BusinessMirror October 24, 2018

SOUTH KOREA ARRIVALS 198,145

JAN

154,367 156,555 150,685

FEB

114,973 117,074 113,488

MAY

128,691 110,135

JUN

108,455 121,544

JUL

132,135 122,095

AUG

141,869

2018

2017

SOURCE: DEPARTMENT OF TOURISM

DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

@akosistellaBM Special to the BusinessMirror

V

135,813

APR

By Ma. Stella F. Arnaldo

ISITOR arrivals from South Korea have been slowing down, causing the Department of Tourism (DOT) some concern it may miss its 7.4-million foreign tourists target this year. Officials traced the slowdown partly to the closure of Boracay, a favorite of Koreans, and the unresolved killings of South Koreans, including those allegedly by rogue cops.

While South Korea continues to dominate the top source markets of foreign tourists in the Philippines, its overall share in arrivals has been slackening.

122,387

MAR

SOKOR MARKET, TOPS FOR TOURISM, SOFTENS

Continued on A4

BusinessMirror A broader look at today’s business

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Wednesday, October 24, 2018 Vol. 14 No. 14

House to fast-track rest of Sona bills by year-end S

By Jasper Emmanuel Y. Arcalas

@jearcalas

PEAKER Gloria MacapagalArroyo vowed on Tuesday the House of Representatives will pass as many pending bills as possible by year-end from the list of those identified as priority by President Duterte in his last State of the Nation Address (Sona).

Arroyo did not disclose the specific bills but pointed out that the President’s legislative agenda remains as the House of Representatives’ top priority.

The former President noted that lawmakers in the lower chamber will try their best to pass Duterte’s remaining priority measures with its remaining time, as the midterm elections in May 2019 is seen to cut their time frame.

“The legislative agenda of President Duterte is what we are really Continued on A2

Tieza locators may enjoy perks only until end-2018

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the temporary closure of the island to facilitate its rehabilitation.”

He stressed, “In fact, from May to August 2018, Korea contributed an additional 67,739 arrivals from the demand to Boracay to other destinations, such as Cebu, Bohol, Palawan, Manila and Clark.”

He expressed optimism that with the scheduled reopening of a “better” Boracay on October 26, “we expect an influx not just of visitors from Korea but other sources markets, as well.”

However, the sluggishness of the South Korean market is more glaring on a month-on-month basis; since March 2018, arrivals from South Korea

BM GRAPHICS: JOB RUZGAL

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By Rea Cu

From January to August this year, arrivals from South Korea dipped by 0.91 percent to 1.06 million. This represented a 21.84 percent share to total arrivals, down from an almost 24 percent share in the eight-month period in 2017.

Asked if the decrease was just a temporary blip, DOT Undersecretary for Tourism Development Planning Benito C. Bengzon Jr. said in a text message: “It may be noted that in August of 2017 alone, there were 31,025 visitors from Korea who arrived via the Kalibo International Airport. Needless to say, Boracay is indisputably a favorite among our Korean visitors. And to be fair, the market is actually performing better than our forecast considering

@ReaCuBM

NCENTIVES enjoyed by companies within the Tourism Infrastructure and Enterprise Zone Authority (Tieza) will end in 2018, just two years after the implementing rules of Republic Act (RA) 9593—or the Tourism Act of 2009— took effect, the Department of Finance (DOF) said on Tuesday.

Finance Secretary Carlos G. Dominguez III expl a i ned at t he genera l membership meeting of the Philippine Hotel Owners Association Inc. on Tuesday that, under the law, the incentives granted to companies within Tieza will end by year-end.

“That law was passed in 2008 but never implemented by the last administration. [When we came into office] one of the first things I did was implement it and we will have it run its course. So it

should be ending this year.

That’s the current law, it’s going to end this year,” Dominguez said.

Under RA 9593, new enterprises in tourism zones are exempt from tax on income for a period of six years from the start of operations, along with other incentives. “ New enter pr i ses i n Greenfield and Brownfield Tourism Zones shall, from the start of business operations, be exempt from tax on income for a period of six years.

“This income tax holiday may be extended if the enterprise undertakes a substantial expansion or upgrade of its facilities prior to the expiration of the first six years,” the law said.

The law also allows for a congressional review of the measure every three years after its approval.

“This act shall be subject Continued on A2

PESO EXCHANGE RATES n US 53.7330

The journey is the destination Teddy Locsin Jr.

FREE FIRE Statement delivered by Teodoro L. Locsin Jr., Permanent Representative, Permanent Mission of the Republic of the Philippines to the United Nations, during the Third Committee Discussion on Agenda Item 28: Social Development, 73rd Session of the United Nations General Assembly, UN Headquarters, New York, October 2, 2018.

Continued on A6

M&A, ‘greenfield’ FDI in PHL down in 2017

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on Tuesday, as authorities started to prepare for the worsening of road traffic and congestion, while businesses still reeling from the impact of inflation and the TRAIN law braced for possibly higher labor costs from the ongoing wage reviews in the regions. NONOY LACZA

BUSINESS NEWS SOURCE OF THE YEAR

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By Cai U. Ordinario

HOLIDAY CHEER Workers install Christmas décor on street lights along A. Bonifacio Street in Marikina City

2017 EJAP JOURNALISM AWARDS

@cuo_bm

ERGERS and acquisitions (M&As) and “greenfield” foreign direct investments (FDI) in the Philippines declined in 2017, according to the Asian Development Bank (ADB).

In the Asian Economic Integration Report 2018 (AEIR), the ADB said that, while this was the trend in Asia, the Philippines was among the most affected in the region.

Data showed that investments —greenfield and M&As in the Philippines contracted 54.8 percent to $5.2 billion in 2017, from $11.6 billion in 2016. This contributed 3.2 percent to the total decline in the region.

“While standard BOP [balance of payments] data only show a modest decline in inward FDI to the region, firm-level investment activity data—which provide information on mode of entry and ultimate investment ownership— show that both mergers and acquisitions and greenfield FDI in Asia declined abruptly in 2017,” the ADB said.

The report said the country with the largest decline in greenfield

54.8% The magnitude of contraction in ‘greenfield’ investments and mergers and acquisitions in the Philippines: to $5.2 billion in 2017, from $11.6 billion in 2016

investments, as well as mergers and acquisitions in Asia, was Kazakhstan, which reported an 82.5-percent decline in these investments followed by Hong Kong, China with 78.7 percent and Myanmar with 73 percent.

T he countr y that recorded the least decline in greenfield investments and M&As in 2017 were Australia with an 18.1-percent contraction and India with 27.9 percent.

Among the Asean 5, the country with the largest decline in investments was Malaysia with a contraction of 68.9 percent, while the least decline was observed in Vietnam at 43.9 percent.

“Growing trade and investment linkages in Asia and the Pacific can

n JAPAN 0.4763 n UK 69.6595 n HK 6.8543 n CHINA 7.7376 n SINGAPORE 38.9426 n AUSTRALIA 38.0376 n EU 61.6156 n SAUDI ARABIA 14.3208

Continued on A2

Source: BSP (23 October 2018 )

A2 Wednesday, October 24, 2018

News

BusinessMirror

DOF eyes e-invoicing system to make VAT refunds possible

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By Rea Cu

@ReaCuBM

HE Department of Finance (DOF) is looking to establish an electronic invoicing system (e-invoicing) by 2020, which will allow for the implementation of a value-added tax (VAT) refund system for tourists visiting the country.

During the Philippine Hotel Owners Association Inc. general membership meeting at the New World Hotel in Makati City on Tuesday, Finance Secretary Carlos G. Dominguez III told attendees, “Yes we will [set up a VAT refund scheme]; we don’t have the system at the moment, but we are certainly going to do it. And it should be in place some time in two years.

There’s a possibility for us to outsource the system but our problem at the moment is we don’t have an e-invoicing system, which we are

currently working on.”

In May the Philippine government sought assistance from South Korea to fund some of its big-ticket infrastructure and informationtechnology projects, including the implementation of an electronic receipt and invoice system, as well as establishing an electronic salesreporting system.

In a meeting with South Korean Ambassador Han Dong-man, Dominguez expressed hope that at least six Philippine projects in the pipeline will get financing sup-

port from the Export-Import Bank of Korea-Economic Development Cooperation Fund (Kexim-EDCF) under the framework arrangement formalized between the two countries on May 4.

Under the arrangement, the Philippines can access South Korea’s loan facility under the EDCF up to an amount not exceeding $1 billion over a five-year period until 2022.

“We have gotten a grant from the Korean government to study an e-invoicing system, and our plan is to put this in place by 2020. So we have a lot of space to do that. We really targeted Koreans because they have a very efficient system which they have developed over at least five years,” he added.

The financing requirement for the implementation of an Electronic Receipt, Invoice and Sales Reporting System that will help the Philippines improve its revenue-monitoring mechanisms is at $41 million, as discussed during a meeting with Korea Deputy Prime Minister and Minister of Strategy and Finance Kim Dong-yeon in Seoul, South Korea, in May.

Apart from assistance for the einvoicing system, the finance chief pointed out that the government has also asked for assistance from South Korea in line with improving the environment and sanitation in Siargao Island.

“Actually when I was in Korea early this year, I spoke to the finance minister who is also the deputy prime minister there, and I asked him specifically to provide us assistance for the Siargao area in the area of environment and sanitation.... I mentioned that we had a real bad experience in Boracay [Island],” he said.

Based on data from the National Economic and Development Authority (Neda), South Korea is the Philippines’s sixth-largest provider of official development assistance with loans and grants provided to the country amounting to $570.60 million as of December 2017.

South Korea is also among the top sources of foreign tourist arrivals to the country for the past three years, with some 1.6 million South Koreans visiting the Philippines in 2017.

House to fast-track rest of Sona bills by year-end Continued from A1

focusing on. There will be measures that would be delayed [due

to election season]. We really lack time, that’s why we have to do as much as we can do,” she told the BusinessMirror on the sidelines

of the groundbreaking ceremony of the Eternal Gardens Memorial Park in Barangay Mamatid, Cabuyao, Laguna.

“As to how many bills [we would pass by year-end], that would be hard. But for sure the bills identified by President in his Sona are the most important ones,” she added.

The House of Representatives has passed three priority legislative measures of the Duterte administration since Arroyo assumed the speakership on July 23.

Rice tariffs, ‘Trabaho’ bill

ONE of the measures include the Revised Agricultural Tariffication Act, which seeks to scrap the country’s quantitative restriction on rice, a move that economic managers hope would pull down the retail prices of the staple in the market. Instead of the QR, a rice tariffication system will be put in place.

In September the House of Representatives approved on third and final reading House Bill 8083, or the Tax Reform for Attracting Better and High-Quality Opportunities or “Trabaho” bill. The Trabaho bill is part of the Duterte administration’s tax-reform packages.

The lower chamber approved this months its version of a bill that seeks to create the Department of Disaster Resilience, another priority legislative measure of Duterte.

Among the pending measures before the House of the Representatives listed as a legislative priority of Duterte in his Sona are the laws on the utilization of the coconut-levy fund and ban on open-pit mining.

The bicameral conference committee-approved bill on the coconut-levy trust fund was returned to Congress to avert a veto by Duterte due to some contentious provisions.

On the other hand, the House of Representatives approved on second reading House Bill 8400 that seeks to establish a mining fiscal regime, wherein the government would earn its fair share of the minerals industry’s income.

The bill, coauthored by Arroyo, is also part of the administration’s tax-reform packages.

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‘Pressure on peso to stay till year-end’ T HE local currency has been seeing a reprieve in recent days, but may still be under pressure for the rest of the year.

Data from the Bankers Association of the Philippines (BAP) showed the peso traded at 53.815 to a dollar on Tuesday, losing 2.5 centavos from the previous day’s trade of 53.79 to a dollar.

The total traded volume was at $711.9 million, down from the previous day’s $863.4 million.

After recent bouts of 12-year lows, the peso has been getting a reprieve since mid-October to trade within the 53 band in recent days. ING Bank Manila economist Nicholas Antonio Mapa said the peso has been appreciating as corporate demand for the US dollars appears to have eased off in recent sessions, with the mid-month period usually where we note a substantial demand from big players.

Importation ahead of the Christmas season may also be fading as the country enters the stretch run into the holidays, Mapa said.

“Markets may also be moving in anticipation of dollar flows into the market, with the government announcing a probable dollar-denominated bond issuance on top of other flows related to potential equity share offerings,” he added.

However, the economist said fundamentally, the local unit may still remain pressured for the remainder of the year as

the economy continues to run in current account deficits owing to the robust demand for imports and the weak exports performance.

“Remittance growth reported last week showed a contraction due to a slowdown in remittances from the Middle East and will likely only be able to be counted on for roughly a 3-4 percent growth print for the year,” Mapa said.

“Other structural sources of foreign-exchange flows remain, such as BPO outsourcing, although these, together with OF remittances, may still be unable to offset the bloated trade gap,” he added. The peso has been under pressure in recent months due to internal and external shifts in sentiment.

In early-September the Bangko Sentral ng Pilipinas (BSP) announced that it is reopening the Currency Risk Protection Program (CRPP) after the peso broke to trade into 12-year lows during the week. The facility was first introduced as an aid to excessive foreign-exchange swings during the 1997 Asian financial crisis.

In particular, the CRPP is a BSP-offered hedging facility through universal/commercial banks for clients seeking to hedge their borrowings denominated in foreign currency.

The BSP also vowed to keep their market presence and explore their monetary policy tool kit further should any excess volatility in the peso arise.

Bianca Cuaresma

M&A, ‘greenfield’ FDI in PHL down in 2017 Continued from A1

be a buffer for the region against uncertainties in the global economy, the report says. However, it warns that uncertainty about trade policy could dampen the recovery in regional and global trade and damage consumer sentiment and business confidence in capital spending and investment,” the ADB said.

Asia’s intraregional trade— measured by value—rose to 57.8 percent of its total global trade in 2017, from 57.2 percent in 2016.

The recovery in regional trade can be attributed to the expansion of global value chains after a slowdown since 2012. Intraregional foreign direct investment also increased slightly to $260 billion in 2017, from $254.7 billion in 2016.

The report said regional integration in Asia and the Pacific, as measured by the ADB’s Asia-Pacific Regional Cooperation and Integration Index (ARCII), increased to 0.530 in 2016 from 0.525 in 2015, with a positive impact on economic growth and poverty reduction.

The index incorporated six subindexes that measure trade and investment, money and finance, the regional value chain, infrastructure and connectivity, movement of people and institutional and social integration.

“Enhanced regional cooperation and coordination can help countries manage regional issues,

particularly if they complement national and global actions,” said ADB Chief Economist Mr. Yasuyuki Sawada. “Multilateral development banks can help increase regional public goods by reducing knowledge and financing gaps, as well as promoting regular policy dialogue for long-term cooperation among countries.”

The report also pointed to several efforts in Asia to establish and strengthen regional public goods. The ADB said in 2014 at least 18 Asian leaders pledged to eliminate malaria by 2030, spurring countries to work together to achieve the goal to the benefit of the entire region.

ADB’s Greater Mekong Subregion Health Security Project to help control communicable diseases in the Mekong region border areas is part of such efforts. Trade facilitation programs between countries in the Central Asia Regional Economic Cooperation region have boosted intraregional trade, supporting economic growth.

The multilateral development bank is committed to achieving a prosperous, inclusive, resilient and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 67 members—48 from the region. In 2017 ADB operations totaled $32.2 billion, including $11.9 billion in cofinancing.

Tieza locators may enjoy perks only until end-2018 Continued from A1

to congressional review by Congress three years after its approval and every three years thereafter,” the law added.

Under the law’s implementing rules and regulations (IRR), a sun-

set provision is stipulated in line with the effective administration of tax incentives for tourism enterprise zones for a period of 10 years or until 2019.

RA 9593 was created in 2008 but its IRR was released only in November 2016.

“ We are not the ones who made that law, it’s the legislature, and as far as I know there’s no act or any interest of the legislature to continue that law. The law is the law, it’s not my fault that it was not implemented,” Dominguez added.

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The Nation BusinessMirror

Editor: Vittorio V. Vitug • Wednesday, October 24, 2018 A3

Palace backs, but senators score bid to pull out from IPU

By Butch Fernandez @butchfBM

& Bernadette D. Nicolas @BNicolasBM

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ALACAÑANG backed on Tuesday House Speaker Gloria Macapagal-Arroyo’s call for the Philippines to withdraw from the Inter-Parliamentary Union (IPU) for alleged undue interference in the country’s affairs.

However, several senators rejected the idea, calling it “premature” and based on the “wrong premise.”

Presidential Spokesman Salvador S. Panelo said in a briefing that no international human-rights organization has jurisdiction over the country. “They have been giving conclusions even prior to the investigations and they’ve been besmirching this country; that is precisely why we do not want them to be doing that.

And I support the call of Speaker Arroyo,” said Panelo, who is also the

chief presidential legal counsel.

The IPU earlier announced plans to send an official mission to the Philippines to look into the alleged political persecution of two opposition senators, Leila M. de Lima and Antonio F. Trillanes IV. Malacañang insisted that it does not need the help of strangers, asserting that the country’s justice system is still functioning.

“You know, the Inter-Parliamentary Union, they came here and investigated de Lima, and I think Senator Trillanes. And then they made a finding that it seems to them that there was a violation of human rights, that no due process was given to them. And yet—in effect they’re saying that our judicial system is not functioning,” Panelo said.

“In effect they are saying that the court that has acquired jurisdiction over de Lima was wrong in determining probable cause. And there’s an ongoing trial, and then they are

saying already that, ‘No, they were not given fair trial.’ They’ve been giving prejudgments. And to our mind, that’s an intrusion, an insult, offensive to the decency of this country, as well as an intrusion to our sovereignty,” he added.

On Monday the Palace also asked IPU to “refrain from commenting further” in relation to the cases involving de Lima and Trillanes “as these are veiled attempts to influence the outcome of the cases, which are now pending before our local courts.”

The IPU adopted two resolutions in its 139th IPU Assembly in Geneva on Thursday, expressing deep concern over the two senators.

In May 2017 members of IPU’s Committee on Human Rights visited Manila to assess the situation of de Lima, a Duterte critic detained since February 2017 and facing charges over her alleged involvement in the illegal-drug trade in the national penitentiary when

she was still Justice secretary.

Meanwhile, the amnesty granted to coup plotter Trillanes was declared void ab initio by President Duterte, but the senator dodged arrest on Monday after a Makati court denied the Department of Justice’s motion for an arrest warrant and hold departure order in relation to his coup d’etat charge.

‘Premature’

SEN. Panfilo M. Lacson Sr. on Tuesday called premature and based on wrong premise Arroyo’s proposal for the Philippines to pull out of the IPU. “First, Speaker Arroyo’s recommendation is based on the wrong premise,” Lacson said, pointing out that “the IPU has yet to act on its Human Rights Committee’s recommendation to the IPU Governing Council.”

Lacson added: “Having said that, it is premature, if at all, to denounce the IPU as a whole, much less withdraw membership from the body.”

He cautioned that withdrawing from the IPU “would imply that the Philippine Senate acknowledges the political persecution of opposition senators.”

For his part, Trillanes cited the recent resolution of his coup d’etat case by the Makati RTC Branch 148 as “proof enough that the judicial process works in our country, and that the separation of powers and the independence of the Judiciary from the Executive and Legislative is evident and clear.”

Moreover, Trillanes said, “it is the Senate, not the House of Representatives, that is a member of the IPU, so I’m not sure where Speaker GMA is coming from,” referring to Mrs. Arroyo.

Senate Minority Leader Franklin M. Drilon described as “despairing and defeatist” Arroyo’s suggestion to pull out of IPU, warning this could be taken to mean that the administration admits it is persecuting Duterte’s critics.

In a separate statement, Drilon

advised the House Speaker to “mind her own and we will mind our own.”

‘Meddling’ assailed

THIS developed as Senate President Vicente C. Sotto III took issue with the IPU Human Rights Committee’s “meddling” with a member country’s judicial procedures.

“Perhaps the IPU’s Human Rights Committee should be reminded that the Philippines is a sovereign state with a working judicial process, and a Constitution that decrees the separation of powers for the Executive, Legislative and Judicial branches,” said Sotto.

The Senate leader said IPU’s recommendation to “interfere in our judicial process by calling for the abandoning of legal proceedings against Sen. Leila M. de Lima and an ‘occasional legislative furlough’ for her; and for us, her colleagues in the Senate, to ‘act in solidarity’ with her, smack of arrogance and temerity.”

Rice-pricing scheme starts Israel eyes to hire more Pinoy hotel workers and caregivers in Metro Manila on Saturday

By Samuel P. Medenilla

By Jasper Emmanuel Y. Arcalas @jearcalas

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HE government is set to implement the suggested retail price (SRP) on rice in Metro Manila markets on Saturday, even some industry stakeholders sought a three-day reprieve to prepare for the pricing scheme.

Agriculture Secretary Emmanuel F. Piñol said the SRP was supposed to start on October 23, but was deferred to October 27 after rice-industry stakeholders requested for a threeday extension to prepare signages for their retail outlets.

Under the SRP guidelines, agreed upon by the Department of Agriculture, rice farmers, millers, traders and retailers, rice sold in the retail markets would be identified accordingly as imported or locally produced.

Furthermore, rice varieties would be categorized properly based on the quality of the grains with corresponding SRPs respectively:

Imported well-milled rice (25 percent brokens): P39 per kilogram;

Imported premium rice: P43 per kilogram;

Locally produced regular-milled rice: P39 per kilogram;

Locally produced well-milled rice: P44 per kilogram; and

Locally produced premium rice: P47 per kilogram;

“No one can sell Sinandomeng anymore. There will be no more Super Angelica. There will be no YummyYummy also,” Piñol said in a recent interview with reporters. “Those varieties do not exist.”

The government would not release an SRP for special rice varieties, which include heirloom rice, organic brown, red and black rice and Milagrosa, among others, according to Piñol.

Furthermore, the SRP guidelines have stipulated hefty fines for erring retailers, which would take effect 15 days after publication of the guidelines.

“Penalties and sanctions would include cancelation of NFA licenses, stiff fines and criminal charges,” Piñol said.

“The stakeholders, however, agreed that even before the effectivity of the penalties and sanctions, they were willing to implement the SRP on Saturday to show their support to the efforts of President Rody Duterte to stabilize the price of goods in the market,” he added.

Piñol said the SRP for rice sold in the supermarkets and other dry markets in various regions and provinces would be discussed next week with industry stakeholders. “ The SRP in Metro Manila and [Greater Manila Area] will be launched in a formal ceremony to be held at the Commonwealth Market at 7 a.m. on Saturday,” he said.

Poe keynotes Dangal Awards for Elderly Care in Pasig City

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EN. Grace Poe will keynote the sixth edition of the Dangal Awards for Elderly Care on Wednesday, October 24, and she is expected to expound on her advocacies for the rights of mothers, children and daily commuters, among others and the creation of employment and livelihood opportunities for citizens of all ages.

The Dangal—for Dakilang Adhikain ng Ating POE Lahi—Awards is a joint undertaking of the BusinessMirror with United Laboratories Inc. (Unilab), RiteMed Philippines Inc., and United Bayanihan Foundation Inc. This year, former senator, broadcaster and elderly care leader Eddie Ilarde will lead the outstanding awardees in the rites at the Unilab Bayanihan Center on Pioneer Street in Pasig City. The 84-year-old Ilarde is founder of the Golden Eagles Society International, said to be the biggest organization of senior citizens in the country.

Seventeen senior-citizens leaders are vying for the Dangal Awards.

Poe, before topping the 2013 sen-

atorial race, had chaired the Movie and Television Review and Classification Board (MTRCB), where she instituted reforms in the classification system of our movies and television shows.

As senator, she was the principal author of Republic Act 10639 or the “Free Mobile Texts During Disasters Act,” RA 10640 which streamlines the “Three-Witness Rule” of the Dangerous Drugs Act, and RA 10883 providing stiffer penalties for carjacking and the new Closed-Caption law.

Poe is also the main author of the Masustansiyang Pagkain para sa Batang Pilipino Act, and recently, the Free Wi-fi and Improvements on Bus Terminal law.

She also initiated a new provision in all franchise laws to create jobs and employment opportunities for all citizens.

She is coauthor of the Maritime Industry Authority Act, the GO Negosyo Act, Sugar Industry Development Act and the Expanded Senior Citizens Act.

@sam_medenilla

I

SRAEL is eyeing to hire more workers from the Philippines with the warm diplomatic ties between Manila and Tel Aviv.

The Department of Labor and Employment (DOLE) said a contingent from Israel will be arriving next month to discuss the hiring of more overseas Filipino workers (OFWs) for its hotel industry through another bilateral labor agreement.

“By November 4, they are coming for another bilateral talks for hotel workers,” Labor Secretary Silvestre

H. Bello III said in an interview.

During the talks, representatives from the Philippines and Israel will also discuss the details of their recently signed bilateral accord.

T he l abor a g re ement w a s signed by President Duterte last month during his visit in Israel together with other accords on science and investment.

Bello said they are anticipating the labor agreement will attract more Filipino caregivers to work in Israel since it will significantly cut down their recruitment fees.

The labor chief said the government-to-government labor arrange-

ment is expected to reduce the recruitment fees of Filipino caregivers to just $2,000 from $8,000 to $12,000.

He said those who will avail themselves of the program would only have to pay for “necessary expenses” like for their plane fare and health insurance.

The labor official said this would prevent excessive recruitment fees for Filipinos aspiring to work in Israel.

The DOLE said the accord would raise the number of OFWs bound for Israel in the coming months.

“The Israeli [government] is keen on getting our Filipino caregivers

because they prefer them over and above other nationalities,” Bello said.

Israel is currently among the top 10 destination countries of OFWs in the Middle East next to the Kingdom of Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman, Bahrain and Jordan.

Based from the initial data from the Philippine Overseas Employment Administration (POEA), 6,676 OFWs were deployed in the Middle East country in 2017.

The Department of Foreign Affairs said there are currently 29,000 Filipinos in Israel. Around 24,000 of these Filipinos work as caregivers.

DILG chief: Two more years to complete Boracay rehabilitation

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ETERNAL GARDENS IN CABUYAO Eternal Gardens celebrated the groundbreaking of its 11th branch on Tuesday at Barangay Mamatid,

Cabuyao City, Laguna, with House Speaker Gloria Macapagal-Arroyo as the Guest of Honor. Arroyo (fifth from left) is photographed with company executives led by D. Edgard A. Cabangon (sixth from left). With them are local officials, and guests, including (from left) Erwin Aala, representative of Laguna Gov. Ramil Hernandez; Cabuyao Mayor Rommel Gecolea, Eternal Gardens Vice Chairman Benjamin V. Ramos, Barangay Mamatid Chairman Erlinda Alcasabas, Laguna Second District Rep. Joaquin Chipeco Jr., Arch. Lerma Balolong, Eternal Gardens Director T. Anthony C. Cabangon and Eternal Gardens Cabuyao Manager Alexander Atienza. Behind them are President and Chief Operating Officer Numeriano B. Rodrin, former First Gentleman Jose Miguel Arroyo and Congressman Diosdado Ignacio “Dato” Macapagal Arroyo. ROY DOMINGO

Abra, Leyte violence kills 2, wounds junior police officer

By Rene Acosta @reneacostaBM

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UNMEN shot and wounded a junior police officer in Leyte on Tuesday, while two supporters of a politician were killed in the perennial election-hot spot province of Abra, reports reaching Camp Crame said.

Unidentified suspects shot Senior Insp. Jovel Domilon Young, 38, assigned with the Regional Headquarters Support Group of the Police Regional Office 8, the report said.

Young, a resident of Barangay Buri, Palo, Leyte, was about to leave his residence onboard a colored silver Toyota Vios, when a colored gray Toyota Fortuner arrived at around 7:10 a.m. on Tuesday.

The suspects, who were wearing face masks and bull caps, and armed

with automatic rifles shot the police officer’s car before they escaped toward the direction of Santa Fe, Leyte.

The victim, who sustained multiple gunshot wounds in the body, was rushed to the Divine Word Hospital in Tacloban City.

In Abra two supporters of Gov. Jocelyn Bernos were shot dead on Monday at Barangay Kimmalaba in the town of Dolores, the hometown of one of Bernos’s foes in next year’s elections.

A report from the Cordillera police identified the victims as Rodel Talledo Pilor and Roland Lasara, who were riding a motorcycle when they were shot with an M-16 rifle and a shotgun at around 9:15 a.m.

The province of Abra has been listed by the Philippine National Police as an election hot spot, along with provinces in Mindanao.

Just last week, both Philippine National Police chief Director General Oscar D. Albayalde and Armed Forces Chief of Staff Gen. Carlito G. Galvez Jr. announced that security forces were monitoring Abra due to its history of election violence.

Albayalde said that since the province has been categorized as an election watch list area, they may allow candidates there to tap security escorts for the elections.

Bernos, who is running for a second term under the Hugpong ng Pagbabago of Davao City Mayor Sara Duterte-Carpio, is being challenged in next year’s elections by Dolores Mayor Robert Guzman Seares Jr., who is running under the PDP Laban.

FFICER in Charge Secretary EduardoM.AñooftheDepartment oftheInteriorandLocalGovernment (DILG) on Tuesday said it will take at least two more years for the governmenttocompletetherehabilitationofthe world-renowned Boracay Island.

Nonetheless, the official said, there is no stopping the scheduled opening of the famous island resort in the municipality of Malay, Aklan province, on October 26, exactly six months since it was closed for rehabilitation by virtue of an executive order issued by President Duterte on April 26 declaring all three barangays— Yapak, Balabag and Manoc-Manoc—on the island under a state of calamity.

The DILG chief recently conducted an inspection in Boracay as the Boracay Inter-Agency Task Force (BIATF), headed by the DILG, gears up for its scheduled reopening. The DILG chief said the BIATF is one in saying that they want to make the country’s top tourist destination as a model resort in the Philippines.

“There will be a lot of laws and ordinances, which will be enforced in Boracay under the management of the DILG, to ensure that what happened to it will no longer happen again,” Año said.

Thethousand-hectareBoracayIsland is besieged by various environmental problems ranging from poor solid-waste management, water pollution brought about by direct discharge of untreated wastewater, illegal occupation of forest and wetlands, and overpopulation that exceeded the island’s carrying capacity. Because of environmental degradation, the island’s biodiversity suffered tremendously. Jonathan L. Mayuga

A4 Wednesday, October 24, 2018 • Editor: Vittorio V. Vitug

Economy BusinessMirror

Vehicle sales down 18% in Q3 due to inflation, fuel, interest rate hikes

By Elijah Felice E. Rosales @alyasjah

S

ALES of imported vehicles went down 18 percent in the third quarter, which distributors blamed to rising inflation, interest rate hikes and fuel-price surges.

In a report on Tuesday, the Association of Vehicle Importers and Distributors Inc. (Avid) said sales from July to September plunged to 22,774 units, down 18 percent from 27,605 units during the same period last year. This put Avid’s year-to-date sales at 65,917 units, a 13-percent decline from the previous year’s 75,949 units.

Third-quarter passenger car sales was 30 percent slower at 7,350 units,

from 10,497 units during the same stretch last year. Hyundai Asia Resources Inc. (Hari) continues to be the top dog in this segment, as it sold 4,521 passenger vehicles from July to September.

Passenger car sales for the three quarters slipped 20 percent to 23,531 units, from last year’s 29,266 units. Hari’s year-to-date passenger car sales was at 15,359 units, making it the leading Avid member-dealer in this segment.

On the other hand, Ford Group Philippines Inc. topped the light commercial vehicle bracket with 5,445 units sold in the third quarter.

This put FGPI’s year-to-date sales of LCV at 17,600 units, followed

by Hari at 10,081 units and Suzuki

Philippines Inc. at 9,289 units.

Avid saw an 11-percent drop in its LCV sales in the third quarter at 15,279 units as against last year’s 17,108 units.

Total LCV sales from January to September was at 41,808 units.

This was 10 percent lower than last year’s 46,683 units sold during the same period.

Car distributors mainly attributed the sales decline to interest rate hikes and accelerating inflation, which it said made it difficult for consumers to purchase bigticket items. Still, Avid said it will try to recover in the last quarter by introducing new brands, as it also hopes the economy stabilizes in the months to come.

“While the government is looking at various countermeasures to high inflation, inflation in September elevated at 6.7 percent after [typhoon] Ompong caused P26.7 billion damage. The faster rate of increase in the commodity prices prompted the Central Bank to hike interest by a total of 150 basis points,” Avid said.

“This, coupled with food and other basic needs as the consumers’ priority, and high inflation are reasons for the household’s less favorable outlook on their buying conditions across all big-ticket items. Nevertheless, Avid will continue to offer innovative products and services with the customers in mind, amid its expectation that both supply and demand factors will stabilize,” it added.

DTI intensifies campaign vs substandard steel pipes

T

HE Department of Trade and Industry (DTI) has intensified its campaign against the proliferation of substandard imported steel pipes in the country by conducting market monitoring operations to safeguard the welfare of consumers and safety of the public.

The DTI’s market monitoring teams in Davao reported that at least seven hardware stores in Davao City were already found selling steel pipes that do not conform with the specifications required in Philippine National Standard (PNS) 26: 1992.

PNS 26: 1992 allows manufacturers and importers to sell in the market steel pipes with a plus/minus 10-percent deviation in mass tolerance. A 32mm X 6m steel pipe, for example, should have a weight of 16.32 kilograms. With the plus/minus 10-percent tolerance allowance, only those weighing 14.688 kg to 17.952 kg can be sold in the market.

However, the market monitoring teams of the DTI discovered several big hardware stores in Davao City selling steel pipes that weigh much lower than the minus 10-percent allowance.

A hardware store in Surigao del Sur, meanwhile, was selling steel pipes with the brand “Mighty” that has no Philippine Standard (PS) license.

This, according to the DTI, not only shortchanges the consumers and robs them of their hard-earned money, but also puts at risk the safety of the public.

Hardware stores caught selling substandard steel pipes face a penalty of P150,000 per violation on first offense, plus possible closure. The DTI, thus, reminds hardware stores and PS license holders to ensure compliance with the requirements of PSN 26: 1992.

Steel pipes are normally used in water systems and as scaffoldings. Already, there were several instances when scaffoldings in construction sites collapsed because the steel pipes used were substandard, resulting in deaths and injuries.

This prompted the Bureau of Product Standards and the DTI regional offices to intensify the drive against substandard steel pipes via regular market monitoring operations.

The Philippine steel pipe market is estimated at around P20 billion, with importers bringing in some 300,000 metric tons of steel pipes to the country and local manufacturers producing around 330,000 MT per year. Supposing only 10 percent of the market is substandard, unscrupulous traders are already cheating Filipino consumers P2 billion annually. This is aside from the proper duties and taxes that were not paid to the government.

www.businessmirror.com.ph

I.R.R. ON SEAFARERS’ COMPETENCY WIDENS MARINA’S INDUSTRY ROLE

By Lorenz S. Marasigan @lorenzmarasigan

T

HE power of the Maritime Industry Authority (Marina) as the sole maritime administrator in the country has been strengthened with the signing of the implementing rules and regulations (IRR) of Executive Order (EO) 63, which essentially mandates the agency to establish policies and mechanisms to promote the well-being and competency of Filipino seafarers being deployed here and abroad.

Under the newly minted rules, Marina will take on the preparation, evaluation, inspection and approval of maritime higher educational programs. It is also tasked, together with the Commission on Higher Education, to jointly review the existing polices, standards and guidelines governing maritime education programs.

It will also be responsible for the implementation of approved Maritime Higher Education Programs, such as monitoring, verifying and surveillance.

Marina is also mandated to jointly establish with the Department of Health policies and standards

for medical fitness and to craft requirements for recognition of medical practitioners and procedures for the issuance of medical certificate.

Both agencies are also to ensure the regular monitoring and surveillance of assessment activities conducted by recognized medical practitioners.

Also under the new rules is Marina’s partnership with the Philippine Coast Guard to establish control procedures, all while not prejudicing the port state control functions of the coast guard, which is also tasked to “verify Filipino cadets undergoing Shipboard Training onboard all ships calling Philippine ports.”

President Duterte signed on September 21 the executive order that strengthened Marina’s administrative power over the implementation of the Standards of Training, Certification and Watchkeeping for Seafarers 1978.

Filipino seafarers comprise 30 percent—or about 480,000 workers—of the total requirement for seafarers globally, remitting roughly $5.8 billion annually. Domestically, there are about 400,000 seafarers deployed in different areas of the Philippines.

SBMA chief says ‘complementation’ key to Central Luzon tourism growth

By Henry Empeño | Correspondent

C

LARK FREEPORT—Tourism communities in Central Luzon must strengthen each other’s tourism offerings through tactically coordinated programs in order to sustain growth in the region’s tourism industry, according to Subic Bay Metropolitan Authority (SBMA) Chairman Wilma T. Eisma.

Speaking at a news conference hosted by the Pampanga Press Club at the Park Inn by Radisson Clark recently, Eisma said that Subic’s experience with its nascent cruise tourism program indicated the need for complementation, rather than competition, in promoting local tourism attractions.

She said the SBMA is now seeking to integrate tourist destinations in the neighboring provinces of Pampanga, Tarlac, Bataan and Zambales to further sweeten the pot for the cruise tourism program of the Subic Bay Freeport and create inclusive growth in the region.

“Our strategy is for Subic to become the anchor cruise ship destination, but it’s actually not only for Subic but for the inclusive growth of all of us, as well,” Eisma explained.

She said the SBMA is encouraging cruise ship passengers arriving in Subic to try out destinations in Clark Freeport and Pampanga province, as well as attractions like Las Casas de Acuzar in Bataan and mango farms in Zambales.

“The idea is to come up with curated experiences that we can commonly sell

to tourists,” Eisma said. “Zambales will have agro-tourism, Bataan and Tarlac their historical sites, while we can bring cruise ship passengers for a food trip in Pampanga to sample the popular local cuisine.”

“There is a lot of opportunity, and a lot of dreams that we can realize through the cruise ship program,” Eisma added.

“The key is complementation and the strategy is to sell your own destinations, as well as those of your neighbor’s.”

Eisma said that Subic had waited for 25 years for the cruise tourism industry to pick up, and the program is now “running smoothly” with 17 ship arrivals since February and up to 10 more arrivals expected before the end of the year.

She added that Subic has already confirmed the arrival of 20 trips for next year, including Spectrum of the Seas, a 5,000-capacity cruise ship being built for launching next year by Royal Caribbean International, one of the biggest cruise lines in the world.

Subic’s efforts to create a niche in tourism was noticed last month by the Central Luzon Regional Development Council when it cited Subic for having generated more than P85 million worth of economic activity since cruise liners began regularly docking in Subic early this year.

Eisma said the additional revenue for the region came in the form of income from cruise ship passengers’ visits to theme parks, local transportation costs, port fees, purchase of local products, dining and other services provided by tourism-related establishments.

SoKor market, tops for tourism, softens. . . continued from a1 were either stagnant, or recorded decreases, with the largest fall recorded in August alone at 13.94 percent to 122,095, compared to the same month in 2017.

After a huge 28.4-percent growth in arrivals to 198,145 in January 2018, arrivals from South Korea soon became tepid; in February, arrivals were only some 4 percent to 156,555. The only other increase in arrivals was recorded in June at 1.55 percent to 110,135.The rest of the year, decreases were registered, starting in March, down 9.9 percent to 122,387; April, down 1.8 percent to 114,973; May, down 11.81 percent to 113,488; and July 2018, down 8.02 percent to 121,544.

In a separate interview, Jose Clemente III, president of the Tourism Congress of the Philippines, said Korean travel agencies and tour operators he recently met with informed him “the killings of Korean citizens are a cause for concern.” The most infamous case was the killing of businessman Jee Ick Joo by rogue elements of the Philippine National Police (PNP), which continues to be top of mind among Koreans.

According to data from the Seoul government, 48 South Koreans have been killed in the Philippines

from 2012 to 2016. In May 2018 South Korean Ambassador Han Dong-man personally brought the matter of two unsolved killings of South Korean citizens to the attention of the PNP. They were businessman Shang-ho Lee in Mandaue City, Cebu, and tourist Kim Woon-oh in Caloocan.

Last July, unidentified assailants shot another South Korean tourist as he was getting into a taxi. The tourist was unidentified as per South Korean news reports.

Another issue that the Korean tour operators brought up was the closure of Boracay Island, said Clemente. He said some were not able to get back refunds from their canceled trips and bookings. Among the tour operators he met were HanaTour, the largest travel company in South Korea; IRC; Golf & Sky; Skyway Air; and the Cebu Direct Club.

In 2017 South Korean arrivals on Boracay Island reached 356,644, up 11.1 percent from 2016. The market, however, was edged out by Chinese tourists for the top spot. In the first quarter of 2018, Korean tourists reached 122,129, up 23.6 percent from the same period in 2017. It, likewise, came in second place to Chinese tourists for the reference period.

Still, the island paradise has been a favorite honeymoon destination for many South Koreans.

Despite the brave face put on by some DOT officials, Tourism Secretary Bernadette Fatima Romulo Puyat has admitted the slowdown in Korean arrivals could affect the agency’s visitor arrivals target for 2018, which stands at 7.4 million.

She told the B usiness M irror she will be “visiting Korea in November” to touch base with the latter’s travel and tourism industry and make a pitch for the Philippines.

Based on the recommendations of his Korean counterparts, Clemente, for his part, said the government could probably beef up the presence of the police in well-known tourist areas, and assign more tourist cops. He added that the DOT can also tap Korean celebrities to endorse the country. A similar strategy was recently employed by the DOT in Japan.

Clemente, who is also president of Rajah Tours, one of the pioneering inbound tour operators in the country, also suggested the stronger promotion of the Philippines as a location for Korean telenovelas.

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

US Navy sails warships through Taiwan Strait in show of force

T

HE US Navy sailed two warships through the Taiwan Strait for the second time since July, a show of force that threatens to further exacerbate tensions with China.

Two US vessels sailed through the Taiwan Strait from waters near Eluanbi, the southern tip of Taiwan island, toward the north on Monday, Taiwan’s Ministry of National Defense said in a statement on its web site.

US Pacific Fleet Spokesman Commander Nate Christensen said the guided-missile destroyer USS Curtis Wilbur and the guided-missile cruiser USS Antietam took part in the passage operation “in accordance with international law.”

The transit coincides with a period of rising tension between Taiwan and China, which considers the island one of its provinces. Since the election of Taiwanese President Tsai Ing-wen from a pro-independence party in 2016, Beijing has cut off formal communication with Taipei and stepped up military exercises in the area.

“Cruising through the strait is not new, but it is a strong signal that the US will be on Taiwan’s side in case of a crisis between Taipei and Beijing,” said JeanPierre Cabestan, who teaches US-China relations at Hong Kong Baptist University.

“Taiwan might talk up its asymmetric warfare capabilities, but without the US Taiwan would be dead.”

China expressed concerns to the US after a similar transit by two US warships in July. Bloomberg News

The World BusinessMirror

Wednesday, October 24, 2018

A5

China-US ties sinking amid acrimony over trade, politics

B

EIJING—“Both ignorant and malicious” was how the official China Daily newspaper recently described comments

by US Secretary of State Mike Pompeo, offering a stinging insight into the current bitter tone of discourse between the countries.

The White House’s move to expand Washington’s dispute with Beijing beyond trade and technology and into accusations of political meddling has sunk relations between the world’s two largest economies to the lowest level since the Cold War. A major speech by US Vice President Mike Pence on October 4 was the clearest, highest-level sign that US strategy was turning from engagement to confrontation. Pence accused China of interfering in the midterm elections to undermine President Donald J. Trump’s tough trade policies against Beijing, warned other countries to be wary of Beijing’s “debt diplomacy” and denounced China’s actions in the South China Sea. “What the Russians are doing pales in comparison to what China is doing across this country,” Pence told an audience at the Hudson Institute think tank in Washington.

Both sides are trading increasingly sharp accusations over human rights and global hegemony, exposing an ideological divide that pits the two on a path of confrontation with no clear resolution in sight.

While a military clash has not been ruled out, American-based

analysts envision a continuing push and pull for dominance between Trump and his Chinese counterpart, Xi Jinping, China’s most dominant—and repressive—leader since Mao Zedong.

Xi’s aggressive foreign policy and authoritarian ways have altered views of China across the board.

“What has happened is a sea change in US perceptions of China,” said June Teufel Dreyer, an expert on Chinese politics who teaches political science at the University of Miami. While Chinese officials privately say they’re concerned about the sharp deterioration in ties, especially given the massive links between the two in trade, immigration and education, it appears Beijing is more than willing to go toe-to-toe under the new circumstances.

Increasingly, the perception that as China grew more prosperous it would fall in line with global values and international law has been ex ploded. Into that breach has come hardening US rhetoric toward Beijing and actions to counter, deter or def y China’s moves in the international sector, particularly its “Belt and Road ” trade and infrastructure initiative that seeks to expand Beijing’s economic and political footprint from Cambodia to Cairo.

Trump’s first national security strategy, released last year, also labeled China a “revisionist power” alongside Russia.

Beijing’s outrage at Pompeo, meanwhile, was prompted by his

recent warnings to Latin American countries about the dangers of accepting Chinese infrastructure loans that are a key aspect of Xi’s signature foreign policy project.

“US-China relations have deteriorated to their worst point” since the 1989 Tiananmen Square pro-democracy protests in Beijing that were crushed by the Chinese military, said Michael Kovrig, senior adviser for Northeast Asia at the International Crisis Group.

“It may not be a clash of civilizations, but it is a long-festering conflict of national, political and economic interest and systems that has reached a point of rupture,” Kovrig said.

Xi has abandoned the strategy laid out by reformist leader Deng Xiaoping that China should bide its time and refrain from advertising its ambitions to become a world power. Instead, he has been accused of overreach by promoting China’s drive to become a global technology leader by 2025, including by compelling foreign companies to hand over their know-how, and pushing Chinese-financed energy and transportation projects that leave target countries with unsustainable debt.

On the military front, a Chinese destroyer last month maneuvered perilously close to the USS Decatur in the South China Sea. The Chinese also denied a request for a US Navy ship to visit Hong Kong and rejects US concerns over its policies toward other countries.

“The US simply aims to drive a wedge between China and relevant

countries with those remarks,” Foreign Ministry Spokesman Hua Chunying said on Monday. “It is meaningless and futile.”

The tart rhetoric is evident on both sides.

Nikki Haley, the US ambassador to the United Nations, said in a speech last week that China’s government “is engaged in the persecution of religious and ethnic minorities that is straight out of George Orwell,” referencing the internment of Muslims in the country’s northwest in political reeducation camps.

This month, the United States went further by threatening to pull out of the Universal Postal Union because it says the treaty allows China to ship packages to the US at discounted rates at the expense of American businesses.

Underlying the estrangement is the sense that Beijing lacks reciprocity, taking advantage of open markets and free societies to extend its interests, while denying the same benefits to companies, governments and individuals over which it has influence.

“My bottom line view is that Xi Jinping very much overplayed his hand taking advantage of the restrained and moderate [former President Barack] Obama,” said Robert Sutter, a China expert at George Washington University.

“Now he has an enormous American series of challenges to deal with, with no easy solutions.”

While Chinese companies— often backed by easy credit from state banks—have been snapping

up foreign assets, Beijing restricts such foreign purchases in key sectors such as energy, transport and telecommunications. Although China has loosened some jointventure demands, including in the auto industry, that may be too little, too late.

China is “not very willing to constrain itself under rules that it feels were forced upon it,” said Dean Cheng, senior research fellow at the Heritage Foundation in Washington. “This includes the international trading system, which is dominated by the US.” Still, attempts to contain China along the lines laid out during the Cold War would be “difficult, if not impossible,” given the broad range of contacts across political, economic and personal spheres, Cheng said.

The US has also reinforced ties with Taiwan—claimed by China as its own territory—building an impressive new de facto embassy there, approving a major sale of military parts and services, and authorizing companies to help the self-governing island democracy build submarines to defend itself from China’s threats to use force to bring it under Beijing’s control.

The tensions are underscored by political uncertainties in both countries. Trump faces a referendum of sorts on his policies in next month’s midterm elections, while Xi has come under rare criticism at home since he forced through a constitutional amendment in March to allow him to lead indefinitely. AP

A6 Wednesday, October 24, 2018 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Poor import timing bad for rice farmers

F

ARMERS in the Philippines plant and harvest rice twice a year. The dry-season crop is harvested starting March, while the wet-season crop is harvested starting late September. In some areas, farmers plant only once a year because of bad weather.

This has been the practice of farmers for many years as they always follow the traditional rice-cropping calendar.

The government is aware of this, that’s why the schedule of rice imports is being “calibrated.” The calibration depends on the cropping calendar, which makes a lot of sense because the entry of imports during harvest time could spell disaster for farmers. Flooding the market with cheap imports during harvest would give traders an excuse to buy palay from farmers at bargain prices. And imports have always been cheap because exporters from Southeast Asian countries have found a way to produce rice at a lower cost on a consistent basis.

Before deciding on imports, concerned government agencies usually look at the inventory of commercial warehouses and the National Food Authority, and data from the Philippine Statistics Authority. In the case of the NFA’s inventory, the NFA Council directs the palay procurement program of the food agency. Unfortunately, the NFA has consistently missed its procurement target.

The food agency’s failure to beef up its stocks via purchases of local palay is one of the reasons the Philippines will not stop importing rice. The NFA is supposed to have its own stockpile in keeping with its mandate of stabilizing rice supply and prices, especially during times of calamities.

But import timing is key to ensure that farmers will not be harmed by imports and traders will not have an incentive to hoard stocks.

This is why imports usually arrive before the harvest season. In the case of the NFA’s buffer stock for the lean season, rice from abroad arrives before June 30 so the agency can preposition stocks. This is to ensure that food will be available when natural disasters strike.

In the past two years, the Philippines has veered away from its usual practice of importing rice. Last year, the government practically waited until the last minute before announcing its intention to buy rice from abroad to beef up its stocks for the lean season. At least, the announcement and the arrival of stocks did not coincide with the harvest season. In contrast, the signal to purchase additional imports amounting to 750,000 metric tons was made while farmers were about to harvest rice. Part of the volume would arrive at the peak of the harvest season.

Based on the government’s pronouncements, “flooding” the market with rice would weed out hoarders who manipulated prices in recent months following the implementation of the TRAIN law. Unfortunately, this could hurt farmers who did not change their planting practice. Also, the recent spikes in the average farm-gate price of palay do not really benefit small farmers, particularly those who rely on loan sharks.

We hope that government’s decision to bombard local markets with cheap rice imports was a product of careful study. A freefall in average farm-gate price would hit small farmers the hardest. If government is trying to be “innovative,” it should not do so at the expense of local producers.

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The journey is the destination Teddy Locsin Jr.

FREE FIRE Continued from A1

‘C

ONGRATULATIONS Mr. Chair on your appointment.

Looking at the program of work of the Third Committee, I was reminded how unique the Third Committee is. Where in other committees we have intense discussions about war and peace, here we take care of the injured, sick and displaced by war—and abused at greater leisure, killed in greater numbers and abused with more impunity in peace.

“Where in other committees we talk of rising temperatures and carbon footprints, here in Third, we measure the size of those footprints and their weight; and the fate of countries and communities crushed beneath them. Here we discuss the plight of women, children, the poor, marginalized, disabled—those easiest to pick on with impunity because they have learned to be resigned and uncomplaining.

“My country is committed to rise above history and the way things have been done—with fanfare for the publicity-seeking rich. We want to clear a space and make an interval of silence for the poor and weak—for the voiceless to be heard and hopefully listened to.

“The Philippines stays steadfast in promoting and protecting the vulnerable sectors of society. As my Foreign Minister said to the General

Assembly, this world is fast becoming bigger yet seemingly getting smaller; yet with tighter connections we continue to ignore each other; taking cognizance of the other mostly when he annoys us. Yet as neighbors, we must exert effort to connect for the purpose of finding our commonalities instead of taking umbrage at our differences; for ways to help each other rather than hurt each other; we are neighbors for good.

“Together, we drew up and committed to the 2030 Agenda for Sustainable Development, our plan of action for people and planet: the first universal declaration of goals universal in their appeal and practical sense. The SDGs debunk the notion that good is a relative term.

No, it is a universal term that shows that what is good for one can, with great forethought, be a good for all; and that what is good only for some

Step away from the orb

W

By Maureen Dowd | New York Times News Service

ASHINGTON—I was having dinner here once with a Saudi muck-a-muck. Midway through the interview, he passed an oblong velvet box across the table. Inside I found an expensive piece of jewelry.

I began laughing and explained that I was a reporter and could not take such baubles. The Saudi said he understood.

About 10 minutes later, I felt a knocking against my knee under the table. It was the oblong box, offered more covertly.

The Saudis are experts on emoluments. If you don’t take their favors one way, they find another way to try to co-opt you.

Hollywood, Silicon Valley, presidential libraries and foundations, politically connected private equity groups, PR firms, think tanks, universities and Trump family enterprises are awash in Arab money.

The Saudis satisfy American greed,

deftly playing their role as dollar signs in robes.

Donald J. Trump, who may be the only person more fond of lavish displays of arriviste gilt than the Saudis, is bedazzled by a Saudi pledge to buy billions worth of US weapons, just as he was flattered by the Saudi sword dance and weird luminescent orb séance on his visit to the kingdom.

Even before the bloodcurdling execution of Jamal Khashoggi for his just criticism of Crown Prince Mohammed bin Salman, it was clear that the chump Trump and jejune Jared had bet their entire Middle East strategy on a chillingly autocratic and reckless person.

The prince was easing up on the

is best set aside until the universal good is attained.

“Consistent with our commitment to Agenda 2030, the Philippine government formulated our Ambition 2040, a 25-year vision that foresees a prosperous and predominantly middle-class society where no one is poor and all enjoy a stable and comfortable lifestyle, secure in the knowledge that they can plan for their own and their children’s future, under clean, fair and caring governments—even as it forewarns where things can go wrong; where right things are twisted to wrong ends in self-seeking solutions. It aims to eradicate corruption in all levels of government and to translate the gains of good governance into direct, immediate and substantial benefits that empower the poor and marginalized segments of society so they can be equal in the direction of their lives like their better-off brethren.

“My government implements a cash transfer program that focuses on the human capital development of 5 million poor households. These households are not left to fend for themselves after they get the cash.

Not surprisingly, the principal person in charge of the funds is the wife and mother with her correct priorities and practical sense; not the husband and father who might make a beeline for a small town gambling outlet or a stupefying beverage.

“Old age brings practical wisdom and a disabling skepticism; youth brings energy and hope though only some practical sense. Hence the adage: youth is wasted on the young. So

we are looking forward to an imminent demographic dividend, with the young coming into the work force in greater numbers in a country wisely prepared by the old to receive them and put to good use their innate energy and educated talent. In 2016 the Philippine Congress enacted free universal access to quality tertiary education.

“As we care for the youth, so we care for the most valuable members of humanity—the elderly who, in a long productive life, paid their dues and now as the day comes to a close may find themselves in the dark about how to go on with dignity when their utility has passed. Those who paid their dues by taxes deserve what is due them for actual contributions made rather than merely youthful promise given. It is now illegal to discriminate against the aged in employment.

“Mindful of our commitment to leave no one behind and to bring to the forefront of development those farthest behind, the Philippines joins other advocates in advancing the rights and freedoms of persons with disabilities and in protecting their dignity, recognizing that they too are agents and should be beneficiaries in all aspects of development. As we journey to the future, let us remember that the walk is not worth the effort if we cannot take everyone with us— beside us, behind us pushing us forward when we tire and carried by us when they cannot walk. How we journey determines the worth of where we are going: the journey is the destination. Thank you.”

draconian restrictions on women to get a gloss as a liberal visionary. But he was simultaneously jailing women activists, imprisoning and torturing royals and top businessmen and making America an accomplice in a grotesque war in Yemen, dropping bombs supplied by the US with little care about whether civilians died, including in an attack on a school bus, killing dozens of children. This, as the self-styled children’s advocate Ivanka was out on the town, talking about the fabulous “deliverables” she and Jared were bringing to their BFFs in Riyadh.

The Saudis blithely assume abhorrence at their inhumane behavior—from beheadings to forcing teenage girls without headscarves back into a burning school to die, as religious police did in Mecca in 2002, to the brazen murder of Khashoggi, a Washington Post columnist—can be lubricated away with oil and money.

And why shouldn’t they?

Our alliance with the Saudis has

always been poisoned by cynical bargains.

After the oil boom of the late ’70s, Islamic clerics were enraged at the hedonistic behavior of the royals. In order to continue with their hypocritical lifestyle, the royals offered cultural freedom and women’s rights as a sop to the fundamentalists, allowing anti-Western clerics and madrassas to flourish and giving a free pass to those who bankrolled terrorism.

Even as we hailed the Saudis as our partners in fighting terrorism, they were nurturing the monsters who would come for us. Seventeen years before the psychotic Saudi hit squad traveled to Istanbul to dismember Khashoggi while he was still alive, another psychotic Saudi hit squad traveled to America to turn planes packed with passengers into bombs.

Osama bin Laden and 15 of the 19 hijackers on 9/11 were Saudis. The Saudi royals repeatedly stymied US See “Dowd,” A7

Opinion BusinessMirror

www.businessmirror.com.ph

Learning the basics of the Foreign Account Tax Compliance Act Atty. Jomel N. Manaig

TAX LAW FOR BUSINESS

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GLOBALIZED market is the bedrock of modern economy. It allows corporations to conduct business in and derive income from beyond its country of residence. Naturally, where there is income, tax is surely not far behind. Taxing authorities, aware of the potential tax loopholes brought about by a globalized market, tries to implement remedial measures to stop or at least minimize the bleeding. Enter the “Foreign Account Tax Compliance Act” or Fatca.

In this issue, we would cover basic tenets concerning Fatca. However, due to its varied and far-reaching effects and implications, we would limit our discussion on the effects to non-US financial institutions, or more commonly referred to in Fatca as Foreign Financial Institutions (FFI).

To start off, what is Fatca? It is a 2010 US legislation requiring FFIs to report to the Internal Revenue Service or IRS (the tax authority in the US) information about financial accounts held by US persons, or by foreign entities in which US persons hold substantial ownership interest.

Fatca is used to determine or detect indicia of US persons and their assets outside of the USA. Financial institutions that are subject to Fatca compliance include, but are not limited to, depositary institutions, custodial institutions, investment entities and certain types of insurance companies that have cash value products or annuities.

On the other hand, US persons are identified by certain indicia or signs which include, among others, a US place of birth, a US citizen or resident, a US residence, a US telephone number, standing instructions to pay using a foreign account to a USmaintained account, an authority or power of authority in favor of a person with a US address, or a US “in-care-of” or “hold mail” address.

Although it is a US legislation, financial institutions in the Philippines may still feel the drawbacks of noncompliance. Under Fatca, FFIs that refuse to register with and report to the IRS will be subjected to a 30-percent withholding tax on income payments sourced from the US. Likewise, FFIs that enter into reporting agreements with the IRS may be required to withhold 30 percent on certain payments to foreign payees that do not comply with Fatca. In other words, as long as an FFI receives income payments from US sources or from other FFIs with reporting agreements with the IRS, noncompliance to Fatca would subject the income they receive to a 30-percent withholding tax.

If a Philippine financial institution determines that it is indeed covered by Fatca, it must first register with the IRS. Luckily, through the wonders of modern technology, registration is a breeze. Registration is done completely online through a secure Web-based system called “Fatca Online Registration System.”

Here, FFIs need only to provide their information and await confirmation of their registration.

After registration comes the reporting phase of Fatca. Since the IRS is concerned with nonfinancial US

Dowd. . .

continued from A6

efforts to crack down on al-Qaeda in the years before 9/11.

But they remained our dear friends. W.’s White House allowed Prince Bandar—the dean of the Washington diplomatic corps was so close to the Bush family that his nickname was “Bandar Bush”—to spirit bin Laden’s family members

As of now, Philippine financial institutions can breathe easier knowing that they still do not need to comply with Fatca reporting.

However, as the BIR once published in an advisory, Philippine financial institutions must take necessary steps to prepare for full implementation of the terms of the IGA and the concomitant submission of information. accounts of its resident taxpayers, it requires the FFIs to report such information. In the Philippines, however, Fatca does not require Philippine financial institutions to report directly to the IRS. Instead, by virtue of an Intergovernmental Agreement (IGA) entered into between the Philippines and the US on July 13, 2015, Philippine financial institutions will report relevant information to the BIR rather than directly to the IRS. With all the foregoing, are Philippine financial institutions now mandated to submit reports as required under Fatca? Not necessarily.

It should be noted that the 1987 Constitution says: “No treaty or international agreement shall be valid and effective unless concurred in by at least two-thirds of all the members of the Senate.” The IGA is an international agreement which requires concurrence by the Senate. The IGA was entered into on July 13, 2015.

The same was ratified by President Duterte on December 1, 2016, and was transmitted to the Senate for concurrence where it is still pending.

Sans the concurrence of Senate, full implementation of the IGA will not take place. Consequently, Fatca reporting cannot be carried out.

As of now, Philippine financial institutions can breathe easier knowing that they still do not need to comply with Fatca reporting. However, as the BIR once published in an advisory, Philippine financial institutions must take necessary steps to prepare for full implementation of the terms of the IGA and the concomitant submission of information. It is better to prepare for Fatca than to suffer a whopping 30-percent withholding tax on income received.

Wednesday, October 24, 2018 A7

Own Risk and Solvency Assessment Development of Orsa

Dennis B. Funa

INSURANCE FORUM

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HE Own Risk and Solvency Assessment is “an annual internal process undertaken by insurers to assess the adequacy of their enterprise risk management (ERM) and solvency positions under both normal and severe stress scenarios. An Orsa represents the insurer’s own assessment of their current and future risks.” Orsa is also defined “as a set of processes constituting a tool for decision-making and strategic analysis. It aims to assess, in a continuous and prospective way, the overall solvency needs related to the specific risk profile of the insurance company.” This risk assessment is then consolidated in an Orsa report using a prescribed format. It is somewhat akin to the Internal Capital Adequacy Assessment Process (ICAAP) in Basel II. Perhaps in its briefest form, it is a tool in decision-making to assess the risk appetite of the company. It is not a capital requirement regulation.

Orsa Report THE Orsa Report is an effective tool in risk management, which can be used by the board of directors. Indeed, risk management is ultimately the responsibility of the board of directors. In Malaysia, under MAS 126, insurers are required to submit extracts of the minutes of the

board of directors showing the deliberations of the board on the Orsa report. The risk assessment should also include a stress testing. The Orsa Report should not be seen by insurers as another regulatory reporting requirement. Instead, it should be seen by the companies as a “good risk management practice.”

A SIGNIFICANT development in insurance regulation is the European Union’s issuance of a directive in 2009 to reduce the incidence of insolvency, called the Solvency II Directive. Pillar 2 of Solvency II provides for the establishment of good corporate governance and enterprise risk management. It was under Solvency II that Orsa was conceptualized and developed. This concept was later adopted by the International Association of Insurance Supervisors (IAIS) and incorporated in Insurance Core Principle (ICP) 16. Today, the basis for the Orsa is Insurance Core Principle 16 (Enterprise Risk Management for Solvency Purposes), which provides: “The supervisor establishes enterprise risk management requirements for solvency purposes that require insurers to address all relevant and material risks.” In other words, Orsa has become an integral part of enterprise risk management.

ICP 16.11 specifically provides: “The supervisor requires the insurer to perform its Orsa regularly to assess the adequacy of its risk management and current, and likely future, solvency position.” Orsa has become an integral component in the assessment of the insurers. The Philippines,

as a member of the IAIS, has agreed to be bound by the ICP. Indeed, insurance regulation is being “globalized” through the IAIS, around the ICPs.

Orsa around the world

WHILE Orsa is required by the National Association of Insurance Commissioners to be undertaken by insurers in the US starting 2015, Orsa is not practiced nor required in the Philippines. Nor is there a mandated enterprise risk management program.

Although there is a risk-based capital system in place. However, unlike in RBC which results in an “RBC ratio,” there is Orsa score or rating. Other jurisdictions, though, have enacted regulations requiring Orsa compliance. For example, in South Africa, insurers were required to perform regular Orsas starting April 2017.

Malaysia introduced Enterprise Risk Management for Insurers on April 2, 2013, and it took effect on January 1, 2014. Under this framework, Orsa was required to be performed at least annually. Orsa is now being complied in China (2016), Canada (2014), Bermuda (2011), South Korea (2017), Japan (2015) and Australia (2013).

Dennis B. Funa is the current insurance commissioner. Funa was appointed by President Duterte as the new insurance commissioner in December 2016.

E-mail: dennisfuna@yahoo.com

‘Demolition job’ against the FEO director

HE quick and selective media release last month about the anomaly on the revenues of the Firearms and Explosive Office (FEO) looks like a “demolition job” by some members of the Philippine National Police (PNP).

De Leon is a member of the Philippine Military Academy “Makatao” Class 1989. He is way above his contemporaries when it comes to tour of duty.

He is a complete package for the next level to become a regional director in the Davao region, the hometown of President Duterte.

I feel for Chief Supt. Valeriano de Leon because he became a victim of a media ops probably perpetrated by people wearing the same uniform.

I couldn’t help but smirk when I found out about the “news item” and now I suspect that those behind it are trying to get rid of the young general. I mean, the guy is a strong contender for the next regional police director. The people behind the media ops probably want him out of the equation.

to 2016. They asked why 2017 to 2018 had a low collection of P358.7 million? I just based that on the data used by the media-ops. I will clear that in my next column.

It’s obvious they are playing with numbers, which are their basis for the malicious news item. It was not fair for some members of the media who used the story.

I also found out that Gen. de Leon didn’t accept the offer of a “counter media ops” by some sympathetic members of media who want to help him clear the alleged “issue.”

Florante S. Solmerin

FACT IS MIGHT!

T

I wish Gen. de Leon would grant me a one-on-one interview soon to set things straight and dispel rumors and the bad publicity about him.

Based on my initial findings, it seems like they fed the wrong data in their media ops that are destroying officials who are turning out to be “inadvertent victims” when they react to the issue.

For example, the P635.3-million collection issue being bandied about is an “aggregate payment” from 2014

It means the general stood by his principles that there is no anomaly under his leadership in the FEO in spite of the media ops that has reached the office of the PNP chief.

I don’t think PNP chief Gen. Oscar Albayalde would believe the issues leveled against Gen. de Leon.

De Leon is a member of the Phi lippine Mi litar y Academy “Makatao” Class 1989. He is way above his contemporaries when it comes to tour of duty. He is a complete package for the next level to become a regional director in the Davao region, the hometown of President Duterte.

Maybe Gen. de Leon’s credentials are intimidating his detractors because he can surpass them anytime there is a meritorious promotion, not because of popularity or connections.

I believe Gen. de Leon has the makings of a strong contender for PNP chief in the future.

E-mail: fetad@yahoo.com

Trump is right to want withdrawal from nuclear treaty

By Eli Lake

The author is a junior associate of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at jomel.manaig@ bdblaw.com.ph or call 403-2001 local 370.

CCORDING to the Russians, President Donald J. Trump’s decision to withdraw from the Intermediate-range Nuclear Forces (INF) Treaty will bring the world closer to the nuclear apocalypse. “Mankind is facing full chaos in the nuclear weapons sphere,” one high-ranking Russian lawmaker said.

The last time the issue of arms control was this dramatic was during the era of the Betamax, Cabbage Patch Kids and Ronald Reagan. But before you sign up for that peace march, you might want to consider the context of Trump’s decision.

The INF Treaty was supposed to eliminate all missiles with a range of about 300 to 3,500 miles. When Reagan and Soviet leader Mikhail Gorbachev signed that agreement in

1987, they ended a dangerous standoff in Europe, where both sides had deployed hundreds of nuclear-tipped weapons.

For 21 years, it worked. The US stopped producing intermediaterange missiles, and so did the Russians. But in 2008, the same year Russia invaded Georgia, Moscow began to cheat. That’s when Russia began testing “a ground-launched cruise missile that flies to ranges banned by the treaty,” said Rose Gottemoeller, President Barack Obama’s undersecretary of state for arms control and international security, in a 2015 interview. The US began calling out Russia on those tests in 2013, she said, and the two nations have “been butting heads ever since.”

More recently, the Russians have become even bolder. In 2017 Gen. Paul Selva, the vice chairman of the Joint Chiefs of Staff, told Congress that the Russians had deployed

that missile, known as the 9M729, “in order to pose a threat to North Atlantic Treaty Organization and to facilities within the Nato area of responsibility.”

Faced with these facts, Trump had to make choices. He could continue to do what the Obama administration had done, and try to shame the Russians into compliance. He could have sought to renegotiate the INF Treaty to account for the new Russian deployments. Or he could do what he just did, and withdraw from a treaty to which only America adhered.

Trump made the right choice.

Again, it’s worth recalling the lead up to the original INF Treaty. In the early 1980s Reagan was under enormous pressure from western European allies to hold off on deploying the Pershing II missiles to counter the Soviet SS-20s. He resisted, and the Pershing II missiles were deployed.

That chess move paid off. The

deployment was one factor that helped persuade the Soviets to negotiate seriously for the INF Treaty in 1987. The lesson: Some short-term proliferation may be necessary for long-term arms control.

Trump is taking a similar approach today. He has said he is open to a new INF Treaty—one that Russia honors which China joins. (An estimated 95 percent of China’s missiles would be prohibited by the INF Treaty, to which China is not currently a party.) As it now stands, the US is the only great power keeping to the terms of the 31-year-old treaty.

For Russia and other Western arms-control enthusiasts, Trump’s withdrawal is a dangerous gamble.

But it’s a gamble worth taking.

What’s the point of upholding an arms-control treaty that only constrains America? Better to pull out now in the hopes of getting a real treaty later.

and other wealthy Saudis out of America on jets after the twin towers fell. Bandar entertained and influenced pols and journalists with cigars and cognac in the reassembled British pub he had transported to his $135-million Aspen mansion, and with hunting jaunts at his estate in England’s Wychwood.

Even Barack Obama, who had no love lost for the Saudis, refused for eight years to release a classified document from 2002 detailing contacts

between Saudi officials and some of the 9/11 hijackers, including checks from Saudi royals to operatives in contact with the hijackers and a connection between a Bandar employee and a Qaeda militant. (Bandar’s wife, Princess Haifa, wrote charitable checks that ended up in the hands of two hijackers.)

Our Faustian deal was this: As long as the Saudis kept our oil prices low, bought our fighter jets, housed our fleets and drones and gave us

cover in the region, they could keep their country proudly medieval.

It was accepted wisdom that it was futile to press the Saudis on the feudal, the degradation of women and human-rights atrocities, because it would just make them dig in their heels. Even Hillary Clinton, as secretary of state, never made an impassioned Beijing-style speech about women in Saudi Arabia being obliterated under a black tarp.

During the first Gulf War, fought

in part to protect the Saudis from an encroaching Saddam, a group of Saudi women—artists and academics—got excited by the presence of American female soldiers and went for a joy ride. The clerics branded the drivers “whores” and “harlots.” They received death threats and lost their jobs. Driving by women, banned by custom, was made illegal.

America was mute. Our government did not even fight for the right of its female soldiers protecting Saudi

Arabia to refuse the Saudi directive to wear an abaya and headscarf when off the base.

The Saudis need us more than we need them. We now produce more oil than they do. And yet we continue to coddle them and shield them from responsibility for their barbaric ways.

Because, after all, the press is the Enemy of the People, deserving a body slam. And the Saudis are our dear friends, deserving bows, hugs and kisses.

Bloomberg Opinion

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2nd Front Page BusinessMirror

A8 Wednesday, October 24, 2018

Govt spending for infra, other capital outlays surged in Aug

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By Bianca Cuaresma

@BcuaresmaBM

HE government stepped up spending for infrastructure and other capital outlays in August, as expenditures jumped by 70.5 percent to P68.4 billion, from some P40.1 billion last year, the Department of Budget and Management (DBM) said on Tuesday.

Figures from the DBM showed that the increase in spending in August brought the eight-month expenditures for infrastructure and other capital outlays to P505.6 billion, nearly 50 percent higher than last year’s P337 billion.

According to the DBM, the increase was due to the various projects implemented by the Department of Public Works and Highways (DPWH), including road widening, repair and construction, f lood control and drainage improvement.

The modernization program of the Armed Forces of the Philippines (AFP) has also contributed to the surge in spending for the procurement of military communication

equipment, the DBM said.

In August, expenditures for personnel services surged by 32.2 percent, or P17.7 billion, due to the requirements for creation and filing of positions at the Department of Education (DepEd); higher pay for both civilian, military and uniformed personnel, and the retirement and terminal leave benefits in various agencies, specifically the Philippine National Police (PNP) and the AFP. Maintenance and other operating expenditures also expanded by P3.5 billion, or 11.9 percent, to P33.1 billion as a result of the DepEd’s K to 12 program and net lending to the National Food Authority in support of its rice importation program.

₧505.6B The eight-month expenditures for infrastructure and other capital outlays, nearly 50 percent higher than last year’s P337 billion

For the month of August, a total of P53 billion in allotments has already been released. This includes P5.9 billion in personnel services deficiency for the pension and terminal leave benefits in the PNP; P3.7 billion in subsidy to government corporations; P2.9 billion in pension and retirement and gratuity benefits in other agencies; P2.3 billion for the Marawi Rehabilitation and Recovery Program; and P2.2 billion for the expansion of the Philippine Rural Development Project of the Department of Agriculture.

As of end-August, the DBM said allotment releases reached almost P3.498 trillion, or nearly 93 percent of the program for the year.

“We owe it to the Filipino people that implementing agencies immediately utilize the public funds that have been released to ensure the effective delivery of public services within the fiscal year.

This is in accordance with annual cash-based budgeting that Congress should pass into law for future administrations to adhere to,” Budget Secretary Benjamin E. Diokno said in a statement.

In the last quarter of the year, the DBM said 7.1 percent of the P3.767trillion obligation program, or P269.1 billion, has yet to be released. This amount is largely composed of P124.3 billion in agency-specific budget and P140.4 billion in Special Purpose Funds (SPFs).

Some of the big-ticket program balances under the regular budget of agencies include the remaining requirements for creation and filling of positions at the DepEd and the Educational Facilities Fund for implementation by the DPWH. In addition, unreleased allotments from the SPFs comprise mostly of program balances from the subsidy to government corporations, the miscellaneous personnel benefits fund and the pension gratuity fund.

“The allotment releases for these remaining balances are being closely evaluated by the budget department to maximize the use of available funds and to ensure whether these can still be obligated and delivered within the year,” Diokno said.

www.businessmirror.com.ph

PHL RESORTING TO G2G TO BUY 203,000-M.T. RICE

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ANILA has decided to purchase the unawarded 203,000 metric tons (MT) of rice from its previous open tender through a governmentto-government (G2G) scheme as the National Food Authority (NFA) seeks to further boost its stockpile.

Agriculture Secretary Emmanuel F. Piñol said the NFA Council has approved the measure to ensure that the state-run food agency would have sufficient buffer stock. Piñol chairs the NFAC, the highest policy-making body of the NFA. “The G2G mode was adopted to make sure that there will be enough rice stocks for NFA even with commercial stocks available.

We are expecting two to three more typhoons this year, and we do not want another situation where, in the face of calamities, the NFA will not be able to function,” Piñol told reporters in an interview after the NFAC meeting on Tuesday.

Manila has existing memoranda of understanding with Vietnam and Thailand, which means that they are the only ones that can offer to sell rice to the Philippines via G2G. The NFAC has scheduled the importation of the additional 500,000 MT of rice via open tender next week. The bidding of the 203,000

MT via G2G will commence just a few days after the open tender, according to Piñol.

The NFA’s rice imports via G2G, together with some volume from the open tender, is slated to arrive before the year ends, while the remaining volume is expected to be delivered by January, according to Piñol.

“I was able to convince the Council that what is important is to bring in the NFA rice as soon as possible to prevent a repeat of what happened in the past,” he said.

Piñol said earlier he wanted the bidding for the remaining 703,000 MT of rice imports by the NFA to be conducted altogether to fast-track the process.

“You will not release all those stocks once they arrive. Those are our reserve stocks. We do not want to have a repeat of last year,” he said. “Besides, President Duterte ordered that it is fine to have oversupply of buffer stock instead of none.”

Piñol expressed optimism that the NFA can secure suppliers for its remaining import volume.

Only 47,000 MT out of the 250,000 MT rice imports of the NFA was approved for supply by foreign traders as the majority of offers during last week’s open tender was above the agency’s price ceiling. Jasper Emmanuel Y. Arcalas

See “World Bank,” A2

Editor: Efleda P. Campos

Companies BusinessMirror

Wednesday, October 24, 2018

B1

DOTr gives 2 firms original proponent status to develop Davao, Kalibo airports

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By Lorenz S. Marasigan

@lorenzmarasigan

HELSEA Logistics Holdings Corp. and Mega7 Construction Corp. have been granted by the transportation department the original proponent statuses (OPS) for their separate unsolicited proposals to develop and expand the Davao and Kalibo airports.

In a media advisory, the Department of Transportation (DOTr) said the board of the Civil Aviation Authority of the Philippines (Caap) has obtained the “needed number of signatures from its members” to grant the OPS to the two companies.

“The board is currently meeting with the proponents to facilitate completion of requirements by the National Economic and Development Authority [Neda] that will still evaluate the proposals for approval,” the advisory read.

The Caap, the operator of the government-owned airports, is chaired

by Transportation Secretary Arthur P.

Tugade. Other members of the board include the director general of the agency, and the chiefs of the tourism, finance, interior and local government, justice, labor and foreign affairs departments.

The DOTr gave the go signal for the release of the status to Chelsea’s P49billion proposal for the development, and operations and maintenance of the Davao International Airport, as it will include a “new technology” to passenger experience. It will also take in an “airport operator which captures data to deliver efficient operations.”

Resubmitted earlier this year, Chelsea’s airport proposal involves the de-

velopment of the Davao International Airport to meet the projected 15 million annual passenger volume by 2050.

Mega7’s proposal, priced at P3.8 billion, includes the upgrade of the facilities and systems in the Kalibo International Airport. It also includes the operations and maintenance of the airport.

Both proposals will include the expansion of the passenger-terminal buildings and a concession period of 30 years.

Mega7’s offer, submitted earlier this year, was also initially rejected due to lack of information.

Unsolicited proposals, under the

law, have to go through several approval processes from the implementing agency and the attached bodies under the Neda.

They will also be subjected to a Swiss challenge, a process that allows other groups to submit offers superior to the original proposal. The original proponent will then have the right to match or submit a counteroffer to win the contract.

Earlier, Transportation Undersecretary Ruben S. Reinoso Jr. said his group intends to finish the review, evaluation and the prospective Swiss challenge for the two proposals within the year.

MPTC wants TRB to resolve quickly PAL launches maiden ferry service to Pico de Loro resort pending rate hikes for Cavitex, Nlex

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ETRO Pacific Tollways Corp.

(MPTC) hopes the Toll Regulatory Board (TRB) will resolve its pending petitions for contractual tariff adjustments for two of the expressways that it operates today, Wednesday, noting that the seven-year pending hikes that it proposed would have little impact on inflation.

Rodrigo E. Franco, the company’s president, said his group’s petition—a total of 21-percent increase for both the North Luzon Expressway (Nlex) and the ManilaCavite Toll Expressway (Cavitex)—involves a two-pronged strategy to reduce or avert its projected inflationary effect.

“We submitted a program to the regulator two months for a staggered increase—about 9 percent or 10 percent for the first year, and will go for about five years. The program also involves the exemption of food-delivery vehicles from the toll increase,” Franco said in a chance interview.

The toll regulator has not acted on the company’s three petitions for the rate increase for the Nlex, one filed in 2013, another

in 2015 and one this year. The concession the company holds allows for toll adjustments every two years.

Petitions for adjustments for Cavitex— spread across three years—remained pending. Its concession provides for tariff increases every three years.

Due to this, the government is facing an arbitration case in Singapore over the foregone revenues of the two companies, which has reached the P9-billion mark, as of today, Franco said.

“We hope it will be approved in the upcoming board meeting on Wednesday,” Franco said. “Any adjustment on fare may have an impact on inflation, but we’ve proposed measures to mitigate the impact.”

Earlier, Transportation Secretary Arthur P. Tugade, who chairs the TRB, said the government is amendable to the staggered implementation of the toll hikes, noting the two groups have already “agreed in principle” for the dissolution of the arbitration case.

Meantime, Franco said his group will

continue to develop the two expressways despite the delayed implementation of the toll rates, announcing the company is “boosting the service capacity of its expressways network to provide more convenient travel to the public.”

He said Nlex Corp., for example, is constructing new toll lanes in four toll plazas in Pampanga aimed at matching the rapid pace of the province’s traffic growth, including toll plazas located in San Fernando, Mexico, and Angeles.

Cavitex Infrastructure Corp., Franco added, is gearing up for the full opening of the Marina left-turn flyover, which will smoothen traffic flow by eliminating the existing traffic lights.

“All these enhancements are expected to be completed by the end of 2018,” he said during the company’s launch of its yearly “Safe Trip Mo, Sagot Ko” motorist assistance program for the coming All Saints’ Day. The program, on its ninth year, will help enhance traffic management and toll collection services during holidays. Lorenz S. Marasigan

Megaworld expects P1.5-B sales from 4th condo project in Mactan, Cebu

By VG Cabuag

@villygc

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ROPERTY developer Megaworld Corp. on Tuesday said it is building its fourth residential development in the 30-hectare Mactan Newtown in LapuLapu City, Cebu.

The company said it expects to generate total sales of P1.5 billion from the project.

The 20-story La Victoria Global Residences will offer 181 units ranging from studio of

Duterte approves franchise of Villar telco

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RESIDENT Duterte has approved the legislative franchise of Villar-owned Streamtech Systems Technologies Inc. (Streamtech) to enter and operate in the country’s telecommunications industry for 25 years.

Duterte signed Republict Act 11089 on October 18, which allows Streamtech “to construct, install, establish, operate and maintain telecommunications systems throughout the Philippines.”

“This franchise shall be in effect for a period of 25 years from the date of the effectivity of this Act, unless sooner canceled,” the law read, a copy of which was given to reporters on October 23.

The law stipulated that Streamtech’s franchise would be “deemed ipso facto revoked” based on three conditions: 1) if it won’t commence operations within one year from securing its operating permit from the National Telecommunications Commission; 2) if it won’t start operations within three years after the effectivity of the law and 3) fails to operate for two consecutive years.

Jasper Emmanuel Y. Arcalas

up to 40 square meters (sq m); one-bedroom units of up to 53 sq m; two-bedroom units of up to 80 sq m; and three-bedroom units of up to 118 sq m. All units will have their own balconies, overlooking the sea and the mountains.

“Galleon Victoria arrived in the Philippines in 1521, and completed its circumnavigation of the globe in 1522. This piece of history that eventually showcased the victory of native Filipinos will be commemorated

by this new residential tower inside The Mactan Newtown,” said Noli D. Hernandez, president of Megaworld Cebu Properties Inc. Featuring an architecture inspired by Spanish edifices, the tower will reflect the historical significance of Galleon Victoria, the ship that brought Ferdinand Magellan (Fernando Magallanes) to Cebu Island in 1521. Magellan eventually faced defeat from the forces of Filipino warriors led

by Lapu-Lapu.

Acudeen partners with HK’s OpenPort

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CUDEEN Technologies Inc. on Tuesday said it has partnered with Hong Kong’s OpenPort, the digital logistics platform that uses blockchain technology to transform domestic distribution in emerging markets.

Mario Jordan Fetalino III, founder and CEO of Acudeen, said the partnership strengthens its ecosystem to support small logistics businesses, and aligns with the company’s mission to create an inclusive environment for small and medium enterprises (SMEs) in emerging markets.

“Through OpenPort’s technology and utility of blockchain, we are able to leverage their capabilities to trace the delivery progress of goods and services as a means to help financial institutions come up with a more informed decision to provide cheaper and more accessible financing for small logistics businesses,” he said.

“In financing, credit-risk mitigation is the most important component toward feasibility. More often than not, what hinders large financial institutions to provide financing

access to small businesses is the high credit risk involved, which is why this partnership is a step in the right direction for both Acudeen and OpenPort,” he said.

OpenPort’s blockchain logistics solutions deliver supply-chain transparency for the world’s largest companies, the firms said.

“OpenPort’s blockchain solutions provide Acudeen with greater visibility and accuracy which in turn allow them to greatly reduce the level of nonperforming liabilities. While Acudeen provides faster order to cash cycles, it helps solve cash flow issues that have been inherent in the industry. Together, we look forward to overcoming these significant challenges for SMEs and multinational corporations alike and adding tremendous value to all stakeholders in the supply chain,” the company’s founder and CEO Max Ward said.

Acudeen recently launched its $35-million Public Token Sale for the AssetChain, its newest platform that utilizes an entire blockchain ecosystem to further drive small businesses across Southeast Asia with movable asset purchasing. VG Cabuag

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EGACY carrier Philippine Airlines (PAL) has launched a naming ceremony by taking aboard special guests on a maiden voyage of a twin-hull catamaran from Manila to Pico de Loro resort, Batangas.

Naming ceremony is a maritime practice before the official voyage when PAL Chairman Lucio Tan and wife Carmen led the release of two bottles of champagne, smashing on the bows of M/V Magalang and M/V Malambing.

PAL President and COO Jaime Bautista said the vessels would provide support services to charter tourist from China, South Korea and Taiwan.

“PAL expects more than a million tourists will come from China this year, and we will provide ferry service in Boracay as support to the country’s tourism drive,” Bautista added.

The two vessels reached Pico de Loro from the esplamade at Manila Bay in 1.5 hours,

clocking in at 30 knots.

The two catamaran-type boats cost about P1 billion, Bautista said. They were made in Singapore, but the company is headquartered in the Netherlands.

Tan invited for this trip industry partners and the vessel’s manufacturer including the media.

Mabuhay Maritime Express Transport Inc. (MME) is a subsidiary of PAL Inc., which was established in August 2016, PAL Spokesman Cielo Villaluna said.

“MME will initially provide ferry service between Kalibo and Boracay and vice versa, utilizing brand-new 42-meter catamarans,” Villaluna said. The ocean trip will cut travel time to 1.5 hours compared to land which is three hours. MME will also cater not only to PAL’s airline passengers, but for regular tourists, as well. Recto Mercene

B2

Companies BusinessMirror

Wednesday, October 24, 2018

PSE STOCK QUOTATIONS

October 23, 2018

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

ASIA UNITED 58.75 59 59 59 58.75 59 15320 903800 880870 BDO UNIBANK 121.6 122.7 122.9 123 121.1 122.7 1755920 215218289 66539340 BANK PH ISLANDS 82.85 83 83.6 84.05 82.9 83 1120710 93524191.5 -6784765 CHINABANK 28.1 28.2 28.1 28.2 28.1 28.15 39500 1112740 -828480 EAST WEST BANK 11.72 11.78 11.76 11.92 11.66 11.72 432700 5095474 -864796 METROBANK 68 68.05 69 69 67.9 68.05 2142190 146013755 -37814987.5 PBCOM 18.62 20 19.86 20 19.86 20 5200 103758 PHIL NATL BANK 41.5 41.65 41.5 41.65 41.2 41.65 39400 1633885 41520 PSBANK 75.7 76.2 76.2 76.2 76.2 76.2 2250 171450 PHILTRUST 103.8 108.9 102 102.4 102 102.4 600 61213 RCBC 28 28.5 28 28.55 28 28 6300 176675 SECURITY BANK 150.8 151.6 152.7 154 149.8 151.6 993520 151087932 19542320 UNION BANK 65.9 65.95 65.95 65.95 65.9 65.9 18620 1227801.5 -1208019 BDO LEASING 2.26 2.37 2.43 2.43 2.26 2.26 2000 4690 COL FINANCIAL 15.2 15.22 15.8 15.82 15.2 15.22 58800 899774 FERRONOUX HLDG 4.01 4.13 4.01 4.18 4.01 4.13 53000 212980 -84210 FILIPINO FUND 7.81 8.78 7.81 7.81 7.81 7.81 300 2343 IREMIT 1.58 1.66 1.58 1.59 1.58 1.58 12000 19010 MEDCO HLDG 0.485 0.495 0.485 0.5 0.48 0.495 710000 348400 NTL REINSURANCE 0.89 0.9 0.9 0.93 0.9 0.9 75000 67800 PHIL STOCK EXCH 189.5 190 189.9 190.3 189.9 190 6500 1234987 340029 SUN LIFE 1835 1899 1830 1830 1830 1830 5 9150

INDUSTRIAL ALSONS CONS 1.26 1.29 1.3 1.3 1.26 1.26 73000 92210 ABOITIZ POWER 34.4 34.5 34.7 34.8 34.25 34.5 5476900 189,004,335( 25,730,969.9996) BASIC ENERGY 0.211 0.221 0.21 0.223 0.21 0.223 30000 6440 ENERGY DEVT 7.3 8 7.16 8 7.15 8 165900 1264762 743447 FIRST GEN 16.12 16.2 16 16.2 15.8 16.2 1153200 18604024 -3256460 FIRST PHIL HLDG 64 64.45 64.1 64.9 64 64 8030 516375 183641.5 PHIL H2O 4.57 4.85 4.82 4.86 4.53 4.85 194000 896000 MERALCO 351 351.6 353 353 349 351 179840 63187996 14601224 MANILA WATER 25 25.4 25.4 25.45 25 25 233800 5891275 -1890190 PETRON 8.17 8.2 8.32 8.4 8.15 8.2 1791300 14739337 -5433444 PETROENERGY 4.12 4.25 4.26 4.27 4.2 4.2 48000 203960 PHINMA ENERGY 0.97 0.98 0.97 0.99 0.96 0.97 182000 176730 PHX PETROLEUM 10.44 10.8 10.5 10.8 10.4 10.8 70500 741748 PILIPINAS SHELL 50 50.05 51.55 51.9 50 50 465440 23458901 -19440062.5 SPC POWER 5.19 5.2 5.2 5.24 5.19 5.2 234500 1220879 VIVANT 16.22 19 18.98 18.98 18.98 18.98 800 15184 AGRINURTURE 17.94 18 18.02 18.1 17.88 18 356000 6422366 -350908 CNTRL AZUCARERA 17.04 17.5 17.6 18.34 17.02 17.5 15500 278610 CENTURY FOOD 13.4 13.5 13.36 13.36 13.2 13.2 300800 3970734 -31854 DEL MONTE 6.68 7 6.61 7.1 6.61 7 3400 23205 DNL INDUS 10.64 10.72 10.52 10.8 10.52 10.64 317500 3402016 1873798 EMPERADOR 7 7.01 7 7 6.98 7 313200 2189683 -1085663 SMC FOODANDBEV 84.5 84.7 84.5 84.95 84.2 84.7 1832770 155192053.5 -91755717.5 ALLIANCE SELECT 1 1.01 1.01 1.01 0.98 1 4987000 4953710 -95940 GINEBRA 24.9 25.5 24.95 25.5 24.9 25.5 7900 199015 JOLLIBEE 268 269 271.8 271.8 265.4 268 688370 184810508 75287058 LIBERTY FLOUR 45.05 55 45 60 45 60 200 10500 MAXS GROUP 11.18 11.24 11.18 11.24 11.1 11.2 24000 267620 -44592 MG HLDG 0.174 0.18 0.178 0.179 0.178 0.179 190000 33900 PEPSI COLA 1.66 1.69 1.7 1.7 1.62 1.66 3358000 5708180 -45780 SHAKEYS PIZZA 11.16 11.2 11.2 11.2 11.16 11.2 186900 2092348 -2008440 ROXAS AND CO 2.25 2.27 2.38 2.38 2.27 2.27 242000 555940 RFM CORP 4.78 4.8 4.8 4.8 4.78 4.8 520000 2494420 1457620 ROXAS HLDG 2.83 3.08 2.85 2.85 2.83 2.83 8000 22680 UNIV ROBINA 143 144 145.6 145.6 142.7 144 465010 66878901 28027131 VITARICH 1.56 1.57 1.59 1.62 1.54 1.57 6169000 9720770 50370 CEMEX HLDG 2.28 2.29 2.35 2.39 2.25 2.28 8797000 20372610 -271310 DAVINCI CAPITAL 4.6 4.75 4.44 4.9 4.44 4.8 77000 356700 EAGLE CEMENT 15 15.2 14.98 15.2 14.94 15.2 419500 6340928 -1748000 EEI CORP 8.6 8.61 8.37 8.66 8.22 8.61 287300 2443529 1351119 HOLCIM 6.4 6.5 6.5 6.66 6.4 6.4 40900 265872 -68067 MEGAWIDE 17.2 17.3 16.9 17.8 16.86 17.3 9301700 160535060 29324638 PHINMA 9 9.03 9 9 8.95 9 38600 347390 TKC METALS 0.9 0.95 0.96 0.96 0.88 0.95 171000 152510 VULCAN INDL 2.88 2.89 2.69 2.95 2.67 2.88 85263000 241553430 932830 CROWN ASIA 1.62 1.63 1.61 1.63 1.61 1.63 297000 480470 4890 EUROMED 1.52 1.69 1.7 1.7 1.7 1.7 1000 1700 LMG CHEMICALS 4.8 4.9 4.8 4.85 4.8 4.8 69000 332650 PRYCE CORP 5.56 5.69 5.56 5.7 5.56 5.7 26500 148394 -33600 CONCEPCION 38.5 39.75 39 39 38.5 38.5 1300 50200 -7800 INTEGRATED MICR 11.52 11.62 11.9 11.9 11.52 11.52 1219400 14084798 9968368 IONICS 1.71 1.74 1.73 1.74 1.71 1.71 259000 445380 SFA SEMICON 1.57 1.6 1.65 1.65 1.6 1.6 178000 287630 CIRTEK HLDG 35.85 36 35.65 37.1 35.65 36 665000 24032900 -19475

HOLDING & FRIMS ABACORE CAPITAL 0.475 0.48 0.465 0.48 0.46 0.475 35090000 16488950 157300 ASIABEST GROUP 25.5 26 26.65 26.65 25.45 26 88100 2281055 AYALA CORP 913 917.5 930 930 911.5 917.5 77890 71439260 -3478035 ABOITIZ EQUITY 47.8 48.35 48.9 49 47.75 48.35 848400 41045845 5009190 ALLIANCE GLOBAL 11.84 11.9 12.18 12.26 11.8 11.9 3035500 36317092 -9257352 ANSCOR 6.2 6.21 6.1 6.2 6.1 6.2 191800 1188354 904432 ANGLO PHIL HLDG 0.76 0.86 0.73 0.74 0.73 0.74 127000 92720 ATN HLDG A 1.25 1.27 1.25 1.3 1.24 1.25 20658000 26219680 ATN HLDG B 1.25 1.26 1.23 1.29 1.23 1.26 5014000 6329960 1428820 COSCO CAPITAL 6.8 6.81 6.8 6.96 6.78 6.81 1909200 13007500 -3433315 DMCI HLDG 12.14 12.2 12.2 12.44 12.02 12.2 2134800 26037100 -2267890 FILINVEST DEV 7.08 7.2 7.1 7.2 7.1 7.2 32800 235950 GT CAPITAL 790 792 775 797.5 774 790 284800 225164185 81322960 HOUSE OF INV 5.95 6.01 5.95 5.95 5.95 5.95 1800 10710 JG SUMMIT 48 48.6 49.15 49.35 47.65 48.6 570900 27747235 -7550145 KEPPEL HLDG B 3.33 5.99 2.94 2.94 2.94 2.94 7400 21756 LODESTAR 0.52 0.54 0.55 0.55 0.52 0.54 1064000 563440 LOPEZ HLDG 4.39 4.44 4.48 4.48 4.29 4.44 464000 2044450 4690 LT GROUP 13.76 13.78 13.7 14.18 13.62 13.76 12442300 172792466 8585344 MABUHAY HLDG 0.61 0.62 0.53 0.64 0.53 0.61 16829000 10021330 -81740 MJC INVESTMENTS 2.1 3.69 3 3 3 3 20000 60000 METRO PAC INV 4.94 4.95 5.05 5.05 4.92 4.95 5454000 27065471 -10627405 PACIFICA 0.038 0.039 0.039 0.039 0.037 0.038 3900000 148100 -34200 PRIME ORION 2.34 2.38 2.36 2.39 2.33 2.38 226000 532110 PRIME MEDIA 1.16 1.21 1.17 1.21 1.16 1.16 54000 62820 SOLID GROUP 1.39 1.4 1.4 1.4 1.4 1.4 172000 240800 SYNERGY GRID 320 380 400 400 400 400 10 4000 SM INVESTMENTS 877 888 889 891 878 888 278850 246909180 32153205 SAN MIGUEL CORP 158 158.1 156 158.9 156 158 339790 53485482 -3927995 TOP FRONTIER 272.2 280 278 280 273 280 7600 2120534 -1026980 WELLEX INDUS 0.237 0.24 0.241 0.241 0.232 0.237 1320000 312560 ZEUS HLDG 0.21 0.216 0.21 0.21 0.21 0.21 210000 44100

PROPERTY ARTHALAND CORP 0.62 0.65 0.65 0.65 0.62 0.65 110000 69780 AYALA LAND 40.5 40.6 41.15 41.35 40 40.6 6853900 276955115 -120431045 BELLE CORP 2.42 2.43 2.53 2.55 2.42 2.42 510000 1252770 -669070 A BROWN 0.78 0.79 0.78 0.79 0.78 0.78 1112000 874360 7010 CROWN EQUITIES 0.219 0.221 0.219 0.222 0.219 0.221 1850000 407660 CEBU HLDG 5.11 5.35 5.05 5.05 5.05 5.05 100 505 CEB LANDMASTERS 4.35 4.43 4.36 4.43 4.36 4.43 206000 908730 CENTURY PROP 0.415 0.42 0.42 0.42 0.415 0.42 1730000 720400 -84000 CYBER BAY 0.395 0.4 0.395 0.395 0.395 0.395 40000 15800 DOUBLEDRAGON 19.7 19.8 20.4 20.6 19.68 19.7 467500 9401672 -369266 DM WENCESLAO 8.19 8.2 8.1 8.22 8 8.2 127400 1038772 EMPIRE EAST 0.52 0.54 0.53 0.53 0.52 0.52 25000 13050 2650 FILINVEST LAND 1.44 1.45 1.45 1.46 1.44 1.44 1954000 2816510 -653440 GLOBAL ESTATE 1.07 1.08 1.08 1.08 1.07 1.07 531000 568180 8990 HLDG 6.99 7 6.99 7.02 6.97 7 73500 514705 IRC PROP - - 2.6 2.74 2.6 2.66 32923000 88395680 1085250 MEGAWORLD 4.45 4.46 4.5 4.5 4.41 4.45 8376000 37198460 -4761320 MRC ALLIED 0.58 0.59 0.6 0.6 0.58 0.59 28890000 17019630 -202010 PHIL ESTATES 0.42 0.425 0.41 0.42 0.41 0.42 590000 247400 PRIMEX CORP 3.16 3.2 3.19 3.21 3.11 3.2 807000 2540500 ROBINSONS LAND 20.2 21 20.7 21.1 20.1 21 979400 20377690 -1501760 PHIL REALTY 0.4 0.415 0.41 0.41 0.4 0.405 2170000 879550 -692300 ROCKWELL 1.91 1.94 1.94 1.94 1.94 1.94 7000 13580 3880 SHANG PROP 3.1 3.16 3.11 3.18 3.11 3.11 12000 37530 18660 STA LUCIA LAND 1.11 1.12 1.13 1.13 1.11 1.12 419000 465230 SM PRIME HLDG 33.95 34 35 35 33.95 34 8828600 302221195 -125813550 STARMALLS 5.95 5.98 5.96 6.04 5.91 5.95 176000 1044200 SUNTRUST HOME 0.75 0.76 0.75 0.75 0.75 0.75 25000 18750 PTFC REDEV CORP 31 37.85 29.05 29.05 29.05 29.05 100 2905 VISTA LAND 5.25 5.26 5.37 5.38 5.22 5.26 8693500 45735803 -32181806

SERVICES ABS CBN 21.5 21.7 21.5 21.7 21.3 21.7 9600 206150 GMA NETWORK 5.14 5.15 5.18 5.19 5.1 5.14 168200 862384 GLOBE TELECOM 2018 2030 1998 2046 1984 2030 39435 79746895 14326750 PLDT 1376 1379 1410 1415 1370 1376 41640 57971060 -8831845 APOLLO GLOBAL 0.04 0.042 0.041 0.042 0.04 0.04 1700000 69300 8000 DFNN INC 7.36 7.65 8 8 7.27 7.65 396600 3027998 150200 IMPERIAL 1.91 2.05 1.91 1.95 1.91 1.91 28000 53560 ISLAND INFO 0.108 0.109 0.109 0.109 0.108 0.108 340000 36820 JACKSTONES 2.93 3.09 3.03 3.1 3.03 3.1 12000 36500 -3100 NOW CORP 5.21 5.22 5.48 5.48 5.2 5.21 2848200 14972628 678708.0003 TRANSPACIFIC BR 0.56 0.57 0.53 0.58 0.52 0.56 49984000 27766220 310860 PHILWEB 3.56 3.58 3.55 3.58 3.51 3.56 156000 551790 -99120 2GO GROUP 11.5 11.8 11.8 11.8 11.5 11.5 20900 243560 CEBU AIR 65.4 66 65.5 66.7 65.4 65.4 120870 7948610.5 -1023880.5 CHELSEA 5.87 5.88 5.73 5.95 5.5 5.87 3576200 20871770 -326563 INTL CONTAINER 92.65 93.5 92.7 94.5 92.6 92.65 312170 29072761 -7427867.5 LORENZO SHIPPNG 0.84 0.85 0.86 0.86 0.84 0.85 31000 26480 MACROASIA 17.88 17.9 18.24 18.26 17.8 17.9 1294400 23241574 -470400 METROALLIANCE A 1.34 1.35 1.43 1.43 1.35 1.35 23000 31830 PAL HLDG 8.26 8.29 8.29 8.29 8.29 8.29 900 7461 HARBOR STAR 2.77 2.78 2.88 2.99 2.75 2.78 5796000 16726080 238170 ACESITE HOTEL 1.3 1.46 1.46 1.46 1.46 1.46 8000 11680 DISCOVERY WORLD 2.16 2.39 2.2 2.2 2.18 2.18 11000 24000 WATERFRONT 0.61 0.62 0.6 0.63 0.6 0.61 2551000 1563300 CENTRO ESCOLAR 7.8 7.99 8 8 8 8 5500 44000 IPEOPLE 11.04 12.48 12.5 12.5 11 11 1600 17810 STI HLDG 0.79 0.8 0.8 0.81 0.79 0.79 1870000 1494880 -29520 BERJAYA 1.72 1.75 1.71 1.8 1.71 1.75 2559000 4470040 1760 BLOOMBERRY 8.5 8.58 8.83 8.83 8.46 8.5 9810200 84494927 -34407509 PACIFIC ONLINE 10.58 10.98 10.56 10.7 10.56 10.7 1000 10574 LEISURE AND RES 3.43 3.44 3.44 3.51 3.44 3.44 553000 1908900 -55330 MANILA JOCKEY 5.2 5.45 5.05 5.45 5.05 5.45 7100 37646 MELCO RESORTS 7.08 7.09 7.12 7.13 7.08 7.08 4670200 33149488 5447213 PREMIUM LEISURE 0.82 0.83 0.84 0.85 0.82 0.82 1539000 1277060 -23150 TRAVELLERS 5.19 5.2 5.18 5.2 5.17 5.19 742200 3848107 -696119 METRO RETAIL 2.25 2.26 2.21 2.29 2.21 2.25 326000 739580 209960 PUREGOLD 41.25 42 41.95 42 41.1 42 320100 13372940 -9272490 ROBINSONS RTL 77.5 78 78.9 78.9 77.5 78 687400 53668999.5 4038005 PHIL SEVEN CORP 106 108.5 108.9 109.8 105.3 106 397720 43303304 219324 SSI GROUP 2.6 2.61 2.66 2.67 2.59 2.6 10205000 26737220 -2022750 WILCON DEPOT 11.34 11.44 11.4 11.46 11.3 11.44 831200 9479384 -315800 APC GROUP 0.435 0.445 0.43 0.445 0.43 0.435 210000 91650 EASYCALL 13 13.02 14 14 12.98 13 340800 4453284 GOLDEN BRIA 300.8 309.6 302 309.8 300 309.6 7670 2338956 266060 IPM HLDG 7.7 7.8 7.7 7.7 7.7 7.7 200 1540 PRMIERE HORIZON 0.35 0.36 0.35 0.36 0.35 0.355 710000 250900 SBS PHIL CORP 6.79 7.05 7.19 7.19 6.74 6.77 5200 35288

MINING & OIL ATOK 15.32 17 17.48 17.48 17.4 17.4 5700 99196 APEX MINING 1.64 1.65 1.6 1.67 1.59 1.65 8303000 13627920 -161980 ABRA MINING 0.0022 0.0024 0.0023 0.0024 0.0023 0.0024 50000000 115100 ATLAS MINING 2.75 2.98 2.91 2.92 2.9 2.9 76000 220620 -14500 COAL ASIA HLDG 0.3 0.31 0.3 0.3 0.3 0.3 10000 3000 CENTURY PEAK 1.9 1.91 1.91 1.92 1.91 1.91 355000 680050 DIZON MINES 7.25 7.35 7.28 7.41 7.26 7.26 2900 21099 FERRONICKEL 1.84 1.85 1.82 1.89 1.81 1.85 9093000 16785870 -1236840 GEOGRACE 0.222 0.23 0.219 0.239 0.218 0.23 2380000 546370 6630 LEPANTO A 0.109 0.111 0.109 0.109 0.109 0.109 80000 8720 LEPANTO B 0.109 0.113 0.109 0.112 0.109 0.109 750000 81790 MARCVENTURES 1.22 1.23 1.29 1.3 1.23 1.23 41000 52180 NIHAO 1.03 1.07 1.07 1.07 1.03 1.07 3000 3170 NICKEL ASIA 2.7 2.71 2.72 2.76 2.7 2.71 877000 2382150 -54180 OMICO CORP 0.59 0.6 0.59 0.59 0.59 0.59 189000 111510 ORNTL PENINSULA 1 1.01 1.03 1.03 1 1.01 1380000 1393790 PX MINING 3.28 3.29 3.42 3.45 3.22 3.28 2121000 7062410 -971890 SEMIRARA MINING 28.5 28.8 28.8 29.25 28.5 28.8 428500 12337255 -1120410 UNITED PARAGON 0.0064 0.0067 0.0069 0.0069 0.0069 0.0069 4000000 27600 ORNTL PETROL A 0.012 0.013 0.013 0.013 0.012 0.013 22600000 279200 PHILODRILL 0.012 0.013 0.012 0.012 0.011 0.012 20800000 244100 PHINMA PETRO 3.92 4 4.08 4.09 3.92 4 401000 1599640 PXP ENERGY 16.22 16.3 16.04 16.58 16.04 16.22 1097700 17922806 -32428

PREFFERED HOUSE PREF A AC PREF B1 AC PREF B2 ALCO PREF B DD PREF GTCAP PREF B LR PREF MWIDE PREF PNX PREF 3B PCOR PREF 2A PCOR PREF 2B SMC PREF 2B SMC PREF 2C SMC PREF 2D SMC PREF 2E SMC PREF 2F SMC PREF 2G SMC PREF 2I

96 461 487.4 99 96.5 893 1.02 100 102.3 940 1019 75.15 75.85 72.8 73.75 74.75 74.5 73.6

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

20 4.96

99 470 490 101.9 96.7 920 1.03 102 105 1000 1020 75.5 76.9 74.5 74.9 75 75 74.6

99 470 490 100.3 97 893 1.03 102 105 1000 1019 75.15 76.9 74.45 74.9 74.75 75 74.6

99 470 490 100.3 97 893 1.03 102 105 1000 1020 75.15 76.9 74.45 74.9 75 75 74.7

99 470 490 100.3 96.5 893 1.03 99.8 105 1000 1019 75.15 76 74.45 74.9 74.75 74.5 74.6

99 470 490 100.3 96.5 893 1.03 99.8 105 1000 1020 75.15 76 74.45 74.9 75 75 74.7

1300 50 50 10000 31490 50 11000 10560 200 15 565 4000 74380 1700 300 1280 4300 76540

128700 23500 24500 1003000 3042070 44650 11330 1055025 21000 15000 576190 300600 5676494.5 126565 22470 95755 321275 5715038

10000 51000 -3540645.5 -

21.55 5.49

21.5 4.95

21.8 4.96

21.5 4.95

21.55 4.96

1700 55000

36810 272350

-2165 -247600

WARRANTS LR WARRANT

2.33

SMALL & MEDIUM ENTERPRISES ITALPINAS 4.84 XURPAS 1.74

2.38

2.4

2.4

2.31

2.33

335000

786240

-

4.88 1.76

4.76 1.92

4.94 1.98

4.68 1.7

4.85 1.74

495000 10123000

2361130 18110620

104470 -3909850

EXHANGE TRADE FUNDS FIRST METRO ETF

107.9

108

109

109

107.5

108

6530

706027

15120

Editor: Efleda P. Campos

PAL opens 3 more routes from Clark

By Ashley Manabat

C

Correspondent

LARK FREEPORT—The country’s flag carrier, Philippine Airlines (PAL), has opened three more routes from the Diosdado Macapagal International Airport (DMIA) here.

On Thursday, PAL Express President Bonifacio U. Sam announced at the Hilltop Restaurant at the Mimosa complex here that the airline is mounting flights to San Vicente (Palawan) and San Jose (Mindoro) beginning on October 28, and Cauayan (Isabela) starting on October 30, all from the DMIA here.

With this development, Sam said Clark is now PAL’s hub for ser-

vices to Palawan, Isabela and Mindoro as it continues to expand its hub network of flights from the DMIA. “PAL made a big decision to invest in Clark. The Clark International Airport [renamed DMIA] is not just a stopover or refueling station. Clark is our fastest-growing hub airport, center of a network of flights that connects the country,” Sam said.

Cebu Pacific marks 5th year of service in Dubai

C

EBU Pacific, the Philippines’s largest carrier, celebrates the fifth anniversary of its direct service between Dubai and Manila.

Cebu Pacific is the only low-cost carrier flying directly between the Philippines and the United Arab Emirates.

Cebu Pacific celebrated the milestone with a series of events,

highlighted by a specially prepared “boodle fight” dinner for the Filipino community in Dubai, led by celebrity blogger and digital influencer Kyle “Kulas” Jennerman of Becoming Filipino.

With a base fare as low as P5,889, flying via Cebu Pacific from Dubai is as much as 64 percent lower than

fares offered by other airlines flying the same route. Even including other fees, taxes and charges, year-round low fares on Cebu Pacific are still over 50 percent below its competitors, while consistent with its concept of “no-frills flying.”

Since 2013, the Manila-Dubai route has become one of the stron-

MUTUAL FUNDS

VISTA LAND NAMED MARKETING COMPANY OF THE YEAR Vista Land

bagged the most coveted Agora Award—The Marketing Company of the Year—at the 39th Agora Awards presented recently by the Philippine Marketing Association (PMA) at the Okada Manila Grand Ballroom, Pasay City. Receiving the award is Vista Land’s Director and Managing Director for Vista Land Commercial Division Camille Villar (fourth from left), joined by (from left): 39th Agora Awards Marketing Company of the Year Category Head John Alexis C. Revilla, CPM; Mega Global Corp. President William Tiu Lim; PMA President Arlene Padua, CPM Asia; overall Chairman Maeyeth Cayabyab-Cadungog, CPM; and Director Mary Faith Abaño, CPM.

Total Solar SEA to provide power to Gaisano Malls in Luzon and the Visayas

T

OTAL Solar SEA, a subsidiary of Total SA, has locked in contracts with Gaisano Capital to provide solar-powered rooftops to four Gaisano Malls in Luzon and the Visayas.

Gaisano Capital is Total Solar SEA’s first project in the country.

The combined installed capacity of the projects amount to 1.66 megawatts, which can generate an estimated 2,257.3 megawatt-hours worth of electricity in a year. The four malls in Binangonan, Calapan, Masbate and San Carlos will have an installed capacity of 536 kilowatts peak, 268 kWp, 375.2 kWp and 482.4 kWp, respectively.

The project can help Gaisano Capital lower their carbon-dioxide emissions by 1.25 million tons and reduce bottom-line expenses for the company. Construction of the facili-

ties will begin in November and will be online early-2019.

Total Solar SEA complies with the highest environmental, health and safety requirements entailing the quality and longevity of its systems.

Its facilities use only Tier 1 components and work with the most experienced local contractors in the solar photovoltaic (PV) industry.

The energy player develops, owns and maintains solar PV rooftops and behind-the-meter facilities contracted through either a Power Purchase Agreement or lease agreement depending on the country’s legal environment.

Total SEA is one with Total (Philippines) Corp. in its commitment to becoming the responsible energy major, catering to the energy needs of the country and its communities.

gest performers in the entire Cebu Pacific network, with its seat load factor—or the percentage of seats filled by passengers—consistently above 85 percent. From the maiden flight in October 2013 to September 2018, over 1 million passengers have flown between Manila and Dubai on Cebu Pacific.

October 23, 2018

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

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC * 246.16 -15.01% -0.93% 0.22% -16.04% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.3904 -14.31% 2.83% 1.63% -12.93% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 3.8284 -15.34% 0.02% -0.63% -16.64% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.8765 -13.33% N.A. N.A. -13.82% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. * ********* 0.8133 N.A. N.A. N.A. N.A. FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 5.0789 -13.48% -2.61% -0.47% -15.53% MBG EQUITY INVESTMENT FUND, INC. * ****** 110.35 N.A. N.A. N.A. N.A. ONE WEALTHY NATION FUND, INC.* 0.8158 -15.82% N.A. N.A. -17.82% PAMI EQUITY INDEX FUND, INC.* 47.8326 -14.05% -0.09% N.A. -15.18% PHILAM STRATEGIC GROWTH FUND, INC.* 497.46 -14.79% -1.54% -0.87% -15.46% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.2293 -11.76% 0.59% N.A. -12.46% PHILEQUITY FUND, INC.* 35.8047 -11.44% 1% 2.19% -12.87% PHILEQUITY PSE INDEX FUND INC.* 4.8118 -13.92% 0.61% 2.06% -15.2% PHILIPPINE STOCK INDEX FUND CORP.* 803.25 -13.85% 0.35% 1.7% -15.06% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.833 -13.26% -2.03% N.A. -13.87% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 3.9516 -12.51% 0.13% 0.4% -13.72% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 0.9263 -14.06% 0.43% N.A. -15.27% UNITED FUND, INC.* 3.4237 -10.1% 1.56% 0.5% -12.08% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* ***107.385 -13.39% 1.51% N.A. -14.74% ATRAM ASIAPLUS EQUITY FUND, INC.** $0.9361 -13.29% 0.74% -1.06% -15.54% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.2214 0.21% N.A. N.A. -3.46% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.622 -12.32% -3.22% -2.29% -12.96% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.1698 -11% -0.59% -0.17% -11.69% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.4867 -9.29% -3.69% -2.74% -10.22% GREPALIFE BALANCED FUND CORPORATION* **** 1.2844 -11.66% N.A. N.A. -11.72% NCM MUTUAL FUND OF THE PHILS., INC* 1.8051 -8.4% -0.33% -0.37% -9.41% PAMI HORIZON FUND, INC.* 3.4159 -12.7% -2.29% -1.45% -12.82% PHILAM FUND, INC.* 15.3659 -12.51% -2.21% -1.5% -12.48% SOLIDARITAS FUND, INC.* ******** 2.0273 -9.43% -0.12% 1.34% -9.58% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.5798 -9.58% -0.9% -0.39% -10.42% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.9052 -10% -1.37% N.A. -11.28% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.03459 -4.1% -0.73% 1.48% -4.18% PAMI ASIA BALANCED FUND, INC.* $0.9352 -9.43% 0.74% -1.94% -10.68% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.5331 -0.51% 4.19% 2.39% -3.27% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.0686 -2.83% N.A. N.A. -3.92% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 341.26 1.34% 1.77% 1.64% 1.23% ATRAM CORPORATE BOND FUND, INC.* ******* 1.8574 -2.18% -1.18% -0.53% -1.84% COCOLIFE FIXED INCOME FUND, INC.* 2.9445 5.51% 5.33% 5.27% 4.34% EKKLESIA MUTUAL FUND INC.* 2.1136 -0.37% 0.89% 1.01% 0.54% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2115 -0.3% -0.13% 0.45% -0.21% GREPALIFE FIXED INCOME FUND CORP.* P 1.5717 -2.66% -1.65% -0.97% -2.35% PHILAM BOND FUND, INC.* 3.759 -8.19% -2.6% -1.16% -7.19% PHILEQUITY PESO BOND FUND, INC.* 3.4534 -1.09% -0.68% -0.03% -1.47% SOLDIVO BOND FUND, INC. * 0.8708 -6.59% -2.54% N.A. -5.68% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.748 -1.17% -0.2% 0.34% -1.04% SUN LIFE PROSPERITY GS FUND, INC.* 1.5295 -1.51% -0.62% -0.01% -1.3% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $445.88 0.25% 2.11% 2.98% -0.01% ALFM EURO BOND FUND, INC. * Є213.16 0.14% 1.28% 1.64% -0.26% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.1203 -1.16% 0.68% 1.54% -1.22% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0248 -0.8% 0.54% N.A. -0.8% GREPALIFE DOLLAR BOND FUND CORP.* $1.6902 -4.74% -0.69% 1.08% -4.59% 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* $1.0229 -5.49% -1.81% -2.88% -4.71% PHILAM DOLLAR BOND FUND, INC.* $2.1302 -4.92% -0.07% 2.14% -5.37% PHILEQUITY DOLLAR INCOME FUND INC.* $0.0568842 -0.98% 0.82% 1.82% -0.55% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.8779 -4.46% 0.34% 1.56% -4.48% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 119.98 2.34% 1.69% 1.45% 2.02% PHILAM MANAGED INCOME FUND, INC.* 1.1723 1.57% 0.31% 0.34% 1.29% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.2108 2.45% 2.16% 1.42% 2.13% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* ***** $1.0122 N.A. N.A. N.A. 1.35%

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

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

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

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Wednesday, October 24, 2018

B3

Govt rejects ‘unreasonable’ bids for T-bonds T

HE Bureau of the Treasury (BTr) on Tuesday fought back buyers that sought to push up interest rates on government debt papers.

Deputy Treasurer Erwin D. Sta. Ana told reporters that the auction committee decided to reject all bids for the reissued seven-year Treasury bonds (Tbonds) after seeing rates for the

government security breached internal estimates. “ The rates were high; for the committee, the bids came in unreasonably high. We looked at the last time we issued this security and the five-year [papers], there’s really a huge pick up from last auction’s rates,” Sta. Ana said. “So the committee decided to reject at this time.”

Te n d e r s f o r t h e T- b o n d reached P24 billion. Were the auction committee decided to award the full P15 billion on offer, the average annual rate would have settled at 8.284 percent. This would have ref lected a 119.9 basis-point increase compared to the last auction rate for the security, which was capped at 7.085 percent.

In terms of the bids for the secur it y, Sta. A na e x pl a ined that a substantial amount of debt papers w ill be maturing this week, which could be a reason investors were looking to make investments in securities. “ We have P11 bi l lion in matur ities for t his week, so possibly dea lers are actua l ly looking for ways to invest t hose,”

he sa id. “A nd it ’s a lready an interesting proposition to go bac k to gove r n me nt se c u r ities because of t he increasing rates. T hat has been one of t he feedbac k s we’ve received; so you k now t hat ’s why t hey are coming in now.”

The last auction for the seven-year T-bond happened on September 25, with the BTr par-

tially awarding the security with P5.73 billion fromz the P15 billion on offer.

Meanwhile, the reissued fiveyear T-bond was auctioned earlier in October with the auction committee awarding P9.740 billion from the P15 billion on offer. The average annual rate was capped at 7.342 percent.

Rea Cu

B4 Wednesday, October 24, 2018

OUTSOURCE-SOLUTION COMPANY, STUDENTS LEAD MOVEMENT IN SAVING EARTH

O

N September 29 almost a thousand individuals gathered at Bonifacio High Street Activity Center to be one with Write On Track (WOT) in saving Mother Earth Juan one step at a time.

Groups of students from around the Metro participated in different activities hosted by various university organizations who partnered with Juan Earth, an event organized and produced by WOT, to celebrate their fifth year through a corporate social responsibility (CSR) effort.

“We produced Juan Earth for the NGOs and school organizations para meron silang platform [for them to have a platform] to share their advocacies to the community,” said Koko Tamura, WOT chief operating officer.

The school organizations present at the event were UP One Earth, Agila, Earth-UST, UP Club for the Environment and Tourism, and UP Veterinary Medical Students’ Society.

Some of them went on stage to talk about what they do for the animals and the environment.

“Owning a pet is a lifetime commitment,” said Christine Reginio, member of UP Veterinary Medical Students’ Society, in their talk about responsible pet ownership.

“A large part of our environmental issues are largely social issues. And social issues would demand a larger societal rearrangements, not just personal solutions,” said

Bryon Senga, a member of UP Club for the Environment and Tourism. Their organization aims to promote environmental protection and awareness through ecotourism.

There were others who promoted their causes through selling merchandises, such as bamboo toothbrushes, stickers, pins and key chains. Their proceeds will be donated to different environmental and animal welfare and protection causes in the country. There were also some who had pets for adoption during this one-day event.

Two other organizations shared their love for the planet through performances. The FEU-IAS Dance Company opened the morning program with an amazing and exceptional dance performance. While the PUP Teatro Komunikado presented a short play, titled Insectalk, to share a message about how our actions affect all those living in the planet.

“It was truly a heart-melting moment for us when we saw all are participating and contributing to our CSR efforts,” Tamura said. She also highlighted the importance of companies and corporations’ involvement in more CSR. “Companies focus on doing business, and that’s good, because it can provide many opportunities for the society.

But companies must also realize their power, and how getting involved in CSR projects can also provide long-term benefits for them and also for the community they cater to.”

‘LEAGUE’CELEBRATES FIRST ANNIVERSARY

L

EAGUE magazine proudly marked its first anniversary with a grand celebration at Marco Polo Manila attended by guests composed of local government leaders, as well as media and some of society’s movers and shakers: Quezon City Vice Mayor Joy Belmonte, Misamis Oriental Governor Bambi Emano, Makati City First District Rep. Monsour del Rosario and League’s founder Gener Dungo. Special guest actor Tom Rodriguez also shared a few words commemorating League’s milestone.

In addition to giving recognition to those who had

graced the covers of League’s past issues, publisher Atty.

Javy Flores also proudly introduced the publication’s newest venture, the League online news, which brings local government news straight to your screens.

“Through League magazine and online news, we commit to our responsibility of providing a venue for people to participate in nation-building. We thank all our readers and partners in being part of our journey, and soon our future. We shall not disappoint and we promise to keep innovating in the years to come,” Atty.

Flores said.

SALESFORCE CITES MERALCO ONLINE ON ITS ACHIEVEMENTS

S

ALESFORCE, the world’s No. 1 customer-relationshipmanagement company, cited Meralco Online for its achievements and service to customers.

Sa lesforce A sia Reg iona l Vice President Jess O’Reilly said, “Meralco Online is our most ambitious project in Asia, which traced customer journeys and their pain points, and made it simple, fast and convenient to be a Meralco customer. We, in Salesforce, are very proud of this project with a huge cross functional team achieving this in 19 months—one of the fastest we’ve seen globally.”

Accessible via www.meralco.com.ph or via the App Store of both Apple and

Google, Meralco Online allows customers to view and pay bills, report outages, and get alerts on their bills, payments and outages.

With the service, the performance of Meralco Online is monitored in real time including transactions being made.

Within a month, it registered over 40,000 customers and over 7,300 payments worth P23 million. The app was also rated very highly, and was in the top 10 utility apps in the world on both the Apple store and the Google Play Store.

Alfredo S. Panlilio, Meralco senior vice president for customer retail services and corporate and communications said, “This is part of Meralco’s digital

transformation and our pledge to customers to serve them better, allowing them to have access to their account anytime, anywhere. This version we just launched is our first attempt and we will continue to improve on it as we get feedback.”

Gavin Barfield, chief technology advisor of Meralco, explained that Meralco is leading the way implementing cutting edge cloud-based systems in the country. He said, “We plan to add more functionalities, including field services and artificial intelligence, as we leverage off the capabilities of the Salesforce platform to create a truly digital customer experience.”

PAASE TO CONCLUDE TWO-DAY SCIENCE FORUM

T

HE Philippine-American Academy of Science and Engineering, or PAASE, will be holding its annual meeting with the theme “PAASE Volunteerism to Promote Philippine Science, Engineering and Innovation” today, October 24, until tomorrow, October 25, at the University of the Philippines Diliman National Institute of Physics. The PAASE hopes to contribute to the implementation of the Philippine Development Plan 20172022 and AmBisyon Natin 2040, whose

principal author is Ernesto Pernia, Ph.D., National Economic Development Authority secretary and an active PAASE member.

Key PAASE members will be asked to draft and present position papers on certain themes and, after consultation and discussions with PAASE members and other participants coming from academe, government and the industry, the position papers will be finalized and presented to key government officials. Moreover, there will be an awarding of PAASE Hall of Honor

Awardsand PAASE DistinguishedVanguard of Philippine Science Award, a special award given to select PAASE members and nonmembers, for their significant and impactfulcontributionstotheadvancement, administration and promotion of science in the Philippines.

The PAASE is a nonprofit organization composed of scientists and engineers of Philippine descent who have distinguished themselves in scholarly and researchrelated activities.

WINLESS IN L.A. L After cooling down, LeBron James did not seem discouraged by the Lakers’ lastminute failure against a quality opponent and while Los Angeles was missing suspended starters Rajon Rondo and Brandon Ingram.

NBA RESULTS Orlando 93, Boston 90 Toronto 127, Charlotte 106 Milwaukee 124, New York 113 Minnesota 101, Indiana 91 Dallas 115, Chicago 109 Memphis 92, Utah 84 Washington 125, Portland 124, OT Golden State 123, Phoenix 103 San Antonio 143, LA Lakers 142, OT

OS ANGELES—LeBron James hit the tying three-pointer late in regulation. He led a Lakers lineup of three secondyear pros and a rookie making his National Basketball Association (NBA) debut to a 142-136 lead with 55 seconds left in overtime.

James was then reminded in spectacular fashion that nothing will be easy in this West Coast chapter of his career.

Patty Mills hit a go-ahead jumper with 6.8 seconds left and the San Antonio Spurs kept the Lakers winless with LeBron, rallying from a six-point deficit in the final minute of OT for a wild 143-142 victory on Monday night.

James tied it on a magisterial three with 2.4 seconds left in regulation, and he finished his second Lakers home game with 32 points, 14 assists and eight rebounds.

But the superstar missed two free throws with 12.8 seconds to play before Mills coolly put the Spurs ahead. James then missed a step-back three-pointer at the buzzer, thoroughly deflating Staples Center as the Lakers fell to the first 0-3 start in James’s career since his second season with Cleveland in 2004-2005.

After cooling down, LeBron did not seem discouraged by the Lakers’ last-minute failure against a quality opponent and while Los Angeles was missing suspended starters Rajon Rondo and Brandon Ingram.

“It’s not” discouraging, James said.

“I know what I got myself into,” he added. “It’s a process. I get it, and we’ll be fine. I didn’t come here thinking we were going to be blazing, storming right out of the gate. It’s a process, and I understand that.”

LaMarcus Aldridge had 37 points and 10 rebounds, and DeMar DeRozan added 32 points and 14 assists before Mills made the biggest shot. The Australian guard did it while playing Tony Parker’s traditional role on a familiar San Antonio play.

“It’s always good when you make shots or make an impact,” Mills said. “Other than that shot, it was a team victory. It was a gutsy win. Everyone participated.”

Kyle Kuzma had 37 points and eight rebounds for the Lakers, and Josh Hart added 20 points and 10 rebounds.

James’s dramatic three from a full step beyond the arc capped the Lakers’ improbable rally from an eight-point deficit in the final 1:04 of regulation. The Lakers then took a 142-136 lead late in overtime with huge contributions from unsung rookie big man Johnathan Williams, who played important minutes in his NBA debut after JaVale McGee fouled out.

But the Lakers sputtered and the Spurs rallied. Rudy Gay’s three-pointer cut the Lakers’ lead to 142-141, and James missed his free throws before the jumper by Mills, who had 12 points.

“It’s always fun to play close games and have them be that type of atmosphere, and overly competitive,” Aldridge said. “It was

nice to get a close win. It just builds character and makes guys be more confident.”

Stephen Curry and the Golden State Warriors, meanwhile, got back to their pass-happy ways and Coach Steve Kerr could smile again about all those assists, fewer fouls and a better night taking care of the ball.

“We understand what the keys to our success are and when we don’t do them we make the game extremely tough and give the other team life in terms of more possessions,” Curry said.

Curry scored 15 of his 29 points in the third quarter and also had eight assists, leading the Warriors past the Phoenix Suns, 123-103, on Monday night in Oakland.

Kevin Durant scored 22 points and Draymond Green dished out eight of 35 assists for the two-time defending NBA champions. Kerr had been disappointed in his team’s passing, rushed shots and ball movement so far.

He is pleased with the progress: The Warriors shot 51.1 percent in the second of a back-to-back following a two-point loss at Denver on Sunday, which came after a one-point win last Friday at Utah.

“That looked like our team, just the purpose of each possession, driving and kicking and trying to get guys better shots,” he said.

The Warriors won a 16th straight against Phoenix, their longest unbeaten run against a team in franchise history. Golden State’s 14 straight home victories versus the Suns is a franchise mark, as well.

Klay Thompson scored 16 points but missed his initial four three-point tries and finished one of six from deep, making him three for 22 through four games. He sustained what is considered a mild ankle sprain, telling Kerr he could have returned.

New Golden State starting center Damian Jones dunked three times in the initial 4:03—a pair of them on alley-oops—and Durant had one in transition, too. Phoenix called time-out down 12-7 at the 7:34 mark after KD’s slam.

Jones also added an early three-point play on a putback and finished with 13 points. He had nine and four rebounds in the opening eight minutes.

Devin Booker scored 28 points, TJ Warren had 27 off the bench and Deandre Ayton added 20 points and 14 rebounds for Phoenix.

“Our transition defense was atrocious,” Suns Coach Igor Kokoskov said. “It wasn’t any secret and we were talking about it before the game. We know that’s a strength, that’s who they are.”

Curry shot 11 for 18 with six three-pointers. He had scored 30 or more points in each of his initial three games this season but didn’t play the entire fourth quarter on Monday. AP

THE Lakers fall to the first 0-3 start in LeBron James’s career since his second season with Cleveland in 2004-2005. AP

Sports BusinessMirror

C1

| Wednesday, October 24, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Spo

Business

C2 Wednesday, October 24, 2018

By Ramon Rafael Bonilla

U

NIVERSITY of Perpetual Help poured everything it got but San Beda University kept its poise and the defending champion Red Lions scored an 80-72 victory in the National Collegiate Athletic Association Season 94 seniors basketball tournament on Tuesday at the Filoil Flying V Centre in San Juan City.

The match was never short of excitement as the Final Four contenders played to 10 deadlocks and as many lead changes to cap their elimination-round campaigns.

In the end, the Red Lions hiked their record to 17 wins against a single loss, while the Atlas, who have to win twice to survive the playoffs, dropped to their seventh setback in 18 games.

San Beda Head Coach Boyet Fernandez reminded his players to remain hungry as they shoot for the school’s 10th title in 12 years.

“The win is useless if we’ll not make it to the Finals and probably defend our crown. Now the pressure is too high for us,” Fernandez said.

Donald Tankoua topscored for the Red Lions with 23 points—18 coming in the second half—and grabbed 10 rebounds.

Jeramer Cabanag complimented the big

RED LIONS KEEP POISE man’s effort by registering a career-high 16 points that went with five rebounds. Robert Bolick chipped in 12 points and five rebounds.

San Beda was on the run with a 38-30 lead at the break.

Not to be undone, Perpetual Help maneuvered a 13-2 rally to take a 43-40 cushion early in the third period.

Tied at 71 with 3:54 left in the game, Tankoua, Cabanag and Bolick pulled a surprising 9-0 blitz for an 80-71 advantage the Red Lions never relinquished.

Kim Aurin paced the Altas with 18 points and five rebounds, while Edgar Charcos contributed 17 points and five rebounds.

San Sebastian College demolished Arellano

San Miguel Beer tries to bolster bid for incentive in quarterfinals

S

AN Miguel Beer tries to bolster up its bid for the playoffs and a twice-to-beat bonus when it faces NorthPort in the Philippine Basketball Association Governors’ Cup on Wednesday at the Cuneta Astrodome in Pasay City.

The game is set at 7 p.m., with the Beermen (4-4, won-lost) hoping for a late surge against the Batang Pier (2-7) in their attempt to catch the quarterfinals incentive in the final stretch of the elimination round.

In the first game, a shorthanded Rain or Shine (2-6) battles Phoenix (6-3) at 4:30 p.m.

San Miguel Beer got a lease on life for the bonus in the playoffs with its victories against Phoenix (117-100) and TNT (107-96) last week.

Coach Leo Austria beams with confidence that his celebrated Beermen, who are solo in

sixth place, could rally in their remaining assignments.

“We’re coming off a big win against TNT. We like our playoffs chances, especially if we sweep our games and I think we still have a chance to squeak into the top 4,” Austria said.

“But we’re not thinking ahead of ourselves. We’re focusing on Northport first,” he added.

Magnolia (7-2), Barangay Ginebra (7-2), Alaska (7-2), Blackwater (6-3) and Phoenix (6-3) have secured their spots in the quarterfinals.

The Batang Pier are coming off a 98-120 loss to the Elasto Painters last week. They need to sweep their remaining matches to advance further in the tournament.

University, 91-63, in the first game to end to bid goodbye to the season with a 6-12 card. The Chiefs took its 13th setback in 18 games.

Because it was their last game in the eliminations, Fernandez decided to start his graduating players Cabanag, Bolick, Javee Mocon, Ranbill Tongco and Jomari Presbitero.

“It’s seniors’ day for us,” said Fernandez.

San Beda and Perpetual Help will meet again on Friday at the start of their Final Four showdown at the Filoil Flying V Arena, with the Red Lions needing a win to advance to the best-of-three finale unfolding on November 6 at the Mall of Asia Arena.

A deciding game, if necessary, will be played on Monday also in San Juan.

THE Altas’ Edgar Charcos goes for an outlet pass against San Beda’s Javee Mocon. NONOY LACZA

TOP CONTENDER After his sterling performance at the recently concluded Toyota Vios Cup Season 6, Team Growl-Thule Racing driver Jussi Hoikka (inset) emerges as one of the top contenders for the third leg of the GITI-Formula V1 Race Challenge at the Clark International Speedway on Friday and Saturday. Growl-Thule Racing may still be a newbie in the local motorsports, but it has quickly become a force to reckon with. Growl Corp. is one of the largest developer and distributor of first-class OEM in-dash Audio, Video and Navigation (AVN) system.

Thule Sport and Cargo Systems is exclusively distributed by Tow & Stow Industries Inc., which is the importer, distributor and manufacturer of vehicle towing products under TotalHitch and TotalTrailers.

Ramon Rafael Bonilla

VELEZ, MILLIAM SPARKLE

J

OHN DAVID VELEZ and Alexa Milliam put on another dominant show and racked up three titles each to share Most Valuable Player honors in the Palawan PawnshopPalawan Express Pera Padala (PPS-PEPP) El Kapitan-Argao national age-group tennis tournament at the El Kapitan-LGU Outdoor Tennis Courts in Argao, Cebu last Monday.

Velez, 14, ruled his age group with a 1-0 (ret.) win over Chad Cuizon, then the rising Davaoeño star upended Venz Alforque twice to clinch the 16- and 18-under titles via 6-3, 7-6(4) and 6-2, 4-6, 10-6 victories, respectively.

Milliam, from Pontevedra in Negros Occidental, trounced Mia Gemida, 6-4, 6-2, in the 14-under finals, foiled Ashley McKenzie, 7-6(5), 6-0, in the 16-under championship, and thwarted doubles partner Sydney Enriquez, 6-3, 6-3, for the 18-under diadem

in the Group 2 tournament sponsored by El Kapitan Resort and Wilfredo Albarracin.

Their victories came on the heels of their equally impressive three-title feats in Dumaguete last week, making the PPS-PEPP MAC’s Crankit aces the hottest players in the circuit put up by PPS-PEPP and presented by Dunlop.

“Hard work and work ethics are paying off for these two young aces, who have been dominating not only their age group but also the higher divisions,” Palawan Pawnshop President and CEO Bobby Castro said.

La Carlota City in Negros Occidental will stage the next PPS-PEPP stop starting on Wednesday, while San Carlos City will hold the Pintaflores Festival from October 29 to November 5. Registration is ongoing. For details, call PPS-PEPP Program Development Director Bobby Mangunay at 0915-4046464.

AL MENDOZA | alsol47@yahoo.com

THAT’S ALL

‘We are sending a clear message’ FOUR, three and two.

Those are the number of suspension games imposed on Brandon Ingram, Rajon Rondo and Chris Paul, respectively, for their involvement in a recent “basket brawl” in the National Basketball Association (NBA).

Ingram and Rondo are Los Angeles Laker stalwarts while Paul is a Houston Rocket star guard.

Ingram, the promising 21-year-old, triggered the melee when he pushed James Harden from behind with the Rockets ahead, 109-108, and time down to 4:13 in the fourth and final quarter.

Despite Paul’s ejection, Houston won, 124-115, to spoil Los Angeles’ home debut for its latest acquisition of the league’s biggest star, LeBron James.

Aside from their suspensions without pay, the three absorbed stiff fines, with Paul

absorbing the biggest hit with $491,782.

After Ingram’s transgression, Paul poked a finger on the eye of Rondo aside from throwing punches in retaliation.

Rondo was assessed $186,207 for spitting at and punching Paul in the face, while fracas instigator Ingram got docked with $158,816.

“We don’t want this to happen again,” said NBA Executive Vice President Kiki VanDeWedhe, who handed down the penalties. “We are sending a clear message... that you cannot do this...the suspensions are pretty severe both to their teams and financially to the players.”

I remember the late Rudy Salud, who favored large sums of money as fines for rough players when he was the PBA (Philippine Basketball Association) commissioner.

It somehow deterred, if not drastically minimized, fistfights in no time.

Blue Eagles face hapless Warriors

A

TENEO shoots for a third straight victory when it tackles struggling University of the East (UE) in Season 81 University Athletic Association of the Philippines men’s basketball action on Wednesday at the Smart Araneta Coliseum.

The Blue Eagles are currently tied with the Adamson University Soaring Falcons at the top of the standings with identical 7-2 won-lost records.

Despite an obvious edge, Ateneo Assistant Coach Sandy Arespacochaga knows that complacency has no room in the team which tackles cellar-dwelling UE (1-8) at 2 p.m.

“It gives us good separation but it’s still a long way to go and, as you’ve seen throughout the league, any other team can win against any other team on any given night,” Arespacochaga said. “We just have to make sure that we keep our eyes focused on the next game,” he added.

Minus its key player Thirdy Ravena, who served a one-game suspension for a closed-fist on University of the Philippines’s (UP) Paul Desiderio on October 14, and twins Matt and Mike Nieto who are both recovering from dengue, Ateneo still posted a huge 82-62 win over Far Eastern University (FEU) last Saturday.

Six-foot-10 center Angelo Koaume of Ivory Coast led the surge along with Anton Asistio, Tyler Tio and Adrian Wong on that occasion against the Tamaraws.

The Red Warriors, on the other hand, kneeled to the Maroons, 81-94, last Sunday.

Alvin Pasaol couldn’t carry his team alone as his 30-point explosion was not enough to save UE from absorbing its eighth loss in nine games.

In the second game, UP (4-5) hopes to stay in the Final Four race when it battles FEU (5-4) at 4 p.m.

Ramon Rafael Bonilla

For his ungentlemanly act that demeaned his NBA position, Paul should bury his head in the sand.

Serving his sentence on October 22, Paul, perhaps in utter shame, was not in the arena when his team dropped a 115-112 decision to the Clippers.

Obviously hurt by the loss, Rockets Coach Mike D’Antoni criticized Paul’s penalties.

“It’s just not equitable,” he said of Paul’s fines. “...He’s paying three times more than the other guys are paying for missing games? That doesn’t seem to be right.”

I disagree. Paul should have been fined even more.

A million bucks, maybe?

As the NBA Players Association president, Paul should be the league’s lead model of good manners and right conduct—at all times.

But no. For poking Rondo in the eye to aggravate matters, Paul ought to resign immediately.

And yes. For LeBron James to stop Paul’s brazenness with all of his 6-foot-8 might, virtually carrying the Rocket gone mad out of the fray, LeBron ought to be instantly installed Paul’s successor as the new NBA Players Association president.

Next, Paul needs to get himself rehabbed. With D’Antoni signing the waiver in case Paul raised hell in the institution.

THAT’S IT Raymond Almazan remains in the freezer even as he has resurfaced. Just right. People going awol (absent without leave) have to pay the price in an organization of national reputation like Rain or Shine. His apology is OK but for now, he should be in limbo. He must show genuine reform to him to recover his spot in the team, which is now in danger of getting eliminated.

orts

sMirror

Wednesday, October 24, 2018

TUBINO, DAQUIS RETURN TO POWER CIGNAL

Perlas Spikers face Lady Oragons

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ANKO-PERLAS tries to check its two-game slide as it goes for a repeat over Iriga-Navy, while Pocari-Air Force seeks payback against Tacloban at the start of the second-round elims of the Premier Volleyball League Season 2 Open Conference back at the Filoil Flying V Centre in San Juan on Wednesday.

Reeling from back-to-back losses after a sweep of their first five matches, the Perlas Spikers face the Lady Oragons at 4 p.m., hoping to rebound and regain their winning ways against a team they trampled in four sets in their first-round clash.

Pocari-Air Force and Tacloban, meanwhile, take the court at 6 p.m.

A

LOADED Cignal squad will show up when the Philippine Superliga All-Filipino Conference fires off on Tuesday at the Filoil Flying V Centre in San Juan.

Head Coach Edgar Barroga confirmed that they already secured the services of Royse Tubino, Lutgarda Malaluan and Roselyn Doria for the women’s club league bankrolled by Isuzu, Sogo, Senoh, Asics, Mikasa, Mueller, UCPB Gen, Bizooku and Genius Sports.

Tubino, who was part of the Cignal squad that clinched the Invitational Conference title last year, is returning to

While BanKo-Perlas is on a skid, Iriga-Navy snapped a six-game losing run with a five-set escape over Adamson last weekend, giving the Lady Oragons some kind of a push in their bid to post another win and keep their slim semifinal hopes alive in the seasonending conference of the league organized

by Sports Vision.

Dzi Gervacio, Nicole Tiamzon, Kathy Bersola, Sue Roces and Joy Dacoron, however, are expected to throw their full weight of their might against the likes of Grazielle Bombita, Hezzymie Acuña, Divine Eguia, May Madulid and veterans Joanne Bunag and Nene Bautista.

ELMER SALVADOR puts on a fiery game when conditions turn from ideal to tough in afternoon play.

SALVADOR UP BY 3 E

LMER SALVADOR broke out of a long scoring spell with a solid seven-under 65 on Tuesday, emerging from a crowded leaderboard with a three-stroke lead over Jhonnel Ababa and two others at the start of the $100,000 Central Azucarera de Tarlac Open at the Luisita Golf and Country Club in Tarlac.

Expecting nothing spectacular after struggling for form in the first five

tournaments of the Philippine Golf Tour Asia and in the last seven legs of the PGT, Salvador put on a fiery game when conditions turned from ideal to tough in afternoon play, completing a bogey-free 33-32 card that overshadowed Ababa’s equally impressive 68 along with those of Jobim Carlos and Tim Stewart of Australia.

“I didn’t expect to score this low but got by irons and putting going. I just hope to sustain this form to the finish,”

C3

said Salvador in Pilipino.

He missed matching Clyde Mondilla’s record-setting 64 last week with a muffed birdie putt from 10 feet on No. 11.

Ababa and Carlos took charge in the early going with identical 68s with the former also completing a flawless four-birdie card and the latter birdying four of the last seven holes to seize the clubhouse lead until Salvador came in late with his imposing round.

Stewart, who tied for

second with Peter Stojanovski of Macedonia in last week’s International Container Terminal Services Inc. Luisita Invitational won by Mondilla, rebounded from a bogey on No. 4 with five birdies at the back to get into the mix in the sixth leg of the second season of the region’s newest circuit put up by ICTSI. After snapping a long title drought with an 18-under feat last week, Mondilla settled for a three-birdie, three-bogey

spark the offense, while Malaluan and Doria are expected to provide the defensive muscle for the HD Spikers.

Skipper Rachel Anne Daquis will also return, as well as mainstays Janine Navarro, Rialen Sante, Jheck Dionela, Acy Masangkay, Cherry Vivas, Cindy Amutan, May Macatuno, Rap Aguilar and Shirley Salamagos.

Rising star Mylene Paat will also be back, bringing with her tons of experience after a successful stint with the Philippine national team in the 18th Asian Games and Asian Volleyball Confederation Asian Women’s Cup the past couple of months.

“We like our chances this conference. All

stint, his 72 dropping him to joint 37th, seven strokes off Salvador.

“I struggled a bit on the greens, missing at least four makeable birdie putts,” said Ababa, who actually considers himself lucky on PGT Asia where he won three titles, including back-to-back romps at Riviera and Pradera Verde to close out the inaugural season of the region’s newest circuit in January. He also dominated this year’s fourth leg at Forest Hills in July.

Carlos, whose breakthrough victory at PGT Asia Riviera in June sparked a run of solid finishes on the PGT, including two victories and a couple of runner-up finishes to emerge the top player after the 10leg local version of the circuit

our needs were addressed both on offense and defense,” said Barroga, adding that their new recruits are still in the process of brushing up with their system.

“Right now, we’re working on our chemistry inside and outside the court. As much as possible, we need a little more practice time with them so they can study our system and get into the flow of the team.”

Last year, the HD Spikers pulled off a stunner when they paraded a solid roster built around veterans Jovelyn Gonzaga, Daquis and Tubino, three players who were largely credited to the success of the Philippine Army.

organized by Pilipinas Golf Tournaments Inc., likewise put himself in early contention for a second PGTA win on a strong finish.

Michael Bibat also toted a four-under card after 12 holes but bogeyed the next and settled for a 69 in a tie with Tarik Can, one of the invited players from other regional tours, and fellow American Josh Salah and former leg winner Rene Menor, while Jun Bernis eagled the par-5 12th to lead the big group of 70 scorers that included Keanu Jahns, Thai Wisut Artjanawat, Jerson Balasabas, American Sydney Chung, James Ryan Lam, Joenard Rates, Aussie Jack Sullivanm Arnold Villacencio, Efren Robles Jr. and Nilo Salahog.

‘I’M NOT GOING TO LIE’ CRISTIANO RONALDO defends himself against rape accusation. AP

Sports BusinessMirror

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| Wednesday, October 24, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

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ANCHESTER, England—Speaking publicly for the first time since being accused of rape, Cristiano Ronaldo defended himself against the allegation and said on Monday he is confident the truth will come out in the case.

The soccer superstar has been accused of rape in the United States. Kathryn Mayorga filed a civil lawsuit last month in Nevada, claiming Ronaldo raped her in his Las Vegas hotel room in 2009. Police also reopened an investigation into the allegation at her request.

Ronaldo’s lawyer, Peter S. Christiansen, issued a statement on October 10 denying wrongdoing by his client.

“I’m not going to lie in this situation,” Ronaldo said at a news conference ahead of a Champions League match between his Italian team, Juventus, and former club Manchester United at Old Trafford

on Tuesday. “I’m very happy. My lawyers, they are confident and of course I am, too. The most important, is I enjoy the football, I enjoy my life. The rest, I have people who take care of my life.

“Of course, the truth is always coming in the first position.”

Christiansen declined comment. Lawyers Leslie Mark Stovall and Larissa Drohobyczer, representing Mayorga, did not immediately respond to messages.

Ronaldo previously had confronted the allegations in an Instagram video posted on October 3, hours after the suit was filed.

“Fake. Fake news,” the five-time world player of the year said at that time.

Christiansen has branded documents that led to media reports about the rape claim “complete fabrications” and asserted that the encounter in a Las Vegas hotel penthouse bedroom was consensual.

lawyers for Mayorga have challenged Ronaldo’s legal team to prove that documents are false.

Ronaldo joined Juventus in the off-season from Real Madrid. He has scored five goals in nine matches for the Italian champion, and two in three matches since being accused of rape.

Asked about his status as a soccer role model, the 33-year-old Ronaldo said on Monday: “I know I am an example. I know, 100 percent. On the pitch and outside the pitch. So I am always smiling, I am happy man. I’m blessed that I play in a fantastic club, I have a fantastic family, I have four kids, I am healthy. I have everything.”

“So the rest, it doesn’t interfere on me,” he added, before saying with a smile: “I’m very, very well.”

Ronaldo is returning to Old Trafford for the second time since leaving United to join Real Madrid in 2009. The first time was for the second

leg of a Champions League last 16-match between United and Madrid in 2013, when he was given a standing ovation by United fans and introduced as the “magnificent seven”—a reference to the number he had at the English club.

Ronaldo scored the winning goal that night, eliminating United.

The Portugal forward has won the Champions League five times, once with United in 2008 and then at Madrid in 2014, 2016, 2017 and this year.

“I remember what it was like in Manchester.

My history, we won lots of trophies, cups, leagues and the Champions League. I remember the support of the fans. [Then-United manager] Sir Alex [Ferguson] is someone I will never forget. He was a huge lift in my career.

“When I knew we were playing Manchester United, it was a huge thing for me.” AP

G

Gracious God

RACIOUS God, You gave Saint Therese the grace to know Your presence. Help us to be mindful always of Your love as we pray: Incline Your ear to us, Oh God. For Your Church, that we might reach out to those who struggle with loss, doubt or loneliness. For children, that they may be cherished, cared for and gifted with faith. May the Lord make known his power to us and bless us with comfort, joy and peace. 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

New Pixel phones and other gadgets keep Google in the hardware hunt THE Google Pixel 3 and Pixel 3 XL phones have, among many new features, one that makes it easier to take good photos, plus a call-screening feature to fend off robocalls.

BY BRIAN X. CHEN & DAISUKE WAKABAYASHI New York Times News Service

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OUNTAIN VIEW, California—For much of the past decade, Apple and Samsung have dominated sales of smartphones. So why would anyone bother trying to sell a new phone?

That hasn’t dissuaded Google. The company recently unveiled new versions of its Pixel smartphone, which is a high-end challenger to Apple’s iPhone and Samsung’s Galaxy phones. It also introduced a smart speaker with a built-in display and a laptop that doubles as a tablet, in response to products from Amazon and Microsoft.

The gadgets are Google’s third wave since it started making consumer devices in 2016. The Internet company has pushed these products as a way to showcase its prowess in areas like artificial intelligence and image processing.

Yet the efforts have not had a meaningful impact on Google’s sales or market share. For a company that makes most of its money selling advertising next to search results, the hardware increasingly appears to be an expensive hobby. One of its biggest hits thus far is a Google-branded wireless router, which is too much of a niche product to serve as the foundation of a hardware strategy.

“There’s some skepticism about how committed Google is,” said Carolina Milanesi, an analyst for Creative Strategies, a consumer electronics research firm. “They are still nowhere near where they need to be to make a dent in the industry.”

Google has said that hardware businesses rarely become overnight successes and that it remains focused on the long term. The company said it put more stock in indicators like high customer satisfaction in its effort to build a loyal base. Google

CONTINUED ON D2

JUST THAT: EXPLORE THE WORLD OF E-MAIL SIGN-OFFS BEYOND ‘BEST’ AND ‘REGARDS’ D4

Wednesday, October 24, 2018

D1

D2

Wednesday, October 24, 2018

Personal Tech BusinessMirror

www.businessmirror.com.ph

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Today’s Horoscope

GOOGLE’S latest Home speaker, Home Hub, has a 7-inch screen.

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Shenae Grimes, 29; Eliza Taylor, 29; B.D. Wong, 58; Kevin Kline, 71.

HAPPY BIRTHDAY: Stay calm and be intent on doing what’s right; it will help offset any attempts others make to rile you. Separate the way you feel from what you need to do in order to reach your goal. Speak up, but don’t shout. Get your facts straight and initiate your plans with confidence. Know what you want to achieve.

Your lucky numbers are 7, 18, 21, 25, 33, 36, 42.

a

ARIES (March 21-April 19): Keep moving forward, regardless of what others do. Your intent should be to get things finished so you can engage in new projects. Deter others from taking advantage of you or pressuring you to take care of their responsibilities. ★★★

b

TAURUS (April 20-May 20): Step up and be proactive. Refuse to let someone’s bad mood or temper get in the way. Bring about change that encourages you to be a better person.

Handle partnerships fairly and strive for equality in all your dealings. ★★★

New Pixel phones and other gadgets c keep Google in the hardware hunt

GEMINI (May 21-June 20): Some behindthe-scenes talks will take place. Don’t offer too much personal information. Protect against being used or letting someone involve you in gossip that could end up hurting your reputation. Say little and listen carefully to what’s being said. ★★★

CONTINUED FROM D1 doesn’t break out revenue or profit for its hardware business. The search giant is also starting to spend heavily on the hardware business. Last year it used an advertising blitz to promote its new products over the holidays. In January it closed a $1.1-billion deal to acquire most of HTC’s smartphone design unit, with more than 2,000 HTC engineers moving to Google.

A month later, Google’s hardware business absorbed Nest, which makes smart home appliances and previously functioned as a separate subsidiary.

While the handset market is no longer growing as much as it did five years ago, the company wants Pixel to be a blockbuster and to set the bar for devices running Android, Google’s mobile operating system, said Mario Queiroz, Google’s vice president of Pixel hardware. “It is our objective to sell as many Pixel phones as we can,” he said in an interview. “We’re investing accordingly to be able to do that.”

Here’s a closer look at Google’s newest devices.

PIXEL 3 AND PIXEL 3 XL SIMILAR to the latest iPhones and Samsung phones, the new Pixel 3 phones, which hit markets on October 18, have glass bodies to support wireless power charging. The technology relies on magnetic induction, which involves using an electrical current

to generate a magnetic field to create voltage that powers the phone.

Yet the screens are smaller than those of Pixel’s competitors: The $799 model has a 5.5-inch screen, while the $899 model, the Pixel 3 XL, has a 6.3-inch screen. For comparison, Apple’s new iPhone screens range from 5.8 to 6.5 inches diagonally, and the Samsung Galaxy screens measure 5.8 to 6.4 inches.

The new Pixels also have a feature to make it easier to take good photos. The tool, Top Shot, captures a series of images when someone takes a photo; Google uses algorithms to recommend the best photo among the shots. Computers analyze millions of images to extrapolate the characteristics of a good photo, like smiles and clear faces.

The analysis of the photos is done on the Pixel 3, not in Google’s cloud; users will see a small chip icon marking the recommended photo.

The new Pixels also include a call-screening feature to fend off robocalls. When a call comes in from an unfamiliar number, the Pixel owner can tap a button to screen the call. An automated message will ask the caller to state his or her name and purpose for calling. From there, the user can receive a transcription of the caller’s response and decide whether to take the call. Though this process may sound time consuming, it’s one of the first solutions from a device maker to combat robocalls.

HOME HUB AND PIXEL SLATE JOINING a trend of smart speakers incorporating displays, Google’s newest Home speaker has a built-in 7-inch screen. The $149 device, Google Home Hub, will go on sale on October 22. Similar to the Amazon Echo, the Home Hub responds to voice commands. People summon it by saying “Hey, Google” before asking a question or speaking a command, like “What’s the weather in New York?”

People can use the Home Hub’s screen to watch videos and control smart home devices like security cameras. Notably, the Home Hub, unlike Amazon’s smart screen products, lacks a camera for videoconferencing. Google said it had made that decision partly because of privacy concerns inside the home, especially bedrooms.

The company’s third new product, the Pixel Slate, is a convertible laptop, like a tablet with a removable keyboard similar to Microsoft’s Surface. It runs Google’s ChromeOS operating system and works with a digital stylus for drawing and writing. The device, which the company said would become available later this year, starts at $599. Queiroz said Google is just at the beginning of its hardware ambitions.

“Manufacturing and hardware are things that you build up over time, so we’re very proud of where we are after three years compared to people who have been doing it for 10 years or longer,” he said. ■

Globe customers can get free tickets to ‘The Weeknd’ concert MARK your calendars as Globe brings yet another big name in the music scene. Grammy winner The Weeknd is heading to Manila for the first time on December 7 as part of his first tour in Asia. As a wonderful surprise, Globe is giving loyal customers a chance to nab extra tickets to his concert for free.

Don’t have tickets yet? Worry no more! Since October 22, all Globe customers who bought a ticket to The Weeknd in Manila could get another ticket of the same type for free. Stay tuned to the social-media accounts of these select Globe Ambassadors on these specific dates. They will be revealing special promo codes which you can use at any SM Tickets outlet or online to avail of the free ticket.

■ October 24: Kim Kianna Dy

THE WEEKND

■ October 25: Ciacia Mendoza ■ October 26: Janina Vela ■ October 27: Bea Benedicto ■ October 28: Suzy Gamboa ■ October 29: Aaron Atayde ■ October 30: Nikko Ramos ■ October 31: The Pool Show ■ November 2: Bea Fabregas Be sure to act quickly. The special promo codes of the ambassadors will only be valid on the day they reveal it and will not work after that date. Each promo code is valid for a maximum purchase of four tickets per transaction.

Born Abel Makkonen Tesfaye, The Weeknd burst into the music scene with his compilation of mixtapes, Trilogy, in 2012. Since then, he has won three Grammy

Awards: Best Urban Contemporary Album for Beauty Behind the Madness, Best R&B Performance for “Earned It,” and Best Urban Contemporary Album for Starboy.

Throughout the years, Globe has become the leader of the Filipino’s digital lifestyle by providing relevant and innovative products and services to support customers’ interests and enrich their lifestyles. Globe has supported the Filipinos’ love for music by providing its customers with both online and offline music experiences through Spotify and YouTube, as well as music events, such as Madonna, Coldplay, Wanderland, EXO, Super Junior and Harry Styles.

More information can be found at go.globe.com.ph/GlobeTheWeeknd.

d

CANCER (June 21-July 22): Lend a helping hand and make a difference. Your input will encourage others to support your actions and pitch in. The connections you make will lead to an unusual opportunity that should not be ignored. Positive change is heading your way. ★★★★

e

LEO (July 23-Aug. 22): Watch what others do, but don’t get involved. It’s important to keep your distance from anyone showing signs of bad behavior or indulgence. Problems with relationships should be handled without letting emotions like anger take over. Do your own thing. ★★★★★

f

VIRGO (Aug. 23-Sept. 22): Communication is the road to success. Set up meetings, discuss pending problems, negotiate for what you want and show good faith by offering incentives. Much can be accomplished. Take pride in what you do, and you’ll gain respect. ★★★

g

LIBRA (Sept. 23-Oct. 22): Consider what you need to accomplish, and put a plan in place that will limit anyone’s meddling. A change of heart will lead to an adjustment that will settle your emotions and point you in a direction that is better for you. ★★★

h

SCORPIO (Oct. 23-Nov. 21): Alter the way you treat others, and you will change the dynamics regarding important relationships. Showing confidence in those around you will encourage the same in return. Teamwork will help you achieve what you set out to do. ★★★

i

SAGITTARIUS (Nov. 22-Dec. 21): Look past any differences you have with others, but don’t forget the past. Trust has to be earned, not bought. A change in your inner circle will help you establish a stable lifestyle with less stress and pressure. ★★★★★

j

CAPRICORN (Dec. 22-Jan. 19): Look, see and do. Bring about the changes that make you happy. Say what’s on your mind; you’ll be able to persuade others to help you to turn your ideas into something concrete. Romance is highlighted. ★★★★★

k

AQUARIUS (Jan. 20-Feb. 18): Take a waitand-see approach to handling money, legal and health issues. Do your research and make connections with experts instead of listening to someone who claims to know a lot but usually leads you on a wild-goose chase. ★★

l

PISCES (Feb. 19-March 20): An investment will pay off. Don’t neglect your personal papers. The updates you make will be advantageous. Look for ways to cut your overhead as well as unique ways to bring in more cash. ★★★★ BIRTHDAY BABY: You are steadfast, loyal and passionate.

You are resourceful and kind.

‘put it there’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker

ACROSS 1 Water blockers 5 Scorer on serves 9 Criticize meanly 14 Certain solo 15 Connecting point 16 New heart recipient 17 Like improbable tales 18 Augur 19 Formations in 28-Across 20 Named previously 23 “Don’t bet ___!”

24 Like some farewells 25 Collection of sayings 28 Excessively dry areas 30 Recipe abbr.

33 Perform incorrectly 35 Boston ___ Party 36 Software test 37 Director’s place 41 Variety of 35-Across 42 “___ you nuts?”

43 Press an odometer button 44 Number with “top”

45 UAE part 48 Before in “there” 49 Trudge through mud 50 Pirate’s taking 52 Dealing with the aftermath 58 “Chill, dude” 59 Border lake 60 “What’s more...”

61 Wombs 62 Tear 63 Shade of green 64 The IRS, famously 65 Spots 66 Viewpoint page DOWN 1 Stuff to crunch 2 Jordanian, e.g.

3 ___ and Otis (animal film) 4 Broadside from a battleship 5 Lack of social norms 6 Halley’s and others 7 Shangri-la kin 8 How young kids live 9 Optional components

10 11 12 13 21 22 25 26 27 29 30 31 32 34 36 38 39 40 45 46 47 49 51 52

Tied or tethered Poet Sexton Plant-to-be All guys Words with “a positive note” Way-tiny quantities External boundary Uncle’s girl Pale in the face Early anesthesia Like some negotiations Range roamer Teeth-cleaning stuff Performed Nectar chaser “Downsizing” star Vital gun parts Word with “cold” or “ice” Magic medicine Take ___ to (like) Some jacket fabrics Frighten Natural fertilizer Cheese variety

53 54 55 56 57 58

Trebek with the answers Genealogy structure Garment under a garment Arran or Skye, e.g.

Serving both men and women Groove in a dirt road

Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Wednesday, October 24, 2018

BLIND SPOT BRUCE C.

HER SHADY PAST

SHE’S now married and, hopefully, clean and sober but this celebrity has a past—and we don’t mean she had many boyfriends even if she did because that really isn’t the point. If this were the case now, the celebrity would probably be on the drug watch list.

You see, she used to trade sex for drugs when she wasn’t a big star yet. This was way before she met her husband, who we know is clean. Let’s just hope his healthy lifestyle rubs off on her. The celebrity’s inlaws will not take kindly to her being an addict. We actually doubt whether they’d be accepting even if it was in her past.

HELPFUL FRIEND

Harry and Meghan travel in different style on Australia tour

BY TREVOR MARSHALLSEA The Associated Press

S

YDNEY—The Duke and Duchess of Sussex took separate boats on Monday to Queensland’s Fraser Island as their tour of Australia and the South Pacific continued with a reduced schedule for the pregnant duchess.

Prince Harry took a barge for the 43-mile (70-kilometer) crossing from Australia’s mainland to the island, while the former American actress Meghan rode in a far more comfortable cruiser. Meghan is some four months pregnant and has had her schedule reduced after a hectic start to the 16day tour.

The Duchess rested for the first part of the day while Harry undertook several engagements focusing on environmental issues. Meghan then delighted onlookers by emerging for a waterside stroll with her husband.

Harry and Meghan touched down midmorning at Hervey Bay, 745 miles (1200 km) north of Sydney, in a Royal Australian Air Force plane. The couple

descended the stairs hand in hand, before going their separate ways: Harry boarding a bus and Meghan a car. After their boat crossings, Harry was scheduled for a range of engagements on the world’s biggest sand island, known as K’gari—or “Paradise,” in the local indigenous language—on day seven of their Australian tour.

After taking part in a traditional “Welcome to Country” smoking ceremony with representatives of the local Butchulla indigenous people, Harry unveiled a plaque dedicating the popular holiday island’s pristine rainforests to Queen Elizabeth’s Commonwealth Canopy project.

Harry’s itinerary also touched on the history of logging on Fraser Island, whose famed hardwood trees were used to build the London’s docks in the 1930s. After their afternoon stroll, the royal couple met locals, including Hervey Bay paramedics Graeme Cooper and Danielle Kellam.

The paramedics made headlines last year after a photo of them granting a dying woman’s wish to see the ocean

IN their prime, the two actresses were rivals. Now that they’re older, they’re kind of friends. Actress No. 1 even helped Actress No. 2 when she was having financial problems. Here’s the thing though: Actress No. 1 is now hesitant to help Actress No. 2 because the latter is addicted to drugs and gambling. She wants her friend to seek help and go to rehab, something which she had undergone several times in the past.

Actress No. 1 is a bit hesitant to tell her friend about this because Actress No. 2 is known to be feisty.

THIS AND THAT

AT the height of the popularity of their partnership, the actor couldn’t even call the woman by her name.

Instead, he’d refer to her as ano, which, loosely translated, means “that.” Now that his former partner is more popular than he is, there’s nothing he can do. Observers say he should have been nicer and kinder to her but, apparently, he drowned in a half a glass of water (water being a metaphor for his popularity and stardom).

ON HER OWN

at Hervey Bay one last time went viral and captured hearts around the world.

Harry and Meghan are due to leave Australia for Fiji and Tonga on Tuesday.

They will return to Sydney on Friday night for the final days of the Invictus Games, Harry’s brainchild and the focus of their tour, before finishing off with a visit to New Zealand. ■

SO popular celebrity doesn’t live in the family home anymore and instead is living with her boyfriend in a Makati condominium unit. The celebrity tried to coexist peacefully with her family and, in general, they are OK with the current situation. Her mother, on the other hand, refuses to accept that the celebrity is now an adult. The celebrity, who seems meek and mild, is now slightly more assertive than she was in the past. Good for her! This girl deserves to be happy and in love.

Maureen Wroblewitz fulfills grandmother’s wish to join ‘Eat Bulaga’ AFTER her successful foray in the modeling world, Maureen Wroblewitz, the first Filipina to win Asia’s Next Top Model (ASNTM), sashays her way into the local television scene as the newest addition to the Eat Bulaga family.

The half-Filipina, half-German beauty surprised many when she made her noontime television debut in the program’s hit segment “Barangay Jokers.” Since then, the 20-year-old dabbles in different portions of the show.

Maureen disclosed that she had to decline offers from two competing networks when she decided to join Eat Bulaga.

She said the driving force behind her decision was to fulfill the longtime dream of her 82-year-old maternal grandmother, Iluminada Pojas, to see her regularly in the longest-running noontime variety show in the country.

“I’ve known the show since I was a little and I know that it’s being watched by millions worldwide. As a matter of fact, my grandmother religiously watches it. It’s her longtime wish to see me regularly on television and me joining Eat Bulaga is, in a way, fulfilling that wish. At the same time, I want to try something new, venture into an unknown territory—live television. And what better way to do that than to be part of the longest and most successful program in the country,” she said.

Jeny Ferre, SVP for Creatives and Operations of Eat Bulaga, said that she and the management were impressed by the model’s determination, passion and fighting spirit. Eat Bulaga likes to give opportunities to young people who dare to dream, just like Maureen.

“She’s a natural and has so much potential. When you talk to her, she has that charm and you’ll really feel that she’s here to prove something of herself. We like that attitude. She’s eager to show what she can do, and at the same time she’s very open to new ideas,” she said.

Ferre added that Maureen will eventually participate in other program segments but will just take one step at a time.

She said they want her to fully embrace and adapt to live television. “She’s a model and it’s understandable that she is not used to television life. But she can very well carve her own path in this industry and we’re happy to be part of that.”

Admittedly, Maureen said she has a long way to go and is still getting used to working on a live television show and in front of a big audience. But she’s looking forward to meeting everyone in Eat Bulaga and to learn from her cohosts.

“I still get nervous and I admire people who work live on television because it’s not easy. I just try to calm myself down and get help from the people who have always been there for me. It’s scarier but it is fun. I actually enjoy it.”

As for the negative comments she’s getting for her lack of television experience or her poor Tagalog speaking skills, the model said she’d rather focus on the positives rather than the negatives. “People always ask me if I get affected. Of course I get affected; I’d be lying if I say I wasn’t. But I learned how to handle it and I think it is normal. Sometimes I even laugh at the comments. I read it but I don’t really focus on them. I’ve already anticipated that I’ll have bashers even after winning ASNTM. If you decide to be in the public eye, not everyone is going to like you.”

Maureen added that nowadays, bashers rarely get to her nerves as she grew a thicker skin after joining ASNTM. She recalled that early on in the competition, when she started opening up to her comodels, some said negative things behind her back while others accused her of being unworthy of her spot in the model search.

“Some things happened off camera. Two weeks in, they were talking about me, they’re judging me. I was struggling because I never had that feeling growing up because I

was never bullied in school. There are girls who are more experienced than me but they were eliminated and that just didn’t bode well with others. They’d always ask, ‘Why are you still here?’”

The bullying, Maureen said, motivated her to perform better. She wanted to prove not just to her comodels, but also to herself that she can win the competition.

“It’s very rare that you see short models in the runway but I used that to challenge myself to do better and to prove to everyone that even though I’m not the tallest girl, I can do things my way. I just took that as a motivation and I will never let that bring me down.”

Asked for advice for people who are having a hard time fitting in, the model, who lost her mother at the young age of 11, said it’s better to surround yourself with people who are close and dear to you. “You just have to focus on the positive things. What I like to do is I focus on the good things, especially those that will uplift my spirit. It also pays to surround yourself with positive people and those who truly believe and love you, like your family and friends. Keep a small group of people whom you know and trust deeply. At the end of the day, you count on people who care.”

Right now, Maureen is grateful for this once-in-a-lifetime opportunity to be part of the longest-running noontime variety program in the country. She said she’ll try to make everyone, especially her fans, proud.

“After ASNTM, I’ve been traveling around. For once, I’ll be in one place for a long time and I think that’s great. I’m excited to explore more my roots and meet people along the way. I also hope that they, the viewers, will also get to know more about me now that I am part of this big family.”

Catch Maureen and the rest of the Eat Bulaga gang from Monday to Saturday at noon on GMA.

MAUREEN WROBLEWITZ

D3

D4

Image BusinessMirror

Wednesday, October 24, 2018

www.businessmirror.com.ph

Explore the world of e-mail sign-offs beyond ‘Best’ and ‘Regards’ JUST THAT JT NISAY

jtnisay@gmail.com

T

GLOW Spa of Club Paradise Palawan

ALL-NATURAL PAMPERING NOTHING beats the soothing and gentle care that nature-based products bring, along with the benefits they provide to the body. For centuries, coconut oil has been the beauty and skin secret—a true jewel of nature—used by Asians with its proven benefits and nourishing qualities. And now, the West has also discovered the outstanding benefits it brings—as restorative, healing and anti-inflammatory oil.

Also, it has many uses too: as a hair conditioner, face cleanser, body scrub, detox bath and overall moisturizer that can penetrate the skin better than synthetic products can.

At the Glow Spa of Club Paradise Palawan (www. clubparadisepalawan.com), an oasis of serenity in a tropical island, you can enjoy natural pampering while protecting the environment as only 100-percent natural coconut oil is used in its rejuvenating treatment selections, instead of synthetic scented oils that can harm the environment or even irritate the skin. You can choose from among different infusions—lemongrass, turmeric, ginger or local herbs for an even more potent, invigorating and luxuriating experience.

Pure oil is extracted from the coconut by carefully cooking it for at least three hours. The coconut is sourced from women of Barangay Cheey in Coron, Palawan, who rely on coconut for their livelihood and additional income. The arrangement also helps their community. Other spa treatments also use organic ingredients like yogurt, carrots, cucumber, papaya, oatmeal, fresh milk and honey. Some of the produce is grown at Club Paradise’s own Taranuman Farm and are completely pesticide and chemical-free.

Among the treatments available are Body Massage, Body Scrub and Natural Body Scrub, Natural Scrub, Luxurious Indulgence or Tropical Hot Pack with Holistic Massage.

So, relax and savor the pampering you deserve while doing your share in protecting the environment and helping the local community.

HERE’S a good chance that more than a third of the 100 most recent, nonautomatic, non-promotional e-mails in your inbox sign off with either “Best” or “Regards,” or possibly wordier variations of the two.

This is not to say there’s something wrong with it, but ending an e-mail with the same, stodgy-butsafe sign-off is like going to the movies on the first date: a popular choice, but a monumental waste of opportunity to make an impression.

What seems to be lost in the default usage of trite one-liners, therefore, is the very idea behind writing one in the first place. Remember that a sign-off isn’t a conclusion to the message as much as it is a verbal ribbon to a perfectly wrapped gift.

For years, people have been looking to wrap their gifts right. A Google search of “different ways to sign off an e-mail” yields links to several articles with number-fronted headlines: 9 Best and Worst Signo�fs 57 Ways to Sign O�f on an E-mail 70 E-mail Signo�fs to Make People Remember You You get the point. There’s a whole world of options to stamp an e-mail aside from everybody’s two favorite options. Here, I collated some of the best alternatives online.

The third cited headline above is actually from an article on www.criminallyproli�ic.com written by PR strategist Dmitry Dagilev. While he presented a glaring amount of sign-offs, Dagilev maintained that context is king.

TO CONGRATULATE OR COMPLIMENT ■ “Keep up the great work,” ■ “Great working with you,” ■ “To your continued success,” TO SHOW GRATITUDE OR APPRECIATION ■ “Many thanks,” Simply writing “Thanks” is as informal as it is cold. Dagilev suggests adding an adjective to make the message more heartwarming.

■ “Thank you for taking the time to [what they did for you],” ■ “Really appreciate your help, it means a lot,” Here we have the rare double-comma sign-off. Dagilev said this is used when “simple ‘thanks’ or even ‘thank you very much’ doesn’t quite capture the full extent of your gratitude.”

■ “Thanks in advance,” This one is actually contentious. Some argue the statement is a show of premature gratitude, one that implies passive-

aggressiveness. But according to the 2017 study of e-mail app Boomerang, e-mails with this sign-off have the highest response rate. Use wisely.

■ “Thx or Rgrds,” Don’t use at all.

TO SHOW RESPECT OR WELL WISHES ■ “Respectfully,/Respectfully yours,” This one may be commonly used, but Karen Hertzberg wrote for www. grammerly.com that is a sign-off to avoid. She argues it’s only acceptable when used on a formal missive to the President. For anything else, “it’s too formal.”

■ “Yours truly,” Another shocker. Hertzberg said this is another no-no. “Do you really, truly belong to the recipient?” Makes you think, doesn’t it?

■ “You’re an inspiration,” ■ “Hope life’s treating you well,” ■ “Wish you many more days of walking on sunshine,” TO SET ANTICIPATION ■ “Talk soon,” Dagilev said this one conveys your intent to talk to someone soon so they have that to look forward to. Sweet, short and simple.

■ “Have a splendid day/week/weekend,” ■ “I’ll circle back to you shortly,” ■ “Until next time, stay warm”

A ROOM TO MAKE DREAMS COME TRUE

EVERY woman’s dream is to have the most beautiful and memorable wedding reception of her life beside her newly wedded husband. Every man’s dream is to give that to the woman who will wear the same ring with him through better or worse. With Romulo Café, it can happen.

Visualize an intimate dream wedding reception and Romulo Café (www.romulocafe.com) will make it to reality. Select the Filipino buffet menu to share with everyone and the culinary destination—which has branches in Makati, Quezon City and Alabang—will elevate each dish’s taste and start it fresh. Open the doors and experience what the magic of cafe’s function room can bring with the best food and best people all in one romantic place. The function room is all set up to capture this once-in-a-lifetime moment to cherish.

Needless to say, the Romulo Café function room can also be transformed for important occasions, milestones and events for other dreams to happen.

TO GIVE LOVE ■ “Enjoy basking in the rays,” Dagilev describes this as a “good e-mail signoff for sunny days, especially for contacts who do not get to see much of it.” But proceed with caution. He warns that this doesn’t work well with someone who “has an incredibly busy day or don’t ever get to leave their cubicle.”

■ “As ever,” Hertzberg wrote that this one is ideally used for people you’ve built an ongoing working relationship with. “It reassures your contact that things are as good between you as they’ve ever been.” ■

How tough times bring out the best in the Filipino woman THESE are increasingly challenging times for Filipino women. While the current economic realities find them in situations that call for more patience and perseverance, they likewise find the strength to endure, work toward their goals and build a more beautiful community.

Happily, these tough and resilient Filipinas know they are not alone.

Avon, as the company for women, continues to provide them with opportunities to rise above their circumstances—from financial struggles to domestic problems and even health issues.

As Avon celebrates 40 years of Filipina beauty and empowerment, be uplifted by the stories of three sales representatives who embody the true beauty of empowered Filipinas and act as catalysts for change in other women’s lives.

SPREADING MEANINGFUL BEAUTY, ONE LIPSTICK AT A TIME FOR more than 130 years, Avon has brought beauty to the doorsteps— and lives—of women all over the world, inspiring and empowering them to create more beauty in their communities. Maridhel Macabebe, a young Avon Rep, saw firsthand how Avon’s high-quality and affordable products make women feel their most beautiful, and this inspired her to choose a career with the company over a highpaying job as an OFW.

A strong, capable woman with big dreams, Macabebe had been an Avon Rep since she was 18 when she left the country to work in Thailand and Lebanon.

But despite a steady income abroad, she returned to the Philippines to resume her Avon journey.

For Macabebe, it was never just about the makeup or skin-care essentials she sold, but the beauty and confidence that her customers derived from them. Fueled by her passion to spread purposeful, meaningful beauty one lipstick at a time, Macabebe quickly rose to success within Avon and is happily living her dream life with her family.

FROM SHY HOUSEWIFE TO INDEPENDENT WOMAN FOR the global brand, beauty also means empowerment, and as one of the world’s largest direct sellers, Avon has had a long heritage of providing women tremendous opportunities to help them achieve financial independence. Sezy Blanco is one of those women, who got her start when she saw, and responded to, an Avon advertisement.

Once a housewife who relied on her in-laws to make ends meet, Blanco discovered a whole new side of her when she joined Avon. “Dati napaka-mahiyain ko, wala akong confidence,” she admits, recalling how she eventually overcame her shyness with the help and guidance of Avon’s Sales Leaders. This training, along with her hard work, transformed her into

SEZY BLANCO

an assertive and independent woman.

Today, she can provide all her family’s needs, send her kids to school, experience life’s greatest pleasures and even proudly share her success story with Avon Reps.

PRICELESS LESSONS FOR A CANCER SURVIVOR ASIDE from providing beauty and finances, Avon has consistently given enormous support to the issues that impact women, especially those of domestic violence and breast cancer.

Liz Manalansan, the President’s Club FD of Avon Alabang, was encouraged by

LIZ MANALANSAN

her mother to become an Avon Rep, and signed up at a very young age. But it was when she fought—and won—her battle with cancer that she discovered how Avon continues to be present in women’s lives, even when they are at their lowest, darkest times. “’Yung education na binibigay nila sa kababaihan at ’yung tulong na ibinibigay nila sa mga nagkakasakit ng breast cancer, malaking bagay ’yun at malaking empowerment para sa amin,” says Manalansan.

As a survivor and a proud Avon Rep, Manalansan always remembers to give

MARIDHEL MACABEBE

back by finding time to visit Avon’s Breast Cancer Center at the Philippine General Hospital and cheer up other survivors.

Her proudest Avon moment? Being able to raise her daughter, who is a consistent president’s club scholar.

With life in a constant state of flux, Avon stays true to its commitment of teaching generations of Filipino women how to love themselves even more and achieve their goals by providing quality makeup products and essentials, a myriad of earning opportunities, and invaluable support for the causes that matter most.

BusinessMirror E1 | Wednesday, October 24, 2018 • Editor : Tet Andolong

AVIDA Verge Tower faćade

AVIDA TAPS MILLENNIAL MARKET FOR VERGE TOWER

By Rizal Raoul S. Reyes @brownindio

A

Contributor

VIDA Land Corp., the midrange property developer of colossus Ayala Land Inc., is tapping the mobile millennial market for its newest development designed to address compact living spaces and the horrific traffic situation in Metro Manila, which results in loss of productivity and energy.

“We are targeting millennials working in Mandaluyong and central business distric ts in Makati, Bonifacio Global City [BGC], Ortigas and Quezon City for Avida Towers Verge.

They made up the bulk of our buyers in Avida Towers Centera,” said Pol Tanco, Avida Land vice president for Project and Strategic Management Group, in a press briefing held on October 16 in Makati City.

“Most of them, about 64 percent are end-users. They are not only from Mandaluyong but from all over Metro Manila. About 54 percent of Centera buyers were at 35 years old and below, young working millennials choosing to move closer to their places of work,” he added.

Located along Reliance Street corner Mayflower Street in Mandaluyong, the three-tower residential condominium Avida Towers Verge is just a few minutes away from bustling Edsa. Moreover, Tanco said Avida Land is bullish the project will be able to replicate the success of Avida Towers Centera nearby—Avida’s first

AVIDA Verge Tower 1 one-bedroom suite

project in Mandaluyong launched in 2011 and now 97 percent sold with all four towers completed and ongoing turnover. Remaining inventory in Centera is currently being offered as ready-for-occupancy units.

Tanco noted Avida Towers Verge offers numerous attractions for the market. He said the Mandaluyong itself is a bustling city with several business establishments operating as well as also a shopping and entertainment locale. Access to the Verge is convenient as the Boni Avenue and Shaw Boulevard. Manila Metro Rail Transit stations and Edsa Avenue itself afford a fast track to different central business districts and beyond.

Meanwhile, the four-lane Santa Monica-Lawton Bridge, which will cross the Pasig River, will be completed by March 2020 and provide direct access to BGC. “Verge rises on an area specifically designated for residential developments. Even with the busyness of Edsa just beyond, Verge still lies in

AVIDA Verge Tower retail area

a quieter area,” said Jojo Fabricante, Avida Land head for Innovation and Design Group.

In terms of the differences between Avida Towers Centera and Avida Towers Verge, Fabricante pointed out that Avida Towers Verge caters more toward millennials, offering Junior one-bedroom units and one-bedroom units. Avida Towers Centera, on the other hand, had a variety of unit types, specifically, Studio, one-bedroom, two-bedroom and three-bedroom units.

“In Verge, we offer the Junior 1BR unit. This type of residence adds a partial partition to a Studio unit that separates the bedroom area from the living and kitchen areas.

It is compact and yet still provides privacy,” Fabricante explained.

For people who prefer a more tranquil atmosphere, Verge rises on an

area specifically designated for residential developments. Even with the busyness of Edsa just beyond, Verge still lies in a quieter area.

As a three-tower development, Verge also offers more open spaces for everyone. In terms of the design concept, Fabricante said Verge focuses on convenience, right-sizing and a response to market trends on practicality, time and life priorities.

Fabricante said Avida Towers Verge offers two unit layouts. The Junior one-bedroom unit is an offshoot of the Studio unit’s design.

A partial partition separates the bedroom from the common areas for living and dining. A Junior one-bedroom unit in Avida Towers Verge is about 22.90 square meters (sq m) in size. The unit layout has also become available in other recent Avida developments, such as

AVIDA Verge Tower bathroom

Avida Towers Cloverleaf.

The one-bedroom unit with balcony, meantime, comes in at 33.81 sq m. Buyers are also given the option to combine two units.

“We observed that buyers in Avida Towers Centera preferred these very layouts. These types of units, in fact, were the first ones to become sold out. The units are just the right size to serve the needs of young professionals and at the same time, meet their budget. Market trends in the area further support this,” he added.

The Junior one-bedroom units are priced at P4.2 million to P4.4 million, while the one-bedroom units are at P6.7 million to P7.7 million.

Just like other projects, Tanco said residents in Avida Towers Verge will experience the much vaunted Ayala Land lifestyle, which gives premium on a number of sustainable features.

Hallways and podium parking are equipped with light sensors for energy efficiency. Residential unit windows use low-heat-gain glass that lowers the amount of heat entering a room, saving costs on air conditioning. A rainwater-harvesting feature lets the collected water be used for irrigating gardens, instead of using water from utility providers.

“Verge adopts the millennial trend of compact living, convenience, sustainability and managing one’s time and life. The design really focuses on what that market really needs at their life stage,” Fabricante said.

Avida Towers Verge’s first tower will rise 34 stories high and offer 1,020 residential units. The amenity deck will feature a high-ceilinged clubhouse, an indoor gym, play area, adult and kiddie swimming pools, gazebos and landscaped spaces.

Business

E2 Wednesday, October 24, 2018

REAL-ESTATE LEADERSHIP

ON THE YEAR THAT WAS AND 2019

Amor Maclang

FIRST DIBS IN REAL ESTATE

A

Part One

LITTLE above a decade ago when I started working in communications and marketing for the real-estate industry, Bobby Dy, then incoming head of Community Innovations, once said to me, “Real estate is a public trust.”

This advice defined my career.

People entrust you with their hard-earned money, whether for a residence, investment or even a few hours in your mall. Work in this industry carries immense responsibility to the public good, beyond just to your shareholders.

There’s a palpable shift in the times as evidenced by the changing of the guards. The leadership in the industry is young, dynamic and focused on things that matter the most. The themes dominating the discourse have shifted to technology, resilience, climate change, shared living and working, and things that truly matter to the collective good.

Presenting a recap of the year that was and prospects for 2019 Eric Manuel, ARCH Capital, Philippines, Asian Institute of Management

WHAT was the defining trend in real estate last year?

The combination of technological and demographic trends has led to developers and occupiers implementing flexibility in their overall real-estate strategies. The coworking trend is just the beginning of something much more disruptive.

What do you see happening for next year? 2019?

Companies will have to master agility, the ability to think, understand and move quickly. Business models must change, with technol-

ogy at the center, to adapt to new demands and unpredictable macroeconomic forces. The agile companies will win top talent, market share and investor funds.

2018 saw the continuing rise of mixed-use developments in various parts of the country—truly a reflection of the growing urban migration.

“For 2019, I’m expecting more innovative mixed-use developments to launch in 2019. Also, expect to see more attention to landscape in the newer projects.”

Chris Narciso, ArthaLand and SHDA member board of governors and past national president

RECORD breaking by the end of 2018, the Philippine real-estate market would have broken many records.

Largest amount of new supply, largest amount of take up, most number of emerging business districts and new townships, highest capital prices for land, condo units, etc. The record that we’re happiest about, though, is the highest ever number of registered and certified green buildings under credible green building rating tools like Berde (our national voluntary green building rating tool, BerdeOnLine.org) The market is embracing sustainability more and more with every passing year.

2019 is shaping up to be a year of volatility and uncertainty. However, we still forecast 2019 to be a banner year in terms of green building and sustainability given the level of com-

ERIC MANUEL

CHRIS NARCISO

mitment from many of the developers in their ongoing and planned projects. Also, we have successfully established this year that basic green building certification (under Berde) is achievable at zero construction cost premium (excluding actual certification cost), which will be a huge growth driver in greening more of our real-estate industry.

Raymond Rufino, chairman, Philippine Green Building Council

2018 has merely been an appetizer as we are eyeing for year 2019! In 2018, we got a greater taste for coworking and liked the flavor. We enjoyed the continued foreign direct investments from predominantly China. Business-process outsourcing growth is no longer progressive. The government’s “Build, Build, Build” boosted prices, but also appreciated the value of foreign currencies, thus making foreign remittances from overseas Filipino workers and foreign investors even more enticing for

RAYMOND RUFINO

LARS WITTIG

senders and recipients alike.

The millennials, start-ups and SMEs are largely behind the growth in coworking like a new grassroot movement. Overall, it’s likewise the multinationals that continue to seek flexible rather than conventional workspace. In 2019, we’ll not see any new office buildings without the element of flexible working. The speed of change is simply too rapid solely to rely on conventional office space.

Besides, the employees are more productive with flexible working and easier to attract and retain.

The supply of new commercial office space has been record-high in 2018 with over 1.2 million square meters of office space turned over.

While this rate is expected to continue in 2019, the question is whether the demand will remain as strong as currently is the case. 2019 has greater uncertainties than we faced when entering 2018. Should the BPO sector diminish, or the global economy slow down, the real-estate sector may go

SYLVESTER WONG

from boom to gloom.

Nevertheless, 2018 has been merely an appetizer, and 2019 is when all the trends will take a giant grip in the market. Moving from commercial square meters as a commodity to work spaces shaped for community building, knowledge sharing and flexibility. How big the overall demand will become is the real question.

Sylvester Wong, vice president, Asia/Buildings & Places-Philippines Asia/SEA, AECOM

2018 saw the growing of partnerships and collaboration to develop land, often while addressing the challenges of urbanization like creative housing solutions and decongestion from Metro Manila.

2019 may see more urgent property integration with infrastructure to capture transit-oriented development value as major connectivity gets within horizon. A need and will to step up regional competitiveness.

“DEVELOPERS are increasingly planning and designing their buildings to help their tenants achieve their business objectives, especially on talent retention. As a commercial office developer, we have designed green office buildings that can help employees be healthier and more productive, and incorporated retail choices and coworking spaces to enrich their time in the office. We ensure that the office is accessible, close to major infrastructure, as well as located in a community where employees can have a work-life balance.

We believe this trend will continue to the succeeding years as developers cater more to the well-being of their tenants. We also find this as an opportunity for businesses to expand outside the established business districts and closer to upcoming infrastructure projects that can bring about greater connectivity.”

planned and managed.

“Santa Rosa has been a proven growth area for numerous real-estate investments and is currently thriving with diverse developments,

such as subdivisions, commercial areas, industrial offices and now mid-rise condominium buildings. The future of real estate is moving toward that area,” he said.

Lars Wittig, country manager, Philippines-Vietnam-Cambodia, Regus & SPACES by IWG

‘Greenspired’ to rise in Sta. Rosa W

ITH our congested living spaces and the interminable traffic jams, perhaps what can be considered true luxury these days is just a space to breathe in fresh air. Simple pleasures like a father flying a kite with his child, or a couple resting in the shade of a tree are now rare sights in these hurried, harried times.

Turning to nature for inspiration, Greenfield Development Corp. (GDC), through its subsidiary Equus Property Venture, Inc., created Zadia, a condominium community that brings the lovely outdoors of Santa Rosa, Laguna, within 3.6 hectares of prime property. The result is a generous expanse of verdant open space that represents about 80 percent of the entire development.

The key word here is “Greenspiration.” Future residents of Zadia will enjoy living an inspired life amid the lush greeneries. According to GDC EVP and General Manager Duane Santos, Zadia, as the first medium-rise residential community in Greenfield City, will set a new standard in terms of overall land efficiency for vertical developments in the country. “Eighty percent will be devoted to green open spaces, tree-lined roads, parks and playgrounds, parking and various amenities, which is unheard of in Metro Manila and even in Santa Rosa.”

Zadia will consist of five residential buildings clustered amid lush botanicals. The midrise development is envisioned to facilitate wellness and relaxation among its residents

so they can live and thrive in an inspiring, sprawling sanctuary.

All units open up to a balcony so residents can safely soak up the surrounding garden views from their bedrooms on cool evenings and look out across the relaxing suburban landscape beyond. The development is highly amenitized with key features like a swimming pool and an indoor basketball court which are centrally located; outdoor basketball and tennis courts, a clubhouse, and pocket parks for various needs and lifestyles; and other common areas that are easily accessible.

The community is close to lifestyle and civic centers and highly regarded schools being at the heart of Greenfield City, just a short

drive to Tagaytay.

“The demand for condominium in Metro Manila is still strong, but we were pleasantly surprised to encounter such a high demand in Santa Rosa, as well. In just a few weeks, the majority of the units in the first tower of Zadia were sold. As early as now, we are working to launch the second tower of the development to cater to those who missed out on the first building.”

For as low as P21,652 a month, Zadia is an excellent option for young families looking for a place to grow, empty nesters and retirees who prefer to live in secure premises near lifestyle conveniences, and those looking for a rewarding investment in an area that will only continue to progress in a way that is well-

sMirror

Wednesday, October 24, 2018 E3

Success finds a home in Arcovia City

THREE-BEDROOM unit

F

OR today’s young generation of home buyers, location is almost always on top of their priority list. They put a premium on living close to where they work and where they unwind with their peers.

Because they have so many things on their plate, they value the time that they can save and enjoy doing and experiencing more than the usual.

More important, they also prefer an address that inspires them to strive for greatness. Such is the promise that property giant Megaworld brings to these driven individuals with the launch of the 37-story 18 Avenue de Triomphe, the first residential development inside its 12.4-hectare Arcovia City Township in Pasig.

Spaces to suit high-paced lifestyles

HOME buyers will have a wealth of options for a space to call their own

at 18 Avenue de Triomphe. The tower will have 576 residential units ranging from studio (up to 32.5 square meter); one bedroom (up to 63 sq m); two bedroom (up to 110.5 sq m); and three bedroom (up to 154 sq m).

All units will also have their own balconies that offer pristine views of the Eastwood, Ortigas, and Fort Bonifacio cityscapes, as well as the Antipolo mountains.

Packed with lifestyle amenities, the tower features its own swimming pool, children’s playground, outdoor fitness park, game and en-

tertainment room, fitness center, event hall, outdoor lounge and a viewing deck, overlooking the various attractions of the township including the iconic Arco de Emperador. The 18 Avenue de Triomphe will be completed in 2023.

Bringing the live-work-play lifestyle to Pasig

WITH the introduction of Arcovia City, Megaworld draws inspiration from its thriving townships like Eastwood City, Uptown Bonifacio, McKinley Hill and Newport City to create communities that inspire Filipinos to chase after success Set against the bustling landscape along C-5 Road in Pasig City, Arcovia City is poised to rise as a haven for passionate individuals and young professionals alike. Designed with the company’s pioneering livework-play concept in mind, Arcovia City will offer high-end commercial spaces via the Arco Parade, LEEDdesigned office towers, residential condominiums perfect for young achievers and growing families and a transport hub.

“Arcovia City is all about selfmade success and is designed to inspire people to embrace their ‘turn to be great.’ We envisioned Arcovia

18 Avenue de Triomphe

City to rise as a township that offers opportunities to cultivate passions with features that encourage communities to celebrate their milestones,” said Kevin L. Tan, senior vice president, Megaworld.

Among the first to rise within the emerging township are a Landers Superstore, 18 Avenue de Triomphe, and three state-of-the-art office towers.

The township will also prominently feature other green elements, such as a rainwater catchment facil-

ity, a network of bicycle lanes inside the township, open parks and wide tree-lined sidewalks.

The entire township will also be dotted by over 1,000 trees highlighting Megaworld’s commitment to reducing the carbon footprint of its integrated developments. This greening feature will help provide an outdoor thermal comfort for the future residents, workers, tenants and visitors of the township.

Standing proudly right at the heart of the township, meanwhile,

is the Arco de Emperador, a bronze sculpture inspired by the Arco de la Victoria in Madrid, Spain, that features a victorious Emperor and his retinue.

Making up the Arco de Emperador are the following: three horses that symbolize strength and power; a lion symbolizing pride and passion, accomplishment, and success; and the emperor who, unlike kings who inherit the throne, gains power and becomes the leader of an empire the moment he wins the war.

HomeSpace360 makes immersive virtual tours affordable

I

By Rodel Ambas Jr.

T is common nowadays to encounter revolutionary and innovative technological solutions, from artificial intelligence and machine learning applied in various industries, such as health care and human resources, to blockchain and cryptocurrencies that promise to make financial services more inclusive. One of the world’s largest tech companies, Microsoft, is making sure that its partners are equipped to drive innovation in this age of digital transformation.

One of these companies is HomeSpace360, a start-up that aims to democratize virtual-reality technology in the real-estate industry.

One might describe this company as a trailblazer, but on the contrary, HomeSpace360’s objective is much simple—it aims to make VR technology more accessible and less intimidating to real-estate professionals, so they can use this immersive and effective technology to drive their sales.

A c c o rd i n g t o Ho m e Space360 CEO and Founder Simon Gemayel, technology has the tendency to be expensive and intimidating. And one cannot blame real-estate professionals to look at VR technology in a similar way.

Although 3D virtual tours of properties are more engaging and generate more clicks, they come at a price: 3D cameras

are expensive, complex and are very time-consuming to operate. This gave Gemayel the idea to utilize ubiquitous smartphone technology to create, share, and display 360

content in 2D and 3D, at a fraction of the cost.

“Technology is the great equalizer,” said Gemayel. “We want to enable all [real-estate brokers and professionals] by democratizing immersive virtual tours through userfriendly technology, and to make high-quality virtual tours within the reach of every real-estate seller.”

A simple kit is all it takes

DURING its launch held recently in Bonifacio Global City, Gemayel presented HomeSpace360’s allin-one service for creating highquality 8K 2D and 3D photographic and video VR experiences directly on a smartphone.

He describes this service as an end-to-end automated system that offers real-estate sellers and marketers a solution for quickly and inexpensively capturing, distributing, and visualizing properties in 2D and 3D on Web, mobile and VR. According to Gemayel, real-estate brokers and marketers who will subscribe to HomeSpace360 will be provided a kit that contains every-

thing they need to create and share high-quality 360 virtual tours immediately. This kit includes a mobile VR viewer, battery-free smartphone rotator, light-weight tripod with carrying bag and an HD fisheye lens for 3D capture that can be attached to a smartphone—basically everything that’s needed to create immersive 2D and 3D virtual tours of any space.

What makes this technology robust is that it is built on the Microsoft Azure cloud platform, which eliminates the need to real-estate marketers to build their own web site or platform if they want to include immersive virtual tour in their marketing arsenal. According to Gemayel, once a 2D or 3D virtual tour is done, a real-estate broker will get a link, which they can embed on their web site like a YouTube video, or share it on their social-media pages.

“With our technology, marketers can easily transport their clients to 10, 20, even 30 properties in an hour,” added Gemayel.

“It’s exciting to see partners like HomeSpace360 create democratizing solutions to today’s problems with Microsoft technology,” said Eileen Ong, Microsoft’s director for Commercial Partners and Small Medium Corporate Business Units. “HomeSpace360 is one of the companies that are at the center of digital transformation as they continue to enable our customers to achieve more.”

Ricky Kapur, general manager for enterprise operations of Microsoft Philippines, agreed. “A recent survey

RICKY KAPUR, general manager of Enterprise Operations Unit of Microsoft Philippines MICROSOFT PHILS.

HOMESPACE360 CEO and President Simon Gemayel explains how this innovative 2D and 3D service works. MICROSOFT PHILS.

shows that 86 percent of all CEOs see that digital transformation is critical for growth.” He added that the Philippine economy can increase by $8 billion in four years through digital transformation.

For as low as P1,500 per month, a real-estate broker and marketer

can subscribe to HomeSpace360.

This package already includes the abovementioned kit plus up to 15 2D and 3D virtual tours per month using their platform.

To know more about this digital product and to subscribe, visit www. homespace360.com.ph.

Entrepreneur BusinessMirror

E4 Wednesday, October 24, 2018

Talim Island’s traditional bamboo entrepreneurs get livelihood boost

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OR decades now, residents of a barangay on Talim Island, the largest lake island in Laguna de Bay, have put up a viable livelihood out of bamboo grass that grows abundantly on the island’s hilly terrain by making barbecue sticks and earning as much as P6,400 to a low of P1,000, or an average of P2,776 monthly.

The bamboo stick makers of Barangay Ginoong Sanay indeed need help to upgrade their lowly bamboo craft business into a profitable collective business enterprise.

The Ecosystems Research and Development Bureau (ERDB) has been helping the Ginoong Sanay bamboo group, which is composed of 70 bamboo stick makers and 10 dealers. They make up 95 percent of the barangay population. Some of them produce their own bamboo poles and market their own goods.

However, ERDB Director Dr. Sofio B. Quintana hopes partners in mechanization and financing would come into the picture so the group could level up into a more organized enterprise.

ERDB has recommended the group’s more formal organization and increased investments in bamboo planting.

Quintana said credit assistance in bamboo plantation and the aid of machinery will enable the Ginoong Sanay microenterprise to supply their own raw material needs and even expand into other more profitable bamboo products.

More v a lued produc t s, suc h as bamboo beds, bamboo sofa and bamboo table are already made by other barangays on the island.

“They should establish linkages with LGU [local government units] and nongovernment institutions, including the private sector for any techni-

cal and financial assistance they may need, such as the bamboo stick drying machine. They should plant more bamboos in order to sustain their supply of raw materials,” according to the ERDB. The bamboo grass has been proven to be a versatile crop that flourishes in Talim Island since the island’s soil has not been suitable for planting other crops.

“Talim’s craggy terrain may be hostile to other crops, but bamboo particularly the kawayan tinik variety grows abundantly on its slopes,” according to Maria Vienna O. Austria and Myline O. Aparente of ERDB. The Barangay Ginoong Sanay bamboo enterprise started with the production of kaing, the native-looking, nature-friendly equivalent of plastic crates used as container for hauling fruits and vegetables.

“Because kaing slowly became unpopular due to the influx of plastic containers and its production requires more bamboo poles and a higher capital, kaing producers shifted to bamboo stick making in the 1960s with barbeque,” said Austria and Aparente.

The majority of them, or 90 percent, have no alternative income source but rely solely on bamboo stick making for sustenance. Extra income comes from fishing, fish and food trading, construction work, laundry and sari-sari store jobs.

A bamboo farmer, meanwhile, sells the raw material for P62 per pole.

This is an initial move and what excites me also is the inclusion of bamboo propagation for two things—one, bamboo can absorb three to four times carbon dioxide compared to other species. And also, bamboo provides plenty of livelihood opportunities.”—Cruz

BAMBOO products in Talim Island being transported to nearby towns.

The bamboo traders among them earn a higher average of P6,640 per month on top of additional P3,685 per month for stick making.

As they grew short of raw materials within their barangay, they sourced bamboo poles from nearby barangays, which somehow benefited people in Malakaban, Tabon, Kinaboogan, Talim, Binitagan and Sapang. Most of their supply now comes from other areas, leaving only 27 percent sourcing from Barangay Ginoong Sanay.

The bamboo trade has been a family tradition with each member playing roles in harvesting, hauling, cutting, slicing or splitting of bamboo poles, sharpening into small javelins, drying of the stocks, cleaning or polishing, counting, bundling and selling.

Right now, the dealers serve as financiers for the stick production. The products are sold to the market on a consignment basis—paid to farmers and producers upon sale completion. They are distributed to market stalls throughout Biñan, Santa Rosa, Cabuyao, Calamba in Laguna, Bicutan (Taguig), Alabang (Muntinlupa) and Antipolo.

Due to lack of raw materials, ERDB has partnered with Pilipinas Shell Foundation Inc. (PSFI) on clonal nursery operation and bamboo propagation.

In support to the government’s National Greening Program, PSFI will help propagate quality-planting materials, or seedlings, of indigenous trees including bamboo propagules.

ERDB and PSFI have just opened PSFI’s clonal facility and forest nursery for bamboo in Barangay Malaya, Pililla, Rizal, on July 26, 2018.

“The regard for the environment is

very high in Pilipinas Shell’s agenda. We see a very good alignment on what Shell wants to happen with what the government wants to happen,” said Cesar G. Romero, Shell Philippines country manager.

The clonal nursery will yield about 30,000 bamboo seedlings for nine to 12 months.

“That’s a big jump from what we produce in our existing nurseries,” PSFI Executive Director Edgardo Veron Cruz said.

PSFI’s bamboo propagation facility will also grow select Philippine bamboo species.

“This is an initial move and what excites me also is the inclusion of bamboo propagation for two things—one, bamboo can absorb three to four times carbon dioxide compared to other species. And also, bamboo provides plenty of livelihood opportunities,” said Cruz.

ERDB carried out a training from September 12 to 14 on Tree Clonal and Bamboo Propagation Technology and Nursery Operations at the PSFI Training Center in Pililla, Rizal.

The training also delved on technical and managerial skills needed to run the clonal facility.

The training observed a “hands-on demonstration” mode and also led a target and action planning workshop.

Romero said an environmental uplift is a top priority for the company having engaged in the conservation of the Tubbataha Reefs, coastal cleanups, mangrove tree planting, community waste management programs around its distribution terminals nationwide, and tree planting of endemic species in Mount Banahaw, Quezon, as part of its Carbon Sink Management Program.

Subic firm partners with Tesda to train autoworkers

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UBIC BAY FREEPORT—A company engaged in trading of motor vehicles here forged on Friday an agreement with the Technical Education and Skills Development Authority (Tesda) for the training of workers in the automotive industry.

Subictrak International Inc., a Subicregistered enterprise engaged in importation, remanufacture, rebuilding and reexport of motor vehicles and heavy equipment, will join Tesda for an in-plant dual training system to help improve the standards in truck rebuilding.

Subic Bay Metropolitan Authority

(SBMA) Chairman and Administrator Wilma T. Eisma said the partnership exemplifies the culture of community involvement that the agency is cultivating among stakeholders in the Subic Freeport.

Under the agreement, Tesda will execute the training program designed by both parties in accordance with the Dual Training System Act of 1994, while Subictrak will provide the facility for the in-plant shielded metal arc welding NC2 class and automotive servicing NC2 class.

The memorandum of agreement (MOA) was signed by Subictrak President

Ferdinand Tangan and Tesda Provincial Training Center Administrator Eugene Peñaranda.

Tesda-Zambales Provincial Director Benhur Baniqued lauded Subictrak for partnering with Tesda to help address job mismatch in the community. Baniqued said Tesda-Zambales encourages such partnerships to strengthen the interaction between the industry and academe.

“By doing so, we are able to somehow minimize the so-called job mismatch, if not eliminate it,” he added. Subictrak’s chief executive, meanwhile, expressed support to the government’s objective of

improving the quality of life of the Filipino work force through the development of technical skills and proper work values.

He said the Subictrak-Tesda partnership will ensure that the employees they will hire in the future would be welltrained for the job. “We expect that with this partnership we will improve a lot in the company, as we expect Tesda to teach us well. And we will gladly accept the trainees you will bring to us,” Tangan also said.

Subictrak is a 40-percent Chinese, 60-percent Filipino-owned corporation registered in the Subic Bay Freeport since July 2004. PNA

www.businessmirror.com.ph

The lofty dreams of ‘tikog’ weavers

By Rizal Raoul S. Reyes

T

@brownindio

Contributor

HE age-old tradition of mat weaving using tikog, a naturally grown grass that abound on Dinagat Islands, used to be for personal use only until a group of women in San Juan, Loreto, thought of merging tradition and design to augment their financial capabilities.

So these women, out of necessity as most of them are beneficiaries of the government’s Pantawid Pamilyang Pilipino Program and victims of Supertyphoon Yolanda, were gathered to form what is now called the San Juan Women Mat Weavers’ Association that produce not only tikog mats but also stylish bags, purses and wallets, among others.

Gloria Ramos, president of the association, told the BusinessMirror that tikog weaving has gone a long way since it was introduced by the Loreto lumad. From the mats that they weave for their needs, these products evolved into other items to be sold to the local community.

Through the years, varieties of tikog products were made and sold in the form of a hat, place mats, utensil holders and others.

“The trading of these products supports the alternative source of income of the women of Barangay San Juan.

The income generating activity even helped them send their children to college to become professionals. It became a sustainable livelihood for the women.

In fact, these traditional and profitable tikog products are still being produced during these times,” Ramos said.

Ramos said the organization’s vision is to be a model association not only within the confines of Dinagat Islands but in the entire country and run a sustainable business with products known locally and abroad. “Our mission is to manufacture quality tikog products to alleviate poverty and drive sustainable development in their community,” she said With the help of several government agencies that provide interventions to the weavers, Ramos said they were able to showcase their skills, tradition and especially their quality products not only in the locality but even in the national level. “As of now, we contribute a lot in terms of job generation in our area. We look forward as a group to really make everything happen and as successful as other known associations that are champions in business,” she said.

Just like any enterprise, San Juan faced challenges that include the availability of raw materials, lack of working capital to meet the increasing demand from the market and the sustainability of manpower supply. Ramos said the availability of raw materials is important especially when the demand is high.

In response, San Juan took the initiative of expanding acquisition of the targeted volume of raw materials based on the projected finished product for the whole year. Moreover, the enterprise also explored other sources such as nearby municipalities in the province.

Another major challenge is competition from tikog products made in Leyte and Samar. Ironically, Ramos said tikog mats from Dinagat Islands used to be more popular than those from Leyte and Samar. “But now, Leyte and Samar weavers seem to have outpaced the San Juan weavers in both local and export markets, apparently getting ahead in terms of product design and product marketing. The challenge for the women of San Juan is to come up with better-quality products with creative designs,” Ramos said.

Nevertheless, San Juan has made major strides from being a producer of tikog products within the municipality to sending their crafts to other places through special orders and online platforms that advertise their products.

“The DTI [Department of Trade and Industry] also helped us provide market access through trade fairs, buyer linkages and others. We were able to showcase our products in various trade fair activities of the DTI in Davao, Bohol, Butuan and Manila,” she said.

San Juan Enterprise also has plans to culture the tikog grass to ensure that the enterprise can calculate and manage the raw material production and eliminate dependence from outside sources.

Developing young talent is also part of the road map for San Juan Enterprise. Ramos said the average age of weavers is 50 years old.

“With this, we made a partnership with academe, local government unit of Loreto and the DTI to transfer this precious traditional quality production of tikog handicrafts to students from high school in accordance to their subject integration,” she said.

With the help of the DTI, they have enhanced their skills in product development and marketing; that today they are able to merge the tradition of weaving with creative design.

“From the technology livelihood education subject, this practice was already implemented. By this, the art of craftsmanship on making these products maybe preserved for the next generations to come,” she added. For the long haul, Ramos said San Juan Enterprise aims to promote good quality handicrafts made out of tikog with new designs. To attain a bigger market reach, she said they plan to establish a marketing outlet in Manila, or to partner with a national consolidator. As part of giving back to the community, San Juan Enterprise aims to provide alternative employment to the young generation in Loreto. Just like any enterprise, San Juan aims to export its products to overseas market.