BusinessMirror October 18, 2018

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

BusinessMirror A broader look at today’s business

www.businessmirror.com.ph

n

Thursday, October 18, 2018 Vol. 14 No. 8

Investor trust decline seen with GIE removal 55.86% T By Elijah Felice E. Rosales

losses. She argued the government is bound to make a huge mistake with its move to take away from locators some of their incentives. “Economic zones were developed

P25.00 nationwide | 6 sections 40 pages | 7 DAYS A WEEK

No ‘green jobs’ without just transformation

and maintained by the private sector. It is quite unfair that we, in the government, encouraged the private sector to develop economic zones, and then when the private

The drop in investment pledges suffered by the Peza in the first semester (to P53.07 billion, from P120.22 billion in the same period in 2017), just with deliberations on the Trabaho bill in and out of Congress

Rene E. Ofreneo

LABOREM EXERCENS

T

sector responded, we are now removing their incentives,” de Lima said in a forum hosted by the Makati Business Club (MBC). “The key to the success of the Peza was the 5-percent gross

HE Philippines is probably the first Asian country to enact a law on “green jobs” based on the definition given in a study conducted by academics from the Cornell University. The said study was endorsed in 2008 by the United Nations Environment Programme (UNEP), International Labour Organization (ILO), International Organization of Employers (IOE) and the International Trade Union Council (ITUC). The Cornell study defines green jobs as follows:

See “Investor,” A2

Continued on A7

‘Trabaho’ bill hangs till jobs data finished; TRAIN review set By Butch Fernandez

& Samuel P. Medenilla

U

@sam_medenilla

NTIL the study on its labor impact is completed, all discussions about the next-round reforms in the comprehensive tax package, as embodied in the so-called Trabaho bill, are suspended, the head of the Senate Ways and Means Committee said on Wednesday. At the same time, Sen. Juan Edgardo M. Angara said, the panel is taking advantage of the extended congressional recess to fully assess legislative options to update the Tax Reform for Acceleration and Inclusion (TRAIN) law, which took effect on January 1, 2018 and is the first of the serial reforms. The Senate shelved all talk about the Trabaho bill—for Tax Reform for Attracting Better and High-Quality Opportunities—because, Angara said, they are still waiting for the Department of Labor and Employment (DOLE) to submit its impact assessment of the measure before they tackle it again next month. Congress is on recess until November 12. The DOLE had asked for additional time to complete the report since it is still consulting industry organizations and employer

Cabinet wants NFA stripped of regulatory functions By Cai U. Ordinario

“The DOLE still has yet to submit [their study on the jobs impact]. We are still waiting for it, since they said they have an economic mode for job loss.”—Angara

@butchfBM

groups to be affected by Trabaho bill. The measure aims to adjust the existing rates of tax incentives to attract more investors in the country, but critics—including the past and present chiefs of the Philippine Economic Zone Authority (Peza)—have warned it will drive them away because it removes key incentives that the government has committed to grant when it lured the businesses to come in. “The DOLE still has yet to submit [their study on the jobs impact]. We are still waiting for it, since they said they have an economic mode for job loss,” Angara told the BusinessMirror in an ambush interview on Wednesday when he filed his certificate of candidacy (COC). He said the general mood in the Senate “is to wait and see because it might cause high inflation. A situation where you have high inflation and unemployment is a worst-case scenario,” he added. Continued on A3

PESO EXCHANGE RATES n US 54.0440

BUSINESS NEWS SOURCE OF THE YEAR

@alyasjah

HE former chief of the Philippine Economic Zone Authority (Peza) on Wednesday warned the government it is bound to lose investment confidence if it removes the 5-percent gross income earned (GIE) incentive granted to economic zone firms.

For someone who captained the Peza for more than two decades, Lilia B. de Lima said the looming rationalization of tax incentives will really lead to investment and job

2017 EJAP JOURNALISM AWARDS

@cuo_bm

T A MAN tends to a poultry farm somewhere in Central Luzon in this file photo. To protect the P100-billion local poultry industry, the Department of Agriculture has ordered the banning of domestic and wild birds, including game fowl, imported from California, following the detection of Virulent Newcastle Disease. The poultry sector is one of those that see demand spiking in the approach to the Christmas season, when chickens are among the top holiday fare. NONIE REYES

PHL bans birds, game fowl from California

T

O protect the local poultry sector, the Philippines has closed its borders to domestic and wild birds, including game fowl, coming from California, following the detection of a dreadful avian disease in that US state. Agriculture Secretary Emmanuel F. Piñol issued Memorandum Order (MO) 33, which ordered the temporary blanket ban on the importation of poultry animals after the presence of Virulent Newcastle Disease (VND) was confirmed in Southern California (Los Angeles, San Bernardino and Riverside). “The interstate movement of game fowl poses a risk to the spread or breakout of diseases,” Piñol said in the order dated October 10, but a copy of which was provided to

reporters on Wednesday. “To provide the appropriate level of protection to the estimated P100-billion industry, there is a need to prevent the incursion of VND into the country,” Piñol added. Piñol based the order on the official data published by the US Department of Agriculture’s (DA) Animal and Plant Health Inspection Service, indicating that, “There have been a number of confirmed incidences” of VND in Southern California that affected backyard exhibition chickens. Under the MO, the government has suspended the processing, evaluation of the application and issuance of sanitar y and phytosanitary import clearance to poultry animals to be sourced

from California. The DA’s veterinary quarantine officers and inspectors at all major ports will stop and confiscate all shipments of the poultry animals coming from California. Piñol issued the order just a few days after the discovery of the arrival of undocumented game fowl at the Ninoy Aquino International Airport. A government source who spoke on the condition of anonymity told the BusinessMirror that millions worth of game fowl that were imported from California have been seized and would be culled by the government this week. The source said the poultry animals entered the country without proper health certificates. Jasper Emmanuel Y. Arcalas

HE National Economic and Development Authority (Neda) confirmed that the Economic Development Cluster (EDC) wants to strip the National Food Authority (NFA) of all its regulatory functions and limit its function to buffer stocking. Socioeconomic Planning Secretary Ernesto M. Pernia confirmed this to the BusinessMirror after the EDC meeting late Tuesday, which had as primary agenda the shift to a rice tariffication system from the quantitative restriction (QR) mode. Such conversion will essentially expand the changes in the NFA’s functions under the proposed bill to tariffy rice. The House of Representatives had earlier approved the bill on third and final reading, but did not change the NFA’s functions. The Senate version is still pending but contains the removal of NFA’s function to issue import permits. Meanwhile, Trade Secretary Ramon M. Lopez told the BusinessMirror on Tuesday the tariffication of rice and the fast-tracking of the NFA’s processes will boost the government’s efforts in slowing inflation. “Yes, we acknowledge that there is an NFA mandate according to the law, but with the directive of the President, the idea is really to facilitate, approve and issue the import permit immediately.

n JAPAN 0.4815 n UK 71.2786 n HK 6.8968 n CHINA 7.8107 n SINGAPORE 39.3105 n AUSTRALIA 38.5874 n EU 62.5613 n SAUDI ARABIA 14.4067

See “NFA,” A8

Source: BSP (17 October 2018 )

The Nation

A4 Thursday, October 18, 2018 • Editor: Vittorio V. Vitug A2

BusinessMirror

East Asia and Pacific, including PHL, among best performers in shared prosperity–WB

T

By Cai U. Ordinario

@cuo_bm

HE East Asia and Pacific region, which includes the Philippines, was one of the best performers in shared prosperity, according to the World Bank.

In a statement on Wednesday, the World Bank said the incomes of the poorest 40 percent of the population grew on average 4.7 percent between 2010 and 2015. In the Philippines mean consumption income per capita increased by 2.43 percent, below the regional average, between 2009 and 2015. “East Asia not only had the largest reductions in extreme poverty, but also in the proportion of people living on less than $3.20 and $5.50 per day. While extreme poverty is very low, the region saw a higher

percentage of people lacking access to sanitation,” the World Bank said. The report also goes beyond monetary measures of poverty to understand how access to adequate water and sanitation, education, or electricity affect a family’s well-being. The World Bank said since the burdens of poverty often fall most heavily on women and children, the report also analyzed how poverty can vary within a household. World Bank data showed that 10.61 percent of the population was deprived of drinking water in 2015; 9.13 percent, electricity; 6.78

percent, sanitation; 6.58 percent, money; 4.52 percent, educational attainment and 4.4 percent, educational enrollment. The World Bank remains committed to achieving the goal of ending extreme poverty, defined as living on less than $1.90 a day, by 2030. The share of the world’s population living in extreme poverty fell to 10 percent in 2015, but the pace of extreme poverty reduction has slowed, the Bank warned. However, given that economic growth means that a much greater proportion of the world’s poor now live in wealthier countries, additional poverty lines and a broader understanding of poverty are crucial to fully fighting it, the report said. “Ending extreme poverty by 2030 and boosting shared prosperity are our goals, and we remain committed to them,” said World Bank Group President Jim Yong Kim. “At the same time, we can take a broader view of poverty at different levels and dimensions around the world. This view reveals that poverty

is more widespread and entrenched, underlining the importance of investing in people,” he added. While rates of extreme poverty have declined substantially, falling from 36 percent in 1990, the report’s expanded examination of the nature of poverty demonstrates the magnitude of the challenge in eradicating it. The Washington-based lender said almost half the world’s population—3.4 billion people—still struggles to meet their basic needs. Living on less than $3.20 per day reflects poverty lines in lowermiddle-income countries, while $5.50 a day reflects standards in upper-middle-income countries, the World Bank said in its biennial Poverty and Shared Prosperity Report, “Piecing Together the Poverty Puzzle.” Over 1.9 billion people, or 26.2 percent of the world’s population, were living on less than $3.20 per day in 2015. Close to 46 percent of the world’s population was living on less than $5.50 a day.

‘Assassin’ bungles attempt to shoot CamSur lawmaker By Rene Acosta @reneacostaBM

T

he police claimed it has arrested a suspect who allegedly made an attempt on the life of House Majority Floor Leader Rolando G. Andaya Jr. on Monday while he was meeting with local official in his home province of Camarines Sur. Chief Supt. Arnel Escobal, regional director of the Police Regional Office 5, in a report sent to Camp Crame, said that the alleged “ambush” was prevented after the firearm that was

supposed to be used dropped inside the alleged suspect’s worn out pants. He identified the suspect as Ray John Musa, 26, member of Capitol Complex Security Unit and a resident of Barangay Himaao, Pili, Camarines Sur. He was charged with illegal possession of firearm and attempted murder. The alleged incident occurred at around 3 p.m. on Monday infront of the Civil Service Commission at Barangay Cadlan, Pili, Camarines Sur. According to Escobal, Musa reached out for a handgun tucked

Northern Mindanao wage board okays ₧27 to ₧35 pay hike effective November 1

M

inimum-wage earners in Northern Mindanao will finally get another round of wage increase next month. The National Wages and Productivity Commission (NWPC) reported the Regional Tripartite Wages and Productivity Board in Region 10 (RTWPB-Region 10) approved a new wage order raising its existing minimumwage rate by P27 to P35. The new wage order will take effect on November 1. Once it becomes effective, nonagriculture workers in the cities if Cagayan de Oro and Iligan and the municipalities of Tagoloan, Villanueva, and Jasaan will get P365, while those in agriculture industries will get P353. The new wage rate for workers in the cities of Malaybalay, Valencia, Gingoog, El Salvador, Ozamiz, and the municipalities of Opol, Maramag, Quezon, and Manolo Fortrich is P358 [nonagriculture] and P346 (agriculture). For the cities of Oroquieta and Tangub, and the municipalities of Laguindingan, Mambajao, and Balingasag is P350 [nonagriculture] and P338 [agriculture]. The wage rate for all other areas not covered by the aforementioned rates are P343 (nonagriculture) and P331 (agriculture). Samuel P. Medenilla

under his waist. The bungling would be killer, he added, dropped his gun inside his pants while Andaya, who is the representative of the first district of Camarines Sur, was near him. “Said person was sighted suspiciously roaming close to Congressman Rolando G. Andaya Jr. and tried to take a firearm from his waist but same fell under his worn pants,” said Escobal in his report. “Allegedly, PCI [Police Chief Insp.] Samuel A. Alforte [retired], close-in security of Congressman

Andaya together with Mayor Roberto M. Matamorosa immediately approached the subject person and recovered from the subject person was a caliber .38 revolver[TM Smith & Wesson/no serial number],” he added. The regional police director said the gun was loaded with five live ammunitions. The firearm has been turned over to PO3 Renan Bongalon, a responding policeman and who was on duty at the Commission on Elections in Camarines Sur.

Francis Zamora launches bid to be next San Juan City mayor

F

ormer San Juan City Vice Mayor Francis Zamora has formalized his bid to be the next city mayor after he filed his certificate of candidacy (COC) under the PDP-Laban political party at the Commission on Elections. The aspiring mayor was accompanied by his father, reelectionist Rep. Ronny Zamora. Francis Zamora said he is seeking to end the 49-year rule of the Estrada family, which started in 1969 when former President now Manila Mayor Joseph Estrada was elected mayor of San Juan. Zamora said that after 49 years of Estrada rule in the city, “the people of San Juan are now clamoring for change.” If elected as mayor, Zamora vowed to serve with utmost honesty, integrity and accountability. After serving for three years as city councilor and six years as vice mayor, Zamora said he is prepared for the responsibilities of being the mayor of San Juan. “My performance during my nine years as a public servant and my unblemised public record are what I offer to the people of San Juan. My fa-

Contributor

L

@rodrik_28

abor groups on Wednesday said that President Duterte’s order to defer the collection of the second tranche of oil excise taxes under the Tax Reform for Acceleration and Inclusion (TRAIN) law was “a flimsy attempt” to control its expected impacts that do not address the price shocks generated by the first tranche. The Bukluran ng Manggagawang Pilipino (BMP) and Partido Lakas ng Masa (PLM), likewise, argued that the Chief Executive’s deferment order differs from the actual suspension of the oil excise taxes. The President’s move, they said, “merely acknowledged without ad-

mitting, much less act on” the effects of the entire tax-reform package to ordinary Filipino families. A priority measure of the government, TRAIN law was signed by President Duterte on December 19, 2017—two decades after the previous one was put in place. Cuts on the personal income tax of almost 8 million employees, who earn up to P250,000 annually, have already commenced since January 1, 2018. Meanwhile, levy on sugary beverages, fuel, cars and tobacco has increased from the beginning of this year. Both groups criticized the government’s “continued inaction” to restrain inflation as the implications of first package of the TRAIN law remains in full effect. Under the initial tranche, ex-

Dengvaxia libel case: Ubial, DOH execs win this round against Garin By Joel R. San Juan @jrsanjuan1573

T

he Department of Justice (DOJ) on Wednesday junked the libel complaints filed by former Health Secretary Janette L. Garin and his husband Iloilo Rep. Oscar Garin Jr. against former Health Secretary Paulyn Jean B. Rosell-Ubial and other officials of the Department of Health (DOH) in connection with the Dengvaxia vaccine fiasco. In a 10-page resolution issued by Senior Assistant State Prosecutor Lilian Doris Alejo and approved by Officer in Charge Prosecutor General Richard Anthony Fadullon, the justice department held that the complainants failed to prove there was “malice,” one of the elements in the crime of libel, on the statements issued by the respondents linking the Garin couple and several others in the anomalous implementation of the health department’s anti-dengue vaccine program. “It can be said that the respondents who were very vocal in their objections in the administration of the Dengvaxia vaccine, and concerned about its effects in the human body, had acted out these sense of justice, thus negating actual malice,” the resolution read. Garin’s camp filed 10 libel complaints in Iloilo, Quezon City and Manila against Ubial and several others in connection with their testimonies before the Senate during its investigation on the Dengvaxia mess, which is being blamed for several deaths of schoolchildren. Aside from Ubial, also exonerated by the DOJ were former DOH consultant Dr. Francisco Cruz, Dr. Anthony Leachon and former DOH Executive Dr. Teodoro Herbosa. Garin claimed that the respondents gave information during the Senate investigation, which were allegedly malicious, damaging and offensive to them. In particular, the complainants cited Cruz’s accusation that Garin and several other officials belong to a “mafia” that allegedly benefited from the P3.55-billion anti-dengue vaccine Dengvaxia and other anomalous projects. Garin’s husband, on the other hand, said Ubial should be held liable for libel for accusing him of influencing the members of the Commission on Appointment so that her appointment would not be confirmed.

Ubial further claimed that it was the Iloilo lawmaker who pressured her to up the allocation and buy more vaccines t in the 2018 national budget. The DOJ explained that “malice is a term used to indicate the fact that the offender is prompted by personal ill-will or spite and speaks not in response to duty, but merely to injure the reputation of the person defamed.” For their defense, Ubial and the other respondents claimed that their statements were meant to educate the public as the issues are clearly imbued with the highest public interest because the said drug administered to the children affected their health, thus, no malice was intended. They added that their statements made before the Senate inquiry constitute “absolute privilege communication,” as well as the constitutional provisions which guarantees freedom of speech and expression. “In toto, respondents commonly raised the issue of freedom of expression and freedom of speech. To date, freedom of expression and freedom of speech had gained so much ‘parameters’ that even the highest ranking officials of the government would invoke the same,” the DOJ said. Garin and other former and incumbent health officials are facing criminal charges before the DOJ filed by the parents and relatives of schoolchildren who allegedly died due to complications after they were given the Dengvaxia vaccine. Also named as respondents in the complaint were the officials of Dengvaxia vaccine manufacturer Sanofi Pasteur and its distributor Zuellig Pharma. It can be recalled that in 2017, Sanofi Pasteur admitted that the vaccine may cause more severe dengue symptoms if given to individuals who have never contracted dengue. The firm has, however, asserted that there was no proof yet that Dengvaxia had caused the dengue deaths. The Dengvaxia vaccine program was launched during the administration of President Benigno S. Aquino III where Garin served as DOH chief. At least 800,000 children were administered with the vaccine but the program was suspended last year following Sanofi’s admission.

Investor. . . continued from a1

ther, Congressman Ronny Zamora and I, have kept our names clean during our long years in public service. We have never been involved in any issue of corruption,” the younger Zamora said.

TRAIN law’s second package won’t lower inflation, labor groups say By Roderick L. Abad

www.businessmirror.com.ph

cise taxes on diesel fuel are pegged at P2.50 per liter and P7 per liter for gasoline. The government merely deferred on the P4.50 excise tax increase for diesel and P9 for gasoline under the second tranche. “The Duterte administration remains condemnable for remaining adamant to the pleas of the majority of Filipinos living on intermittent incomes who have been adversely affected by overtaxation,” said Luke Espiritu, president of BMP. “The sharp rise of self-rated poor families [as shown in arecent] survey should speak volumes and requires the administration’s full attention and swift action. Deferring on the excise tax collection for 2019 has no effect on the economic crunch cur-

rently besetting the poor,” he added. The BMP also noted that the Duterte administration has exerted least effort in solving the structural injustices inflicted on the poor. “Not only are workers burdened with overtaxation but also suffering from failed policy reforms or the lack of it. Contractualization remains to be in full swing three years into Duterte’s term, the massive budget cuts on social services and with the inflation rates hitting 6.7 percent last month, purchasing power of workers have obviously weakened immensely,” Espiritu said. While economic managers deny the effect of the TRAIN law’s contribution to inflation, PLM Chairman Sonny Melencio encouraged them to go beyond their statistics and projections.

income earned incentive. Some manufacturers find this as the only reason to continue operating here in the country,” she added. The Tax Reform for Attracting Better and High-Quality Opportunities, or Trabaho Bill as it has been dubbed by the House of Representatives, is the second package of the Duterte administration’s tax-reform measures. It has two components: on one hand, it will gradually reduce corporate income tax (CIT) to 20 percent from 30 percent, and on the other, it will overhaul the incentive scheme of the government. Industry leaders have warned the proposed rationalization of tax perks will lead not only to locators moving out, but also to thousands of job losses, negating the avowed purpose of “Trabaho” bill to generate employment.

Breach of contract

De Lima noted the Constitution provides that the State must honor all of its obligations. She argued removing the locators’ incentives is a breach of contract, as these economic zone firms entered the country on the basis that they will be given incentives. “Every bill passed by Congress should not impale obligation of contracts. They cannot change what was already given, such as incentives,

because that is in violation of the Constitution,” de Lima explained. “The companies that registered with the Peza signed an agreement with the government. They delivered on their commitments to bring investments and create jobs here, so the government should [honor its commitments], too,” she added. For de Lima, it will be unwise for the government to continue with the rationalization of incentives. As it is, she said, it has already brought damage to the Peza even with the bill pending Senate deliberations. What more if it is enacted into law? she wondered aloud. With the Trabaho bill on the table, the Peza suffered a 55.86-percent drop in investment pledges in the first semester to P53.07 billion, from P120.22 billion during the same period last year. This fear of the rationalization resonated across all industries, as commitments to manufacturing fell 9.29 percent; information technology 13.66 percent; economic zone development 65.15 percent; and other sectors by nearly 100 percent. Industry leaders cautioned it could be brutal for the labor force, as investors are now signaling to lay off thousands of workers to cope with the impending removal of tax perks.

Economy BusinessMirror

www.businessmirror.com.ph

DOF: ‘Trabaho’ bill to spawn 1.4M jobs from ’21 to ’29 By Rea Cu

@ReaCuBM

T

HE Department of Finance (DOF) expects the creation of around 1.4 million jobs between 2021 and 2029, when the corporate income tax (CIT) will have been cut to 20 percent under the second package of the Comprehensive Tax Reform Package (CTRP), or the Tax Reform for Attracting Better and HighQuality Opportunities (Trabaho) bill. Based on DOF estimates, the proposed lowering of the CIT by 2 percentage points every two years starting 2021 until 2029 will create over a million jobs by freeing up more capital for firms to invest and hire more workers. Finance Assistant Secretary Antonio Joselito G. Lambino II said that once approved by Congress, the law will create an estimated 113,944 jobs in 2021 all the way up to 1.4 million in 2029. Lambino’s projection is consistent with Finance Undersecretary Karl Kendrick T. Chua’s earlier statement during the first Senate hearing on corporate tax reform, where he emphasized the lowering of CIT’s positive impact on job generation. “With lower tax rates, such a proposal is hardly inflationary while creating over a million jobs over the medium term as firms expand with more money at their disposal,” Chua said. For instance, at a 26-percent CIT rate in 2023, an additional 171,940 jobs will be created: with the numbers increasing to 252,031 in 2025; another 361,767 in 2027; and 511,021 more in 2029; or a total of 1.4 million jobs over the 10-year period, according to the DOF. In addition, Lambino said, the proposed tax incentives reforms will also result in net employment gain, as it is

very clear that firms that create more jobs will be prioritized in the grant of tax incentives under the “considerable generation of employment” criteria in House Bill 8083. “This pro-investment tax-reform package is seen to be even more attractive to firms because it will give them additional incentives on labor, domestic input and training under the proposed menu of tax incentives, while activities that already provide positive benefits to society, such as those that develop the countryside, create jobs and contribute to exports can continue to enjoy tax incentives,” Lambino said. Under the proposed bill, firms outside Metro Manila and adjacent urban areas are entitled to an additional two years of incentives on top of the regular five-year maximum to promote inclusive growth and rural development. Last month the DOF disputed critics’ claim that the Trabaho bill will, in fact, cause worker dislocation but the claim was met with skepticism by the Senate Ways and Means Committee chairman. Sen. Juan Edgardo M. Angara, who chairs the ways and means committee of the Senate, doubted the DOF assurance on hearing from a labor official that they are still assessing the possible impact of the measure on jobs, given widespread fears among business groups that the loss of fiscal incentives from key industries would outweigh the vaunted generation of more funds for investments as a result of the reduction of the CIT. During the hearing, the Department of Labor and Employment revealed that based on their job displacement monitoring, 30,000 jobs in the industry and services sectors were lost in the first quarter of 2018.

PNOC-EC Board okays plan to import ‘cheaper’ diesel fuel

T

By Lenie Lectura

@llectura

HE Philippine National Oil Co.Exploration Corp. (PNOC-EC) Board has approved a plan on Wednesday to import lower-priced diesel fuel, primarily for the publicutility vehicle (PUV) market. The plan is for the PNOC-EC to buy diesel from oil traders in Singapore, have this delivered to the Philippines in five days, select an aggregator, which, in turn, will distribute the cheaper diesel to the local oil firms’ service stations where drivers and operators of PUV would be given priority to purchase. If this pushes through, PNOC-EC President Pedro Aquino said that motorists could buy diesel that is cheaper by as much as P5 than the current pump price. Based on current retail price, diesel is sold anywhere between P48 and P50 per liter. “We will push through with the plan,” said Aquino after the board meeting on Wednesday afternoon. Aquino said the aggregator must strictly comply with the terms and conditions to be set by the PNOC. “We can cancel them if they will not prioritize the PUV drivers, or if we receive complaints that diesel price is not sold to motorists at the price agreed upon,” he said. Without revealing the identities

of the seller in Singapore, Aquino said the Philippines received an offer of “above $500 per metric ton,” lower than the current price of “around $725 per MT.” “The offer we received is not the price that we are looking for. We agreed during the board meeting that if we can get a better offer, then we will go for it. “If our basis would be the current offer price that we received, then we can bring down the price of diesel by as much as P5 today. But if we can get a much better offer lower than the $500 per MT, then we can bring down further diesel price at the pumps,” said Aquino. Based on PNOC-EC’s published letter of intent, it has set the quantity at 50,000 MT for the trial shipment. Aquino said this would cost roughly P1.3 billion. Subsequent shipments of up to four shipments per month and up to one year are to be mutually agreed upon by the seller and the buyer.

House bloc to Senate: Consider plight of Northern Luzon tobacco growers

T

HE Northern Luzon Alliance (NLA) is urging the Senate to consider the economic plight of tobacco farmers, amid rising tobacco excise taxes that is seen to affect around an estimated 2.7 million tobacco farmers. The NLA, a House bloc representing tobaccogrowing provinces in Northern Luzon, wrote a letter to Senate President Vicente C. Sotto III expressing their concern over the planned further increases in tobacco excise taxes. “It is our shared responsibility as members of the NLA to protect the interest of our constituents who depend on the tobacco industry. The industry has been providing livelihood for them and their families, and this will continue for many years to come,” the NLA said. The group pointed out that the annual excise tax increases starting 2013 have taken its toll on the industry, with the increase in excise taxes on tobacco products leading to a 47-percent decline in the volume of cigarette production, from a total of 127 billion sticks in 2012 to 73 billion sticks in 2017, based on data from the Bureau of Internal Revenue (BIR). “We are saddened by the proposals to raise the excise tax rates by more than 100 percent. Such a move will certainly affect our constituent tobacco farmers who are still struggling

from the loss of income as consequence of Republic Act [RA] 10963,” the NLA added. Data from the National Tobacco Administration (NTA) also recorded a 26-percent decline in leaf production, with 48 million kilograms reported in 2017 from 65 million kilograms in 2012. Data, likewise, showed that tobacco farmers in the country have been dwindling in the previous years, totaling 34,465 in 2017 from 52,610 in 2012. The data also showed a decline in the area of land planted to tobacco from 36,160 hectares in 2012 to 22,704 hectares in 2017. The tobacco industry has reported paying excise taxes amounting to P475 billion since the implementation of the Sin Tax Reform law in 2012, or Republic Act 10963. The NTA estimated that around 2.7 million farmers are employed by the local tobacco industry. “It is therefore unfortunate that tobacco is always targeted, despite being a big source of revenue for the government,” the alliance lamented. In July the Department of Finance (DOF) reported excise tax collections from tobacco products and alcoholic drinks grew by 41.03 percent to P112.46 billion in the first half, from P79.55 billion a year ago.

‘Swindlers’ prey on Panelo’s FB account

P

RESIDENTIAL Spokesperson and Chief Presidential Legal Counsel Salvador S. Panelo on Tuesday warned the public against swindlers who use his Facebook account asking for donations for victims of Typhoon Ompong and the Marawi siege. “I’d like to warn the public. I was informed that there is an ongoing scam on my Facebook account,” Panelo said in a Palace news briefing. “They’re using my name and asking, apparently my friends or those who know me, that I’m asking for donations for Ompong victims [and] Marawi [siege survivors]. It’s not true absolutely,” he added. Panelo said he already asked the help of the National Bureau of Inves-

tigation (NBI) a month ago. “I already referred this to the NBI as early as more than a month ago. But there is another one, P200,000. It was deposited in the name of a certain person,” he said. The new presidential spokesman said he is now thinking of removing all his Facebook accounts. “But what they’re doing is that, they activate it, and then deactivate it,” Panelo said. “So please be informed and be cautious. Always call me anyway…they know my numbers,” he added. Last week, President Duterte designated Panelo to replace Presidential Spokesperson Harry Roque who filed his certificate of nomination for Luntian Pilipinas party-list in the 2019 mid-term polls. PNA

Editor: Vittorio V. Vitug • Thursday, October 18, 2018 A3

Based on DOF data, collections from “sin” products breached the government’s target of P77.54 billion for the January-to-June period. Of the total excise tax collections in the first six months of the year, the lion’s share came from tobacco products at P78.95 billion, while collections from alcoholic beverages accounted for P33.51 billion. Taxes from tobacco products during the period was 53.5 percent higher than the P51.43 billion collected in the first six months of 2017. The total excise taxes collected from alcoholic beverages was also 19.2 percent higher than the P28.11 billion recorded a year ago. Under the Tax Reform for Acceleration and Inclusion (TRAIN) law, the cigarette excise tax rate was increased to P32.50 per pack, from P30 in the first half of the year. This was raised further to P35 per pack starting July. Sin products are certain goods deemed harmful to society. The excise taxes imposed on these products are collected by the BIR and the Bureau of Customs. The TRAIN was signed into law by President Duterte in December 2017 and took effect in January. The law slashed PIT rates while implementing offsetting measures, such as increasing excise tax rates on tobacco and fuel, among others. Rea Cu

₧5 The projected price slash at the pump once the plan of the PNOC-EC to import diesel fuel is implemented

“If the offer price for the succeeding shipment is lower, then there is this possibility that the diesel will be sold by more than P5 cheaper,” he said. The PNOC-EC’s specification for the fuel is a sulfur content of 50 parts per million (PPM), or the standard for Euro 4. The payment term is through letter of credit, while the delivery term is within 15 days after signing of the contract. The PNOC-EC is targeting to execute the plan within the month. “It would take five days to deliver it here. We are still preparing for the depot, receiving terminal and the agreement with the aggregator. But yes, it can still happen within the month,” Aquino said. Initially, the PNOC-EC was eyeing importing petroleum products from Russia and other countries that are not members of the Organization of the Petroleum Export-

ing Countries (Opec) “to establish a strategic petroleum reserve [SPR] [and] to cushion the impact of the rising price of oil in the international market.” However, there are problems that could be encountered by the banks with regards to the issuance of letter of credit to Russia. When sought for comment, Independent Philippine Petroleum Companies Association (Ippca) President Bong Suntay said oil firms will support the PNOC-EC by buying cheaper diesel that PNOC would be able to source. “We will be happy to support. We buy from the retail outlets where this cheaper diesel will be sold,” said Suntay in a phone interview. Ippca has at least 16 members, mostly the country’s leading independent oil players, such as Eastern Petroleum, Unioil Petroleum Philippines Inc., Seaoil Philippines, Flying V, City Oil, Pryce Gases and LPGMA, among others. However, Suntay would like to know where and to whom will the PNOC source the cheaper diesel. “All of us, we trade in Singapore. We have been in this business for so long and we have already exerted efforts to look for cheaper prices. We would have already done that if we knew [about] this,” said Suntay. He said the only way for the PNOCEC to source cheaper diesel is from a government-to-government arrangement, coupled with subsidy. “Assuming its P5 cheaper, there is still the freight cost, taxes, logistics and distributors cost to take into consideration,” he said.

Much needs to be done in Boracay to ensure sustainability–Cimatu By Jonathan L. Mayuga

E

@jonlmayuga

NVIRONMENT Secretary Roy A. Cimatu admitted last Thursday that there is much to be done to ensure the sustainability of the world-famous Boracay Island. This, as the country’s chief steward of the environment and natural resources and chairman of the Boracay Inter-Agency Task Force (BIATF) tasked to rehabilitate Boracay said work will continue even the after the island resort is declared officially open for business on October 26. Aside from water pollution, Boracay was besieged by numerous environmental and social problems, including poor solidwaste management, illegal squatting on forest land, wetland and beachfront area; biodiversity loss, perennial flooding and traffic congestion brought about by unsustainable tourism practices. According to Cimatu, there are now “visible improvements” on Boracay Island after more than five months of rehabilitation, referring to the beachfront area that have been cleared of illegal structures, as he reiterated that Boracay is no longer a cesspool. However, Cimatu added: “[But] this is not

the time for us to relax and lower our guard. While much has been gained already, still, a lot remains to be done and we still ask for your extended patience, support and understanding.” He cited, for instance, the ongoing road and drainage improvement projects, which were delayed due to bad weather. He said the BIATF lost around 30 to 40 days of work because of rains that forced workers to take a break most of the time. The BIATF led by the Department of Environment and Natural Resources had started its dry run on October 15, wherein an all-Aklanonbatch of tourists was the first to be allowed to step on the island. Boracay is scheduled for reopening on October 26, exactly six months after all three barangays on the island, Barangays Yapak, Balabag and ManocManoc, in the municipality of Malay, Aklan, was declared under a state of calamity by President Duterte.

‘Trabaho’ bill hangs till jobs data finished; TRAIN review set continued from a1 The Department of Finance (DOF) earlier said it already submitted its forecast on the effects of the Trabaho bill. Angara said the Senate will take a look at it when it resumes its sessions on November 12. Meanwhile, Angara indicated on Wednesday they will work on the TRAIN law review during the session break. He was asked if the panel willl still pursue plenary action on the congressional joint resolution suspending the higher excise tax under the TRAIN law and mandating a rollback of the fuel levy to December 30, 2017, rates. “There are no plenary sessions until November 11 so lots of time to chart and discuss best course of action with the Senate leadership,” Angara told the B usinessM irror . At least 17 Majority senators wrote a letter to President Duterte on October 9 endorsing suspension of the scheduled fuel tax increases in the TRAIN law. Minority senators, on the other hand, pressed for a fuel price rollback to

December 2017 rates before the TRAIN law took effect. The Senate and the House of Representatives are expected to resume regular sessions from November 12 to December 14, before adjourning anew for their traditional year-end Christmas recess from December 15 to January 13, 2019.

Angara’s advocacies

ANGARA said he will be seeking his second term during the 2019 polls to continue his advocacy of passing legislation to promote the rights of senior citizens, health issues and employment. The incumbent senator, who is running under the Laban ng Demokratikong Pilipino (LDP), said he supports the tax reform of the administration. However, like several other senators, he expressed concern over the impact of the TRAIN law on inflation, particularly its provision on higher excise tax for fuel.

As of September, the Philippine Statistics Authority (PSA) reported inflation already reached 6.7 percent—the highest in the last nine years. “We knew it [TRAIN] will affect inflation, we just did not expect it would be this big [on inflation] because the DOF told us it would only be 0.9 percent, not 6.8 percent,” Angara said. “That is why we wrote to the President to suspend the [imposition of] the additional excise tax for 2019 because it will add another P2 to the prices of petroleum products,” he added. The chairman of the Senate Ways and Means Committee also reiterated the request to Duterte to enforce the “remedial measures” under the TRAIN law to reduce its negative impact, especially on the poor. These measures include the unconditional cash transfer for poor families given by the Department of Social Welfare and Development and discounts on rice.

A4

TheBroa

Business

Thursday, October 18, 2018

Food waste, postharvest losses w

T

By Jasper Emmanuel Y. Arcalas & Cai U. Ordinario

HE country’s tropical climate makes the Philippines an ideal location for growing a number of food crops. This is why many of the country’s farms are planted with rice, vegetables and fruits.

Despite the suitability of Philippine farms for food crops, millions of Filipinos suffer from hunger and are malnourished. According to the World Hunger Report 2018, there are still some 14.2 million undernourished Filipinos and 13.3 million food-insecure Filipinos. Taken together, these account for nearly a third of the country’s population. Food wasted and food lost due to postharvest handling could reduce the number of the hungry and malnourished in the Philippines based on government data. But minimizing waste and postharvest losses remains a huge challenge for policymakers and citizens, making the achievement of the United Nations’ Sustainable Development Goals (SDGs) an uphill battle. Ending hunger is SDG Goal 2, and the first target of the UN is to ensure access by all people, in particular the poor and people in vulnerable situations including infants, to safe, nutritious and sufficient food all year round. This is being monitored by the government. This is not the case for SDG Goal 12 on sustainable consumption, which intends to halve per capita global food waste at the retail and consumer levels and reduce food losses along production and supply chains, including postharvest losses by 2030. However, this is not part of the country’s local SDG monitoring. Food loss, or food waste, refers to the “decrease of food in subsequent stages of the food supply chain intended for human consumption,“ according to the Food and Agriculture Organization (FAO), which also coauthored the World Hunger Report. “Food is lost or wasted throughout the supply chain, from initial production down to final household consumption,“ a briefer from the National Economic and Development Authority (Neda) explained. “The decrease may be accidental, or intentional, but ultimately leads to less food available for all. Food that gets spilled or spoilt before it reaches its final product or retail stage is called food loss,” it added. Data on food waste is available from the Philippine Center for Postharvest Development and Mechanization (PhilMech), Food and Nutrition Research Institute (FNRI), and the Philippine Statistics Authority (PSA).

as any cooked and raw food items that an individual or family failed to consume, or utilize, due possibly to spoilage, cooking preparation, plate waste and those fed to pets and animals. Based on the FNRI’s 2015 survey, a Filipino household wastes 43 grams of rice daily. At 22.975 million Filipino households, according to the latest PSA data, the country wastes around 987,952 kg of rice daily. Based on the computation of the BusinessMirror, the country wastes some P41 million worth of rice daily using the price of the well-milled variety at P42 per kg. Annually, Filipinos waste 360.602 million kg of rice valued at some P15.145 billion, according to the BusinessMirror’s estimates. This could have fed at least 3.281 million Filipinos. The PSA, the country’s statistical agency, defines wastage as “losses, decrease or destruction of something by use.” Based on latest PSA data, a Filipino household wastes 1.676 kg of rice annually, translating to a total country loss of 38.507 million kg, valued at P1.617 billion. The figures are significantly lower than the estimates using FNRI’s data. The FNRI data also showed that Filipinos wasted a total of 8 grams of other food items such as fish, meat, poultry and vegetables. Plate waste for fish and fish products was at 6 grams, while meat and meat products and poultry accounted for 1 gram each. As for vegetables, Filipinos waste some 5 grams per plate. FNRI data showed green, leafy and yellow vegetables recorded a plate waste of 2 grams per plate, while “other vegetables” was at 3 grams per plate.

Postharvest losses

HOWEVER, they are all limited in scope. The PhilMech data focuses only on the waste that results from the harvest to the storage of rice; the FNRI data, food consumption loss per plate—includes rice and other commodities; while the PSA’s Food Demand Survey (FDS) focuses on rice wasted. Based on PhilMech data, the BusinessMirror estimated that postharvest losses in palay reach 16.4 percent a year. This is composed of losses in harvesting at 2.03 percent; piling, 0.08 percent; threshing, 2.18 percent; drying, 5.86 percent; milling, 5.52 percent; and storage, 0.8 percent. Last year, total palay lost reached 3.173 million metric tons (MMT) valued at P57.476 billion, based on the computation of the BusinessMirror. This could have fed nearly 19 million Filipinos.

CALING BALINGBING, International Rice Research Institute’s Senior Associate Scientist for Mechanization and Postharvest, said the country’s palay postharvest losses have been declining since the 1970s as more Filipinos gained access to farm equipment. “The trend shows that since 1974, the postharvest loss has been declining given the introduction of machines. In 1974 postharvest loss was around 23.5 percent,” Balingbing told the BusinessMirror “We now have mechanical dryers from PhilRice. PhilMech is disseminating mechanical dryers. PhilRice has flat-bed dryers, which are really good and efficient as they are less laborious,” he added. Balingbing noted, however, that farmers’ use of modern equipment will not guarantee “absolute elimination” of postharvest losses. This is because, according to Balingbing, some farm machine operators do not use machines at an “optimal level,” resulting in production losses. “Because of the eagerness to earn more from providing service to other farmers, the operators tend to fast-track the machine work. The operators of combined harvesters are paid in terms of hours per hectare, so they tend to hasten their work,” he said. “If you work so fast the tendency is that you will not be able to harvest all the crops or some would be wasted along the way,” he added.

THE FNRI defines “food wastage“

BALINGBING said the use of or-

Limited data

Food waste

‘Bukbok’

THIS October 2, 2010, file photo shows children jostling each other to get free porridge at the Baseco Compound in Port Area, Manila. AP/PAT ROQUE

The country wastes some P41 million worth of rice daily using the price of the well-milled variety at P42 per kg. Annually, Filipinos waste 360.602 million kg of rice valued at some P15.145 billion. This could have fed at least 3.281 million Filipinos. dinary sacks by farmers to store their rice also expands losses. He added that the use of ordinary sacks makes stored crops vulnerable to pests and weather-related problems. “The Philippines is a tropical country. Crops are exposed to high humidity. Once crops absorb moisture it could lead to issues such as the bukbok [weevil],” he said. “Rice

stored in ordinary sacks attracts moisture and insects.” Balingbing recommended the use of air-tight, hermetic storage that would protect crops against weather-related issues, pests and insects. “This kind of storage does not anymore require the use of chemicals or pesticides to address pests. Pests die of natural death due to de-

pletion of oxygen,” Balingbing said.

Cutting losses

DR. ARNOLD S. JULIANO, head of the Philippine Rice Research Institute Rice’s Engineering and Mechanization Division, said the government is targeting to reduce postharvest losses by at least 2 percent to a maximum of 14 percent. Juliano told the Business-

Mirror that palay farmers could lose as much as 20 percent of their harvest during the wet season. “Most likely, the use of combined harvesters has reduced the postharvest losses by 2 percent just in the harvesting stage alone.” Another significant challenge to cutting postharvest losses is farmers’ practice of sun drying rice along road pavements, according to Juliano. “In fact, that is being banned. But because farmers do not have an area where they can dry their palay, they keep going back to the roadside,” he said. “There are really huge losses during the wet season. For example, while palay is being sun dried, it would suddenly rain. This would wash off some of the unmilled rice,” Juliano said. “That is actually the challenge for [the government], how to re-

aderLook

sMirror

Editor: Dennis D. Estopace | Thursday, October 18, 2018

A5

where millions remain hungry Senen U. Reyes, UA&P Senior Management Specialist, also said many farmers do not have their own drying facilities. While the government and private sector provide flatbed dryers and drying pavements, the use of these facilities entails costs. Reyes said with the government buying palay from farmers at only P17 per kg, there is no incentive for them to use these facilities. This is why many farmers would rather dry their palay on roads, even if they are aware of the risks of doing so. Incentives, he said, should not only be related to the buying price of the National Food Authority (NFA). These perks, Reyes said, should encourage farmers to produce quality grains. As farmers sell their palay on the basis of weight, Reyes said they no longer care about producing full heads of rice. This allows them to justify their practice of drying palay on roads. “They do not realize that if rice is dried on the highway, they will incur losses and the grains would break, which could impact on the milling efficiency,” he said. “Highways are not drying pavements. It’s for the use of vehicles and motorists, not farmers. Farmers may use the roads for transporting their goods,” Reyes added. The practice of drying palay on roads can be addressed by LGUs. Reyes acknowledged, however, that politicians may be wary of restricting this practice as they may lose votes. Organizing farmers, Dy said, would help improve the volume and quality of palay produced. Farmer-cooperatives have a better chance of accessing quality mills because of economies of scale. “Interventions in the value chain at the farming level, the DA can only do so much. Local governments should take the lead because they are the ones responsible for agricultural extension services,” Dy said. In terms of rice consumption, Dy said data limitations make it difficult to get a more accurate picture. This, he said, is largely due to limitations in data collection related to food consumed outside of the house.

‘Unli-rice’

duce the postharvest losses. Losses in the drying stage during wet season go up to 9 percent of the total production,” he added. Juliano said with the introduction of PhilRice-crafted mechanical dryers, they seek to cut losses incurred by farmers by half of the current 5.86-percent average. Juliano explained that the drying stage of palay is “crucial” as rice is vulnerable to foreign materials and breakage. The drying method used is responsible for the so-called “brokens” in rice varieties. He said PhilRice is currently undertaking a study on the current postharvest losses at the harvesting stage. The agency will also embark on another study on updates on losses at the drying stage of palay.

Alternatives

JULIANO said one measure that could help cut the country’s rice

waste and losses is promoting the consumption of brown rice. The average milling recovery rate (MRR) for brown rice is higher at 75 percent, 10 percentage points over the 65.4-percent average MRR of white rice. However, the PhilRice official acknowledged that brown rice is more expensive compared to white rice. “Brown rice is supposed to be cheaper because it only underwent dehulling.” “I think what makes it expensive is the packaging and the lack of market. Brown rice is vacuum packed to prolong its shelf life, which adds to the cost,” he added. Juliano said that brown rice could be sold at about P40 per kg, fairly comparable to and even cheaper than the current prevailing price of well-milled rice. Expanding the market for brown rice could bring down its price. “In fact, rice millers would

earn more as their production cost would be reduced. At the same time the rice husk could be used for power generation,” he said, adding that rice husks are being bought at P2 per kg.

Issues

AGRICULTURE economists noted that the Philippines continues to struggle with the lack of mechanization. In some countries like Malaysia, University of Asia and the Pacific (UA&P) Center for Food and Agri Business Executive Director Rolando T. Dy said the processes of harvesting, piling and threshing were done mechanically. Losses in handling and transporting palay are avoided. Dy added that many of the farm machines available today, such as those being used for milling, are new and can easily remove the husk from every grain of palay.

The UA&P economist also said planting one rice variety per locale will make it easier for farmers to maximize milling facilities. While this can be done by the Department of Agriculture (DA) since it is concerned with food production, Dy said this initiative should be implemented by local government units (LGUs). He said LGUs will have a better grasp of the topography, the soil type, and the most suitable variety for their area. “Planting various rice varieties could result in brokens. Medium, short and long,” Dy said. “In Pidig [Nueva Ecija], milling recovery rate is high because farmers are told what variety they should plant.” He also cited a need to upgrade facilities. New facilities, particularly for milling, can increase recovery rate to around 71 to 73 percent. But the recovery rate in the country is only around 60 percent.

THE UA&P economist said changes in food consumption could ease the pressure on the country’s food output. Initiatives to cut rice consumption have been tried in the past. But efforts to discourage people from wasting other food items have yet to be introduced. Last year, the chairman of the Senate Committee on Food and Agriculture, Sen. Cynthia A. Villar, advocated the ban on offering unlirice meals. It sought to encourage Filipinos to exercise prudence, but netizens were not receptive to the senator’s recommendation. In 2013 PhilRice also launched the “Be Riceponsible” campaign, which encourages consumers to stop wasting rice and to eat brown rice, or rice mixed with corn. It also encouraged farmers to plant rice and adopt technologies that would increase yield and income. The “Be Riceponsible” campaign urged policymakers to “institutionalize the availability and default serving of half cup of rice to prevent wastage and give consumers more options.” However, despite data showing evidence that households continue to waste other food items, such as meat, fish and vegetables, government efforts related to cutting food waste continued to focus on rice.

Road to zero

WHILE improving the milling recovery rate of rice by a few percentage points will increase the supply of the staple, Reyes said this does not mean that it would be affordable and accessible. This is because farmers sell their crop to traders and millers even before

it is harvested. Food security, according to FAO, is a “multidimensional” concept that can be described by four pillars: accessibility, availability, utilization and stability. FAO said “food security refers to the availability of food, whereas famine and hunger are the consequence of the nonavailability of food, in other words, the results of food insecurity.” “We can have a buffer stock but it won’t be in the hands of the government. That is the real issue recently. We had stocks but these are not in state warehouses and the buffer wasn’t cheap. The stocks were mostly with the traders,” Reyes said. Eliminating food waste would not automatically lead to zero hunger, according to Dy. He said hunger has an income component. For a person to avoid hunger, he must be able to have access to affordable food. Based on the country’s rebased 2012 Consumer Price Index (CPI), food has a weight of around 38 percent. However, Dy said this only accounts for household food consumption. In reality, food consumption could easily take up 46 percent of the budget of Filipino families because food eaten outside accounts for about 8 percent. In this sense, he said the definition of the PSA is not consistent with international standards. If the country will meet the aim of zero hunger, Reyes said the government needs to implement the “right interventions” and start implementing these measures today. He noted that the aim of attaining the SDGs by 2030 is only 12 years away. Changing farm policies is a vital measure that would allow the Philippines its commitment to the UN to eliminate hunger, according to Neda officials. Neda Agriculture, Natural Resources and Environment Staff (Anres) Assistant Director Lenard Martin P. Guevarra said the government’s fixation with rice has discouraged the production of affordable and nutritious fruits and vegetables. “For example, we do not have a comparative advantage in rice but this has been our policy for the longest time. The bulk of the budget is going there so you create an artificial attractiveness to it, that is why farmers prefer rice,” Guevarra told the BusinessMirror. “But if you look at the per capita consumption of the Philippines in terms of vegetables and fruits, we are actually below the international requirement. It shows that we need to diversify,” he added. Citing the experience of South Korea and Japan, Guevarra said countries tend to shift their support from cereals to high-value crops to meet the demand of their population. Guevarra noted that consumers usually move away from cereals to high-value crops and other commodities as their incomes improve. “If we pour the bulk of our investments into commodities in which we do not have comparative advantage just to eliminate imports, it would be costly. It will help reduce imports and achieve sufficiency for a year, but it is hard to maintain and sustain as the Philippines is vulnerable to disasters,” he said. “The question now is, will the use of public funds on these commodities benefit the public?” he added. Some Southeast Asian countries such as Malaysia attempted to be self-sufficient in rice following the food crisis of 2008, but eventually abandoned the initiative, according to Guevarra. Diversifying to high-value crops, he said, would benefit farmers more as it could improve their income. What is more important, Neda Anres Director Nieva T. Natural said, is for the Philippines to become “food secure” and not “food sufficient.”

A6 Thursday, October 18, 2018 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

We can all help save planet Earth

G

LOBAL warming is one of the biggest challenges facing the world today, according to a report issued by the Nobel Prize-winning Intergovernmental Panel on Climate Change at a recent meeting in Incheon, South Korea. There’s a general consent that the industries that have given us unprecedented wealth and well-being have come at enormous cost to the planet. We are on the brink of disaster, and German biologist Hans-Otto Portner warned, “If action is not taken, global warming will take the planet into an unprecedented climate future.” In a 728-page document, written by 90 scientists based on more than 6,000 peer reviews, the UN organization detailed how Earth’s weather, health and ecosystems would be in better shape if the world’s leaders could somehow limit future human-caused warming to just 0.9 degrees Fahrenheit (a half degree Celsius) from now, instead of the globally agreed-upon goal of 1.8°F (1°C). The scientists said limiting warming to 0.9 degrees Fahrenheit from now allows the world to keep a semblance of the ecosystems we currently have. Such effort, they said, would have other positive results: Half as many people would suffer from lack of water; there would be fewer deaths and illnesses from heat, smog and infectious diseases; seas would rise nearly 4 inches less; there would be substantially fewer heat waves, downpours and droughts; the West Antarctic ice sheet might not kick into irreversible melting; and it just may be enough to save most of the world’s coral reefs from dying. “For some people, this is a life-or-death situation without a doubt,” said Cornell University climate scientist Natalie Mahowald, a lead author on the report. But meeting the more ambitious goal of slightly less warming would require immediate, draconian cuts in emissions of heat-trapping gases and dramatic changes in the energy field. While the UN panel said technically that’s possible, it saw little chance of the needed adjustments happening. The pledges nations made in the Paris agreement in 2015 are “clearly insufficient to limit warming to 1.5 degrees in any way,” said one of the study’s lead authors, Joerj Roeglj of the Imperial College in London. Yet, report authors said they remain optimistic. Limiting warming to the lower goal is “not impossible but will require unprecedented changes,” UN panel chief Hoesung Lee said in a news conference in which scientists repeatedly declined to spell out just how feasible that goal is. They said it is up to governments to decide whether those unprecedented changes are acted upon. With or without government action, as citizens of the world, we have a monumental task at hand. We can decide the kind of world we’d like to have in the future. No one person can change the world, but together, we can change many things. The planet needs immediate help, and our little acts matter—like conserving energy and reducing the unwanted use of paper. Let’s make it a habit to practice the three “Rs”—reduce, reuse and recycle. We can help mitigate global warming by becoming conscious global citizens. Since 2005

BusinessMirror A broader look at today’s business

Stock Market 012: Bottoms John Mangun

T

OUTSIDE THE BOX

HE Philippine Stock Exchange Composite index (PSEi) may be hitting a bottom from its nine-month decline, and that is good. This may only be a momentary pause in a longer downtrend, and that is bad. When asset prices are in a decline that has turned into a negative trend, we start looking for “the bottom.” There is nothing wrong with speculating if a decline has reached its limit. However, the two questions that need to be answered are: Is it a bottom? And, should you go “bottom fishing”? For the first question, French Impressionist painter Pierre-Auguste Renoir said it best: “When I’ve painted a woman’s bottom so that I want to touch it, then the painting is finished.” While I like the man for thinking that way, maybe there is a more “scientific”

approach. Renoir did have the direct advantage in that his painted bottom was next to a live woman’s bottom for comparison. We do the same thing in the stock market in that we look back at past bottoms to see if they look the same as what we are seeing now. But how do we know when the bottom is finished? Reverse the question. How do we know when we have reached a top? If you have ever driven your car up a hill, the answer is clear and simple. The top of the hill has been reached when you start going down the other side. I was always the kid

Cecilio T. Arillo

DATABASE

Founder

Editor in Chief Associate Editor News Editor Senior Editors

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

Online Editor Social Media Editor

Ruben M. Cruz Jr. Angel R. Calso

Creative Director Chief Photographer

Eduardo A. Davad Nonilon G. Reyes

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

Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Adebelo D. Gasmin Marvin Nisperos Estigoy Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

www.businessmirror.com.ph

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

Otherwise, it is just plain dumb. From November 2008 until February 2009, the PSEi was at a bottom. You never missed out on anything by waiting until late April 2009 to buy. Further, those that do happen to buy at the bottom often sell out for profit just as prices are breaking out and confirming a positive trend. In the real world from where the phrase “bottom fishing” comes, overall the most desirable species do not live near the bottom. Most of the time all you are going to catch is a near-worthless trash fish or a piece of junk like a used car tire. The sensible strategy that gives the best long-term opportunity and much better peace of mind is waiting until you can see the bottom in the rearview mirror and then buy. You won’t be able to tell everyone what a stock-market genius you are. But that is not the goal of investing. E-mail me at mangun@gmail.com. Visit my web site at w ww.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.

Martial law, human rights and other stark issues

✝ Ambassador Antonio L. Cabangon Chua Publisher

that annoyed everyone with “Are we there yet? Are we there yet?” And I was always annoyed with the answer, “We will be there when we get there.” But it did teach me the lesson that the best way—the only way—you know that a bottom has been hit is when prices are in a confirmed uptrend. Yet investors are almost going psycho about stock-market bottoms for two reasons. The first is because the strategy of BTFD—Buy The Freaking Dip—has been reasonably successful for many years. “Buying on Pullback” as I call it is an integral part of my own analysis and strategy. It does not make money all the time, and you may have to cut your loss if the pullback becomes more than a dip. Overall, it makes sense. But you have to know when a dip turns into a clear and present danger decline. The other part of BTFD is FOMO—Fear Of Missing Out— “the apprehension that others might have a rewarding experience from which you are absent.” I might understand this if it is ‘Buy 1-Take 1 While Supply Lasts” for Don Papa Rum.

Part Eight

Perpetuating hatred and vengeance against Marcos

F

EARING that history will judge the wisdom and authenticity of the Marcos 1973 Constitution, President Cory Aquino, whose government had been frequently associated with “miracles,” invoked the powers of a rebel government, abolished the 1973 Constitution, scrapped the Batasan Pambansa (Parliament), the Supreme Court, local government units, and the civil and military services. And to provide her government with so-called democratic legitimacy, she arrogated power unto herself by hand-picking 48 men and women, including prelates and communists, and hastily framed her own Constitution, the substance and wordings of which, due mostly to the hatred of Marcos and accommodations of the diverse political, social and economic interests of the framers, became the longest in Philippine history and probably in the world. It had 39,000 words and punctuation marks, ran 58 pages and was four times longer than the brief but all-embracing US Constitution that has already been amended 26 times. The 1935 Philippine Constitution, with 7,828 words and punctuation marks, was finished in nine months; the 1973 Constitution,

consisting of 13,671 words and punctuation marks, was deliberated in a span of two years. The Aquino Constitution, by comparison, was completed in a record time of only four months. As a result, it had 97 open-ended and ambiguous provisions that were entrusted to Congress to provide the enabling law with equally nebulous phrases: “...as may be provided by law” or “as Congress may provide.” For instance, the Aquino Constitution, in Section 26, Article II, provides that: “The State shall guarantee equal opportunities for public service, and prohibit political dynasties as may be defined by law.” Because of inaction, political dynasties became widespread ever since. Another provision, Section 28, Article II, also provides that:

“Subject to reasonable conditions prescribed by law, the State adopts and implement a policy of full public disclosure of all its transactions involving public interests.” Again, by inaction, the Aquino administration had swept too many secrets under the rug, and her regime was littered with numerous rugs bulging with dark and dirty transactions. Still another ambiguous provision is the mandate that the government pursues an industrialization policy, a policy that was no different from the infamous 1946 Bell Trade Act, which was designed to preserve the Philippines as an agricultural country, a supplier of raw materials, a reliable source of cheap labor and a market for imported consumer goods. Worse, most Filipinos, particularly the youth, are still ignorant about the Aquino Constitution. Why? Because it failed to explain and educate them about its meaning and implications despite the specific mandate of her Constitution in Section 3, Article XIV, that: “All educational institutions shall include the study of the Constitution as part of the curricula.” For instance, when the Aquino regime campaigned for the ratification of her Constitution in 1987, her propagandists resorted to “glittering generalities” by ascribing her Constitution with some lofty ideals. Thus, some pro-Charter propagandists in that one-sided campaign

said that a “yes” vote for the Constitution was a “yes” for democracy, for freedom, for progress and for stability. What right-thinking person was not for democracy, or freedom, or progress or stability? Since many, if not all, of the voters were for these beautiful concepts, they voted yes to the Constitution, although most of them had not read its provisions. Curiously, Aquino and her supporters, including some sectors of the Catholic Church, had vigorously opposed efforts to amend the flawed Constitution. Why is a good Constitution important? The answer is simple: It is very important because it affects the lives of all Filipinos, rich and poor. Their government is based on it, their rights and privileges are supposed to be protected by it and their way of life largely depended on it. To paraphrase Floyd G. Cullop, a teacher: “To be ignorant of the Constitution is to be ignorant of all the things your country is...and of the truth its people have believed to be above all others in the relationship between human beings and government.” As a result of this naïveté and gross incompetence, compounded by lack of strategic direction, she ran the country on a blind chance, best described by an observer as an expert in “survival craft” rather than “statecraft.” To be continued

Opinion BusinessMirror

www.businessmirror.com.ph

Common tower policy restricts To serve and give one’s life telecom open access Msgr. Sabino A. Vengco Jr. Val A. Villanueva

BUSINESSWISE

M

ANY people blame Globe Telecom Inc. and PLDT Inc.’s Jurassic telecom infrastructures for the country’s slow Internet connectivity. The duopolistic stranglehold that these companies have on the industry, already burdened by conflicting rules set by the government agency tasked to regulate it, compounds the problem tenfold. The ultimate solution advanced by President Duterte is to welcome another player. Let’s rewind a bit to get a clearer understanding of what really ails the country’s telecom industry. Two companies hold the industry in the palm of their hands. They can command higher prices by using their respective production costs as justification. The prices they charge their customers could be much lower, of course, if only the market were more competitive. Higher prices would mean that consumers may be forced to demand lower quantity to save on cost. Thus, the quantity produced and expended will be less than that under a competitive market with more players. The bottom line is that prices become prohibitive, and production, too low. Herein lies an incompetent distribution of resources. The result: consumers suffer. The country has one of the slowest, but most expensive, Internet service in Asia, with high-speed service costing about $57 per month more than in the United States. Customer complaints are often handled by inept consumer representatives, and are not acted upon swiftly. Obviously, the market is not getting its money’s worth. No matter how bitter the pill, consumers have to swallow it because they have no other choice. T he Ph i l ippi nes h a s been consistently ranked at the bottom of numerous reports which quantify global Internet speed and accessibility. Mobile operator analyst OpenSignal nailed the Philippines’s mobile Internet speed at 8.24 Mbps in the third quarter of last year. This makes us the fourth-slowest among the 77 countries in the report, and the slowest in Southeast Asia. The report says that, while mobile Internet availability slightly improved quarter-on-quarter, the Philippines still had the least accessible mobile networks in Southeast Asia. The government, in trying to break the duopoly, wants to entertain a third telco player. After some delays, the selection process for a new player will push through as scheduled after the Department of Information and Communications Technology (DICT) overcame a legal hurdle from Now Telecom, which earlier moved for a temporary restraining order to stop the whole process. That, however, is an entirely different story. Another problem which I believe the government has to focus on is the lack of cell sites to distribute the needed signal to speed up the country’s Internet connectivity. Normally, it takes two years for a single tower to be put up. But in the Philippines, where bureaucratic red tape rules, it may take forever. Prolonged license tenders and corruption in local government weigh down the rollout of the much-needed infrastructure to improve the country’s connectivity. Internet delivery in the Philippines will remain at a snail’s pace, no thanks to the ridiculous expanse of certifications required, and the time it takes for local government units (LGUs) to approve them. Compared with other countries where digital process-

ing takes only a day, without red tape or any other obstructions, it takes at least 24 stages and close to an excruciating 100 days just to secure a construction permit, which may be even made 10 times slower and longer because of corruption and inefficiency. Among the various permits and requirements for building cell sites are an environmental impact assessment and certification that the site is not a protected area. To top it all, local governments unjustifiably levy P200,000 per year on a single tower. And now this: The DICT has been working on a common tower policy that is expected to speed up the tower building process, and help local telcos expand their network, lower prices, and allow for more players to enter the industry. W hile the intention seems good, certain provisions in the common tower guidelines actually run counter to the open-access scenario that the government wants to push. Aside from Presidential Adviser on Economic Affairs and Information Technology Communications Ramon “RJ” Jacinto’s adamant stand on limiting independent tower companies to only two, the guidelines also prohibit telecoms firms from building towers near or beside other companies’ towers. Since the problem is in the scarcity of cell towers, the country needs the telecom companies and the viable independent tower companies to build as many towers as they can in the least amount of time in order for more investments to come in. In short, we need an open or unrestricted access to ensure investment and spur industry growth to benefit the public. The DICT’s “two-tower company” policy directly contradicts Senate Bill 1763 or the Open Access in Data Transmission Act, which aims to foster competition by opening up different segments of the market to other players in order to break down regulatory barriers, and create an open and level playing field. It is illogical to limit tower companies to two and prohibit telcos themselves from building towers. This is the exact opposite of open access. The Philippines needs more, not fewer, towers. Various stakeholders and the tower companies themselves naturally disagree with the DICT’s guidelines, with many asking: Why place a limit when we all want to build? The current permit processing and building time are already cumbersome, and made more constricted by this new policy which adds even more bureaucratic layers. There is also a new tower company accreditation process, the build-up period and triggering mechanisms—all new processes and steps that would further aggravate the sordid state of the country’s telecom industry. Looks to me like the twotower company policy is another half-baked solution to a gargantuan problem that will continue to punish hapless consumers. Whose interest is the DICT trying to protect? For comments, suggestions e-mail me at: mvala.v@gmail.com.

I

ALÁLAONG BAGÁ

N this world of dreams of wealth, power and fame, what is absolutely irreplaceable for the disciples of Jesus in terms of substance and attitude are self-denial and radical altruism (Mark 10:35-45).

The old worldly way. There was pushing and pulling going on among the followers of Jesus, competition and self-ambition as to who was the greatest among them (Mark 9:30-37). The brothers James and John thought it wise or were prodded to make a move to insure their personal future. Siding up to Jesus and with a touch of disarming simplicity, they told Him: “We want you to do for us whatever we ask of you.” To be elected and chosen for the top, to get closest to the boss: to be seated one at the right side and the other at the left side of Jesus in the glory of His kingdom—that was the idea. Jesus has been talking about the kingdom of God and their minds were filled with ideas about it. And although Jesus once again

has mentioned to them what awaited Him at the end of their journey to Jerusalem, their minds were filled with other things. The other 10 disciples were indignant when they figured out what the two brothers were up to. Trying to pull a fast one on them? Still the old quarrel, who sits at the top over the others. As Jesus told the two brothers, “You do not know what you are asking,” He once more tried to open the eyes of all of them what it means to be with Him and to follow Him. Being close to Him is not about regal power and prestige. In His kingship His close-in friends drink the cup and are baptized as He does. These biblical symbols refer to His approaching passion and death for

Thursday, October 18, 2018 A7

the salvation of the world (Mark 14:36; Luke 12:50). Greatness in service. Those who believe and follow Jesus must go the way of the cross with Him; His disciples must take up their cross and follow Him. James and John unhesitatingly professed their readiness to do so. Indeed they have left everything for Him, but not quite. Like the rich man who wanted to know from Jesus what more must he do to obtain eternal life, there is still something lacking for the disciples to be really one with Jesus: they need to be divested still of their worldly ambitions. Chosen to lead others to the kingdom of God, they must lead as servants. Lording it over others is not to be their way; the structure of power and domination in the world—“It shall not be so among you!” Among His followers and forerunners of God’s reign, greatness is sought in service: “Whoever wishes to be first among you will be the slave of all.” The ultimate norm for His disciples is Jesus Himself. He “did not come to be served but to serve and to give His life as ransom for many.” Greatness for real Christians is diakonia—service. It is the willingness to be the last like a child (Matthew 9:33-36) for the sake of others, to empty oneself that others may be filled. Clearly, this way of life is in a

head-on collision with the opportunism at the expense of others that saps the vitality of the nation. This Gospel ideal remains a chimera in our world of promises of service to the people but actualized within the parameters of me-first mentality, “self-service” in the original. Alálaong bagá, contemplating the face of Jesus in the Gospel, we discover a very subversive figure. He invites us to overturn our own image of God. In Jesus, God has assumed the incarnate face of a “suffering servant.” a lover willing to be the last for the sake of the beloved; not a distant despot terrorizing his subjects, but a father who comes for the birthing of his children in love, a savior who empties himself that we may have life in full. But with such a God, humankind created in His image must need to change and be recreated accordingly. We have to be subversive too of the world’s power dynamics and overturn the program of power that feeds on the weaknesses and needs of the little ones instead of truly serving them. Join me in meditating on the Word of God every Sunday, from 5 to 6 a.m. on DWIZ 882, or by audio streaming on www.dwiz882.com.

No ‘green jobs’ without just transformation Dr. Rene E. Ofreneo

LABOREM EXERCENS Continued from A1

‘P

OSITIONS in agriculture, manufacturing, construction, installation, and maintainance, as well as scientific and technical, administrative, and service-related activities, that contribute substantially to preserving or restoring environment quality. Specifically, but not exclusively, these include jobs that help to protect and restore ecosystems and biodiversity; reduce energy, materials, and water consumption through high-efficiency and avoidance strategies; decarbonize the economy; and minimize or altogether avoid generation of all forms of water and pollution.” The above definition is overwhelmingly focused on “mitigation,” which, in the vocabulary of UNEP supporters, means action that limits global climate change through the reduction of green house gas or carbon emissions such as the renewal of forests and shift to clean and renewable energy (e.g., wind, solar), away from fossil fuel. On the other hand, there is also the concept of “adaptation,” which means the ability to adjust an economic system to the effects of climate change or to respond to its impacts such as the fortification of vulnerable coastal communities to be able to weather storm surges. Adaptation also means transforming existing brown industries to become less reliant on fossil fuel and nudging them to reduce their carbon footprint. In short, the twins—mitigation and adaptation—should go together. Policy-wise, the ideal is to have a combined or holistic approach in building up the capacity of a country to undertake both mitigation and adaptation programs in a synergistic and mutually reinforcing manner. Together, the two should boost Philippine “resilience” against climate-change threats

and arrest the unchecked degradation of the environment. Ompong is the latest reminder on how weak is the country’s readiness program to climate change risks. The advocacy for the development of a holistic resiliency program should be unrelenting. In this regard, the greening of industry and jobs becomes truly crucial. The 2016 Green Jobs Act tries to broaden the concepts of green economy and green jobs. The former is referred to as “one which is lowcarbon and resource-efficient,” while the latter is given a more all-encompassing definition: “employment that contributes to preserving or restoring the quality of the environment, be it in the agriculture, industry or services sector.” This means green jobs are not only those jobs created by the “green segments” of the economy such as the renewable and recycling industries or those occupied by green professionals such as pollution abatement officers. Green jobs are jobs that help decarbonize a brown Philippine economy. In the process, jobs can be either green or made greener. This is why greening the economy is a massive undertaking, for it means

efforts to build new green industries, as well as transform all existing industries to become greener. In this connection, the provision of the Green Jobs law on the formulation of a “National Green Jobs Human Resource Development Plan” is critically important. This task requires a review of whether existing economic policies are coherent with the mitigation-adaptation environmental requirements. In turn, this review should lead to an overall review of the entire Philippine Development Plan (PDP) and an analysis of what are the mitigation-adaptation doables in each sector of the economy—industry, agriculture, services, habitat and infrastructures. As it is, there is a big disconnect between environmental policy and the implementation or observance of such policy. A good example that is often cited by environmental advocates is the proliferation of coal plants when under the Renewable Energy Act, these plants, steadily being consigned to history in many countries, are supposed to be phased out. We also have a large number of environmental laws that are considered the most comprehensive in Asia. And yet, the country continues to face varied and mounting environmental problems—deforestation, loss of biodiversity, poor management of solid wastes, decimation of mangroves and coral reefs, urban congestion, deteriorating air and water quality, soil erosion and so on. Additionally, we have unresolved policy contestation on the issue of mining. But one policy dilemma is raised: How can the government make the economy green or greener when the need of the hour is sustaining the growth momentum of the economy? How can jobs be made green or greener when such greening processes pose threats to the job holders in brown industries? The answer of the environmentalists: greening need not be job-

displacing. It should be job-creating and job-augmenting. This is where another UNEP concept—“just transition”—becomes critical. As pointed out in an earlier article, just transition programs are aimed at the preservation and/or creation of jobs for the affected while the greening process is taking place. Thus, in the case of the PUV modernization program, the forcible system of asking jeepney drivers and operators to abandon their old polluting vehicles and buy the expensive e-vehicles costing P1.6 million each without any assistance or subsidy given to these drivers and operators is unjust transition. This is why a just transition program—and the related “transformation” measures embedded or inherent in the program—should be developed for each sector or industry to be made green or greener. As mentioned in the earlier article, the 2010 Organic Farming Act has not made any headway because the needed transition/transformation programs are missing—capacity building for farmers to adopt modern organic farming methods, land reform to enable farmers to make independent decisions on farming, assistance in developing markets for organic products and so on. The same transitioning formulation can be applied to the plastics and other brown labor-intensive industries. The word “just” is not there for nothing. And just transition requires programs for just transformation in each sector of the economy. The writer is the author of the book Green Jobs and Green Skills in a Brown Philippine Economy. The book was published as an e-book by ILO Geneva in 2010. Subsequently, the UP Press, with the permission of ILO Manila, came up with a printed version in 2012. The book was used as a reference material by the Office of Senator Sonny Angara, the principal author of the Green Jobs law.

Anakalusugan: Your new health-care partner Florante S. Solmerin

P

FACT IS MIGHT!

OLITICAL parties are part of the electoral process in the Philippines, which enables small political parties and marginalized and underrepresented sectors to obtain possible representation in the House of Representatives that is traditionally dominated by parties with big political machinery. But more often than not, political parties are being used as vehicles for personal and factional political ambition in the guise of representing the marginalized and underrepresented sectors of society. Anakalusugan party-list differenti-

ated itself from other party-list groups in the Philippines because it is the only party-list advocating for personal health. As we all know, health is everyone’s concern and business. However, chronic diseases—such as heart disease, stroke,

cancer and diabetes—are among the most common, costly, and preventable of all health problems, but they are not being given priority by the government. Advocating healthy lifestyle, bringing medical and relief aid to remote and underserved municipalities in the Philippines, helping make Filipinos healthy for a healthy Philippines, and pushing bills that promote health for all Filipinos are just some of the advocacies of Anakalusugan party-list. After it filed its certificate of nominations, Anakalusugan nominees led by former Santa Teresita, Batangas City mayor and lawyer Adorlito Ginete, veteran politician Mike Defensor, and University of the Philippines Los Baños professor Emmanuel Andal, we are hopeful that Anakalusugan will deliver and fulfill its promises when it comes to the health concerns of our poorest of the poor, marginalized and underrepresented sectors of the society. We all need a party-list like

Anakalusugan that is really concerned about our health, with its pledge to promote our health and wellness. The overall Philippine health-care system is on a par with global standards, with Filipino medical staff being expertly trained. However, health facilities are found wanting, mostly insufficient. There is also a big disparity between the quality of health care in public and private hospitals. The latter is being considered costly but it has advanced medical equipment, while the former, although good enough for some, still faces resource limitations. We want a health-care system that will provide adequate services to all citizens regardless of social status, age or gender. With the success of Anakalusugan party-list, I look forward to that kind of health-care service for a better and healthier Philippines! E-mail: fetad@yahoo.com

2nd Front Page BusinessMirror

A8 Thursday, October 18, 2018

www.businessmirror.com.ph

Pinoys want to protect seas but don’t know how 7 in 10

T

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE majority of Filipinos are willing to cooperate with the government to protect the country’s water resources but are not aware of their responsibilities under the laws, according to a survey. A Social Weather Stations (SWS) survey commissioned by Oceana Philippines found out that almost 7 in 10 Filipinos believe that they can do something to protect the country’s oceans. These Filipinos said they are willing to volunteer for activities,

contact a local government employee, sign a petition to influence government policies, contact a national government and traditional/ community leaders to help solve fisheries issues. Furthermore, Filipinos listed the top 3 ocean problems as:

The number of Filipinos who are not aware of the Philippine Fisheries Code of 1998, according to the Oceana survey

pollution/waste management, illegal/destructive fishing and climate change. However, 84 percent of Filipinos are not aware of fishermen being apprehended in their respective areas for illegal fishing. Furthermore, 7 in 10 Filipinos are not aware of the Philippine Fisheries Code of 1998, according to the survey.

The survey noted that 4 in 10 Filipinos consider overfishing in the country as a very serious problem. But 8 in 10 Filipinos became aware that the Philippines was named as the world’s top producer of fish and other seafood products only by the time of interview. Only 18 percent of the country’s population is aware of such feat, according to SWS survey. “It is inspiring that Filipinos are willing to help to adress fisheries issues. We just have to find out how to tap that [willingness],” Oceana Philippines Vice President Gloria Estenzo-Ramos told reporters after sharing the results of the survey. “But I am surprised of the very low awareness on the Fisheries Code and on illegal fishing and

DOF explains gyrations in world crude oil prices By Rea Cu

@ReaCuBM

U

NCERTAINTIES in the global economy arising from the trade war between the United States and China, among others, have led to the volatility in world crude oil prices, the Department of Finance (DOF) has pointed out. According to the latest DOF economic bulletin, the volatility in Dubai crude oil prices was a result of the uncertainties in the global economy arising from the trade war, US President Donald J. Trump’s imposing sanctions on Iran, and declining production in Venezuela—a combination of factors that spooked financial and commodity markets. “[This] sent equities and commodity prices gyrating from day to day. And [this] has resulted in volatile crude oil prices,” the DOF said. Taking a cue from S&P Global Platts data, the DOF said that, from $82.577

per barrel on October 8 this year, Dubai crude dropped 2.9 percent to $80.188 per barrel on October 12. Similarly, Dubai crude oil futures for the next six months dropped below $80 per barrel. “While Dubai oil price levels for the next six months using October 8 futures prices would have required suspension of the adjustment in excise tax for the next six months, the latest prices levels show otherwise,” the DOF added. Based on the data released on October 12 provided by the DOF, Dubai crude oil futures is seen to hit $77.913 per barrel on November, $77.482 in December, $77.192 in January 2019, $76.961 in February 2019, $76.742 in March 2019 and $76.522 per barrel in April 2019. This is lower compared to the projections made in October 8, with Dubai crude oil prices seen to hit $81.73 per barrel in November, $81.11 in December, $80.72 in January next year, $80.40 in February 2019, $80.11 in March and $79.78 per barrel in April 2019.

INTERTROPICAL CONVERGENCE ZONE AFFECTING PALAWAN, VISAYAS AND MINDANAO as of 4:00 pm - October 17, 2018

On Tuesday, the Development Budget Coordination Committee revised its macroeconomic assumptions for crude oil price in the medium term, with the price per barrel expected to average $70 to $75 this year, coming from the previous assumption of $55 to $70 per barrel. For 2019, the price range is projected to increase to $75 to $85 per barrel coming from $50 to $65. In 2020, this range is projected to drop to $70 to $80 and as low as $65 to $75 for 2021 and 2022. This implies a 39.1-percent rise in the midpoint price assumption in 2019, a 30.4-percent rise in 2020, and a 21.7-percent rise in 2021 and 2022. Earlier, Finance Secretary Carlos G. Dominguez III said the Duterte administration’s economic managers have recommended that the President suspend the increase in oil excise tax in 2019 to help tame inflation. No final decision has been made by the President regarding the issue to date. The finance chief said it is the

President’s call on whether to suspend the increase in oil excise taxes under the Tax Reform for Acceleration and Inclusion (TRAIN) law for 2019, or let the law stay its course. Under the TRAIN law, excise tax on oil products will be gradually increased starting this year to 2020. The law, however, contains a provision for temporarily suspending the increase scheduled on January 1, 2019, if the average price of Dubai crude based on Mean of Platts Singapore exceeds $80 per barrel for three months. Furthermore, incremental excise tax increases were imposed on liquefied petroleum gas (LPG), diesel and gasoline products. Tax on LPG, coming from a noexcise tax regime, would increase by P1 per liter this year, P2 next year and P3 in 2020. Diesel fuel would increase by P2.50 this year, P4.50 in 2019 and P6 in 2020. Regular and unleaded premium gasoline would have a tax increase of P7 this year, P9 in 2019 and P10 per liter in 2020. These increases come from an excise tax of P4.35 per liter in 2017. S&P Global Platts is the leading independent provider of information, benchmark prices and analytics for the energy and commodities markets, and is a division of S&P Global.

NFA. . .

Continued from A1

That’s the idea. That’s the bottom line. Approve it immediately because time is of the essence,” Lopez told the BusinessMirror. Lopez said the President’s instruction is to act on the high commodity prices being experienced in the country in the past few months. The aim is to bring down rice prices to P38 a kilo and for sugar prices to P50 per kilo. Meanwhile, Lopez assured consumers that Noche Buena items will remain affordable during the holidays. He said that Noche Buena items that will see increase in prices are mostly high-end brands. This will not affect inflation, since only rich households that are not sensitive to price increases will be affected. Lopez said the low-end brands and staples like pasta and tomato sauce are not expected to see any increase in prices. “Once we implement what we’re supposed to implement, it [rice and sugar prices] will not be affected by the holidays. The more you should implement it [fast-track importation] ASAP because of the coming holidays,” Lopez said.

Inflation forecast

THE Development Budget Coordination Committee (DBCC) on Tuesday revised its inflation forecast to 4.8 to 5.2 percent this year, and 3 to 4 percent in 2019. The DBCC kept inflation forecasts from 2020 to 2022 at 2 to 4 percent, consistent with the government’s assessment that inflation will go back to the target level by next year. The Philippine Statistics Authority reported inflation surged to a nine-year high of 6.7 percent in September. Inflation in the previous month was pegged at 6.4 percent and in September 2017, 3 percent.

prohibited acts,” Estenzo-Ramos added. The survey also found out that at least 5 in 10 Filipinos said fish and seafood products sold in the market are now smaller, more expensive and have fewer varieties. They also noted that catch from the seas has shrunk compared to 10 years ago. Filipinos eat fish or seafood five times in a month, according to the SWS survey. “The results of the survey validate previous data that there is overfishing in the country. Everyone feels the impact of such due to higher prices, lesser supply, smaller fish and lesser catch,” Estenzo-Ramos said. “This should be a call for action for government—and not just

government but for nongovernmental organizations and communities to work together,” she added. Due to the results of the survey, Estenzo-Ramos renewed the call for the creation of the Department of Fisheries and Aquatic Resources to have a better focus on the country’s water resources. “If there is no department, then there is no direct access to the President. If it remains as a bureau, then the support would be stagnant just like what is happening now: the DA is focused more on land and less on fisheries,” she added. The survey, titled “Feasting or Fasting on Fish?” was conducted from September 23 to 27, 2017, with a total 1,500 respondents aged 18 and above nationwide interviewed face-to-face.

AID TO JOBLESS UNDER S.S.S. ACT ‘NOT ENOUGH’

T

HE proposed cash aid for jobless private-sector workers under the pending bill amending the Social Security Act of 2018 falls short of being considered as unemployment insurance, according to a labor group. Federation of Free Workers (FFW) President Jose Sonny G. Matula told the BusinessMirror that the bill failed to include a reemployment provision to be considered an effective social safety net. “ T he a l lowa nce is not enough. It should connect workers to reemployment [programs] so they could find a new job,” Matula said in an ambush interview when he formalized his bid for the 2019 senatorial race. He said the two-month financial assistance for a displaced worker will be insufficient to help that worker get new employment without the necessary job facilitation and skills-training program. His proposal is supported by previous positions papers

submitted by the Department of Labor and Employment and the recommendation of the Inter nationa l Labour Organization. Senate Bill 1753 or the Social Security Act of 2018 aims to boost the revenue of the Social Security System (SSS) and expand its services. It unemployment provision will apply to SSS members who are aged below 60 years old and have at least 36-month contributions. Matula said the passage of an authentic unemployment i nsu ra nce w i l l be a mong his priority agendas if he is elected to the Senate, along with laws to restrict contractualization and to significantly increase wage rates. Matula, who is part of the senatorial slate of the Labor Party-Philippines, filed his Certificate of Candidacy on Wednesday at the Commission on Elections together with FFW President Emeritus Allan S. Montaño. Samuel P. Medenilla

Gov. Espenilla extending medical leave to Oct. 26 for cancer treatment–BSP

T

HE Bangko Sentral ng Pilipinas on Wednesday announced that BSP Governor Nestor A. Espenilla Jr. is extending his leave again for this month, this time until October 26, in light of his medical treatment. “In the meantime, the BSP team stays steadfast in pursuing the Continuity ++ Agenda while Governor Espenilla is completing his treatment,” the BSP said. Last month the governor —who is battling early stage tongue cancer detected earlier this year—announced that he will be out of the office from September 19 to October 2 for treatment. He then extended that medical leave for another two weeks earlier this month. With his leave, Espenilla was not able to preside over the recent monetary policy meeting on September 27. BSP Deputy Governor Chuchi G. Fonacier sat in his place as officer in charge. Espenilla earlier said his treatment is “progressing well” but he will be needing rest to “give it the best chance possible.” The governor also gave a “so far,

During his medical leaves, BSP deputy governors will be taking turns as OIC in accordance with established BSP business continuity protocols.” —Central Bank so good” update on Wednesday. The BSP said that following his medical leave, the governor “may be taking intermittent medical leaves.” T he Cent r a l B a n k added , “During his medical leaves, BSP deputy governors will be taking turns as OIC in accordance with established BSP business continuity protocols.” Bianca Cuaresma

Editor: Efleda P. Campos

Companies BusinessMirror

Thursday, October 18, 2018

B1

PCC fines Grab, Uber ₧16M for merger violations

T

By Elijah Felice E. Rosales

@alyasjah

HE Philippine Competition Commission (PCC) has penalized Grab and Uber P16 million for violating two interim measures on their merger. In a news briefing on Wednesday, the PCC said it imposed a fine on the two parties for “causing undue difficulties” on the agency’s review of their controversial transaction. PCC Commissioner Stella Luz A. Quimbo explained Grab and Uber violated two interim measures, largely on failure to maintain their premerger conditions.

“This is for violating the interim measures order that the PCC issued last April 6. These fines are not for a finding of a substantial lessening of competition, but rather the fines are imposed for causing undue difficulties on the PCC review and decisionmaking process,” Quimbo said. “The interim measures order [IMO] contained a total of seven

interim measures. The PCC found violations in two of these measures,” she added. The PCC found a total of 10 counts. Each count could be imposed a maximum of P2 million in fine under the Philippine Competition Act. Broken down, half of the fine (P8 million) is to be shouldered by Grab. Uber is ordered to pay P4 million for, like Grab, failure to maintain its premerger conditions during the review, while the two parties are slapped P4 million in penalty for proceeding with the execution of their agreements even as the PCC is still looking into the acquisition. The IMO, PCC Chairman Arsenio M. Balisacan said, is crucial in maintaining the agency’s review procedure, as well as its adjudicato-

MCIA ranked one of SE Asia’s top airports By Lorenz S. Marasigan @lorenzmarasigan

T

HE operator of the Mactan Cebu International Airport (MCIA) vowed to further improve its services, following a recognition from London-based air travel intelligence group OAG, which ranked the air hub as the one of Southeast Asia’s top airports in terms of on-time performance (OTP). Cebu’s premier air hub was ranked by the British company as the ninth airport in the Asean with the best OTP, which is measured by departures and arrivals that take place “strictly less than 15 minutes after scheduled departure and arrival time, including cancellations.” It only includes airports with more than 4,000 flights a month.

Topping the OAG’s list is Juanda Surabaya Airport in Indonesia, followed by Don Muang Airport in Bangkok, Thailand. Ranking third was Singapore Changi Airport, followed by Phuket International Airport in Thailand and Noi Bai Interantional Terminal in Hanoi, Vietnam. In the sixth place was Suvarnabhumi Airport in Bangkok, Thailand, followed by the Kuala Lumpur International Airport in Malaysia. Trailing behind at the eighth spot is Tan So Nhat Airport in Ho Chi Minh, Vietnam. The 10th spot went to Ngurah Rai Airport in Bali, Indonesia. GMR-Megawide Cebu Airport Corp. Preisdent Louie B. Ferrer said his group has been “working hard to ensure the on-time arrival and

departure of Cebu flights.” “This ranking is a testament to our commitment,” he said. “It’s also a challenge for us to continue finding ways to deliver better, friendlier service to our stakeholders. We intend to keep doing better.” The airport connects 24 international and 35 domestic destinations through 25 partner carriers. Ferrer said the company aims to further grow the operations of the airport through aggressive airline partnerships, targeting both existing and untapped markets. “Mactan-Cebu’s central location is the ideal jump-off point to other domestic and international destinations. We will continue to maximize this location and position Cebu as a central hub in Southeast Asia,” he said.

ry integrity. The IMO was issued to the parties to maintain premerger conditions in order to prevent any action that may prejudice the PCC’s ability to study the merger or to impose appropriate remedies. “The IMO is a mechanism that protects the integrity of the PCC review and adjudicatory process. It requires full compliance by both Grab and Uber, and these fines reflect their deficiencies and violations,” Balisacan said. The interim measures, the PCC said, is also intended to preserve the market conditions before Grab’s takeover of Uber. The PCC believes noncompliance with the IMO will inf luence and prejudice the quality of the review at that time. Under the IMO, Grab and Uber

were directed to maintain the independence of their operations and other conditions, such as platforms, pricing and payment policies, incentives, among others, in effect prior to March 25. The two parties were also instructed to refrain from executing any final agreement or contract that will transfer any asset, equity and interest by Uber to Grab. The PCC also told Grab and Uber to refrain from providing access between them any confidential information, and to refrain from imposing exclusivity clauses, lock-in periods and termination fees to drivers. Further, Grab and Uber were mandated to refrain from acts that may lead to lower viability and salability of businesses, as well as acts

that will prejudice the PCC’s power to review the transaction and impose remedies. Last, they were told to refrain from performing any act that may further lead to the fulfillment of the merger. “This is a fair reminder to parties subjected to merger reviews to cooperate and comply with the Commission’s orders. Selective compliance adds to the burden of the review process which, in turn, have real-life consequences on the public,” Balisacan said. “We urge future transactions to observe due diligence,” he added. In March, Grab acquired Uber’s operations in Southeast Asia in a move that put competition officials on their feet, as the buying party positioned itself as a dominant player in the ride-hailing market.

Avida launches 2nd ₧7.4-B project in Mandaluyong

A

VIDA Land Corp., the midrange brand of property developer Ayala Land Inc., on Wednesday said it launched its second three-tower project in Mandaluyong, aiming for the middle-affordable market working in the business district of Makati, Ortigas Center and Taguig. Mellissa D. Corpuz, the company’s manager for the project and strategic management group, said the developer will spend an initial P7.4 billion for the first phase of the project called Avida Towers Verge. The company just launched the project earlier this week and it already sold 10 percent of the total 1,020 residential units of the first tower that will have 34 storys. “We will launch the succeeding towers in the coming years, usually when we already sold about 70 percent of the first tower,” she said in a briefing with reporters. The development is located

along Reliance Street corner Mayflower Street, Mandaluyong, and will sit side by side with the P5.3billion Avida Towers Centera. Verge offers two types of unit layouts ranging from P4.2 million to P4.4 million for a junior one-bedroom, and from P6.7 million to P7.7 million for a onebedroom unit. Avida said the new layouts are in response to market demand. Smaller units were the fastestselling units among Centera buyers. “Most of them are end-users, of which 54 percent are 35 years old and younger. They were from Mandaluyong and all over Metro Manila. The market is composed mainly of young working millennials looking for units closer to their places of work,” said Apollo Tanco, Avida’s vice president for Project and Strategic Management Group. Avida said it expects people working in Makati, Bonifacio

Global City and Ortigas to be drawn to their development. Flexible payment terms are currently being offered with a monthly amortization starting at P17,000. The first tower is expected to begin construction by early-2019 and is scheduled for completion in December 2023. Mandaluyong property values rise from the city’s strength as a central location. Figures from Lamudi put Mandaluyong as having 10-percent increase in overall value for its condo units, with prices typically ranging from P4.5 million to P7 million. Studies showed Mandaluyong as the top condominium market location in terms of unit take-up for the past two years. “While prices of condo units significantly rise in the area over time, it continues to be at a midlevel price range compared to other cities in the country,” Tanco said. VG Cabuag

PAL to mount direct flights to NY starting Oct. 29

F A.L.I. FINAL TRANCHE Ayala Land Inc. (ALI) issued and listed anew on the Philippine Dealing and Exchange Corp. an P8-billion, five-year

bond with a coupon rate of 7.0239 percent per annum. The bonds represent the final tranche of the company’s P50-billion, three-year debt securities program approved by the Securities and Exchange Commission (SEC) in March 2016 under the shelf-registration rules that took effect in November 2015. “We are grateful to the SEC for having introduced shelf registration in the country. Since then, issuance timelines have been compressed by a month to about 60 days on the average, or even as short as 30 days in the case of follow-on issues. The significance of this speed to market advantage is only all the more underscored by the volatility we all experience in the markets today, where the timing of issuances has never been as crucial. Due largely to the P50-billion debt securities program, we have fixed up to 90 percent of our debt portfolio, which will insulate us against rising interest rates; secured up to 95 percent of our debt in stable term funding; and sourced up to 60 percent of our debt from the capital markets with a wide range of tenors, making our maturity towers manageable,” ALI Chief Finance Officer and Treasurer Augusto D. Bengzon said.

OUR-STAR carrier Philippine Airlines (PAL) will mark another milestone in aviation history as the first airline to mount a direct nonstop service from the Philippines to the Big Apple starting October 29. A brand-new PAL Airbus A350900 will be used for the historic flight when it departs as flight PR126 from the Ninoy Aquino International Airport for a 16-hour nonstop journey across the North Polar region, to land at New York’s John F. Kennedy International Airport on the evening of the same day. PAL President and COO Jaime J. Bautista said, “We look forward with eager anticipation, as we prepare to fly almost halfway around the world

on the longest route ever to be served by a Philippine carrier. What’s in store for travelers is a journey unparalleled—an ultra-comfortable flight on one of the world’s most advanced commercial airplanes. The maiden nonstop 16-hour Manila to New York journey will usher in a long-haul travel experience marked by comfort, convenience and efficiency.” PAL VP Sales Ryan Uy noted brisk sales for this newest product offering. “People want to experience this much-talked about A350 aircraft. They want to sample the spacious cabin designed for rest, relaxation, fine dining and wide choices of video entertainment. Now, they can enjoy the A350 on a flight that takes them directly to the US East Coast, with

no more time-consuming stopovers and no inconvenient transfer connections along the route. One take-off and one landing, and you’re in the Big Apple.” Tourists and balikbayan based in the New York, New Jersey and Connecticut states will find it easier and more convenient to visit the Philippines. Prior to the new PAL service, Manila-bound passengers had to go through intermediate stopovers in Canada, the US West Coast or airports in other Asian countries, usually by connecting from one flight to another. The PAL service between Manila and New York City gives passengers the flexibility to choose from a wider selection of departure days. Recto Mercene

SM Prime to become Dennis Uy’s anchor locator in Clarkfield

P

ROPERTY developer SM Prime Holdings Inc. will become the anchor locator of Clark Global City, the sprawling real-estate development led by Davao businessman Dennis Uy. Global Gateway Development Corp. and SM Prime signed a sublease agreement for up to 10 hectares of Uy’s 177-hectare leasehold within the Clark Freeport Zone in Mabalacat, Pampanga. Global Gateway, a unit of Udenna Corp., will initially sublease 5 hectares of Clark Global City to SM Prime. Within the next three years, the property-development arm of the SM Group will have the option to take five more hectares. The subleased area will expand

the adjacent retail, office and hotel developments of SM Prime in the Clark Freeport Zone. “Clark Global City provides us another platform to help develop Clark and thereby unlock employment and business opportunities in the region,” Hans T. Sy, chairman of the executive committee of SM Prime, said in a statement. “We will explore more opportunities to contribute to the transformation of Clark as a premier investment destination in the Asia-Pacific,” he said. Clark Global City is a masterplanned development with a buildable area of more than 123 hectares. It will host office buildings, retail outlets, academic centers, sports

centers, a park, an integrated hotel and casino, among others. At the moment, Clark Global City is home to a 173-bed hospital under the Medical City brand along with two fully leased out Grade A office buildings. The existing office buildings, with 57,000 square meters of leasable office and retail spaces, form part of a complex called West Aeropark. Three more buildings, which have been pre-leased, are under construction at the site. “Having SM Prime as one of our anchor locators boosts our efforts in developing Clark Global City as the country’s new center of business, life and innovation,” said Uy, Global Gateway chairman.

KEI COFFEE SHOP EXPANDS A Kei Coffee shop in Malate, Manila, is ready to expand. Serving Eastern coffee from South Africa, the shop holds its soft opening this month. ROY DOMINGO

B2

Companies BusinessMirror

Thursday, October 18, 2018

Italpinas to spend ₧3B on capex in 2019

B

By VG Cabuag

@villygc

OUTIQUE property developer Italpinas Development Corp. said it plans to spend between P2 billion and P3 billion next year as it continues to expand its portfolio, while focusing on raising more funds to bankroll its projects.

Batangas Phase II because our sales are doing well,” Nati said after the company's stockholders’ meeting on Wednesday. Nati said the company also aims to raise funds of around P500 million, mainly from the sa le of conver tible prefer red shares, possibly during the first quarter of 2019. “Then we will also consider working with banks. The market is responding very well,” he said. He said part of the capex will also be used for land banking as they aim to expand to other provinces, particularly in Batangas, as well as in the Visayas and Mindanao. “We want to be a national company,” Nati said.

For the Visayas, the company is looking at Negros, especially in Bacolod, Dumaguete and Iloilo. The company, he said, has exceeded its initial sales targets for 2018 with the first phase of Primavera City almost sold out, while Miramonti sold almost half its units in just four months. For next year, it will launch the second phase of Primavera, which will offer about 300 more units in the four-phase development that will have a total of 1,200 units. Miramonti will also be launching its bigger second phase next year, which will generate about P2.5 billion from the sale of residential units compared to P1.8 billion from the first phase.

Italpinas Chairman Romolo Nati said the amount will be used for the continued expansion of their projects in Cagayan de Oro City and

Santo Tomas in Batangas. “We are planning to launch phase two of Primavera City in Cagayan de Oro and also Miramonti in

AC Energy to supply Mandaluyong firm 1.7 MW of power

ABS-CBN dominates non-cabled homes in Metro Manila

A

C Energy Inc., the development arm of the Ayala group in the energy sector, will supply Plastmann Industrial Corp. 1.7 megawatts (MW) of electricity. Plastmann is located in Mandaluyong City. Both signed on October 10 a retail power supply agreement (PSA), the power firm said on Wednesday. The PSA is meant to provide energy savings solutions and dependable power to Plastmann Industrial and its customers. Plastmann is a Philippine-based manufacturer of a wide range of rigid plastic products catering to both domestic and multinational customers. The power that will be supplied to Plastmann will partly be sourced from renewable energy. AC Energy is one of the fastestgrowing energy companies with over $1 billion of invested and committed equity in renewable and thermal energy in the Philippines and around the region. The company aspires to develop 5 gigawatt of attributable capacity and generate at least 50 percent of energy from renewables by 2025. Lenie Lectura

By Lorenz S. Marasigan @lorenzmarasigan

R

OUGHLY three-fourths of non-cabled homes in the metropolis are now tuning in to their favorite television shows via digital terrestrial television, dominated primarily by ABS-CBN Corp.’s set-top boxes. Citing data from Kantar Media, the Lopez-led multimedia conglomerate said in a statement 71.6 percent of non-cabled homes in Metro Manila were using TVplus set-top boxes in end-August, a 16.6-point increase from 55 percent the year prior. In the same comparative periods, the penetration rate of the conglomerate’s set-top boxes also rose by 20.7 point to 64.7 percent, from 44 percent in Mega Manila, while the Metro’s suburbs posted a 24-percent increase to 57 percent from 33 percent. “The continuous migration of viewers from analog to digital shows their eagerness to enjoy the lifechanging benefits of ABS-CBN TV plus that include clear TV viewing, crisp sound, more exclusive channels and an affordable pay-per-view

service with no monthly fees,” the statement read. Since its launch in 2015, ABS-CBN has so far sold 6.1 million set-top boxes to date. The government has mandated all broadcasting companies to migrate to digital TV before 2023.

MUTUAL FUNDS

Currently, the company’s TV plus covers the following areas: Metro Manila, Bulacan, Nueva Ecija, Pangasinan, Rizal, Laguna, Pampanga, Tarlac, Benguet, Cavite, Metro Cebu, Cagayan de Oro, Iloilo, Bacolod and Davao.

October 17, 2018

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC * 238.33 -18.05% -1.68% -0.1% -18.71% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.3665 -15.86% 2.92% 1.48% -14.42% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 3.7034 -18.39% -0.64% -0.98% -19.36% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.8582 -14.9% N.A. N.A. -15.61% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. * ********* 0.7863 N.A. N.A. N.A. N.A. FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 4.8987 -16.84% -3.11% -1.03% -18.53% MBG EQUITY INVESTMENT FUND, INC. * ****** 109.83 N.A. N.A. N.A. N.A. ONE WEALTHY NATION FUND, INC.* 0.7844 -19.06% N.A. N.A. -20.98% PAMI EQUITY INDEX FUND, INC.* 46.2568 -17.15% -0.91% N.A. -17.97% PHILAM STRATEGIC GROWTH FUND, INC.* 482.12 -17.7% -2.19% -1.18% -18.07% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.1949 -14.44% 0.13% N.A. -14.91% PHILEQUITY FUND, INC.* 34.748 -14.28% 0.43% 1.86% -15.45% PHILEQUITY PSE INDEX FUND INC.* 4.6479 -17.14% -0.25% 1.69% -18.09% PHILIPPINE STOCK INDEX FUND CORP.* 775.92 -17.08% -0.48% 1.37% -17.95% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.8077 -16.06% -2.61% N.A. -16.48% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 3.8404 -15.29% -0.5% 0.06% -16.15% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 0.8949 -17.27% -0.41% N.A. -18.15% UNITED FUND, INC.* 3.3123 -13.19% 0.5% 0.05% -14.94% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* ***103.7844 -16.58% 0.7% N.A. -17.6% ATRAM ASIAPLUS EQUITY FUND, INC.** $0.939 -13.18% 1.4% -0.74% -15.28% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.2184 -0.17% N.A. N.A. -3.7% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.5916 -14.07% -3.75% -2.44% -14.59% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.1302 -12.84% -0.92% -0.32% -13.3% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.425 -11.71% -4.18% -3.27% -12.45% GREPALIFE BALANCED FUND CORPORATION* **** 1.2658 -13.1% N.A. N.A. -13% NCM MUTUAL FUND OF THE PHILS., INC* 1.7772 -10.05% -0.64% -0.4% -10.81% PAMI HORIZON FUND, INC.* 3.3541 -14.48% -2.58% -1.51% -14.39% PHILAM FUND, INC.* 15.1006 -14.22% -2.48% -1.57% -13.99% SOLIDARITAS FUND, INC.* ******** 1.9956 -11.03% -0.47% 1.19% -10.99% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.5164 -11.4% -1.26% -0.57% -12.01% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.895 -11.47% -1.58% N.A. -12.28% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.03464 -4.15% -0.66% 1.74% -4.04% PAMI ASIA BALANCED FUND, INC.* $0.9338 -10.07% 0.97% -1.77% -10.81% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.5309 -0.61% 4.33% 2.8% -3.33% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.0694 -2.66% N.A. N.A. -3.85% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 341.32 1.35% 1.78% 1.71% 1.25% ATRAM CORPORATE BOND FUND, INC.* ******* 1.8521 -2.46% -1.3% -0.42% -2.12% COCOLIFE FIXED INCOME FUND, INC.* 2.942 5.53% 5.35% 5.31% 4.25% EKKLESIA MUTUAL FUND INC.* 2.1162 -0.4% 0.97% 1.11% 0.67% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2113 -0.32% 0.1% 0.47% -0.22% GREPALIFE FIXED INCOME FUND CORP.* P 1.5725 -2.52% -1.1% -1.12% -2.3% PHILAM BOND FUND, INC.* 3.7615 -8.26% -2.46% -1.14% -7.12% PHILEQUITY PESO BOND FUND, INC.* 3.4537 -1.07% -0.77% 0.08% -1.46% SOLDIVO BOND FUND, INC. * 0.8694 -6.89% -2.47% N.A. -5.83% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.7494 -1.03% -0.12% 0.39% -0.99% SUN LIFE PROSPERITY GS FUND, INC.* 1.5298 -1.41% -0.63% -0.01% -1.28% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $445.77 0.21% 2.08% 3.08% -0.04% ALFM EURO BOND FUND, INC. * Є213.12 0.15% 1.29% 1.67% -0.28% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.1207 -1.07% 0.72% 1.79% -1.18% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0248 -0.8% 0.54% N.A. -0.8% GREPALIFE DOLLAR BOND FUND CORP.* $1.69 -5.05% -0.63% 1.23% -4.6% MAA PRIVILEGE DOLLAR FIXED INCOME FUND, INC. N.S. N.S. N.S. N.S. N.S. MAA PRIVILEGE EURO FIXED INCOME FUND, INC. ЄN.S. N.S. N.S. N.S. N.S. PAMI GLOBAL BOND FUND, INC* $1.0246 -5.29% -1.93% -2.73% -4.56% PHILAM DOLLAR BOND FUND, INC.* $2.1348 -4.96% 0.06% 2.38% -5.16% PHILEQUITY DOLLAR INCOME FUND INC.* $0.0568666 -1.01% 0.82% 1.9% -0.58% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.8787 -4.7% 0.44% 1.74% -4.45% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 119.9 2.29% 1.67% 1.44% 1.95% PHILAM MANAGED INCOME FUND, INC.* 1.1719 1.49% 0.3% 0.34% 1.25% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.2102 2.45% 2.15% 1.41% 2.08% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* ***** $1.0118 N.A. N.A. N.A. 1.31% * - NAVPS AS OF THE PREVIOUS BANKING DAY ** - NAVPS AS OF TWO BANKING DAYS AGO *** - LISTED IN THE PSE. **** - RE-CLASSIFIED INTO A BALANCED FUND STARTING JANUARY 1, 2017 (FORMERLY GREPALIFE BOND FUND CORP.). ***** - LAUNCH DATE IS NOVEMBER 6, 2017 ****** - LAUNCH DATE IS JANUARY 08, 2018 ******** - RENAMING OF THE FUND WAS APPROVED BY THE SEC LAST APRIL 13, 2018. ********* - BECAME A MEMBER SINCE APRIL 20, 2018. ******* - ADJUSTED DUE TO CASH DIVIDEND ISSUANCE LAST JANUARY 29, 2018

Editor: Efleda P. Campos

PSE STOCK QUOTATIONS

October 17, 2018

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

ASIA UNITED 58.6 59.4 59.4 59.4 58 59 81520 4819361 4197676.5 BDO UNIBANK 116.1 116.5 113 116.8 113 116.1 1683530 194947030 9565225 BANK PH ISLANDS 82.8 82.95 81.3 83.45 81.3 82.95 2780870 230672361 -122016139.5 CHINABANK 28.7 28.75 28.55 29 28.55 28.75 76200 2189125 -1069715 EAST WEST BANK 11.66 11.68 11.52 11.94 11.52 11.68 2156400 25200942 4272074 METROBANK 67.2 67.25 66.05 67.65 66.05 67.25 3405680 228927290 -100258690 PB BANK 11 11.46 11.46 11.46 11 11 3200 35246 1100 PBCOM 18.58 19.9 18.54 18.54 18.54 18.54 300 5562 PHIL NATL BANK 40.85 41 40.15 41.75 40.15 40.85 134600 5528305 -4182630 PSBANK 75 79.85 79.9 79.9 76 76 960 74754 RCBC 28.2 28.3 28 28.25 28 28.25 17200 481860 145740 SECURITY BANK 151.9 152 147 153.6 147 152 1255670 190178706 -26498869 UNION BANK 65.9 66.3 66 66.05 65.8 65.9 30770 2028601.5 -1629075.5 BRIGHT KINDLE 1.31 1.43 1.43 1.43 1.43 1.43 3000 4290 BDO LEASING 2.29 2.49 2.19 2.28 2.19 2.28 50000 111700 COL FINANCIAL 15.8 15.98 15.9 15.98 15.9 15.98 1400 22332 FERRONOUX HLDG 4 4.04 4.16 4.17 3.95 4.04 139000 564770 -116760 MEDCO HLDG 0.46 0.485 0.435 0.435 0.435 0.435 20000 8700 MANULIFE 790 795 796 800 795 795 510 405600 NTL REINSURANCE 0.86 0.87 0.83 0.87 0.83 0.87 198000 167350 -0 PHIL STOCK EXCH 187 189.9 189.9 189.9 189.9 189.9 70 13293 SUN LIFE 1825 1900 1825 1825 1825 1825 25 45625 INDUSTRIAL ALSONS CONS 1.27 1.29 1.29 1.3 1.26 1.29 67000 85380 ABOITIZ POWER 34.3 34.5 34.5 34.8 34 34.5 2853000 97956015 65503300 BASIC ENERGY 0.218 0.224 0.215 0.225 0.215 0.225 500000 110520 ENERGY DEVT 7.05 7.13 7.11 7.23 7.06 7.13 138700 989687 405450 FIRST GEN 15.32 15.54 15.7 15.7 15.32 15.32 1044200 16211272 -3078382 FIRST PHIL HLDG 64.4 64.5 63.35 64.7 63.35 64.4 26170 1687201.5 228330 PHIL H2O 4.4 4.58 4.5 4.75 4.21 4.6 128000 560520 17600 MERALCO 356 359.2 358 359.2 353 359.2 125880 45094088 34203354 MANILA WATER 25.75 26.5 25.95 26.5 25.7 26.5 276500 7235080 1014470 PETRON 8.37 8.4 8.29 8.37 8.29 8.37 456400 3800034 -942951.9997 PETROENERGY 4.04 4.15 4.05 4.15 4.02 4.15 26000 105970 PHINMA ENERGY 0.95 0.96 0.95 0.99 0.94 0.96 1457000 1384340 PHX PETROLEUM 10.56 10.7 10.76 10.86 10.76 10.8 16400 177216 PILIPINAS SHELL 52.4 53.35 53 53.55 52.4 53.35 133300 7109904 1335534 SPC POWER 5.2 5.4 5.21 5.22 5.18 5.22 88300 459342 18746 VIVANT 17.02 20.45 20.45 20.45 20.45 20.45 300 6135 AGRINURTURE 18.08 18.16 18.22 18.22 18.08 18.16 974000 17688722 10656598 BOGO MEDELLIN 100 109.7 100 100 100 100 90 9000 CNTRL AZUCARERA 16.22 17.12 16.14 17.58 16.12 17.12 14100 229592 CENTURY FOOD 13.14 13.4 13.08 13.4 13.08 13.14 611200 8037530 -2979538 DEL MONTE 7.02 7.04 6.64 7.04 6.64 7.02 31500 220261 DNL INDUS 10.74 10.76 10.54 10.74 10.52 10.74 4232800 45167120 3621429.9996 EMPERADOR 7.01 7.02 7 7.03 6.99 7.02 267300 1874325 -544673 SMC FOODANDBEV 84.1 85 85 85.95 82.55 85 1053130 88437200.5 -40549598.5 ALLIANCE SELECT 0.96 0.97 0.91 0.98 0.9 0.96 8990000 8577850 -48500 GINEBRA 25 26.1 25.95 26.1 25 26.1 3500 90650 JOLLIBEE 258.6 259 254.2 262 254.2 258.6 379720 98063778 -9121954 LIBERTY FLOUR 35 54.95 27.6 54.95 27.6 54.95 110 3309.5 MAXS GROUP 10.88 10.9 10.82 11.06 10.8 10.9 159500 1736788 -1063742 PEPSI COLA 1.62 1.68 1.65 1.68 1.6 1.62 204000 337080 -272170 SHAKEYS PIZZA 11.34 11.36 11.1 11.4 11 11.36 60200 681472 -518252 ROXAS AND CO 2.31 2.33 2.24 2.32 2.24 2.31 92000 209340 ROXAS HLDG 2.85 3.06 2.86 2.86 2.86 2.86 5000 14300 UNIV ROBINA 145.7 148 138 148 138 148 850290 123608033 19321413 VITARICH 1.74 1.75 1.72 1.76 1.72 1.74 1628000 2841410 -317200 CEMEX HLDG 2.19 2.22 2.13 2.36 2.13 2.19 18581000 41921650 -19748360 EAGLE CEMENT 14.72 15 14.7 15 14.7 15 7900 117750 EEI CORP 7.77 7.8 8 8 7.8 7.8 233400 1833133 -193748 HOLCIM 6.12 6.13 6 6.13 6 6.13 5600 34039 MEGAWIDE 16.72 16.86 16.5 17.1 16.28 16.72 5828700 97493304 9011428 PHINMA 9 9.01 8.97 9 8.97 9 48000 431730 TKC METALS 0.87 0.92 0.93 0.93 0.93 0.93 2000 1860 VULCAN INDL 2.47 2.5 2.7 2.82 2.46 2.47 97233000 256548360 127380 CROWN ASIA 1.62 1.64 1.65 1.65 1.61 1.64 333000 542030 26400 EUROMED 1.45 1.62 1.53 1.53 1.5 1.5 17000 25790 LMG CHEMICALS 4.8 4.85 4.8 4.8 4.8 4.8 8000 38400 PRYCE CORP 5.61 5.89 5.61 5.9 5.55 5.9 165100 941033 -52747.0001 CONCEPCION 35.95 39.75 35.9 39.75 34 39.75 3000 105485 34000 INTEGRATED MICR 11.7 11.76 11.6 11.8 11.6 11.76 1018500 11968686 261428 IONICS 1.76 1.77 1.78 1.8 1.71 1.77 420000 737270 -151380 PANASONIC 5.84 6.2 6.2 6.2 6.2 6.2 400 2480 SFA SEMICON 1.5 1.55 1.49 1.5 1.47 1.5 138000 206400 CIRTEK HLDG 35.7 37 36.1 37 35.7 37 691000 25410445 HOLDING & FRIMS ABACORE CAPITAL 0.43 0.435 0.43 0.44 0.425 0.435 6270000 2697900 ASIABEST GROUP 25.7 25.8 25.2 26 25.2 25.8 20300 521250 -67385 AYALA CORP 914.5 915 905 923 905 915 105070 96164990 24258355 ABOITIZ EQUITY 45.4 45.7 45.7 47.4 45.4 45.4 1463800 67356365 -24128520 ALLIANCE GLOBAL 11.72 11.76 11.68 12.04 11.68 11.72 4663000 55197280 -22947080 ANSCOR 6.14 6.15 6.14 6.14 6.14 6.14 15000 92100 92100 ATN HLDG A 1.22 1.23 1.18 1.23 1.18 1.23 5776000 7001270 ATN HLDG B 1.22 1.23 1.19 1.23 1.15 1.22 2643000 3213370 545880 COSCO CAPITAL 6.24 6.25 6.1 6.31 6.09 6.25 6325800 39385454 -5507957 DMCI HLDG 11.92 12 12 12.28 11.8 12 2234700 26949296 15450208 FILINVEST DEV 7.11 7.18 7.18 7.18 7.16 7.18 311300 2234934 FJ PRINCE B 3.06 4.7 4.7 4.7 4.7 4.7 4000 18800 -18800 GT CAPITAL 721 735 719 755 719 721 83750 61493235 15753935 HOUSE OF INV 5.88 5.95 5.84 6 5.84 5.95 1500 8830 JG SUMMIT 48.45 48.5 47 49.2 47 48.5 2161600 104978975 -11943995 LODESTAR 0.55 0.56 0.55 0.56 0.55 0.55 556000 306000 LOPEZ HLDG 4.36 4.4 4.35 4.48 4.35 4.36 203000 890490 -91970 LT GROUP 13.1 13.14 13.26 13.94 13.02 13.1 10552900 142205844 -27569586 MABUHAY HLDG 0.52 0.53 0.51 0.53 0.51 0.52 422000 221600 METRO PAC INV 4.97 4.98 4.87 5.02 4.87 4.98 21849000 108075430 -17024480 PACIFICA 0.037 0.038 0.038 0.038 0.037 0.037 4600000 171300 PRIME ORION 2.34 2.35 2.34 2.35 2.31 2.35 311000 724270 -335960 PRIME MEDIA 1.17 1.21 1.21 1.21 1.17 1.17 15000 17590 SOLID GROUP 1.36 1.4 1.35 1.4 1.35 1.38 48000 65360 -1400 SM INVESTMENTS 849.5 850 860.5 865 850 850 398730 341397430 -198409130 SAN MIGUEL CORP 164.1 164.2 163.1 166 163.1 164.1 123210 20218107 -10047867 SOC RESOURCES 0.8 0.82 0.8 0.81 0.8 0.8 56000 45000 TOP FRONTIER 270 277.8 275 277.8 266.2 277.8 6060 1664964 WELLEX INDUS 0.24 0.248 0.24 0.245 0.24 0.24 1350000 325590 2450 ZEUS HLDG 0.199 0.21 0.199 0.21 0.199 0.21 370000 74340 -34000 PROPERTY ARTHALAND CORP 0.64 0.65 0.61 0.66 0.61 0.65 2386000 1522560 AYALA LAND 40.8 40.85 40.4 41 40.4 40.8 5888500 240389790 28481165 ARANETA PROP 1.93 2 1.95 2 1.92 2 12000 23420 BELLE CORP 2.37 2.38 2.35 2.37 2.3 2.37 720000 1697930 -1350300 A BROWN 0.76 0.78 0.75 0.79 0.75 0.76 1102000 852520 CITYLAND DEVT 0.9 0.91 0.9 0.91 0.9 0.91 30000 27010 CROWN EQUITIES 0.213 0.221 0.223 0.223 0.21 0.222 230000 48740 CEBU HLDG 5.15 5.35 5.08 5.35 5.05 5.35 10100 51445 -2140 CEB LANDMASTERS 4.3 4.33 4.28 4.33 4.28 4.33 20000 86100 -17320 CENTURY PROP 0.42 0.425 0.42 0.425 0.42 0.425 2130000 902550 4250 DOUBLEDRAGON 19.1 19.14 18.5 19.68 18.5 19.1 562100 10932336 -482797.9997 DM WENCESLAO 7.95 7.99 7.67 8.1 7.67 7.95 209900 1676967 -72290 EMPIRE EAST 0.52 0.53 0.54 0.54 0.53 0.53 646000 343580 -324500 FILINVEST LAND 1.43 1.45 1.42 1.45 1.42 1.43 3789000 5436590 -2129150 GLOBAL ESTATE 1.06 1.08 1.06 1.08 1.06 1.07 933000 996670 -27790 8990 HLDG 7.01 7.05 7.05 7.06 6.92 7.05 771900 5438252 7685 IRC PROP 2.24 2.25 2.29 2.35 2.23 2.24 18362000 41767130 -2746610 CITY AND LAND 0.9 0.92 0.91 0.91 0.9 0.9 108000 97300 -88200 MEGAWORLD 4.46 4.47 4.4 4.52 4.32 4.47 21344000 95449270 27742600 MRC ALLIED 0.61 0.62 0.6 0.62 0.6 0.61 18612000 11351620 -127490 PHIL ESTATES 0.42 0.43 0.42 0.42 0.42 0.42 130000 54600 PRIMEX CORP 3.54 3.6 3.64 3.64 3.54 3.61 93000 333190 ROBINSONS LAND 20.5 20.55 19.8 20.5 19.8 20.5 1294300 26312177 2496713 PHIL REALTY 0.405 0.415 0.415 0.415 0.405 0.405 80000 32600 ROCKWELL 1.91 1.94 1.91 1.94 1.91 1.94 77000 147200 38310 SHANG PROP 3.11 3.16 3.1 3.1 3.1 3.1 15000 46500 STA LUCIA LAND 1.09 1.12 1.13 1.13 1.1 1.12 1169000 1288730 SM PRIME HLDG 33.95 34 33.8 34.25 33.8 34 11037800 375,687,040( 226,545,455.0002) STARMALLS 6.14 6.15 5.99 6.15 5.99 6.15 88500 539084 SUNTRUST HOME 0.75 0.77 0.75 0.75 0.75 0.75 14000 10500 VISTA LAND 5.42 5.49 5.59 5.75 5.35 5.49 7704600 42345555 -18970663 SERVICES ABS CBN 21.05 21.1 21.25 21.25 21 21.1 25900 549000 GMA NETWORK 5.1 5.14 5.1 5.14 5.09 5.1 181100 924158 MANILA BULLETIN 0.355 0.43 0.41 0.41 0.41 0.41 30000 12300 GLOBE TELECOM 2054 2060 2012 2086 2012 2060 54835 112666610 16161700 PLDT 1366 1400 1375 1400 1361 1400 47865 66409615 -10326130 APOLLO GLOBAL 0.039 0.04 0.04 0.041 0.039 0.039 5000000 199500 ISLAND INFO 0.108 0.11 0.108 0.11 0.108 0.11 1430000 155540 ISM COMM 3.13 3.14 2.93 3.17 2.9 3.13 17461000 53585320 -529429.9998 JACKSTONES 2.89 3.05 2.93 3.09 2.9 3.09 24000 70260 NOW CORP 5.4 5.41 5.66 5.8 5.41 5.41 3315000 18282267 650765 TRANSPACIFIC BR 0.51 0.52 0.5 0.53 0.495 0.51 21320000 10969350 238400 PHILWEB 3.61 3.65 3.68 3.69 3.51 3.65 583000 2106650 -381080 2GO GROUP 10.94 11 10.1 11.3 10.1 11 179100 1974222 10946 ASIAN TERMINALS 13.1 13.48 13.02 13.12 13.02 13.12 800 10486 CEBU AIR 66.45 66.65 66.25 68 66.25 66.45 209930 13955385 -2100684 CHELSEA 4.69 4.72 4.75 4.85 4.69 4.69 932000 4416790 INTL CONTAINER 93.95 94 93.75 95.05 93.75 94 490950 46452733 6320188 LBC EXPRESS 14.12 14.8 14.8 14.8 14.8 14.8 100 1480 LORENZO SHIPPNG 0.84 0.86 0.85 0.88 0.84 0.87 253000 215480 MACROASIA 17.6 17.62 17.42 17.7 17.4 17.62 736000 12918498 2865348 METROALLIANCE A 1.36 1.4 1.41 1.48 1.36 1.4 171000 238830 PAL HLDG 8 8.3 8.32 8.32 8 8 7500 60350 HARBOR STAR 2.53 2.54 2.49 2.55 2.49 2.54 1099000 2784490 -10010 ACESITE HOTEL 1.4 1.43 1.43 1.43 1.43 1.43 5000 7150 WATERFRONT 0.6 0.61 0.6 0.61 0.59 0.61 604000 363180 610 FAR EASTERN U 895 900 900 900 900 900 20 18000 IPEOPLE 11.6 12.42 12.42 12.42 12.42 12.42 200 2484 STI HLDG 0.8 0.81 0.79 0.82 0.77 0.8 3364000 2687120 -423220 BERJAYA 1.76 1.77 1.79 1.82 1.72 1.77 3006000 5295640 7110 BLOOMBERRY 8.65 8.7 8.52 8.8 8.52 8.65 5400700 46804300 -7436928 PACIFIC ONLINE 10.52 10.98 10.9 10.98 10.9 10.98 6000 65864 LEISURE AND RES 3.45 3.49 3.46 3.55 3.43 3.45 194000 670460 -38020 MANILA JOCKEY 5.06 5.3 5.38 5.38 5.3 5.3 25000 133500 MELCO RESORTS 6.99 7 6.99 7.01 6.99 7 922900 6459862 -805574 PREMIUM LEISURE 0.84 0.85 0.85 0.86 0.84 0.84 4174000 3550850 -49770 PHIL RACING 8.11 8.89 8.5 8.5 8.5 8.5 2000 17000 TRAVELLERS 5.2 5.21 5.3 5.3 5.18 5.21 842300 4384876 42276 METRO RETAIL 2.28 2.3 2.24 2.34 2.24 2.3 6017000 13918460 -53300 PUREGOLD 40.95 41 42.3 42.35 40.75 40.95 1448400 59,767,255( 19,058,870.0001) ROBINSONS RTL 76.1 77 76 77.8 76 76.1 453960 34612418 -22139567 PHIL SEVEN CORP 110 110.5 105 111 105 110 3239320 340138468 50600 SSI GROUP 2.58 2.62 2.74 2.75 2.57 2.58 20391000 54093630 10427700 WILCON DEPOT 10.88 10.94 10.94 11.08 10.88 10.94 2716100 29679340 -6325954 APC GROUP 0.435 0.46 0.45 0.46 0.435 0.46 380000 168350 EASYCALL 15.04 15.1 15.1 15.88 15 15.1 73600 1116300 GOLDEN BRIA 300 309 310 310 300 309 5600 1707710 -750060 IPM HLDG 7.66 7.8 7.8 7.8 7.8 7.8 11000 85800 PRMIERE HORIZON 0.35 0.355 0.345 0.36 0.345 0.355 550000 195600 SBS PHIL CORP 7.12 7.4 7.46 7.46 7.43 7.43 2200 16391 -1486 MINING & OIL ATOK 16.2 16.36 16 16.36 15.12 16.36 14900 235370 APEX MINING 1.52 1.55 1.51 1.57 1.5 1.52 3529000 5430930 -9300 ABRA MINING 0.0023 0.0024 0.0023 0.0024 0.0023 0.0024 11000000 26000 ATLAS MINING 2.61 2.7 2.6 2.7 2.6 2.61 237000 616960 -36530 BENGUET A 1.31 1.41 1.25 1.55 1.24 1.38 199000 279490 BENGUET B 1.32 1.5 1.28 1.6 1.28 1.6 157000 218860 COAL ASIA HLDG 0.29 0.305 0.29 0.29 0.29 0.29 40000 11600 CENTURY PEAK 1.91 1.94 1.95 1.95 1.92 1.92 608000 1173310 48350 DIZON MINES 7.35 7.5 7.29 7.6 7.15 7.35 86500 632955 FERRONICKEL 1.82 1.83 1.82 1.83 1.81 1.83 593000 1077760 -140160 GEOGRACE 0.205 0.207 0.203 0.207 0.203 0.207 350000 72070 LEPANTO A 0.11 0.111 0.111 0.111 0.111 0.111 410000 45510 LEPANTO B 0.104 0.112 0.1 0.112 0.095 0.112 50000 5220 MARCVENTURES 1.25 1.3 1.3 1.31 1.2 1.31 61000 78630 NIHAO 0.99 1.05 1.08 1.08 0.99 1.07 68000 67710 -1080 NICKEL ASIA 4.58 4.59 4.48 4.58 4.45 4.58 1898000 8596900 -35250 OMICO CORP 0.61 0.62 0.61 0.62 0.61 0.62 19000 11720 ORNTL PENINSULA 1.05 1.06 1.04 1.07 1.01 1.05 944000 988730 PX MINING 3.21 3.22 3.2 3.22 3.2 3.22 600000 1927750 -243190 SEMIRARA MINING 27.05 27.1 26.4 27.65 26.4 27.05 2134200 58070150 29867755 UNITED PARAGON 0.0061 0.0064 0.0068 0.0068 0.0061 0.0064 6000000 37900 ORNTL PETROL A 0.013 0.014 0.013 0.014 0.013 0.013 24800000 326900 ORNTL PETROL B 0.012 0.014 0.013 0.013 0.013 0.013 7200000 93600 PHILODRILL 0.011 0.013 0.011 0.012 0.011 0.011 1500000 17200 -1100 PHINMA PETRO 4.1 4.2 3.71 4.41 3.68 4.2 1312000 5483050 -154470 PXP ENERGY 16.36 16.38 16.3 16.6 16 16.38 4308200 70,617,386( 1,547,827.9997)

PREFFERED AC PREF B1 DD PREF SMC FB PREF 2 FGEN PREF G GTCAP PREF B LR PREF MWIDE PREF SMC PREF 2B SMC PREF 2C SMC PREF 2D SMC PREF 2E SMC PREF 2F SMC PREF 2G SMC PREF 2I

454 97.9 982 101 911 1.01 100.1 75.15 76.35 72.8 73.85 75.2 74.2 73.5

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

21.3 4.93

490 98.7 1000 102 949.5 1.03 101 76 77 74.8 75 75.25 75 74.7

460 98.7 1000 102 910.5 1.03 102.9 76 77 74.8 75 75.25 75 74.6

460 98.7 1000 102 910.5 1.03 102.9 76 77 74.8 75 75.3 75 74.7

460 97.7 1000 102 910.5 1.03 101 76 76.35 74.7 75 74 75 74.6

460 98 1000 102 910.5 1.03 101 76 76.35 74.8 75 75.3 75 74.7

5500 12130 2200 30000 10 16000 28870 150 1230 57990 54460 35540 1000 8000

2530000 1188604 2200000 3060000 9105 16480 2916497 11400 94050.5 4336702 4084500 2660292 75000 596880

-15400 -

21.7 5

21.6 5

21.75 5

21 5

21.7 5

9500 118800

203335 594000

147530 -594000

WARRANTS LR WARRANT

2.4

SMALL & MEDIUM ENTERPRISES ITALPINAS 4.9 MAKATI FINANCE 2.65 XURPAS 1.98

2.44

2.4

2.45

2.37

2.44

208000

502240

-

4.92 2.86 1.99

5.13 2.85 1.95

5.25 2.85 2.02

4.9 2.85 1.91

4.9 2.85 1.99

1339000 3000 619000

6800180 8550 1231860

207167 -83630

EXHANGE TRADE FUNDS FIRST METRO ETF

107

107.4

105.4

107.4

105.4

107

8410

898976

121880

www.businessmirror.com.ph

BusinessMirror

Thursday, October 18, 2018 B3

B4 Thursday, October 18, 2018

SUN LIFE LAUNCHES PRODUCT FOR HEALTHY, WORRY-FREE RETIREMENT

M

ANY say there is wisdom in acquiring an insurance plan when one is younger. But those who are about to enter the retirement stage still have every reason, if not even more, to acquire an insurance plan for themselves, so they can cover the high cost of medical expenses and protect the retirement savings that they spent so many years working for. This inspired Sun Life of Canada (Philippines) Inc. to create SUN Senior Care, a healthinsurance product specifically designed to address the evolving life- and health-protection needs of those who are already in the preretirement or retirement stage. “At Sun Life, we believe that it’s never too late to be physically and financially healthy. We’d like to help Filipinos enjoy a worry-free retirement so they can continue enjoying life. That’s exactly what SUN Senior Care is for,” Sun Life Chief Marketing Officer Mylene Lopa said. A comprehensive life- and healthprotection product, SUN Senior Care covers a person’s different health protection needs, from prevention, diagnosis, treatment and rehabilitation. One can proactively protect his health as he gains access to Sun Life’s wellness program, which offers preventive care services, health perks and special privileges. Meanwhile, coverage is provided during

critical periods, where SUN Senior Care offers a significant financial benefit equal to 150 percent of the plan’s Face Amount in case the client is diagnosed with any of the covered advancedage critical illness conditions. But if the client stays healthy and well, SUN Senior Care ensures that his loved ones’ future is secured with the same amount of benefit. Sun Life also recognizes that clients may experience the most common surgeries/ conditions in this particular life stage, such as glaucoma surgery and severe osteoporosis. With SUN Senior Care, clients are guaranteed with an additional one-time special benefit to help ease the financial burden that may have been caused by any one of such surgeries/conditions. Available in easy payment terms, SUN Senior Care may be paid in three, five or 10 annual installments with a fixed amount throughout the chosen period. Semi-annual, quarterly or monthly modes of payment are also available. “Retirement should be an opportunity for one to enjoy the fruits of his labor. This is possible if they are healthy, well, and worryfree,” Lopa said. “[The] SUN Senior Care will help make this a reality by giving them the best care for their best years!” To know more about Sun Senior Care, call 849-9888 or visit sunlife.com.ph today.

CURRY, WARRIORS IN STRONG START Sports BusinessMirror

STEPHEN CURRY plays true to form and finishes with 32 points, nine assists and eight rebounds against the Thunder. AP

C1

| Thursday, October 18, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Golden State needed a strong fourth quarter to win on a festive night after the two-time defending champions received their 2018 rings in a pregame ceremony shortly before tipoff and began the final season at Oracle Arena before a move across San Francisco Bay to new Chase Center.

BOSTON’S Kyrie Irving tries to pass the ball against Philadelphia’s Markelle Fultz during the first half of their game on Tuesday. AP

HAYWARD, IRVING SHINE IN CELTICS’ VICTORY VS. 76ERS

B

OSTON—The Celtics will need time to figure out how to get the most out of their loaded roster this season. It didn’t stop them from picking up their first victory on a night they celebrated the official return of their two biggest stars. Jayson Tatum had 23 points and nine rebounds, and the Celtics beat the Philadelphia 76ers, 105-87, on Tuesday night in the season opener for both teams. Boston won despite shooting just 43 percent (42 of 97) from the field and 30 percent from the three-point line (11 of 37). But the Celtics’ struggles didn’t dampen the mood inside TD Garden for the return to regularseason action for Gordon Hayward and Kyrie Irving. Hayward said it was “amazing” to be back out there. “My adrenaline was pumping those first three or four minutes,” Hayward said. “I think everybody’s adrenaline was pumping. It was sloppy at first. It was great just to be out there. It was a big step for me.” Marcus Morris added 16 points and 10 rebounds off the bench. Al Horford had nine points and five blocks. The Celtics survived a lethargic start and rough shooting night but rallied to lead by as many as 18 in the second half. Including the playoffs, Boston has won 10 straight games at home over Philadelphia, which it defeated in the Eastern Conference semifinals last season. Joel Embiid led the 76ers with 23 points and 10 rebounds. Ben Simmons finished with 19 points, 15 rebounds and eight assists. Embiid made it clear afterward the 76ers have a way to go to be on the Celtics’ level. “This not a rivalry,” he said. “I don’t know our record against them. But it’s pretty bad. They always kick our ass. So this is not a rivalry.” Hayward played in his first game since undergoing surgery and more than 10 months of rehabilitation for the gruesome left-ankle injury he suffered five minutes into last year’s season opener. He received an extended ovation from the home crowd during a pregame introduction that included a video montage of his rehab process. Irving was also back following a pair of surgeries on his left knee that caused him to miss the end of the regular season and playoffs. After receiving loud ovations during pregame introductions, Irving and Hayward both had sluggish starts. Hayward missed his first four shots before making back-to-back jumpers. Irving missed his first nine attempts from the field. He didn’t score until finally connecting on a pair of free throws early in the third quarter. They shot a combined 6 for 26 for the game. Hayward finished with 10 points and five rebounds in 25 minutes. Irving had seven points and seven assists. The Celtics missed seven of their first 10 shots and the Sixers started just 4 for 11. The Sixers also committed 11 first-half turnovers that led to 10 Celtics’ points. Celtics Coach Brad Stevens said he isn’t worried. “If we can guard like that, we’ve got a chance to be decent,” he said. AP

BY Janie McCauley The Associated Press

O

AKLAND, California—Stephen Curry had 32 points, nine assists and eight rebounds, Kevin Durant added 27 points, eight rebounds and six assists, and the Golden State Warriors opened their quest for a three-peat by holding off the Oklahoma City Thunder, 108-100, on Tuesday night. Golden State needed a strong fourth quarter to win on a festive night after the two-time defending champions received their 2018 rings in a pregame ceremony shortly before tipoff and began the final season at Oracle Arena before a move across San Francisco Bay to new Chase Center. “It’s a great move for the organization. We know that, but this place is special, so we want to make sure this is a special season,” Coach Steve Kerr said. Klay Thompson shot just 5 of 20 for 14 points, while center Damian Jones scored 12 points on 6-of-7 shooting for the Warriors in his first career start and 26th game. Paul George scored 27 points for the Thunder, who struggled to find an offensive groove while missing star Russell Westbrook because of knee surgery last month. Oklahoma City trailed by 10 at the break, IN the wake of his death, Paul Allen’s ownership of the Portland Trail Blazers and Seattle Seahawks has come into focus because of questions about how the franchises will move forward in his absence. AP

then came out of halftime making 9-of-12 shots to go ahead 69-66 before the Warriors rallied. Versatile Warriors All-Star Draymond Green, limited during the preseason by a sore knee, wound up with two points, 13 rebounds and five assists in nearly 33 minutes. Kerr plans to monitor his minutes in the early games. “He told me if you look tired, I’m taking you out, so, maybe I’ll try to hide it,” Green joked at morning shootaround. Curry, who shot 11 for 20 with five threes, notched 17 30-point performances during his injury-shortened 2017-2018 season. These teams met in a season opener for the first time—though the Warriors won on the road against the Seattle SuperSonics in 1983. Golden State lost last year’s opener at Oracle after a title run, 122-121 to the Rockets.

the Seattle Seahawks, died on Monday in Seattle from complications of non-Hodgkin’s lymphoma, according to his company Vulcan Inc. He was 65.

ROCK THE VOTE

STEVE KERR encouraged fans to register to vote in a #RockTheVote message on the scoreboard, while the Warriors also did so on social media with Twitter and Facebook posts.

THE RINGS

PLAYERS’ rings—what the team said are the first reversible championship rings ever— were lowered from the rafters with blue and yellow lightsabers. Kerr called them “obscenely beautiful” and noted he much prefers the banner raising for its significance. At the end of the ceremony, Curry took the microphone and called out longtime equipment manager and director of team operations Eric Housen to receive his ring in a lovely gesture to someone so important to the operation behind the scenes. Recently retired big man David West, part of the last two title teams, sat courtside and received his ring. Representatives from each of the franchise’s championship seasons were on hand for the festivities.

MOMENT OF SILENCE

THE Golden State Warriors showed a photo of late Trail Blazers owner Paul Allen on the big screen wearing a Portland hat, offering a tribute and moment of silence. Allen, a Microsoft cofounder who also owned

Future R of Allen’s sports holdings remains unclear

ENTON, Washington— Paul Allen’s love was basketball, and he delved into professional football out of loyalty to his hometown Seattle. In the wake of his death, Allen’s ownership of the National Basketball Association’s Portland Trail Blazers and National Football League’s (NFL) Seattle Seahawks has come into focus because of questions about how the franchises will move forward in his absence. No one is providing many details yet about the succession plans for Allen’s franchise holdings in the wake of his death on Monday from complications of nonHodgkin’s lymphoma. His primary franchises were the Blazers and Seahawks, although he also owned a small stake in Major League Soccer’s Seattle Sounders. “Paul thoughtfully addressed how the many institutions he founded and supported would continue after he was no longer able to lead them. This isn’t the time to deal in those specifics as we focus on Paul’s family,” according to a statement from Allen’s company, Vulcan Inc. “We will continue to work on furthering Paul’s mission and the projects he entrusted to us. There are no changes imminent for Vulcan, the teams, the research institutes or museums.” For now, Allen’s teams will continue to be overseen by Vulcan Sports and Entertainment, an arm of the company he created. His sister, Jody Allen, and executive Bert Kolde were the other members of the Seahawks’ board of directors with

Allen. Jody Allen may take a more prominent role with the NFL franchise going forward. “It doesn’t feel like it’s time to be engaging in that conversation. We’re more into the conversation about recognizing what took place and how to respect Paul and his desires and all of that,” Seahawks Coach Pete Carroll said on Tuesday. “There’s plenty of time to talk about all that stuff. It’s not even a factor in our minds. I understand the interest, but there will be plenty of time. “Nothing is changing. Paul wouldn’t want us to do anything different than what we’re doing, which is to go for it and to represent it every way we can until you can’t. And we’re going to go for it just in that fashion.” A similar message was being relayed in Portland, where Trail Blazers general manager Neil Olshey and Vulcan Sports and Entertainment CEO Chris McGowan spoke about Allen. The Trail Blazers are dealing with the death of Allen just a couple of days before beginning the regular season at home against LeBron James and the Los Angeles Lakers. “At this point, we’re just dealing with the death, and we don’t have any imminent announcements,” McGowan said. “At an appropriate time, I’m sure we’ll come and talk with everyone about what potentially could happen, but right now, we’re just dealing with the grief.” Olshey said his final phone conversation with Allen was in early-October with the owner asking if the Blazers general manager was watching that night’s preseason games. “He wanted to talk basketball,” Olshey said. “One of the things that is really unique about Paul is that everything was bifurcated.... If he wanted to talk hoops, he talked hoops. If he wanted to talk music, he called Mick Jagger. If he wanted to talk football, he called Pete Carroll. Who else gets that?” AP

Spo

Business

C2 Thursday, October 18, 2018

A

S the A-League begins its 14th season, the biggest question in Australia seems to be: Will he or won’t he? “He” is the world’s fastest man, Usain Bolt, who retired from track and field competition last year with eight Olympic sprint gold medals and world records in the 100 and 200 meters. Those are marks he set at the Berlin world championships in 2009, and both records still stand as Bolt attempts to become a professional soccer player with the Central Coast Mariners. The 32-year-old Jamaican scored two goals in his starting debut for the Mariners in a trial game last Friday. He still doesn’t have a football contract, but the Mariners tweeted a video of his first goal and it has been watched more than 6 million times, giving a fair indication of the worldwide interest in Bolt’s career change. Here are some other things to know about the 10-team A-League, which begins play on Friday when Adelaide United hosts Sydney FC:

WILL HE OR WON’T HE? Sanban Investment Group. “We play the final of the Super Cup on December 13... so can you imagine Usain Bolt lifting the Super Cup trophy 10 years after he broke the record in Beijing? It will be history and it should happen.” Bolt is in Australia on an extended trial period, and Mariners’ coaching staff might not make a decision until

USAIN BOLT is in Australia on an extended trial period and the Mariners’ coaching staff might not make a decision until January on his full-time status with the club.

BONO QUITS AFTER 4 DAYS

W

HEN former California Congresswoman Mary Bono took over as the interim president for USA Gymnastics last week, she pointed to the opportunity to “reconnect” with a sport she loved growing up. The connection lasted all of four days. Bono stepped down on Tuesday, saying she felt her affiliation with the embattled organization would be a “liability” after a social-media post by Bono criticizing Nike and

former San Francisco 49ers quarterback Colin Kaepernick drew widespread scrutiny within the gymnastics community. She posted a picture on Twitter in September of herself drawing over a Nike logo on a golf shoe. Bono, who was at a golf tournament for families who have lost members of the armed services at the time, called the tweet “an emotional reaction” to Nike’s use of the phrase “believing in something

even if it means sacrificing everything.” “I regret that at the time I didn’t better clarify my feelings,” Bono said in a statement. Bono defended her right to express her beliefs, though she later deleted the tweet and the USA Gymnastics board of directors expressed its disappointment while pledging its support. Not everyone, however, was won over by the surprise decision to hire Bono to help USA Gymnastics navigate its way through the fallout of the Larry Nassar scandal. More than 200 women have come forward over the last two years claiming they were sexually abused

be a welcome addition to their roster. League officials don’t appear to be concerned with the attendance drop, announcing on Wednesday that they are considering six bids for an expected expansion by two teams in the 2019-20 season.

MARQUEE ATTRACTION

CROWDS have been on the decline at A-League games for the past five years. From 1.88 million spectators in the 2013-14 season—an average of 13,479 per match—attendance dropped to 1.529 million during the 2017-18 season, or 10,926 per match. The Mariners had the secondworst attendance in the league, behind only New Zealand’s Wellington Phoenix. The Mariners, based at Gosford about an hour north of Sydney, had only 93,570 fans last season, an average of 7,194—just another reason Bolt would

MIDFIELDER KEISUKE HONDA, who has played 98 times and scored 32 goals for Japan, is the league’s big marquee attraction this season. A marquee player means his contract is not included in the salary cap, and the most famous player in that category was former Juventus great Alessandro del Piero with Sydney FC in 2012. Honda will lead the defending champion Melbourne Victory in a derby match against Melbourne City on Saturday. The 32-year-old Honda, who has played for clubs in Italy, the Netherlands, Russia, Japan and Mexico, said he’s happy to deal with the expectations that come with his marquee status. “I’ve got used to this pressure many times,” Honda said at the league launch. “I made people disappointed and also I’ve made people happy. I don’t have any magic.” AP

by Nassar under the guise of treatment during the former doctor’s time at USA Gymnastics and Michigan State University, including current or former members of the organization’s elite program. Olympic champion Simone Biles, who is among Nassar survivors, quote-tweeted Bono’s photo concerning Kaepernick on Saturday and wrote: “[asterisk] mouth drop [asterisk] don’t worry, it’s not like we needed a smarter usa gymnastics president or any sponsors or anything.” Biles, a Nike-sponsored athlete who will

compete at the 2018 world championships in Qatar next week, said on Monday she felt compelled to speak up. “Being a Nike athlete, you have to stand up for your brand,” Biles said. Six-time Olympic medalist Aly Raisman, herself a Nassar survivor, has been a strident critic of USA Gymnastics for what she considers to be its continually tone deaf response to herself and other victims of abuse. Shortly after Bono was brought on, she questioned Bono’s association with a law firm that advised the organization on how to handle portions of the Nassar scandal. AP

ATTENDANCE A CONCERN

WILL BOLT LOCK IN A CONTRACT?

USAIN BOLT’S two-goal performance ignited the interest of several European clubs, most particularly Malta’s Valletta FC. The club’s chief executive officer Ghasston Slimen told Australian media that he has offered Bolt a two-year contract. Valletta is owned by the Abu Dhabi-based

January on his full-time status with the club. Another indication that Bolt’s status with the team—and league—may not be a longlasting one: A-League brass didn’t include a mention of Bolt in new releases for the official season launch on Monday. On the weekend, a disgruntled Bolt complained on his social-media account that he was ordered to take a doping test. “So guys, I’ve retired from track and field looking to become a footballer but look at this,” he posted as he posed with an official pink slip. “How am I going to get a drug test today? I’m not even a professional footballer yet.”

SEMENYA

IAAF delays rules on testosterone

M

ONACO—The governing body of track and field will not apply rules to limit natural testosterone levels in female runners until the Court of Arbitration for Sport (CAS) concludes an appeal case brought by Olympic champion Caster Semenya. The International Alliance of Athletics Federations (IAAF) said on Tuesday it agreed to postpone the intended November 1 start for eligibility rules until CAS gives a verdict “expected on or before” March 26. That target date is six months and two days before the start of the 2019 world championships in Doha, Qatar. If the IAAF’s rules for athletes with differences of sex development (DSD) are upheld by the court, female runners will be forced to medicate to reduce their testosterone levels for six months before racing internationally from 400 meters through the mile. Semenya is the current 800-meter world champion and a likely favorite for a fourth world title to add to her two Olympic gold medals. She also took bronze in the 1,500 at the 2017 worlds in London. The IAAF expects a February appeal hearing for Semenya, who could have sought an interim ruling from CAS to freeze the rules if the track body pressed ahead with its planned start date. “The IAAF remains very confident of the legal, scientific and ethical bases for the regulations, and therefore fully expects the Court of Arbitration for Sport to reject these challenges,” the Monaco-based organization said. The revised timetable could wreck the outdoor track season for Semenya and other runners with high natural testosterone levels who do not opt to begin medicating before the verdict. If Semenya’s appeal is dismissed, she would be ineligible for the entire circuit of top-tier Diamond League meetings, which run from May to September. The IAAF said it was ready to “receive biological results from individual athletes with DSDs.” “Athletes wishing to begin their six-month period sooner than the end of March should contact me directly,” health and science director Stephane Bermon said in an IAAF statement. AP

orts

sMirror

Thursday, October 18, 2018

C3

BAYRON GRABS LEAD J

AY BAYRON kept his hot irons and putting going, producing a six-under 66 and staying on track for the elusive Philippine Golf Tour (PGT) crown halfway through the International Container Terminal Services Inc. (ICTSI) Luisita Invitational in Tarlac on Wednesday. With Luisita’s dreaded wind a virtual nonfactor for the second straight day, Bayron cashed in on his early start and fired a five-birdie spree from No. 11 for a 35-31 card, wresting a two-stroke lead over Clyde Mondilla at 13-under 131.

DE LA SALLE’S Mark Dyke engages University of the East’s Alvin Pasaol in a battle for the rebound. NONIE REYES

FALCONS GET BEARING BACK By Ramon Rafael Bonilla

A

DAMSON University pounced on National University (NU), 69-58, to regain a share of the lead in Season 81 University Athletic Association of the Philippines men’s basketball action on Wednesday at the Mall of Asia Arena. Jerrick Ahanmisi and Papi Sarr were the Soaring Falcons’ 1-2 punch in the game and powered their team to its sixth victory against two losses to tie Ateneo at the top of the team standings. “It’s like pothole—we will continue our journey. Along our ride, we will hit slight bumps,” Adamson Head Coach Franz Pumaren said. Ahanmisi tallied 21 points and three rebounds, while Sarr added 16 points and 10 rebounds to Bulldogs to their sixth loss in eight outings. Adamson University erected a 42-17 advantage in the two-minute mark of the second quarter, a lead NU couldn’t topple. Dave Ildefonso topscored for the Bulldogs with 21 points and hauled down five rebounds. No other Bulldog finished in double figures with Issa Gaye finishing with eight points. Encho Serrano, meanwhile, played true to his potential and helped De La Salle cruise past University of the East (UE), 79-59, in the other game. Serrano, a rookie guard, scattered nine of his team-high 18 points in the third quarter when the Green Archers made a run and broke the game apart further en route to their fifth victory

in eight games. They are now tied at third spot with the Far Eastern University Tamaraws. “Going into this game, I told them that every win counts,” Green Archers Head Coach Louie Gonzales said. “We respect UE, and we need to put on the work regardless of our opponent,” Gonzales added. Serrano added six rebounds and two steals to notch his best game so far as a Green Archer. Andrei Caracut contributed 16 points and six rebounds, while Leonard Santillan and Justine Baltazar chipped in 13 and 12 points, respectively, for De La Salle. Alvin Pasaol remained UE’s lone ranger and finished with a game-high 22 points with 17 rebounds. Chris Conner added 12 points and seven rebounds for UE, which got deeper into a 1-7 won-lost hole. De La Salle was in control early with Kib Montalbo completing a three-point play to give his team a 44-28 lead midway the second quarter. But it didn’t take long for the Red Warriors to find their groove as they trimmed the lead to only three, 49-46, on an 18-5 blitz with five minutes left in the third quarter. The Green Archers, however, regrouped and responded with a 13-2 run highlighted by Serrano’s tip-in to end the period in control, 66-49. With the bench players taking command in the final 10 minutes, the Taft-based squad never looked back for the easy ride.

UAAP report card TESSA JAZMINES | tessa4347@gmail.com

PART OF THE GAME SEASON 81 of the University Athletic Association of the Philippines (UAAP) has just finished its first half— exactly in tune with the midterm exams of the schools and universities that it represents. How cool. The first round ended Saturday, October 13. And the second round started Sunday, October 14. It seems apropos that we hand in a midterm report card now, yah? First, the big picture. n The season started with a bang, thanks to a jaw-dropping opening ceremonies staged by host school National University (NU) and the mindblowing participation of Golden State Warriors main man Steph Curry in the athletes’ oath-taking. n Four teams were affected by injuries, with De La Salle absorbing the numbers and University of Santo Tomas (UST) suffering the more serious situation. De La Salle lost Taane Samuel just five minutes into their opening day game against Far Eastern University (FEU) after the Kiwi big man landed badly on someone’s foot. A few days later, ace point guard Kib Montalbo fractured his thumb. UST center Steve Akomo suffered a head trauma and had to be hospitalized following reports of blood clots in the brain. Raffy Verano of Ateneo suffered a sprain in their game against University of the East (UE). NU lost versatile point guard Chino Mosqueda in the preseason, as well. n Two game days were cancelled on September 15 and 16, the weekend that would have played Ateneo versus FEU and Adamson University versus De La Salle (Saturday) and UE versus NU and UST versus University of the Philippines (Sunday). No thanks to Typhoon Ompong. n Only two games went into overtime this season, both of them involving Adamson Unversity. FEU totally reversed the run of the game in regulation as it outlasted Adamson University in overtime on October 7 to deal the Falcons their first loss. La Salle also took

Adamson to overtime on October 13 and handed the Falcons only their second loss of the season. (Conclusion: Adamson sure is tough. You have to take them to overtime for a chance to beat them. They won’t give an inch.) n Four ejections were made so far in Season 81. FEU’s Arvin Toletino was ejected twice, first on October 7 for a foul incurred on Adamson’s Sean Manganti, then again on October 14 when he was assessed a harmful foul on Tiger Zachary Huang. The second ejection was done with just 15 seconds left in the game. UP Coach Bo Perasol was ejected in the first Battle of Katipunan on September 12 for talking back to the referees. Surprise ejectee is naturally soft-spoken Javi Gomez de Liaño in the second Battle of Katipunan whose second tech came when he confronted the game official for a call. n All those technicals resulted in suspensions for the parties involved. But here’s one suspension handed to a player outside of the playing court. Ateneo’s Thirdy Ravena got it from the league after a review of his foul on UP’s Paul Desiderio in the second Battle of Katipunan on October 14. Video replays (that have since gone viral) showed that Thirdy approached Desiderio’s midsection with a closed fist, which knocked the wind out of the UP player who lay supine on the floor for minutes before he could be moved. And now let’s look at the teams. n The Team Standings (not counting games played yesterday, October 17 between UE and De La Salle and between NU and Adamson University): Ateneo (first at 6-2), Adamson University (second at 5-2), FEU (third at 5-3), De La Salle (fourth at 4-3), UST (fifth at 4-4), UP (sixth at 3-5), NU (seventh at 2-5) and UE (eighth at 1-6). Those placements will change depending on who beat whom at the MOA Arena on Wednesday. n Ateneo has been acknowledged since the UAAP Press Conference as the team to beat this season. So far the Eagles are living up to the hype

The first day leader, whose bogey-free, record-setting 64 early Tuesday sparked hopes of a strong PGT finish for the reigning but winless Order of Merit champion, actually sustained his first round feat with a birdie-eagle start from No. 11 in one of the late tee-offs. But he hobbled with bogeys on Nos. 17 and 3 and needed to birdie two of the last five to save a 69 with the wind whipping up a bit late in the day. That dropped the Del Monte ace to second at 133 even as flightmate Peter Stojanovski, who matched Bayron’s opening 65, stayed in the hunt with his own version of a three-under card for a 134.

“I’ve been playing great overall in near-perfect condition—my iron shots are solid and my putting is right on target,” said Bayron, one of the veteran campaigners out to avert a winless PGT campaign. “Hopefully, I’ll be able to play as good in the last two rounds,” added the former Order of Merit champion, who actually nailed a victory in the PGT Asia at Southwoods in June. His best finish at PGT was second to Justin Quiban in Bacolod in August. Jhonnel Ababa, winner of the last PGT leg in Cebu last month, made his move with a solid 66 and grabbed solo fourth at 136, still five

JAY BAYRON (right) keeps his hot irons and putting going while Peter Stojanovski stays in the hunt in the second round on Wednesday. ROY DOMINGO

with their versatility, depth and maturity at every position or situation. n Adamson University has been brilliant from the time they flew out of the coop on Day 1. They have showcased both the science and art of basketball, wowing with both finesse and grit. Their losses were not exactly putdowns from the opponent. They were decided more by breaks than by lack of skill. Both games were lost in overtime. n FEU is on a roller-coaster ride. Its thirdplace position belies the hard knocks it has gone through in the first round. It has lost twice to UST, but it dealt Adamson University its first loss. It also gave Ateneo its second loss. Call it The Giant Killer. n De La Salle has been saddled with injuries but still plays true to character. Despite being shorthanded, it just keeps on grinding, then goes to its reliables to clinch the wins. This team may be shorter on talent compared to last year, but it certainly isn’t short on grit and animo. n UST started slow with unimpressive first outings. But the Tiger has been woke, as they say. It has found its stride, has its confidence back and will slay dragons along the way. It defeated FEU, nearly routed UP and Coach Aldin Ayo has his mojo back. UST may still be peaking and could surprise everyone. n UP started strong but had a lot of hiccups. It drubbed UE, took down De La Salle, squeaked past NU but had a heartbreaking loss to ADU, nightmarish games against UST and FEU and another tragic loss to Ateneo. The Maroons, in short, are not living up to their preseason hype. They must will their wins and fight all the way to achieve their F4 dreams. n NU is a young team, and dangerous, but thus far only has two wins to show. It is stacked with talent but maturity still has to be aspired for. It’s pretty early to count them out, but next year, they’ll be deadly. Who knows, maybe this year, the Bulldogs will smell the scent of victory a couple times more. n UE strives to become a team that is not defined by Alvin Pasaol. Once the load is shared more evenly by others in the team, the Warriors will go to war and show everyone that the East is Red indeed. Final Mark for the UAAP Season: Superb. “You never know what to expect. Anything can happen. Everything is open-ended.” That’s what PPC-Philspada President Mike Barredo said. Yep. Good grades.

strokes behind Bayron heading to the last 36 holes of the P4-million championship capping the 10-stage PGT circuit put up by ICTSI and organized by Pilipinas Golf Tournaments Inc. The rest of the 44 players who made the cut at two-over 146 stood too far behind, virtually reducing the battle for the top P750,000 purse among Bayron, Mondilla and Stojanovski with Ababa hoping to strike from behind with conditions expected to get tougher in the last two rounds. “I’ve struggled a bit off the tee but overall, my game is okay. Just didn’t get the most of it,” said Mondilla, who racked up four victories last year but remained winless this season due to poor form. He birdied the 11th from close range then hacked a solid 6-iron second shot from 200 yards to within 9 feet for eagle on the next. Tim Stewart, who also hit five straight birdies from No. 11 to spike his opening 68, tried to match Bayron’s fiery start with four birdies in the first 12 holes. But the Australian fumbled at the finish, bogeying Nos. 16 and 17 to drop to 138 in the company of former PGT leg winners Zanieboy Gialon and Charles Hong, who shot identical 67s, unheralded Reymon Jaraula, who carded a 69, and Japanese Issei Mori, who made a 70. Diminutive Joenard Rates and Spain’s Salvador Paya Vila rebounded from mediocre 72s with 67s for 139 in a tie with Tony Lascuña, who shot a 69, and Nilo Salahog, who fired a 70, while Del Monte leg winner Nicolas Paez and Arnold Villacencio pooled identical 140s after a 71 and 72, respectively. Jobim Carlos, this year’s runaway OOM winner, blew a four-under card after 10 holes with a bogey on the par-5 No. 5. He ended up with a 69 and tied American Lexus Keoninh, who also fired a threeunder card, at 141, 10 strokes off Bayron.

The Seven Corporal Works of Mercy

D

EAR God, may we be inspired by the Holy Spirit to do the Seven Corporal Works of Mercy: 1. Feed the hungry. 2. Give drink to the thirsty. 3. Clothe the naked. 4. Shelter the homeless. 5. Visit the sick. 6. Visit the imprisoned. 7. Pray for the living and the dead. Lord, how have we been faithful in doing these items? Do we give our time, treasures and talents that all came from You? Let us do these corporal works of mercy to the best of our abilities, so help us God. Amen. GIVE US THIS DAY, SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com

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

Life BusinessMirror

REELING: ‘LAKBAYAN’: AN UNUSUAL, GRIPPING TRAVELOGUE IN BUSAN D4

Thursday, October 18, 2018

D1

How to see the world in your 20s without racking up debt

I

BY CLAire tSoSie NerdWallet

T’S a dilemma many twenty-somethings face: You badly want to travel the world. But if your bank account could talk, it would say, “Are you kidding?” When you’re just starting out, even a weeklong vacation might seem like a one-way ticket to creditcard debt—especially if you have a modest income or lack access to paid time off. But with the right moves, you can budget for travel without going into the red. START SAVING FOR Krista Aoki, the key to avoiding debt while traveling is simple: Save. Before a big trip, “I try to always start with a big cushion. I always save up beforehand, and I try to save up more than I need to,” says Aoki, 26, an online business manager who does consulting and virtual assistant services for other online businesses. She estimates it takes her about three months to save up for a big trip. She now travels full time and is currently in Kealakekua, Hawaii.

To save for travel , she spends less on other items, such as clothes. She also hasn’t owned a car in two-anda-half years and often relies on public transportation. You might not be able to pay for a vacation in full right this second. But that doesn’t mean you need to choose between taking on credit-card debt or being a hardcore homebody. By spending less in certain areas now and setting aside money consistently, you might have enough to cover a small getaway in a few months. DECIDE WHERE TO MINIMIZE COSTS THE best vacation isn’t necessarily the most expensive vacation. By aggressively reducing your basic costs— flights, transportation, lodging, food—you might be able to squeeze in more exploring for a smaller price. Instead of booking hotels, for example, you might opt to stay at hostels, which are more like college dorm rooms. Often, staying in a hostel means sharing a room and bathroom with others and sleeping in bunk beds rather than on queen-size mattresses. But they’re a good way to meet other travelers and can be startlingly cheap.

Continued on d2

D2

Thursday, October 18, 2018

Travel BusinessMirror

www.businessmirror.com.ph

How to see the world in your 20s without racking up debt Continued from D1 “A nice coworking hostel in Chiang Mai in Thailand is like $10 a day,” says Aoki, who says she spends most of her time in Thailand. “I’ve been to two, and they’re really clean and pretty comfortable, and they include breakfast and a working office.” If you’re willing to sacrifice some privacy, staying at one might make it easier to pay your credit-card bill in full when you return from your trip. USE CREDIT-CARD REWARDS WHEN Leah Gervais was 24, she traveled in Southeast Asia for four months without going into debt, in part by using credit-card rewards to pay for her flights. “It’s not that I had a lot of savings ready to go,” says Gervais, now 26, founder of lifestyle web site Urban 20

Something. “What I did have was a lot of frequent flyer miles.” She got the miles in college by earning signup bonuses on airline credit cards; she didn’t carry balances on them. With those miles, she was able to fly from New York City to Siem Reap, Cambodia, and back to New York City from Bangkok for just the cost of taxes and fees. (She paid cash for other shorter flights she took throughout Southeast Asia, which were quite affordable, she says.) If you’ve been using a rewards credit card, log on to your online portal to tally your miles or points. It might be enough to cover part of your trip. MAKE MONEY WHILE TRAVELING BOTH Aoki and Gervais have something in common: They work while they travel. That gives them flexibility to visit more places and stay on the

road longer. “I started doing some freelance writing work while I was [in Southeast Asia],” Gervais says of her four-month trip, noting that the cost of living in Cambodia was significantly lower than it is in Manhattan, where she lives. On that trip, she also worked as a bartender for a short time. Because she was traveling frugally, her income from these jobs was enough to support her abroad. If traveling is a priority, look for jobs that can be done remotely, such as freelance graphic design or writing. Or consider jobs that require you to take business trips. Working while traveling isn’t exactly “vacation,” but it’s a financially sustainable way to satisfy your wanderlust. While you’re exploring, you can make sure money’s flowing into your bank account faster than it’s flowing out. AP

TOURISM Promotions Board Officer in Charge Arnold Gonzales

PUTTING THE PHILIPPINES AT THE FOREFRONT OF GLOBAL TOURISM OVER 200 international buyers from 30 countries, together with more than 220 local sellers, converged at the Marriott Grand Ballroom for this year’s Philippine Travel Exchange (Phitex), one of the biggest and most significant travel trade events in the country. Organized by the Tourism Promotions Board (TPB) and supported by the Department of Tourism (DOT), Phitex puts the Philippines at the forefront of global tourism by strengthening travel and trade opportunities with the international market. Welcoming the foreign delegates to the event was Tourism Secretary Bernadette Fatima Romulo Puyat, together with TPB Officer in Charge Arnold Gonzales. Lending them a hand were Tourism Spokesman Benito C. Bengzon Jr., Tourism Regional Director for Cordillera Administrative Region Venus Tan, Tourism Assistant Secretary Verna Buensuceso, Foreign Affairs Assistant Secretary Leo Herrera-Lim, Transportation Assistant Secretary Mark Steven Pastor and Pacific Asia Travel Association-Philippine Chapter Secretary-General Dakila Gonzales. Said Romulo Puyat, “Phitex is the biggest

government-hosted trade event in the country. I’m sure each of our prospective buyers will love every moment of their stay here in the country, especially when they get to experience Filipino hospitality.” “Our valuable guests are in for a great experience to discovery why it is more fun in the Philippines, and why they should include the country in their respective markets’ tour packages,” said Gonzales. Aside from the business-to-business sessions, the international buyers were also entertained with amazing cultural performances by the Sindaw Philippines Performing Arts Guild and Princess Rivera Virtudazo, and were treated to Filipino cuisine prepared by renowned chefs. TPB further impressed the foreign delegates with special tours in Laguna, Tagaytay, Iloilo, Bacolod, Bicol, Ilocos, Dumaguete, Siquijor, Palawan and Davao. Through Phitex, the Philippines takes the spotlight as one of the best destinations in Asia not only for travel and leisure but also for trade, history and culture, lifestyle, entertainment and business opportunities.

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Zac Efron, 31; Esperanza Spalding, 34; Freida Pinto, 34; Wynton Marsalis, 57. HAPPY BIRTHDAY: Look at the past, evaluate the present and consider what you want to do next. You’ll learn a lot through observation. Positive change happens when you set a goal and put a strategy in place that will help you reach your destination. Live, learn and do your best to replace what isn’t working for you anymore with something that will. Your lucky numbers are 9, 14, 20, 24, 27, 39, 41.

a

ARIES (March 21-April 19): Consider the possibilities and call in the help you need to get things done. Collaborating with people who are innovative and show interest in what you are doing will lead to future endeavors. Don’t fear change; embrace what’s being offered. HHHH

b

TAURUS (April 20-May 20): Know what you are up against and who is on your side. Pick your associates carefully and for the right reasons. Don’t let emotions interfere in doing what’s best. Partnerships should be questioned if equality isn’t maintained. HH

c

BELMONT UNDERGOES SGS CERTIFICATION

TOURISM Secretary Bernadette Fatima RomuloPuyat

z

Today’s Horoscope

BELMONT Hotel Manila became the world’s first hotel to forge an agreement with SGS, the global leading inspection, verification, testing and certification company, on its Hospitality Experience (HX) certification program. The certification program has been designed specifically for the hospitality industry to meet a variety of needs and provide solutions to issues encountered by the industry. Located at the Newport City in Pasay, the 470-room fourstar hotel is part of Resorts World Manila’s integrated leisure complex and is connected to the Ninoy Aquino International Airport Terminal 3 via Runway Manila, an overhead airconditioned walkway. “SGS is known for assuring the quality and safety in brands. Belmont strongly believes that our patrons deserve nothing less than that level of quality for their money’s worth. That’s why we engaged SGS Philippines to be certified under the SGS Hospitality Experience, a program that infused international hospitality standards to various areas of hotel operations,” says Belmont Hotel Manila General Manager Lorenzo Tang. The SGS HX certification consists of four modules—risk, sustainability, corporate social responsibility and quality of service experience. SGS Philippines Inc., the local affiliate of the Geneva-based SGS, has been conducting the certification audits and other program requirements. “We believe in providing and maintaining a high quality of service experience for our guests and a certification from SGS will confirm our commitment in doing this,” Tang added. SGS is recognized as the international benchmark for quality and integrity, with more than 95,000 employees and operates a network of over 2,400 offices and laboratories around the world. Early this year, Belmont was named Airport Hotel of the Year by the London-based Travel and Hospitality Awards, regarded as a top global information resource for the latest travel, lifestyle and hospitality sector trends.

GEMINI (May 21-June 20): The goals you set will require energy, enthusiasm and determination, but in the end, you can come out on top if you are relentless and refuse to let what others do interfere with your plans. Don’t let uncertainty hold you back. HHHHH

d

CANCER (June 21-July 22): Be aware of what others want you to do, but don’t go against your better judgment to please. Stick to your plan, and use your intelligence, not your emotions, to make choices. HHH

e

LEO (July 23-Aug. 22): Focus on your needs, and refrain from getting involved in something you know isn’t good for you in order to keep the peace. Focus on saving and doing things that will ensure you remain healthy and fit. HHH

f

VIRGO (Aug. 23-Sept. 22): Talk matters through. You’ll be able to make plans with someone you want to spend more time with. Love, romance and long-term partnerships are favored and will encourage making positive changes that will enhance your life. HHH

g

LIBRA (Sept. 23-Oct. 22): Don’t give in to someone pressuring you to do things you don’t want to do. Set the record straight and speak up about what you want. Change begins within, and it’s time for you to follow your heart, not someone else’s demands. HHHHH

h

SCORPIO (Oct. 23-Nov. 21): Think twice before making a decision that will affect those you live with. An emotional situation will surface if you haven’t been up-front about your plans. Find a positive way to convey your ideas that offers something for everyone involved. HH

i

SAGITTARIUS (Nov. 22-Dec. 21): Sharing with others may undermine what you are trying to accomplish. Someone is likely to use your openness against you. Don’t be gullible or you will end up in a compromising position. HHHH

j

CAPRICORN (Dec. 22-Jan. 19): Don’t limit what you can do because someone is being pushy or creating unexpected changes to make your life difficult. Form plans and set priorities. It’s up to you to say no when someone or something is working against you. HHH

k

AQUARIUS (Jan. 20-Feb. 18): Look over your personal finances and the deals you have made or the ones you are considering. Consider the costs involved and alternative choices that will save you from excessive expenses. HHH

l

PISCES (Feb. 19-March 20): Check the rules and regulations before you get involved in something that may not be up to institutional standards. Doing things by the book will lead to positive changes and opportunities that will encourage personal gains. HHH IN photo are Belmont Hotel General Manager Lorenzo Tang (left) and SGS Global Product Manager for Travel and Hospitality John Reily Baluyot

BIRTHDAY BABY: You are benevolent, wise and generous. You are resourceful and intense.

‘not thinking’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 Jog 5 Church feature 9 Tanker spill 14 “Thy,” now 15 Describe via drawing 16 English port town 17 State something differently 20 Utah city 21 Guys with kids with kids 22 Held back some change 25 Member of an NFL line 26 Some plums 28 Place for an inbox 32 Abdicate 37 Like creepy settings 38 “Could be anything” 41 Synthetic material 42 Leopard’s spots, i.e. 43 Feline in boots 44 Harsh, as an instructor 46 “Neither a borrower, ___...” 47 Cronkite, for one 53 Like toxic food

8 Stupefyingly silly 5 59 Rematch-seeker’s lament? 62 Dele reversals 63 Layabout? No, U-turn 64 “___ and out!” 65 Not tomorrow 66 Site of the first basketball game 67 Indiana city or South American country DOWN 1 Mee and yuo, e.g. 2 Like some sandpaper 3 Perform better than 4 Any judge, at times 5 Menu phrase for a king? 6 Bowling item 7 Urban pollution 8 Lobster or steak, notably 9 Throw cash around 10 Prayer recipient 11 Midwest state 12 Fully dressed 13 Ebony and ivory together 18 Explosion producer

9 Author Christian Andersen 1 23 Teamwork destroyers 24 When roosters get loud 27 Garden figure 28 Ham and cheese place 29 Activist Brockovich 30 Warble 31 Beer containers 32 Cut it out 33 Informal word after “drive” 34 Snakelike fishes 35 Not amateurs 36 Man cave, perhaps 37 Antlered creature 39 Mountain pool 40 Bird in “never needed”? 44 Some offspring 45 Hip 46 Raucous 48 Provide a defeat 49 Be a detective 50 Purple? A bit lighter 51 Rage 52 Indira Gandhi’s dad

3 Fence supporter 5 54 Words after “glom” 55 How some like their tea 56 Words with “precedent” 57 Bad thing to expect 60 PI kin 61 Cold War, historically

Solution to yesterday’s puzzle:

Parentlife BusinessMirror

www.businessmirror.com.ph

Thursday, October 18, 2018

D3

AXA PHILIPPINES OFFERS 112-DAY LEAVE FOR NEW PARENT EMPLOYEES

WHILE many women are still waiting for the passage of House Bill 4113 that seeks to extend paid maternity leave from 60 to 100 days for workers in both government and private sectors, some Filipino employees are already enjoying this benefit. Top insurer AXA Philippines does even better than the proposed law. An employee who is a mother may avail herself of a fully paid 112-day maternity leave. A father who is legally married may take a 28-day paid leave. “AXA promotes a diverse and inclusive work force because we believe that this has a positive effect in all business aspects,” says AXA Philippines President Rahul Hora. “We support and encourage employees to find balance between their personal and professional lives.” Under the company’s Global Parent Policy, AXA offers an innovative benefits program to all AXA employees who are parents—whether biological or single. AXA is committed to giving its employees with children peace of mind to promote productivity, and aims to let them “take pride in bringing their whole selves to work.”

CLOCKWISE: My youngest sister Joan, featured photographer Hub Pacheco and Meagan at the photo exhibit Walkthrough; celebrity mom Kristine Hermosa and son Vin, KoolFever’s newest ambassadors; Paris, the piece Meagan and I chose to purchase from the photo exhibit that night; Meagan and myself’s ultimate cheesecake indulgence from Harlan + Holden Café; the Philusa Sales and Trade Marketing Team Kobayashi Pharmaceuticals International Group, and Mercury Drugstores Executives at the KoolFever event.

Diary of a mom with no limits: A ‘Walkthrough,’ coolness and Meagan’s cheesecake MOMMY NO LIMITS

‘GAME CHANGER’ IN HYGIENE CARE

MAKING an effort to save the environment isn’t always about grand gestures. It’s also about being sincerely up for the challenge of sticking to all-natural products. We can start with bringing our own bags to grocery stores and reusing the ones we already have at home. We can also be using reusable straws or not use straws at all. With simple ways and genuine concern, we can help the environment little by little. It also helps that there are brands like Sanicare which promote taking care of the environment alongside proper hygiene. They are setting as an example that we don’t need to compromise quality and comfort in order to protect the environment. Just last month, Sanicare introduced the Sanicare Natural Bamboo Wipes, which is an innovation that is set to change the game when it comes to hygiene care. Why? Because it is made of 100-percent natural and renewabale bamboo fiber materials, which is a first in the country. Yes, it is biodegradable so we can be assured that it will decompose faster than the usual wipes in the market. But helping the environment is not the only reason you should try this new product. The wipes have bigger cloth size so you get more coverage. You’ll also love its rainforest mist that gives out a calming and refreshing feeling. Best of all, every sheet is dermatologically tested and made to be gentle so it takes care of your skin. Sanicare has been pushing to create products that are both environment and user-friendly, and these wipes are a testament of this commitment.

MAYE YAO CO SAY

mommynolimits@gmail.com

W

HEN I started to write my blog, I would have selected entries called “Whole Week.” These would be chosen weeks when I was able to experience either unique but mostly heart-filling moments. These past few weeks have been truly Whole Weeks for me. It started on September 27, when I attended the KoolFever launch event. Kristine Hermosa and son Vin are the newest ambassadors of the brand’s bestselling fever relief pads. Following the launch of their commercial, the actress graced this exclusive event and talked about the challenges of caring for children when they’re unwell. Speaking from personal experience, the young mom relayed how KoolFever’s gentle cooling gel sheets help alleviate her worries by providing her kids, especially one-year-old Vin, with quick and effective relief from fever. “Vin can’t sleep when he has a fever. It’s hard to see him restless and uncomfortable, that’s why I’m grateful for KoolFever. It’s easy to use and it helps

bring down his temperature so he can feel better in no time,” said Kristine. “I’ve always trusted these gel pads to help relieve my kids of their fever. It is a must-have for me in my first-aid kit.” Each pad has a soft, bouncy gel made of 80 percent moisture that absorbs and disperses heat from the body. It’s formulated to sustain the cooling effect for up to four hours, and its texture ensures it stays in place even when your baby moves around while he sleeps. It’s an effective alternative to a sponge bath, which helps provide relief from fever discomfort. Moreover, the gel has no coloring or fragrance, so it’s guaranteed to be gentle on your baby’s sensitive skin. Made by Kobayashi Pharmaceutical in Japan, KoolFever comes in four variants: Baby, for infants up to 2 years old; Child, for those between two and 12 years old; Adult and ExtraCool for adults. The following week, October 6, Meagan and I decided to make a day out of our Saturday. We had a late lunch at Din Tai Fung and had nice chat over our favorite Harlan + Holden cheesecake. There were lots to chat about the party Meagan attended the week prior. Thank you, Malou Fores of Mamou, for recommending this to me. Then we were off to catch our movie. After the movie, Joan, my youngest sister, invited me to one of her old classmates’ photo exhibit ongoing at ASpace Greenbelt in Makati. It’s titled Walkthrough: A Photography Exhibition by Hub Pacheco. The photographer is a Saint Jude Catholic School alumnus, so we’re even more proud of him. In Walkthrough, Hub not only captures, but shows, the road less traveled by shining a light on the often-ignored alleyways from around the

world. “While traveling, we almost always ignore sketchy-looking alleyways and head straight to the big main streets. I want to change that mindset,” Hub says. “Photography gives me license to be curious and I want to show that there are countless stories and details to be discovered and experienced in these alleyways that we just pass by.” Much of daily life can be gleaned along streets and alleyways, and this series hopes to encourage exploration beyond the typical tourist attractions. This series also explores the evolution of alleyways in urban spaces, from the rough and undeveloped to the sprawling and commercially viable. The alleyway series unknowingly began in 2014, when Hub wandered the streets of Taipei late one night. After noticing the quiet charm of the alleyways of Taipei, he began to search for more of these side streets on his succeeding trips. Walkthrough showcases a curated selection of 20 distinct alleyways that were photographed from 2014 to the present. The exhibition features various scenes from Vietnam and Japan, to much farther cities in France and Morocco. The series has been featured on London’s The Guardian on October 2016 (both online and in print) when Hub was in Vietnam shooting for the series. Hub Pacheco is a commercial photographer based in Pasay, and has been shooting professionally for numerous advertising campaigns and local publications since 2010 after working under the tutelage of fashion photographer Mark Nicdao. Hub’s portfolio can be accessed at www.hubpacheco.net. For more information, contact Hub Pacheco through hubpacheco@gmail.com or at 0999-8837465. ■

Poll: Youth say online bullying a serious problem BY mAtt o’Brien & BArBArA ortutAY The Associated Press WETHERSFIELD, Connecticut—Teens and young adults say cyberbullying is a serious problem for people their age, but most don’t think they’ll be the ones targeted for digital abuse. That’s according to a new poll from The Associated Press-NORC Center for Public Affairs Research and MTV, which also finds that about half of both young people and their parents view social media as having a mostly negative effect on the younger generation. Fifteen-year-old Matty Nev Luby said she’s learned to navigate Instagram and other social-media apps by brushing aside the anonymous bullies. “When I see a really mean comment about my appearance or something I did, if someone said that to me online, it means nothing to me, but if I pictured someone I know saying that, I would be really upset,” Luby said. Roughly three-quarters of 15- to 26-year-olds say that online bullying and abuse is a serious problem for their peers. Seven percent of young people say they have already been a victim of cyberbullying, with young women (11 percent) more likely to say they were bullied than young men (3 percent). “People will make fun of their outfits or weight, their choices,” said Luby, who lives in a suburb of Hartford, Connecticut, and has been dabbling in social

media since age 12. Her popularity on the lip-syncing app Musical.ly, which merged this summer into the Chinese video-sharing app TikTok, helped win her some modeling contracts. Now she’s mostly focused on Instagram, where she follows makeup artists and fashion trends. Her mother, Kerrylynn Mahoney, said she’s impressed by her daughter’s ability to keep bullies at bay. “Her responses blow my mind,” Mahoney said. “I’d be fists up at her age. She’s like, ‘I’m sorry you feel that way. You should probably think in a more positive way and then we’d have more peace on earth.’” But she’s also vigilant about monitoring her daughter’s accounts, blocking any followers who seem creepy or fake and trying to steer her away from fixating on pages that degrade women. “I have to constantly keep her grounded,” Mahoney said. “I’m thankful she’s aware that this is not real. It’s our jobs as parents to reel them back in.” The poll shows majorities of both young people and their parents think parents have a responsibility to help prevent online harassment. The long-documented problem with online bullying is that it is relentless. It doesn’t let up when kids get home from school, safely in their homes, or even when they move away from their tormentors. Still, like Luby, many young people tend to be more resilient to trolling from strangers online.

“If they don’t know who it is, it doesn’t seem to bother them as much,” said Justin Patchin, a criminal justice professor at the University of Wisconsin-Eau Claire and co-director of the Cyberbullying Research Center. “What concerns them is when it’s some kid at school.” Patchin said that among adults, the people perpetuating harassment tend to be strangers, not people they know. Leslie Hernandez, 39, said she thinks the impact of social media on people her age has been mostly positive. “Adults tend to stay away from the drama that is part of adolescence,” said Hernandez, who lives in Tucson, Arizona. “It allows you to connect with people from your past.” According to the poll, she is in the minority. Among parents of 15- to 26-year-olds, about a quarter, 23 percent, say social media has had a mostly positive effect on people their age, while 31 percent say it’s been negative; 45 percent say it’s neither positive nor negative. Among people aged 15 to 26, 47 percent say it’s had a negative effect on their generation, and 26 percent say it’s been a good thing, while another 26 percent think it’s neither. About half of parents, 53 percent, agree social media has had a mostly negative effect on their child’s generation. No matter their age, the overwhelming majority say they see people using discriminatory language or posting such images. Seventy-eight percent of people aged 15 to 26 say they see such posts either sometimes

or often, compared with 65 percent of their parents. Only 4 percent of young people and 10 percent of their parents say they never see discriminatory language or images. Companies like Facebook and Twitter have been trying for years to clamp down on abuse and harassment, with varying degrees of success. Both parents (72 percent) and young people (67 percent) think the companies play a major role in addressing these problems. Roughly two-thirds of parents also attribute responsibility to schools (68 percent), law enforcement (66 percent) and other users who witness the behavior (61 percent). Currently, young Internet users report using YouTube (48 percent), Facebook (47 percent), Instagram (40 percent) and Snapchat (39 percent) several times a day or more. Fewer use Twitter, Reddit, WhatsApp, Tumblr or LinkedIn as regularly. Parents who use the Internet are most likely to report using Facebook (53 percent) several times a day or more, with few being heavy users of other social-media sites. Hernandez said she’s “pretty active” on Facebook, in part because of her job as a student housing manager at a college. “Snapchat feels a little less personal to me,” she said. “On Facebook you can kind of follow people and see what’s going on in their lives in a more permanent kind of way. A Snapchat image, people will forget. On Instagram, people can enjoy the pictures but don’t really see a whole [life].”

D4

Show BusinessMirror

Thursday, October 18, 2018

www.businessmirror.com.ph

‘Lakbayan’: An unusual, gripping travelogue in Busan JUDGE TOSSES STORMY DANIELS’ DEFAMATION SUIT AGAINST TRUMP

REELING

TITO GENOVA VALIENTE

titovaliente@yahoo.com

T

HE people in Busan were all keyed up to watch the opening film, Beautiful Days. It was the world premiere of a film that is a KoreaFrance coproduction venture. Lee Na-young who plays the lead is making a comeback after a more than five-year hiatus. On the red carpet, the actress possessed what the other female Korean actresses seem to be wanting—gravitas. She walked that red path and the audience roared in applause. The film is about a son who is getting to know his mother for the first time. Jang Dong-yoon plays the son and given the reception to this young actor, he will soon be one of those über-popular Korean actors. If there is a difference, Jang Dongyoon carries a masculinity that is not common among Korean matinee idols. But, you may say, he is no matinee idol. The story is current: it is about a North Korean woman sold to be the bride of a Chinese-Korean man. With all the massive publicity and anticipation created prior to its premiere, the ticket to Beautiful Days was one of the most difficult to source. The Busan International Film Festival was a lesson in synopsis-making. There were no time for trailers or individual press conferences. One relied on the plot as spelled out in the program that was released everyday. Here are the films that I considered but, sadly, missed. From Hong Kong and China came First Night Nerves. The film is about a former star and hasbeen actress who is planning a comeback in the theater after her husband’s demise. She opted to join a play called Two Sisters, written and directed by a transwoman. Her biggest rival, a rising star, is also part of the production. As the synopsis goes: “With the opening night at Hong Kong’s City Hall Theater just seven days away, tensions at rehearsal increase and tempers flare as actresses Xiuling and Yuwen’s buried resentments rise to the surface.” Now, who would not be charmed by the possibility of viewing that film. Indonesia offered 27 Steps of May. The synopsis reads: “After a brutal childhood rape, May has shut herself off from the world. When a magician moves in next door, the sense of wonder he brings with him chips away at her walls, compelling May to confront her past and move into the future.” Lebanon had Capernaum. The plot relates about “kids without ID card and left in a harsh condition.” Zain, a 12-year-old boy is one of those not protected by his parents. He ends up in prison. He decides to sue his parents. The film premiered in Cannes this year and, according to the releases, “shocked the audiences and juries.” It was given the Jury Prize. From the Philippines, the entries under the section “A Window on Asian Cinema,” were Brillante Mendoza’s Alpha, The Right to Kill, Mike de Leon’s Citizen Jake, Alec Figuracion’s The Eternity Between Seconds, Chito Roño’s Signal Rock, Dwein Balthazar’s Gusto Kita With All My Hypothalamus, and the trilogy Lakbayan by Lav Diaz, Brillante Mendoza and Kidlat Tahimik.” There was another entry, titled Come On, Irene. The film’s topic had something to do with the Philippines. Based on a Japanese manga, the film is about a Japanese man who pays ¥3 million for a bridal tour to the Philippines. He brings home a Filipina, Irene, who is not exactly welcomed by the man’s newly widowed mother. Directed by Yoshida Keisuke, the film stars Nat Sitoy.

STORMY DANIELS

BY miCHAeL BALSAmo | The Associated Press

There was another film that got my attention: The Spy Gone North. This is one of those films that smelled success—a cinema meant for crazy commercial release. The whole festival was one seductive title after another. I felt like a kid looking at the thousand and one pastries and not being able to decide. And before I knew it, the bell had rung and I was off to the many significant, special events setup by FDCP. Not that I was complaining—it was an honor to moderate sessions and manage press conferences with the main Philippine delegations. On October 5 I decided to watch Lakbayan with Teddy Co and no less than Kidlat Tahimik himself. The film was having its premiere in Busan that day. An omnibus film, the three episodes were directed by Diaz, Mendoza and Tahimik. The first episode, which runs for some 4o minutes (a short, short film endeavor for Lav Diaz), serves as the quiet, meditative intro for the trilogy. The film is about miners going home with their earnings. Two of the miners get killed and only one survive. No one knows who killed who. As with killings in the land, mothers and wives weep and turn their heads away and go somewhere else. The episode is titled “Hugaw” (Dirt). Most elliptical and most mysterious, Lav Diaz lives up to his reputation as a filmmaker of the inscrutable. The second episode is megged by Brillante Mendoza and bears the title “Desfocado” or Defocused. The film follows the march of the Sumilang farmers. Using real footages and inserting real actors, the episode is, in the traditional way,

the most moving. When the female farmer, played by Fe GingGing Hyde, stops and shows the sore on her feet, the Korean woman beside me started weeping. All throughout from that scene, the Korean woman had her shawl covering her face, and wiping the tears from her eyes. The title is an homage to the photo journalist who has to focus and refocus his camera as the march or the action moves on. Joem Bascon is a compelling journalist in the film. The last episode relieves us of the hopelessness and the tragic in the Mendoza episode. Kidlat Tahimik’s film follows his son as he travels on land from the North to Davao. Along the way, he meets or recalls the memories of his life with his father and the ethnic communities of the Cordillera. At once playful, eccentric and breathtakingly intellectual, “Travel of Kabunyan” is a search for the light—from that of the bulb to the sun and wisdom. Wilson Tieng of Solar Films, the producer of the omnibus, was there in Busan. I shared with him my thoughts about how the three directors were able to infuse synergy in that undertaking. Kidlat said they didn’t talk among themselves how they would create the film. The finished product is nothing short of a creative miracle or serendipity. There was a talk—I’m not sure now who started it—that the three directors would be given the chance to expand their episodes into full-length feature film. As for me, I was emphatic in saying how I love the rhythm of the omnibus, the beat, mood and meter all coming from these three quirky—good quirky—filmmakers. ■

WASHINGTON—A federal judge dismissed Stormy Daniels’s defamation lawsuit against President Donald J. Trump on Monday, saying the president made a “hyperbolic statement” against a political adversary when he tweeted about a composite sketch the porn actress’ lawyer released. Daniels, whose real name is Stephanie Clifford, sued Trump in April after he said a composite sketch of a man she said threatened her in 2011 to keep quiet about an alleged affair with the real-estate mogul was a “con job.” Trump tweeted that the man was “nonexistent” and that Daniels was playing the “fake news media for fools.” He retweeted a side-by-side photo comparing the sketch with a photo of Daniels’s husband. In an order handed down on Monday, US District Judge S. James Otero said Trump’s statement was protected speech under the First Amendment. “If this Court were to prevent Mr. Trump from engaging in this type of ‘rhetorical hyperbole’ against a political adversary, it would significantly hamper the office of the President,” the judge wrote. “Any strongly worded response by a president to another politician or public figure could constitute an action for defamation. This would deprive this country of the ‘discourse’ common to the political process.” Daniels’s attorney, Michael Avenatti, vowed to appeal the decision and said he was confident it would be reversed. “There is something really rich in Trump relying on the First Amendment to justify defaming a woman,” Avenatti said. But the president’s lawyer immediately hailed the ruling as a “total victory” for Trump. “No amount of spin or commentary by Stormy Daniels or her lawyer, Mr. Avenatti, can truthfully characterize today’s ruling in any way other than total victory for President Trump and total defeat for Stormy Daniels,” Trump’s attorney, Charles Harder, said in a statement. The judge’s ruling also entitles Trump to collect attorneys’ fees from Daniels, but the amount that Daniels would need to pay will be determined later, Harder said. The defamation claim is separate from another lawsuit that Daniels filed against Trump, which is continuing. Daniels was paid $130,000 as part of a nondisclosure agreement signed days before the 2016 election and is suing to dissolve that contract. Daniels has argued the agreement should be invalidated because Trump’s then-personal lawyer and fixer, Michael Cohen, signed it, but Trump did not. Lawyers for Trump and Cohen now say the deal that paid Daniels $130,000 to keep quiet was invalid, and they won’t sue her for breaking it. Trump’s attorney said the president never considered himself as a party to the agreement and doesn’t dispute Daniels’s assertion that the contract isn’t valid. While Trump and Cohen want the court to toss out the litigation as moot, Daniels’s lawyer wants to keep the case alive, hoping to compel Trump to answer questions under oath about what he may have known about the deal. Cohen pleaded guilty in August to campaign finance violations alleging he coordinated with Trump on a hush-money scheme to buy the silence of Daniels and a Playboy model who alleged affairs.

GMA News and Public Affairs Head Marissa Flores honored at UP CMC’s 1st Glory Awards FOR her work in the field of broadcast journalism, GMA Senior Vice President for News and Public Affairs Marissa Flores was recognized by the University of the Philippines College of Mass Communications (UP CMC) at the firstever Glory Awards held last November 11. Flores, who finished a degree in Bachelor of Arts in Communications Major in Journalism, is credited for the comprehensive growth of the network’s news and public affairs organization that currently airs more than 30 regular programs, as well as numerous public affairs specials. Under Flores’s leadership, GMA News and Public Affairs has earned

the distinction of being the most awarded broadcast news organization in the country. Among other local and international recognitions, it has won for the Philippines four George Foster Peabody awards to date, the latest award coming for the network’s coverage of Supertyphoon Yolanda. The Peabody award is widely recognized as the broadcast equivalent of the Pulitzer Prize for print and online. Flores, who concurrently serves as GMA News Online’s executive vice president for editorial, also helped accomplish GMA News Online’s recordbreaking audience engagement of 109.8 million page views for a three-day period

during the May 2016 national elections. GMA News anchor Jessica Soho, documentarist/anchor Kara David, and investigative journalist Malou Mangahas were also awarded Glory medals of distinction. The Glory Awards was organized in honor of UP CMC’s first dean, the late Dr. Gloria Feliciano. The awardees, all alumni of UP CMC, were chosen for their outstanding work and influence in broadcasting, journalism, communication research and film, as well as allied communication fields, such as development communications, marketing communications, public relations, social advocacy and the performing arts.

GMA Network Senior Vice President for News and Public Affairs Marissa Flores (third, from left) with (from left) UP CMC Dean Elena Pernia, UP President Danilo Concepcion, UP CMC Alumni Association President Malou Choa-Fagar and Dr. Grace Javier Alfonso, professor of film and mass communication at the University of the Philippines-College of Mass Communications

Envoys&Expats BusinessMirror

www.businessmirror.com.ph | Thursday, October 18, 2018 E1

Imaging company takes a shot at industry prominence

A

MONG photography enthusiasts in the Philippines, the brand “Fuji,” or more formally, “Fujifilm,” has stood out for years as a reliable camera in capturing images, and committing them into permanence, by using its films and papers.

While this market positioning has been impressive, Fujifilm Philippines President Tomoy uki Fukura is ver y much upbeat in presenting the wide range of products the company has been actually providing, for some quite time, to a wide range of markets: from individuals to industries. It has been three years since Fukura took over the highest post of Fujifilm’s local unit (more than 15 with Fujifilm Corp. organization), championing its brand promise of “enhancing the quality of life for people worldwide”—at least in this side of the world. In his inter v iew w it h Envoys&Expats, Fukura expounded on the various offerings of Fujifilm and a brand promise that are making lasting imprints to a world where images are imperative and integral.

ENVOYS&EXPATS: What do you want Filipinos to know about Fujifilm? Fukura: We are an 84-year-old Japanese company. Since the time of our establishment and until now, we have embraced “change.” We have survived uncertain times, due to continuous investments in research and development. Another “C” that we have banked upon is “continuity,” which was also a key to the Fujifilm’s survival. Along with that, we have been diversifying our product portfolio, not only in traditional photo imaging, but also in health care, graphics and office products. In imaging, here in the Philippines, we carry almost all Fujifilm items. Third is “consistency,” which our corporate logo embodies. Traditional photography is our primary business. There was a time when people cannot see the quality of

the photo, until they develop the actual picture. If there’s a failure in the product, they cannot bring back the “shooting moment.” That is why quality is important for us. We have to consistently provide the same quality; otherwise, our customers won’t be satisfied. That’s the nature of our products, and one of the DNAs of our company. In the last five years, we have continued our growth trajectory: a 46-percent year-over-year increase in terms of revenue. What would be the strongest suit of Fujifilm? What has been the hallmark of the brand in the Philippines? Our products’ level of quality is unmatched. I believe we have satisfied customers who recommend our offerings to friends or family members. With our business partners in various industries, we have built a good reputation with them that has positively impacted our bottom line. At Fujifilm Philippines, we prioritize service and technical support by creating quite a number of networks for customers after purchasing our products. In addition to our sales and service teams deployed in Metro Manila, Cebu City and Davao City, we have more than 70 brand promoters in shops for Instax and digital cameras. Our touchpoints are not only at the moments of sales and pur-

chase, but also during workshops, shooting events, customer interviews, symposia and trade shows, among others. We have these engagements because it is important for us to understand how our customers use our product, how they see their value, and what we need to do more For us, sales and purchases do not mark the end of the relationship with our customers, but rather, just the beginning. Customer satisfaction and minimal downtime with our products are very important for us. We have in our office a repair center for our major and core products. With our cameras, our commitment is to have them repaired within three days. Aside from those, we are working on our corporate social responsibility in the form of tree planting, or school visits to provide school items. During those times, we provide fun moments with the kids or children by letting them take photos via Instax or our digital cameras. That’s what we are: We like to reach out to the community. In your opinion, what gives Fujifilm an edge against other players or its competitors? In terms of our products, across all business segments, one of the key differentiating points (of advantage) is image quality. It is apparent not only in our digital cameras, but also with our instant photography

products, in the medical field for endoscopy, ultrasound and films for x-ray. For the graphic industry, Fujifilm has consumables for offset printing to produce newspapers, magazines and the like. New business is, likewise, coming up, mainly through inkjets to create point-of-purchase materials, outdoor banners, or even packaging. For digital cameras, that’s the fastest-growing area for us. But in terms of mirrorless cameras, I think, based on our survey, we are No. 1 in the Philippines. On imaging, we are at parity with our competitors. For medical equipment, we don’t have specific numbers, but what I can say is we are the fastest growing in terms of sales in that segment. And top management is into more investments in that area. Speaking of digital cameras, the brand is a top-of-mind choice by those who are beginning to go into seriously photography. Is that consistent with your marketing strategy? We actually have two business divisions for cameras: one is digital, which covers mirrorless models; the other is photo imaging, where our brand Instax belongs. When we try to promote the digital camera, we also want to promote the beauty of the prints; because once we a nice shot, then the prints

become better. And again, printing is one of our traditional businesses—our original, in fact. So we want to communicate the value of the prints together with the digital camera, as well. Many people in the market are now comparing the quality of a [high-end] smartphone to a digital camera in getting the best possible picture. The strong points, or features, of a digital camera, are in its sensors. If you would like to take a shot of the stars in the sky, I think it’s difficult to get a nice one with a smartphone. Having said that, what’s your outlook and plans for the Philippines in Fujifilm’s purview? What is your managerial approach in a company with a lot of potential in its sector? Before we set up Fujifilm here through our parent company six years ago, we were simply partnering with a distributor. But we saw the Philippine market continuing to grow, that’s why we established our own company here. Along with our own corporate growth, going forward, Fujifilm expects further market growth. We will continue to invest, not only in Metro Manila, but see expansions and promotional campaigns in other key cities, especially in malls in provincial areas. Continued on E2

Envoys& BusinessMirror

E2 Thursday, October 18, 2018

Austria spearheads lomography exhibit

T

HE Embassy of Austria in Manila, in partnership with Lomography, SOS Children’s Villages Philippines, Sunny16 Lab and SM Supermalls, recently presented the Snapshots of a Happy Childhood lomography exhibition at the SM Malls.

AMBASSADOR of Austria to the Philippines Bita Rasoulian (second from right), with SM Assistant Vice President for Operations-Premier 2 Ian Mathay (from left), The Podium Mall Manager Nona Go-Castañares, SM Senior Vice President for Marketing Communications Millie Dizon, SOS Children’s Villages Philippines Board of Trustees President Maria Angeles Lapeña and Lomography Wholesale Manager-Asia Edwin Chou.

THE Dutch Republic Embassy’s Linde Leemhuis and Myrthe de Backer

THE Austrian Embassy’s Tatjana Platzer and husband Georg

THE Embassy of the Federal Republic of Germany’s Cyril Constantino and Sebastian Vogel

SOS Children’s Villages Philippines’s kids render a song-and-dance number at the exhibit’s closing reception in SM Aura Premier.

Snapshots… was a “lomo wall” composed of 1,000 individual snapshots taken through lomography and analog cameras from kids living in the SOS Children’s Villages in Manila as well as the international Lomography community. Side exhibitions included a display of photos, entitled “Captured Moments in a Loving Home.” Mallgoers also had the rare chance to view lomography analog and instant cameras, as well as art lenses up close in the “Lomography Classics” exhibition. The event is part of the Austrian Em-

bassy’s initiatives with its presidency of the European Union council this year. The project focuses on Article 27 of the Convention on the Rights of the Child, which stipulates the “right of every child to a standard of living adequate for the child’s physical, mental, spiritual, moral and social development.” Lomography is a recent type of photography invented by the Lomographic Society, founded in the early 1990s in Austria. The founders first experimented with a Lomo LC-A, a Russian toy camera. Images are produced from the unique, high-contrast

photos with vignettes and soft focus. The original lomo cameras are the LC-A, Fisheye, Colorsplash and Supersampler. Today lomography is considered an art movement, with different groups around the world aiming to spread and support it. The Lomographic Society International headquarters is in Vienna, Austria. The expo, which toured SM Malls, was launched at The Podium, then made a stop at S Maison and closed at SM Aura Premier. SM Appliance Center Inc., Philips and Cocina Peruvia also supported the event.

Imaging company takes a shot at industry prominence

FUJIFILM Philippines President Tomoyuki Fukura likes his company’s prospects in the local market. DAN CRUZ Continued from E1

Internally, my management team has very open communication lines. I don’t want to just instruct or communicate one way. I ask our employees: “What do you want to do?” Or, “Why do you think that way?” Then I like to help them. In so doing, many of the people can have more ownership of the business, and make them feel it. I think that (mentality) will heavily contribute to the growth of our business. That’s how I want to manage the company.

FUKURA, with photographer Dan Cruz holding the soon-to-be launched Fuji XT3.

Belonging to and leading an imaging company, what other activities do you engage in outside work? I am into sports. Once a year, I do the triathlon. It’s pretty tough, but it’s also an opportunity for me to check (my physical and) medical condition. I think I need to practice. (Laughter) It gives me satisfaction and pleasure to reach the finish line. I think it’s important to have a very healthy mindset, and even in business: setting a goal and making an effort every day. By achieving that goal, I can feel a high

sense of achievement. We’re almost certain you’re into photography, given that you work for an imaging company. If you were to shoot a signature image, what would you like to capture? I actually consider myself as an amateur. But what I like most are sunsets, especially those on weekends in the resorts of Cebu and Bohol, with my family. Of course, they are captured on Fujifilm cameras, and then uploaded on Instagram.

With a report from Beatrix Malesido

&Expats

envoys.expats.bm@gmail.com | Thursday, October 18, 2018 E3

EMBASSIES, EVENTS, ETC.

France supports PHL maritime assets devt

A

MBASSADOR of France to the Philippines Nicolas Galey attended the commissioning ceremony of the BRP Panglao and the BRP Boracay—two brand-new 24-meter fast patrol boats manufactured by French shipbuilder OCEA—during a ceremony at the Philippine Coast Guard (PCG) national headquarters on October 15, with Finance Secretary Carlos G. Dominguez III as guest of honor and speaker.

Ambassador Nicolas Galey and Finance Secretary Carlos G. Dominguez (third and fourth from left, respectively) with Philippine government, Philippine Coast Guard and French Embassy officials

OCEA and the Department of Transportation (DOTr) signed in 2014 a commercial contract worth €97 million (about

P5.82 billion) for the PCG’s acquisition of four brand-new fast patrol boats and one 82-meter offshore patrol vessel. This is to

enhance the PCG’s capability of performing its functions on maritime security, safety, maritime search and rescue, marine-environmental protection, as well as offshore patrol of the country’s exclusive economic zone. The agreement was financed through an export-credit loan structured by the French banks BNP Paribas and Crédit Agricole, with a guarantee from the French state. Three of the four French-built fast patrol vessels will be operated for the conduct of joint operations between the PCG and the Bureau of Customs in protecting the country’s borders and suppressing smuggling activities. Under the contract, OCEA provides for the training of the crewmembers, a five-year maintenance period, and the supply of spare parts. The two remaining fast patrol boats are expected for delivery before the end of the year, while the 82-meter offshore patrol vessel will be with the PCG in August 2019. According to its embassy, France fully supports the Philippines’s maritime capabilities modernization program through future transactions between OCEA and the Philippine government. The original contract signed by the DOTr provides an option for the acquisition of a second 82-meter armed offshore patrol vessel. “We welcome the conclusion of this agreement between the Philippine government and OCEA—one of the global leaders in the shipbuilding industry, to acquire these vessels with the aim of developing the maritime capabilities of the PCG and

India keen on interagency news engagement

T

HE Embassy of India in Manila is interested to facilitate a tie-up between its country’s news agencies and that of the Philippines to broaden the two nations’ knowledge about each other, as Ambassador of India to the Philippines Jaideep Mazumdar recognized the information gap between New Delhi and Manila. “I think…there is a bit of a gap in terms of knowledge of each other, and I think that can be bridged between [our news] agencies,” Mazumdar said in an interview. “We have agencies like the ANI [Asian News International] and PTI [Press Trust of India] which can tie up, for example, with the Philippine News Agency, and [conduct] exchange programs,” the envoy noted, and added, “[This] is the best way to know each country.” ANI is a multimedia news agency in South Asia with more than 100 bureaus in India and across the globe, while PTI is the largest news agency in India and commands 90 percent of

PHILIPPINE News Agency reporter Joyce Rocamora interviews Indian Ambassador to the Philippines Jaideep Mazumdar during the blood donation camp at the Khalsa Diwan on United Nations Avenue, Paco, Manila, on October 7. PNA PHOTO BY AVITO C. DALAN

news-agency market share in the country. The Indian diplomat added that the bilateral relations between the Philippines and India have grown rapidly since President Duterte visited New Delhi in January. “There are many areas that we are work-

ing on: in the fields of defense, pharmaceuticals, [and] trade and all are progressing,” Mazumdar revealed. On content sharing, the ambassador said the embassy is keen to pursue talks with the Philippine side within the year. Joyce Ann Rocamora /PNA

Canada launches grants to empower women, girls

T

HE Embassy of Canada has announced the launch of nine projects across the Philippines, supported by the Canada Fund for Local Initiatives (CFLI). “[The CFLI’s focus this year] is on increasing the participation of women and girls in governance and promoting gender equality,” Ambassador of Canada to the Philippines John Holmes said, and added, “When women and girls are empowered to reach their full potential, [it] directly benefits their families, their communities and their country.” “That is why our choices this year emphasize [on] gender equality and the empowerment of women and girls, which are strategic priorities for Canada in the Philippines.” Holmes further stated. The following projects will receive support from the CFLI this year: n Coalition against Trafficking in Women Asia-Pacific builds on the partnership to strengthen the implementation of existing antitrafficking laws by training local government officials in tourist areas prone to incidents of trafficking. The project will also develop a national strategy for the coordination of local governments in better implementing the said ordinances. n Foundation for the Advancement of Clinical Epidemiology will develop an application on Facebook Messenger that provides practical information about sexual and reproductive health services and practices to Filipino youth.

The project’s goals are to reduce incidents of early and unintended pregnancies and sexually transmitted infections. n Bahay Tuluyan Foundation will train law enforcement officers, social workers, civilsociety representatives and barangay officials in the City of Manila on children’s rights and rights-based approaches to protect marginalized children in the said locality. The project will also train marginalized youth on their rights so they can avoid abuse and exploitation. n University of the Philippines’s Center for Women’s Studies Foundation Inc. will advance feminist leadership in local government by establishing a network of aspiring women political leaders and empowering them through a mentoring program and by training rightsbased and gender-responsive approaches to democratic governance. n Pambansang Kongreso ng Kababaihan sa Kanayunan Inc. will improve security and resilience in disasters and conflict situations across the Philippines by giving voices to women in the community and advocating gender-sensitive preparedness and response mechanisms. n Simbahan Lingkod ng Bayan will promote inclusive and participatory governance in the 2019 elections through a nationwide campaign to increase active political engagement. The project will organize candidates’ forums leading up to the elections and develop com-

munity leaders to conduct political and civic education at the grassroots level. n Institute of Politics and Governance will promote safe public spaces in Antipolo City by advocating for a culture that rejects sexual harassment in public areas. Through a public awareness campaign and training, local government officials and community-based organizations will work together to prevent harassment and improve safety, particularly for women and girls. n National Union of People’s Lawyers will enhance the capabilities of lawyers, law students and human-rights defenders to respond to human-rights violations by highlighting existing legal mechanisms and providing a forum for practitioners to share best practices. n G-Watch will work to enhance the Sangguniang Kabataan (local youth councils) as an accountability mechanism by monitoring local anti-poverty programs in selected barangays in three cities across the Philippines to ensure that programs are responsive to the needs of the community and free from corruption. The CFLI is a competitive grants program run by the Embassy of Canada in the Philippines, which provides direct financial support to local organizations for projects that promote inclusive governance, such as by empowering women and girls, strengthening democracy, advancing human rights and promoting the rule of law. Recto Mercene

protecting the country’s borders,” Galey said following the ceremony. “France has much to offer the Philippines in terms of maritime, military and

defense equipment, as well as expertise in these fields. We stand ready to present our proposals, according to the priorities of the Philippine government,” the envoy added.

Envoys&Expats BusinessMirror

E4 Thursday, October 18, 2018

www.businessmirror.com.ph

EMBASSIES, EVENTS, ETC.

THE Embassy of the Kingdom of Saudi Arabia recently celebrated its 88th National Day, led by its ambassador to the Philippines Abdullah bin Nasser Al-Bussairy (in red-checkered shemagh). Guests included the Papal Nuncio and Dean of the Diplomatic Corps Gabriele Giordano Caccia, former House Speaker and special envoy to the Asia-Pacific Economic Cooperation Jose de Venecia Jr. and Vice President Maria Leonor G. Robredo RECTO MERCENE

Govt seeks deeper engagement with EU, member-states

O

utgoing Foreign Affairs Secretary Alan Peter S. Cayetano in the past week underscored the need for the Philippines and Europe to deepen their engagement if they are to be able to understand each other.

“The European Union [EU] and its memberstates are very important partners of the Philippines, and we look forward to actively and constructively engaging them so we can better

understand each other,” Cayetano said a day after he had a lunch meeting with ambassadors from the European Union and its member-states. “We were able to convey to each other our

mutual desire to continue exchanging views on important issues,” Cayetano said. He also cited the importance of peopleto-people exchanges, noting that education and tourism help promote understanding and improve relations between the Philippines and the EU. The envoys, for their part, noted that increasing dialogue between the Philippines and the EU will help attract more investors to Philippines. They also expressed their hopes to see more high-level visits to Europe by Filipino officials. Also present during the meeting were Budget Secretary Benjamin E. Diokno and Bases Conversion Development Authority President

SCENE from the meeting among former Foreign Affairs Secretary Alan Peter S. Cayetano and the ambassadors from the European Union. DFA PHOTOS

and Chief Executive Officer Vivencio B. Dizon, who told the diplomats that now is best time to invest in the Philippines. The latter also encouraged the EU to participate in the “Build, Build, Build” program of the Duterte administration. Ambassadors to the Philippines who attended the luncheon included the Czech Republic’s Jaroslav Olša Jr., Denmark’s Jan Top Christensen, Greece’s Nicolaos Kaimenakis, Delegation of the European Union’s Franz Jessen, Hungary’s József Bencze, Germany’s Dr. Gordon Kricke, Belgium’s Michel Philippe Goffin, Italy’s Giorgio Guglielmino, France’s Nicolas Galey, Romania’s Chargé d’affaires Mihai Sion, as well as DEUP Councilor and Deputy Head of Mission Thomas Wiersing. Department of Foreign Affairs