BusinessMirror October 15, 2019 by BusinessMirror

HYBRID PRIVATIZATION FOR TIEZA ASSETS By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

HE Tourism Infrastructure and Enterprise Zone Authority (Tieza), an attached agency of the Department of Tourism (DOT), is seeking private-sector partners to manage several of its assets and properties currently being used for tourism purposes. The joint venture management contract tack, under Tieza’s Public-Private Cooperation Program, was approved as additional modalities for privatization in the agency’s board meeting last October 8, and included all of its assets and tourism enterprise zone (TEZ) development projects.

A diver seems to be enjoying paradise in Balicasag, one of the dive resorts under Tieza. PHOTO FROM TIEZA WEB SITE

“We want to broaden the scope of privatization, as well as provide additional options of modes of contractual arrangements which the local or foreign investors can avail themselves of,” explained Tieza Chief Operating Officer Pocholo Paragas. This strategy is a significant departure from the scheme proposed by the previous Tieza management where full privatization, i.e., sale of the properties to the private sector, would be pursued. A government source disclosed full privatization was not considered by Tieza due to President Duterte’s apparent directive not to sell any government assets, as gleaned from the reversal of the Government Service and Insurance System’s approval of a sale of the port area property

occupied by the International Container Terminal Services Inc. (ICTSI). However, a joint venture strategy between the government and the private sector hasn’t been so smooth sailing either, as seen recently in the voiding of the lease contract of gaming firm Landing International with the Nayong Pilipino Foundation for a property to build the former’s planned casino, due to corruption allegations. Under Tieza’s proposed joint-venture scheme, Tieza will retain control and supervision of its assets, but will be able to tap private-sector expertise for the day-to-day operations of said assets, as well as privatesector funding of necessary improvements of the assets.

See “Tieza assets,” A5

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By Lorenz S. Marasigan @lorenzmarasigan

HILE the government works to resolve the partial closure of the Light Rail Transit (LRT) Line 2 over the next nine months, it is also moving forward with the planned extension of the line all the way to the port area in Manila. Reynaldo I. Berroya, the administrator of the LRT Authority, said his group is tasked to complete the P10.1-billion West Extension of the East-West Line by 2023. The government will shoulder the construction of the new stations from Recto to Pier 4. With the extension, Berroya said travel time from the port area in Manila to the east-most station of Masinag, to be opened in 2020, will not exceed an hour. “The increase in commuters who will benefit from the extension project translates to the reduction of commuters not using Metro Manila’s congested streets. LRT 2 as a public mass transportation will be the way to go for ease of commuting,” he said. The procurement for the contractors for the west extension will start in January. It has been in the government’s drawing board for two administrations now with the National Economic and Development Authority (Neda) already approving the alignment in 2015. See “LRT 2,” A5

@jearcalas

HE Department of the Interior and Local Government (DILG) has issued an order, its chief said, excluding processed meat products from the bans imposed by local government units (LGUs) as preventive measures against African swine fever (ASF).

Interior Secretary Eduardo M. Año said he has issued an order directing all the LGUs to exempt Food and Drug Administration (FDA)certified processed meat products from their import bans. Año’s statement comes amid

pronouncements of the Philippine Association of Meat Processors Inc. (Pampi) that their group may incur P50 billion to P60 billion in losses due to import bans imposed by provincial and local governments. “Nagpalabas na ako ng kautusan

Losses that the Philippine Association of Meat Processors Inc. (Pampi) estimates their group may incur due to arbitrary import bans imposed by provincial and local governments as precautions against African swine fever.

sa mga LGUs ngayon na hindi kasama ‘yung processed meat, lalo na kapag may ano ‘yan, may mga FDA certifications [at] approval [I’ve issued an order telling LGUs that processed meat, especially those with FDA certifications and approval, are excluded from any ban],” Año said in a radio interview on Monday. “Canned goods, hindi kasama yan, safe yan. Ang raw meat ang ating pinapa-quarantine [Canned goods are excluded from bans, they’re

@jonlmayuga

HE Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) on Monday called on authorities to look into the mystery behind the fish kill in Las Piñas and Parañaque, as well as the one afflicting tons of mussel and oyster in Bacoor, Cavite.

PESO exchange rates n

safe. We impose quarantine on raw meat],” he added. Año explained that the exemption on processed meat product is meant to ensure that the country would not run out of supply in the run-up to the holiday season. “May pinalabas na tayo diyan na order in coordination with DTI [Department of Trade and Industry] and DA [Department of Agriculture]. Basta processed meat, canned goods hindi kasama iyan. Otherwise, mahirapan tayo diyan, mauubusan tayo ng supply [We have issued an order in coordination with DTI and DA that processed meat [products] and canned goods are not included in the ban. Otherwise, we would suffer and we may run out of supply],” he said. See “Processed meats,” A2

PHL to launch ‘new generation’ P20-coin in Dec

HE Bangko Sentra l ng Pilipinas (BSP) formally announced that the 20piso coin will start circulating in the economy after its ceremonial launch in December. In a statement released on Monday, the Central Bank said once circulated, the new 20-piso coin shall co-exist with the 20-piso banknotes as legal tender. The 20-piso banknote shall be gradually removed from circulation through “natural attrition.” The BSP also clarified that official photographs and specifications of the 20-piso New Generation Currency (NGC) coin shall be presented by BSP Governor Benjamin E. Diokno during its launch. “To date, the BSP has not released any official image regarding the proposed 20-piso coin,” the BSP said. According to the BSP’s statement, the 20-piso coin will retain major elements of the 20piso banknote. See “Coin,” A2

FIRST-HALF REVENUE FROM TRAIN HITS P56B

Fishermen on their way home pass the Manila Bay Cavite-Las Piñas area on Monday morning. Vendors said sales of fish slowed after reports of a fish kill. Reports initially said poor levels of dissolved oxygen, and over-the-threshold ammonia and phosphates levels caused the recent fish kills off the coastal areas of Las Piñas and Parañaque cities. NONIE REYES

Amid Mla Bay rehab, what’s behind fish kill, mussel death? By Jonathan L. Mayuga

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DILG to LGU: Lift ban on processed meats ₧50B-₧60B T By Jasper Emmanuel Y. Arcalas

LRT 2 line extension to Mla Port Area is set

Tuesday, October 15, 2019 Vol. 15 No. 05

According to Pamalakaya, at least 2 tons of fish—sapsap, salaysay and salinyasi—were recently found floating in Manila Bay in Las Piñas and Parañaque. Aside from fish, shellfish species were also affected by what the group suspects was caused by water pollution. Ironically, the Department of Environment and Natural Resources (DENR) has been heralding

improved water quality in Manila Bay several months after it launched the Battle for Manila Bay early this year. The Battle for Manila Bay, an ambitious program with a whopping P4.7-billion budget, aims to make the waters of the historic bay “swimmable.” Manila Bay’s water has been found to have high level of fecal

coliform worse than Boracay because of the direct discharge of untreated wastewater from millions of households not connected to proper sewer lines. The Pamalakaya’s municipal chapter in Bacoor, the Alyansa ng mga Magdaragat sa Bacoor Bay, reported that coastal towns in Cavite were severely affected by the water

HE Department of Finance (DOF) confirmed on Monday that revenue drawn from implementation of Republic Act 10963, or the Tax Reform for Acceleration and Inclusion Act (TRAIN), exceeded the government’s target in the first half of 2019. In its latest data, DOF’s Strategy, Economics, and Results Group (Serg) showed that it collected at least P55.6 billion net revenue by the end of June, P52.1 billion above its target for the first quarter of 2019. Appearing at a Senate hearing in late September, Finance Secretary Carlos G. Dominguez III gave an initial estimate of P55.6 billion in revenues collected from January to June 2019 from TRAIN, which took effect last year. The Serg latest bulletin also showed that the largest gains for the year under the TRAIN law came from documentary stamp (DST) collections, sweetened drinks and tobacco excise. Petroleum excise tax is above target by P3.4 billion, due to higher-than-programmed volume of imports, and better compliance in anticipation of the fuel-marking program rollout. Sweetened beverage excise tax is above target by P1.5 bil-

lion due to improved compliance as result of the issuance of a revenue regulation that provided clear guidelines on the coverage of the SB excise tax. This also resulted in the increase in the number of nonlarge taxpayers from 36 to 42. Tobacco excise tax is above target by P2.1 billion, due to better compliance as the government continued to crack down on illicit tobacco trade. Documentary stamp tax is above target by P2.8 billion given higher transaction value and better collection efficiency. Meanwhile, revenue collections that failed to meet their respective target estimates under the TRAIN law included motor vehicle and value-added taxes (VAT). Automobile excise tax is short by P7.7 billion due to lower volume of imports, while VAT is short by P3.6 billion. “The main reason cited by the BOC is that there are only six previouslyexempted taxpayers [power transmission, jewelries, National Grid Corp. of the Philippines, Philippine Sports Commission, Armed Forces of the Philippines, and the Bangko Sentral ng Pilipinas] that reported importations, which are now VATable,” the report said. Jove Moya

See “Fishkill,” A5

US 51.5370 n japan 0.4756 n UK 65.1015 n HK 6.5707 n CHINA 7.2700 n singapore 37.5360 n australia 34.9833 n EU 56.8711 n SAUDI arabia 13.7410 Source: BSP (14 October 2019 )

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A2 Tuesday, October 15, 2019

DOH mounts synchronized polio drive in Mindanao, NCR

By Claudeth Mocon-Ciriaco | Correspondent

O boost immunization coverage against polio, the Department of Health (DOH) conducted a Synchronized Polio Vaccination in Lanao del Sur and other areas in Mindanao and the National Capital Region (NCR), as part of the agency’s “Sabayang Patak kontra Polio.”

Health Secretar y Francisco Duque III led the mass immunization against polio in Mindanao by giving three doses of the oral polio vaccine to all children five years old

and below, regardless of their immunization status. “We urge all parents and caregivers, health workers and local government units to protect their

children and communities against the poliovirus by participating in the synchronized vaccination in high-risk areas in Mindanao and in NCR,” Duque said. He also encouraged parents and caregivers to completely vaccinate the children in their care, and stick to their routine immunization schedule. Polio is a highly contagious disease transmitted through the fecal-oral route. It is caused by the poliovirus and may result in lifelong paralysis, and even death. It is vaccine-preventable, however. The Synchronized Polio Vaccination campaign aims to boost immunization coverage and full vaccination against the poliovirus as the best way to prevent the transmission of the disease. Monday marked the kickoff for the first round of vaccination in Lanao del Sur, Marawi City, Davao

del Sur and Davao City. The campaign will be expanded to the whole of Mindanao on November 25, 2019, and will be concluded with the last round of vaccination on January 6, 2020. The NCR also began its second round of vaccination on Monday, with its last round scheduled on November 25, 2019. The national response that has been mounted by the DOH, in close coordination with local government units and national agencies, and with support from the World Health Organization and the United Nations Children’s Fund, began in Manila in August. “I remind parents and caregivers that aside from immunization, you need to practice good personal hygiene: to wash hands regularly, use toilets, drink safe water and cook food thoroughly,” the Health chief concluded.

Marikina mayor vows justice for construction worker

ARIKINA City Mayor Marcelino “Marcy” Teodoro on Monday vowed that justice will be served following the questionable death of a 23-year-old construction worker in the hands of a policeman last week. At the same time, Teodoro ordered the conduct of a thorough investigation in the death of Kim Lester Ramos, 23, who was shot and killed by Corporal Herjonner Soller, member of the Marikina Police Intelligence Unit. The friend of Ramos, Lauro Lagarde, an administrative staff, was shot in the stomach during the alleged gun scuffle. Teodoro visited Lagarde at the Amang Rodriguez Memorial Medical Center (ARMMC) to get his side about the incident involving the cop and checked his condition. “We won’t stop until we know what really happened. We will

Coin. . .

make sure that his death will have a just resolution. If irregularities are proven in the incident, I will make sure people are made liable. There will be no coverup,” the mayor told Lagarde in Filipino. The mayor said he has already coordinated with the Commission of Human Rights (CHR) for an impartial probe of the incident. He said they tapped the CHR “because we expect them to be independent and not favor anyone. We expect the truth to emerge from their investigation,” Teodoro explained. The mayor told Lagarde that he will shoulder all his medical expenses. All the information given by Soller was belied by Lagarde, saying there was no scuffle as the policeman abruptly pointed a gun at them. Lagarde narrated to Teodoro what happened to them that night.

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The Central Bank also assured that the design and features of the new 20-piso coin will “make it easily distinguishable from the rest of the denominations in the NGC Coin Series.” Apart from the 20-piso coin, the BSP shall also release in circulation an enhanced 5-piso NGC coin to make it more distinct from other denominations in the NGC Coin Series. The changes were based on studies on the design, security features, and specifications of the new coins. A study conducted by the University of the Philippines showed that the 20-piso banknote is the most used denomination for payments across the country. “Because of this, the 20-piso banknote is easily rendered unfit for circulation and returned to the BSP for replacement. As such, the issuance of a coin in lieu of a banknote is more cost efficient in terms of currency production in the long run,” the BSP said. In a primer prepared by the BSP, it noted that central banks regularly change the designs of their money, whether coins or banknotes, to guard against counterfeiters. By making it very difficult and costly for counterfeiters to produce exact copies of a country’s money, the BSP said central banks protect the integrity of their currency against criminals. The BSP said the dominant color of each banknote denomination will be retained in the new generation currency series using distinct and primary printing inks. “For instance, 20-piso will still be orange, 50-piso in red, 100-piso in violet, 200-piso in green, 500-piso in yellow and 1,000-piso in blue. Global surveys indicate that people in general differentiate denominations by the dominant color of each banknote,” the primer read. The BSP said it has a Numismatic Committee that initiates the new design studies and proposes upgraded security features for consideration by its monetary board which in turn submits these to the President for final approval. In the case of the new generation currency, the BSP invited Filipino design groups to interpret concepts integrating icons, places and events of national, historical and cultural significance. Bianca Cuaresma

“We had just finished playing basketball and were seated on the gutter waiting for a fellow player. Kim and I were joking with each other when a policeman onboard a motorcycle passed by,” he recalled. “The cop suddenly told us, ‘Hey, you addicts better stop taking drugs.’ And then he left,” Lagarde recalled. While on their way to a nearby eatery, aboard a motorcycle, they saw the cop at the intersection of Mount Vernon and Gil Fernando Street, so Lagarde confronted the cop. “I asked him, ‘Sir, why are you calling us addicts?’” The cop suddenly pointed a gun at them, but Lagarde parried it, “so I was hit in the stomach. My companion [Kim] then ran away, but the policeman shot him in the head as he was just about five steps away from Kim,” Lagarde continued. With the quick response of

Marikina Rescue 161, Lagarde was rushed to the ARMMC where his wound was treated. “Thanks to the quick response of Marikina Rescue 161, he is still alive right now. His intestine was hit, but because he was immediately brought here, we were able to conduct an operation to repair his intestine,” Lagarde’s doctor told Teodoro. According to a report of the Marikina Police, Ramos was shot in the head by Soller because he allegedly tried to take the gun of the cop on October 5 at around 6:30 p.m. Lagarde, the cop said, also tried to get his gun, that was why he was hit in the stomach during the “gun scuffle.” On Monday, a team of Eastern Police District-Internal Affairs Service (EPD-AIS) went to the hospital to investigate the circumstances of the shooting. Soller is currently under restrictive custody pending a probe.

PHAP wants DOH to review cheaper health-care options

HE Pharmaceutical and Healthcare Association of the Philippines (PHAP) said it fully backs the Department of Health (DOH) campaign to make medicines affordable, stressing its commitment to work with the agency to widen healthcare services for Filipinos as well. “We share the same objective with the Department of Health to lower medicine prices. We are exploring partnerships and we want to work hand in hand with the DOH in making quality medicines and healthcare services more accessible,” said Teodoro Padilla, executive director of PHAP in a statement. Padilla said the industry would ask for a meeting with Health Secretary Francisco Duque III to harmonize their efforts in not just lowering medicine prices by up to 84 percent for various disease categories, but also in ensuring that patients are supported throughout their journey. In the meeting with DOH, PHAP also aims to discuss existing high-impact patient assistance programs by individual PHAP members that give free screenings and diagnostic tests, education and counseling, and special medicine pricing for patients—all in a bid to lower total treatment cost. These patient assistance programs can serve as a framework for future expansion of the cooperation with the government, specifically in the areas of cancer, diabetes, cardiovascular, and chronic respiratory diseases, among others.

“We are reaching out to the government as a partner so that it does not have to resort to price control which could be contentious and counterproductive as other countries that tried it had found out. We can work together, achieve exactly the same or better objectives, and sustain it over the long haul,” Padilla added. He said that cheaper medicines are not enough because the poor, based on a study on the impact of the first round of maximum retail price (MRP) in 2009, did not fully benefit from it. “In other countries, from our neighboring countries, such as Thailand and Singapore, to as far as United Kingdom, they have strong health insurance systems to help their citizens cover for medicine and health-care expenses that would have been taken from their own family’s savings,” Padilla said, adding, “If more resources are allocated for the health of the people, the poor will benefit, which is the essence of Universal Health Care.” Padilla added that provisions for (1) centrally negotiated procurement, (2) expansion of primary care drug benefit, (3) early access to innovative medicines, (4) special access schemes from the private sector, (5) health technology assessment, and (6) pooled procurement are tools available under the universal health care law (Republic Act 111223) and the Cancer Control Act (Republic Act 11215) that could make medicines more accessible and affordable. Claudeth Mocon-Ciriaco

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Solon pushes for toll lifting or cut during Slex heavy traffic By Cai U. Ordinario

@caiordinario

OMMUTERS and motorists using the South Luzon Expressway (Slex) should be spared from paying toll fees due to heavy traffic, according to a legislator. In a resolution, Third District of Laguna Representative Sol Aragones sought to suspend the payment or lower the toll rates to compensate commuters and motorists for the traffic caused by the ongoing construction of the Skyway extension. Aragones said the suspension of collection of the payment of toll fees or lowered rates could be enforced for a period of six months. “The motorists and commuters pay for the use of the expressway, precisely because it makes their travel time faster,” Aragones explained. “[They should, therefore], be provided relief from the inconvenience

PET. . .

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The outcome of the revision and recount of ballots in the test provinces will determine whether PET would proceed in the vote revision on 39,221 clustered precincts covering 27 provinces and cities identified in Marcos election protest. Macalintal pointed out that under Rule 65 of the 2010 Rules of the Presidential Electoral Tribunal, the fate of Marcos’s election protest should be determined by the result of the revision and recount of the ballots covering the pilot provinces. Rule 65 states that the election protest must be dismissed if Marcos fails to prove his allegations of fraud and irregularities in the three pilot provinces. “Surprisingly, notwithstanding the clear language of Rule 65 of the 2010 Rules of Presidential Electoral Tribunal, rumors abound on the Honorable Tribunal proceeding to the third cause of action despite an alleged finding that protestant Marcos has not made any substantial recovery,” the manifestation read. Robredo’s camp said PET’s Rule 65 is not unique, considering that the Senate Electoral Tribunal and the House of Representatives Electoral Tribunal have both issued separate rules mandating the dismissal of an election protest should it be

caused by the worsening traffic conditions in the expressway,” she added. In the first week of October, San Miguel Corp. said traffic along its expressways will be a bit better starting December, as it completes the preliminary heavy works for the Skyway System’s P10-billion extension. In a statement, Skyway O&M Corp. President Manuel Bonoan said his group aims to finish the initial works for the Susana extension by the end of November, just in time for the Christmas rush. Motorists, he said, can start using the third lane along the Slex that is currently closed due to preliminary works for the project. The closure has been blamed for massive traffic jams the past several days. The P10-billion extension is part of the first phase of the Skyway extension master plan that aims to decongest traffic along the Slex and Skyway. determined that the official results will not be affected after the revision of the pilot precincts. Marcos’s protest cites three causes of act ion—f irst, t hat the Automated Elections System was compromised, hence, the integrity of the AES cannot be relied upon to declare a legitimate winner; the second requires the revision or manual recount of the actual ballots to determine the votes cast in all the 36,465 protested clustered precincts; the third cause of action sought the annulment of election results for the VP position in the provinces of Maguindanao, Lanao del Sur and Basilan, on the ground of terrorism, intimidation and harassment of voters as well as preshading of ballots in all of the 2,756 protested clustered precincts in the areas. The PET has dismissed Marcos’s first cause of action for being “meaningless and pointless.” Marcos filed an election protest on June 29, 2016, claiming that the camp of Robredo cheated in the automated polls in May also year. The Commission on Elections declared Robredo winner in the vice presidential race in the 2016 election after she got 14,418,817 votes, which is 263,473 votes more than the 14,155,344 votes received by Marcos. Bersamin earlier gave assurances that the SC will decide based on the merits of the case and will not be persuaded by public opinion.

Processed meats. . .

Pampi Spokesman Rex Agarrado welcomed the pronouncement of Año, which he said could cut the estimated losses that meat processors may incur in the last quarter of the year. “We [Año] did is a respect of science, respect out of expert opinion. There will be solutions to this problem and science should be the basis to all of this,” Agarrado told the BusinessMirror on Monday. Agarrado explained that their industry may incur about P22 billion of losses this holiday season due to the import ban imposed by provincial governments on their products. This accounts for at least 40 percent of Pampi’s estimated total losses this year. Agarrado explained that 40 percent of the meat processing industry’s total volume sales happen in the last quarter of the year. “Certainly, we cannot get anymore the lost volume for Christmas products. We already cut our production by 20 percent and it is

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too late in the season to catch up,” he said. But with the DILG order, he added, “at least [there could be] a reduction from our estimated losses in the last three months.” In a statement over the weekend, Pampi had warned that there would not be enough Christmas hams and other pork-based products in the Visayas and Mindanao during the Christmas festivities as a result of the import bans imposed by provincial governments in the two areas. This, Pampi noted, could also result in a possible oversupply for Luzon. “While Cebu and Cagayan de Oro have their own ham production capabilities, their total production will not be able to supply the needs of the region, unless the ban on Luzon-produced pork-based processed meats is rationalized,” Pampi said on Sunday. Visayas and Mindanao account for 35 percent to 40 percent of the P300-billion total sales of processed meat products annually, Pampi said.

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Bersamin: No regrets in my 10-year SC stint By Joel R. San Juan @jrsanjuan1573

HIEF Justice Lucas Bersamin bid farewell to his fellow magistrates, officials and employees of the Supreme Court on Monday and assured them that he has “no regrets” during his decadelong stint in the country’s highest tribunal. During yesterday’s flag-raising ceremony at the SC, Bersamin thanked the officials and employees of the High Court for their cooperation. Bersamin will be turning 70 on Friday, October 18, the mandatory retirement age for justices. “My tenure officially ends by midnight on Thursday, October 17. As that moment draws near, I experience a deep sense of personal satisfaction. No regrets. This is because your steady support and willing cooperation have made my life as a member of the Court and as chief justice much less burdensome,” Bersamin said. Bersamin admitted having mixed emotions about leaving the SC since it has been his home for the past 10 years of his life as an associate justice, and then as chief magistrate since November 28, 2018. “Happy, because finally I go into retirement with the comforting thought that one younger magistrate shall continue the work I leave behind; very sad, because I am finally leaving this place and bidding farewell to this community. It is like leaving my home of over a decade. I have been with the Court for over 10 years now, the final 324 days being as chief justice.” In his speech, Bersamin assured his fellow justices and employees

that he had been true to his oath of office and discharged his duties and responsibilities to the best of his ability during his term. “As chief justice, I have done everything within the bounds of the law to afford the fullest access to my office. If I was not able to address any concerns brought to my notice, it is not for lack of trying. Still, I ask your understanding of me, I have limitations,” he said. Bersamin also appealed to his SC family to remain loyal to the judiciary and fealty to the letter and spirit of the Constitution and the rule of law. The chief justice also expressed his desire to correct public perception that the magistrates are considered “gods of Padre Faura” because they are unapproachable. He pointed out that while the image of the SC institution should be respected, the justices are just ordinary men and women. “Sometimes there is a vision that the SC are called the gods of Padre Faura. That is not good. It is as if we are carrying the 10 Commandments,” Bersamin said. Bersamin admitted that he also had that perception on the SC magistrates when he was still a regional trial court judge because he could not just approach the SC justices then because they were always busy. “We are trying to encourage our tours that would bring these students here themselves as part of their social studies.... I would like to encourage that to demystify the Court. Not necessarily to bring ourselves closer to the people, but to tell the people that we are an institution, like the Congress, like the President,” he added.

Neda study highlights ‘relatively conformist’ nature of most Pinoys By Cai U. Ordinario @caiordinario

HE “relatively conformist” nature of most Filipinos could undermine national efforts to innovate and change, the chief of the National Economic and Development Authority (Neda) said on Monday. In a news statement, Socioeconomic Planning Secretary Ernesto M. Pernia said a study commissioned by Neda revealed that most Filipinos are conformist and interdependent by nature. The study also showed they are generally proud of being Filipino, quite traditional, religious and trusting irrespective of sexuality and religion. “The survey results provide insights on specific Filipino cultural values that have potential effect on national development and the role they play in shaping public policy,” Pernia said. “That we are a relatively conformist society may hinder efforts at spurring innovation and change. This is a challenge we need

to overcome,” he added. The Neda commissioned the National Values Survey, a nationwide study covering 10,200 respondents aged 15 and over. The survey aims to understand the cultural values that characterize Philippine society. The survey results will provide a basis for monitoring the country’s progress in terms of values formation toward national development. “There has been a notion that Filipinos are culturally diverse and that it is difficult to determine what really makes us Filipino. This survey now shows us what distinguishes Filipinos from other nationalities based on common values,” Pernia said. Conducted by Hofstede Insights Inc., the study employed the dimensional model for analyzing cultural differences. Developed for the Philippines, the model gauges Filipino culture and values, and identifies its key dimensions. The survey was done over a twoyear period and the final report is expected to be completed by the end of October.

Editor: Vittorio V. Vitug • Tuesday, October 15, 2019 A3

Albayalde steps down from PNP top post; Gamboa takes over as officer in charge

By Rene Acosta @reneacostaBM & Butch Fernandez @butchfBM

EN. Oscar D. Albayalde stepped down on Monday from his post as Philippine National Police (PNP) chief and went on a non-duty status just three weeks before his official retirement on November 8. Officials described the decision as prompted by allegations hurled against him over the case of “ninja cops,” or policemen who pilfer and recycle illegal drugs seized in police operations. President Duterte accepted Albayalde’s offer to give up the top PNP post, and named Lt. Gen Archie Gamboa, PNP deputy chief for administration, and Albayalde’s classmate at the Philippine Military Academy, as acting officer in charge (OIC) of the PNP, through a simple turnover ceremony that was presided over by Interior Secretary Eduardo Año. Gamboa is among the three top police officials shortlisted to officially succeed Albayalde. Albayalde announced his relinquishment of post during the regular Monday flag-raising ceremony at Camp Crame, saying he submitted his resignation to Duterte through Año. The President “favorably” accepted it, along with his decision to go on a non-duty status until November 8. PNP Spokesman Chief Supt. Bernard Banac said Albayalde was “recovering” while spending time with his family as he prepares for his official retirement minus a planned official retirement honors. Albayalde, who had been accused of “complicity” by two retired police generals in the supposed ninja operations by his men when he was still the Pampanga police director way back in 2013, that prompted a Senate investigation, wherein some senators have called for his resignation, was the first PNP chief to go on a non-duty status in the history of the PNP. The decision to quit his post and go on “terminal leave” had been contemplated upon by Albayalde a week ago, according to Año, who advised him to take the course he deems best for the PNP. “He consulted me on what is best for the organization, and I told him he should think of what is best for the organization, and finally, this weekend, he finally decided and submitted formally a letter to me which I forwarded to the President and accepted by the President,” the secretary said. “He resigned from his position as PNP chief, he relinquished his position as PNP chief and he is on

leave until he officially retires on November 8. So this is equivalent to a terminal leave until November 8,” Año explained.

Selfless act

AN official statement issued by Año later said that he respect the decision of Albayalde to step down “in the wake of the controversy where he has been allegedly implicated.” “I commend Albayalde for his selfless act in order to spare the PNP organization of the ongoing controversy. This will allow the PNP to move on and continue exercising its mandate of protecting and serving the people. I thank him for his dedicated and distinguished service as head of the PNP,” he said. “For the time being, Police Lt. Gen. Archie F. Gamboa, who is the most senior police officer, is designated as officer in charge until the President appoints a permanent chief, PNP,” Año added. Banac said the allegations against the resigned PNP chief seriously affected his personal life and his family, and this could be the reason why he resigned. Meanwhile, Gamboa said that he had been ordered by Duterte to lead the PNP in acting capacity while the President is looking for a permanent replacement of Albayalde. He called on members of the PNP to just continue with their daily work. “This is a temporary sequence of events that is going to happen in the next few days. This is a transition, but we should not be remiss of our job. Let’s do our job...let not the other controversies affect us. Let’s continue to work, which is to serve and to protect our people,” Gamboa said.

Dark cloud

THE allegations against Albayalde were the latest dark cloud to loom over the national police force, which has largely been enforcing Duterte’s bloody anti-drug crackdown that has left thousands of mostly petty drug suspects

dead, alarmed Western governments and human-rights groups and sparked complaints for mass murder before the International Criminal Court. Opposition Sen. Franklin M. Drilon, a former justice secretary, said Albayalde’s resignation did not clear him of potential criminal liabilities and called for stricter vetting of candidates for the top national police post. He said he would work to amend regulations to prevent illegal drugs seized by law enforcers from being stashed and resold. “The next Philippine National Police chief will have to work doubly hard to regain the credibility of the police community and the government’s drug war,” Drilon said. Albayalde headed the police force in Pampanga province north of Manila when 13 of his officers seized a large quantity of methamphetamine or shabu, a powerful and prohibited stimulant, in a raid. The officers later faced allegations that they presented a small fraction of the seized drugs in a news conference, possibly to foster their promotion, then hid and sold the rest, with suspicions being fueled when they purchased pricey SUVs not long after. Albayalde’s men allegedly freed a suspected Chinese drug lord in exchange for a huge bribe then arrested another foreigner, who they presented as the owner of the seized drugs. Albayalde pointed out that state prosecutors cleared the officers of criminal complaints they had faced for the alleged offenses. Albayalde said the allegations against him may have been an offshoot of jockeying for the top police post that he would vacate if he has stayed in his post until his retirement. But two police officials, including a general who has retired from the force, and is now a city mayor, testified in Senate hearings that Albayalde did not take adequate actions to have his men be criminally prosecuted. One of the two officials, Aaron Aquino, who now heads the Philippine Drug Enforcement Agency, testified that Albayalde called him then to inquire about the status of the cases against his men. Albayalde acknowledged that as a result of the 2013 incident, he was put on a “floating status,” which meant he was transferred to a regional police force without being given any specific assignment or post. Several months after, however, he was appointed as Metro Manila police chief and as national police chief in April last year. “No protest was made on my appointment,” Albayalde said. “Implicitly, it may be assumed that the president himself was aware of my appointment to that position.” Asked in recent weeks about the possibility of firing Albayalde, Duterte replied he would allow

Año to make a recommendation to him after an assessment. The wait contrasts with Duterte’s outright firing of other government officials accused of corruption and irregularities.

‘Mixed feelings’

SEN. Panfilo Lacson, a former PNP chief himself, admitted having “mixed feelings” over Albayalde’s dilemma. “I have mixed feelings about the way P/Gen. Albayalde, now ex-chief PNP, has abruptly ended his police service more than three weeks before his compulsor y retirement,” Lacson said, adding that Albayalde’s statements prior to his formal announcement to relinquish command of the 190,000-strong police force “have somehow diminished the redeeming value of his intent to spare the PNP from the so-called ninja cops controversies.” “Being a PMA graduate myself, I feel sad whenever fellow Peemayers slug it out publicly over issues that hit the very core of the unique and exclusive cadet honor system which has nurtured us for four arduous years to prepare ourselves to resist the moral challenges and temptations once we step out of the academy,” the senator said. According to Lacson, “the [PMA] Code simply says: ‘A cadet does not lie, cheat or steal nor tolerate those who do.’ While many choose to adhere to the Code albeit not in the same rigid, exacting manner, still, quite a number have opted to fall out of the ‘long grey line’ sooner or later in their career. Worse, they have disregarded the Code as if they never learned and practiced it in the first place. Or, maybe they never did; they just simply got away and graduated. “I do not mean to cast judgment on Gen. Albayalde’s character with the preceding statement. Rather, it is only to reiterate the sad reality that many PMA graduates have been eaten by the corrupt and corrupting system of law enforcement,” the senator said. Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo, for his part, expressed doubt on the credibility of the testimonies against Albayalde. Panelo, who clarified that he is speaking as a lawyer and not as Palace spokesman, even dismissed as “hearsay” the statements of Magalong. With what I hear from Magalong, with due respect to you, what I have been hearing seems like hearsay. It’s as if it it’s not his personal knowledge. That will not be accepted in court,” Panelo said. As for retired police general Rudy Lacadin, Panelo said the problem with his statement is that he admitted that he is not sure whether Albayalde was serious when he allegedly told him he “only got a little” from the 2013 drug operation in Pampanga. With AP, Bernadette D. Nicolas

Tariff body postpones public hearing on float glass safeguard measure By Elijah Felice E. Rosales @alyasjah

HE Tariff Commission has postponed the public hearing for the safeguard investigation on float glass, extending the domestic industry’s wait on whether it will secure the same protection the government granted to cement manufacturers. In a notice issued last week, the tariff body suspended the public hearing on the formal investigation on the imposition of a definitive safeguard measure on imported float

glass. The public hearing was originally scheduled on October 21 to 25. The commission said it decided the public hearing be “moved to a later date to allow the submission of required information by interested parties and give this commission additional time to complete its data verification.” The public hearing will provide the domestic industry and importers the platform to defend their case on the matter. The commission was initiated to launch a safeguard investigation on float glass after

the Department of Trade and Industry (DTI) in July applied provisional duties of P2,552 per metric ton on clear float glass and P2,835 per MT on tinted float glass. The DTI concluded in its preliminary investigation that increased imports of float glass resulted in the serious injury of the domestic industry’s market share, onshore sales, capacity utilization, production, employment, profitability and inventories. The imposition of provisional safeguard on float glass

effectively confirmed the DTI’s February report of import surge over the past years made it difficult for the domestic industry to compete. Citing Customs data, the trade office said import volume of clear float glass jumped from 2013 to 2016, and only declined in 2017, on the enforcement of antidumping measure against China. From 4,337 MT in 2013, imports of clear float glass surged by nearly 646 percent to 32,351 MT in 2014; by 52.35 percent in 2015 to 49,289 MT; by 19.27 percent in 2016 to 58,787 MT; before declining close

to 29 percent in 2017 to 42,029 MT, the DTI reported. The volume of imported tinted float glass also leaped triple digits in 2014 and 2015. Imports of tinted float glass increased 273.53 percent in 2014 to 22,431 MT, from 6,005 MT in 2013; and grew more than twofolds in 2015 to 50,974 MT. However, imports slid 15.14 percent in 2016 to 43,255 MT and dipped 2.18 percent in 2017 to 42,312 MT—that’s when the Philippines invoked antidumping duty on imports from China, the country’s largest overseas source

of float glass. The safeguard petition was filed by Pioneer Float Glass Manufacturing Inc.— the country’s lone f loat glass maker—on the claim its business got seriously injured by the import surge between 2013 and 2017. It is hoping the commission’s investigation will lead to same results as those obtained by cement manufacturers, who are enjoying a threeyear safeguard measure after proving imports hurt their operations.

A4 Tuesday, October 15, 2019 • Editor: Vittorio V. Vitug

Sara Duterte asks Neda, DOF to move infra papers By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

AVAO CITY—This city’s mayor, Sara Duterte-Carpio, appealed to the National Economic and Development Authority (Neda) and the Department of Finance (DOF) to act on the documents the city has submitted on three multibillion-peso infrastructure projects. Duterte issued her appeal during her State of the City Address on Monday here, where she enumerated several bigticket constructions for the city, including the new and separate buildings for different offices, such the City Health Office and City Investment Promotion Office. She said the more urgent projects were the high-priority bus system, the papers for which were already submitted to the central office of Neda. The papers for the proposed construction of the Samal bridge connecting Davao City to Samal was also submitted to Neda. The bus system would need P12 billion to P13 billion to replace the jeepneys as the main mode of public transport. The other urgent proposal, on the waste-to-energy project of the city, was also submitted to the DOF. This project would cost P1.5 billion. “At least, these two projects on the bus system and the waste-to-energy are very important for us to address the transportation need of the city and help contain traffic congestion. And the other one is to help us address the solid waste disposal challenge,” she said at a news briefing after her speech. The city regularly experiences worsening traffic gridlock during rush hours, and the southern section suffers regular paralysis due to the slow work on the Ulas bridge and the delayed road widening works along the Mintal and Catalunan Grande highways. Duterte declined to say how long the papers have been with the two agencies, but she said she would like only the papers “to be moved now, so that we can proceed.” She assured her constituents that the city’s debts due to the construction projects remained manageable and disclosed that the debts, including the past due loans, would be fully paid by 2022. “After that, the city would be debt-free.”

Economy BusinessMirror

Plant outage prompts NGCP to issue ‘yellow alert’ in Luzon grid on Monday By Lenie Lectura

@llectura

HE Luzon grid was placed on “yellow alert” for six hours on Monday, with over 4,000 megawatts (MW) of capacity shaved off from the grid mainly due to unplanned outage of several power plants. Data from the Department of Energy (DOE) showed that a total of 4,744 MW of capacity was unavailable, prompting the National Grid Corp. of the Philippines (NGCP) to issue the yellow alert notice effective 10:01 a.m. until 4 p.m. A yellow alert is issued when operating reserves have dropped below the required 647 MW contingency in Luzon, or equivalent to the largest unit in Luzon, which is the 647 MW coal-fired power plant in Sual, Pangasinan. “We are closely monitoring the situation. The DOE’s power bureau is on top of this,” said Energy Undersecretary Felix William Fuentebella said in a text message.

Unplanned outage

AVION natural gas plant units 1 (50 MW) and 2 (50 MW), Sual (647 MW), San Jose biomass plant (12 MW),

GN Power Mariveles coal plant (345 MW) and Tiwi geothermal plant unit 1(60 MW) underwent forced outage. The two units of Avion went offline since August due to gas turbine leak, while GN Power coal plant was unavailable since September 20. The geothermal plant of AboitizPower has been has not been delivering power since November last year. Sual and San Jose biomass plants underwent emergency shutdown on October 11 and 13, respectively, due to technical glitches. While Malaya power plant unit 1 (150 MW), MakBan (55 MW) geothermal plant and the power facilities Ilijan blocks A (600 MW) and B (600 MW), San Gabriel (420 MW), which source fuel from the Malampaya gas facility are on Outside Management Control (OMC) outage. “An Outside Management Control Outage is an outage wherein the cause is beyond the control of the generation company, and has not resulted from planning error or negligence,” according to Fuentebella. For geothermal plants, he explained that the term OMC means the issue is the lack of steam. For gas plants, there was lack of gas supply due to the Malampaya shutdown.

@sam_medenilla

HE Department of Labor and Employment (DOLE) said the majority of stakeholders in the Cordillera Administrative Region (CAR) favor a new minimum wage hike, a development which may, yet, signal a new round of wage increases among workers in the region. The Regional Tripartite Wages and Productivity Board-CAR (RTWPB-CAR) said it already conducted the needed public consultations for the possible wage adjustment in the provinces of Abra, Kalinga Apayao,

For Malaya, Fuentebella said, “it’s a must-run plant, hence it also falls within the term.” In all, these power plants that are on forced outage and on OMC outage make up 2,955MW, or 62.3 percent, of the total unavailable capacity.

Malampaya shutdown

THE gas facility, which supplies 40 percent of Manila Electric Co.’s (Meralco) requirement, was not able to fuel the gas plants from October 12 to 15. The gas facility fuels the following gas plants: the 1,000-MW Santa Rita, the 500-MW San Lorenzo, the 1,200-MW Ilijan, the 97-MW Avion and the 414-MW San Gabriel. The operator of the gas facility said the four-day shutdown would allow engineering maintenance works at both onshore gas plant and offshore platform. “The Malampaya scheduled maintenance shutdown activities started last Saturday morning and progressing as planned until tomorrow evening. Gas delivery to customers start early morning of Wednesday,” an official of Shell Exploration BV, which leads the Malampaya consortium, said via text message.

Meralco head of utility economics Lawrence Fernandez said that while the Ilijan plant and San Gabriel plant (420 MW) are on shutdown during the period, the Santa Rita and San Lorenzo power plants will run on liquid fuel and continue to supply power to the grid. “We have called on ILP [interruptible load program] participants to prepare to be activated, if the supply situation deteriorates, but we hope that no other generator goes on ‘unplanned’ outage at this time,” he said in an interview. Meralco partly sources its requirements from the Santa Rita, San Lorenzo, San Gabriel plants of First Gas Corp. and from South Premiere Power Corp.’s Ilijan plant. The utility firm does not have a power-supply agreement with First Gen’s Avion plant.

Derated capacity

CONTRIBUTING the to the grid’s thin power reserves are the derated capacities of SEM-Calaca from 300 MW to 200 MW, Angat hydro plant from 200 MW to 160 MW and the Pantabangan hydro plant (120 MW). The DOE also recorded 1,349 MW of derated capacity from various power plants. The agency did not

provide a list of these plants. In all, 1,609 MW of capacity was not delivered to the grid because of derated power plant capacity. Also, included in the DOE data is the planned outage of CBK hydro plant unit 3 (184 MW).

’Not critical‘

EARLIER, a DOE official said the Malampaya shutdown would not affect the grid’s integrity. “We are coordinating with the system operator, the National Grid Corp. of the Philippines. They have suggestions. It’s not critical because demand is not that big in October. It will be well managed. There are gas plants that will run on diesel, condensate,” said DOE Director Mario Marasigan. Energy Assistant Secretary Redentor Delola, in a text message, said the Luzon grid will have sufficient reserves for the rest of the year due to decreasing demand and additional capacities from new power plants coming online. For Luzon, he cited the 300-MW Masinloc expansion project which is set to commence this month and the 500-MW San Buenaventura Power Ltd. project of Meralco Power Gen Corp. Both are expected to inject power to the grid this month.

Value of residential and commercial Zero Exclusion, Zero Carbon, Zero Poverty construction grew 21.6% in Q2–PSA By Cai U. Ordinario @caiordinario

HE total value of residential and commercial construction increased by 21.6 percent in the second quarter of the year, according to the Philippine Statistics Authority (PSA). Based on the preliminary data on Construction Statistics from Approved Building Permits in the April- to-June period this year, the total value of constructions increased to P123 billion from P101.2 billion in 2018. The amount covers 43,394 construction projects, an 8-percent increase from 40,182 projects recorded during the same quarter of 2018. “Total value of construction refers to the sum of the cost of building, electrical, mechanical, plumbing and others. The value is derived from the approved building permit and represents the estimated value of the building or structure when completed,” PSA explained. Data showed residential construction projects accounted for the bulk of the value of these projects at P63.433 billion. PSA said this represented a growth of 11.3 percent from P56.989 billion in the same period last year. The total residential construction projects reached 32,077 projects, representing a growth of 10.4 percent from 29,060 projects in the second quarter of 2018. Nonresidential or commercial construction projects accounted for P52.22 billion of the total cost in the second quarter of 2019. This, PSA said, was a 39.1-percent increase in cost from P37.532 billion in the same period last year.

In terms of floor area, residential construction projects developed a total of 5.186 million square meters, a 3-percent growth from 5.037 million sq m in 2018. However, in terms of growth in floor area, nonresidential construction projects grew faster at 33.7 percent. The total floor area developed by commercial construction projects reached 4.91 million sq m, significantly higher than the 3.67 million sq m posted in the same period last year. Meanwhile, the top 5 regions that recorded the highest construction cost recorded a construction value of P92.6 billion, accounting for 75.3 percent of the total value of constructions. The National Capital Region, or Metro Manila, which ranked fourth in the number of constructions, topped the list in terms of construction value worth P41.7 billion, or 33.7 percent of the total. The top 5 regions, in terms of number of constructions, comprised 64 percent of the total constructions. Number of constructions in Calabarzon remained highest at 10,967, or 25.3 percent of the total; followed by Central Visayas ranked second with 5,072, or 11.7 percent of total construction projects. In the second quarter, PSA’s gross domestic product data showed private construction posted a growth of 23.1 percent. This was the highest since the fourth quarter of 2014 when private construction posted a growth of 24.1 percent. The 23.1-percent growth in private construction was the only above 20-percent growth between the fourth quarter of 2014 and the second quarter of 2019.

In CAR, biz owners and workers are amenable to a wage rate hike By Samuel P. Medenilla

www.businessmirror.com.ph

Ifugao, Mountain Province, Benguet and Baguio City last month. RTWPB-C AR Chairman Exequiel Guzman expressed his surprise on the outcome of the consultations since some owners said they “are amenable to a wage increase, provided that this is within their capacity to pay.” “Normally the issue on wage increase gives rise to contrasting opinions with the owners saying no to it and their workers interested in an increase,” Guzman said. Based on the consultation results, majority of the participating owners, which ranged from 57

percent to 100 percent in the said areas, are against raising minimum wage rate in CAR. However, most of the management representatives, which range from 45 percent to 68 percent, are in favor of additional pay for minimum wage earners. Likewise, almost all of the workers, which range from 62 percent to 100 percent, also favor higher minimum wage rate. Those who supported the wage adjustment cited the growing cost of living to justify their position, while those who were against it stated a wage hike may trigger inflation.

By Henry J. Schumacher

HE other day, my colleagues in the European Innovation, Technology, and Science Center Foundation Inc. (EITSC) and I had the pleasure to meet with Luis Oquiñena, executive director of Gawad Kalinga, and Fabien Courteille, 3Zero agenda manager and partnerships for ACTED Philippines. The two gentlemen informed us about an innovative proposal by the Philippine and French civil societies. I am excited about their activities and plans, and would like to share them with you. Luis and Fabien reminded us that we live in times where the impact of our actions as individual nations can be felt across the globe, both in the positive and the negative. They added that we are slowly awakening to universal issues concerning the global economy, our environment, social justice and equality. But still, very few are taking brave steps to solving these issues. They invite us to be part of the solution, which we took seriously, given the fact that if we are not part of the solution, we are part of the problem. Gawad Kalinga and ACTED have launched the Triple Zero Movement: Zero Carbon, Zero Exclusion and Zero Poverty, last January through a summit that was well-attended by key stakeholders in the local and international scene. They are now giving a more concrete form to their movement through the Triple Zero House, which will be the physical and central venue for learning, collaboration and action toward the most pressing issues of our society today. The 3Zero Global Alliance promotes new approaches to contemporary challenges, while radically reshaping the way individuals, businesses and communities live, work and interact: Zero Exclusion—because the vulnerability of marginalized populations can be reduced through the pro-

motion of inclusive institutions, governance mechanisms, policies and concrete actions; Zero Carbon—because we want to pass on to our children an economy that respects natural balances, an ecologically sound development model and a global governance of the common good; Zero Poverty—because poverty is an intolerable waste of talent and the reproduction of poverty from generation to generation is not inevitable. What are the objectives of the 3Zero House that will be unveiled in Mandaluyong on October 24? Gather—be a collective hub aiming to unite various stakeholders and fuel conversation around common goal and agenda. The 3Zero House will be a place where silos will be broken and innovative collaboration be fostered; Consolidate—serve as a resource center, a directory of social enterprises, civil society organizations, service providers, local and international agencies and other partners. It will benefit students, staff, incubators and guests; Train—offer a space devoted to the development of human capital. Through a series of short online and offline certified courses, developed in partnership with the private sector and academia, participants master a set of work skills chosen to maximize their adaptability to the jobs of the future. (This objective is very much in line with the vision of EITSC when the foundation was formed in 2002, and here we see areas of cooperation); Incubate—be a space for experimentation, trial and error, ideation and prototyping. It will contain a 3Zero Lab to empower and support projects in their infancy and equip social enterprises and personal mentoring, lectures and workshops, as well as shared services; Accelerate—help push new projects forward through their most advanced stages into completion, providing mentoring by experts in their respective subject matter, and connections with strategic partners from supply to distribution; Inspire—work beyond the confines of the 3Zero House to inspire take-up of the 3Zero ethos in conferences, focus group discussions, campaigns and lobbying where everyone is held accountable for their responsibilities to make a better world for present and future generations. (This objective is of great interest to EITSC also, given our focus on sustainable development and inclusive growth, addressing the needs of poor communities close to the operations of business across the country). In this context, I would like to add that Gawad Kalinga is present in almost every province in the country, engaging 10,000 barangays in over 3,500 communities and affecting 350,000 families. Gawad Kalinga has more than 4,000 volunteers on ground, going where help is needed the most. In our promise to leave no one behind, GK does not hesitate to enter some of the most troubled and war-torn areas. GK communities are known to be zones of peace, and we have successfully transformed slums into peaceful and productive communities. In other words, Gawad Kalinga can become an ideal partner of businesses that wish to help poor communities. EITSC will participate in the event on October 24, and will keep you informed of our next steps, trusting that businesses and communities will partner with us down the 3Zero journey. Feedback is welcome; contact me at schumacher@eitsc.com or contact Fabien Courteille directly at Fabien.courteille@acted.org

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Tuesday, October 15, 2019 A5

Farm-gate price of rice falls below ₧15/kg By Jasper Emmanuel Y. Arcalas

lim Mindanao (P12.14). In Central Luzon, the country’s rice granary, wet palay was bought for as low as P9.34 per kg. Also, 4 out of 6 provinces in Central Luzon recorded a prevailing price of below P15 per kg. This includes Nueva Ecija, the country’s top rice-producing province, where the buying price reached P14 per kg. Central Luzon, which accounts for nearly 19 percent of total annual palay output, produced over 3.6 million metric tons of unhusked rice last year.

@jearcalas

& Cai U. Ordinario @caiordinario

HE average farm-gate price of wet palay dipped further in the third week of September and inched closer to the break-even level as the country nears the peak of the harvest season. Despite the continuous decline in the farm-gate price of rice in recent months, National Economic and Development Authority (Neda) Assistant Secretary Mercedita A. Sombilla told the BusinessMirror that consumers have yet to see lower retail prices. An analysis of Philippine Statistics Authority (PSA) data conducted by the BusinessMirror showed that the price of wet palay sank to P14.89 per kilogram in the third week of September, the lowest in nearly eight years. The average cost of producing a kilo of palay is pegged at P12.42 per kg. On an annual basis, the current prevailing wet palay farm-gate prices is 30 percent lower than the P21.33 per kg recorded in the same period of last year. Historical PSA data analyzed by the BusinessMirror showed that this is now the lowest prevailing farm-gate price for wet palay since the fourth week of December, when it fell to P14.89 per kg. This newspaper used the conversion rate employed by the PSA Statistics Division in computing for the wet and dry palay prices.

Trends

PHOTO from Philippine Rice Research Institute

“Farmers are definitely worried, especially since this is their only source of livelihood. Why would you invest [in planting rice] if you will just lose money?” Rice Watch Action Network Executive Director Hazel Tanchuling told the BusinessMirror. “The sector badly needs champions in government. Otherwise, it will be up to the farmers to defend their livelihood,” Tanchuling added. She said the drastic decline in farm-gate prices is “expected” due to

Tieza assets. . . Tieza used to be the Philippine Tourism Authority (PTA), also under the DOT. Asked how profitable would the latter be for the private management firm if it were to manage Tieza’s property, as well as invest in the renovation of the property, Paragas told the BusinessMirror: “The finer details will be contained in the terms of reference for solicited proposals. Initially, we have identified and approved the minimum financial bid parameters for Club Intramuros Golf Course [CIGC] and Balicasag Island Dive Resort [BIDR]. Under this mode, the government is guaranteed inflow of revenues and infusion of capital investments to enhance the marketability of the asset.” He added, for “the other properties, the private sector can make their unsolicited proposals for consideration of the JV Selection Committee.” Under a usual management contract or partnership agreement in the private tourism industry, hotel property owners sink in the funds needed to renovate or improve the structure or building, not the hotel management firm. Paragas said that, with the expertise and capital of the private sector, Tieza hopes to improve these facilities and enhance their operations, which have been incurring losses in the past years. Both properties will be bidded out to the public in the last quarter of the year. For his part, DOT Undersecretary for Legal and Special Concerns Edwin R. Enrile said several modes of joint-venture agreements may be pursued with the private sector,

Co-ops. . .

continued from a1

“not just a management contract. It can be a long-term joint venture with Tieza, where Tieza’s equity is land/existing structure. It can also be a long-term lease.” Asked if the private sector could bid for several Tieza properties as a group to give these greater value, Enrile said, “bundling properties may be possible.” Enrile sits on the Tieza board, representing the chair, the DOT chief. In a news statement, Tourism Secretary Bernadette Romulo Puyat said opening Tieza assets to publicprivate partnerships “will help accelerate tourism investments and development of tourism infrastructure in the country, enhancing revenue streams for the agency with less financial exposure of government.” CIGC is one of the oldest golf courses in the Philippines. It is located at the heart of Manila and near government offices, universities, hotels, museums, commercial establishments and identified as the site for a cruise port. It also offers the only night golf in Manila. BIDR is the only resort situated in the entire Balicasag Island, in Panglao, Bohol. The entire island has a total land area of 25 hectares. The resort itself occupies 1.5 hectares of the island. With its marine sanctuary and five diving sites, the island dive resort is a prime ecotourism destination. Other notable Tieza assets also to be offered for “privatization” include the Banaue Hotel in Ifugao, the Argao Beach Club in Cebu, the Zamboanga Golf Course, and properties in Matabungkay, Batangas; Moalboal, Cebu; and Talisay, Batangas.

the influx of cheaper imported rice. “And the problem here is that there seems no to be indication of a temporary relief from too much imports considering that the Department of Agriculture has decided to terminate its safeguard investigation,” said Tanchuling.

State of rice granary

THE BusinessMirror’s analysis showed that the lowest average buying price for wet palay is

Fishkill. . .

using the electronic system for filing and payment of taxes of the BIR. All registered cooperatives that were issued Certificates of Tax Exemption and which subsequently availed themselves of tax incentives are required under the JAO to submit to the CDA their respective Annual Tax Incentives Reports on or before April 30 of the succeeding year, or 15 days from the deadline of filing of their Annual Income Tax Returns, depending on the accounting period used. Jove Moya

bilitation efforts of the national government in a form of “feedback and report-back mechanisms.” “It’s not enough that BFAR and DENR would only explain scientifically the causes of the fish kill. We are already aware of that and we believe that this is not a natural phenomenon. What we want to hear from them is who was responsible, what are the measures, and what concrete actions can the affected fisherfolk expect from the government to continue their wheels of production,” a joint statement issued by Agham and Pamalakaya said. The Manila Bay Task Force should report the status and how effective is the cleanup drive to the degrading ecosystem of Manila Bay, they said, “because it seems that the result of this concerted cleanup effort, with the use of taxpayers’ money, is regressive instead of progressive.”

continued from a8

to suffer incalculable injury,” the decision read. Tadeco Assistant Vice President for Human Resources Zeaus Vadil earlier told the BusinessMirror that the demolition team from the provincial government was able to destroy one of the plantation’s gates before the TRO was served. Vadil said the TRO was served by the court sheriff, while Mindanao Development Authority Chairman Emmanuel F. Piñol and Jubahib were having a dialogue. “ T he inter vention of [for-

continued from a8

The CDA, in turn, will submit a consolidated report to BIR for inclusion in the DOF database created under the Tax Incentives Management and Transparency Act (Timta). The Joint Administrative Order (JAO) 1-2019 between the CDA and BIR was signed by Dominguez last May 16, to implement these new regulations under TRAIN. With this directive, all registered cooperatives are required to file their tax returns and pay their tax liabilities, if any,

continued from a1

pollution, as mussels (tahong) and oysters (talaba) have been recovered dead from the mussel farms in Bacoor area. “We estimate that for every hectare of mussel farm, only around a quarter or less may be recovered. The mussel and oyster are falling off from the bamboo poles,” said Myrna Candinato, president of Alyansa ng mga Magdaragat sa Bacoor Bay. Pamalakaya earlier questioned the effectivity of the government’s ongoing rehabilitation in Manila Bay, citing the ecological disturbances, such as a fish kill. The group said the Manila Bay Task Force, led by the DENR, was even created to fast-track the rehabilitation and restoration of Manila Bay. A long with scientist group Agham, Pamalakaya called for transparency in the ongoing reha-

Banana. . .

P9.34 per kg, while the highest is P19.614 per kg. Also, the average price for wet palay in 9 out of 14 rice-producing regions has fallen below P15 per kg: Cordillera Administrative Region (P14.95), Ilocos Region (P14.83), Cagayan Valley (P14.50), Central Luzon (P14.24), Eastern Visayas (P14.97), Zamboanga Peninsula (P14.75), Davao Region (P14.13), Soccsksargen (P13.49), and Autonomous Region in Mus-

mer agriculture] Secretary Piñol helped to stopped the demolition, but of course the TRO legally stopped it,” Vadil said in a phone interview on Wednesday. Vadil said the company would seek a 17-day extension of the TRO. The country’s total banana shipments in 2018 expanded by nearly 18 percent to 3.388 MMT from 2.872 MMT, becoming the secondtop exporter of the yellow fruit in the world, Philippine Statistics Authority data showed. Jasper Emmanuel Y. Arcalas

LRT 2. . .

HISTORICALLY, the farm-gate price of palay declines by around 3 percent to 9 percent once the harvest season starts, according to Senen U. Reyes, University of Asia and the Pacific’s (UA&P) senior management specialist. Given this, Reyes told the BusinessMirror that palay farm-gate prices may decline further this year. “Further decline [of prices] is possible that is why the Department of Agriculture and the National Food Authority [NFA] are coming up with interventions and trying to offer a better price,” he said. “I would like to think that the trend may hold. Weather has been relatively fine, which will not depress the main harvest,” Reyes added. He noted that the PSA’s average dry palay price in September was pegged at a range of P18 to 24 per kg in the past five years. In the country’s top rice producing province, Nueva Ecija, the average is at

Chocolate makers face sustainability dilemma over farmers’ pay in Africa

HOCOLATE makers are facing an ultimatum—either support a contentious plan to raise the pay of impoverished farmers, or risk a halt to programs that sustainability-conscious consumers increasingly demand. West African neighbors Ivory Coast and Ghana, where more than 60 percent of the world’s cocoa is grown, are becoming frustrated by the slow uptake of a strategy adopted in July to levy a $400-a-ton premium to help improve growers’ pay. This week, they threatened to suspend programs that chocolate makers rely on to certify that their beans are not grown in protected forests or with the forced labor of children. Chocolate makers cannot claim that they’re sourcing cocoa sustainably, and at the same time hold back their support for a plan that will considerably improve the livelihoods of small-scale producers, said Yves Kone, the managing director of Ivory Coast’s industry regulator, Le Conseil du Cafe-Cacao, known as the CCC. The sustainability programs only serve a small number of farmers, while the new price mechanism will benefit all growers, according to the CCC. “We cannot pretend that we are working with the farmers, investing in sustainability and refusing to pay the farmer,” Kone told reporters Friday in the commercial hub of Abidjan. “Sustainability is also paying farmers and working together.”

Income guarantee continued from a1

When completed, it will add three stations to the current and future East-West Line, namely: Divisoria, Tutuban and Pier 4. It is expected to add 16,000 daily passengers to the train system. “Easier journey awaits commuters who wish to make purchases at Tutuban and Divisoria, or those who will journey via ships found in North Harbor,” Berroya said. Today, the LRT 2 operates at limited capacity from Cubao to Recto, after a power rectifier was razed by fire earlier this month. It currently serves around 240,000 passengers daily. The government is gunning to open the East Extension of the train line—running from Santolan, Pasig to Masinag, Antipolo—by the fourth quarter of 2020.

P17.50 to P22 per kg. “The play may be similar for wet palay though we have to see how the [rice trade liberalization law] factor with its interventions will work out,” said Reyes. Despite the fall in farm-gate prices, planting rice remains profitable for farmers in many areas, according to Sombilla. Farmers in areas where the cost production is P7 or P8 per kg, a farm-gate price of P12.42 per kg would mean that they will earn P3 to P5 per kg. “For areas with a unit cost that is equal or higher, [rice is] not good. These are candidates for diversification,” Sombilla said. Sombilla said the worst may be over for rice planters as farmers in palay-producing areas have started harvesting rice. However, the Neda official lamented that despite the fall in farmgate prices, retail prices remain high. She said the NFA has failed to help the government pull down retail prices. Sombilla said the NFA has been given orders to release its stocks to “influence the market” and cut prices. “Sometimes [the NFA] does not really understand what buffer stocking means. The agency is supposed to have a 15-day buffer stock at any given time,” she said. “But that does not mean that if stocks fall to an equivalent of five days, the agency will no longer sell rice. It’s supposed to continue buying unhusked rice.”

IVORY Coast and Ghana’s price plan is designed to raise the average price for their cocoa from next October to at least $2,600 per ton, of which farmers will be paid about 70 percent after deducting costs. New York cocoa futures for delivery in December have averaged $2,373 per ton so far this year. Analysts are questioning whether the plan will work because companies aren’t able to hedge the premium. The incentive of higher

income will also entice farmers to grow more than what the market may need, often on land cleared in protected areas, and destabilize prices further. Ivory Coast had 16 million hectares (40 million acres) of forests in 1960, but this has fallen to 3 million hectares in 2018. Ghana is losing its forests at a faster pace than any other country in the world, according to Global Forest Watch. “ The problem here is they’re going to encourage more production of the bad kind,” said Edward George, an independent cocoa expert. “There’s a real danger of overproduction and also unsusta inable and d amag ing production.” Without the sustainability programs, chocolate brands cannot guarantee that the cocoa they buy is not impacting protected areas and grown without child labor, said Sergey Chetvertakov, an analyst at IHS Markit’s Agribusiness Intelligence. “Such statements are demanded by consumers.” Some chocolate makers have already pledged to buy cocoa at the premium rates. “We are absolutely committed to both buy with the living-income differential and to invest in our sustainability projects,” Mars Inc. said by e-mail. “We will comply with the new programs put in place,” according to Hershey Co. The cocoa regulators are rev iew ing a l l cer tif ication and sustainability projects for the current season and make an announcement on their “continuation or discontinuation” at a World Cocoa Foundation Partnership meeting scheduled later this month in Berlin. Such programs continue to be successful in helping farmers to improve their income “without political interference,” said Eric Bergman, a commodities broker at Jenkins Sugar Group Inc. Their suspension as a way to enforce the new price plan “ is a short-sighted way of attempting to help farmers.” Bloomberg News

A6 Tuesday, October 15, 2019 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Taking its toll

E commend the Toll Regulatory Board (TRB) for responding favorably to the call of two senators to reduce or suspend the toll fees at the South Luzon Expressway (Slex) amid the heavy traffic being experienced by commuters and motorists in the area due to the ongoing Skyway extension project, particularly in the northbound lane of the Alabang viaduct. “Motorists deserve to pay less for the trouble the gridlock is causing them due to the extension project,” said Sen. Grace Poe, head of the Senate Committee on Public Services. Sen. Sherwin Gatchalian backed this up, saying the daily gridlock is a result of lack of planning by the Slex operator and the government agencies involved because mitigating measures should have been in place as the construction works would affect thousands of commuters and motorists. He said the TRB, on its own, can conduct an investigation with or without a complaint to justify the toll rate cut or suspension. Fortunately, the TRB heeded the senators’ call. Raymundo Junia, who represents the private sector on the TRB, said the agency is, indeed, looking not only at reducing the Slex toll but also at imposing fines on the operator of Slex and Skyway for its failure to mitigate the daily traffic jam on the northbound portion of the expressway. The TRB can impose sanctions if it is established that the contractor’s negligence led to the daily traffic gridlock. Previously, San Miguel Corp. (SMC) Tollways, the Slex operator, asked for the public’s understanding, as commuters and motorists have been calling for it to expedite its construction to ease the traffic situation. “We ask for your understanding. This project is for the benefit of everyone. Just bear with us for a little bit. After completion of the project, we will have a smooth traffic flow,” SMC Tollways said in a statement. The 6-kilometer extension of the Skyway from Barangay Cupang to Susana Heights in Muntinlupa City is scheduled to be completed in December 2020. If you are one of those who have suffered through the northbound Slex traffic, a slow crawl of vehicles that normally extends to the San Pedro and Southwoods exits of Slex in Laguna, you probably need no convincing about how frustrating the congestion has been for the past weeks. Toll booths are not just there for taking money. Motorists pay a toll for the maintenance and upkeep of the road, supposedly because the better infrastructure would provide a smoother traffic flow, where one can avoid congestion in the free roads, and also travel a shorter distance. That’s why it is called an expressway. Ideally, the toll you pay is worth the time and money you save from congestion. A few hours stuck in traffic every day can amount to a full workweek in lost time, aside from the stress and other inconveniences, and even potential health problems you might suffer. The suggestion of the two senators to slash or suspend toll rates is not out of line. It is unfair to collect from motorists who are stuck in traffic for hours. Easing the burden of Slex travelers by implementing a toll discount is the right thing to do, even as the government and the tollway and Skyway operators look for other ways to reduce congestion. Since 2005

BusinessMirror A broader look at today’s business

PHL economy: ‘Pushing forward’ John Mangun

OUTSIDE THE BOX

N October 14, 2016, I posted the following on social media. “It’s amazing that so many people—and not just in the Philippines—want their country to fail just to ‘prove’ their political position is the only correct one.” Little has changed in three years.

Another side of ignoring facts in favor of fabrication is to complain without offering solutions. It is not enough to say that something must be done, especially if that mantra is repeated constantly. Solutions are difficult, while complaining that no solutions have been found is easy. Hearing some people talk, you get the notion that either the Philippines never had a government until 2016, or the problems that fill the newspapers’ front pages never existed until then. Does anyone remember when the toll on the South Luzon Expressway was P2 end-toend and it took more than one hour

US-China trade war has a silver lining Manny B. Villar

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to go from Makati to Sucat? Ok, it still often takes an hour to make that trip to Sucat. But at least the Slex doesn’t have major potholes as in the past and has not flooded waist deep in a long time. But human nature dictates that obvious and clearly understandable problems require a response. Metro Manila traffic is a disaster. Believe it or not, everyone is affected. Commuters complain about too many cars on Edsa, and car owners complain about too many buses. I sort of like the idea of banning automobiles during “rush hour.” Of course, it is too many cars that cause a

rush hour so no cars, no rush hour. Problem solved. However, it is the whining and complaining about the economy that is most annoying. Even the most vocal critics will admit that traffic congestion is a complex problem. It is not just buses and cars on Edsa, but also the fact that many of the streets leading to and from Edsa are better suited for carts pulled by carabaos. Further, the problem has always been that there has not been a highway that crosses the metropolis from south to north through the middle. That will be solved by the Skyway Extension project. But when it comes to the economy, the far-too-many experts will not acknowledge the complexity of the problems and the complicated solutions. Also because economics is difficult, the economics issues are always political footballs. In reality, economics is not that hard to understand if a person is willing to invest time and money getting the information. Oxford Business Group is a United Kingdom-based business and economic intelligence firm that has come to be notable in emerging markets analysis. Their lengthy

he United States-China tit-for-tat trade tariffs has been dominating the international business news for over a year now. The trade spat has spooked global financial markets. It has led some traders and investors to believe that the row between the world’s two biggest economies will eventually cause a global economic slowdown. The trade spat may somehow put a dent on global economic growth, but maybe not so much on Asia. From a recent road show that I joined in key financial centers in Asia, I noticed that Asian investors have remained bullish on the growth prospects of the region despite the US-China trade war. Fund managers, for instance, are focused on Asia, especially Southeast Asia, and the respective economic growth stories of individual countries in the region. They remain upbeat on the growth prospects of Southeast Asia. The positive attitude of Asian fund managers reinforces my belief, that the current US-China trade spat presents more opportunities than problems for the Philippines, which we should take advantage of. We must remember that the protagonists in the trade war are the

US and China. Both of these super economies have no trade issues with the Philippines. The Philippines, meanwhile, can actually gain from the trade tussle. Shipments of the US producers to China and those of China to the US will likely decrease due to higher import tariffs from both trading partners. This situation will benefit the Philippine export sector. Philippine companies can fill in the gap left by Chinese exporters to the US. The US import tariff on certain Chinese goods will result in costlier shipments for the world’s second-largest economy and make Philippine-made products cheaper and competitive in America. Philippine exports to China, at the same time, can become competitive against similar US shipments because of the protective tariffs imposed against American products.

With our competitive exchange rate and reduced borrowing costs through the rate cut initiatives of the Bangko Sentral ng Pilipinas, Philippine-made products can make inroads into either the Chinese or American markets. We must adapt to this changing world trade environment and assist our entrepreneurs in penetrating both the US and Chinese markets. I am sure China will start focusing toward East Asia, including the Philippines, for its displaced export products. The Philippines, for its part, can work out a bigger freetrade arrangement with China to benefit the two nations and build on the gains achieved by President Duterte in fostering relations with the Asian powerhouse economy. With the gross domestic product growth likely returning to the normal level of 6 percent next year and the ongoing US-China trade war, the Philippines can now focus on making our manufacturing sector more competitive. We should be alert on the trade opportunities being opened to us by the US-China tiff. Both US and Chinese investors could be looking toward the Philippines to establish operations here in order to skirt the respective protective tariffs imposed against them. Philippine tourism, too, will benefit from the entry of these new investors. Our economic managers are aware of the possible adverse impact of the trade war on the Philippine economy. But they also recognize

reports do require time to read and digest, and the latest on the Philippines costs about P10,000. Ranting and raving on social media requires only a little time, and is free. This is from the introduction to the section on the Philippine economy: “With strong economic growth, an expanding population, and an increasingly sophisticated internal market, the Philippines is one of Asia-Pacific’s brightest investment opportunities. Concerted efforts to reform taxes, improve the ease of doing business and shore up capital markets are under way, while inflation is back under control and a major program of infrastructure development is accelerating.” There is much more insight in the report that I will analyze and share in the future. But the most remarkable thing is the fact that reading the 35 pages of the Oxford document and listening to many of our local commentators is like hearing about two completely different countries. E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.

the economic opportunities coming from the trade spat. Trade Secretary Ramon M. Lopez agrees that the trade war is “an opportunity for the Philippines to attract more export-oriented manufacturing foreign direct investments,” while conceding that “it is necessary to address key constraints in attracting investors to the country.” Lopez cited short-term strategies to lure foreign investors, like eliminating investor uncertainty over the Corporate Income Tax and Incentives Rationalization Act, and supporting amendments to the Foreign Investment Act, Public Service Act, and Retail Trade Liberalization Act to further liberalize the market. For Finance Secretary Carlos Dominguez III, game-changing reforms and sound fiscal policies will keep the Philippines among the ranks of the world’s best-performing economies in the years ahead. Dominguez is optimistic that the growth momentum will be sustained beyond the medium term by making the Philippine market more competitive and the economy more inclusive. Despite the US-China trade war and other headwinds, he says, the Philippine economy will still be among the fastest-growing in the world. For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

Opinion BusinessMirror

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When to use SWOT and PEST analysis Cecilio T. Arillo

database

NE of my favorite courses when I taught post graduate studies for 10 years at the International Academy of Management and Economics (IAME), whose case for revival is still pending with the Supreme Court, is strategic management, an important subject to learn about the internal and external factors that can affect your business direction. There are two frequently used strategic planning test methods you can adopt to analyze all factors that may affect your plan. These are SWOT analysis and PEST analysis. SWOT is an acronym for strengths, weaknesses, opportunities and threats. SWOT is an extremely useful tool in decision-making for all sorts of situations in business and organizations. To get a complete and objective result, a SWOT analysis is best conducted by a group of people with different perspectives and stakes in a company. Working with SWOT, it is possible to identify any internal disadvantages or advantages that could benefit or hinder the outcome of a planned project. In addition to evaluating the plan or project internally, this method is also able to identify the external factors that could make a difference to the success or failure of a project. It is an excellent idea to work through the SWOT analysis with your team in the early stages of planning. Brainstorming is a great way of introducing all the relevant internal and external factors for each section of the analysis.

PEST analysis

PEST is also an acronym, which means Political, Economic, Social and Technology. PEST analysis is beneficial when conducting research before beginning a new project or to help conduct market research, using these factors: Political—Laws, global issues, legislation and regulations that may have an effect on your business either immediately or in the future. Economic—Taxes, interest rates, inflation, the stock markets and consumer confidence all need to be taken into account. Social—The changes in lifestyle and buying trends, media, major events, ethics, advertising and publicity factors. Technological—Innovations, access to technology, licensing and patents, manufacturing, research funding and global communications. In addition to these are legislations that have been proposed and may come into effect after enactment into law, and environmental issues either locally or globally, or their social and political implications. Unlike SWOT, PEST is more directly aimed at the external macro environmental factors that might be affecting the position of your business, the reasons behind growth or decline in the market and also identify new directions for the business as a whole. To be successful, SWOT is essential to carry out further analysis of all the possible threats and disadvantages to

make sure that they have been planned in advance. On the other hand, the advantages and disadvantages of PEST analysis is that while the external factors are looked closely, there are no internal evaluations carried out. Due to the advantages and the disadvantages of using either of the methods, it is a good idea to combine the two to help provide you with the best analysis. It is best practice to do the PEST analysis and include the results in opportunities and threats section in SWOT analysis. Remember always, “it is never enough to simply have the information at hand; what is vital is the way that the analysis is used in order to boost profits, make sure a project is successful and to identify areas of opportunity that could transform the business for the better.”

A point to remember

PEST is useful before SWOT—not generally vice versa. PEST definitely helps to identify SWOT factors. There is an overlap between PEST and SWOT in that similar factors would appear in each. That said, PEST and SWOT are certainly two different perspectives: PEST assesses a market, including competitors, from the standpoint of a particular proposition, or a business. SWOT is an assessment of a business or a proposition, whether your own or a competitor’s. Strategic planning is not a precise science—no tool is mandatory—it’s a matter of pragmatic choice as to what helps best to identify and explain the issues. PEST becomes more useful and relevant the larger and more complex the business or proposition, but even for a very small local business a PEST analysis can still throw up one or two very significant issues that might otherwise be missed. The four quadrants in PEST vary in significance depending on the type of business, e.g., social factors are more obviously relevant to consumer businesses or a B2B business close to the consumerend of the supply chain, whereas political factors are more obviously relevant to a global manufacturer. All businesses benefit from a SWOT analysis, and all businesses benefit from completing a SWOT analysis of their main competitors, which interestingly can then provide some feedback into the economic aspects of the PEST analysis. Sources: CTA Database, JFK School of Government, Harvard University of which the writer is an alumnus, and Purdue University at West Lafayette, Indiana, United States.

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

Smoking is bad for your health, worse for your wealth Manny F. Dooc

TELLTALES

constitutional crisis looms in the United States over the impeachment inquiry being undertaken by the House Democrats. The case stemmed from a whistleblower’s report that alleged abuse of power and subsequent cover up by the White House “in order to advance Trump’s personal interest.” It was reported that President Donald J. Trump and his personal lawyer, former New York Mayor Rudy Giuliani, have pressured Ukraine to investigate former Vice President and Leading Democratic Party Presidential Contender Joe Biden, as well as his son, for alleged fraud and irregularity.

These were recorded in phone calls between Trump and Ukraine President Volodymyr Zelenskiy. Failing to get documents necessary for their investigation, the three Congressional Committees initiating the impeachment inquiry have subpoenaed the White House and the State Department for the records and required certain officials to appear before Congress. The House sternly warned that failure to comply “shall constitute evidence of obstruction of the House impeachment inquiry.” The White House called the investigation illegitimate and vowed not to cooperate with Congress. The White House counsel, Pat Cipollone, stressed that failure on the part of House Speaker Nancy Pelosi to call for an official vote to proceed with the impeachment made the whole process a farce. He claimed that the inquiry “violates fundamental

fairness and constitutionally mandated due process.” On the other hand, the House asserted that the House alone shall set its own rules on how the impeachment process shall be undertaken. This is clear under Article I, Section 2 of the US Constitution, which gives the House “the sole power of impeachment.” Even the US Court has historically avoided meddling in impeachment process unless a constitutional question is raised. The Court has consistently held that impeachment is a function of Congress and the Court has no authority over it. Impeachment is a political process which the US Constitution has appropriately assigned to elective Congress, instead of the nonelective Supreme Court. It is interesting how this impeachment inquiry shall play out in the coming weeks. If this controversy reaches an impasse, ultimately the issue would

Bloomberg Opinion

an an economy exhaust itself? And what happens when a strategy that works well for decades finally meets the end of the road? Harvard Kennedy School’s Atlas of Economic Complexity, an immense academic project aimed at understanding how and why countries develop, has some answers, and they are worrying. The Atlas, revised last month, crunches export data from the United Nations for every country on Earth to produce minutely detailed accounts of what each country makes, and how it has developed. It is available free on the Web, in a plethora of beautiful data visualizations, which entrepreneurs, economists, investors and finance ministers can all mine for ideas. The latest edition shows investors the neglected countries that could use capital. But the most interesting, and unsettling, finding is about Germany.

Once the engine room of Europe, Germany is now established as the problem child of the global economy. Purchasing manager surveys show that its manufacturing sector is in recession, and by far the weakest in the western world; industrial production is falling; its banking system is stricken; and its negative interest rates are warping markets across the globe. For seven years now, German rates have been lower even than those of Japan, previously the byword for economic malaise and deflation. Outside the country, frustration is growing. President Donald J. Trump is angry that its low rates made the dollar uncompetitive, while many call for Germany—which has dutifully applied austerity ever since the crisis—to reverse course and administer a fiscal boost that could jump-start the rest of Europe. The Atlas, however, suggests that Germany’s deep-rooted problem needs more than a splurge of government spending. It has run out of natural ways

The death of the girl dubbed the “Blue Girl” for wearing the jersey color of her team had prompted Fifa, the world’s football governing body, to order Iran to allow Iranian women unrestricted access to sports stadiums. This is the first time Iranian women can attend a football game.

revolve on the role and scope of presidential powers, and the limits of executive privilege which protects the President’s conversations and communications. In the event a judicial interpretation of rights and powers of the Executive Branch and Congress arises and the parties invoke the process of the Court, how will the US Supreme Court decide? There are precedents that may allow us to second guess the Court’s decision. In United States v. Nixon about the Watergate Case, the Court held that all persons are under the law, including the President. Thus, he could be ordered to produce the tapes, just as then-President Thomas Jefferson was ordered by Chief Justice John Marshall to turn over documents for evidence during the trial of Aaron Burr for treason. In Clinton v. Jones, the sexual harassment suit filed by Paula Jones against the President, the Court adopted the Nixon ruling and ruled that the President could not claim an exemption from civil process and has to deal with it in his private capacity. From Morrison v. Olson, a case involving the constitutionality of the Independent Counsel Statute, emerged the principle that

Special levies on real properties Atty. Rodel C. Unciano

Tax Law for Business

N Metro Manila, where real-property values are skyrocketing, it is ironical that we still see undeveloped lots and uninhabited houses that seem to have been abandoned for years. In many parts of the metropolis, we likewise see construction projects left unfinished, serving no purpose other than destruction to the city’s skyline and giving eyesore to the sightline of anyone.

Imposition of special levies on these types of properties would certainly aid in their transformation into something productive and useful. Where resource is scarce, properties remaining idle for years cannot be tolerated. This is certainly not good to the country’s economy. Under our present tax laws, there are actually provisions on the imposition of special levies on idle lands, in addition to the imposition of basic real-property tax. Section 236 of the Local Government Code (LGC) of 1991 authorizes local government units to levy an annual tax on idle lands at the rate not exceeding 5

percent of the assessed value of the property. This is in addition to the basic real-property tax that may be imposed. However, the definition of idle land under the LGC hardly cover abandoned properties. As defined under Section 237 of the LGC, and for purposes of real-property taxation, idle lands would include agricultural lands, more than 1 hectare in area, suitable for cultivation, dairying, inland fishery, and other agricultural uses, one half of which remains uncultivated or unimproved by the owner of the property, or person having legal interest therein.

Germany’s inconvenient truth? It’s too complicated By John Authers

Tuesday, October 15, 2019 A7

to grow. After decades of expanding steadily and methodically from one product to another, and training its work force to adapt their skills to new sectors, there is little or nothing left for them to do. This conclusion comes from the Atlas’s model for how countries can grow, which depends on two variables: connectedness and complexity. The Harvard team shows which products and technologies naturally align with others, or in their words are most “connected.” A country wants to make “connected” products, because their expertise and facilities can be readily transferred to something else. For example, it isn’t hard to move from making car components to making full cars. Countries with unconnected industries, like mining, find it harder to diversify. A country should also move into more “complex” products, which have greater productivity, build greater competitive advantage and can create more wealth. As countries develop more sophisticated

industries, they grow wealthier. Germany has done this for many decades and done it better than anyone else. And that is its problem. Harvard’s research is summed up in the above visualization, in which each dot is a country. The horizontal axis measures the relative complexity of each country—the further to the right, the more complex. Bangladesh, on the far left, ranks as the least complex on this scale, giving it great room to expand. Germany is one of the most complex. On the vertical scale is “connectedness.” As Tim Cheston of the Kennedy School says, “We’re fundamentally saying, how easy is it to jump from where you are now to new opportunities?” India, with a large and growing educated work force, but not a great and powerful industry as yet, has great opportunities to expand. Germany, on the other hand, has a harder job finding new products and industries to move into than any other country on Earth. Far out at the bottom

As it stands now, the LGC provisions on the imposition of special levy on idle properties is practically toothless, particularly as regards its application to abandoned properties. It is worthwhile that this be taken into consideration with the ongoing tax reform program of the government. Agricultural lands planted to permanent or perennial crops with at least 50 trees to a hectare shall not be considered idle lands. Lands actually used for grazing purposes shall, likewise, not be considered idle lands. Lands, other than agricultural, located in a city or municipality, more than 1,000 square meters in area, one half of which remains unutilized or unimproved by the owner of the property, or person having legal interest therein, are likewise considered idle lands. Regardless of land area, this provision likewise applies to residential lots in subdivisions duly approved by proper authorities. Therefore, following the criteria under the LGC, this special levy may not be imposed if, with respect to agricultural lands, the area does

right corner, it is the obvious outlier. By contrast, its neighbor Austria, also highly developed with a sophisticated industrial sector, hasn’t yet explored all the opportunities open to it. So it has further to develop just by natural diversification. “Germany has basically exploited all of its high-value opportunities. But while it’s well-connected there are no opportunities to improve diversity. So it will need to produce wholly new global products,” says Cheston. “It has to look for something and hope it finds something.” The colors of the dots refer to the strategy that the Harvard team recommends for each country. Pale blue is for “strategic bets”—underdeveloped countries need to decide on industries they want to develop, and go for it. The green dots are well-connected countries that can adopt a “light touch” and allow their industries to develop, while the red dots are underdeveloped but well-connected countries that need a parsimonious industrial

executive power is subject to limitations that Congress saw fit to impose. nnn

Sometime ago, I wrote a piece about an Iranian girl who committed suicide after she was caught disguised as a man to enter a football stadium and watch his favorite team play. The death of the girl dubbed as the “Blue Girl” for wearing the jersey color of her team had prompted Fifa, the world’s football governing body, to order Iran to allow Iranian women unrestricted access to sports stadiums. This is the first time Iranian women can attend a football game after the Iranian authorities had banned female spectators inside sports stadiums more than 40 years ago. nnn

A thief snatched in Paris a very expensive timepiece, a Richard Mille Swiss watch studded with diamonds, valued at $840,000. A Japanese tourist stepped out of his hotel just across Arc de Triomphe to light his cigarette when a guy approached him and forcibly grabbed his watch, and fled. In today’s peso, what the thief stole is valued roughly at P43,680,000, enough to build 291 Gawad Kalinga dwelling houses for our marginalized people, which has a standard cost of P150,000 per unit. The same amount could feed 2,730,000 pupils for one day under our School-Based Feeding Program, which has a budget of P16 per child per day. That rare timepiece would have partially solved starvation, and brought laughter to millions of our malnourished, underweight and growth-stunted kids. Unless it’s lost on you, the lesson here is that smoking is not only bad for your health, it’s worse for your wealth.

not exceed 1 hectare. Also, even if the area exceeds 1 hectare, if at least one half has been cultivated, this special levy may not be imposed, as well. As regards nonagricultural land, the special levy does not apply if the area of the land does not exceed 1,000 sq m. Also, even if the area exceeds 1,000 sq m, if at least one half of the property has been utilized, the special levy does not apply, as well. As to what may be considered utilized is not clear. So, as it stands now, the LGC provisions on the imposition of special levy on idle properties is practically toothless, particularly as regards its application to abandoned properties. It is worthwhile that this be taken into consideration with the ongoing tax reform program of the government. The author is a partner of Du-Baladad and Associates Law Offices (BDB Law), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at rodel.unciano@ bdblaw.com.ph or call 8403-2001 local 140.

policy to address bottlenecks and move to similar products. The fewest dots are purple. These are countries that have reached the “technological frontier.” For them, “having exploited virtually all major existing products, gains come from developing new products.” They must advance by innovation, not adaptation. After decades of inching from one product to a slightly more advanced one, Germany must now find wholly new products. That means sinking a fortune into research and development, and hoping that German scientists come up with transformative products that nobody knows they need. It needs to find a Walkman or an iPod. German companies already invest heavily in R&D, and their government could join them with more spending. But while this is a necessary condition for growth, it is not a sufficient one. Germany has to find something new that doesn’t exist yet, and which it cannot yet make.

A8 Tuesday, October 15, 2019

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BIR told to step up co-ops’ audit amid tax-perk abuse

HE Department of Finance (DOF) has ordered the Bureau of Internal Revenue (BIR) to step up its ongoing audit of registered cooperatives in the country to weed out tax-incentive abusers.

In a report, the BIR said that it has sent audit notices to 474 cooperatives across the country resulting in tax assessments amounting to P1.62 billion, from which the agency has so far collected P250.35 million. A ccord i ng to BI R D e put y

Commissioner Arnel Guballa, the BIR has a record of 29,623 registered cooperatives whose tax compliance amounted to P3 billion combined in 2017, but declined by 5.4 percent to P2.84 billion in 2018. Finance Secretary Carlos Do-min-

₧2.84B

Tax compliance of over 29,000 registered cooperatives in 2018—a decline of 5.4 percent from P3 billion in 2017, according to BIR Deputy Commissioner Arnel Guballa. guez III ordered the BIR to intensify its efforts in determining which cooperatives “are true to their mandate of promoting self-reliance and social change, and which ones have apparently organized themselves into cooperatives as a ruse to exploit the tax benefits granted to such organizations.”

“You have the right to audit already, so please exercise it,” Dominguez said. Guballa said that the ongoing audit uncovered enterprises with business models that are not cooperatives, but claim to be one so that they can enjoy tax perks. He also said that the BIR has discovered a “cooperative” that owns several gasoline filling stations. Under the Tax Reform for Acceleration and Inclusion (TRAIN) Law, which took effect on January 1, 2018, cooperatives, through the Cooperative Development Authority (CDA), are required to submit regular reports on the fiscal incentives they are enjoying. See “Co-ops,” A5

Leni to PET: Follow your rules in Marcos case By Joel R. San Juan

@jrsanjuan1573

HE camp of Vice President Leni Robredo on Monday asked the Supreme Court, sitting as the Presidential Electoral Tribunal (PET), to uphold its own rules in deciding on the fate of the election protest filed by former

Senator Ferdinand “Bongbong” Marcos Jr. against the former. Robredo, through Lawyer Romulo Macalintal, filed a 23-page manifestation before the PET in light of unconfirmed news reports that the PET is inclined to order the continuation of the revision and recount of the ballots to cover other provinces subject of the elec-

tion protest filed by Marcos. “Worse, other reports have mentioned that, notwithstanding that protestant Marcos failed to show any substantial recovery in his pilot provinces, the Honorable Tribunal will proceed to the alleged Third Cause of Action,” the manifestation read. After two deferments, the PET is

expected to rule today (Tuesday) on the report submitted by Associate Justice Alfredo Benjamin Caguioa on the result of the revision and recount of ballots in three pilot provinces covered by the election protest. Caguioa’s report covers the result of the revision and recount of ballots in the provinces of Iloilo, Negros Oriental and Camarines Sur involving 5,415 precincts. Caguioa is the justice assigned to handle the election protest. See “PET,” A2

NORTHEASTERLY SURFACE WINDFLOW PREVAILING OVER NORTHERN LUZON as of 4:00 pm - October 14, 2019

Gas prices up; rollback for diesel, kerosene

IL firms will increase the price of gasoline and reduce diesel and kerosene prices starting Tuesday. In separate advisories, the oil firms said gasoline price will go up by P0.25 per liter at 6 a.m. A 10-centavo-per-liter rollback for diesel and P0.40 per liter rollback for kerosene will also take effect Tuesday morning. “These reflect movements in the international oil market,” said Petron Corp. Other oil firms that announced price adjustments are PTT Philippines, Total Philippines, Phoenix Petroleum, Pilipinas Shell, Seaoil Philippines and Petro Gazz. Last week, oil firms reduced pump prices by P0.80 per liter for gasoline, P1 per liter for diesel and P1.15 per liter for kerosene. However, the Department of Energy (DOE) said the price reduction for gasoline was short by 22 centavos per liter, while the rollback for diesel was short by .06 centavos. As such, the DOE issued show-cause orders to 13 oil companies to compel them to explain the discrepancy. Regulators have kept close watch of fuel pricing since the September 14 drone attacks damaged key oil facilities in the Saudi Arabia. Petron Corp., the country’s largest oil refiner, said last week it had already explained to the DOE how it arrived at the price adjustment. “Sinagot na namin. Pinakita na sa kanila ang computation. Inapprove na nila ‘yun [We replied to them and showed our computation. They approved it already],” said Petron President Ramon Ang. Lenie Lectura

BANANA GROWERS SEEK HALT TO DEMOLITION OF BIOSECURITY AREAS

BusinessMirror file photo of a banana stall in Manila.

HE Pi lipino Banana Growers and Exporters Association (PBGEA) has condemned the attempts of the provincial government of Davao del Norte to demolish biosecurity facilities against fusarium wilt in a banana plantation as it could harm the country’s billion-dollar export product. In a statement on Monday, PBGEA appealed to the government for “cooler heads” to intervene in the situation it described as a “coercion by local politicians who may be unaware of the danger their actions bear on the future of the country’s top agricultural export earner.” “The provincial government of Davao del Norte—in its zeal to clear all road obstructions— may inadvertently help destroy the same industry that are paying huge amounts of taxes that pay for the services provided to their constituents,” PBGEA Executive Director Stephen A. Antig said. The PBGEA was referring to the road-clearing operations allegedly ordered by Davao del Norte Governor Edwin Jubahib last week, which targeted the gates of the plantation managed by Tagum Agricultural Development Co. (Tadeco). The endangered biosecurity facilities of Tadeco include tire baths and footh baths that prevent the spread of the Panama disease or Fusarium wilt in the 5,308-hectare banana plantation inside the Davao Prison and Penal Farm reservation. “These should be seen as a protective measure which helps the community in its income generation. If you remove these facilities, you destroy the peo-

ple’s source of income,” PBGEA Chairman Alberto F. Bacani said. The PBGEA pointed out that about 4,202 hectares of banana plantations in several Davao del Norte barangays have already been affected by Panama disease due to lack of biosecurity facilities. Antig noted that the spread of the disease to Brgys. Kimamon, La Libertad, Salvacion, Talomo, Lunga-og Casig-ang, Balagunan, Tibal-og and Kianmayan could have been prevented if the local government had imposed biosecurity facilities in the villages traversed by the plantation roads. Victor S. Mercado Jr., PBGEA president, said the incident “should help the public appreciate the role and distinction of the local government against national policies on food safety and biosecurity.” Last October 9, the Panabo City Regional Trial Court (RTC) granted Tadeco’s prayer for the issuance of a 72-hour temporary restraining order (TRO) against the removal of the firm’s biosecurity facility. In a four-page decision penned by Executive Judge Dax Gonzaga Xenos, the court said Tadeco has been able to prove that the dismantling of its biosecurity facilities will expose its banana plantation to Fusarium wilt. “Petitioner [Tadeco] has shown, through the various pleadings and documents submitted, that there exists an actual threatened removal of the biosecurity facilities that it is continuing and that should this be carried, it would stand See “Banana,” A5

TRB okays toll collection at C-5 Link, Cavitex rate hike

EGULATORS on Monday approved the collection of toll in the first segment of the C-5 Link Expressway and the tariff adjustment for a section of the Manila-Cavite Toll Expressway (Cavitex). In separate disclosures to the local bourse, parent company Metro Pacific Investments Corp. said the Toll Regulatory Board (TRB) has approved the collection of fees for the use of C-5 Link’s 2.2-kilometer Segment 3A-1, which runs from Merville in Paranaque to C-5 Road in Taguig. Upon the issuance of the notice to start collection, Class 1 vehicles traversing the said expressway will have to pay P22; Class 2, P44; and Class 3, P66. This shall be valid for a period of six months, given the provisional nature of the initial toll collection scheme. “The collection of the provisional or interim initial toll fee for

Segment 3A-1 will ensure the continued progressive construction of the remaining segments of the C-5 Link Expressway,” a disclosure read. Aside from this, the toll regulatory body has also approved the upward adjustment for the toll rate for the R1 Expressway, which runs from Seaside in Pasay to Zapote in Cavite. Under the approved toll hike, Cavitex Infrastructure Corp. may impose an additional P1 for Class 1 vehicles; P2 for Class 2 vehicles; and P3 for Class 3 vehicles. Currently, Class 1 vehicles pay P24 to pass through R1 Expressway; P48 for Class 2; and P72 for Class 3 vehicles. The additional toll rates are intended to cover the investments in enhancing R1, including the widening of the expressways to two-byfour lanes and the construction of the Marina Bay Flyover and the Marina Left Turn. Lorenz S. Marasigan

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

The World BusinessMirror

Tuesday, October 15, 2019

China’s trade with US shrinks again in Sept

EIJING—China’s trade with the United States fell by double digits again in September amid a tariff war that threatens to tip the global economy into recession. Exports to the United States, China’s biggest foreign market, fell 17.8 percent to $36.5 billion, a deterioration from August’s 16-percent decline, customs data showed on Monday. Imports of American goods sank 20.6 percent from the year before to $10.6 billion, a slight improvement over August’s 22-percent decline. President Donald J. Trump agreed on Friday to put off an additional tariff hike planned for this week on Chinese imports. In exchange, he said Beijing agreed to buy up to $50 billion of American farm goods. But they reported no agreements on disputes over China’s trade surplus and technology policies that brought on the 15-month-old fight. “The external environment facing China’s foreign trade development is still complicated and severe. Instability and uncertainty are increasing,” a customs agency spokesman,

Li Kuiwen, said at a news conference. Tit-for-tat tariff hikes on billions of dollars of each other’s goods have battered manufacturers and farmers on both sides, and disrupted supply chains worldwide. Uncertainty has prompted some companies to postpone investments, adding to downward pressure on global growth and fueling financial market jitters. China’s global exports fell 1.4 percent from a year earlier to $218.1 billion. Imports fell 5.8 percent to $178.5 billion. The slump adds to pressure on President Xi Jinping’s government to shore up cooling economic growth and prevent politically risky job losses. Chinese growth fell to its lowest level in at least 26 years in the quarter ending in June, decelerating to 6.2 percent over a year earlier. Forecasters expect growth in the July to September quarter, due to be

In this October 11, 2019, file photo, US President Donald J. Trump (right) shakes hands with Chinese Vice Premier Liu He after being given a letter in the Oval Office of the White House in Washington. China’s trade with the United States fell by double digits again in September amid a tariff war that threatens to tip the global economy into recession. AP Photo/Andrew Harnik

reported this week, to fall further to as low as 5.9 percent, sinking below the ruling Communist Party’s official target for the year of at least 6 percent. “While import growth should start to recover soon, it will take

longer before export growth bottoms out,” said Martin Lynge Rasmussen of Capital Economics in a report. “The mini USChina trade deal reached on Friday doesn’t alter the outlook significantly.”

The country’s politically sensitive trade surplus with the United States contracted by 16.5 percent from a year earlier but stood at $25.9 billion. Increased exports to Britain and other European countries,

and developing markets such as Vietnam helped to offset some of the losses. China’s global trade surplus expanded by 42.2 percent to $39.7 billion. For the first nine months of the year, Chinese imports of American goods were off 26.4 percent at $90.6 billion. Exports to the United States were off 10.7 percent at $312 billion. Trump put off a tariff hike planned for Tuesday on $250 billion of Chinese goods. But Washington still is planning a December 15 tariff hike on $160 billion of smartphones and other imports. Before t hen, Tr u mp a nd Chinese President Xi Jinping are due to attend an economic conference in Chile in mid-November. That is raising hopes a face-to-face meeting might produce progress. Talks broke down in May over Beijing’s insistence that Trump’s punitive tariffs had to be lifted once a deal took effect. Washington says some must remain in place to ensure Chinese compliance. Trump and Xi agreed in June to resume negotiations but they h ave a n nou nced no brea kthroughs. AP

Japan looks for missing after Police officer slashed in neck as violence in HK escalates typhoon, warns of mudslides A

OKYO—Rescue crews in Japan dug through mudslides and searched near swollen rivers on Monday as they looked for those missing from a typhoon that left as many as 36 dead, and caused serious damage in central and northern Japan. Typhoon Hagibis unleashed torrents of rain and strong winds on Saturday that left thousands of homes on Japan’s main island flooded, damaged or without power. Authorities warned more mudslides were possible with rain forecast for the affected area during the day on Monday. Kyodo News service, assembling information from a wide network, counted 36 deaths caused by the typhoon with 16 people missing. The official count from the Fire and Disaster Management Agency was 19 dead and 13 missing. Hagibis dropped record amounts of rain for a period in some spots, according to meteorological officials, causing more than 20 rivers to overflow. In Kanagawa Prefecture, southwest of Tokyo, 100 centimeters (39 inches) of rainfall was recorded over the last 48 hours. Some of the muddy waters in streets, fields and residential areas have subsided. But many places remained flooded, with homes and surrounding roads covered in mud and littered with broken wooden pieces and debris. Some places normally dry still looked like giant rivers. Some who lined up for morning soup at evacuation shelters, which are housing 30,000 people, expressed concern about the homes they had left behind. Survivors and rescuers will also face colder weather with northern Japan turning chilly this week. Rescue efforts were in full force with soldiers and firefighters from throughout Japan deployed. Helicopters could be seen plucking some of the stranded from higher floors and rooftops of submerged homes. Prime Minister Shinzo Abe said the government will set up a special disaster team, including officials from various ministries, to deal with

the fallout from the typhoon, including helping those in evacuation centers and boosting efforts to restore water and electricity to homes. “Our response must be rapid and appropriate,” Abe said, stressing that many people remained missing and damage was extensive. Damage was serious in Nagano prefecture, where an embankment of the Chikuma River broke. Areas in Miyagi and Fukushima prefectures in northern Japan were also badly flooded. In such areas, rescue crew paddled in boats to each half-submerged home, calling out to anyone left stranded. Tokyo Electric Power Co. said 56,800 homes were still without electricity on Monday in Tokyo and nearby prefectures that the utility serves. Tohoku Electric Power Co. said 5,600 homes were without power in Miyagi, Iwate, Fukushima and Niigata. East Japan Railway Co. said Hokuriku bullet trains were running Monday but reduced in frequency and limited to the Nagano city and Tokyo route. An image of the aerodynamically curved bullet trains sitting in water, was seen by many as a sad but iconic symbol of the typhoon’s devastation. Mimori Domoto, who works at Nagano craft beer-maker Yoho Brewing Co., said all 40 employees at her company had been confirmed safe. But deliveries had temporarily halted, and an event to promote the beer in Tokyo over the weekend was canceled for safety concerns. “My heart aches when I think of the damage that happened in Nagano. Who would have thought it would get this bad?” she said. Tama River in Tokyo also overflowed, but damage was not as great as other areas. Areas surrounding Tokyo, such as Tochigi, also suffered damage. Much of life in Tokyo returned to normal. People were out and about in the city, trains were running, and store shelves left bare when people were stockpiling were replenished. AP

In this October 13, 2019, photo, Tokyo Fire Department’s Hirofumi Shimizu (left) and other officials bow in apology during a press conference at its headquarters in Tokyo. The department said a woman in her 70s was accidentally dropped 40 meters (131 feet) to the ground while being transported into a rescue helicopter in Iwaki City in Fukushima prefecture, a northern area devastated by Typhoon Hagibis. Kyodo News via AP

Hong Kong police officer was slashed in the neck by a protester on Sunday as clashes continued following an escalation of violence earlier this month in demonstrations that began in June. Demonstrators spread out across 18 districts on Sunday in scattered, pop-up protests to pressure the government to meet their remaining demands, including the right to choose and elect their own leaders. Police said the officer suffered a neck wound after being attacked with a “sharp-edged” object in a subway station. On Monday, police said the officer remained in hospital but was in stable condition. Due to “serious vandalism,” the city’s rail operator MTR Corp. said on Monday all main subway lines, MTR buses and light rail would shut down early at 10 p.m. The Airport Express route was not affected, the company said, adding that it made the decision after reviewing ongoing repairs and conducting a “joint risk assessment” with the government. Overall the disruption wasn’t as bad as earlier this month, when the subway system was completely shut down due to widespread violence after leader Carrie Lam invoked emergency powers last used more than half a century ago to impose a ban face masks. Prior to this weekend, some activists had urged others

to scale back the vandalism that has shut shops, banks and train stations over concerns it could sap support for the movement.

Policy address

Several events later this week could add fuel to the protests: Lam is due to give her annual economic-policy address, and US lawmakers in the House of Representatives may vote on a bill that would require annual reviews of Hong Kong’s special trading status and potentially sanction some Chinese officials. Protesters plan to hold a rally in support of the bill in Central starting at 7 p.m. on Monday. “ T he protesters a nd t he people in Hong Kong certainly would like to have more international attention, would like to secure international sympathy,” Joseph Cheng, a retired political science professor and pro-democracy activist, said on Sunday. “The concern obviously is that violent activities may lose international support. There is a definite awareness.” Protesters are also concerned that violence may give the government an excuse to delay local elections next month, particularly as demonstrators are still enjoying popular support. Lam’s approval rating has been stuck near record lows for months. US President Donald J. Trump on Friday appeared to endorse

the notion that the protests were waning in a meeting in Washington with Chinese Vice Premier Liu He. The two sides agreed to “phase one” of a trade deal that reduced tensions between the world’s biggest economies, even as thorny issues remain. “We discussed Hong Kong and I think great progress has been made by China in Hong Kong,” Trump said. “A nd I’ve been watching and I actually told the vice premier it really has toned down a lot from the initial days of a number of months ago when I saw a lot of people, and I see far fewer now.” The issue jumped into the forefront of debate in the US over the past week after the general manager of the Houston Rockets basketball team tweeted support for the anti-Beijing protesters. The tweet was quickly deleted, but it triggered a backlash from Chinese companies and fans, leading to an exhibition game on Thursday in Shanghai not being aired or streamed in China. While he didn’t refer directly to Hong Kong, China President Xi Jinping told Nepal Prime Minister K.P. Sharma Oli that those attempting to split China will be crushed, the official Xinhua News Agency reported Sunday. Xi said any external force backing the split of China will be considered as delusional by the Chinese people, the report said.

T he ongoi ng u nrest wa s sparked by the Hong Kong government’s plan to introduce now-withdrawn legislation that would ’ve allowed extradition to mainland China. Protester demands have since broadened to include an independent commission of inquiry into police brutality and greater democracy. Lam’s use of the emergency law raised the ire of protesters and paralyzed large parts of the city. About 100 restaurants have closed because of the unrest, Financial Secretary Paul Chan said in a blog post Sunday. Around 2,000 employees have been affected as a result of the closures, Chan said, citing the catering industry. Since protests erupted on China’s National Day on October 1, police have arrested about 500 people, including 77 for violating the mask ban, and fired almost 2,000 rounds of tear gas. Dozens of people have have been injured, including two teenage protesters who were shot during fights with police. Lam has refused to rule out further emergency measures, or even requesting Chinese military intervention to halt the unrest. “If the situation becomes so bad, then no option should be ruled out, if we want Hong Kong to at least have another chance,” she told reporters on Tuesday. Bloomberg News

Oil drops after huge gain as trade optimism ebbs

il dropped after surging the most in almost a month on Friday on signs investors are skeptical that progress in the US-China trade talks will improve a worsening global demand outlook. Futures in New York fell as much as 1.2 percent after closing up 2.2 percent in the previous session. Washington and Beijing made several concessions to reach a partial trade deal last week, and are aiming for a more comprehensive agreement before the end of the year. An attack on an Iranian crude tanker in the Red Sea on Friday also kept Middle East tensions high and contributed to price gains. While the the US-China detente is buoying financial mar-

kets, there’s still a lot of investor skepticism on whether this is a real turning point in the longrunning trade conflict and if it will lead to a meaningful improvement in economic growth and crude demand. Hedge fund bets on declines in West Texas Intermediate (WTI) have more than doubled in the last three weeks. The concessions agreed to by the US and China on Friday “won’t alter the weakening demand growth outlook because the existing tit-for-tat tariffs will remain in place,” said Vandana Hari, the founder of Vanda Insights in Singapore. “The mild fear premium in crude on account of the Iranian tanker attack in the Red Sea on Friday is also unlikely to stick.”

WTI for November delivery dropped 61 cents, or 1.1 percent, to $54.09 a barrel on the New York Mercantile Exchange as of 7:33 a.m. in London. It advanced $1.15 on Friday, the most since September 16, capping a weekly gain of 3.6 percent. Brent crude for December settlement fell 72 cents, or 1.2 percent, cents to $59.79 a barrel on the ICE Futures Europe Exchange after climbing 2.4 percent on Friday. The global benchmark traded at a $5.66 premium to WTI for the same month. Under the so-called phaseone deal, Beijing has agreed to buy more agricultural products and gave vague commitments on currency and intellectual property. In return, the White House

suspended a tariff increase due to take effect this week, but left a planned import tax on all remaining Chinese goods that’s set to be imposed in December on the table. The tentative agreement won’t roll back existing levies and isn’t expected to have much impact on global economic growth projections for now. Iran said initially that the attack on Friday probably came from Saudi Arabia, but later withdrew the claim. The incident, which caused a spill and spurred a sharp jump in crude prices, came after September 14’s devastating strike on Saudi oil facilities that Riyadh blamed on Tehran. The kingdom denied any involvement in the Red Sea attack. Bloomberg News

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Tuesday, October 15, 2019

PSE ready to comply if SEC enforces 25% minimum rule By VG Cabuag

@villygc

HE Philippine Stock Exchange Inc. (PSE) said less than half of the current listed companies will be affected if the Securities and Exchange Commission (SEC) decides to increase the minimum public float of listed companies to 25 percent. “We have been pushing for this as an exchange. In fact, I’ve been following up with [SEC Commissioner Ephyro Luis B.] Amatong... It was very

good for us,” PSE President Ramon Monzon said. “Of course, it’s a function of timeline. I think based on the press release, five years [of compliance period], that should give enough time for the people. So we’re supporting their particular plan,” he said. Monzon said they have a list of companies if the SEC implemented the 25 percent public float rule. Of the 268 listed firms, 102 will be affected if the new rule is implemented today. SEC’s Amatong earlier said they are bent on increasing the minimum

public float of listed firms straight to 25 percent from the current 10 percent, but only within a longer period. Amatong said there’s no liquidity issue in the country today that prevents a listed company from raising cash from the system for it to increase its public float to comply. Some initial public offerings even have their public ownership go straight to 40 percent of the company. “We felt that they can do it but we’ll give them a longer period to comply. Some of these companies are very big, but they’ve indicated that if we require them [to increase

public float], they’d be able to do it,” Amatong said earlier. He said the SEC commissioners will talk among themselves first on how to do it, but he is inclined to give the listed companies time to comply with the new minimum public float rule in five years, instead of increasing it in incrementally by 5 percent to be complied within three years until the minimum requirement reaches the 25 percent. The 25 percent minimum public float rate is already the standard among the 10-member Association of Southeast Asian Nations (Asean).

Worsening traffic, other factors make 165K-unit Toyota sales goal difficult By Elijah Felice E. Rosales @alyasjah

ANTA ROSA, Laguna—Market leader Toyota Motor Philippines Corp. has conceded it will be difficult to achieve its target

of selling 165,000 units this year, as pressing economic issues, particularly the worsening traffic in Metro Manila, dampen the demand for vehicles. TMP President Satoru Suzuki is no longer optimistic the firm will hit its sales target by yearend. As

much as sales are doing better compared to last year, TMP will still fall short of its objective at the rate that it is going, he projected. “Beginning of this year, we expected normal inflation. Interest rate is already going down, [and the]

economy is growing and is becoming better this year. Unfortunately, market reaction is not good enough compared to what we expected,” Suzuki told reporters on Monday. Continued on B2

AC Energy to pour in $30M in Myanmar RE joint venture

C ENERGY INC. and Myanmar-based Yoma Strategic Holdings Ltd. will put up a 50:50 joint venture to develop around 200 megawatts (MW) of renewable-energy (RE) projects in Myanmar. Both will pour in at least $30 million into Yoma Micro Power, which builds micro power plants and mini-grids that provide electricity to off-grid rural communities and telecommunications towers in Myanmar. “Yoma Strategic and AC Energy are looking to establish a 50:50 joint venture that will see AC Energy and Yoma Strategic working together to drive the growth of Yoma Micro Power. As part of this transaction, AC Energy and Yoma Strategic have signed a binding term sheet which envisages the joint venture, investing at least $30 million into Yoma Micro Power,” AC Energy reported on Monday. The planned joint venture is expected to drive the growth of Yoma Micro Power, which is currently rolling out 250 micro power plants by end of 2019 and is expected to scale up to more than 2,000 sites by 2023. Patrice Clausse, COO of AC Energy Renewables, said the partnership is “a very meaningful investment for AC Energy.” “We are delighted to partner with Yoma Strategic who shares the same aspiration to build a meaningful portfolio in renewable energy and together, be able to contribute to creating an environmentally sustainable future. “Our combined expertise, strong financing capabilities and AC Energy’s commitment to shore up presence in the fast-growing region will provide a critical platform for growth in the country.”   AC Energy’s presence in Myanmar is timely, given the huge demand for power in Myanmar.

“Supply of electricity is one of the largest opportunities in Myanmar and also one of the biggest bottlenecks for economic development. We are excited to have AC Energy as our partner to drive sustainable and inclusive economic growth. “AC Energy’s international expertise in the renewable-energy sector and the access to funding will be invaluable as we work together to service this huge, underserved market in Myanmar,” said Melvyn Pun, Yoma Strategic chief executive officer. The World Bank estimates that electricity consumption in Myanmar will grow at an average annual rate of 11 percent until 2030 to achieve complete electrification in all households with an expected investment of around $2 billion per year required. The Myanmar government’s energy master plan envisions solar power contributing up to 5 percent of the nation’s electricity as the country shifts away from hydropower and natural gas sources. “The renewable-energy sector is a scalable business which has the potential to generate a sizeable revenue stream with recurring cash flow to complement Yoma Strategic’s core businesses.” Myanmar has one of the lowest electrification rates in Asia, with more than 60 percent of the population without access to grid electricity, particularly in rural areas. “There is a need to significantly increase generation capacity and build out last-mile distribution infrastructure, which Yoma Micro Power has embarked upon,” added Pun.   Yoma Strategic currently holds 35 percent, while Norfund and IFC hold 30 percent each in Yoma Micro Power. The remaining 5 percent is held by Alakesh Chetia. The impending joint venture is planned for 2020. Lenie Lectura

Companies BusinessMirror

Tuesday, October 15, 2019

PSE STOCK QUOTATIONS

October 14, 2019

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

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

53.8 147.3 93.35 24.95 11.9 68.2 12.8 20.85 43.2 57.5 115 26.1 197.5 59.05 1.15 1.95 18.58 4.78 1.22 0.41 735.5 0.89 176 1795

57.3 147.5 93.4 25 12.08 68.3 13 21.65 43.4 58.45 135 26.3 198 59.1 1.27 2.09 18.6 4.88 1.25 0.42 770 0.91 176.1 1829

57.5 147 92.95 25 12.04 68.45 12.8 21.9 43.25 57.85 111.6 26 197.9 59 1.2 2.05 18.6 4.83 1.22 0.41 770 0.89 176.1 1795

57.5 148.2 93.8 25 12.08 68.95 12.8 21.9 43.5 58 139.9 26.3 199 59.5 1.27 2.05 18.6 4.96 1.22 0.41 770 0.89 176.1 1795

57 147 92.6 24.8 12 68 12.8 21.9 42.9 57.5 111.6 26 196.6 59 1.2 2.05 18.58 4.72 1.22 0.41 770 0.89 176.1 1795

57.3 147.3 93.4 24.95 12.08 68.3 12.8 21.9 43.4 57.5 136 26.1 197.5 59.05 1.27 2.05 18.58 4.78 1.22 0.41 770 0.89 176.1 1795

6100 584660 1721510 54100 257300 1542600 100 100 42600 1830 130 21600 217630 4390 23000 7000 54800 271000 6000 10000 20 242000 390 135

348497 86200208 160762121.5 1349260 3097194 105391305.5 1280 2190 1833170 105906 15279 564610 42967755 259343 28330 14350 1018578 1319020 7320 4100 15400 215380 68679 242325

INDUSTRIAL

114600 15052682 -44558623 2495 -464612 -16679838 -55150 -339985 -13748776 -200244.5 968360 7120 -8805 -

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

1.29 38.6 0.246 25 79.05 364.2 20.2 5.09 4.05 10.88 33.95 7.3 15.54 4.47 17.62 15.02 5.52 8.4 6.99 90.25 0.7 47.5 234.6 7.82 13.1 0.183 1.77 11.24 1.93 5.05 2.33 0.121 158 1.19 2.56 2.46 15.42 10.5 14.9 18.1 9.4 1.03 1.1 120 2.03 1.59 5.17 5.4 31.2 2.44 8.62 1.46 1 8.87

1.32 38.7 0.255 25.05 79.25 365 20.25 5.11 4.3 11 34 7.35 15.8 4.48 18.58 15.08 5.69 8.48 7 90.3 0.71 48 234.8 8.3 13.2 0.199 1.78 11.28 1.98 5.1 2.39 0.123 158.5 1.2 2.61 2.47 15.5 10.52 14.92 18.16 9.49 1.06 1.11 134.9 2.06 1.73 5.28 5.44 32 2.45 8.65 1.52 1.03 8.88

1.29 38 0.25 25.25 79.3 365 20.25 5.14 4.2 11 34 7.38 15.8 4.5 18.58 15.08 5.6 8.6 7.03 90 0.69 47 232 8.3 13.08 0.182 1.7 11.4 2 5.1 2.33 0.122 158.5 1.19 2.61 2.4 15.6 10.4 14.96 18.1 9.27 1.03 1.11 119.9 2.05 1.59 5.17 5.52 32 2.4 8.42 1.5 1.03 9.19

1.32 38.8 0.255 25.3 79.95 365.2 20.25 5.14 4.3 11 34.1 7.38 15.8 4.57 18.58 15.12 5.7 8.6 7.03 90.5 0.72 48.8 235 8.3 13.34 0.182 1.78 11.4 2 5.1 2.33 0.122 159.7 1.2 2.61 2.46 15.6 10.54 14.96 18.6 9.32 1.06 1.11 120 2.05 1.59 5.28 5.52 32 2.45 8.76 1.54 1.03 9.46

1.29 38 0.25 24.85 79.05 362.2 20.2 5.09 4.15 10.84 33.85 7.3 15.6 4.43 18.58 15 5.6 8.4 6.99 89.95 0.69 47 232 8.3 13.06 0.182 1.7 11.22 1.91 5.05 2.33 0.122 157.4 1.18 2.61 2.4 15.4 10.4 14.7 18.02 9.27 1.02 1.1 119.9 2.01 1.59 5.17 5.4 32 2.36 8.42 1.47 1.03 8.74

1.32 38.6 0.255 25 79.05 365 20.25 5.1 4.3 11 33.95 7.35 15.8 4.47 18.58 15.08 5.69 8.4 7 90.3 0.71 48 234.6 8.3 13.1 0.182 1.78 11.28 1.98 5.1 2.33 0.122 158.5 1.2 2.61 2.46 15.42 10.5 14.9 18.1 9.32 1.06 1.1 120 2.03 1.59 5.28 5.41 32 2.45 8.62 1.54 1.03 8.87

40000 659000 750000 1568600 56820 39930 599600 1629900 38000 10100 307400 146900 96500 10544000 4200 469300 30700 3052700 684300 267340 685000 21000 366980 1000 28300 10000 4158000 51200 1778000 2800 5000 20000 202360 684000 1000 1297000 14000 261000 259300 777600 5500 55000 1045000 1460 56000 15000 4600 35200 10600 5174000 612000 325000 21000 1268000

52200 25414105 187600 39236230 4502580.5 14560794 12141575 8314230 159400 110240 10441130 1080651 1519578 47340070 78036 7058826 172227 25922830 4799052 24144029.5 485790 1009745 86025520 8300 371690 1820 7260410 577258 3473210 14265 11650 2440 32054535 818160 2610 3159610 216276 2737768 3861792 14246698 51168 56410 1151020 175188 114060 23850 23793 191418 339200 12475940 5298422 479900 21630 11557244

14244285 19021040 -1245680 -1344596 -10805450 1571 -6270040 214020 88004 -6698670 2518582 -169977 -4720824 -1918007 9992206 -34500 321620 36350654 -128334 104250 -430598 -97000 -5966006 44030 291970 75596 1781158 98624 -6204424 42900 -339200 -619830 1544490 -50 72437.9998

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

0.86 12.56 877.5 53.55 11.06 3.54 6.61 0.7 1.13 1.16 6.66 8.82 13.32 844.5 5.62 71.65 5.16 0.49 4.35 13.54 0.58 5.05 0.038 1.44 2.92 404 1006 165.1 0.85 2.41 220.6 0.221 0.223

0.87 12.68 879.5 53.7 11.08 3.55 6.89 0.71 1.14 1.17 6.74 8.83 13.38 849 5.64 72 5.5 0.51 4.4 13.6 0.6 5.06 0.039 1.45 2.95 440 1010 166 0.86 2.49 227.2 0.223 0.24

0.87 12.8 880 53.5 10.82 3.51 6.61 0.71 1.13 1.17 6.76 9.01 13.38 848 5.64 72 5.4 0.51 4.4 13.46 0.6 5.1 0.038 1.5 2.93 440 1001 165 0.86 2.44 220 0.223 0.23

0.87 12.9 884 53.85 11.16 3.56 6.61 0.72 1.14 1.17 6.8 9.03 13.38 865 5.64 72.9 5.4 0.52 4.4 13.86 0.6 5.2 0.039 1.5 2.94 440 1019 166 0.86 2.44 220.6 0.223 0.23

0.85 12.2 871.5 53.2 10.82 3.5 6.61 0.69 1.12 1.16 6.64 8.79 13.2 844 5.63 71.65 5.4 0.51 4.33 13.46 0.58 5.02 0.038 1.41 2.93 440 1001 164.1 0.84 2.41 220 0.223 0.23

0.87 12.68 877.5 53.55 11.06 3.55 6.61 0.71 1.13 1.16 6.74 8.82 13.38 849 5.64 72 5.4 0.51 4.4 13.54 0.58 5.06 0.039 1.45 2.94 440 1010 166 0.86 2.41 220.6 0.223 0.23

3500000 30800 597620 236390 4288400 1329000 1200 406000 228000 255000 497200 8239800 14500 52960 56900 1283490 18000 6000 175000 625500 102000 60339000 1700000 633000 6000 10 107205 85360 134000 197000 280 190000 10000

3020430 387090 524439430 12665847 47464220 4711520 7932 288780 257180 295840 3366004 72851966 193554 45009105 320636 92701757 97200 3070 763220 8488086 61160 306764020 64700 915310 17610 4400 108289170 14096977 113340 480350 61750 42370 2300

-520460 12300 16262725 -2884295.5 -23018518 213400 175160 119210 -38489681 -7992 -18358310 -298076 21927664 -248160 1472214 -22645890 -8820 -6444720 -1291430 11030 -2300

HOLDING & FRIMS

PROPERTY ARTHALAND CORP 0.87 0.88 0.85 0.89 0.85 0.88 1309000 1136790 12750 AYALA LAND 48 48.05 47.9 48.2 47.75 48 3923000 188356545 33385590 ARANETA PROP 1.81 1.85 1.8 1.85 1.8 1.85 9000 16300 BELLE CORP 2.03 2.06 2.06 2.07 2.04 2.04 286000 586330 -414839.9999 A BROWN 0.81 0.82 0.82 0.82 0.8 0.81 822000 666260 CROWN EQUITIES 0.207 0.21 0.205 0.207 0.203 0.207 1310000 267080 CEB LANDMASTERS 4.69 4.7 4.72 4.79 4.68 4.7 66000 310290 -42240 CENTURY PROP 0.54 0.55 0.55 0.55 0.54 0.55 9651000 5282490 29700 CYBER BAY 0.39 0.4 0.39 0.395 0.39 0.395 970000 383050 DOUBLEDRAGON 20.6 20.7 20.7 20.75 20.5 20.7 234000 4814545 718190 DM WENCESLAO 9.76 9.8 9.8 9.82 9.8 9.8 104300 1022257 EMPIRE EAST 0.435 0.44 0.435 0.44 0.435 0.44 960000 417650 43500 EVER GOTESCO 0.121 0.133 0.122 0.122 0.121 0.121 260000 31470 FILINVEST LAND 1.59 1.6 1.57 1.6 1.56 1.59 16497000 26222330 5042590 GLOBAL ESTATE 1.19 1.2 1.19 1.2 1.19 1.2 142000 169510 8990 HLDG 15.04 15.06 15.06 15.06 15.04 15.04 149500 2249586 -97760 PHIL INFRADEV 1.34 1.36 1.35 1.36 1.33 1.36 709000 955730 147190 CITY AND LAND 0.73 0.75 0.73 0.73 0.73 0.73 5000 3650 MEGAWORLD 4.76 4.77 4.66 4.77 4.66 4.76 19204000 91224640 8911200 MRC ALLIED 0.3 0.305 0.305 0.305 0.3 0.305 1380000 416100 PHIL ESTATES 0.42 0.45 0.42 0.42 0.42 0.42 100000 42000 -42000 PRIMEX CORP 2.01 2.03 2.02 2.03 2.01 2.03 93000 187180 ROBINSONS LAND 25.45 25.5 25.4 25.5 25.1 25.45 937100 23818835 13510250 PHIL REALTY 0.37 0.38 0.375 0.385 0.365 0.37 380000 141550 ROCKWELL 2.3 2.34 2.37 2.37 2.3 2.3 67000 157950 SHANG PROP 3.22 3.27 3.27 3.27 3.27 3.27 75000 245250 STA LUCIA LAND 2.69 2.7 2.74 2.75 2.65 2.7 1751000 4724220 SM PRIME HLDG 39.05 39.2 38.8 39.25 38.8 39.2 7940500 310,527,7051 74530829.9999 VISTAMALLS 5.75 5.76 5.65 5.76 5.65 5.75 26200 149081 SUNTRUST HOME 0.89 0.91 0.93 0.93 0.91 0.91 21000 19270 VISTA LAND 7.63 7.65 7.6 7.66 7.57 7.65 1679200 12818244 -6167995 SERVICES ABS CBN 19 19.06 18.32 19.1 18.32 19 221700 4180238 GMA NETWORK 5.22 5.23 5.2 5.23 5.2 5.22 107900 563247 MANILA BULLETIN 0.415 0.435 0.41 0.41 0.41 0.41 170000 69700 GLOBE TELECOM 1840 1844 1820 1855 1820 1844 23575 43495815 -599350 PLDT 1116 1117 1107 1125 1107 1116 28945 32385990 -1833285 APOLLO GLOBAL 0.042 0.044 0.042 0.044 0.042 0.044 5700000 240400 DFNN INC 5.72 6.14 5.74 5.74 5.72 5.72 11000 62950 IMPERIAL 1.76 1.9 1.76 1.76 1.76 1.76 2000 3520 ISLAND INFO 0.107 0.113 0.107 0.113 0.107 0.107 360000 38640 ISM COMM 5 5.01 4.98 5.08 4.96 5.01 1650000 8276470 196349.9999 NOW CORP 3.12 3.13 3 3.16 2.92 3.13 5909000 18246600 321910 TRANSPACIFIC BR 0.32 0.325 0.315 0.32 0.31 0.32 3510000 1115750 PHILWEB 3.05 3.09 3.18 3.19 3.04 3.05 560000 1751490 -59730 2GO GROUP 10.12 10.3 10.3 10.32 10.1 10.12 18800 191438 ASIAN TERMINALS 8.65 17.18 17.26 17.26 17.2 17.2 8500 146310 CHELSEA 7.12 7.13 6.94 7.18 6.94 7.12 940700 6674882 6291 CEBU AIR 94.45 95 92.5 95 92.35 94.45 366410 34532915.5 19397710 INTL CONTAINER 121 121.1 119 122 119 121 1046970 126713508 -16827262 LORENZO SHIPPNG 0.91 0.93 0.9 0.93 0.9 0.93 13000 12030 MACROASIA 18.46 18.48 18.8 18.8 18.46 18.48 291200 5388820 72458 METROALLIANCE A 1.12 1.15 1.15 1.15 1.15 1.15 10000 11500 PAL HLDG 8.2 8.29 8.3 8.3 8.29 8.29 11000 91199 HARBOR STAR 1.59 1.6 1.61 1.61 1.58 1.6 145000 231080 11060 ACESITE HOTEL 1.54 1.66 1.67 1.67 1.67 1.67 10000 16700 BOULEVARD HLDG 0.048 0.049 0.048 0.05 0.045 0.049 35330000 1677980 47000 GRAND PLAZA 9.87 10.76 9.86 10.76 9.86 10.76 500 5020 WATERFRONT 0.69 0.7 0.69 0.7 0.68 0.69 558000 383600 IPEOPLE 8.15 8.29 8.15 8.15 8.15 8.15 1900 15485 STI HLDG 0.67 0.68 0.67 0.68 0.67 0.68 182000 122950 -6250 BERJAYA 2.35 2.4 2.35 2.41 2.35 2.35 24000 57440 BLOOMBERRY 10.84 10.86 11.06 11.06 10.7 10.84 2486600 26972044 -6600072 PACIFIC ONLINE 2.87 2.89 2.89 2.89 2.8 2.89 73000 210690 LEISURE AND RES 3 3.05 3.01 3.05 2.98 3 150000 449290 2980 MANILA JOCKEY 3.4 3.43 3.4 3.4 3.4 3.4 8000 27200 PH RESORTS GRP 5 5.12 4.86 5.12 4.86 5 35000 177360 -35030 PREMIUM LEISURE 0.68 0.69 0.71 0.71 0.68 0.69 1239000 851830 -13000 ALLHOME 11.54 11.56 11.56 11.72 11.54 11.56 17184800 199514336 -75112754 METRO RETAIL 2.4 2.43 2.44 2.46 2.41 2.43 438000 1063110 -48560 PUREGOLD 40.55 40.7 41.2 41.2 40.5 40.55 405100 16451215 -5083110 ROBINSONS RTL 78.05 78.2 78 79 78 78.2 932700 73008997 46377739 PHIL SEVEN CORP 136 139 139 139 139 139 7490 1041110 16680 SSI GROUP 2.48 2.5 2.54 2.54 2.47 2.48 1436000 3579580 -447579.9997 WILCON DEPOT 16.22 16.24 16.8 16.8 16.2 16.22 1158300 18969790 -8456290 APC GROUP 0.59 0.6 0.59 0.62 0.59 0.6 6837000 4119790 -819220 EASYCALL 9.1 9.3 9.29 9.3 9.1 9.3 27900 257279 GOLDEN BRIA 430 440 440 440 440 440 60 26400 PAXYS 2.77 2.98 2.76 2.98 2.76 2.98 7000 19980 -8060 PRMIERE HORIZON 0.51 0.52 0.52 0.53 0.51 0.52 4628000 2369130 -90550 SBS PHIL CORP 9.2 9.3 9.27 9.3 9.27 9.3 9900 91920 MINING & OIL ATOK 12.02 12.1 12.7 12.7 12.2 12.6 25900 320082 APEX MINING 1.13 1.15 1.13 1.15 1.13 1.15 985000 1127070 -352200 ABRA MINING 0.0016 0.0017 0.0017 0.0017 0.0016 0.0016 89000000 148800 -28800 ATLAS MINING 2.51 2.52 2.51 2.52 2.51 2.52 100000 251500 -125499.9999 BENGUET A 1.14 1.2 1.14 1.14 1.14 1.14 8000 9120 COAL ASIA HLDG 0.28 0.285 0.28 0.28 0.28 0.28 120000 33600 CENTURY PEAK 2.58 2.59 2.62 2.62 2.59 2.59 463000 1202860 DIZON MINES 7.55 7.88 7.7 7.89 7.59 7.88 500 3894 FERRONICKEL 1.73 1.74 1.75 1.76 1.71 1.74 15728000 27309300 198330 GEOGRACE 0.207 0.215 0.216 0.216 0.209 0.215 800000 167800 LEPANTO A 0.106 0.108 0.106 0.106 0.106 0.106 290000 30740 LEPANTO B 0.105 0.109 0.105 0.109 0.104 0.109 220000 23180 MANILA MINING A 0.0092 0.01 0.0098 0.01 0.0098 0.01 12000000 119200 MANILA MINING B 0.01 0.011 0.01 0.011 0.01 0.011 26700000 275000 100000 MARCVENTURES 1.11 1.16 1.15 1.16 1.11 1.15 54000 61030 NIHAO 1.05 1.06 1.07 1.07 1.05 1.06 20000 21050 NICKEL ASIA 3.98 4 4.14 4.19 3.98 3.98 8896000 35,972,370( 6,650,589.9999) ORNTL PENINSULA 0.86 0.88 0.85 0.88 0.84 0.88 285000 242260 4250 PX MINING 3.69 3.7 3.74 3.74 3.66 3.69 205000 756630 140050 SEMIRARA MINING 22.9 23 22.9 23 22.9 23 134100 3077915 -897145 ORNTL PETROL A 0.011 0.012 0.012 0.012 0.012 0.012 5200000 62400 ORNTL PETROL B 0.011 0.012 0.012 0.012 0.012 0.012 10000000 120000 PHILODRILL 0.011 0.012 0.012 0.012 0.012 0.012 400000 4800 -2400 PHINMA PETRO 10.1 10.4 10.52 10.62 10.1 10.1 1519000 15663912 918488 PXP ENERGY 12.3 12.34 12.32 12.68 12.26 12.3 568100 7057732 648902 PREFFERED HOUSE PREF A 96.85 98.25 98.2 98.2 98.2 98.2 100 9820 AC PREF B1 502 509 509 509 502 502 210 105490 ALCO PREF B 100.2 103.8 103.5 103.5 100 100 13800 1387080 -736760 ALCO PREF C 101.3 105.9 101.2 101.2 101.2 101.2 220 22264 DD PREF 100.3 100.7 100.3 100.3 100.3 100.3 2500 250750 SMC FB PREF 2 995 997.5 995 995 995 995 600 597000 LR PREF 0.99 1 1 1 0.99 0.99 445000 441060 MWIDE PREF 101 101.1 101.5 101.5 101.1 101.1 3670 371132 PCOR PREF 2B 1036 1050 1036 1036 1036 1036 5 5180 PCOR PREF 3A 1050 1052 1050 1050 1023 1050 1680 1761300 PCOR PREF 3B 1050 1080 1079 1079 1040 1079 750 787585 -625790 SMC PREF 2C 77.8 78 78.25 78.25 77.8 77.8 15450 1202230.5 SMC PREF 2D 74.8 75.7 76 76 76 76 1000 76000 SMC PREF 2E 75.6 77.8 75.65 75.65 75.5 75.55 20800 1571030 SMC PREF 2F 76.5 77 76.5 76.5 76.5 76.5 30 2295 SMC PREF 2G 76 77.45 76 76 76 76 5700 433200 SMC PREF 2H 75.7 76 76 76 76 76 520 39520 SMC PREF 2I 75.7 76 76 76 75.7 75.7 160170 12126420 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR

18.12

18.5

17.92

18.6

17.92

18.5

39400

713200

WARRANTS LR WARRANT

1.54

SMALL & MEDIUM ENTERPRISES

ITALPINAS 6.42 KEPWEALTH 12 XURPAS 0.89

1.6

17000

27200

6.46 12.1 0.9

6.35 11.6 0.91

6.5 12.2 0.91

6.35 11.6 0.88

6.42 12.1 0.9

219200 3679900 1263000

1409767 44076638 1134110

-30620 -60540 3560

EXHANGE TRADE FUNDS FIRST METRO ETF

118.1

118.3

117.8

118.3

117.8

118.3

1220

144149

-8253

www.businessmirror.com.ph

Ascent now an on-demand chopper ride-sharing service

By Lorenz S. Marasigan

@lorenzmarasigan

SCENT, a tech-enabled helicopter service, has upgraded its operations to become an ondemand ride-sharing service, cashing in on the horrendous traffic congestion in the Philippines.

Now, Ascent users can instantly book for helicopter rides by the seat and route through Ascent’s digital platform. “Apart from providing helicopter flights up to a tenth of a cost more affordable than regular charter

flights, we aim to further contribute to the democratization of urban air mobility through offering seamless on-demand flights on our platform,” Ascent CEO Lionel Sinai-Sinelnikoff said. Ascent becomes the first company

to offer on-demand helicopter flight services in the Philippines, taking a cue from the promotional services offered years back by Grab and Uber. Launched in April, Ascent offers users flight services in 12 hot spots in the following areas: Ninoy Aquino International Airport, Makati City, Bonifacio Global City, Quezon City, Ortigas, Pasay, Clark, Subic, Batangas and Tagaytay. Sinai-Sinelnikoff added that the company is helping “ease commuters’ pain points by leveraging on the steady rise of the on-demand economy in the Philippines.” Aside from the on-demand service, Ascent has also started offering individual and corporate packages, which can be used across all of Ascent’s solutions, with preferential

rates and services. It is, likewise, offering “bespoke flight packages” that users can purchase for their employees, clients and partners. Sinai-Sinelnikoff “expects various types of commuters to avail themselves of its on-demand service, such as companies in need of cost-effective solutions to transport time-sensitive business travelers, their guests or partners, individuals seeking to regain control of their time toward, cutting more business deals, enjoying more moments with their family or leisure, and tourists looking to live unique experiences.” Ascent has plans to expand in Visayas and Mindanao, as well as other markets in the Asean region.

Worsening traffic, other factors make 165K-unit Toyota sales goal difficult Continued from B1

TMP reported its sales from January to September improved 4.3 percent to 114,117 units, from 109,402 units during the same period last year. If the vehicle assembler intends to hit its sales target of 165,000 units, it has to sell nearly 17,000 units every month this fourth quarter. Describing this task as “challenging,” Suzuki is settling for a flat growth of selling up to 155,000 units, from the 153,004 units sold last year. Suzuki attributed the firm’s slower-than-expected growth rate to various economic issues, such as the worsening traffic condition in Metro Manila, and the protracted trade conflict between the United States and China. He said these factors weigh on the decision of buyers to purchase big-ticket items, which include automobiles. “The traffic situation is giving some negative sentiment to the customers. Also, [there] may be some negative anticipations about the war on trade, like the China-US situation. Maybe the future of economy is becoming not so good to us, it slows down, [and consumers] stopped the purchasing of high-priced items, like cars,” the TMP chief explained. “[These issues] may not be big issues, but small issues and they are combined. They are giving us some market growth slowdown,” he added. Last year TMP’s sales slumped nearly 17 percent to 153,004 units, from 183,908 units in 2017, reflecting the industry-wide decline of 16.03 percent brought about by a combination of tax hikes, higher interest rates, record high inflation, unstable fuel prices, among others.

Fighting goals

As such, vehicle assemblers are targeting to recover strong this year. The automotive industry, headed by TMP which owns more or less 40 percent of the market, is eyeing to grow sales by 10 percent on introduction of new models and implementation of value promos. On the production side, Suzuki admitted TMP is struggling to comply with the output required by the government’s Comprehensive Automotive Resurgence Strategy (CARS) program, under which Toyota New Vios is enrolled, along with Mitsubishi Mirage. As of September, TMP produced 24,321 units of the New Vios, or 73.02 percent of its target to make 33,304 units this year. Last year the vehicle assembler manufactured just 14,682 units of the CARS-enrolled model, or 72.22 percent of its 20,328 unit objective. Participants in the CARS program receive fiscal support of up to P9 billion from the government in exchange for domestic production of 200,000 units of their enrolled model, which should be completed in a span of six years—for TMP, it’s up to 2024. Suzuki said TMP is challenged to comply with the CARS program’s volume requirement because of the taxes imposed by the government on vehicles last year. He said TMP did not expect any changes in the tax landscape when it applied for the CARS program in 2016. TMP invested a total of P5.38 billion for its participation in the CARS program for the production and parts localization of the New Vios.

Concepcion Industrial earnings up 47% in Q3

ONCEPCION Industrial Corp. on Monday said its net income for the third quarter rose 47 percent to P156 million, from last year’s P106 million as sales increased. Sales for the period grew 20 percent to P3.2 billion, from last year’s P2.6 billion, the company said, citing its preliminary figures. “Performance for the quarter was attributed to consumer sellin gains across all product segments,“ Raul Joseph A. Concep-

cion, the company’s chairman and CEO, said in a statement. “ T h i s p e r io d ’s p r o f it a b i l it y growth shows our commitment in driving operational efficiencies in the midst of a recovering market. While we remain confident and continue to make commitments in pursuing our strategic growth initiatives, we also needed to make some short-term operational adjustments given the challenges we are facing,” he added. VG Cabuag

mutual funds

October 14, 2019

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 252.82 7.61% -0.4% -0.17% 0.25% ATRAM Alpha Opportunity Fund, Inc. -a 1.5135 12.08% 4.11% 0.92% 5.05% ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.9091 6.98% -1.54% -1.52% 0.16% Climbs Share Capital Equity Investment Fund Corp. -a 0.9406 11.21% n.a. n.a. 4.4% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.8587 11.03% n.a. n.a. 4.63% First Metro Save and Learn Equity Fund,Inc. -a 5.3761 11.55% 1.27% 0.33% 1.95% First Metro Save and Learn Philippine Index Fund, Inc. -a,6 0.8626 11.98% -3.06% n.a. 3.1% MBG Equity Investment Fund, Inc. -a 115.42 4.02% n.a. n.a. -0.64% PAMI Equity Index Fund, Inc. -a 51.6316 13.21% 1.86% n.a. 4.89% Philam Strategic Growth Fund, Inc. -a 536.62 12.77% 0.7% 0.27% 4.25% Philequity Dividend Yield Fund, Inc. -a 1.2954 9.62% 1.61% 1.62% 3.3% Philequity Fund, Inc. -a 38.1693 11.07% 2.5% 1.49% 4.2% Philequity MSCI Philippine Index Fund, Inc. -a,3 1.025 n.a. n.a. n.a. n.a. Philequity PSE Index Fund Inc. -a 5.248 14.54% 2.65% 2.4% 5.83% Philippine Stock Index Fund Corp. -a 876.15 14.58% 2.56% 2.36% 5.76% Soldivo Strategic Growth Fund, Inc. -a 0.9 13.12% 1.13% n.a. 4.65% Sun Life Prosperity Philippine Equity Fund, Inc. -a 4.2476 11.98% 2.17% 1.59% 4.65% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 1.0065 14.12% 2.44% n.a. 5.47% United Fund, Inc. -a 3.696 13.2% 3.94% 2.83% 5.58% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c,2 117.4569 14.77% 3.31% 3.39% 6.06% ATRAM AsiaPlus Equity Fund, Inc. -b $0.948 1.11% 1.7% -0.87% 2.03% Sun Life Prosperity World Voyager Fund, Inc. -a $1.2734 2.89% 7.22% n.a. 15.22% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.6034 1.31% -2.81% -3.16% -2.89% ATRAM Philippine Balanced Fund, Inc. -a 2.2655 7.03% -0.45% -0.17% 2.55% First Metro Save and Learn Balanced Fund Inc. -a 2.6387 10.08% 1.4% -1.11% 3.76% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,8 0.2325 n.a. n.a. n.a. n.a. Grepalife Balanced Fund Corporation -a 1.3418 6.59% n.a. n.a. 2.88% NCM Mutual Fund of the Phils., Inc. -a 1.9559 10.55% 1.83% 1.37% 6.12% PAMI Horizon Fund, Inc. -a 3.7727 12.77% 0.68% 0.55% 6.9% Philam Fund, Inc. -a 16.9148 12.46% 0.72% 0.5% 6.33% Solidaritas Fund, Inc. -a 2.1404 7.99% 1.29% 1.46% 3.44% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.8682 10.82% 1.64% 1.2% 5.94% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d,4 1.0148 n.a. n.a. n.a. n.a. Sun Life Prosperity Achiever Fund 2038, Inc. -a,d,4 1.0021 n.a. n.a. n.a. n.a. Sun Life Prosperity Achiever Fund 2048, Inc. -a,d,4 0.999 n.a. n.a. n.a. n.a. Sun Life Prosperity Dynamic Fund, Inc. -a 0.9816 10.48% 1.26% 0.87% 6.5% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03847 11.25% 2.45% 2.37% 8.98% PAMI Asia Balanced Fund, Inc. -a $0.9766 3.45% 1.73% -0.17% 6.88% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.7217 4.31% 5.35% 3.54% 12.49% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a $1.1033 4.82% 3.14% n.a. 9.24% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 354.98 3.97% 2.42% 2.29% 3.35% ATRAM Corporate Bond Fund, Inc. -a,1 1.9186 3.28% 0.16% -0.06% 3.19% Cocolife Fixed Income Fund, Inc. -a 3.0886 5.02% 5.27% 5.23% 3.78% Ekklesia Mutual Fund Inc. -a 2.2109 4.46% 1.56% 1.97% 3.84% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.3361 5.59% 1.55% 1.5% 5.94% Grepalife Fixed Income Fund Corp. -a P 1.6088 2.26% -0.63% -0.03% 2.84% Philam Bond Fund, Inc. -a 4.3093 13.82% 1.17% 1.59% 9.94% Philequity Peso Bond Fund, Inc. -a 3.7468 8.44% 1.99% 1.5% 6.53% Soldivo Bond Fund, Inc. -a 0.9514 8.96% 0.23% n.a. 6.75% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.0318 10.16% 2.83% 2.4% 9.62% Sun Life Prosperity GS Fund, Inc. -a 1.6773 9.62% 2.27% 1.97% 8.92% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $465.87 4.54% 2.04% 2.89% 3.9% ALFM Euro Bond Fund, Inc. -a Є220.26 3.35% 1.35% 1.5% 3.57% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2039 7.46% 2.29% 2.53% 6.95% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259 4.44% 1.19% 1.62% 4.44% Grepalife Dollar Bond Fund Corp. -a $1.7149 1.54% -1.44% 0.47% 1.46% PAMI Global Bond Fund, Inc -a $1.101 7.52% 0.12% -1.06% 6.24% Philam Dollar Bond Fund, Inc. -a $2.4124 13.11% 2.19% 3.49% 11.13% Philequity Dollar Income Fund Inc. -a $0.0602717 6% 2.05% 2.12% 5.74% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.172 10.28% 1.56% 2.97% 10.44% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 124.89 4.17% 2.67% 2.1% 3.32% First Metro Save and Learn Money Market Fund, Inc. -a,5 1.0237 n.a. n.a. n.a. n.a. Philam Managed Income Fund, Inc. -a 1.2413 6.04% 2.35% 1.49% 5.03% Sun Life Prosperity Money Market Fund, Inc. -a 1.2565 3.88% 2.81% 2.21% 3.06% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0336 2.18% n.a. n.a. 1.74% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Adjusted due to cash dividend issuance last January 29, 2018. 2 - Adjusted due to stock dividend issuance last June 5, 2018. 3 Launch date is January 3, 2019. 4 - Launch date is January 28, 2019. 5 - Launch date is February 1, 2019. 6 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 7 - Launch date is August 1, 2019. 8 - Launch date is September 28, 2019. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.

com.ph to see the latest NAVPS/NAVPU."

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Deal to allow beep-card users to pay for ferry ride

LOBE Fintech Innovations Inc. (GFII) said it partnered with the beep brand operator AF Payments Inc. for use of the eponymous beep card in the services of Topline Express Ferries in Cebu. The beep cards as currently used by passengers in buses that run in Taguig City’s commercial and business district. Under the first phase of the firms’ partnership, GFII will enable its users to use their mobile wallets called “GCash” to pay for their bus or ferry fares through a QR code scanner. The second phase will involve the integration of the beep card in the GCash mobile application. “GCash will be the first mobile wallet to partner with beep for cashless payments. This is a very strong use case for Filipinos to adopt cashless solutions through GCash,”

GFII Executive James Mauricio V. Aujero said. Reginald P. Reyes, who sits as chief technology officer at AF Payments, said the agreement’s main value proposition is “the choice that it gives to consumers.” “With 6.5 million beep cards in the market, and over 20 million GCash account holders nationwide, the partnership is expected to benefit a sizable portion of e-wallet customers in the Philippines,” Reyes said. “The advantage of having GCash as partner is the expansion of the options available for the passengers,” he added. “The beep card is more of a stored-value card, while GCash is for a single journey tickets.” Reyes noted that his group is “open” to accepting other e-wallets into the beep system to further provide convenience to digital natives. Lorenz S. Marasigan

Tuesday, October 15, 2019 B3

Fresh batch of online lenders ordered to cease operations

By VG Cabuag

@villygc

HE Securities and Exchange Commission (SEC) has ordered another batch of unlicensed online lenders to cease their activities; as some members of the public have complained of harassment.

Last week, the SEC issued a ceaseand-desist order against A and V Lending Mobile, A and V Lending Investor, AV Lending Corp., Cashaku, Cashaso, CashEnergy, Happy Loan, Peso Pagasa, Vito Lending Corp., Phily Kredit, Rainbow-Cash and Rainbowcash.Ph Lending Corp. The regulator also ordered these online lending operators to stop offering and advertising their activities over the Internet, and to remove promotional presentations and offerings, including the lending applications (apps) they use. “Consider ing that the online lending operators are not

incorporated entities, or have no Certificate of Authority to Operate as lending companies or financing companies, the lending activities and transaction are illegal, and have to be stopped immediately by this Commission,” the SEC said in its order. “Moreover, the abusive collection practices engaged in by unlicensed online lending companies constitute unfair debt collection practices which the Commission expressly prohibits under SEC Memorandum Circular 18, Series of 2019 [Prohibition on Unfair Debt Collection Practices of Financing Companies and Lending

Companies], which took effect recently,” the regulator added. The SEC earlier issued two ceaseand-desist orders covering a total of 30 online lending applications. A number of complainants said the abusive collection practices of the online lending operators, their agents and representatives have caused them depression and sleepless nights, ruined their reputation and adversely affected their health. Section 4 of Republic Act (RA) requires that a lending company be established only as a corporation and that “no lending company shall conduct business unless granted an authority to operate by the SEC.” Violators will be fined from P10,000 to P50,000, or imprisonment of six months to 10 years or both, Section 12 of RA 9474, or the Lending Company Regulation Act of 2007, provides. Based on the findings of the SEC Corporate Governance and Finance Department, the online lending applications and their operators are not registered as a corporation or partnership and have not been issued certificates of authority to

operate as lending or financing companies. In the case of A and V Lending Mobile, the SEC found no record of the registration of its operations as A and V Lending Investor. A certain AV Lending Corp. turned up in the SEC database, but its registration has already been revoked. Meanwhile, Peso Pagasa and Rainbow-Cash are operated by Vito Lending Corp. and Rainbowcash.Ph Lending Corp., respectively. However, the SEC’s database showed no record of any of these firms. The SEC found that the online lending operators have gained access to personal information stored in borrowers’ mobile phones, including social-media accounts, contact numbers and e-mail addresses, through their mobile applications. The online lending operators then used such information to exact prompt payment. They would send a text blast to the borrower’s contacts to inform them about the borrower’s indebtedness and his/her supposed refusal to pay the amount due. In other cases, the borrower would be threatened of legal action or public shaming.

Singapore CB signals more easing as growth risks mount

S CLEAN NOTES SM City Lucena was recognized by the Bangko Sentral ng Pilipinas for its support in the agency’s advocacy for clean notes policy. Handing the award is BSP Monetary Board member Felipe M. Medalla (left) and BSP Managing Director for Luzon Operations Subsector Josefa Elvira Ditching-Lorico. Receiving the award (middle) is Marius Cortez, SM Supermalls regional operations manager for South Luzon 4. The awarding was held during the 2019 awards ceremony and appreciation lunch for BSP stakeholders in Region 4, last October 11, at the Lima Park Hotel in Malvar, Batangas.

Malaysia won’t raise tax even as trade war halts fiscal plan

ALAYSIA’S finance minister said the government won’t raise taxes unnecessarily even as the trade war between two of its largest trading partners hampers the state’s goal of achieving a balanced budget. The government will spend within its means and won’t add taxes just to fund certain infrastructure projects, Finance Minister Lim Guan Eng said in a Bloomberg Television interview with Haslinda Amin, after announcing the 2020 budget Friday. To raise funds, Malaysia will sell samurai bonds early next year, and continue its pursuit of assets lost in the 1MDB state investment-fund scandal, he said. The government remains committed to reducing the fiscal deficit in the medium term, and could reach a balanced budget in five years if trade tensions between the United States and China are resolved, Lim said. The government widened its deficit target for 2020 to 3.2 percent of gross domestic product, from a previous target of 3 percent, to get the fiscal space it needs to support economic growth. On Friday, Lim announced larger development spending for next year and offered a slew of incentives to win over investors amid the trade war, which he described as a unique opportunity for Malaysia to attract investment. A special channel aims to make it easier for Chinese investors to enter the Malaysian market starting next year, Lim said in the interview Monday in Kuala Lumpur. He expects foreign-direct investment from China to reach levels of investment from the US and Europe in coming years. Soon after Prime Minister Mahathir Mohamad returned to power last year, Malaysia halted or canceled

major projects and slashed spending to rein in debt. That tone has changed since Lim said in February that he was nearly done cleaning house. The government raised next year’s transport allocation by 8.8 percent to fund a Kuala Lumpur mass rapid transit project and the Pan-Borneo Highway, while allocating 10 billion ringgit ($2.4 billion) to help Malaysians buy homes. Malaysia will raise funds by selling yen-denominated bonds in the first quarter of next year, with the size to be determined after talks with Japan, Lim said. The government raised ¥200 billion ($1.85 billion) this year at a coupon of 0.53 percent, lower than the 0.65 percent he indicated before the sale. Lim said he’s open to other types of bonds. “It’s always a pricing issue.” he said. “We are willing to consider all issues provided the price is right.”

Reparation payments

MAHATHIR has made it a mission to bring back money believed to be lost through 1MDB. Lim reiterated that he wants Goldman Sachs Group Inc. to make “reparation payments” amounting to $7.5 billion for the bank’s role in arranging bond sales for the troubled state fund. Until then, Malaysia will continue legal proceedings against the US bank and its 17 current and former directors, Lim said. “I hope they back up their words with deeds,” he said, referring to comments from Goldman President and Chief Operating Officer John Waldron, who said last month the bank wants to get the Malaysian people the money they deserve. “If they want to make Malaysians happy, then back it up with reparation payments,” Lim said. Bloomberg News

INGAPORE’S central bank signaled it’s ready to adjust monetary policy further after easing Monday for the first time since 2016 as risks to the economic growth outlook persist. The Monetary Authority of Singapore (MAS), which uses the exchange rate as its main policy tool, reduced “slightly the rate of appreciation” of the currency band and said it’s prepared to “recalibrate monetary policy” if prospects for inflation and growth weaken significantly. Data last Monday showed Singapore’s economy narrowly missed falling into recession in the third quarter, but the MAS was downbeat about growth prospects and sees inflation remaining benign. The USChina trade war has weighed heavily on the export-reliant city state, with manufacturing taking the brunt of the pain. “We thought the final sentence in the statement—that MAS ‘is prepared to recalibrate monetary policy should prospects for inflation and

growth weaken significantly’—is telling of its intentions,” said Terence Wu, a currency strategist at OverseaChinese Banking Corp. in Singapore. “For now, we do not rule out a further reduction of slope to zero appreciation in the next meeting.” The Singapore dollar gained as much as 0.4 percent to S$1.3679 against the US dollar last Monday. The Straits Times Index climbed 0.5 percent as of 10:15 a.m. in Singapore. The monetary policy decision was predicted by 14 of the 22 economists surveyed by Bloomberg, with the remainder projecting a more aggressive move to a zero-appreciation posture for the currency band. The MAS held policy in April after tightening twice last year. According to Tamara Mast Henderson, Bloomberg’s Asean economist, “if the US and China can avoid a further escalation in tariffs, we expect the MAS to leave policy on hold at its next regularly scheduled meeting in April.” “Further escalation, though,

might prompt an inter-meeting easing. Recent signs of a truce in the US-China trade war may have persuaded the central bank to retain a bit of policy ammunition, rather than going ‘all-in’ with a reduction of its currency band to zero,” Henderson added. Central bankers globally are taking a more dovish stance as trade tensions weigh on growth and as manufacturing weakness threatens to spill over into services sectors. In Singapore, authorities have taken a gradual approach as they monitor risks and keep a close watch on labor-market indicators that so far have stayed resilient. An early reading of gross domestic product data Monday showed the economy grew an annualized 0.6 percent in the third quarter from the previous three months, rebounding from a contraction of 2.7 percent. The median estimate in a Bloomberg survey of economists was for growth of 1.2 percent. Compared with a year ago, GDP rose 0.1 percent, unchanged

Daily economics and personal finance Genesis Kelly S. Lontoc

personal finance

CONOMICS is the study of choice given scarce resources. As human beings, we may have unlimited needs and wants but we are brought back to Earth by the reality that we just have limited resources. Within the context of personal finance, prudent decisions have to be made to maximize our utility given our available budget. We regularly read about economics in the news but many may often fail to see the relevance of the economic terms and economic trends in daily living. There are five economic terms that can matter. The first term is gross domestic product or GDP. It is the comprehensive measure of the total market value of all currently produced final goods and services within a country in a given period of time by domestic and foreign-supplied sources. Simply put, GDP can be viewed as the “national bibingka.” Our leaders try to grow GDP con-

sistently over time. A healthy GDP growth rate can send positive signals that economic opportunities abound in the country and that it would analogously be a good time to invest. GDP is made up of personal consumption expenditures, investment spending, government spending and net exports. Each component of GDP is dynamic and can significantly determine how GDP progresses. All economies go through cycles. When GDP grows, it would be a good time to spot specific opportunities in the economy in terms of what sectors or industries to invest in. When GDP declines, it may be a good time to evaluate personal finance goals and conditions to assess what we need to continue, stop or start doing. The second term is “Price.” It refers to the amount of money that is charged for goods and services in a market economy. Inflation is when there is a sustained increase in price over time. Deflation is when there is a sustained decrease in price over time. Monitoring price is vital. When prices fluctuate, we may need to evaluate how we handle our needs and wants. When prices fluctuate, we may need to evalu-

ate where we invest. For financial success, our investment returns must outpace the inflation rate to grow wealth. The third term is “Unemployment.” It refers to the part of the population that would not currently have a job but are currently looking for a job. A low unemployment rate can mean that the economy is doing well in terms of matching skills with requirements. A high unemployment rate is a major cause of concern. Therefore, it is advised that all individuals, especially those who are breadwinners, should have a sufficient emergency fund and also insurance so that they are prepared in case job loss or job challenges occur. The fourth term is “Interest Rate.” From the point of view of a lender, it is the income derived from lending money. From the point of view of a borrower, it is the cost of borrowing money. Usually, the T-bill rates are used as the bellwether in determining interest rate movements. High interest rates may mean that it would not be a good time to borrow money whether for personal consumption or investment purposes. High interest rates may mean it would be a good time to

from the second quarter. “GDP numbers, despite skirting a technical recession, do not make for an upbeat read,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore. “The manufacturing recession continues. The outlook is at best hazy, if not gloomy.” Singapore’s growth is expected to pick up modestly next year, “although this projection is subject to considerable uncertainty in the external environment,” the MAS said. “We think the MAS’ core inflation forecast for 2020 suggests the door for further easing is open, if needed,” said Divya Devesh, head of Southeast and South Asia currency research at Standard Chartered Plc. in Singapore. The MAS guides the local dollar against a basket of its counterparts and adjusts the pace of its appreciation or depreciation by changing the slope, width and center of a currency band. It doesn’t disclose details of the basket, or the band or the pace of appreciation or depreciation. Bloomberg News

divert funds to interest-bearing instruments. The fifth term, which is quite popular for an economy like the Philippines is, “Remittance.” This refers to the transfer of money by a foreign worker to an individual in the home country. The World Bank estimates that the Philippines is the third-top remittance-receiving economy and that remittances contribute around 10 percent to total GDP. Overseas Filipino workers are not ATM machines. Remittances must be managed well. A portion can be used to deal with the present but a portion must be used to provide for a better future. Economics and personal finance are indeed complementary. Personal finance will not work if it is done in isolation. Awareness of the external environment with respect to economic terms and economic trends will help individuals make good money decisions. Failure to do so will lead to high opportunity costs. Gemmy Lontoc is a registered financial planner of RFP Philippines. To learn more about personal financial planning, attend the 79th RFP program this October 2019. To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-9689774.

B4 Tuesday, October 15, 2019

Sinag: Festival of radiance at CCP Fortune Life presents ‘Boiled Green Bananas’ book to DepEd chief

EDUCATION SECRETARY LEONOR BRIONES (2nd from left) holds a copy of the book “Boiled Green Bananas” presented to her by Fortune Life executive vice president and general manager Evelyn T. Carada (left); Fortune Life president and chief executive officer (CEO) D. Arnold A. Cabangon (2nd from right) and ALC Group of Companies chairman D. Edgard A. Cabangon (right).

OLLOWING her keynote speech at the launch of the 9th year of Fortune Life Insurance Company’s Values Advocacy Program, company executives presented Education Secretary Leonor M. Briones with a copy of the book “Boiled Green Bananas,” a compilation of her columns of the same

title published in the BusinessMirror from 2006 to 2016. The event was held at the Bulwagan ng Karunungan, Department of Education (DepEd) Central Office in Pasig City last Oct. 3. The book was a token of appreciation for Secretary Briones for her unwavering support to the Values Advocacy Program

which promotes the value of hard work and discipline among elementary school pupils nationwide. It was presented by Fortune Life president and chief executive officer (CEO) D. Arnold A. Cabangon and executive vice president and general manager Evelyn T. Carada together with ALC Group of Companies chairman D. Edgard A. Cabangon. Included in the book are photos of Secretary Briones obtained from her coffee table book and photos with Amb. Antonio L. Cabangon Chua Gintong Parangal para sa Edukasyon awardees and Fortune Life officers. As guest of honor, Secretary Briones led the awarding ceremony of 13 Gintong Parangal para Edukasyon Guro and Pamumuno categories. Awardees chosen from different regions received their trophies, certificates and cash prizes while their families and guests were given corporate giveaways. Fortune Life extended its gratitude to DepEd and MaryLindbert, its partners in continuing its yearly conferment of the Values of Hard work and Discipline advocacy program.

Big Promos You Shouldn’t Miss as Manila Marriott Turns 10

ROM a 342-room hotel to 570 with 44 versatile event spaces— including the country’s largest pillarless ballroom, Manila Marriott’s remarkable growth in the last 10 years has made this five-star hotel a destination of its own. As Manila Marriott heralds its 10th anniversary this October, a series of exclusive deals, free treats, and special packages await you and it’s as indulgent as it gets. Get five-star quality snacks from Manila Life Café and the Greatroom for the whole month of October for only Php10! Try the Manila Street Food Sampler from Manila Life Café that includes kwek-kwek, chicken fritter, and fishball. If you’re looking for the perfect beer pairing, either for your lager, ale, pilsner or simply craving for bitesize treats to nibble on, choose from a selection of Tapas at the Greatroom for only Php10 when you avail 10 pieces of these filling and fashionable morsels! As the clock strikes 10, celebrate with an overflow of booze and discounts for the whole month of October. You’ll surely spend the night with great drinks because the Greatroom is pouring in 50% off on specially crafted cocktails. Meanwhile, the Still Tea, and Whiskey Lounge will make you go thumbs up and bottoms up because their throwing in big discounts on selected brands of premium whiskeys. How does 10AM early check in sounds? No tricks or additional charge needed because you’ll get to enjoy a 10AM guaranteed early check-in with breakfast for two at Marriott Café when you avail a Deluxe Room for only Php 10,000++.

PECTATORS flocked to the front lawn of the Cultural Center of the Philippines recently to witness the launching of the evening light and sound spectacle billed as Sinag: Festival of Radiance. The 10-minute sound and light show, which combined traditional arts and modern technology, showed the iconic building becoming a colorful canvas with beautiful lanterns created by the Kapampangan craftsmen from the renowned family of lanternmakers, led by 5th generation artisan, Arvin Quiwa. The lights danced gracefully to the music of “Pagdiwang sa Ginintuang Pagsilang,” with lyrics by National Artist Bienvenido Lumbera and music and orchestration by National Artist Ryan Cayabyab. The music for Sinag was specially commissioned by the CCP. An art installation by multimedia artist

Emerson Philippines brings in new generation of changemakers

One or two isn’t enough, Manila Marriott is adding 10 ITEMS FOR FREE for every event you will book from August to December 2019! From a free upgrade on Themed Coffee Break (with a choice of muffin, cookies, deli, healthy, and Filipino meryenda theme), one round of iced tea during lunch, LCD projector and screen, ten additional parking, one VIP upgrade to a suite room, one lunch buffet for two, one complimentary overnight stay, discount coupons, double points on Marriott Bonvoy, and a special gift on top of everything else. Manila Marriott says “TENk You!” with more discounts for a decade’s worth of support. Club Marriott members gets an additional 10% on top of their standard discounts on accommodation, dining, and spa. There’s also a 10% discount for guests who will enroll and renew their membership within the month of October. More points and more

nights await Marriott Bonvoy members until December, with an additional 10,000 points when they book a stay in a Deluxe Suite. Catch the ultimate buffet deal at Marriott Café with Throwback Thursdays and get to enjoy the buffet price from 10 years ago! Indulge in an array of international cuisines every Thursdays of October for only Php 1,350 nett for lunch (12NN to 2:30PM) and Php 1,500 nett (6PM to 10:30PM) for dinner. CRU Steakhouse is also giving a free bottle of wine for a minimum spend of Php 10,000 for a single transaction and receipt. Watch out for more surprises because discount coupons with more treats will be given away For reservations and inquiries, call (632) 988-9999 or visit the hotel’s website www.manilamarriott.com, and social media accounts in FB, IG, and Twitter @ ManilaMarriott.

USINESS leaders are now paving the way to discover young talents that are remarkably flexible and imaginative in redefining today’s digital transformation. As the importance of digital breakthroughs in changing societies continues to grow, Philippines is on its way to expand technological capabilities. Solutions to societal problems such as pollution, agriculture, weather and transportation can be solved by investing on technological capabilities of the young Filipino generation. In this ever-advancing digital landscape, the Philippines may be following an outdated infrastructure, but gradually recognizing the relevance of science, technology, engineering and mathematics (STEM) education in supporting change and driving future economic growth. To keep up with the rapid pace of change, workers are increasingly looking to their employers to address these upskilling needs. According to the fifth annual STEM survey by Emerson, 94% of Filipino respondents said they believe companies should do more to train and prepare their STEM workforce. There is a growing interest in boosting the STEM education, as 99% of Filipinos say they consider it vital to the country’s future.

water, deploys water tankers or Mobile Treatment Plants, and builds sanitation facilities for affected families and individuals who were displaced from their homes and communities. The partnerships formed will be beneficial most especially to vulnerable communities which are prone to disasters and calamities. Institutions whose mission is to bring relief to disaster-stricken communities will take part at the MOA signing as Agapay partners

and allies- the Office of Civil Defense, Health Emergency Management Bureau of the Department of Health, ABS-CBN Foundation, GMA Kapuso Foundation, Rise Against Hunger Philippines, Philippine Disaster Relief Foundation, Shared Aid Fund for Emergency Response, YesPinoy Foundation, and Plan International. Through Agapay, Manila Water Foundation provides access to safe water and better sanitation facilities to disasteraffected families and communities. In 2018 alone, about 67,500 individuals were served by the program. Through this event, MWF hopes to effectively reach more calamity-stricken communities in the years to come for a disaster-resilient Philippines. For further inquiries, call (02) 9521403 or 0915-320-3000 or contact Manila Water Foundation through foundation@ manilawater.com.

Emerson Philippines is making a concerted effort to promote STEM in order to address today’s most complex and pressing community issues through this year’s Emerson Innovation Challenge. Students from different colleges and universities across Metro Manila are tasked to create applications that will help spur innovation, taking the country a step closer to digital progress. On August 23, Emerson Philippines conducted the STEM Camp at Miriam College to kick-off the project planning stage and were given supplementary learning to support each team’s development of their prototypes. The participants of the workshop are students from universities in the metro including Bulacan State University, De La Salle University, Mapua University, Polytechnic University of the Philippines, Technological Institute of the Philippines, Adamson University, Asia Pacific College, and University of Santo Tomas. The STEM Camp served as an acid test for students to gain insightful feedbacks to further improve their respective projects. The final presentation and culminating event of Emerson Innovation Challenge will be on November 20, 2019.

An Ode to Banaue look through the lens of the late master photographer, John K. Chua

Manila Water Foundation inks agreement with government, disaster resilience orgs for Agapay N celebration of the National Disaster Resilience Month, Manila Water Foundation (MWF) inked agreements with its partners from government, private sector and NGOs under its disaster response program Agapay in a Memorandum of Agreement (MOA) signing event held at LB Soriano Hall, Seameo Innotech on July 30, 2019. Agapay is the disaster response program of MWF that distributes bottled drinking

Abdulmari “Toym” Imao Jr., featuring a 20feet lantern-type sundial at the CCP Front Lawn also complemented the light and sound show. The launching featured one hundred dancers, choreographed by Novy Bereber and Marciano Viri. The light show was designed by John Batalla, and the opening spectacle directed by Chris Millado and Ariel Yonzon. The annual lighting of the CCP facade, which started several years back, has become a beloved tradition which the community looks forward to each year. The show will run from Tuesday to Sunday every hour on the hour from 6pm to 9pm. Part of the CCP's 50th anniversary celebration, Sinag will run until January 5, 2020, except Mondays and during inclement weather. (Photos by Kiko Cabuena and Orly Daquipil).

HEY say a picture is worth a thousand words – a captured moment can evoke feelings and a photo of a well-loved place can bring back treasured memories. From September 29 to December 1, find a chance

to see the beauty of Banaue in a different light, through the magic eye of renowned photographer, John K. Chua in “Falling in Love with Banaue and Beyond,” a photo exhibition at the Fo Guang Yuan Manila Art Gallery, located at 656 P. Ocampo Street, Malate Manila. From breathtaking photos of the Banaue Rice Terraces to moving portraits of the locals, the exhibit features moving pictures of family and community living, rituals, as well as ethnic games taken by the photographer from 1970 to 2015. The late John K. Chua was one of most respected photographers in the country known for his technical expertise and taking on challenging photo shoots. For more than four decades, he has worked with different clients, shot a variety of subjects, and cemented his place as a top-notch architectural, commercial, and advertising photographer. An adopted son of Banaue, Chua devoted his life to documenting Ifugao culture and teaching photography to kids battling cancer as well as to children with autism. The award-winning advertising photographer was also an advocate for people with disabilities. He organized Photography with a Difference, among many other initiatives, and taught photography to the visually impaired through the Photography Beyond Sight program. The exhibit is open from Tuesday to Sunday, 10:00AM to 5:00PM.

JAPAN SPORTS A NEW ‘FACE’ C1

Sports

| Tuesday, October 15, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

BusinessMirror

Kenki Fukuoka scores a try and later joins his teammates in celebrating their victory over Scotland in the Rugby World Cup at the International Stadium in Yokohama, Japan, on Sunday. AP

By Stephen Wade The Associated Press

OKOHAMA, Japan—Like tennis star Naomi Osaka and National Basketball Association (NBA) player Rui Hachimura, Japan’s rugby team offers a diverse and slightly different look for an insular, but changing country. Of the 23 players who earned Japan’s historic first appearance in the Rugby World Cup quarterfinals on Sunday, only 11 were born to Japanese parents. The rest were a mix of nationalities with various ties to Japan, who held out Scotland 28-21 in a thrilling match before a partisan crowd of 68,000 at Yokohama Stadium. “I believe [the team] can be a mirror of this Japanese society,” Hideto Itami said in English, alongside his wife Chikako at the match. “Gradually, we have so many foreigners as a part of Japanese society.” Fans held up signs that read “We Are One Team” to celebrate the milestone victory, and the rest of Japan is becoming convinced. There was criticism of the amount of foreigners when the squad was announced in August, and that has died down as the team has gone on an unprecedented winning run through its pool. The win against Samoa last weekend drew a record TV audience in Japan of 46.1 percent on free-to-air Nippon Television. Local media said it was the most-watched sporting event of the year in Japan, surpassing Osaka’s win in the Australian Open final. That mark was expected to be shattered on Sunday night, with the promise of a quarterfinal next weekend against two-time champion South Africa. Fly-half Yu Tamura, the leading scorer in the tournament, was born to Japanese parents, along with winger Kenki Fukuoka, who has four tries in three matches. Several players are eligible for Japan because of rugby’s three-year residency rule, including South Korean-born Koo Ji-won, New Zealand-born Luke Thompson and Australia-born James Moore. Captain Michael Leitch was born in New Zealand with Fijian heritage, but came to Japan to study when he was 15 and speaks Japanese better than English. He’s the face of Japanese rugby, and his sponsors have placed him in media everywhere. Winger Kotaro

Matsushima was born in South Africa, to a Japanese mother and a Zimbabwean father. And Jamie Joseph—a former New Zealand forward— switched to play for Japan in 1999, and now coaches the Brave Blossoms. To be fair, Scotland had several non-Scotland-born players. Some children in Japan with one non-Japanese parent have often been bullied and called hafu from the English word “half.” The demeaning term could fall out of use as more and more Japanese have a non-Japanese-born parent and immigrant roots. “I’d like all Japanese people to understand the changing of Japanese society,” Itami said, with the Chinese characters meaning “To win” painted on his right cheek. “We do not need to care if the blood is purely Japanese or not. If they understand the Japanese way, that’s all that’s needed.” His wife had “I Love Japan” painted on her left cheek and was wearing a good-luck charm from a Shinto shrine. “Honestly, many younger people—even Japan-born— sometimes do not understand our

men in kilts passed by as she returned to her seat. Some Japanese women wore tartan plaid skirts, topped off by Japan’s red and white jersey. Many carried fans that opened to reveal the word “Try.” “We’re a very international team,” Mitachi said. “Very much the future. The future of Japan is international.”

ALL BLACKS, IRISH RENEW RIVALRY THE quarterfinal meeting between

history or our culture,” Imani said. Japanese Asuka Mitachi stood nearby, watching as women in kimonos and THE Rockets’ James Harden spins the ball during warmups for his team’s preseason game against the Toronto Raptors last week in Saitama. AP

Rockets focused on basketball after fallout from GM’s tweet

OUSTON—The Rockets are back home in Houston, looking to leave behind the distractions from their trip to Asia. Their two games in Japan were overshadowed by the aftermath of a tweet by General Manager Daryl Morey in support for antigovernment protesters in Hong Kong, angering fans and officials in China. In their first practice since returning, the Rockets insisted they wouldn’t let the fallout distract them from preparing from the season. “Guys can handle it,” Coach Mike D’Antoni said. “We still got good work in. Everything’s fine, but you know what happened [is] regrettable, and it happened, but as I said,

our work will get done.” Veteran PJ Tucker denied that dealing with this situation has been a distraction to this team trying to contend for its first title since winning back-to-back championships in 1994-1995. “Not really, honestly,”he said. “This time of season, everybody’s getting in shape, getting ready for the season, focusing in. So with all of the things that go on in life, and whatever, this is still our job, so we still come in and do our job every single day.” The Rockets were in Hawaii on October 4 to play a preseason game against the Los Angeles Clippers on the first leg of a trip that included two games in Japan when

Morey tweeted an image that said: “Fight For Freedom. Stand With Hong Kong.” His tweet was in reference to pro-democracy demonstrations in the semiautonomous Chinese territory that has been mired in escalating violence between protesters and law enforcement. The tweet was deleted soon after it was posted, and Rockets owner and billionaire casino and restaurant owner Tilman Fertitta quickly rebuked his GM with a tweet saying that Morey does not speak for the team. He added: “Our presence in Tokyo is all about the promotion of the NBA internationally and we are NOT a political organization.” Despite the swift response from Fertitta, the

Ireland and New Zealand at the Rugby World Cup comes with a strong feeling of reckoning. Ireland hadn’t beaten New Zealand in 28 matches over 111 years until its 40-29 victory at Soldier Field in Chicago in 2016. It did so again, 16-9, in Dublin in 2018, establishing Ireland as the one team in world rugby at present that regularly has the All Blacks’ number. Ireland went on, after Wales’s brief tenure atop the world rankings, to become the No. 1-ranked team just ahead of the Rugby World Cup, displacing New Zealand from a spot it had occupied since the ranking system began. Against that background, the match between Ireland and defending champion New Zealand at Tokyo on Saturday, which appears the most competitive of the quarterfinals, also seems a reckoning between the teams. It occurs earlier in the tournament than expected. Japan’s wins over Ireland and Scotland in Pool A went against pretournament predictions and saw the hosts emerge atop their pool, forcing second-place Ireland into a quarterfinal against Pool C winner New Zealand. “The best part is we know who we’re playing. They’re a quality side, they’ve been No. 1 this year,” All Blacks Coach damage was already done. Former Rockets star Yao Ming took offense to Morey’s support for the antigovernment protesters and as president of the Chinese Basketball Association, suspended its ties to the Rockets over the tweet. Events in China promoting the Lakers-Nets series were canceled, National Basketball Association (NBA) media partner Tencent said it was evaluating its plans to cover the league, and China state broadcaster CCTV did not air either preseason game. The tweet also caused some Chinese corporations to suspend relationships with the NBA and it is unclear what can be done to mend the relationship. D’Antoni was asked if there is anything the coaches and players can do to help repair things with China. “We’ve just got to keep playing and keep trying to be

Steve Hansen said Monday. “The last three results are ‘loss, win, loss’ so there won’t be any complacency in our camp. It’s pretty exciting; we’re right where we want to be.” Hansen said last year’s encounter was a “titanic struggle” and Ireland was slightly better on the day. “It’s taken them a long time to get there, and obviously they enjoyed it,” Hansen said of the drought-breaking win, “so they decided to keep doing it.” With more at stake this weekend, Hansen said the game would have a different feel to recent head-to-head meetings. “The big difference here is it’s a do or die game for both teams. Both teams are in good nick—fresh, excited.” If there is an outside influence on the match it is the fact New Zealand’s last scheduled pool match against Italy on Saturday was canceled because of Typhoon Hagibis, meaning they will go into the knockout round without a match since October 6 when they beat Namibia 71-9 in a muddling performance. Ireland go into the quarterfinal on the back of a much more emphatic 45-7 win over Samoa on Saturday, achieved with only 14 men. That gives Ireland the better preparation, leaving New Zealand to do the bulk of its leadup work on the training field. Ireland fly-half Johnny Sexton was hopeful that Ireland’s upset loss to Japan was the bad game they needed to get out of their system before the knockout rounds. Ireland has lost quarterfinals at the last two World Cups after being dominant in the pool stage. The fact they’ve beaten New Zealand twice since the last World Cup was also a boost. “I suppose we can take a little bit of confidence from the last few times we’ve played them,” Sexton said. “I’m hoping that having lost a pool game that we’ve got that quarterfinal performance out of our system that we’ve had in other tournaments. “The difference now is we’re not favorites going into this quarterfinal whereas we were in the last two. So we’re building nicely.” The match is one of two—the other is between Japan and South Africa—which will involve an evident contrast in styles. New Zealand and Japan will both attempt to play an adventurous style, while Ireland and South Africa will attempt to slow down the game. good ambassadors for the game, that’s all the players can do,” he said. “And then we’ll let the NBA and the Houston Rockets sort things out.” Morey hasn’t spoken publicly since the tweet, with his only comments on the issue coming in two more tweets on October 6. In those tweets he did not apologize for his initial tweet but did say that his tweets “in no way represent the Rockets or the NBA.” NBA Commissioner Adam Silver backed Morey’s right to express his opinion and said: “We are not apologizing for Daryl exercising his freedom of expression.” Morey was at the Toyota Center on Sunday but did not speak to reporters and was not at the small portion of practice that media was permitted to attend. While Morey stayed out of the spotlight it was up to the players and D’Antoni to address how the Rockets can move past what happened. AP

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Tuesday, October 15, 2019

Archers shift preparations to high gear

SPORTS PLUS

Gauff, 15, wins 1st WTA crown LINZ, Austria—Coco Gauff is still just 15. She also is already the owner of a Women’s Tennis Association (WTA) singles title. The American beat 2017 French Open champion Jelena Ostapenko, 6-3, 1-6, 6-2, in the final of the Upper Austria Ladies tournament Sunday, making Gauff the youngest winner of a singles trophy on the WTA tour since 2004. “This is a special moment for me,” Gauff said. And Gauff managed to do it after losing in the last round of qualifying, then moving into the main draw as a “lucky loser” when another player withdrew from the field. “I’m still overwhelmed and shocked,” Gauff said, according to the WTA’s web site. “I guess it’s crazy to say it’s my first WTA title. This was definitely not on the calendar at the beginning of the year, because I didn’t think I’d have a chance to get in, and now I’m the champion, so it’s crazy.” This week’s run, which including a victory over Kiki Bertens for her initial top-10 win, was the latest impressive performance for Gauff, who is now expected to rise inside the top 75 when the new WTA rankings are released Monday. She was just 313th when Wimbledon began on July 1. That’s where she really burst onto the scene as the youngest qualifier in tournament history, then beat five-time champion Venus Williams along the way to making it all the way to the fourth round. Gauff claimed her first WTA doubles title at Washington in August, pairing with Caty McNally, before getting to the third round in singles at the US Open. Gauff is now the youngest woman to win a WTA singles championship since Nicole Vaidisova of the Czech Republic earned two by the age of 15 years, five months in 2004. Ostapenko, who is 22, has been ranked as high as No. 5 and currently is No. 72. She has won two tour-level titles, the first coming at Roland Garros 2 1/2 years ago. AP

Aussie qualifies for 8th Olympics

Hoy SYDNEY—Australian equestrian Andrew Hoy, a three-time gold medalist, has qualified to compete in Tokyo at his eighth Olympics. Hoy qualified two horses for Tokyo after finishing second on Vasily de Lassos and ninth on Bloom Des Hauts Crets in the three-day event at the Strzegom Horse Trials in Poland that concluded Sunday. The 60-year-old has already won four Olympic medals—gold in the three-day team at Barcelona in 1992, Atlanta in 1996 and Sydney in 2000, and silver in the individual three-day event in Sydney. He becomes the 14th athlete to compete at eight or more Olympic games. Two have competed at nine and one at 10. “Thank you so much! I very much hope to be able to wear green and gold once more in 2020, and that we as a team will be able to do our great country proud!,” Hoy posted on Twitter. AP

Rule change up in gymnastics STUTTGART, Germany—The International Gymnastics Federation is considering new regulations on gymnasts’ behavior on the podium after a Turkish medalist gave a military-style salute. Ibrahim Colak gave the salute after winning gold on the rings at the world championships on Saturday. That came amid a Turkish military offensive against Syrian Kurdish fighters in northern Syria. The FIG’s General Secretary Nicolas Buompane says “it’s maybe bad timing right now, due to the current situation in the world with Turkey and Syria.” Buompane adds that the FIG will discuss “if we should prevent things like this,” adding that “it’s time now to have a look at this and try to decide, to come up with a solution. Either we allow or we don’t.” AP

Subic Bay Metropolitan Authority Chairman and Administrator Wilma Eisma (in white polo shirt) make the No. 1 sign with Philippine Southeast Asian Games Organizing Committee President and COO Ramon “Tats” Suzara (sixth from left) and Philippine Modern Pentathlon Association President Richard Gomez, along with Filipino athletes (red track suit) and their counterparts from Thailand (blue track suits). HENRY EMPEñO

PHISGOC UPBEAT ON SUBIC PREPS By Henry Empeño

UBIC Bay Freeport—Philippine sports officials lauded the successful staging of the modern pentathlon test event here last week and expressed confidence that the upcoming competitions in Subic will go smoothly. Philippine Southeast Asian Games Organizing Committee (Phisgoc) Chief Operating Officer Ramon “Tats” Suzara observed that the preparations here are well-organized, as he

viewed the test run with Philippine Modern Pentathlon Association (PMPA) President Richard Gomez, Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Wilma Eisma, Phisgoc Subic Cluster Overall Head Ramon Agregado and other sports officials. “We have raised the level of SEA Games to Asian Games level,” Suzara pointed out during the test run at the Boardwalk Park here. “I’m very, very confident that with the support of SBMA Chairman Eisma and Monch Agregado here, as well as with the support

of Phisgoc, we’ll have a very successful and well-organized Subic Cluster for the SEA games,” Suzara added. The test event, which saw Team Philippines sweeping all three gold medals at stake, was the first of a two-day event designed to let participants and coaches experience the look and feel of the actual event. “Everything went well, and even the weather cooperated,” Agregado said. “I’m sure everybody will agree that the look and feel of the event is worldclass, so we hope to build on that and be ready by

the opening of the games,” he added. Gomez thanked the Phisgoc and SBMA for putting up a successful test event and lauded security preparations. “As you can see during the preparation and during the setup, some men in uniform were there. There were PNP personnel, and people from PMMA. People are working very hard to make sure that the SEA Games—not just here but in all the venues— will be secured,” Gomez said. Gomez, also mayor of Ormoc City, stressed that this will be the first time that modern pentathlon will be played in the SEA Games and expressed high hopes that that the Philippines would carve a name in the sport. The Ormoc-based Philippine team bagged three golds during the test event—Princess Abilon in the women’s individual category, and in mixed relay with Samuel German and Michael Comaling in the men’s individual category. Gomez said that although they have not seen Indonesia and Singapore athletes play, he knew they would be tough competition for the Philippine team.

HE 16-member team has intensified its training in preparation for the Asian Championships and the Continental Olympic Qualifier next month, and the 30th Southeast Asian Games (SEA Games) in December. The squad has been in a camp at the FR Sevilla Archery Range in Novaliches in Quezon City since September—right after the Asia Cup, which also served as the SEA Games archery test event in Clark, Pampanga. The archers have been undergoing daily rigid training and weekly evaluation under the watchful eyes of national coaches Clint Sayo, Joy Marino and foreign coach Chong Yap Lee of Malaysia. Archery Association Secretary-General Ròsendo Sombrio noted that the athletes continue to improve on their scores as the competitions draw near. Sombrio said that with the full support of the Philippine Sports Commission, the team will go to an international training camp from November 6 to 21 in Bangkok, where the Asian Championships and Continental Olympic Qualifier are also set from November 22 to 29. “It is our duty to support the national athletes. The archery team is also a recipient of the PSC’s support as we prepare for the country’s hosting of the SEA Games in November to December,” PSC Chairman Willam Ramirez said. The men’s recurve team is composed of Luis Gabriel Moreno, Florante Matan, Jason Feliciano, and Carson Hastie, while the distaff side is made up of Kareel Meer Hongitan, Pia Elizabeth Bidaure, Gabrielle Monica Bidaure and Phoebe Amistoso. The men’s compound team includes Paul Marton Dela Cruz, Johann Olano, Arnold Rojas and Robert Badiola, while Jennifer Chan, Andrea Robles, Rachelle Anne de la Cruz and Abigail Tindugan make up the women’s compound team.

Jins eye at least 5 golds in SEAG

TAIWANESE VIE IN PGTA CAT OPEN IN TARLAC T T

hirty-six mainstays of Professional Golfers Association of Taiwan, headed by four in the top 16 of the TPGA Order of Merit, seek redemption from failed bids at home as they slug it out with the country’s best and the leading Philippine Golf Tour (PGT) Asia campaigners in the Central de Azucarera de Tarlac Open unfolding on Wednesday at the Luisita Golf and Country Club in Tarlac. No. 5 Wang Wei-Lun, No. 11 Chiu Han-Ting, 12th-ranked Yeh Wei Tze and No. 16 Wang Tsung Chieh along with Chen Po-Hao, who placed sixth in the recent PGTA event in Taiwan topped by Tony Lascuña, spearhead the Taiwanese charge

in the $100,000 tournament which drew a fullpacked field of 125 from 18 countries. The TPGA’s move to send a powerhouse cast here also underscores the PGT Asia’s growing status as one of the emerging circuits in the region with bets from Scotland, Singapore, India, Spain, Venezuela, Argentina, South Africa, Korea and Japan beefing up one of the strongest casts ever assembled outside of the Philippine Open. They include former PGTA leg winners David Gleeson and Damien Jordan of Australia, and American Tarik Can, regular PGT and PGTA campaigners Lexus Keoninh, Brett Munson, Joshua Salah, George Twyman, Micah Shin, Greg Gonzalez

Go For Gold, PCSO backs PHL athletes

O For Gold and the Philippine Charity Sweepstakes Office (PCSO) on Monday pledged to rally behind Filipino athletes who will compete in the 30th Southeast Asian (SEA) Games. A benefactor of various sports, Go For Gold targets nothing but gold medals from its pool of Filipino athletes who will vie in the November 30 to December 11 Games at the New Clark City, Clark, Subic, Metro Manila, Tagaytay, Batangas, La Union and Laguna. “I believe our athletes are all very well prepared and highly motivated. I’m sure that we will have a very good performance,” Go told a press conference in a restaurant in Mandaluyong City. “Together with the PCSO, we are all here to help the athletes in their trainings, as well as foreign exposures, to mold them to become the best versions of themselves in the SEA Games,” Go added. The Go For Gold program is the corporate

social responsibility program of the Powerball Marketing and Logistics Corp., the company that runs Scratch It. “Through the earnings of Powerball, we were able to generate funds for our charity programs, including sports. This is helpful for the athletes as they prepare for the SEA Games,” PCSO General Manager Royina Garma said. The program includes Asian Games gold medalist Margielyn Didal of skateboarding, Niko Huelgas and Kim Remolino of triathlon, Daniel van Carino and Ismael Grospe Jr. of cycling, and International Master Marvin Maciano of chess. The program also supports the national teams of sepak takraw and dragonboat. Ramon Rafael Bonilla

and Charles Lee of the US, Aussie Tim Stewart, and Thais Pachara Sakulyong, Ratchapol Jantavara, Donlaphatchai Niyomchoi and Tawan Phongphun. But the locals are ready to defend their turf, led by Lascuña, who is hot on a three-win streak, including victories at Apo and South Pacific the last two weeks. Though ranged against a stellar international field, the Davaoeño shotmaker remains upbeat of his chances for another triumph in the circuit put up by International Container Terminal Services Inc. (ICTSI) and co-sanctioned by Pilipinas Golf Tournaments Inc. and TPGA. James Ryan Lam also hopes to flash the form he showed in ruling this event last year that saw him

GO for Gold godfather Jeremy Go addresses questions from the media. With him are Philippine Charity Sweepstakes Office General Manager Royina Garma (center), and Product and Standard Development Department Head Roger Ramirez. ROY DOMINGO

Eagle Ridge tops national golf team shootout

agle Ridge played as advertised and ran away with the overall crown—a threestroke victory over Tagaytay Midlands—in the 2019 Federation National Team Shootout at the Riviera Golf Club in Cavite recently. Carrying a team handicap of 5 and bannered by three former club champions—An Youn Hwan, Kim Dong Hee, Jung Kyung Young and Ana Jung—Eagle Ridge made eight birdies for a net score of 59 under the Scramble format at the challenging Couples course. The tournament, which drew 23 teams this year, was organized and presented by the Federation of Golf Clubs of the Philippines Inc. Board headed by Chairman Richie Garcia with

Ogie Manalo as president and Pablo Soon as overall tournament chairman. The triumph also netted the Eagle Ridge players an all-expense four-day and three-night golf package in Bangkok (airfare, hotel and two rounds of golf) and a Titliest bundle consisting on a golf bag, Boston bag, box of balls and a cap from co-presenter Empire Golf Sports. Tagaytay Midlands—behind RJ Rizada, Jenz Tecson, Celso Montalla and Danny Carpio—placed second with a 62 via count back over dethroned champ Cebu Country Club. Each member received P10,000 worth of gift certificates from Empire. The other scores were Negros Occidental 63,

romp off with a four-stroke victory over Salah that ended a nine-year search for a maiden victory. But the Taiwanese are coming into the 72-hole championship determined and eager to get back at the Filipinos and the Thais, who ruled the other PGTA event in Taiwan last May through veteran Wisut Artjanawat. Meanwhile, a select number of pros will test the tight, challenging Robert Trent Jones, Sr.-designed layout one last time in today’s (Tuesday) pro-am where they will be paired with guests and officials of the event’s chief backers, including ICTSI, PLDT Enterprise, Meralco, BDO and PGT Asia official apparel Pin High.

Orchard-II 63, Riviera-II 63, Forest Hills-II 63, Forest Hills-I 64, Royal Northwoods 64, Malarayat 64, Riviera-I 65, Orchard-I 65, Sta. Elena 65, Alabang 66, Rancho Palos Verdes 66, Summit Point 66, Wack Wack 67, Iloilo 68, Tagaytay Highlands 68, Alta Vista 69, Valley-II 69, Manila Golf 71 and Valley-I 72.

THE winners pose with Federation of Golf Clubs of the Philippines Inc. President Ogie Manalo (third from right), Treasurer Arsenic Laurel, Overall Tournament Head Pablo Soon, Director Epifanio Torre, host Archie Lacson and rules official Henry Arabelo

HE national taekwondo team is plotting a major rally when the country hosts the 30th Southeast Asian Games. Philippine Taekwondo Association (PTA) Executive officer Sung-Chon Hong disclosed recently that his wards are looking to winning at least five gold medals in the biennial meet set from November 30 to December 11 at the New Clark City in Capas, Tarlac. Hong said that his athletes are prepared and in high morale following the all-out support by the federation and the Philippine Sports Commission (PSC). The Filipino jins are bound for a 10-day training camp in South Korea later this month. “This training by the taekwondo jins, supported by the PSC, is our push toward our aim to winning the medals in the SEA Games,” PSC Chairman William Ramirez said. Hong, whose wards settled for only two gold, three silver and four bronze medals in the previous SEA Games assured a better performance for this upcoming biennial meet. “I think we can win around five gold medals,” Hong stated. The PTA executive refused to identify the sure gold-medal winners, but mentioned Pauline Lopez, Elaine Alora and Butch Morrison, as well as the decorated men’s poomsae squad of JR Reyes and Dustin and Raphael Mella, and women’s team of Juvenile Faye Crisostomo, Rinna Babanto and Janna Oliva. “Of course, in taekwondo, nothing is definite as a lot of factors are in play. But if you ask me if I’m confident, I can say that yes, I’m really, really confident. We are ready to compete even if the SEA Games will be held next week,” Hong said.

orts HAIL, CALOY AND NESTHY!

sMirror

By Ramon Rafael Bonilla

ORLD champion gymnast Carlos Yulo and boxer Nesthy Petecio are coming home on Tuesday to a hero’s welcome from their momentous exploits on the global arena over the weekend. A windfall of incentives also await the two athletes, who did not disappoint in two major international competitions in Stuttgart, Germany, in the World Artistic Gymnastics Championships and in Ulan-Ude, Russia, in the International Boxing Association Women’s World Championships. Malacañang and the Senate also did not mince

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words in honoring Yulo, the world champion in men’s floor exercise, and Petecio, who now reigns as women’s world featherweight titlist. “Caloy [Yulo’s nickname] have shown so much pride with his routine,” Ramirez recalled after watching the final performance of the 19-year-old from Leveriza in Pasay City. “Who would think we can win a medal in the world championships? He’s really humble, and he worked hard for this,” added Ramirez, who was joined in Monday’s press conference hailing the two champions by PSC Executive Director Merlita Ibay. Yulo’s mother, Angelica, thanks the PSC for supporting the gymnast’s participation in Germany. “The government has been supporting Caloy. It

would be impossible if not for the support of the PSC,” she said. Yulo and Petecio are bound to receive P1 million each from the government through the Republic Act 10699 or the National Athletes and Coaches Benefits and Incentives Act. For qualifying for the Olympics, Yulo is entitled to receive P500,000 and the PSC will give him an additional P500,000 for winning the Phil-

ippines’s first-ever gold in gymnastics. Petecio’s teammate, Eumir Marcial, will get P500,000 for his silver medal finish in men’s middleweight also in the world championships. Malacañang lauded on Monday the two athletes, saying their feat is a “historic and glorious moment for the Philippine sports, especially since these could serve as motivation in the upcoming Southeast Asian Games” the country is hosting next month as well as for the Tokyo 2020 Olympics. Cabinet Secretary Karlo Nograles said the victories only proved that Filipinos could be on a par with other nations in terms of excellence and greatness. “This is really good news for our country. The victories of Ms. Petecio and Mr. Yulo underline

BIMP-Eaga partner of MinDA, also holds a regular multiple stage cycling race known as Tour de Langkawi. He also reminisced on the glory days of the Tour of Luzon and the Marlboro Tour. “We can discover cycling talents, discover the beauty of Mindanao. We can show to the world that there is peace in Mindanao because cyclists can freely ride around it safely,”Piñol said, adding that the Tour of Mindanao could change the image and landscape of the island. Ramirez welcomed the idea, giving his full support to Games as he immediately scheduled a

third meeting next week to organize the race. Ramirez also reminisced how the now defunct Mindanao Friendship Games held in Tubod, Lanao del Norte (2001), Cagayan de Oro City (2002) and in Mati, Davao Oriental (2003) promoted peace in the island with many Mindanao local government units (LGUs) participating. “Top MinSuPala Games athletes can then look forward to competing in BIMP-Eaga Friendship Games and the Arafura Games as it could serve as a qualifying,” Ramirez said.

Stags in crucial eliminations duel

AN Sebastian College faces Arellano University hoping to nail its 10th victory and a Final Four berth in the 95th National Collegiate Athletic Association seniors basketball tournament at the Filoil Flying V Centre. The match is set at 2 p.m. But a victory won’t guarantee a semifinals berth for the Stags. Their fate partly hangs on the MapuaUniversity of Perpetual Help System Dalta game at noon where a Cardinals victory would tighten the race for the fourth semifinals berth. With a 9-7 won-lost card, the Stags are ahead by a full game over the fifth-running Cardinals (8-8). College of Saint Benilde plays Jose Rizal University in the last game of another tripleheader at 4 p.m. Sporting a 7-9 record, the Blazers still have a slim chance of making the semifinals via the backdoor—that is if the Stags lose to the Chiefs. San Sebastian could have completed the Final Four cast last week, but dropped a 73-90 decision to Mapua last Thursday. The rejuvinated Cardinals are hoping to sweep their last two games to force a playoff for the No. 4 slot.

COACH Bo Perasol apologize for his unsportsmanlike action.

The UAAP statement on Monday said Perasol more importantly apologized to referee Jaime Rivano who he tried to attack with clenched fists. “Last Saturday [meeting] was the first time our office heard directly from Coach Bo and we appreciate his sincerity and evident humility in expressing his regret regarding the incident between him and referee Rivano which happened last September 29,” Ilagan said. “Coach Bo emphasized how he deeply regretted his actions towards the official and extended his apology towards the UAAP Board, organization, and the entire community.” Perasol will return to the bench when UP faces University of Santo Tomas on Wednesday at 4 p.m. at the SM Mall of Asia Arena in Pasay City. The league supported Ilagan’s decision in reducing Perasol’s penalty. “The UAAP, through the Board of Managing Directors and Board of Trustees, maintains that it will support and respect the Office of the Commissioner with regard to any technical concern,” Executive Director Rebo Saguisag said. “It is also well within the Commissioner’s power to reconsider on the ground of newly discovered evidence and/or developments such as availing in this case,” he added.

Petron takes on Foton, F2 squares off with Cignal

etron and F2 Logistics try to arrange a dream finals duel when they take on separate foes in the sudden-death semifinals of the Philippine Superliga Invitational Conference on Tuesday at the Malolos City Sports and Convention Center in Bulacan. After topping Group C with a perfect record, the Petron shifts its title quest to a higher gear when they take on Foton at 3 p.m. while F2 Logistics collides with Cignal in the 5 p.m. main encounter. F2 Logistics, which finished the preliminaries with a 5-1 win-loss record, is tipped to go all out

as it welcomes the return of Filipino-American spiker Kalei Mau, who missed five of their six matches because of an ankle injury. In their previous 25-22, 25-15, 25-15 win over Sta. Lucia, Mau was impressive, delivering 11 points to compliment the Cargo Movers’ balanced attack featuring Ara Galang, Kianna Dy, Aby Maraño and Majoy Baron. “Having Kalei back is a big advantage for us,” F2 Logistics Head Coach Ramil de Jesus said, adding that Mau gives them the versatility and a positive outlook they need for what looms to be another tight and

grueling race for the crown. But advancing to the finals is easier said than done. Cignal, a veteran team that shines under pressure, is tipped to dominate, especially after losing to F2 Logistics in a dramatic finals encounter in the All-Filipino Conference two months ago. The HD Spikers finished the classification with a 5-1 card and the crew of Rachel Anne Daquis, Jovelyn Gonzaga, Mylene Paat and Alohi Robins-Hardy is bracing for an all-out war to make their way back to the finals.

PHILIPPINE Sports Commission Chairman William Ramirez and Executive Director Merlita Ibay laud the exploits of gymnast Carlos Yulo and Nesthy Petecio, who strikes a champion’s pose with fellow boxers Aira Vargas and Irish Magno, and coaches Nolito Velaso and Reynaldo Galido. COURTESY JAT TENORIO AND BOY VELASCO

F Mindanao Development Authority head Emmanuel Piñol sees cycling as one way of championing peace in the island.

U.A.A.P. commutes ban on Perasol HE University Athletic Association of the Philippines (UAAP) has reduced University of the Philippines (UP) Head Coach Bo Perasol’s suspension from the original three games to two matches. UAAP commissioner for basketball Jensen Ilagan reduced the punishment after reportedly Perasol profusedly apologized for his unsportsmanlike conduct during the Fighting Maroons’ loss to the Ateneo Blue Eagles in the first round of the men’s basketball tournament.

held in Manila next month as she carries the flag with full pride and honor in front of her countrymen.” Executive Secretary Salvador C. Medialdea also said in a text message to BusinessMirror that Yulo’s win is “the Philippines’s one of the proudest moments!” Nograles noted that Petecio’s victory could be attributed partly to the grassroots program in Davao City, particularly the Oplan Kamao boxing program that he spearheaded himself. Yulo is arriving at 4:30 p.m. while Petecio and company are expected at 6:45 p.m. With Bernadette Nicolas

Angara to file Senate resolutions congratulating world champions

Tour of Mindanao to usher MinSuPala Games TOUR of Mindanao will usher the MindanaoSulu-Palawan (MinSuPala) Games 2020, according to co-organizers Mindanao Development Authority (MinDA) and Philippine Sports Commission (PSC). MinDA chairman, Emmanuel Piñol, and PSC Chairman William Ramirez made the announcement during a second meeting with other stakeholders held over the weekend at The Pinnacle Hotel and Suites in Davao City. Piñol said came up with the idea as Malaysia, a

the fact that we as a nation can achieve excellence and greatness,” Nograles said in a statement. Presidential Spokesman and Chief Presidential Legal Counsel Salvador Panelo also commended the two athletes for bringing pride and honor to the country. “Our people are one in rejoicing Nesthy’s triumph after winning against her Russian opponent in the latter’s turf country. Indeed, it was a proud moment for Nesthy and the Philippines,” Panelo said referring to Petecio. “We expect Nesthy to shine even more in the coming Southeast Asian Games to be

Perasol was handed two technical fouls with 6:23 left in the third quarter of the contest as he displayed “continuous flagrant acts of aggression” towards Rivano. His action resulted in a three-game ban. Ilagan reminded members of the UAAP community to exert restraint and discipline, not just toward officials but to “everyone on the court.” “Mr. Perasol and every member of the UAAP are hereby reminded that any further unsportsmanlike acts on their part will be dealt with the full extent of the league,” said Ilagan.

or bringing honor to the country with their respective gold medal victories in two world events, Senator Sonny Angara is set to file two resolutions congratulating gymnast Carlos Edriel Yulo and boxer Nesthy Petecio. “Over the weekend, Carlos and Nesthy gave the entire nation two huge reasons to celebrate with their individual accomplishments in the fields of gymnastics and boxing. They have instilled so much pride in Philippine sports and served as inspiration to our athletes to excel in their respective fields,” Angara said. Yulo qualified for the 2020 Tokyo Olympics after his performance in the 49th Artistic Gymnastics World Championships at the Hanns Schleyer Halle

in Stuttgart, Germany. Last month, pole vaulter EJ Obiena also qualified for Tokyo 2020. “We now have at least two qualifiers for the Tokyo 2020 Olympics. With the way Yulo and Obiena have performed, we are all looking forward to seeing them compete with the best in the world in the quadrennial games,” Angara said. In the case Petecio, she took home the gold medal after beating hometown bet Liudmila Vorontsova in the featherweight division final of the 2019 Aiba Women’s World Boxing Championships last Sunday in Ulan-Ude, Russia. Petecio was just the second Filipina to win gold in the 2012 world championships in the featherweight division.

Villanueva bats for grassroots approach in sports development

HE victories of gymnast Carlos Yulo and boxer Nesthy Petecio over the weekend highlight the need for a grassroots approach in developing Filipino athletes which can be addressed by legislation pending in the Senate, according to Senator Joel Villanueva. In a statement, Villanueva explained that institutionalizing sports varsity teams in basic education and putting up the Philippine High School for Sports—proposals contained in Senate Bill 157 and 1086, respectively—should be the long-term solution in improving the performance of the country in international competitions. “There is no talent

shortage in our country when it comes to sports, as shown by Carlos and Nesthy in their respective events over the weekend,” said Villanueva, chairman of the Senate Committee on Higher, Technical and Vocational Education. “Talent is scattered everywhere in our 7,000 islands, and it is up to us in government to be able to find these people and cultivate their skills so they can carry on with our quest to deliver the country’s first Olympic gold in over 90 years since we first competed in the Games,” he said. “We believe that our talent bench runs deep. We are blessed with the wealth of talent,” he continued. “But the lack of organization in the grassroots level prevents our national sports associations from getting the athletes who can be trained to compete in the long term.”

Forum on boxing, water polo

OMEBACKING national boxing team member Charly Suarez and the national men’s water polo team will talk about their campaigns in the 30th Southeast Asian Games in Tuesday’s session of the Philippine Sportswriters Association (PSA) Forum at the Amelie Hotel-Manila. Suarez will be the first Filipino pro boxer who will compete in an international multi-sports event after he was named to the SEA Games team. He will be accompanied in the 10 a.m. session by coach and former national team member Delfin Boholst. Also appearing in the forum presented by San Miguel Corp., Braska Restaurant, Amelie Hotel and the Philippine Amusement and Gaming Corp. are some members of the water polo team that finished fifth in the Fina Water Polo Challengers’ Cup over the weekend in Singapore. The session is being livestreamed via the PSA Facebook page fb.com/PhilippineSportswritersAssociation and aired on a delayed basis over Radyo Pilipinas 2 from 1 to 2 p.m. and at 6:30 p.m.

BROWNLEE AT WORK Justin Brownlee shoots over

Dez Wells and Kelly Nabong on his way to scoring 28 points in Barangay Ginebra San Miguel’s 129-124 victory over San Miguel Beer on Sunday night in the Philippine Basketball Association Governors’ Cup at the Smart Araneta Coliseum.

THAI MAKES Sports GIANT STEP IN FORMULA 1 BusinessMirror

| Tuesday, October 15, 2019 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Born in London to a British father and a Thai mother, Alexander Albon races under the flag of Thailand. He is just the second Thai racer in F1 following Prince Bira, a member of the Thai Royal Family who raced in the early ‘50s.

By Jim Armstrong The Associated Press

UZUKA, Japan—Formula One has always had a solid following in Southeast Asia. Having Red Bull driver Alexander Albon performing, as well as he is will only add to the sport’s popularity in the region. Born in London to a British father and a Thai mother, Albon races under the flag of Thailand. He is just the second Thai racer in F1 following Prince Bira, a member of the Thai Royal Family who raced in the early ‘50s. Albon recorded a fourthplace finish in Sunday’s Japanese Grand Prix for his best result of the season, an indication that a podium finish is not too far off for the Thai driver. “Fourth is my F1 career best finish and this weekend has definitely felt like my best with the team,” Albon said. “Immediately from [the first practice] I felt comfortable with the car and the balance,

which is important for a track like Suzuka where you need a lot of confidence, especially on your first visit.” After making his 2019 Formula One debut with Toro Rosso at the Australian Grand Prix, Red Bull announced in August that Albon would replace Pierre Gasly in the senior team with the swap effective from the 2019 Belgian Grand Prix where Albon rose from 17th on the grid to finish fifth, a result he matched in Russia. “Obviously, it’s a big step, first year in Formula One and then being with the big team,” Albon said. “You’re with a team that has had a lot of previous success, world championships, as well. So it was a bit nerve-racking but the team has been good to me. The first four races have been pretty good but you always want a little more.” While in Japan, the 23-year-old spoke of his Thai heritage and the enormous support he felt on a recent trip to Thailand. “Obviously, Thailand doesn’t have a big motorsport background,” Albon said. “But it’s certainly getting bigger and to race under the Thai flag I feel like I’m representing the country but also Asia in some respects. I’ve gone to Thailand three times this year already and every time I go there I realize how big it’s getting.” After Sunday’s impressive showing in Suzuka, Albon is on 64 points and ranked eighth in the drivers’ standings. Albon started racing karts at a young age. He enjoyed success in karting between 2006 and 2010, including titles at the 2006 Super 1 Honda National Championship, 2009 Super 1 Honda National Championship and the 2010 European Championship. And he hopes for a chance to one day wave the Thai flag on the winner’s podium. “To show that Thailand can compete in the top level, would always be a dream of mine,” Albon said. “So we’ll see, but I’m not putting pressure on myself to say I need to finish in the top 3, I think that’s kind of the wrong way to approach it but hopefully I keep improving every race, and getting more comfortable with the car and by the end of the year, who knows?”

Alexander Albon records a fourthplace finish in Sunday’s Japanese Grand Prix for his best result of the season, an indication that a podium finish is not too far off for the Thai driver.

Mercedes’ Bottas wins Japanese Grand Prix S UZUKA, Japan—A blistering start from Valtteri Bottas from third on the grid helped the Finnish driver win the typhoon-hit Japanese Grand Prix as Mercedes wrapped up a sixth-consecutive Formula One constructors championship on Sunday. Bottas surged into the lead almost immediately, passing the Ferrari duo of Sebastian Vettel, who started from pole, and Charles Leclerc to take the early lead at the Suzuka Circuit. Seeking his third win of the season and first since Azerbaijan in April, Bottas managed a two-stop pit strategy to perfection to finish more than 10 seconds ahead of Vettel with Mercedes teammate and championship leader Lewis Hamilton taking third place. “Starting third is never easy here but there’s no point giving up,” Bottas said. “I had a really nice car and Sebastian had an issue, so it was good to get the lead. Really proud of the team, sixth title in a row is so impressive.” With Bottas holding a comfortable lead over the closing laps, there was a fierce battle for second place between Vettel and Hamilton. Hamilton made a desperate attempt to pass Vettel over the final two laps but was unable to pull ahead. But the podium finishes for Bottas and Hamilton ensured Mercedes won their sixth-consecutive constructors’ championship. Vettel started from pole position but got off to a bad start. Race stewards investigated the German driver over a potential jump-start but ruled that he didn’t. “The lights were on but it was my mistake,” Vettel said. “The Mercedes were difficult, they had more pace than us and Valtteri was flying.” There was contact between Leclerc and Red Bull driver Max Verstappen at Turn 2, and Verstappen was sent into a spin before being forced to retire early in the race. Bottas made his first pit stop from the lead on the 18th lap to switch to medium tires as Hamilton took the lead for the first time. With Hamilton on soft tires, Bottas had better pace on fresher rubber when he returned. Hamilton made his first pit stop on lap 22 and Bottas retook the lead. When he came back out, Hamilton was 20 seconds behind Bottas and questioned his team’s tire strategy over the radio. Bottas went in for his final pit stop on lap 37 and

emerged into some traffic in second place behind Hamilton, who pitted with 10 laps remaining. Bottas then held on for his first victory in Japan to slightly narrow Hamilton’s commanding championship lead to 64 points with four races left. Organizers canceled Saturday’s qualifying session with Typhoon Hagibis set to hit Japan’s main island. Vettel led Ferrari teammate Leclerc in morning qualifying to secure the front row for Ferrari. Qualifying at Suzuka was also moved to Sunday morning as a result of bad weather in 2004 and 2010. Red Bull driver Alexander Albon, who has impressed since his promotion from Toro Rosso to the senior team Valtteri Bottas tops the typhoon-hit race. AP

in August, finished a season-high fourth while McLaren’s Carlos Sainz Jr. was fifth—initially ahead of Leclerc. Renault driver Daniel Ricciardo was a lowly 16th in the morning qualifying but the Australian converted that to an impressive seventh-place finish ahead of Toro Rosso’s Pierre Gasly. Sergio Perez of Racing Point was ninth while the second Renault of Nico Hulkenberg rounded out the top 10. But Leclerc was later demoted to seventh—and Ricciardo moved up to sixth—following the post-race investigation into his first-lap crash with Verstappen. The stewards initially decided to take no action against the Ferrari driver before changing their minds. AP

Lanto Griffin cries as he squats and rests his head on his putter after winning the Houston Open. AP

Griffin saves par on last hole to win Houston Open H

UMBLE, Texas—Six feet away from his first Professional Golfers’ Association(PGA) Tour victory, Lanto Griffin never felt calmer. It was only after his par putt fell into the middle of the cup Sunday in the Houston Open that the 31-year-old Griffin struggle to contain so many emotions. He describes his parents as hippies, and his childhood as flush with fun and love, short on cash. His father, who bought him a starter set of clubs even though no one in the family ever played golf, died when Griffin was 12. A local pro in Virginia, Steve Prater, gave him an honorary membership when Griffin’s father died and continues as a coach and mentor. “This is going to be a week that I’ll never, never forget—regardless what happens the rest of my career,” Griffin said. “I feel very fortunate beyond words.” Locked in a tight race on the back nine, Griffin took the lead with a 35-foot birdie putt on the 16th hole, and then won with that 6-footer for par, which gave him a threeunder 69 and a oneshot victory over Mark Hubbard and Scott Harrington.

All three were on the Korn Ferry Tour last year. None had ever won on the PGA Tour. The victory sends Griffin to the Masters and the PGA Championship, gives him a two-year exemption and forces him to come up with a fresh set of goals for the rest of the year. Except for statistics that take a season to complete, he ticked off most of them in Houston. He won. He played in a final group. He wanted to play in two majors. “I’ll check whatever I have off there and reevaluate after this week,” Griffin said. Hubbard had the lead until he missed his only fairway

of the final round on the par-five 15th, into the high grass of a hazard. He was able to chop out across the fairway into more thick grass, hit his third into a fairway bunker and missed an 8-foot par putt. Harrington, who took 16 years to reach the PGA Tour and gave up a year to stay with his wife as she battled cancer, birdied the 15th with a two-putt from 10 feet, hit his tee shot to 3 feet for birdie on the 16th and was tied for the lead until a three-putt from 45 feet up the ridge on the 17th hole. Harrington missed a 15-foot birdie putt on the 18th and shot 67. Hubbard had one last chance with a bold tee shot on the 18th, one of the toughest driving holes on the PGA Tour with water down the left side and a large bunker to the right. That set him up with a short iron to 25 feet, but his putt to at least force a playoff stayed left. Hubbard closed with a 69. Griffin played away from the water on the 18th, knowing he could handle any shot from there because the pin was to the left. His approach was just on the green, 60 feet away, and it rolled 6 feet by. When he made the winner, he dropped his putter and raised both arms before covering his head. “Just a childhood dream. That’s what we all play for,” he said. He thought about the Masters and Maui, where the year starts for PGA Tour winners, the FedEx Cup playoffs. It was a lot to take in. “It’s mind-boggling,” he said. “Just didn’t seem like it would ever happen, but, at the same time, I believe in myself and I was extremely calm out there today. Just bizarre.” Griffin won on the Korn Ferry Tour last year and in 2017. He also won in Uruguay on the PGA Tour Latinoamerica in 2015 when he was trying to make his way to the big leagues. His birdie on the 16th was his first since the eighth hole, and while Griffin missed birdie chances on both par 5s on the back nine, he also converted a 6-foot par save on the 14th hole and two-putted up a ridge on the 17th, making a four-footer for par. Griffin finished at 14-under 274 and moved to the top of the FedEx Cup as the PGA Tour heads to Asia for three weeks of big purses and limited fields with no cuts. But first, a celebration that Griffin feels was a long time coming. His phone showed 447 text messages, and Griffin planned to get to all of them. He looked again, it was at 457. “We’re moving up,” he said. “Big thanks to everybody that supports me back home. Man, it’s going to be fun celebrating with everybody.” AP

My heart is ready, oh God

EAR God, my heart is ready. I will sing, I will sing Your praise. Awake, my soul; awake, oh lyre and harp. I will wake the dawn. I will praise You, Lord, among the peoples; I will sing psalms to You among the nations, for Your faithful love is higher than the heavens, and Your truth reaches the skies. Be exalted, oh God, above the heavens; may Your glory shine on all the Earth! With Your right hand, grant salvation and give answer; oh come and deliver Your friends. Psalm 108: 2-7. And I will praise You forever, Lord. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

Editor: Gerard S. Ramos • lifestylebusinessmirror@gmail.com

❶ CRATE &

Barrel’s Green Pine Tree Candles give a fresh look to traditional Christmas colors.

Life

CIRCLES: 10TH, FINAL RUN OF WSK FESTIVAL OF THE RECENTLY POSSIBLE OPENS TODAY D4

BusinessMirror

Tuesday, October 15, 2019

❷ A CHERRY

red glossy glaze brings out the textured finish and clean, modern look of these stately, stoneware Cerise pillar candle holders. Pair the two sizes together for a multitiered look.

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Gold and White Coral Clusters add sea-inspired sparkle to the holiday tree or centerpiece. Made of virtually unbreakable plastic, this delicate-looking ball lasts year after year.

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ENTERTAIN in style with these Christmas Tree Divided Serving Bowls. Three angular porcelain bowls glazed in green assemble on a Christmas tree-shaped wood tray to serve dips, chips, Christmas cookies and cocktail snacks.

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trees composed of dynamic brushstrokes layer a dreamy forest on these snowy stoneware Winter Forest Plates. Simple yet evocative, the cream and deep green plate coordinates well with modern dinnerware and holiday décor.

LIT from within, these Mercury Glass Trees bedazzle with mirror-like shine and a mesmerizing mottled glow. Clustered together, these handcrafted trees create an enchanted forest on the mantel or as a beguiling centerpiece on the holiday table.

GOLD, pewter and blush Glitter Glass Finial Ornaments are gracefully tapered at both ends, and evoke an old-fashioned Christmas. Embellished with perfectly imperfect stripes of glitter, these bring major sparkle and shine to holiday décor and give a dramatic presence to your Christmas tree.

A HOLIDAY favorite, these Crate & Barrel tree-shaped candles are beautifully detailed in winter white. Available in three sizes, candles group together to create a forest of flickering candlelight.

Come home to Christmas O F COURSE, there will be The Grinch among the circle of friends we keep, but don’t let them keep you from jumping into the spirit of Christmas early. The industry’s leading premium home furnishings specialty retailer, known for its exclusive designs, excellent value and superb customer service, Crate & Barrel makes your home merry this season with its Holiday 2019 collection. As serene as the first snowfall. Twinkling lights, lush evergreens and simple silhouettes welcome one and all. Absolutely adorable, impeccably classic and Chistmasy cool, ornaments and accessories we adore at Crate & Barrel are here and totally tree-ready. Be a stylish holiday host and bring your A-game to the party. Use seasonal tableware to celebrate the season and have a memorable holiday entertaining moments. Crate & Barrel suggests three exciting ways to bring Christmas to your home:

■ RED+GREEN HOME. Modern holiday pieces with elements of glazed ceramic, embroidery and clear glass in classic red and green colors. Decorations are founded on year-over-year tradition that never fails to bring joy to children and guests. ■ NORDIC HOME. Simple, clean and uncluttered with effortless style, while still remaining warm and cozy. This holiday home is calming with only green as the accent color. Glowing warmth comes from twinkling lights and candlelight. ■ METALLIC HOME. Perfect for the modern home and for small spaces, this look is not overdecorated or fussy. It showcases a unique look that is not overtly in-your-face. A few key, well-placed pieces of décor in unique glazes, updated mercury glass, textured glass and lacquer do the trick. Entertaining style is refined but not complicated, guests feel special yet at ease. The Crate & Barrel Holiday 2019 collection is available at Crate & Barrel stores located in SM Aura Premier, SM Makati and SM Mega Fashion Hall. ■

THIS Gold Glitter 3D Star Tree Topper radiates a starburst of glittering gold as an eye-catching flourish to the holiday tree.

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To keep enjoying your garden’s flowers, consider drying them BY DEAN FOSDICK The Associated Press CUT flowers have an intense but brief vase life, lasting generally about a week. Yet, they can be preserved as attractive and long-lasting arrangements when properly dried and displayed. Air drying is the simplest and cheapest way to go about it, but other methods may be better for locking in the flowers’ colors. People often use drying agents or desiccants that include one or more mixtures of sand, activated charcoal, glycerin, gels, borax, sawdust and cornstarch. Others dry plants using dehydrators, and microwave and standard ovens.

Most common, though, is simply hanging the plants upside down by their stems in a dark, dry room. Hanging keeps the stems straight. The warmer the space, the faster the plants dry. Adding a fan helps speed things along. “Testing with a few flowers and different drying times may be necessary, however,” said Cindy Haynes, an associate professor of horticulture with Iowa State University Extension and Outreach. Silica sand, when used for preserving flowers, tends to be better at retaining their natural colors, but no single process works for all plants, Haynes said. When using this method, the entire flower head is normally submerged or covered in a box of the silica sand or gel.

“This is often used for delicate flowers that don’t respond well to air drying or for flowers for crafts that don’t need the stems,” Haynes added. Blooms with a low moisture content, pine cones, seed heads, foliage, grains and grasses are the most popular choices for centerpieces or special occasion use (think wintertime weddings or fragrant Valentine nosegays). Combining their different colors, sizes, shapes and textures results in the best displays. Certain flowers like globe amaranth, strawflower and celosia have petals that are partially dry at bloom so they dry quickly and retain their shape well during and after the drying process, Haynes said. “These species and several grasses

and grains are often listed on ‘flowers for drying’ lists,” she said. “Other, more succulent flowers, are less successful as dried flowers.” Dried flowers usually are arranged into bouquets, but there are many other applications. Dried plants can be used for cooking (cakes, teas), bathing, paired with cleaning products (delightful scents), attached to homemade cards and parchment paper, and made into dyes, gifts, wreaths, or sachets and potpourri. Some generic tips for drying flowers: ■ Harvest in the cool of the morning, but after the dew evaporates. That prevents mold from developing. ■ Flowers that are cut for drying

should be almost fully bloomed, according to horticulturists with Johnny’s Selected Seeds in Winslow, Maine. “In the weeks when they are drying, the flowers will continue to open,” they said in a fact sheet. ■ Remove all foliage from the stems, and do it while in the field. Leaves are unsightly when dried. ■ Collect more than you think you’ll need, to account for breakage while handling. Dried flowers are fragile. “Most flowers are dry after two weeks of air drying and they will be dry to the touch,” Haynes said in an e-mail. “In the dried state [and kept out of direct sunlight], they will retain their color and not change much over time.”

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‘This Tender Land’ is an affecting story about growing up By Oline H. Cogdill The Associated Press

TRANDS of the adventures of Huck Finn and Tom Sawyer on the Mississippi River echo throughout William Kent Krueger’s lyrical, compassionate This Tender Land (Atria Books), in which four children try to escape their brutal life by taking a canoe down the Minnesota River. Best known for his series about private investigator Cork O’Connor, Krueger delves deep into his second stand-alone novel for an affecting story about growing up and overcoming a childhood filled with neglect, abuse and racism during the Depression. This Tender Land opens in 1932 when narrator Odysseus “Odie” O’Banion and his brother Albert endure a constant barrage of brutal treatment at the Lincoln Indian Training School in Minnesota where they were sent after their bootlegger father was murdered. The brothers stand out as the only white children among the Native Americans at the school where Odie is the rebel while Albert tries to go by the rules. Their closest friends are Mose, a teenage Sioux whose tongue was cut off when he was a child, and Emmy, a bright little girl whose mother is a teacher at the school. Emmy’s mother and an ethical janitor are the only adults at the school who are kind to all the children. Fed up with the abuse and trying to escape the aftermath of a fatal incident, the four set out on the canoe on the Gilead River that will connect to the Minnesota River. They plan to eventually make their way onto the Mississippi River with their final goal being Saint Louis.

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Vanessa Marcil, 51; Emeril Lagasse, 60; Sarah Ferguson, 60; Penny Marshall, 76, Paul Logan, 45. Happy Birthday: Look at the possibilities. Refuse to let negativity slow you down. Concentrate on being proactive and doing whatever you can to make your surroundings conducive to productivity. Listen to those with experience, but don’t succumb to pressure and forgo your plans and what you really want to do because of what others say or demand. Do your own thing. Your lucky numbers are 3, 12, 22, 29, 38, 45, 47.

There, the brothers hope their Aunt Julia, whom they have only seen a few times, will take them all in. But the trip is fraught with peril—from the rivers themselves and from the law. Newspaper accounts maintain that Emmy was kidnapped and law enforcement officers up and down the river are on the lookout for them, as are the cruel owners of the school. Except for the naive Emmy, the children have learned not to trust adults and, for the most part, that is reinforced on the trip. Along the way, they are held captive by a mad farmer who treats them as quasifamily and indentured servants, visit homeless camps and meet train-hopping hobos. But they also find unexpected kindness from a family in a shantytown, ghettoized Jews, a boarding house owner who offers room and food to anyone, and a faith healer who offers them a temporary home. In This Tender Land, Krueger keeps the tension high as danger lurks on each turn of the river, as well as illustrating how the trip tests the friends’ bond, especially the relationship of the brothers. The children will have to grow up and overcome their hardships before they can understand one character’s love of the land. Hard work is “good work because it’s a part of what connects us to this land. This beautiful, tender land,” says a farmer surveying his acres. Krueger’s Cork O’Connor Series have earned the author several awards and his stand-alone Ordinary Grace won numerous awards including the Edgar and Anthony for best novel. This Tender Land should earn Krueger more accolades. n

ARIES (March 21-April 19): Stick to the people you know and trust. Being a team player will help you overcome any challenges that come your way. Change begins within, but a group effort adds strength and a better chance to reach your goal. HH

TAURUS (April 20-May 20): Consider what you want and how to proceed. Don’t let anger be your motivator. Follow through for the right reason; you will get the most out of the changes you make. Personal improvements and romance are favored. HHHHH

GEMINI (May 21-June 20): Consider what you know to be true and false. Look for compromise when dealing with people who are confused or inconsistent. Don’t give anyone reason to interfere in your affairs. HHH

CANCER (June 21-July 22): A new or different approach when dealing with youngsters, seniors or anyone in between will help you get your way. It’s how you go about getting others to see things your way that will make the difference. HHH

LEO (July 23-Aug. 22): Pick up the pace and take care of your responsibilities before someone complains. Don’t expect everyone to agree with you or to lend a helping hand. Avoid excessive behavior and unrealistic demands. Moderation is your best option. HHH

VIRGO (Aug. 23-Sept. 22): Take the plunge and forge ahead with confidence. You can bring about positive change and impress onlookers with your fortitude, intelligence and common sense. Personal growth will lead to options you hadn’t considered in the past. HHHHH

LIBRA (Sept. 23-Oct. 22): Don’t wait for someone else to do things for you. Take the initiative and you’ll get things done your way. A change to the way you live or your income will need to be handled carefully. HH

SCORPIO (Oct. 23-Nov. 21): You need to get out more. Engage in events that offer knowledge, interaction and keep you current with the latest technology. Rub shoulders with people who share your interests. Put your energy into advancement, not anger. HHHH

‘19th Christmas’ a good fit for mysteries and chick-lit fans By Samantha Critchell The Associated Press James Patterson’s newest book, written with Maxine Paetro, is like the socks your favorite aunt gave you a few years ago in your Christmas stocking. The 19th Christmas (Little, Brown and Co.) is comfort underneath its cover. Sticking with the fuzzy socks analogy, this book is a good fit for fans of mysteries and chick-lit. It’s not high gloss or terribly stylish (definitely not Instagram worthy), but on those nights when you need a reliable companion, there’s nothing that you crave more. Balancing her family and her job at the San Francisco Police Department, Sgt.

Lindsay Boxer tries to have it all for the holidays. She’s running from a serious crime scene—a cop was shot and the suspect is dead—to tree-trimming with her toddler. But this is, at its core, a feel-good novel, even with its blood, guts and bodies piling up. There’s no way the criminal mastermind, known only as “Loman,” is going to ruin that. Oh, he tries: Loman has sacrificial “friends,” a plot to assume a new identity with a hefty offshore bank and an almost entirely frozen heart. It turns out, though, he has a soft spot for his wife. Christmas is her birthday, and when he screws up his own greedy plan, he can’t let her take the fall. He would let the snitches on his payroll

do that, even his longtime associate (Dare we call him a “friend”?). He wasn’t going to let his “Bunny” rot in her orange jail jumpsuit, though. Interestingly, Bunny—a.k.a. Imogene— is probably the most complex character in the book. She thinks she’s the housewife of a middle-class jewelry salesman, not a criminal mastermind. When she finds out otherwise, she doesn’t take it well. Neither does the heroine Lindsay, of course. But she’s gotten a little hard around the edges and isn’t so sure of her priorities. It’s a good thing she has her posse, including friends in the district attorney and medical examiner offices, and an investigative reporter—and a great New Year’s Eve around the corner.

SAGITTARIUS (Nov. 22-Dec. 21): Keep plugging away until your responsibilities are taken care of. If you linger too long over something that doesn’t really matter, someone you need will withdraw the help that was offered. HHH

CAPRICORN (Dec. 22-Jan. 19): The personal and professional changes you make will lead to some interesting days ahead. Keep a close watch over how others perform, and learn from what you observe. Progress will be accomplished, and your reputation will get a boost. HHH

AQUARIUS (Jan. 20-Feb. 18): Listen, observe and evaluate, but don’t follow someone’s lead based on hearsay or peer pressure. Times have changed, and you’ll be led down a very different path if you aren’t careful. Inconsistency and indulgence are best avoided. HHH

PISCES (Feb. 19-March 20): Line up your allies and prepare them for the plans you are trying to put into play. Don’t fear taking a position of leadership or looking out for your best interests. HHHH Birthday Baby: You are ambitious, energetic and changeable. You are original and insightful.

‘glued together’ by jordan hildebrandt The Universal Crossword/Edited by David Steinberg

ACROSS 1 Tear’s rhyming partner 5 Top of a thermometer, at a fundraiser 9 Haunted house success 14 Hawaiian dance 15 Disney snow queen 16 Piccata morsel 17 Pakistan neighbor 18 “It’s time, team!” (see letters 5-7) 20 DoorDash lists 22 Has eyes for 23 Played Double Dutch, say (letters 7-10) 26 Spanish for “river” 29 “___ queen!” 30 Name that anagrams to “lei” 31 Tough situation 32 Mononymous Tejano singer 35 27-Down’s capital 36 “Honey, I need some help...” (letters 9-12) 40 Company with briefs briefings 41 Certain radio frequency range 42 ___ out a living (scraped by)

3 Glassblowing, e.g. 4 44 Noted pitier of fools 47 PreCheck org. 48 Namesake of Harry and Ginny’s firstborn son (letters 5-8) 53 Dude in the Navy 55 Gentle urging 56 Stuff-y mall franchise? (letters 5-7) 60 Bank offering 61 ___ fraiche 62 Give off, as particles 63 No longer on the market 64 Bankrupt energy company 65 Grecian instrument 66 Iowa State city DOWN 1 Fancifulness 2 “I’ve got it!” 3 “Ironic” singer Morissette 4 Increased excessively, as a score 5 Insole material 6 Cheer for a bullfighter 7 Up and at ‘em 8 Wonder Woman’s tool 9 British pastry

10 League of Women Voters founder Carrie Chapman ___ 11 Spout adages 12 Camping gear chain 13 Hosp. parts 19 Quick swim 21 Drives too fast 24 ___ May Clampett 25 Succumb to, as embarrassment 27 Ancient Peruvian 28 Bad smell 31 Melville’s Billy 32 Snow vehicle 33 ___ Lock (computer key) 34 Palestinian president 35 Division of Switzerland 36 Spark, as an appetite 37 Acorn sources 38 More anxious 39 Wyatt or Wynonna 44 Forge for the One Ring, briefly 45 Entertain lavishly 46 Fashion fads 48 The Pursuit of Happyness star Smith 49 MD’s org.

0 Dipper’s twin on Gravity Falls 5 51 Foe 52 Oklahoma city 54 Ticklish Muppet 56 Abbr. for ancient dates 57 Big decaf container 58 It’s about 78 percent nitrogen 59 GPS path Solution to yesterday’s puzzle:

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Tuesday, October 15, 2019

THE ambitious, star-driven Gemini Man, the visual effects-heavy Ang Lee film about an assassin on the run from a younger version of himself (both played by Will Smith using stateof-the-art de-aging technology) opened in third place with only $20.5 million, a debut that is worse than Smith’s disastrous After Earth.

ACCLAIMED director Martin Scorsese (center) with his The Irishman stars Robert de Niro (left) and Al Pacino

Scorsese says he’s open-minded about Netflix film revolution LONDON—Martin Scorsese said on Sunday he’s keeping an open mind about the cinema “revolution” sparked by the rise of video-streaming services, as his Netflix-backed mafia epic The Irishman closed the London Film Festival. The director said the rise of streaming platforms was “an even bigger revolution than sound brought to cinema” because it “opens up the original conception of what a film is” and how it should be seen. Scorsese told reporters he thought it was still important that movies be experienced communally. “Homes are becoming theaters too but it’s a major change and I think one has to keep an open mind,” he said. The Irishman—about the reflections of a former Jimmy Hoffa associate and hitman—is due to have a theatrical run on November 1 before its November 27 release on Netflix. Scorsese took the project to Netflix after other studios turned it down, partly due to its length and the expensive de-aging digital effects used to make stars Robert de Niro, Al Pacino and Joe Pesci appear decades younger. Scorsese said the CGI effects, which have come in for some criticism, were simply “an evolution of makeup.” “You accept certain norms in makeup—you know he’s not that old, she’s not that young,” he said. “You accept the illusion.” AP

‘Joker’ tops box office again, beats ‘Addams Family’

L ‘CATS’ musical gets sponsorship from RCBC Bankard

RCBC Bankard sponsors Andrew Lloyd Webber’s well-loved musical Cats. Cardholders get the exclusive privilege of enjoying up to 15 percent on show tickets, which can be availed at Ticketworld outlets and online until November 3. The musical opens on November 6 at The Theatre at Solaire. Present during the press conference were (from left) RCBC Bankard Marketing Program Manager Nelson Lumbres, GMG Productions CEO Carlos Candal, awardwinning theater actress Joanna Ampil, who will play the role of Grizabella; RCBC Bankard First Vice President and Marketing Group Head Ma. Angela Mirasol, and Ticketworld CEO Robert Sewell.

By Lindsey Bahr The Associated Press

OS ANGELES—The first weekend was no fluke: Joker is a hit. The R-rated comic book villain origin story had a phenomenal second weekend at the box office, topping the charts once more over newcomers, such as the animated The Addams Family and the Will Smith action pic Gemini Man. Warner Bros. said on Sunday that Joker added an estimated $55 million from North American theaters this weekend, bringing its domestic total to $192.7 million. Not only are the pure grosses impressive, but Joker also dropped only 43 percent from its recordbreaking debut. For comic book films, which are often front-loaded and regularly see second weekend falls that are over 50 percent, it’s a notably small dip. It’s also a slightly lower drop than Wonder Woman and Black Panther— both of which had higher initial openings and went on to have long lives in theaters. “These are incredible numbers and really reflect how interested and excited people were,” said Paul Dergarabedian, senior media analyst for comScore. The film had a roller-coaster ride to release, with highs like winning the top prize at the Venice Film Festival, and lows when concerns about the film inciting violence made headlines and prompted increased security at many theaters across the

Movie dates at CCP Arthouse Cinema HAVE your movie dates at the CCP Arthouse Cinema with its free film screenings on all Thursdays and Saturdays of October. All screenings will be at the Tanghalang Manuel Conde (CCP Dream Theater). If you missed some of the Cinemalaya films, this is your chance to catch them. The CCP Arthouse Cinema ushers in the “15@100 Cinemalaya Wave” program, which acknowledges the contributions of Cinemalaya to the 100 years of Philippine cinema. Shown on October 10 were Cinemalaya 2019 winning short feature films ‘Wag Mo Akong Kausapin by Josef Gacutan, Kontrolado ni Girly ang Buhay N’ya by Gilb Baldoza, Sa Among Agwat by Don Senoc, Heist School by Julius Renomeron Jr. and Disconnection Notice by Glenn Lowell Averia. Don’t miss the much-talked about Cinemalaya full-length film John Denver Trending by Arden Rod Condez. The Cinemalaya 2019 Best Film is about a

teenage boy whose life is suddenly turned upside down when a video of him brutally attacking a classmate goes viral. Celebrating LGBT History Month, the movie day on October 17 starts with the screening of Cinemalaya 2005 Special Jury Prize winner Ang Pagdadalaga ni Maximo Oliveros by Auraeus Solito at 2 pm, followed by Cinemalaya 2013 Best Screenplay winner Quick Change by Eduardo Roy Jr. Ang Pagdadalaga ni Maximo Oliveros is a coming of-age film about a gay teen who is torn between his love for a young cop and his loyalty to his family; while Quick Change explores the transgender community in Manila. All screenings are open to the public. More information about these and other titles showing at CCP Arthouse Cinema is available at www. culturalcenter.gov.ph.

country. But audiences have spoken with their dollars and “were not going to be deterred,” Dergarabedian said. “It shows that content wins. A great movie will rise above all the noise over whatever controversy or security concerns there were,” he added. “You’re totally left out of the water cooler conversation if you haven’t seen Joker.” Internationally, Joker added $123.7 million from 79 markets, bringing its global total to $543.9 million after just 12 days in theaters. Joker’s second weekend success played well, alongside the counterprogramming of the kidfriendly Addams Family, which exceeded expectations and came in a strong second with $30.3 million. United Artists Releasing distributed the film from MGM and BRON Creative that features the voices of Oscar Isaac, Charlize Theron and Bette Midler. The Addams Family defied middling reviews (43 percent on Rotten Tomatoes) and benefited from a marketplace with relatively few family-friendly options in theaters right now, aside from Abominable which is now in its third weekend. The ambitious, star-driven Gemini Man was not so lucky. The visual effects-heavy Ang Lee film about an assassin on the run from a younger version of himself (both played by Smith using state-of-the-art de-aging technology) opened in third place with only $20.5 million. Even Smith’s disastrous After Earth had a better debut ($27.5 million). Reviews were overwhelmingly poor (it’s currently at 26 percent on Rotten Tomatoes), but Gemini Man also had the Joker factor to contend with, which may have contributed to the disappointing opening, according to Dergarabedian. Gemini Man was not a cheap endeavor either. The film from Paramount and Skydance cost a reported $140 million to make after rebates and will have a difficult time breaking even. Rounding out the top 5 were Abominable, with $6.2 million, and Downton Abbey, with $4.9 million. In limited release, Bong Joon-ho’s Parasite had an extraordinary weekend, earning $376,264 from only three locations. Its $125,421 per theater average is a record for 2019. “It’s amazing how well [Parasite]

did. It’s one of the biggest stories of the weekend,” Dergarabedian said. “That per theater average means that those movie theaters were full. The demand far outweighed the supply.” Neon is distributing the class-conscious Korean thriller, which won the Palme d’Or at the Cannes Film Festival earlier this year and is already a massive hit internationally, with over $70.9 million from South Korea alone. With near-unanimous rave reviews, Parasite is also expected to be an awards contender and will be expanding in North America in the coming weeks. Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to comScore. Where available, the latest international numbers for Friday through Sunday are also included. 1. Joker, $55 million ($123.7 million international) 2. The Addams Family, $30.3 million 3. Gemini Man, $20.5 million ($31.1 million international) 4. Abominable, $6.2 million ($15 million international) 5. Downton Abbey, $4.9 million ($4.1 million international) 6. Hustlers, $3.9 million ($3.9 million international) 7. Judy, $3.3 million ($1.6 million international) 8. It Chapter Two, $3.2 million ($2.3 million international) 9. Jexi, $3.1 million 10. Ad Astra, $1.9 million ($2.9 million international). Estimated ticket sales for Friday through Sunday at international theaters (excluding the US and Canada), according to comScore: 1. Joker, $123.7 million 2. The Captain, $33.4 million 3. Gemini Man, $31.1 million 4. My People, My Country, $23 million 5. Abominable, $15 million 6. The Climbers, $11 million 7. Downton Abbey, $4.1 million 8. Hustlers, $3.9 million 9. The Most Ordinary Romance, $3.7 million 10. The Angry Birds Movie 2, $3 million.

Ang Pagdadalaga ni Maximo Oliveros by Auraeus Solito

Art

BusinessMirror

Tuesday, October 15, 2019

An ode to Banaue THEY say a picture is worth a thousand words—a captured moment can evoke feelings and a photo of a cherished destination can bring back treasured memories. On view until December 1, find time to see the beauty of Banaue in a different light, through the magic eye of renowned photographer John K. Chua, in Falling in Love with Banaue and Beyond, a photo exhibition at the Fo Guang Yuan Manila Art Gallery. From breathtaking photos of the Banaue Rice Terraces to moving portraits of the locals, the exhibit showcases pictures of family and community living, rituals and practices, as well as ethnic games taken by the photographer from 1970 to 2015. The late Chua was one of most respected photographers in the country known for his technical expertise and taking on challenging photo shoots. For more than four decades, he worked with different clients, shot a variety of subjects, and cemented his place as a top-notch architectural, commercial and advertising photographer. An adopted son of Banaue, Chua devoted his life to documenting Ifugao culture and teaching photography to kids battling cancer, as well as to children with autism. The award-winning advertising photographer was also an advocate for people with disabilities. He organized “Photography with a Difference,” among many other initiatives, and taught photography to the visually impaired through the “Photography Beyond Sight” program. Falling in Love with Banaue and Beyond is organized by the Fo Guang Shan Mabuhay Temple in partnership with the Fo Guang Yuan Manila Art Gallery. The gallery is located at 656 P. Ocampo Street, Malate Manila, and is open from Tuesday to Sunday, 10 am to 5 pm.

THE late master photographer John K. Chua with Ifugao tribesmen

VENICE COURT TEMPORARILY BLOCKS DA VINCI LOAN TO LOUVRE MILAN—An administrative court in Venice decided Tuesday to temporarily suspend the loan of Leonardo da Vinci’s Vitruvian Man to the Louvre in Paris for an exhibition that is set to open later this month. The move followed a request by the nonprofit group Italia Nostra, which has been protesting the loan of the famed drawing by the Renaissance master from Venice’s Accademia Gallery. A final decision is set for October 16, just days before the exhibition marking the 500th anniversary of Leonardo’s death is set to open at the Louvre on October 24. Italia Nostra, which campaigns for the protection of Italy’s cultural treasures, argued that such a “precious and fragile” masterpiece should not leave Italy. The Culture Ministry called the decision “incomprehensible.” Culture Minister Dario Franceschini signed a memorandum in September securing the loan in exchange for a work by Raphael for an exhibition marking the 500th anniversary of his death next year in Rome. The Vitruvian Man, Leonardo’s famed study of human proportions, is normally kept out of public view in climate-controlled conditions, but was exhibited at the Accademia Gallery from April through July as part of events marking the anniversary of his death. AP

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10th, final run of WSK Festival of the Recently Possible opens today CIRCLES JT NISAY

jtnisay@gmail.com

HE longest-running arts and technology festival in the Philippines concludes its decade-long run with manifold events in multiple locations across Metro Manila, starting today, October 15, until October 28. WSK Festival of the Recently Possible—or WSK, pronounced as wasak, the Filipino word for “shatter”— is dedicated to contemporary electronic, digital and experimental art; a “haven for unorthodox music tastes.” The festival is inspired by the motto “Art is not a mirror, it is a hammer,” and targets to blur, deconstruct, and reimagine the preconceived notions of how art, culture and technology diverge, merge, and work together. “We want to create a space of non-ordinary reality and transport the audience there,” WSK Founder Tengal Drilon said. “Art does that, and music is one of the mediums.” WSK was launched in 2010 as Fete de la Wasaque, a parody of the annual music festival of French tradition, Fete de la Musique. The event eventually found its own identity and crowd, and in 2013, was rebranded into its current form that presents a series of concerts, residencies, hacklabs, exhibitions, workshops, forums and open art science projects. Organized by Sabaw Media Art Kitchen, a not-forprofit artist-run initiative committed to curatorial and research-based production toward the imminent intersections of art and technology, the festival

primarily runs on a Do-It-Yourself and Do-It-Together ethic, and is mostly self-funded, with partial funding support from cultural organizations, such as the Japan Foundation Asia Center under the Grant Program for Promotion of Cultural Collaboration. This year, WSK X brings wider global collaboration through a joint program with Nusasonic, a creative collaboration between likeminded organizations across the globe. The multiyear project is designed to support artists in their practice, strengthen local networks, encourage cross-border and intercultural cooperation, and contribute to broadening the understanding of contemporary sound practices, not only within the Southeast Asian region but also with Europe. “Bridging aural cultures across Europe and Southeast Asia in one huge festival is impossible to do alone,” Drilon said. “WSK has been doing various cultural initiatives for a decade now, but with the help of our network from Nusasonic, we can do more ambitious projects from this year and beyond.” Behind Nusasonic are Yes No Klub from Yogyakarta, WSK Festival of The Recently Possible from Manila, Playfreely/BlackKaji from Singapore, and CTM Festival from Berlin. The project is an initiative of Goethe-Institut Southeast Asia. “I am excited to see how people will resonate with the international contributions,” Dr. Ulrich Nowak, director and head of Cultural Programs for GoetheInstitut Southeast Asia, said during the WSK X press conference at Arete in Ateneo de Manila University. Aside from discussing the particulars of the upcoming festival, a couple of experimental music performances and a workshop were also presented during the media event. One German student who is on a two-month residency in the Philippines, performed with a tinkered telephone that played sonic waves and feedback noises. There was an immersive sound workshop as well that welcomed guests to toy with a makeshift sound table, which consisted of everyday

items, including bowls, chopsticks, door-stopper spring, screw driver and a ruler. WSK X kicks off today with Stay: Sine Wave Orchestra Exhibition, an interactive sound exhibition by Sine Wave Orchestra from Japan. Stay welcomes guests to interact with different sound devices in the space, making them the artist of the show. The event takes place at Arete, and is open to the public. Drilon said WSK X is divided into two parts. The first half deals more with education programs, such as workshops, public talks and symposiums. One of these is MusicMakers Hacklab, wherein practitioners create, play and find new ways of exploring the current and future potentials that lie in interfacing music with technology and other fields of practice. The event runs from October 16 to 23. Meanwhile, the second half of WSK X focuses on concerts, outdoor performances, club nights, collaboration and special programs. Among these is Floaters Stage, happening on October 26. The event rolls out simultaneous street performances on the streets of Poblacion in Makati City. According to Drilon, this year’s WSK Festival may be its final iteration. In pursuit of presenting “meaningful experiences,” he said they want to end the decade with the familiar festival format and move forward with something that’s different. “In the face of biennales and huge art spectacles, we always ask if our festival still engages people in a meaningful way,” he said. “We’re thinking maybe we should change the format, while still continuing international-based exchanges. We still don’t know the answer, but we definitely seek more lasting social impact in our programming.” Drilon, however, made it clear that the goal for WSK is to continue: “We’re shifting to the more educational aspect and the active engagements. Our workshops and hacklabs are the highlight because it is where the public can learn and engage in an equal level, even allowing their art to be presented for the first time.” ■

EGG FIASCO, Bike Accident, acrylic on canvas, 36 x 36 inches, 2019

MAI SAPORSANTOS, Fortune Favors the Brave, acrylic on canvas, 30 x 36 inches, 2019

‘COSMIC PRIMITIVES,’ ‘FORTUNE FAVORS THE BRAVE’ AT ARTERY ART SPACE Artery Art Space presents Cosmic Primitives, featuring works by Kirk Dijamco, Beejay Esber, Egg Fiasco and Romeo Lee, gathering forces from the wild far-out reaches of the eye and mind, trance and terror beat along the electronic vibe, harnessing visions of time tossed along the coast of reason fragmented and transfigured, with expressive creation calculated

by the precision of computers, a reflection of primal essences filtered with the brilliant intensity of the cosmos. Also, Artery Art Space presents a solo exhibit by Mai Saporsantos, titled Fortune Favors the Brave, a mysterious shadow play charmed from the clasps of reverie, handwrought to picture the unseen imaginary, producing a menagerie

of pet whimsies and improbable possibilities, a spellbinding magic for the unsuspecting skeptic, a blessing for the courageous few following the glow of imagination. The exhibitions are on view until October 26, at Artery Art Space, at 102 P.Tuazon in Cubao, Quezon City. More information is available at arteryartspace@gmail.com.

BEEJAY ESBER, Charaz Reefer Boo, The Holy Smoke, oil on canvas, 36x48 in., 2019