic works of Salvacion Lim-Higgins, the school’s founder.

Laro showed the playful side of design, with designs inspired by board games and arcade games, toys and nursery rhymes—all in a riot of colors and textures.

The exhibit featured 30 designs which are some of the best pieces produced by this year’s advanced classes. There are outfits embellished with playing cards and plastic toys, spiral-cut draped dresses inspired by slinky toys and pinwheels, a barong artfully hand-painted with a child flying a kite, and even elaborate dresses reflecting favorite childhood stories like Cinderella and Alice in Wonderland. Also on display was a series of fashion sketches conceptualized and drawn by the students.

Founded in 1960, Slim’s Fashion & Arts School is the most established fashion institution in the country. Included in its long list of notable alumni are Joe Salazar, Cesar Gaupo, Michael Cinco, Joey Samson, Chito Vijandre and Albert Andrada. n

d

CANCER (June 21-July 22): Explore your options and try something unique. Your charm will attract people who have something interesting to offer. A proposal will give you something to think about. Positive change is heading your way; romance is highlighted. HHH

e

LEO (July 23-Aug. 22): Don’t listen to someone who makes poor choices and is argumentative. Align yourself with people who are helpful, who encourage you to do your best and who want to see you make positive personal changes. Say no to indulgent behavior. HH

f

VIRGO (Aug. 23-Sept. 22): A change is heading your way. Short trips, conversations and listening to what others have to offer will encourage you to take care of pending matters in order to clear the path for new beginnings. HH

g

SM SVP for Marketing Communications Group Millie Dizon and designer Oskar Peralta, the first graduate of the Slim’s Fashion & Arts School.

Bradley Cooper isn’t really into this profile \Continued from D1 festival stage in his big, brown hat, and into a car and drinking. More lyrics: “It takes a lot to change a man; hell, it takes a lot to try,” then tinnitus tones come in like an alarm. Shirtless hearing test, Dave Chappelle, nightclub, more shirtless hearing test, more Dave Chappelle, walking into what may be a recovery meeting, following Ally onstage, a conversation about songwriting—She doesn’t sing her own songs! She thinks she’s ugly! He thinks she’s beautiful! Then, as summed up here in this meme: Falling-in-love quick takes, he tells her to come onstage—No way, man—and he says, “All you got to do is trust me!” then she does and oh my God! Songwriting, motorcycle, private jet, single tear, Sam Elliott head grab, rocking, face in hands, crescendo: “I’m off the deep end, watch as I dive in, I’ll never meet the ground!” Punch, sex, blackout, him and her walk off the bus, she puts the hat on, he puts his arm around her.

If I remember correctly.

So, yes, Cooper is very excited to finally reveal this labor of love, this Everest of accomplishment.

GEMINI (May 21-June 20): Use your emotional insight to your advantage. Act on impulse and make your point heard. Don’t let others take advantage of you or get away with something that will affect you negatively. Be the one to take control and show enthusiasm. HHH

The things he’s not so excited about—the things that maybe if he had his way he wouldn’t do—involve the ways a person is expected and obligated to share it. Meaning, he’s not really excited to sit down and explain the thing.

Which brings us to a hotel in the West Village, a corner booth, him fingering his Porsche Carrera aviators on the table in front of us, where he is willing to tell me a lot about his movie, where he is willing to share the same set of facts about its making that he’s shared with many, many, many other reporters, but he is not willing to go much further. He doesn’t like my questions about the particular inspiration for certain details in the movie. He doesn’t like questions about his personal life and how it might relate to the big, sexy music movie I’d just seen.

These were typical interview questions. I wanted to talk about Cooper’s own sobriety, and how it was reflected in Jackson’s drug and alcohol addiction. I wanted to talk about fatherhood—how Cooper has both lost his father and become a father in the last few years—since fathers haunt the movie. I wanted to talk about love. But he wasn’t having it.

Listen, he said to me. I seem nice. He gets that I’m

just doing my job. But he’s not going to get personal with me. He has to promote his movie—he wants to promote his movie—but beyond that? What would telling me anything truly personal really do? “I don’t necessarily see the upside of it. You know? I don’t.”

So he sat back and told me the same things he told everyone else, and I took notes and then spoke to some people who know him.

In 2011 A Star Is Born belonged to Eastwood, who directed American Sniper. Beyoncé was attached, but then her first pregnancy reportedly delayed filming and ultimately, there were too many scheduling conflicts to proceed. Eastwood talked to Cooper about the role, but Cooper was hesitant. He was 36; he didn’t think he could play someone that weathered.

“I knew I would be acting my balls off to try to be what that character was, because I was just too—I just hadn’t lived enough, I just knew it,” he said.

On the last day of filming The Hangover Part II, in 2011, he flew home to take care of his father, who was dying from lung cancer. Cooper had been caring

LIBRA (Sept. 23-Oct. 22): Deal with people who have the potential to stand in your way or slow you down. Make your intentions and plans clear, and rearrange your schedule to fit your needs. Someone from your past will offer interesting information. HHHH

h

SCORPIO (Oct. 23-Nov. 21): Let charm be your calling card. If you get into an argument, it will lead to a stalemate, not progress. Alternative means and methods will bring good results if they offer a little something for those who get involved in your plan. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Doing a little extra will go a long way. Tidy up loose ends before you take off or move on to pleasurable pastimes. Temptation can lead to mistakes if you get involved with someone who tends to be excessive. HHH

j

CAPRICORN (Dec. 22-Jan. 19): An unusual offer will spark your curiosity. Take a closer look, and you’ll discover something that can help you with something you’ve wanted to do for some time.

Reconnecting with someone from your past will help you find a missing link. HHH

k

AQUARIUS (Jan. 20-Feb. 18): Look for a positive outlet. Refuse to associate with someone who is looking for a fight or trying to tempt you. A problem with a friend, relative or peer will result in an unexpected change of heart. HHHH

l

PISCES (Feb. 19-March 20): Keep your options open and don’t let your emotions take over. A worthwhile deal shouldn’t be overlooked for unrealistic reasons. Negotiate fairly and you will get good results. HH

Continued on D4

BIRTHDAY BABY: You are energetic, determined and aggressive.

You are engaging and impulsive.

‘dazed and puzzled’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 Kitchen appliance 5 Plant with milky juice 11 Union-making words 14 Dollar’s 1/10 15 Right after this, legally 16 Veto 17 Dizzy and off course 19 Calendar square 20 Drinking vessel 21 Publishing editions 23 Chef’s garb 26 Historic intro?

28 Italian “Well done” 29 Cover against damages again 31 Picked 33 90-degree shape 34 Ceremonial dress 36 Struck dumb 41 Place to store wheat 42 Plaything 44 Republic, e.g.

47 Ghost town-ish 50 Unexplained vehicles

1 Finder’s payment 5 52 Some are inert 53 With more Mentha 56 Dryly comical 57 Entreat 58 With too much to handle 64 Middle of Chinese lanterns?

65 Roast necessity 66 Do as commanded 67 Sts? No. Blvds? Try again 68 Downright 69 Fabric rib DOWN 1 Whimsically strange 2 Seven, one way 3 First responders’ letters 4 Certain ex-liberal 5 Use FedEx 6 Capital of Portland?

7 Caterer’s coffeepot 8 Fix a toddler’s laces 9 Heeds a green light 10 Loaf heels, essentially 11 Many low-budget films

2 Actress Wiest 1 13 You take it in 18 Baseball scores 22 WWII target 23 “You ___ here” 24 Ill-gotten funds 25 Streamlet 26 Copy a peacock 27 Make an F a D+ 30 Involving the city 31 Moldable things 32 Possessive pronoun 35 See eye to eye 37 Seniors disparager 38 Dude’s kin?

39 Bus schedule data 40 Be overly fond of (with “on”) 43 Not a no 44 Desensitizer?

45 Off the beaten track 46 Friendly Islands (with “The”) 48 Beastly creature 49 Keep a low profile 51 Not as fettered

4 Major caucus state 5 55 “Be it ___ so humble” 56 Sharpen on a grinder 59 Bio class abbr.

60 Collect your blue ribbon 61 CEO degree, often 62 Narrow fish 63 Indigo, for instance Solution to yesterday’s puzzle:

Relationships BusinessMirror

www.businessmirror.com.ph

COFFEE mango zesty quinoa salad

MOVING THINGS THAT MATTER

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COFFEE rubbed steaks

SAME-DAY delivery is an emerging benefit nowadays. In this digital age, most people use this feature for their food cravings, online shopping, or their businesses. While most of us utilize on-demand delivery for our personal needs and wants, there are people who use such to fulfill their passion for charity.

Recently, Lalamove was part of a growing charitable institution that aims to clothe the needy, most especially this rainy season.

Street Store PH (www.creategood.ph/streetstore) creates these pop-up stores that empower and give the customer experience to the less fortunate as they get to choose from an array of clothes. Over 15,000 items were donated and found 1,200 new owners who will treasure them for years to come. Good thing that ondemand delivery is available to everyone in Manila as it would be hard to drive to a donation drop-off location in a bed-weather weekend.

Meanwhile, this Breast Feeding Awareness month, the Quezon City Human Milk Bank (www.qcgh.org/ humanmilkbank) partnered with Lalamove to give all the moms the chance to help other infants in dire need of milk. Previously, if you want to donate milk to a hospital or the human milk bank, you would need to go to the location and fill-up many forms and wait in line. That seems a drag given the fast-paced lifestyle and traffic nowadays. But with Lalamove, donating breastmilk has never been this easy. Also, you can get P100 off on your breast milk delivery.

The signing of the memorandum of agreement between Lalamove Phiippines, represented by Managing Director Dannah Majarocon, and the Local Government of Quezon City, represented by Mayor Herbert Bautista, was held on August 6 during the flag-raising ceremony in Quezon City Hall. This kicked-off the partnership that will enable the Milk Bank to garner more breast milk donations and increase its awareness. A lot of infants would benefit from this cause.

“This partnership with Street Store PH and the Quezon City Human Milk Bank gives us an opportunity to show that our delivery services are not only efficient but flexible enough to be used for causes you support. We want to show that we aren’t just here to deliver your items, but we move things that matter,” said Majarocon.

Coffee is life COFFEE drinks

SOMETHING LIKE LIFE

MA. STELLA F. ARNALDO

@akosistellaBM

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OW do you like your coffee? Black?

With cream and sugar? Cold brew or steaming hot? With frothy smileys and a dash of cinnamon?

No matter how you to take it, for many people, coffee is life. It’s that jolt you need in the morning to get you going for work and ready to do battle with the Metro’s impossible traffic. Or that perfect afterlunch digestif, or merienda with cake for the tête-àtête with gal pals.

Personally, I take my coffee after lunch (since I rarely have breakfast), with cream and coco sugar.

(I can hear the coffee purists’ eyebrows rising a mile high.) But I love it. It works for me. And more important, it gives my brain cells that extra zing to get me writing my pieces for this paper.

And although I’m no coffee connoisseur, I do appreciate many of the single-origin bean roasts— from up north in the Cordilleras (Benguet Heirloom premium Arabica), to the south in Mindanao (Mount Apo). And whenever I want to get a taste and feel of another country’s lifestyle and people, I order a cup of coffee or buy their beans (Flores from Indonesia and Arabica from Vietnam, etc.).

Many experts, such as Dr. Dave D’haeze, a coffee scientist, are of the opinion that the Philippine coffee can rightly take its place among the world’s best beans. The only problem is that we don’t produce that much to sell abroad. With consumption at 180,000 tons a year, we only produce 30,000 to 35,000 tons of coffee beans a year. As such, most of the production is consumed here at home. Of course, the Department of Agriculture has a coffee farm propagation program, which again has had very little impact on the industry.

Today’s trees are really a product of the solo hard work of the private sector.

Which is unfortunate. Because back in the day, as very old folks would say, the Philippines was actually the world’s largest exporter of coffee. Local coffee trees, however, became infected with rot that effectively cut their production. And it is only now that coffee farmers are recovering and finding renewed value in planting/selling coffee beans.

In celebration of this most wonderful brew invented by mankind and the beans our country has been blessed with, the Holiday Inn & Suites Makati,

in cooperation with the Philippine Coffee Board (PCB) and the International Women’s Coffee Alliance, launched last week the Philippine Coffee Month.

This October, the hotel will have a selection of coffeeinfused dishes at Flavors Restaurant, specialty coffee concoctions at Citron Cafe, as well as coffee cocktails at Oz Bar. Taking pride in locally produced coffee, the hotel uses premium Arabica from Sultan Kudarat, a full-bodied, high grown dark roast coffee with a balanced acidity and a fuller body.

“Our guests enjoy the coffee we serve in the hotel and we are proud to say that it is 100-percent Philippine grown” says Hotel Manager Andy Belmonte. “We have always served locally sourced coffee and will continue to do so as we do believe in the local industry and we want to do our part in the sustainability of local farmer efforts.”

Flavors restaurant, which prides itself in having one of the best buffet selections in Makati City with a curated selection of Filipino, South East Asian and Western dishes, introduces coffee-infused dishes to the menu and will add coffee grounds to existing dishes to create a whole new flavor. Coffee rubs on steak and chicken roasts will be used to create a deeper flavor for the roast.

Try a coffee vinaigrette for the Grilled Chicken Salad or the Chili and Coffee Mango Zesty Quinoa Salad, which I found curiously interesting, having not tried quinoa before. But the tender rib eye, which had been rubbed with ground coffee, was certainly the highlight of everyone’s lunch meal.

The hotel’s dessert spread features a Mocha Velvet

Finding the perfect engagement ring THE engagement ring symbolizes true commitment. It is a message of love and devotion to that one person, made known—loud and clear—to the world.

Every time your significant other looks down on her engagement ring, she is reminded of all the reasons you fell in love, how you promised to spend the rest of your lives together and all the things you look forward to in the future. Undoubtedly a substantial purchase, it is important to make

Friday, October 12, 2018

the perfect choice when selecting an engagement ring.

Known as one of the country’s top trusted jewelers, My Diamond (www. facebook.com/MyDiamondPH/) offers helpful tips in choosing the perfect engagement ring. n SET A BUDGET. Deciding on a budget early can allow you to fully explore all your options when it comes to the center stone’s characteristics and ring design. Determine the maximum

amount you are willing to spend on an engagement ring before shopping. n KNOW YOUR SOON-TO-BE FIANCÉE’S STYLE. Consider her personality and taste in jewelry. What suits her best—classic, simple or a more intricate engagement ring? n GET THE RIGHT FIT. You don’t want to ruin your proposal with a ring that does not fit. Know her ring finger size. To keep it a surprise, borrow one of her older rings through a family

member or friend. n TAKE NOTE OF THE 4CS. The cut, carat, clarity and color refer to the sparkle, weight, imperfections and shade of the diamond or stone in the ring. When a diamond has greater brilliance, weighs more, has less visible flaws and lacks color, the more value it holds. Striking a balance between these characteristics can help ensure you get the best diamond for your engagement ring.

Cake and a Cappuccino Truffle Brulee Cake, which I found perfectly balanced in terms of sweetness.

Citron Cafe adds some zest to your basic brew with a selection of iced coffees: the sweet and minty Mojito Coffee, muddled mint with espresso and syrup, topped with whole milk; the Hanoi-inspired Coconut Coffee, rich coffee with condensed milk and coconut cream; and Lemon Coffee, which is brightened with a refreshing and summery citrusy flavor.

At the end of a tough day, one can also unwind at the Oz Bar with a selection of fun coffee cocktails: Affogato, a single shot of espresso shaken with vodka, kahlua, and crème de cacao and poured over with a single scoop of vanilla ice cream; Bailey’s Affogato, a step up from the regular affogato with a shot of Bailey’s; Barako Millionaire, a shot of espresso blended with Bacardi, Fundador and condensed milk; and Chocolate Martini, a shot of espresso shaken with vodka, kahlua, chocolate syrup and ice.

I personally recommend the chocotini with espresso, which I had struggled to not order for another round, as it was still daytime.

PCB President Chit Juan, one of the stalwarts in spreading the good news in the local coffee industry, tells me she is personally happy that more Filipinos are learning to appreciate our local coffee. Spending Philippine Coffee Month at the Holiday Inn & Suites is the perfect way for coffee fans to celebrate and love our local coffee even more. n Holiday Inn & Suites Makati is on Palm Drive, Ayala Center, Makati City. For inquiries, call 909-0888.

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Friday, October 12, 2018

www.businessmirror.com.ph

Bradley Cooper isn’t really into this profile Continued from d2 for him in the year before leaving for Thailand for filming, and now it looked like it was the end. He went home, took his father to an Eagles game, and two weeks later, he held him in his arms when he took his last breath. When he told me that, his arms were in the formation they’d been in when his father last lay in them. Right then, he looked down where his father had been, and then back up at me.

In that moment, everything changed for him. “It’s a new reality,” he said. “Everything, everything. It’s not even one thing, it’s a whole new world. And it was instantaneous. It wasn’t like, months later. It was like, his last exhale, and I was holding him, and it was like, everything changed.”

Instead of taking as many good roles as he could find, he decided to apply an even more stringent standard of perfection to his work than before.

He signed on to do The Elephant Man on Broadway and in London.

By 2015 he felt ready to play the role in A Star Is Born.

Now he looked in the mirror and saw it. “Honestly,” he said. “I could see it on my face. I just felt it.”

But Eastwood had moved on. Then one evening, Cooper watched Annie Lennox sing “I Put a Spell on You” on TV. That night he had a dream about the opening scene of the movie. The actual beginning of the movie is not what he dreamed, but he won’t tell me what it was because maybe he’ll use it if he’s ever allowed to make another movie. Anyway, he pitched his A Star Is Born to Warner Bros. the next day.

He wanted to make a version of the movie in which the man isn’t jealous of the woman. He wanted it to be closer to the truth of the way things generally go with people: They fall in love and begin to heal, but eventually it becomes clear that love cannot heal you completely.

He still needed to find his born star, his Ally. He attended a celebration for the opening of the Parker Institute for Cancer Immunotherapy at Sean Parker’s house in Los Angeles—Cooper has been involved in cancer benefits since his father died—and that’s where he saw Lady Gaga perform “La Vie en Rose.”

“My mind was blown,” he said.

She was plutonium, he thought. She would be the thing his movie had that no other movie had. He called her agent and asked for a meeting. He went to her home in Malibu and there was a piano in the living room.

“She was so open,” he said. He asked her if they could sing a song, and he began to sing “Midnight Special.” They downloaded the sheet music and sang it together, with her on piano. After one verse, she stopped him and began to record a video on his phone.

He wanted to make a movie about a man who wears his hat all the time except for when he’s singing—usually musicians wear their hats to sing but take them off afterward. Not Jackson. He’s vulnerable only on a stage. He wanted to make a movie about a man who had something to say and held himself and the people in his life to the rigors of that ethic. “What he says in the bar is, you know, ‘Talent’s everywhere, you know, everybody’s talented at one thing or another, but having something to say and a way to say it, that’s a whole other bag.’ I believe that, you know what I mean?”

This is all great, I told him. It’s good information.

But now I had follow-up questions, ones based on clues from the movies and biographical information I know from previous interviews—was anything inspired by a specific relationship? What was he thinking in that final devastating scene?

These are the questions that annoy him. Do I really want to know about his love life? Do I really want to know what specific thing he was thinking in that

scene? Do I really want to know about his sobriety, and the events that led to it? Uh, yes, I said. I suggested that people like to know the artists behind the art— my job hinges on this notion.

He thinks that’s silly. “Any time you do anything, you have to find personal things of yourself, but no, I mean, I felt like I was him. I wasn’t, like, going, like, back to a moment of my life in that scene.”

The movie isn’t about him in that way, he said.

It’s just by him and of him. There’s no one-to-one correlation of events in his life to events in the movie.

There’s no one-to-one correlation of emotion, either, and in the parts that are specific, well, they’re for him to know. He made the movie to contribute to humanity, to speak to a viewer in the audience. He

made it because creating art helps us heal one another.

“That’s the whole point of creating art, trying to somehow deal with the desperate reality of being alive, you know?”

OK, I say. OK. But what are we healing from? What was the wound? What was your wound?

All he’ll say is this: “The wound was just the wound of being a human being.”

Once again, I tried to draw the lines: So time is breathing down your neck and you realize you must do something hugely ambitious? No, he says, not really. Or maybe there’s some catharsis in acting out demons? Not exactly.

I have a story to write, I told him. I’m not sure what to do. Coming back with a good story is my thing, I

said. He saw I was dismayed, and again, I seemed nice, so he tried to explain it. “It’s wonderful that people want to ask me questions. I just find that no matter how much time we spend together, it’s only by spending time and doing something with somebody that you start to get to see how they work and how they interact with other people and who they are, you know? You couldn’t get to know me in this scenario just as much as I don’t know who you are.”

I told him I was going to see the movie again. He gave me his number and told me to call him if I had any questions about the movie or the songs in it. He was nice, too. He just didn’t want to be known the way I wanted to know him.

It was time to go. He took out his phone and asked me to shut off my tape recorder. He played me the “Midnight Special” video with Lady Gaga. In it, his voice is not yet as good as it would become, but he was reaching far down into his body for it. Later, Phillips told me that about two years ago, he was meeting with some Warner Bros. executives and Cooper walked into the office. He asked if anyone wanted to hear him and Lady Gaga sing, and he sat on the floor and played this very video to show them how excited he was to cast her. They watched him watch the video, the way I did, seeing that he had become an organ of his own movie—its heart and its skin.

We watched the whole five minutes of the video.

His face was smiling and giddy while he saw it for the thousandth time.

A Star Is Born is a portrait of self-destruction.

It’s a story of love between two superstars and the codependence that festers between them. It’s about being cruel to people you love. It’s about the lure of the drunken haze and the way people can enable you.

Ally’s rise doesn’t diminish Jackson’s star; he is the agent of his own ruin.

I saw the movie again, and then I reread my transcript, and this time I understood. The movie is about all the things above, but mostly it’s about the way that commerce interferes with art—how people who aren’t artists pretend to know what art is, and how an artist has to protect himself from what the machine asks of him. Meaning that, in its own way, it’s also about this profile.

Maybe what he was saying was that the movie tells me everything I need to know about him and what he values and who he trusts.

It tells me what happened to him in the past to make him reticent about being open with someone who is trying to make her own art out of his story—so that she can heal her own wound on her own terms, and, well, he’s the director now. He told me all of this. I just didn’t know how to hear it. n

COOPER and Lady Gaga star in the acclaimed remake of A Star Is Born, which is now in theaters everywhere.

Vic, Maine offer new Saturday habit

VIC SOTTO and Maine Mendoza star in Daddy’s Gurl on GMA.

WHAT do you get when you bring a promdi widower dad, his pasosyal unica hija, and their constant disagreements together in one posh condo unit?

Beginning October 13, GMA fans are in for more exciting and hilarious nights as the network debuts its newest sitcom, Daddy’s Gurl.

Bringing in the laughs is the no-fail comedic duo of Vic Sotto and Maine Mendoza as Barak and Visitacion “Stacy” Otogan. Barak is a devoted husband and the owner of Otogan Farm in Batangas. Visitacion, on the other hand, is a loving daughter. When she moved to Manila, she changed her name to Stacy. She becomes a

trendsetter slash influencer slash digital maven whose daily goal is to trend on social media.

Adding fun to the sitcom is Wally Bayola as Marikit Otogan, the wife of Barak. When she passed away, her soul didn’t really leave and she is able to talk only to Barak through a portrait she left behind.

Also showcasing his comedic chops is Oyo Sotto as Lance Saavedra, Stacy’s strict boss. He’s a smooth talker and thinks very highly of himself.

Joining them are other characters that will add color to their everyday lives: Angelika de la Cruz as Aling Oprah, the single and always available

neighbor of Stacy and Barak who has a crush on him; Chamyto as himself, Oprah’s assistant; Benjie Paras as Tomas/Tom, Barak’s kind but gullible helper who comes to Manila with him; Jelson Bay as Gerardo/Gerry, Barak’s right-hand man who may be small but thinks big; Chichirita as Beauty, Stacy’s friend and officemate; and Kevin Santos as Daboy, Stacy’s handsome and sophisticated but notso-manly friend.

Under the helm of Chris Martinez and the production of M-Zet Productions, Daddy’s Gurl airs every Saturday night after Pepito Manaloto on GMA.

On being original GAB FAB JET VALLE

@jetvalle

AS a comedian, much has been said about John Lapus. He is one bodacious and creative personality who has lasted in the business for decades now because of those qualities.

I think another reason for his staying power is his being fearless. He is unafraid to tread dangerous roads and he is dauntless in challenging norms. He is also unafraid to admit his shortcomings and sees them as an opportunity to grow even more. That’s why he is open to learning new things everyday. I’m quite updated about John’s thirst for knowledge thanks to my exemplary research skills. Actually, he’s a Facebook friend so I would know that he just came from this class or that workshop from his posts.

Indeed, John is an original who is unafraid to bend and break to be molded into a better person. His quality of being an original is actually very apt as he joins the 14th

Cinema One Originals—no, not as a movie star but actually as a director.

“I Am Original” is the tagline of the 14th Cinema One Originals. It’s both a declaration by the filmmakers and the performers, and a promise that this year’s films will not be merely awesome but rather “flawsome,” a word coined to exemplify this year’s festival. Originality is never about perfection. Perfection is boring. Originality is about freshness of voice, an unwavering sense of self and the uniqueness of being human, flawed but awesome.

In the spirit of celebrating and upholding Filipino originality, Cinema One Originals will be supporting another kind of local outside of cinema through its partnership with the local e-commerce web site, www. karton.ph. The wide and diverse range of authentic and handcrafted Filipino products at Karton.ph range from gourmet and artisanal food and beverages, to natural and organic wellness and beauty products, plus books, home décor, paintings, accessories, bags and more. Some of these proudly Pinoy-made products from the web site will be on sale during the festival.

John’s entry is titled Pang-MMK, which is literally a product of hard work and luck. He feels that his entry brings his showbiz career full circle as 20 years ago, he wrote a script for the program MMK and this movie is loosely based on it.

John chose his cast, composed of Neil Coleta, Nikki Valdez and Zeppi Borromeo based on their talent and friendship, of course, as he knew he would need all the support he could get

for his directorial debut.

Other entries in the Cinema One Originals include Keith Deligero and Jay Gonzaga’s A Short of History of a Few Bad Things, Joseph Abello’s Double Twisting Double Back, Bobby Bonifacio’s Hospicio, Carl Papa’s Paglisan, Rod Singh’s Mamu and A Mother Too, Whammy Alcazaren’s Never Tear Us Apart, Rayn Brizuela’s Aswang and Charliebebs Gohetia’s Bagyong Bhevrylnn.

World cinema entries include South Korea’s The Poet and The Boy, China’s Ash is the Purest White, AmericanBritish film The Miseducation of Cameron Post, Sundance fave Whitney (a docu based on Whitney Houston’s life) and Denmark’s Girl.

Cinema One Originals is under the festival partnership program of the Film Development Council of the Philippines (FDCP). Catch all the films from October 12 to 21 at Ayala Malls TriNoma, Glorietta, Gateway, Santolan Town Plaza, The Power Plant; Cinelokal theaters (SM City North Edsa, SM Megamall, SM City Manila and SM City Santa Mesa), and in alternative cinemas (FDCP Cinematheque Manila, UP Cine Adarna, Cinema ’76, Black Maria Theater and Cinema Centenario). Tickets are priced at P200 each in major and alternative cinemas, and P150 for students and at SM CineLokal theaters, while festival passes are available at ktx. abs-cbn.com.

To John, congratulations in advance for your directorial debut. To all the entries, good luck and continue to be an original for the sake of the industry.

JOHN LAPUS

Motoring BusinessMirror

Henry Ford Awards Best Motoring Section 2007, 2008, 2009, 2010 2011 Hall of Fame

Editor: Tet Andolong

FILIPINO inventor Kyxz Mendiola onboard “Konsepto Milenya� flies over to officially launch the first-ever successful prototype in the country.

MENDIOLA and Star 8 CEO Jacob Maimon partner to further develop the vehicle in hopes to mass-produce it in the near future.

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MG NOW IN THE PHILIPPINES

ISUZU INAUGURATES I Story & photos by Randy S. Peregrino

SUZU resumes its nationwide dealership network expansion with the opening of its new and first full-scale branch in the Quezon province. Operated by the truck manufacturer’s newest dealer partner MBT Autoworx Corp., the latest Isuzu dealership in Pagbilao, Quezon, recently opened its doors to the public to offer the brand’s complete line of passenger and commercial vehicles.

MG 6

I

N line with its partnership with Filipino-owned group The Covenant Car Company Inc. (TCCCI), MG Philippines enters the local market in a big way with the introduction of three exciting new passenger vehicles that are sure to pique the interests of the Filipino motoring public. These are the MG RX5 compact sport-utility vehicle, the MG6 fastback sedan and the MG ZS crossover SUV.

Smart, sophisticated and stylish

THE new MG RX5 embodies class, power and functionality. It features an understated yet refined exterior, a modern, comfortable and spacious cabin, and driving dynamics that allow this compact SUV to easily navigate through different types of terrain.

The new MG RX5 is powered by an efficient 1.5-liter turbocharged gasoline engine that produces 162 hp and 250 Nm of torque, which is mated to a seven-speed double clutch automatic transmission to ensure smooth and seamless power delivery. The SUV is also fitted with an enhanced Macpherson and rear multilink suspension system that smoothens out even the roughest of roads.

The MG RX5 MT “Core” is priced at P1.058.888 million while the AT “Style” is priced at P1.228.888 million.

A new take on sport luxury

GET behind the wheel of the new MG 6 and prepare to be delighted. It’s sporty and responsive at the wheel and at the pedals, but features an elegant interior loaded with creature comforts. True power comes from an efficient, turbocharged 1.5-liter engine that produces 162 hp and 250 Nm of torque, while Macpherson struts up front and a blade-type multilink rear suspension gives the MG 6 both sharp handling and a comfortable ride.

The MG 6 AT “Alpha” is priced at P1.068.888 million, while the AT “Trophy” is priced at P1.188.888 million.

Honoring the event were key executives from Japan, namely, Isuzu Motors Limited (IML) Koichi Ito and Mitsubishi Motors Corp. (MMC) team leader Akira Odagaki. Also present were Isuzu Philippines Corp.

(IPC) President Hajime Koso, IPC vice President of After Sales Koji Hanawa, MBT Autoworx Corp. General Manager Marcel Tolentino and no less than the mayor of Pagbilao, Sherrie Ann Palicpic.

During his speech, Koso revealed that, with the help of Isuzu’s extensive dealership network in the country, the brand has maintained its leadership position despite the numerous challenges in its 21-year history. “Our trucks hold the No.

THE all-new MG ZS

THE all-new MG RX5

Time to cross over

THE MG ZS is a heavyweight in its class, featuring top-spec features and styling that will have necks craning for a better look. “London Eye” headlights, a “Stardust” grille and “Plough” taillights make the ZS a real looker.

The new MG ZS is powered by a 1.5-liter naturally aspirated engine that produces 114 hp and 150 Nm of torque, and the drive is made easier with driver safety features like a reverse camera, Antilock Brake System, Cornering Brake Control, Electronic Brake Assist, Electronic Brake Distribution, Hill Start Assist, Tire Pressure Monitoring System and a Traction Control System.

The MG ZS is priced at P818,888; MG ZS AT “Style” at P868,888; and the MG ZS AT “Alpha” at P998,888.

MG owners will have easy access to aftersales services, even as the dealer network is established, to ensure that all their needs are met. A string of independent, MG

Philippines-accredited service outlets will be made readily accessible for MG owners, while a “Mobile Garage” service caravan, which will be made available in January 2019, will offer regular preventive maintenance servicing in the convenience of your garage. MG Philippines is also implementing a host of other innovative service platforms, including “One-Hour Max and Go,” which refers to a speedy, one-hour basic maintenance service procedure; a customer care hotline that is available 24/7; “MG HERO Services,” which offers 24/7 roadside assistance; and “Mobile Gadget,” which allows users to pair their MG to a proprietary smartphone app so that they can closely monitor their car’s running stats and allow them to schedule an appointment online from the convenience of their phone for periodic maintenance. And on top of that, every brand-new MG car will come with a five year or 100,000-km warranty.

Phoenix supports Auto Focus Test Drive Festival

ISUZU Pagbilao will also offer a complete lineup of trucks

Petron expands High Temperature Protection Story & photo

by VJ Bacungan

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RAY BUTCH GAMBOA, chairman/CEO, and Jennifer B. Pineda (left), VP of Sunshine TV, the event’s organizers, with Henry Albert “Bong” Fadullon, COO (second from right) and Celina I. Matias, AVP for brand and marketing both of Phoenix Petroleum.

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HOENIX Petroleum presents the Auto Focus Pre Christmas Multi Brand Test Drive Festival, the always much-awaited opportunity of buyers of their first or succeeding cars to test drive all brand-new vehicles presently available in the market, following the mantra, “Test drive it, before you buy it.”

The very accessible and expansive SM Mall of

1 position in total truck sales for 18 consecutive years; and this year, our total truck sales reached more than 47,000 units. For our LCV, we have sold more than 200,000 units.

We also received numerous awards for both our LCV and CV. We aim to make the Philippines an Isuzu country,” Koso explained.

The new dealership sits on a capacious property expanding to almost 11,000 square meters with generous parking areas up front and a wide driveway and drop-off point beside the building. Faithful to every modern Isuzu dealership design, the building layout boasts a captivating façade with an all-glass front panels attracting more natural daylight—

rendering clear visibility of vehicles on display from the outside. In fact, the showroom, which boasts a highceiling layout, is spacious enough to accommodate up to four vehicles for display. Aside from the roomy and presentable showroom with receiving area, there’s also a mezzanine area and more office quarters at the back.

The ser vice area, meantime, holds the larger portion of the facility’s 5,000-square-meter floor area.

Aside from the available four lifters, the spacious section also offers two servicing bays for trucks and seven others for light commercial vehicles.

Isuzu customers and buyers in Pagbilao, including the other areas in the Quezon province, now can expect the unmatched “Isuzu Advantage.”

This ongoing program by Isuzu offers customers with nationwide dealer network, parts availability, expert service technicians, roadside assistance and technical training.

All these are part of the aftersales support program of all Isuzu dealers.

Situated along Quezon’s main highway in Barangay Bukal, the new Isuzu Pagbilao dealership offers an easy access for motorists traveling the thoroughfare in both directions.

This would also serve as an opportunity for the customers in the area to check out Isuzu’s lineup of proven and reliable passenger vehicles along with the light, medium and heavy-duty trucks, as well as buses for business and transporting needs.

Asia shall again be the venue of the convenient “one-stop shop” slated from November 15 to 18.

Signing of the agreement from Phoenix Fuels powered by Pulse Technology as the “official fuel” of the biannual event were Henry Albert Fadullon, COO, and Celina I. Matias, AVP for brand and marketing, both of Phoenix Petroleum; and from Auto Focus Sunshine TV were Ray Butch

Gamboa, chairman/CEO, and Jennifer B. Pineda, VP of Sunshine TV, the event’s organizers.

Lined up for the public to test drive are brand-new vehicles from the country’s major auto manufacturers and importers that include Chevrolet, Ford, Honda, Isuzu, Mazda, Mitsubishi, Nissan, Peugeot, Subaru, Suzuki, SsangYong and Toyota.

ETRON Corp. unveiled on October 3 more products under its High Temperature Protection (HTP) brand at the Makati Diamond Residences.

These include the Blaze Racing HTP 0W-40 fully synthetic gasoline engine oil, the Rev-X Turbo HTP 5W-40 fully synthetic diesel engine oil and the GHTP fully synthetic gear oil.

The new lubricants are in addition to the ATF Premium HTP fully synthetic automatic transmission fluid, the HTP DOT-4 high-performance brake fluid and the Grease HTP lithium complex grease that the company launched in February 2017.

Petron said the HTP line is designed to handle the extreme conditions of driving in the Philippines, which include hot weather, stop-and-go traffic, heavy loads and high-speed drives.

“When subjected to extreme heat, conventional engine oils will oxidize or thicken, thus increasing the chances of leaving deposits and eventually de-

grading engine performance that may lead to engine failure,” the company said in a press statement.

“Just as clogged arteries can cause cardiac arrest in a human heart, sludges and deposits can cause a car engine to break down,” Petron added. “When the car engine operates in conditions that cause the engine temperature to rise, one of the best ways to ensure that the vehicle is protected is to use especially formulated premium engine oils.”

The company said the addition of Polyalphaolefin to Blaze Racing HTP and Rev-X Turbo HTP, with the help of technical partner Infineum, helps both meet the most severe and stringent requirements of high-performance gasoline and diesel engines.

As such, Blaze Racing HTP is approved and certified according to the specifications of API SN, MB Approval 229.5, MB Approval 229 and Porsche A40.

Meanwhile, Rev-X Turbo HTP— which also has additives that help prevent soot and piston deposits, as well as prolongs the life of emission control systems like diesel particulate filters

and exhaust gas recirculation—is approved and licensed according to the specifications of API-CJ-4/SN, MAN 3575, Cummins CES 20081, MB Approval 228.31, Volvo VDS-4 and Mack EO-O Premium Plus.

Better protection for other components

BUT of course, the engine isn’t the only thing in a car that needs good lubrication. For instance, transmissions have the unenviable task of getting the power from the engine to the wheels.

Petron said GHTP Gear Oil is formulated to meet stringent requirements of automotive axles, limited slip differentials and manual transmissions and has the performance profile of API Service GL-5 and API MT-1. It is also compatible with commonly used seal materials and has excellent water separability and air-releasing ability.

Meanwhile, ATF Premium HTP protects the bearings, clutch plates, seals and other automatic transmission components from wear and corrosion, while its excellent foaming character-

oring

sMirror

Friday, October 12, 2018

S PAGBILAO DEALERSHIP

SMC TO PROVIDE ASSISTANCE TO EASE TRAFFIC IN THE SOUTH

THE first full-scale Isuzu dealership in the Quezon province

S

AN Miguel Corp. (SMC) is working closely with Metro Pacific Tollways Corp. (MPIC) to find ways to manage traffic flow on the conglomerate’s South Luzon Expressway (Slex) and Skyway System, both of which will be heavily affected by MPIC’s C-5 South Link Expressway project.

MPIC, through its unit Cavite Infrastructure Corp. (CIC), is the concession holder for the 7.7-kilometer, six-lane C-5 South Link Expressway that will connect C-5 to the Manila-Cavite Toll Expressway (Cavitex).

As Cavitex starts work to launch girders that will cross the at-grade portion of SMC’s Skyway and Slex, SMC said it expects higher traffic buildup on its expressways.

“We have offered assistance to MPIC to

DR. Emerald Ann Victa (from left), Isuzu Philippines Corp. (IPC) Vice President of After Sales Koji Hanawa, Mitsubishi Motors Corp. team leader Akira Odagaki, Isuzu Motors Ltd. General Manager Koicho Ito, MBT Autoworx Corp. General Manager Marcel Tolentino, IPC President Hajime Koso, Engr. Roberto de Vero and Pagbilao Mayor Sherrie Ann Palicpic

fluids lineup istics ensure optimum operability and longer transmission life. It is suitable for use in most light-duty, planetary gear service fill applications and meets most OEM automatic transmission fluid specifications.

For those who subject their vehicle to frequent heavy braking, such as racing drivers, Petron Brake Fluid HTP DOT-4 goes a step higher than the DOT-3 standard brake fluid that most cars use by having a higher boiling point, as well as outstanding physical and chemical stability to ensure safe and efficient braking performance.

Finally, Petron Grease HTP is a heavy-duty high-temperature grease formulated with a lithium complex thickener and high-quality based oils that can be used for chassis and suspension parts, ball joints and wheel bearings. It can also be used in industrial gear and bearing sets, bushings, slides, fifth wheels, and farm and offhighway equipment.

The entire range of Petron HTP products is available at Petron Car Care Centers and select Petron service stations nationwide.

ASSISTANT Vice President for Marketing Ana Neri

make sure its project gets delivered on time to minimize inconvenience and provide the full benefits of C-5 South Link to our motorists in the soonest possible time. We recognize and support the government’s objective to develop a more expansive network of roads of which this new construction is part of,” SMC President and COO Ramon S. Ang said.

Initially, SMC, through its infrastructure unit SMC Tollways, has implemented a stop-and-go scheme that started October 6 until November 15 from 11 p.m. to 4 a.m. at Nichols Toll Plaza, C-5 (at-grade) and Skyway Elevated segment between Magallanes and Bicutan in order to manage traffic in the area.

SMC apologizes for the temporary inconvenience, even as it advised motorists to plan their trips ahead during the period.

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Boon to bus drivers; MG Minica memories

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EPARTMENT Order 118-12 from the Department of Labor and Employment (DOLE) has been recently upheld by the Supreme Court.

It calls for bus operators to guarantee a fixed salary to their drivers/conductors and other benefits due them. In the National Capital Region covering Metro Manila, the order passed in 2012 requires a minimum daily wage for bus drivers/conductors at P512.

The Supreme Court order now allows the DOLE and the Land Transportation Franchising and Regulator y Board (LTFRB) to cancel the franchises of those

who do not comply.

In justifying its decision, the High Court said: “ The Order is reasonable and not violative of due process as these enhance t he e conom ic s t at u s of bu s d r ivers a nd conductors…a nd promote the general welfare of the riding public.”

So there.

MG launch—and more

I WROTE this days ahead of The

Covenant Car Company, Inc.’s plan to launch the MG (Morris Garrages) on October 11 at the Shangri-La in Fort Bonifacio.

If it pushed t hrough—I’m sure it did—I would miss it as I had a prior appointment. As usual, I’m pretty certain The Covenant’s charmer Lyn Buena understood. Atty. Albert Arcilla, too. The always dapper Albert is The Covenant’s top gun.

I would have really liked to attend the occasion as I have an affinity with the MG brand. My first car was MG, the Minica type.

Although it had seen better days as it was a delivery van for Bulletin newspapers in the Metro Manila area from the 1960s to the 1970s, I still bought the Minica for the sheer pleasure of finally owning my first car.

I drove it home that night like a kid excited no end in finally owning his first bicycle. It was my first time to drive a car in the city, but from Intramuros to my then Sampaloc apartment, it was a breeze. I kept honking; the thrill of it was unforgettable.

I fell madly in love with my Minica (that’s how it is with your first love, right?) that I didn’t only tinker with it constantly

but I had it beautified endlessly, as well.

It got a repaint. Colored white.

I put a large red star on its forehead. A political statement of its owner amid martial-law tremors then?

I knew it creaked and groaned with each trip I had.

But, hey, it had brought my family up to Baguio, heroically, after which I drove it all the way to Calauag, Quezon and back— gallantly. God is good.

Not a single flat tire.

Not a single overheat.

Not a single stall.

And when did I buy it again?

It was 1978. I was into my fifth year as a sportswriter for the Bulletin.

When Mariano Quimson, then the Bulletin president and treasurer, heard about my interest in acquiring the Minica, he called me to his office.

“Our motor pool guys tell me you want the Minica?”

“Yes, sir, I do,” I said. “With your permission…”

“OK, you can have it,” he said.

Just like that.

He did away with the auction, the company’s practice of selling a used company car to the

highest-bidding employee. You are the company president, forget the rules. You are the law.

The personnel officer would next call me to his office.

“Al, the president told me to talk to you,” he said. “How much would your down payment be for the car?”

“No idea, sir.”

“It’s your call,” he said. “The president said any amount would do.”

“Thank you, sir,” I said. “How about P400, sir?”

“Done,” he said. “How many ‘gives’ would you wish to make?”

“How about 12 gives, sir?”

“Done,” he said. “Make that P200 a month? You can pay it in full anytime you want to.”

Without batting an eyelash, I said, “Yes, sir. Thank you ver y much.”

T he ca r, a lt hough a bit a n old fogey a l ready as I ’ve sa id, was st i l l a good buy at P40 0.

After the 1986 Edsa People Power, Mr. Qu i mson ret i red and f lew to the US. I would next accept the offer from Tita Eggie Apostol to join the Inquirer (she was the original controlling owner of the Inquirer).

And, as luck would have it, Mr. Quimson and I would be together

again—at the Inquirer beginning 1987. He’d become Inquirer president. I’d become Inquirer sports editor, one of several positions I would hold.

“Happy days are here again,” I remember Mr. Quimson telling me when I finally convinced him to infuse massive capital, together with the late lamented Ben Pangilinan (formerly the Bulletin’s circulation manager), into the then gasping .

Well, to cap it, this total disclosure: Mr. Quimson and I both hail from Pangasinan (he from Alaminos City, me from Mangatarem).

He played favorites?

May his soul rest in peace.

PEE STOP

Happy birthday (October 12) to 90-plus Tia Concep Magturo of Project 7, Quezon City. Tia Concep, whose favorite ride is the Toyota El Grandia, is the mother of my balikbayan bilas Jun Magturo, the jolly hubby of my beauteous hipag, Ofelia F. Juvida. For decades, pancit, dinuguan and puto are Tia Concep’s birthday regular fare. This year is no exception, I believe. Happy birthday, Tia Concep! And to Jun, sana’y malasing mo kami ni Dante T. Fernandez of Roxas City.